Company: FR
Filing Date: 2025-04-17
Form Type: 10-Q
Source: 0000921825-25-000039
Chunk: 44

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-17
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 related to the sales of Buildings A and B for the three months ended March 31, 2025 was $17,072. However, as we acquired Buildings A and B from the Joint Venture, our share of the gain on sale was offset against the basis of the real estate acquired.For the three months ended March 31, 2025 and 2024, we earned incentive fees of $7,976 and $406, respectively, from the Joint Venture. For the three months ended March 31, 2025, we offset $6,968 of incentive fees against the basis of real estate  in connection with our acquisition of Buildings A and B. As such, during the three months ended March 31, 2025 and 2024, $1,008 and $406, respectively, were reflected in the Equity In Income of Joint Venture line item in the Consolidated Statements of Operations. In connection with the Project, the Joint Venture has a construction loan that  matures on July 29, 2025, and has two one-year extension options, which extensions are subject to then meeting certain financial conditions (the "Joint Venture Loan"). As of March 31, 2025 and December 31, 2024, the balance of the Joint Venture Loan is $54,770 and $131,111, respectively, excluding $84 and $269, respectively, of unamortized debt issuance costs. As of March 31, 2025, we maintain an outstanding completion guarantee to the lender and our third-party joint venture partner for timely completion of the construction of Building C, as tenant improvements are not complete. We have also provided the lender with a guarantee covering typical non-recourse exceptions and an environmental indemnity. It is not possible to estimate the amount of additional costs, if any, that we may incur in connection with our completion guarantees to the third-party lender and/or our joint venture partner as well as the non-recourse exception and environmental indemnity guarantees; however, we do not expect that we will be required to make any significant payments in satisfaction of these guarantees.

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6. Equity of the Company and Partners' Capital of the Operating Partnership

Noncontrolling Interest of the CompanyThe equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for Limited Partner Units, as well as the equity positions of the holders of Limited Partner Units issued in connection with the grant of restricted limited partner Units ("RLP Units") pursuant to the Company's stock incentive