Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 49

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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 variable rate of the debt to a fixed rate. See Note 10. (B) During the nine months ended September 30, 2025, we consummated our exercise of the first one-year extension option,  which extends the maturity date to August 12, 2026. At our option, we may extend the maturity pursuant to an additional one-year extension option, subject to satisfaction of certain conditions. (C) At our option, we may extend the maturity date pursuant to two one-year extension options, subject to satisfaction of certain conditions. (D) At our option, we may extend the maturity date pursuant to two six-month extension options, subject to satisfaction of certain conditions. Amounts exclude unamortized debt issuance costs of $7,921 and $713 as of September 30, 2025 and December 31, 2024, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net. Mortgage Loan PayableAs of September 30, 2025, the mortgage loan payable is collateralized by industrial properties with a net carrying value of $29,603. We believe the Operating Partnership and the Company were in compliance with all covenants relating to our mortgage loan as of September 30, 2025.

20

Senior Unsecured Notes, NetOn May 14, 2025, we issued $450,000 of senior unsecured notes due January 15, 2031 (the “2031 Notes”). The 2031 Notes bear interest at a fixed rate of 5.25% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning January 15, 2026. The notes were issued at 99.265% of par, resulting in an original issue discount that will be amortized as an adjustment to interest expense. In anticipation of the issuance, we entered into two five-year treasury lock agreements (the "2030 Treasury Locks") to hedge the interest rate risk associated with the 2031 Notes. We settled the 2030 Treasury Locks on May 13, 2025 for a payment of $250, which was recorded in other comprehensive income and will be amortized to interest expense over a five-year period. Taking into account the original issue discount and the settlement amount of the 2030 Treasury Locks, the effective interest rate on the 2031 Notes is 5.41%. The 2031 Notes include customary c