Company: FR
Filing Date: 2025-04-17
Form Type: 10-Q
Source: 0000921825-25-000039
Chunk: 49

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-17
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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 who meet both the age and service criteria, their awards become non-forfeitable. As such, during the three months ended March 31, 2025, we expensed 100% of the awards granted to retirement-eligible employees at the grant date, treating them as fully vested. For employees who satisfy retirement eligibility requirements during the normal vesting periods, the awards are amortized over the shorter service period. Outstanding Performance Awards and Service AwardsWe recognized $13,930 and $9,108 for the three months ended March 31, 2025 and 2024, respectively, in compensation expense related to the amortization of the Service Awards and the Performance Awards. Service Award and Performance Award amortization capitalized in connection with development activities was $1,853 and $1,804 for the three months ended March 31, 2025 and 2024, respectively. At March 31, 2025, we had $13,461 in unrecognized compensation related to unvested Service Awards and Performance Awards. The weighted average period over which the unrecognized compensation is expected to be recognized is 1.06 years.

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10. Derivative Instruments

Our objectives in using derivatives are to add stability to interest expense and to manage our cash flow volatility and exposure to interest rate movements. To accomplish these objectives, we primarily use derivative instruments as part of our interest rate risk management strategy. Derivative instruments designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.We have interest rate swaps to manage our exposure to changes in SOFR related to our unsecured term loans. We have three interest rate swaps with an aggregate notional value of $200,000, that fix the SOFR rate component at 0.87% at March 31, 2025 and mature on February 2, 2026 (the "2021 Swaps").We have eight interest rate swaps with an aggregate notional value of $425,000 that fix the SOFR rate component at 2.69% and mature on September 30, 2027 (the "2022 Swaps"). We have seven interest rate swaps, with an aggregate notional value of $300,000 that fix the SOFR rate component at 3.93% (the "2022 II Swaps"). $150,000 of the 2022 II Swaps' aggregate notional value matures on December