Company: FR
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0000921825-25-000074
Chunk: 104

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 8
Chunk 104
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 we may extend the maturity pursuant to two one-year extension options, subject to certain conditions. (D) At our option, we may extend the maturity pursuant to two six-month extension options, subject to certain conditions. Amounts exclude unamortized debt issuance costs of $8,494 and $713 as of June 30, 2025 and December 31, 2024, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net. Mortgage Loan PayableAs of June 30, 2025, the mortgage loan payable is collateralized by industrial properties with a net carrying value of $29,810. We believe the Operating Partnership and the Company were in compliance with all covenants relating to our mortgage loan as of June 30, 2025.

18

Senior Unsecured Notes, NetOn May 14, 2025, we issued $450,000 of senior unsecured notes due January 15, 2031 (the “2031 Notes”). The 2031 Notes bear interest at a fixed rate of 5.25% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning January 15, 2026. The notes were issued at 99.265% of par, resulting in an original issue discount that will be amortized as an adjustment to interest expense. In anticipation of the issuance, during the three months ended June 30, 2025, we entered into two five-year treasury lock agreements (the "2030 Treasury Locks") to hedge the interest rate risk associated with the 2031 Notes. We settled the 2030 Treasury Locks on May 13, 2025 for a payment of $250, which was recorded in other comprehensive income and will be amortized to interest expense over a five-year period. Taking into account the original issue discount and the settlement amount of the 2030 Treasury Locks, the effective interest rate on the 2031 Notes is 5.41%. The 2031 Notes include customary covenants, including, but not limited to, limitations on the incurrence of additional indebtedness and requirements to maintain specified debt service coverage ratios.Unsecured Term Loans, NetOn March 18, 2025, we amended and restated our existing $200,000 unsecured term loan (as amended and restated, the "2025 Unsecured Term Loan"). The 2025 Unsecured Term Loan matures on March