Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 672

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 16
Chunk 672
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4Year Ended   December 31, 2023Year Ended   December 31, 2022Expected dividend yield2.42 %2.46 %1.75 %Expected volatility - range used23.41% - 24.52%27.09% - 32.03%19.89% - 28.74%Expected volatility - weighted average23.79 %29.42 %24.91 %Risk-free interest rate4.20% - 5.24%4.23% - 4.78%0.22% - 1.21%Performance Award transactions for the year ended December 31, 2024 are summarized as follows:Performance UnitsWeightedAverageGrant DateFair ValuePerformance RLP UnitsWeightedAverageGrant DateFair ValueOutstanding at December 31, 2023135,339 $25.98 752,158 $26.29 Issued46,947 $29.93 263,159 $29.93 Forfeited(30,771)$23.84 (113,912)$22.28 Vested(31,474)$22.23 (151,819)$22.23 Outstanding at December 31, 2024120,041 $29.05 749,586 $29.00 

88

Service Based AwardsDuring the years ended December 31, 2024, 2023 and 2022, the Company awarded 61,168, 56,236, and 78,482 of restricted stock units ("Service Units"), respectively, to certain employees and outside directors. In addition, for the years ended December 31, 2024, 2023 and 2022, the Company awarded 102,548, 98,342 and 57,907 RLP Units, respectively, ("Service RLP Units" and, together with the Service Units, collectively the "Service Awards") to certain employees and outside directors. The Service Awards granted to employees were based on the prior achievement of certain corporate performance goals and generally vest ratably over a period of three years based on continued employment. Service Awards granted to outside directors vest after one year. Compensation expense is charged to earnings over the vesting periods for the Service Awards. At the end of the service period, vested Service Units convert into shares of common stock. The Operating Partnership issued restricted Unit awards to the Company in the same