Company: FR
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0000921825-25-000074
Chunk: 60

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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— $61 — Liabilities:2022 II Swaps$(989)— $(989)— Fair Value at December 31, 2024Derivatives designated as a hedging instrument:Assets:2021 Swaps$6,902 — $6,902 — 2022 Swaps$14,461 — $14,461 — 2022 II Swaps$896 — $896 — There was no ineffectiveness recorded on the 2021 Swaps, the 2022 Swaps or the 2022 II Swaps during the six months ended June 30, 2025. 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 the fair value to account for potential non-performance risk, including our own non-performance risk and the respective counterparty's non-performance risk. We determined that the significant inputs used to value the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps fell within Level 2 of the fair value hierarchy.

11. Related Party Transactions

At June 30, 2025 and December 31, 2024, the Operating Partnership had receivable balances of $9,186 and $9,225, respectively, from a direct wholly-owned subsidiary of the Company. Additionally, see Note 5 for transactions with our joint venture.

12. Commitments and Contingencies

In the normal course of business, we are involved in legal actions arising from the ownership and operation of our industrial properties. In our opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on our consolidated financial position, results of operations or liquidity.In conjunction with the development of industrial properties, we have entered into construction agreements with general contractors for the development of industrial properties. At June 30, 2025, we had nine development projects under construction, totaling approximately 2.2 million square feet of GLA. The estimated total investment for these projects as of June 30, 2025 is