Company: FR
Filing Date: 2025-04-17
Form Type: 10-Q
Source: 0000921825-25-000039
Chunk: 57

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-17
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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, reflecting continued demand.

As of March 31, 2025, we had eight development projects underway, totaling 2.0 million square feet of GLA, with an aggregate estimated investment of approximately $280.4 million. 

During the three months ended March 31, 2025, we completed several significant real estate transactions:

•We acquired two industrial properties located in our Phoenix market, totaling approximately 0.8 million square feet of GLA. These assets were purchased from our Joint Venture for an aggregate price of $120.0 million, excluding transaction costs. The purchase price is net of our economic share of gain on sale and incentive fees we earned on the sale as well as other deferred fees.  

•We acquired approximately 61.4 acres of land for development located in our Central/Eastern Pennsylvania market for an aggregate purchase price of $15.7 million, excluding transaction costs.  

•We sold two industrial properties totaling approximately 0.1 million square feet of GLA for gross proceeds of $11.9 million.

During the three months ended March 31, 2025, our key financing activities included:

•We declared a first quarter cash dividend of $0.445 per common share or Unit, an increase of 20.3% over the 2024 quarterly dividend rate. 

•We amended our Unsecured Credit Facility to, among other changes, increase the borrowing capacity by $100.0 million to $850.0 million, eliminate the 10 basis point SOFR adjustment and extend the maturity date to March 2029, with two optional six-month extensions.

•We amended our $200.0 million term loan agreement to extend the maturity to March 2028, with two optional one-year extensions.

As of March 31, 2025, we had $395.5 million of available borrowing capacity under our Unsecured Credit Facility and held $37.2 million in cash, cash equivalents and restricted cash, excluding our Joint Venture partner's 6% interest, which is consolidated in our financial statements. 

32

Results of Operations

The tables below summarize our revenues, property expenses and depreciation and other amortization by category for the three months ended March 31, 2025 and 2024. 

Same Store Properties: Same store properties include those that were owned and in service prior to January 1, 2024 and remained in service through March 31, 2025. Same store properties also includes developments and redevelopments placed in service prior