Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 66

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 2
Chunk 66
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 which $123.2 million has been funded as of December 31, 2024. There can be no assurance that the actual completion cost for these developments will not exceed the estimated completion cost. The substantially completed developments have the following characteristics:

Metropolitan AreaNumber ofPropertiesGLAOccupancyat  12/31/24Southern California3637,668 0%South Florida1135,707 34%Total4773,375 

As of December 31, 2024, we have eight development projects that are under construction totaling approximately 2.0 million square feet of GLA. The estimated total investment for these development projects under construction is $280.4 million, of which $102.9 million has been funded as of December 31, 2024. There can be no assurance that the actual completion cost for these developments will not exceed the estimated completion cost. The development projects under construction have the following characteristics:

Metropolitan AreaNumber ofPropertiesGLAAnticipated Quarter of Building CompletionSouth Florida2258,024 Q2 2025Houston, TX1424,560 Q3 2025Nashville, TN2858,617 Q3 2025Central Florida1112,000 Q3 2025Central/Eastern Pennsylvania2361,800 Q1 2026Total (A)82,015,001 

(A)      The eight properties were 43% pre-leased at December 31, 2024.

23

Property Acquisitions

During the year ended December 31, 2024, we acquired five industrial properties in our Houston and Southern California markets, as well as approximately 81 acres of land in our South Florida and Southern California markets, for an aggregate purchase price of approximately $70.7 million. The industrial properties were acquired at an expected stabilized capitalization rate of approximately 6.1%. This capitalization rate for these property acquisitions was calculated using the estimated stabilized net operating income (excluding straight-line rent adjustments and above and below market lease amortization), divided by the sum of the purchase price, closing costs and estimated stabilization costs. The acquired industrial properties have the following characteristics: 

Metropolitan AreaNumber ofPropertiesGLAOccupancyat  12/31/24Houston, TX4210,937 100%Southern California152,929 100%Total5263,866 

Property Sales

During the year ended December 31, 2024, we sold