Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 5

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 2
Chunk 5
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 warranted, of additional equity securities. We also  evaluate joint venture arrangements as another source of capital to finance acquisitions and developments as well as manage investment exposure and allocation. 

33

Summary of the Nine Months Ended September 30, 2025

Our operating results were strong for the nine months ended September 30, 2025, highlighted by a robust 31.6% average increase in cash rental rates on new and renewal commenced leases, tenant retention of 71.5% and quarter-end occupancy of 94.0%, demonstrating healthy demand.

As of September 30, 2025, we had six development projects underway, totaling 0.9 million square feet of GLA, with an aggregate estimated investment of approximately $152.8 million. 

During the nine months ended September 30, 2025, we completed several significant real estate transactions:

•We acquired two industrial properties located in our Phoenix market, totaling approximately 0.8 million square feet of GLA. These assets were purchased from our Joint Venture for an aggregate price of $120.0 million, excluding transaction costs. The purchase price is net of our economic share of gain on sale and incentive fees we earned on the sale as well as other deferred fees. 

•We acquired one income-producing land parcel in our Northern California market for an aggregate purchase price of $10.6 million, excluding transaction costs.

•We acquired approximately 61.4 acres of land for development located in our Philadelphia market for an aggregate purchase price of $15.7 million, excluding transaction costs.  

•We sold four industrial properties totaling approximately 0.2 million square feet of GLA and a land parcel for gross proceeds of $26.9 million.

During the nine months ended September 30, 2025, our key financing activities included:

•We declared first, second and third quarter cash dividends of $0.445 per common share or Unit, an increase of 20.3% over the 2024 quarterly dividend rate. 

•In May, Fitch Ratings upgraded our long-term issuer default rating and underlying unsecured investments to BBB+ from BBB.  

•In May, we issued $450.0 million of senior notes due January 2031, bearing a fixed weighted average coupon rate of 5.25%. 

•We exercised our first one-year extension option related to our $300.0 million term loan, extending the maturity date to August 12, 2026.

•We amended our Unsecured Credit Facility to, among