Company: FR
Filing Date: 2025-04-17
Form Type: 10-Q
Source: 0000921825-25-000039
Chunk: 93

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-17
Form: 10-Q
Item: Part I, Item 8
Chunk 93
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 of $168 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 three months ended March 31, 2025, we purchased Buildings A and B from the Joint Venture (see Note 3).Net income of the Joint Venture for the three months ended March 31, 2025 and 2024 was $39,879 and $2,032, respectively. The net income for the three months ended March 31, 2025 includes a gain on sale of $39,630, 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 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