Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 77

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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 not significant.

The income tax provision decreased by $3.1 million, or 94.2%, primarily due to a decrease in income tax expense associated with gains on the sale of real estate.

39

Leasing Activity

The following table provides a summary of our commenced leases for the three and nine months ended September 30, 2025. The table does not include month-to-month leases or leases with terms less than twelve months.  

Three Months EndedNumber ofLeasesCommencedSquare FeetCommenced(in 000's)Net Rent PerSquare Foot (A)Straight Line BasisRent  Growth (B)WeightedAverage LeaseTerm (C)Lease CostsPer SquareFoot (D)WeightedAverage TenantRetention (E)New Leases21 423 $11.76 41.1 %5.5 $9.49 N/ARenewal Leases21 918 $12.66 40.3 %4.8 $4.11 70.4 %Development / Acquisition Leases4 821 $9.16 N/A9.8 N/AN/ATotal / Weighted Average46 2,162 $11.16 40.6 %6.8 $5.81 70.4 %Nine Months EndedNew Leases52 1,260 $10.68 55.1 %5.7 $9.35 N/ARenewal Leases71 3,781 $11.09 53.1 %5.7 $2.48 71.5 %Development / Acquisition Leases6 978 $9.35 N/A9.4 N/AN/ATotal / Weighted Average129 6,019 $10.72 53.6 %6.3 $4.20 71.5 %

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(A)    Net rent is the average base rent, calculated in accordance with GAAP, over the term of the lease.

(B)    Straight line basis rent growth is calculated as the percentage change in net rent (including straight line rent adjustments) on a new or renewal lease compared to the net rent (also including straight line rent adjustments) of the expiring comparable lease. New leases without a prior comparable lease are excluded from this metric.

(C)    The lease term is expressed in