Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 6

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 2
Chunk 6
---
 other changes, increase the borrowing capacity by $100.0 million to $850.0 million, eliminate the 10 basis point SOFR adjustment and extend the maturity date to March 2029, with two optional six-month extensions.

•We amended our $200.0 million term loan agreement to extend the maturity to March 2028, with two optional one-year extensions.

•We entered into forward-starting swaps with an aggregate notional value of $350.0 million to fix SOFR on our unsecured term loans, replacing expiring swaps and extending hedge coverage substantially through and, in some cases, beyond the maturity dates of our unsecured term loans, assuming extension options are exercised.  

As of September 30, 2025, we had $814.8 million of available borrowing capacity under our Unsecured Credit Facility and held $36.8 million in cash and cash equivalents and restricted cash, excluding our Joint Venture partner's 6% interest, which is consolidated in our financial statements. 

34

Results of Operations

The tables below summarize our revenues, property expenses and depreciation and other amortization by category for the three and nine months ended September 30, 2025 and 2024. 

Same Store Properties: Same store properties include those that were owned and in service prior to January 1, 2024 and remained in service through September 30, 2025. Same store properties also includes developments and redevelopments placed in service prior to January 1, 2024. A property is considered placed in service when it meets one of the following criteria: (i) acquired properties with occupancy of  at least 75% at acquisition, unless we anticipate tenant move-outs within two years of ownership would reduce occupancy below 75%; (ii) acquired properties with occupancy less than 75% at acquisition are placed in service upon reaching the earlier of 90% occupancy or one year subsequent to acquisition; (iii) developments, redevelopments and acquired income-producing land parcels for which our ultimate intent is to redevelop or develop on the land parcel are placed in service upon the earlier of reaching 90% occupancy or one year after construction completion; and (iv) properties acquired with occupancy greater than 75% but with anticipated move out within two years of ownership, are placed in service upon the earlier of reaching 90% occupancy or twelve months after tenant move out. Properties are moved from the same store category to the redevelopment classification when projected capital expenditures are estimated to exceed 25% of the