Company: FR
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0000921825-25-000074
Chunk: 14

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 2
Chunk 14
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 N/ARenewal Leases27 2,075 $7.87 44.4 %6.3 $1.56 71.0 %Development / Acquisition Leases1 58 $9.66 N/A7.7 N/AN/ATotal / Weighted Average45 2,544 $8.24 47.1 %6.2 $2.53 71.0 %Six Months EndedNew Leases31 837 $10.12 64.7 %5.8 $9.28 N/ARenewal Leases50 2,863 $10.58 58.6 %6.0 $1.96 71.8 %Development / Acquisition Leases2 157 $10.34 N/A7.0 N/AN/ATotal / Weighted Average83 3,857 $10.47 59.9 %6.0 $3.61 71.8 %

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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 years and assumes no exercise of any renewal or extension options.

(D)    Lease costs include all costs incurred or capitalized for improvements related to vacant and renewal spaces, along with leasing commissions and other capitalized transaction-related costs. Lease costs per square foot represent the total expected turnover costs for leases that commenced during the period and may not reflect actual expenditures for the period. Excludes properties with zero square footage, such as income producing land.

(E)    Represents the weighted average square footage of tenants that renewed their respective leases.

The following table provides a summary of our leases that commenced during the three and six months ended June 30, 2025, which included rent concessions during the lease term.  

Three Months EndedNumber ofLeasesWith Rent ConcessionsSquare Feet(in 000's)Rent Concessions ($)New Leases15 372 $692 Renewal Le