Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 78

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 1
Chunk 78
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 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 nine months ended September 30, 2025, which included rent concessions during the lease term.  

Three Months EndedNumber ofLeasesWith Rent ConcessionsSquare Feet(in 000's)Rent Concessions ($)New Leases17 387 $1,655 Renewal Leases3 216 1,277 Development / Acquisition Leases3 279 954 Total23 882 $3,886 Nine Months EndedNew Leases42 1,101 $3,056 Renewal Leases6 478 3,224 Development / Acquisition Leases5 436 1,741 Total53 2,015 $8,021 

40

Liquidity and Capital Resources

At September 30, 2025, we had approximately $36.8 million in cash and cash equivalents, excluding our Joint Venture partner's share of cash that is consolidated in our financial statements. We also had $814.8 million available for additional borrowings under our Unsecured Credit Facility. 

We have considered our short-term liquidity needs through September 30, 2026, and assessed the adequacy of our estimated cash flows from operations and other available sources of liquidity to meet those needs. As of September 30, 2025, we have a $300.0 million unsecured term loan maturing on August 12, 2026, which includes a one-year extension option. Beyond this maturity, we believe that our principal short-term liquidity needs include funding normal recurring expenses, property acquisitions, developments, expansions, renovations and other nonrecurring capital improvements, debt service requirements, the minimum distributions required to maintain the Company's REIT status under the Code and distributions approved by the Company's Board of Directors. We anticipate meeting these liquidity needs primarily through cash flows provided by operating activities and proceeds from select asset dispositions. Additional