Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 436

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 12
Chunk 436
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 as of December 31, 2024, is approximately $280,400 (unaudited). Of this amount, approximately $177,500 (unaudited) remains to be funded. There can be no assurance that the actual completion cost associated with these properties will not exceed the estimated total investment.

15. Subsequent Events

Subsequent to December 31, 2024, we sold two industrial buildings for a sales price of $11,860, excluding transaction costs. 

91

DRI FR GLENDALE, LLC

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

PageFINANCIAL STATEMENTSReport of Independent Auditors93Consolidated Balance Sheets95Consolidated Statements of Operations96Consolidated Statements of Changes in Members' Capital97Consolidated Statements of Cash Flows98Notes to Consolidated Financial Statements991. Organization and Formation of Joint Venture992. Summary of Significant Accounting Policies993. Investment in Real Estate1014. Indebtedness1015. Members' Equity1026. Leases1027. Related Party Transactions1028. Commitments and Contingencies1039. Subsequent Events103

92

Report of Independent Auditors

To the Managing Member of DRI FR Glendale, LLC

Opinion

We have audited the accompanying consolidated statements of operations, of changes in members’ capital and of cash flows of DRI FR Glendale, LLC and its subsidiary (the “Company”) for the year ended December 31, 2022, including the related notes (collectively referred to as the “consolidated financial statements”).  

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the results of operations and cash flows of the Company for the year ended December 31, 2022 in accordance with accounting principles generally accepted in the United States of America.

Other Matter

The accompanying consolidated balance sheets of DRI FR Glendale, LLC as of December 31, 2024 and 2023, and the related consolidated statements of operations, of changes in members’ capital and of cash flows for the years then ended are presented for purposes of complying with Rule 3-09 of SEC Regulation S-X; however, Rule 3-09 does not require the 2024 or 2023 financial statements to be audited and they are therefore not covered by this report. 

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS).