FIRST INDUSTRIAL REALTY TRUST INC
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 14, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
9. Income Taxes
- Income Taxes
Our Consolidated Financial Statements include the operations of our TRSs, which are not entitled to the dividends paid deduction and are subject to federal, state and local income taxes on its taxable income. During the years ended December 31, 2024, 2023 and 2022, the Company qualified as a REIT and incurred no federal income tax expense; accordingly, the only federal income taxes included in the accompanying Consolidated Financial Statements relate to activities of our TRSs. The components of the income tax provision for the years ended December 31, 2024, 2023 and 2022 is comprised of the following:
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Current: | |||
| Federal | $(174) | $(22,424) | $(226) |
| State | (5,623) | (6,319) | (356) |
| Deferred: | |||
| Federal | (209) | 16,922 | (19,154) |
| State | (69) | 3,129 | (3,627) |
| Total Income Tax Provision | $(6,075) | $(8,692) | $(23,363) |
We evaluate tax positions taken in the financial statements on a quarterly basis under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, we may recognize a tax benefit from an uncertain tax position only if it is "more-likely-than-not" that the tax position will be sustained on examination by taxing authorities. As of December 31, 2024, we do not have any unrecognized tax benefits.
We file income tax returns in the U.S. and various states. The statute of limitations for income tax returns is generally three years. As such, our tax returns that are subject to examination would be primarily from 2021 and thereafter. There were no material interest or penalties recorded for the years ended December 31, 2024, 2023 and 2022.
Federal Income Tax Treatment of Common Dividends
For the years ended December 31, 2024, 2023 and 2022, the dividends paid to the Company's common shareholders per common share for income tax purposes were characterized as follows:
| 2024 | As aPercentageofDistributions | 2023 | As aPercentageofDistributions | 2022 | As aPercentageofDistributions | |
|---|---|---|---|---|---|---|
| Ordinary Income (A) | $0.7080 | 47.84% | $0.6756 | 52.78% | $1.0720 | 90.85% |
| Unrecaptured Section 1250 Capital Gain | 0.2948 | 19.92% | 0.0536 | 4.19% | 0.0060 | 0.51% |
| Other Capital Gain (B) | 0.4772 | 32.24% | 0.0956 | 7.47% | 0.0168 | 1.42% |
| Qualified Dividend | — | 0.00% | 0.4552 | 35.56% | 0.0852 | 7.22% |
| $1.4800 | 100.00% | $1.2800 | 100.00% | $1.1800 | 100.00% |
(A)For the years ended December 31, 2024, 2023 and 2022, the Code Section 199A dividend is equal to the total ordinary income dividend.
(B) For the years ended December 31, 2024, 2023 and 2022, Section 1061 of the Code related to Capital Gains for the One Year Amounts was 0%,0% and 52.0%, respectively, and for the Three Year Amounts was 0%,0% and 12.6%, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.