Company: FR
Filing Date: 2025-04-17
Form Type: 10-Q
Source: 0000921825-25-000039
Chunk: 50

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-17
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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1, 2025 and the remaining $150,000 of the 2022 II Swaps' aggregate notional value matures on August 1, 2027. We have designated the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps as cash flow hedges. Our agreements with our derivative counterparties contain cross-default provisions, which may be triggered if we default on other indebtedness, subject to certain thresholds. As of March 31, 2025, we had not posted any collateral under these agreements and were in compliance with all contractual provisions of these agreements. In the event of a breach, we could be required to settle our obligations at the termination values within the agreements.The following table sets forth our financial assets and liabilities related to the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps, which are included in the line items Prepaid Expenses and Other Assets, Net or Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Balance Sheets and are accounted for at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:  Fair Value Measurements:DescriptionFair Value at March 31, 2025Quoted Prices inActive Markets forIdentical Assets(Level 1)Significant OtherObservable Inputs(Level 2)UnobservableInputs(Level 3)Derivatives designated as a hedging instrument:Assets:2021 Swaps$5,185 — $5,185 — 2022 Swaps$9,505 — $9,505 — Liabilities:2022 II Swaps$(442)— $(442)— 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 2021 Swaps, the 2022 Swaps or the 2022 II Swaps during the three months ended March 31, 2025. See Note 7 for more information regarding our derivatives.

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The estimated fair value of the 2021 Swaps, the 2022 Swaps and the 2022 II Sw