Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 62

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 Markets forIdentical Assets(Level 1)Significant OtherObservable Inputs(Level 2)UnobservableInputs(Level 3)Derivatives designated as a hedging instrument:Assets:2021 Swaps$2,082 — $2,082 — 2022 Swaps$5,408 — $5,408 — 2025 Swaps$265 — $265 — 2026 Swaps$406 — $406 — Liabilities:2022 II Swaps$(1,045)— $(1,045)— Fair Value at December 31, 2024Derivatives designated as a hedging instrument:Assets:2021 Swaps$6,902 — $6,902 — 2022 Swaps$14,461 — $14,461 — 2022 II Swaps$896 — $896 — There was no ineffectiveness recorded on the Swaps during the nine months ended September 30, 2025. See Note 7 for more information regarding our derivatives. The estimated fair value of the Swaps was determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments are incorporated in the fair value to account for potential non-performance risk, including our own non-performance risk and the respective counterparty's non-performance risk. We determined that the significant inputs used to value the Swaps fell within Level 2 of the fair value hierarchy.

11. Related Party Transactions

At September 30, 2025 and December 31, 2024, the Operating Partnership had receivable balances of $9,172 and $9,225, respectively, from a direct wholly-owned subsidiary of the Company. Additionally, see Note 5 for transactions with our joint venture.

12. Commitments and Contingencies

In the normal course of business, we are involved in legal actions arising from the ownership and operation of our industrial properties. In our opinion, any liabilities that may result from such legal actions are not expected to have a materially adverse effect on our consolidated financial position, results of operations or liquidity.In conjunction with the development of industrial properties, we have entered into construction agreements with general contractors for the development of industrial properties. At September 30, 2025, we