FIRST INDUSTRIAL LP
For the period ended Mar 31, 2026. Filed Apr 24, 2026.
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Mar 31, 2026 · Filed Apr 24, 2026
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3. Investment in Real Estate
- Investment in Real Estate
Gain on Sales-Type Lease
During the three months ended March 31, 2026, a tenant exercised its option to purchase a land site located in Phoenix, Arizona. The option provides for a fixed purchase price and an expected closing date in June 2026. Upon exercise of the option, we reassessed the lease classification and, based on various qualitative factors, determined that it was reasonably certain the tenant would complete the purchase. Accordingly, the lease was reclassified from an operating lease to a sales-type lease, resulting in a recognized gain of $109,032, which is reflected as Gain on Sale of Real Estate, on our Consolidated Statements of Operations. In connection with this reclassification, we derecognized the carrying value of the property and recorded a lease receivable of $131,176, which is included in Prepaid and Other Assets, Net on our Consolidated Balance Sheets.
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