Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 68

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 2
Chunk 68
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10.51 56.9 %4.8 $6.65 N/ARenewal Leases120 6,270 10.38 75.1 %6.5 2.50 76.7 %Development / Acquisition Leases12 3,136 10.50 N/A9.9 N/AN/ATotal / Weighted Average196 11,475 $10.44 70.1 %7.1 $3.53 76.7 %

(A)Net rent is the average base rent calculated in accordance with GAAP, over the term of the lease.

(B)Straight Line basis rent growth is a ratio of the change in net rent (including straight-line rent adjustments) on a new or renewal lease compared to the net rent (including straight-line rent adjustments) of the comparable lease. New leases where there were no prior comparable leases are excluded.

(C)The lease term is expressed in years. Assumes no exercise of lease renewal options, if any.

(D)Lease costs are comprised of the costs incurred or capitalized for improvements of vacant and renewal spaces, as well as the commissions funded and costs capitalized for leasing transactions. Lease costs per square foot represent the total turnover costs expected to be incurred on the leases signed during the period and do not reflect actual expenditures for the period. First generation lease costs for development and acquisition properties are excluded.

(E)Represents the weighted average square feet of tenants renewing their respective leases.

The following table provides a summary of our leases that commenced during the year ended December 31, 2024, which included rent concessions during the lease term.  

Number ofLeasesWith Rent ConcessionsSquare Feet(in 000's)Rent ConcessionsNew Leases54 1,863 $6,015 Renewal Leases12 474 2,034 Development / Acquisition Leases11 3,072 18,812 Total77 5,409 $26,861 

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Lease Expirations     

Fundamentals for the United States industrial real estate market were balanced in 2024. Demand for new industrial space grew modestly compared to the post-COVID inventory rebuilding periods of 2021 and 2022. New industrial space was delivered throughout the year, while the volume of new construction starts slowed significantly compared to 2023 in response to the moderation of demand. In 2024