Company: FR
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0000921825-25-000074
Chunk: 52

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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 we had outstanding receivables from the Joint Venture of $123 and $364, respectively. During the year ended December 31, 2024, the Joint Venture substantially completed development of three buildings, (collectively the “Project”): Building A (approximately 0.4 million square feet of GLA), Building B (approximately 0.4 million square feet of GLA) and Building C (approximately 1.0 million square feet of GLA). During the six months ended June 30, 2025, we purchased Buildings A and B from the Joint Venture (see Note 3).Net income of the Joint Venture for the six months ended June 30, 2025 and 2024 was $39,786 and $3,712, respectively. The net income for the six months ended June 30, 2025 includes a gain on sale of $40,029, of which $39,591 related to the sales of Buildings A and B. Our economic share of the gain on sale related to the sales of Buildings A and B for the six months ended June 30, 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 six months ended June 30, 2025 and 2024, we earned incentive fees of $7,957 and $742, respectively, from the Joint Venture. For the six months ended June 30, 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 six months ended June 30, 2025 and 2024, $989 and $742, respectively, were reflected in the Equity In (Loss) 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 June 30, 2025 and December 31, 2024, the balance of the Joint Venture Loan is $31,788 and $131,111, respectively, excluding $21 and $269, respectively, of unamortized debt issuance costs. As of June 30, 2025, we maintain