Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 61

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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aps"). During the three months ended September 30, 2025, we entered into three forward-starting swaps commencing February 2, 2026, with an aggregate notional value of $200,000 that fix SOFR at 3.15% and mature on February 1, 2029 (the "2026 Swaps"). We have eight interest rate swaps with an aggregate notional value of $425,000 that fix the SOFR rate component at 2.69% and mature on September 30, 2027 (the "2022 Swaps"). We have seven interest rate swaps, with an aggregate notional value of $300,000 that fix the SOFR rate component at 3.93% (the "2022 II Swaps"). $150,000 of the 2022 II Swaps' aggregate notional value matures on December 1, 2025 and the remaining $150,000 of the 2022 II Swaps' aggregate notional value matures on August 1, 2027. During the three months ended September 30, 2025, we entered into three forward-starting swaps commencing December 1, 2025, with an aggregate notional value of $150,000 that fix SOFR at 3.19% and mature on December 1, 2028 (the "2025 Swaps" and together with the 2021 Swaps, the 2026 Swaps, the 2022 Swaps and the 2022 II Swaps, the "Swaps"). Our agreements with our derivative counterparties contain cross-default provisions, which may be triggered if we default on other indebtedness, subject to certain thresholds. As of September 30, 2025, we had not posted any collateral under these agreements and were in compliance with all contractual provisions of these agreements. In the event of a breach, we could be required to settle our obligations at the termination values within the agreements.

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The following table sets forth our financial assets and liabilities related to the Swaps, which are included in the line items Prepaid Expenses and Other Assets, Net or Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Balance Sheets and are accounted for at fair value on a recurring basis as of September 30, 2025 and December 31, 2024:  Fair Value Measurements:DescriptionFair Value at September 30, 2025Quoted Prices inActive