FIRST INDUSTRIAL REALTY TRUST INC
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
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FY2024 · Filed Feb 14, 2025
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7. Accumulated Other Comprehensive Income (Loss)
- Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in accumulated other comprehensive income (loss) by component for the Company and the Operating Partnership for the years ended December 31, 2024 and 2023:
| Derivative Instruments | Total for Operating Partnership | Comprehensive Income (Loss) Attributable to Noncontrolling Interest | Total for Company | |
|---|---|---|---|---|
| Balance as of December 31, 2022 | $34,186 | $34,186 | $(774) | $33,412 |
| Other Comprehensive Income Before Reclassifications | 9,829 | 9,829 | 204 | 10,033 |
| Amounts Reclassified from Accumulated Other Comprehensive Income | (21,173) | (21,173) | — | (21,173) |
| Net Current Period Other Comprehensive Loss | (11,344) | (11,344) | 204 | (11,140) |
| Balance as of December 31, 2023 | $22,842 | $22,842 | $(570) | $22,272 |
| Other Comprehensive Income Before Reclassifications | 20,410 | 20,410 | 21 | 20,431 |
| Amounts Reclassified from Accumulated Other Comprehensive Income | (22,767) | (22,767) | — | (22,767) |
| Net Current Period Other Comprehensive Loss | (2,357) | (2,357) | 21 | (2,336) |
| Balance as of December 31, 2024 | $20,485 | $20,485 | $(549) | $19,936 |
The following table summarizes the reclassifications out of accumulated other comprehensive income (loss) for both the Company and the Operating Partnership for the years ended December 31, 2024, 2023 and 2022:
| Amounts Reclassified from Accumulated Other Comprehensive (Income) Loss | ||||
|---|---|---|---|---|
| Accumulated Other Comprehensive (Income) Loss Components | Year Ended December 31, 2024 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Affected Line Items in the Consolidated Statements of Operations |
| Derivative Instruments: | ||||
| Amortization of Previously Settled Derivative Instruments | 410 | 410 | 410 | Interest Expense |
| Net Settlement Receipts from our Counterparties | (23,177) | (21,583) | (914) | Interest Expense |
| $(22,767) | $(21,173) | $(504) | Total | |
The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize approximately $410 into net income by increasing interest expense for derivative instruments we settled in previous periods. Additionally, recurring settlement amounts on the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps (all defined in Note 12) will also be reclassified to net income.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.