Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 673

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 16
Chunk 673
---
 amount for the restricted stock units. The Service Awards issued for the years ended December 31, 2024, 2023 and 2022 had fair value of $8,408, $7,948 and $8,032, respectively. The fair value is based on the Company's stock price on the date such awards were approved by the Compensation Committee of the Board of Directors. Service Award transactions for the year ended December 31, 2024 are summarized as follows:Service UnitsWeightedAverageGrant DateFair ValueService RLP UnitsWeightedAverageGrant DateFair ValueOutstanding at December 31, 2023128,315 $53.55 147,561 $52.25 Issued61,168 $50.95 102,548 $51.60 Forfeited(6,087)$53.17 — $— Vested(62,871)$51.95 (71,944)$51.89 Outstanding at December 31, 2024120,525 $53.09 178,165 $52.02 Compensation Expense Related to Long-Term CompensationFor the years ended December 31, 2024, 2023 and 2022, we recognized $20,085, $16,673 and $15,722, respectively, in compensation expense related to Performance Awards and Service Awards. Performance Award and Service Award compensation expense capitalized in connection with development activities was $2,599, $3,014 and $3,605 for the years ended December 31, 2024, 2023 and 2022, respectively. At December 31, 2024, we had $7,385 in unrecognized compensation related to unvested Performance Awards and Service Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 0.84 years.Retirement EligibilityAll award agreements for Performance Awards and Service Awards contain a retirement eligibility policy for employees with at least 10 years of continuous service and are at least 60 years old. For employees that meet the age and service eligibility requirements, their awards are non-forfeitable. As such, we recognized 100% of the expenses for awards granted to retirement-eligible employees at the grant date as if fully vested. For employees who will meet the eligibility requirements during the normal vesting period, the grants are amortized over the shorter service period. Additionally, our Chief Executive Officer's former employment agreement