Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 65

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 2
Chunk 65
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.0%Houston, TX3,689,915 3396.5%Minneapolis/St. Paul, MN2,136,628 12100.0%Nashville, TN2,335,079 7100.0%New Jersey (A)2,074,153 1798.5%Northern California1,300,236 9100.0%Phoenix, AZ4,152,314 1797.5%Seattle, WA552,163 9100.0%South Florida2,655,394 23100.0%Southern California (A)10,900,626 8395.3%Total66,708,178 41296.2%

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(A)Central/Eastern Pennsylvania includes the markets of Central Pennsylvania and Philadelphia. Denver includes one property in Salt Lake City. New Jersey includes the markets of Northern and Central New Jersey. Southern California includes the markets of Los Angeles, the Inland Empire and San Diego. 

Indebtedness

As of December 31, 2024, three of our 412 in-service industrial properties, with a net carrying value of $30.2 million, are pledged as collateral under a mortgage financing, totaling $9.6 million. See Note 4 to the Consolidated Financial Statements and the accompanying Schedule III for additional information. 

22

Development Activity

During the year ended December 31, 2024, we transferred seven development properties totaling approximately 2.8 million square feet of GLA to our in-service portfolio at a total estimated cost of approximately $392.0 million. Included in the estimated total cost is $17.0 million of leasing commissions. The capitalization rate for these development projects, calculated using the estimated stabilized net operating income (excluding straight-line rent adjustments) divided by the total investment in the developed property is 7.0%. The placed in-service development projects have the following characteristics:

Metropolitan AreaNumber ofPropertiesGLAOccupancyat  12/31/24Central/Eastern Pennsylvania21,057,728 100%Central Florida1107,984 0%Northern California21,052,847 100%Southern California2543,945 100%Total72,762,504 

As of December 31, 2024, we substantially completed four developments totaling approximately 0.8 million square feet of GLA. The estimated total investment for these developments is approximately $138.0 million, of