Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 318

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 11
Chunk 318
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 the Company's internal control. Accordingly, no such opinion is expressed.

•Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.

•Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ PricewaterhouseCoopers LLP 

Chicago, Illinois

February 13, 2025

94

DRI FR GLENDALE, LLC

CONSOLIDATED BALANCE SHEETS

December 31, 2024*December 31, 2023*(In thousands)ASSETSAssets:Investment in Real Estate:Land$24,161 $24,161 Building and Improvements196,293 — Construction in Progress2,810 154,932 Less: Accumulated Depreciation(3,562)— Net Investment in Real Estate219,702 179,093 Cash and Cash Equivalents24,863 30,876 Tenant Accounts Receivable395 — Deferred Rent Receivable2,922 — Leasing Commissions, Net6,121 3,342 Prepaid Expenses and Other Assets166 1,365 Total Assets$254,169 $214,676 LIABILITIES AND MEMBERS' CAPITALLiabilities:Construction Loan, Net$130,842 $94,981 Due to Related Party247 138 Liabilities Related to Sold Properties7,842 15,513 Deferred Gain on Sale784 1,551 Accounts Payable, Accrued Expenses and Other Liabilities22,613 28,755 Rents Received in Advance7,900 1,702 Total Liabilities170,228 142,640 Members' Capital83,941 72,036 Total Liabilities and Members' Capital$254,169 $214,676 

*Not covered by the auditor's report

The accompanying notes are an integral part of the consolidated financial statements.

95

DRI FR GLENDALE, LLC

CONSOLIDATED STATEMENTS OF OPERATIONS

Year Ended December