FIRST INDUSTRIAL REALTY TRUST INC

3. Investment in Real Estate

On August 14, 2020, the Joint Venture acquired approximately 575 developable acres of land for a purchase price of $70,530, excluding closing costs and on March 24, 2021, the Joint Venture acquired approximately two developable acres of land for a purchase price of $370, excluding closing costs. The Joint Venture accounted for the land parcels as asset acquisitions and therefore capitalized transaction costs to the land bases.

On June 30, 2022, the Joint Venture sold 358 developable acres of land to a third party. Gross proceeds from the sale were $255,287 and the gain on sale of real estate was $171,671. On March 30, 2023, the Joint Venture sold 31 developable acres of land to a third party. Gross proceeds from the sale were $50,000 and the gain on sale of real estate was $40,616. The gain on sale of real estate for the years ended December 31, 2023 and 2022 excludes gain of $1,551 and $1,972, respectively, which is being deferred until required infrastructure work is completed for the purchasers. The deferred gain is recognized into income based on the percentage of completion method. Gain on sale of real estate for the year ended December 31, 2023 includes $561 related to previously deferred gain that was recognized due to completion of infrastructure work. See Note 8.

During the year ended December 31, 2023, the Joint Venture reclassified 71 acres of land from held for sale to land.