Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 105

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 8
Chunk 105
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 and the indentures governing our senior unsecured notes contain certain financial covenants. These include, among others, restrictions on the incurrence of additional indebtedness and requirements related to debt service coverage ratios. Under the terms of the Unsecured Credit Facility and unsecured term loans, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred, which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe the Operating Partnership and the Company were in compliance with all covenants under the Unsecured Credit Facility, the unsecured term loans, the Private Placement Notes and the indentures governing our senior unsecured notes as of September 30, 2025. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs.

21

Fair ValueAt September 30, 2025 and December 31, 2024, the fair value of our indebtedness was as follows:  September 30, 2025December 31, 2024 CarryingAmount (A)FairValueCarryingAmount (A)FairValueMortgage Loan Payable$9,383 $9,248 $9,643 $9,326 Senior Unsecured Notes, Net1,445,451 1,407,318 998,531 909,012 Unsecured Term Loans925,000 927,052 925,000 924,814 Unsecured Credit Facility33,000 33,000 282,000 282,162 Total$2,412,834 $2,376,618 $2,215,174 $2,125,314 _______________(A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.The fair value of our mortgage loan payable was determined by discounting the future cash flows using current rates at which similar loans with comparable remaining maturities would be issued. These rates were internally estimated. The fair value of the senior unsecured notes was determined based on current rates as advised by our bankers. These rates were based upon recent trades within the same series of the senior unsecured notes, trades for senior unsecured notes with comparable maturities, trades for fixed rate unsecured notes from companies with profiles similar to ours, as