Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 69

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 2
Chunk 69
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, new supply outpaced incremental demand, leading to a slight increase in national vacancy levels, though they remained low overall. Market-level rental rate growth was flat to slightly positive in virtually all of the markets in which we own and operate properties. However, Southern California experienced rental rate declines after two years of extraordinary growth. Looking ahead, based on our recent experience, low levels of vacancy generally across our markets, and the 2025 forecast of a leading national research company, we expect higher average net rental rates for renewal leases on a cash basis compared to expiring rates. Similarly, for 2025, net rental rates for new leases on a cash basis on average are expected to exceed prior lease rates, driven primarily by market rent growth since the original leases were signed. The following table shows scheduled lease expirations for our in-service properties as of December 31, 2024:

Year of Expiration (A)Number ofLeasesExpiringGLAExpiring (B)Percentageof GLAExpiring (B)Annualized Base RentUnderExpiringLeases(In thousands) (C)Percentageof TotalAnnualizedBase RentExpiring (C)2025872,897,7474.6%$21,6134.3%20261678,396,54113.2%58,34111.6%20271759,472,07614.8%67,57713.4%20281409,763,62115.3%90,00817.8%20291377,818,24112.2%73,03314.5%2030765,402,4368.5%41,8318.3%2031263,628,9415.7%33,7336.7%2032346,424,45710.1%42,7978.5%2033172,453,1173.8%22,9534.5%2034153,600,8465.6%23,4654.6%Thereafter113,989,3516.2%29,0435.8%Total88563,847,374100%$504,394100%

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(A)Includes leases that expire on or after January 1, 2025 and assumes tenants do not exercise existing renewal, termination or purchase options. Reflects the impact of renewals signed prior to January 1, 2025 which are now reflected in the new year of expiration. 

(B