Company: FR
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0000921825-25-000074
Chunk: 50

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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 $9,643 $9,326 Senior Unsecured Notes, Net1,445,303 1,387,204 998,531 909,012 Unsecured Term Loans925,000 927,233 925,000 924,814 Unsecured Credit Facility24,000 24,000 282,000 282,162 Total$2,403,774 $2,347,698 $2,215,174 $2,125,314 _______________(A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.The fair value of our mortgage loan payable was determined by discounting the future cash flows using current rates at which similar loans with comparable remaining maturities would be issued. These rates were internally estimated. The fair value of the senior unsecured notes was determined based on current rates as advised by our bankers. These rates were based upon recent trades within the same series of the senior unsecured notes, trades for senior unsecured notes with comparable maturities, trades for fixed rate unsecured notes from companies with profiles similar to ours, as well as overall economic conditions. For the Unsecured Credit Facility and the unsecured term loans, the fair value was calculated by discounting future cash flows using current rates, as advised by our bankers, reflecting rates at which loans with similar terms and credit ratings would be issued, assuming no repayment before maturity. We concluded that our fair value determination for our mortgage loan payable, senior unsecured notes, unsecured term loans and Unsecured Credit Facility primarily relied on Level 3 inputs.

5. Variable Interest Entities

Other Real Estate PartnershipsThe Other Real Estate Partnerships are variable interest entities ("VIEs") of the Operating Partnership and the Operating Partnership is the primary beneficiary, thus causing the Other Real Estate Partnerships to be consolidated by the Operating Partnership. In addition, the Operating Partnership is a VIE of the Company and the Company is the primary beneficiary.The following table summarizes the assets and liabilities of the Other Real Estate Partnerships, as reflected in our Consolidated Balance Sheets. All amounts are shown net of intercompany eliminations:June 30, 2025December 31, 2024ASSETSAssets:Net Investment in Real Estate$292,215 $296,588 Operating Lease Right-of-Use Assets12,772 12,818 Cash and Cash Equivalents2,354 2,463 Deferred Rent Receivable15,