Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 108

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 8
Chunk 108
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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 nine months ended September 30, 2025 and 2024, we earned incentive fees of $8,070 and $916, respectively, from the Joint Venture. During the nine months ended September 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 nine months ended September 30, 2025 and 2024, $1,102 and $916, 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, 2026, and has a one-year extension option, which is subject to then meeting certain financial conditions (the "Joint Venture Loan"). As of September 30, 2025 and December 31, 2024, the balance of the Joint Venture Loan is $38,392 and $131,111, respectively, excluding $40 and $269, respectively, of unamortized debt issuance costs. As of September 30, 2025, we maintain an outstanding completion guarantee to the lender and our third-party joint venture partner for timely completion of the construction of Building C, as tenant improvements are not complete. We have also provided the lender with a guarantee covering typical non-recourse exceptions and an environmental indemnity. It is not possible to estimate the amount of additional costs, if any, that we may incur in connection with our completion guarantees to the third-party lender and/or our joint venture partner as well as the non-recourse exception and environmental indemnity guarantees; however, we do not expect that we will be required to make any significant payments in satisfaction of these guarantees.

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