Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 551

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 13
Chunk 551
---
 Award vests based upon the total shareholder return ("TSR") of the Company's common stock compared to the TSR of the FTSE Nareit All Equity Index and the remainder vests based upon the TSR of the Company’s common stock compared to a specified group of peer industrial real estate companies. The performance period for awards issued in 2024 is three years and compensation expense is charged to earnings over the applicable vesting period for the Performance Awards. At the end of the measuring period, vested Performance Units convert into shares of common stock. The participant is also entitled to dividend equivalents for shares or RLP Units issued pursuant to vested Performance Awards. The Operating Partnership issues General Partner Units to the Company in the same amounts for vested Performance Units.The Performance Awards issued for the years ended December 31, 2024, 2023 and 2022, had fair value of $9,281, $8,948, and $7,266, respectively. The fair values were determined by a lattice-binomial option-pricing model based on Monte Carlo simulations using the following assumptions:Year Ended   December 31, 2024Year Ended   December 31, 2023Year Ended   December 31, 2022Expected dividend yield2.42 %2.46 %1.75 %Expected volatility - range used23.41% - 24.52%27.09% - 32.03%19.89% - 28.74%Expected volatility - weighted average23.79 %29.42 %24.91 %Risk-free interest rate4.20% - 5.24%4.23% - 4.78%0.22% - 1.21%Performance Award transactions for the year ended December 31, 2024 are summarized as follows:Performance UnitsWeightedAverageGrant DateFair ValuePerformance RLP UnitsWeightedAverageGrant DateFair ValueOutstanding at December 31, 2023135,339 $25.98 752,158 $26.29 Issued46,947 $29.93 263,159 $29.93 Forfeited(30,771)$23.84 (113,912)$22.28 Vested(31,474)$22.23 (151,819)$22.23 Outstanding at December 31, 2024120,041 $29.05 749,586 $29.00