Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 675

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 16
Chunk 675
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. Our agreements with our derivative counterparties contain certain cross-default provisions that may be triggered in the event that our other indebtedness is in default, subject to certain thresholds. As of December 31, 2024, we had not posted any collateral related to these agreements and were not in breach of any of the provisions of these agreements. If we had breached these agreements, we could have been required to settle our obligations under the agreements at their termination value.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 December 31, 2024 and 2023:  Fair Value Measurements at Reporting Date Using:DescriptionFair Value at December 31, 2024Quoted Prices inActive Markets forIdentical Assets(Level 1)Significant OtherObservable Inputs(Level 2)UnobservableInputs(Level 3)Derivatives designated as a hedging instrument:Assets:2021 Swaps$6,902 — $6,902 — 2022 Swaps$14,461 — $14,461 — 2022 II Swaps$896 — $896 — Fair Value at December 31, 2023Derivatives designated as a hedging instrument:Assets:2021 Swaps$12,517 — $12,517 — 2022 Swaps$13,285 — $13,285 — Liabilities:2022 II Swaps$(776)— $(776)— There was no ineffectiveness recorded on the 2021 Swaps, the 2022 Swaps or the 2022 II Swaps during the year ended December 31, 2024. 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 Swaps was determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments are incorporated in