Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 428

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 12
Chunk 428
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 income tax expense; accordingly, the only federal income taxes included in the accompanying Consolidated Financial Statements relate to activities of our TRSs. The components of the income tax provision for the years ended December 31, 2024, 2023 and 2022 is comprised of the following: Year Ended December 31, 202420232022Current:Federal$(174)$(22,424)$(226)State(5,623)(6,319)(356)Deferred:Federal(209)16,922 (19,154)State(69)3,129 (3,627)             Total Income Tax Provision$(6,075)$(8,692)$(23,363)We evaluate tax positions taken in the financial statements on a quarterly basis under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, we may recognize a tax benefit from an uncertain tax position only if it is "more-likely-than-not" that the tax position will be sustained on examination by taxing authorities. As of December 31, 2024, we do not have any unrecognized tax benefits.We file income tax returns in the U.S. and various states. The statute of limitations for income tax returns is generally three years. As such, our tax returns that are subject to examination would be primarily from 2021 and thereafter. There were no material interest or penalties recorded for the years ended December 31, 2024, 2023 and 2022.Federal Income Tax Treatment of Common DividendsFor the years ended December 31, 2024, 2023 and 2022, the dividends paid to the Company's common shareholders per common share for income tax purposes were characterized as follows:2024As aPercentageofDistributions2023As aPercentageofDistributions2022As aPercentageofDistributionsOrdinary Income (A)$0.7080 47.84 %$0.6756 52.78 %$1.0720 90.85 %Unrecaptured Section 1250 Capital Gain0.2948 19.92 %0.0536 4.19 %0.0060 0.51 %Other Capital Gain (B)0.4772 32.24 %0.0956 7.47 %0.0168 1.42 %Qualified Dividend— 0.00 %0.4552 35.