FIRST INDUSTRIAL REALTY TRUST INC
For the period ended Mar 31, 2025. Filed Apr 17, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed Apr 17, 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 three months ended March 31, 2025:
| Derivative Instruments | Accumulated Other Comprehensive Income of the Operating Partnership | Comprehensive (Loss) Income Attributable to Noncontrolling Interest of the Company | Accumulated Other Comprehensive Income of the Company | |
|---|---|---|---|---|
| Balance as of December 31, 2024 | $20,485 | $20,485 | $(549) | $19,936 |
| Other Comprehensive Loss Before Reclassifications | (4,231) | (4,231) | 172 | (4,059) |
| Amounts Reclassified from Accumulated Other Comprehensive Income | (3,678) | (3,678) | — | (3,678) |
| Net Current Period Other Comprehensive Loss | (7,909) | (7,909) | 172 | (7,737) |
| Balance as of March 31, 2025 | $12,576 | $12,576 | $(377) | $12,199 |
The following table summarizes the reclassifications out of accumulated other comprehensive income for both the Company and the Operating Partnership for the three months ended March 31, 2025 and 2024:
| Amounts Reclassified from Accumulated Other Comprehensive (Income) Loss | |||
|---|---|---|---|
| Details about Accumulated Other Comprehensive (Income) Loss Components | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Affected Line Items in the Consolidated Statements of Operations |
| Derivative Instruments: | |||
| Amortization of Previously Settled Derivative Instruments | $102 | $102 | Interest Expense |
| Net Settlement Receipts from our Counterparties | (3,780) | (6,149) | Interest Expense |
| Total | $(3,678) | $(6,047) | |
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 10) will also be reclassified to net income.
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