Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 309

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 11
Chunk 309
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56 %0.0852 7.22 %$1.4800 100.00 %$1.2800 100.00 %$1.1800 100.00 %(A)  For the years ended December 31, 2024, 2023 and 2022, the Code Section 199A dividend is equal to the total ordinary income dividend.(B) For the years ended December 31, 2024, 2023 and 2022, Section 1061 of the Code related to Capital Gains for the One Year Amounts was 0%, 0% and 52.0%, respectively, and for the Three Year Amounts was 0%, 0% and 12.6%, respectively.

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10. Leases

Lessee DisclosuresWe are a lessee on a limited number of ground and office leases (the "Operating Leases"). Our office leases have remaining lease terms of less than one year to five years and our ground leases have remaining terms of 30 years to 45 years. For the year ended December 31, 2024, we recognized $3,398 of operating lease expense, inclusive of short-term and variable lease costs which are not significant. The following is a schedule of the maturities of operating lease liabilities for the next five years as of December 31, 2024, and thereafter:2025$2,638 20262,130 20271,676 20281,429 20291,144 Thereafter41,169 Total Lease Payments50,186 Less Imputed Interest (A)(32,578)Total$17,608 (A) Calculated using the discount rate for each lease.As of December 31, 2024, our weighted average remaining lease term for the Operating Leases is 36.2 years and the weighted average discount rate is 7.2%.  A number of the Operating Leases include options to extend the lease term. For purposes of determining our lease term, we excluded periods covered by an option since it was not reasonably certain at lease commencement that we would exercise the options.Lessor DisclosuresOur properties and certain land parcels are leased to tenants and classified as operating leases. For the years ended December 31, 2024, 2023 and 2022, we recognized lease revenue of $660,967, $602,294 and $532,237, respectively, including variable lease