Company: FR
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0000921825-25-000074
Chunk: 5

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 2
Chunk 5
---
 warranted, of additional equity securities. We also  evaluate joint venture arrangements as another source of capital to finance acquisitions and developments as well as manage investment exposure and allocation. 

31

Summary of the Six Months Ended June 30, 2025

Our operating results were strong for the six months ended June 30, 2025, highlighted by quarter-end occupancy of  94.2%, a 9.4% increase in cash-basis same store NOI, and a robust 34% average increase in cash rental rates on new and renewal commenced leases, demonstrating continued healthy demand.

As of June 30, 2025, we had nine development projects underway, totaling 2.2 million square feet of GLA, with an aggregate estimated investment of approximately $285.2 million. 

During the six months ended June 30, 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 Philadelphia market for an aggregate purchase price of $15.7 million, excluding transaction costs.  

•We sold three industrial properties totaling approximately 0.1 million square feet of GLA for gross proceeds of $13.7 million.

During the six months ended June 30, 2025, our key financing activities included:

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

•In May, Fitch Ratings upgraded our long-term issuer default rating and underlying unsecured investments to BBB+ from BBB.  

•In May, we issued $450.0 million of senior notes due January 2031, bearing a fixed weighted average coupon rate of 5.25%. 

•We delivered notice to the lenders to exercise the first one-year extension option related to our $300.0 million term loan, which subject to the satisfaction of certain conditions, will extend the maturity date to August 12, 2026.

•We amended our Unsecured Credit Facility to, among other changes, increase the borrowing capacity by $100.0