FIRST INDUSTRIAL LP
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
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3. Investment in Real Estate
- Investment in Real Estate
Acquisitions
The following table summarizes our acquisition of industrial properties and land parcels for the years ended December 31, 2025, 2024 and 2023. We accounted for the properties and land parcels as asset acquisitions and capitalized transaction costs to the basis of the acquired assets. The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for years ended December 31, 2025, 2024 or 2023.
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Number of Industrial Properties Acquired | 4 | 5 | 4 |
| GLA (in millions) | 1.9 | 0.3 | 0.2 |
| Purchase Price of Industrial Properties Acquired | $276,630 | $44,765 | $43,950 |
| Purchase Price of Income Producing Land Parcels Acquired (A) | 10,625 | — | — |
| Purchase Price of Land Parcels Acquired (B) | 15,698 | 25,924 | 80,554 |
| Total Purchase Price (C) | $302,953 | $70,689 | $124,504 |
(A) For the year ended December 31, 2025, includes $116 and $893 allocated to building and improvements and in-place leases, respectively.
(B)For the year ended December 31, 2023, includes $1,334 and $763 allocated to above market leases and in-place leases, respectively.
(C) Purchase price excludes closing costs. Additionally, for the year ended December 31, 2025, three industrial buildings were acquired from the Joint Venture. As such, the purchase price was reduced by our proportionate share of the Joint Venture's gain on sale and incentive fees totaling $40,583 See Note 5.
The following table summarizes the fair value of amounts recognized for each major class of asset and liability for the industrial properties and land parcels acquired during the years ended December 31, 2025 and 2024:
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Land | $78,427 | $42,399 |
| Building and Improvements/Construction in Progress | 197,963 | 24,635 |
| Other Assets | 7,603 | 931 |
| In-Place Leases | 19,128 | 3,209 |
| Above Market Leases | — | 333 |
| Below Market Leases | (168) | (818) |
| Total Purchase Price | $302,953 | $70,689 |
Sales
The following table summarizes our property and land dispositions for the years ended December 31, 2025, 2024 and 2023:
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Number of Industrial Properties Sold | 7 | 22 | 11 |
| GLA (in millions) (A) | 0.3 | 1.2 | 1.0 |
| Gross Proceeds from the Sale of Real Estate (A) | $42,285 | $162,757 | $125,293 |
| Gain on Sale of Real Estate (A) | $26,905 | $111,970 | $95,650 |
(A) Gross proceeds and gain on sale of real estate include the sale ofone land parcel for the year ended December 31, 2025 andtwo land parcels for the year ended December 31, 2023.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.