Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 83

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 83
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aturities, major renovations, expansions and other nonrecurring capital improvements through long-term unsecured and secured indebtedness, the disposition of select assets and the issuance of additional equity or debt securities, subject to market conditions.

35

We believe that we were in compliance with our financial covenants as of December 31, 2024, and we anticipate that we will be able to operate in compliance with our financial covenants in 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 and our access to borrowings on our Unsecured Credit Facility may be limited if we fail to meet any of these covenants. Total debt, exclusive of unamortized debt issuance costs and unamortized discounts, at December 31, 2024 and 2023 is detailed below.

Weighted Average Interest Rate at December 31, 2024Outstanding Balance atWeighted Average Maturity in Years at December 31, 2024December 31, 2024December 31, 2023(In thousands)Mortgage Loan Payable (A) 4.17%$9,643 $9,978 3.6Senior Unsecured Notes, Gross  Senior Unsecured Bonds (A)7.58%48,571 48,571 4.3Private Placement Notes (A)3.66%950,000 950,000 5.0Subtotal998,571 998,571 Unsecured Term Loans, Gross2021 Unsecured Term Loan (B)1.83%200,000 200,000 1.52022 Unsecured Term Loan (C)3.63%425,000 425,000 2.82022 Unsecured Term Loan II (D)4.87%300,000 300,000 2.6Subtotal925,000 925,000 Unsecured Credit Facility (E)5.19%282,000 299,000 1.5Total Debt$2,215,214 $2,232,549 

(A) These loans have a fixed interest rate. 

(B) The interest rate is based on SOFR, plus a 0.10% SOFR adjustment, plus a credit spread of 0.85%. We have interest rate swaps, with an aggregate notional