FIRST INDUSTRIAL REALTY TRUST INC (FR)

CIK: 0000921825. SIC: 6798 Real Estate Investment Trusts. Latest 10-K as of: 2026-02-11.

SIC breadcrumb: Finance, Insurance, And Real Estate > Holding And Other Investment Offices > SIC 6798 Real Estate Investment Trusts

SEC company page: https://www.sec.gov/edgar/browse/?CIK=921825. Latest filing source: 0000921825-26-000012.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000921825.json. Derived margins are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Missing metrics are omitted rather than fabricated.

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000921825.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarterly Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance
• MSPUS - Median Sales Price of Houses Sold for the United States
• HSN1F - New One Family Houses Sold: United States
• RHORUSQ156N - Homeownership Rate in the United States
• TTLCONS - Total Construction Spending: Total Construction in the United States
• RRVRUSQ156N - Rental Vacancy Rate in the United States
• TOTALSL - Total Consumer Credit Owned and Securitized
• REVOLSL - Revolving Consumer Credit Owned and Securitized
• DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
• GDP - Gross Domestic Product
• GPDI - Gross Private Domestic Investment
• GCE - Government Consumption Expenditures and Gross Investment
• PCEC - Personal Consumption Expenditures
• NETEXP - Net Exports of Goods and Services
• GFDEBTN - Federal Debt: Total Public Debt
• GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
• FYFSD - Federal Surplus or Deficit
• FGRECPT - Federal Government Current Receipts
• FGEXPND - Federal Government: Current Expenditures
• MANEMP - All Employees, Manufacturing
• USCONS - All Employees, Construction
• USTRADE - All Employees, Retail Trade
• USFIRE - All Employees, Financial Activities
• USGOVT - All Employees, Government
• AWHAETP - Average Weekly Hours of All Employees, Total Private
• DGORDER - Manufacturers' New Orders: Durable Goods
• NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
• BUSINV - Total Business Inventories
• EXPGS - Exports of Goods and Services
• IMPGS - Imports of Goods and Services
• IR - Import Price Index (End Use): All Commodities
• PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0000921825-26-000054.

Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization. Confidence: high. Filing date: 2026-04-24. Report date: 2026-03-31.

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and notes thereto appearing elsewhere in this Form 10-Q. Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to First Industrial Realty Trust, Inc. (the "Company") and its subsidiaries, including First Industrial, L.P. (the "Operating Partnership") and its consolidated subsidiaries.

Forward-Looking Statements

The following discussion may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ.

Factors that could have a materially adverse effect on our operations and future prospects include, but are not limited to:

•changes in national, international, regional and local economic conditions generally, and real estate markets specifically, including impacts and uncertainties arising from trade disputes and tariffs on goods imported to or exported from the United States;

•changes in legislation/regulation (including laws governing the taxation of real estate investment trusts) and actions of regulatory authorities;

•our ability to qualify and maintain our status as a real estate investment trust;

•the availability, cost and attractiveness of financing (including both public and private capital), increases in or prolonged periods of elevated interest rates, and our ability to raise equity capital on attractive terms;

•the availability and attractiveness of terms of debt repurchases;

•our ability to retain our credit agency ratings;

•our ability to comply with applicable financial covenants;

•changes in the competitive environment in which we operate, including changes in supply, demand and valuation of industrial properties and land in our current and potential markets;

•our ability to identify, acquire, develop and/or manage properties on favorable terms;

•our ability to dispose of properties on favorable terms;

•our ability to successfully integrate acquired properties;

•potential liability relating to environmental matters;

•defaults on or non-renewal of leases by our tenants;

•decreases in rental rates or increases in vacancy rates;

•higher-than-expected real estate construction costs and delays in development or lease-up timelines;

•uncertainty and economic impacts of pandemics, epidemics or other public health emergencies or fear of such events;

•risks associated with cybersecurity breaches, cyberattacks, intrusions or other significant disruptions of our information technology networks or systems;

•potential natural disasters and other catastrophic events, including acts of war or terrorism;

•insufficient or unavailable insurance coverage;

•technological developments, particularly those affecting supply chains and logistics;

•litigation risks, including costs associated with prosecuting or defending claims and potential adverse outcomes;

•risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and

•other risks and uncertainties described in Item 1A, "Risk Factors" and elsewhere in our annual report on Form 10-K for the year ended December 31, 2025 as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and in our other public filings with the Securities and Exchange Commission (the "SEC").

We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this report. We assume no obligation to update or supplement forward-looking statements except as may be required by law.

27

General

The Company is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). As of March 31, 2026, we owned 420 industrial properties located in 19 states, containing an aggregate of approximately 70.9 million square feet of gross leasable area ("GLA"). Of the 420 properties owned on a consolidated basis, none of them are directly owned by the Company.

We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 96.8% ownership interest ("General Partner Units") at March 31, 2026. The Operating Partnership also conducts operations through several other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. The noncontrolling interest in the Operating Partnership of approximately 3.2% at March 31, 2026 represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units"). 

Through a wholly-owned TRS of the Operating Partnership, we own an equity interest in a joint venture (the "Joint Venture"). We also provide various services to the Joint Venture. The Joint Venture is accounted for under the equity method of accounting. The operating data of the Joint Venture is not consolidated with that of the Operating Partnership or the Company as presented herein. During the year ended December 31, 2025, the Joint Venture sold its remaining real estate assets.

Available Information

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to these reports are available without charge on our website at www.firstindustrial.com. These reports can also be accessed through the SEC's website at www.sec.gov. In addition, our Corporate Governance Guidelines, Code of Business Conduct and Ethics, charters of each committee of the Board of Directors, and supplemental financial and operating information are all available without charge on our website or upon request. Amendments to, or waivers from, our Code of Business Conduct and Ethics that apply to our executive officers or directors will also be posted on our website. The information found on, or otherwise accessible through our website, is not incorporated into, and does not form a part of, this report or any other report or document we file with or furnish to the SEC.

28

Management's Overview

Business Objectives and Growth Plans

Our fundamental business objective is to maximize the total return to the Company's stockholders and the Operating Partnership's partners by increasing our cash flow and property values. Our long-term business growth plans include the following elements:

•Internal Growth. We seek to grow internally by: (i) increasing revenues by renewing or re-leasing expiring leases at higher rental levels; (ii) obtaining contractual rent escalations on our long-term leases; (iii) increasing occupancy at properties with existing vacancies while maintaining high occupancy across the remainder of the portfolio; (iv) controlling and minimizing property operating expenses, general and administrative expenses and releasing costs; and (v) selectively renovating existing properties.

•External Growth. We seek to grow externally through: (i) the development of best-in-class industrial properties and the acquisition of individual assets, portfolios of industrial properties and leased land sites that meet our investment parameters within our 15 key logistics markets; and (ii) the expansion and redevelopment of our existing properties.

•Portfolio Enhancement. We continually seek to upgrade our overall portfolio by making new investments and selling assets that lack strong long-term cash flow growth potential. Our investment focus is on 15 key logistics markets which exhibit desirable long-term growth characteristics and where developable land is relatively scarce.

Our ability to pursue our long-term growth plans is affected by market conditions and our financial condition and operating capabilities.

Business Strategies

We utilize the following strategies in connection with the operation of our business:

•Organizational Strategy. We employ a decentralized property operations strategy through the deployment of experienced regional management teams and local property managers. Our headquarters in Chicago, Illinois provides acquisition, development and financing assistance, asset management oversight and financial reporting functions to our regional operations. We believe the size of our portfolio enables us to realize operating efficiencies by spreading overhead costs among many properties and by negotiating favorable terms and purchasing discounts.

•Market Strategy. Our market strategy focuses on 15 key logistics markets in the United States. These markets exhibit one or more of the following characteristics: (i) favorable industrial real estate fundamentals, including improving industrial demand and constrained future supply that can lead to long-term rent growth; (ii) favorable and diversified economic and business environments that should benefit from increases in distribution activity driven by growth in global trade and local consumption; (iii) population growth, which generally drives industrial demand; (iv) natural barriers to entry and scarcity of land which are key elements in delivering future rent growth; (v) sufficient market size to provide ample opportunity for growth through incremental investments and support asset liquidity; and (vi) favorable governmental, regulatory and tax environment.

•Leasing and Marketing Strategy. We utilize an operational management strategy designed to enhance tenant satisfaction and portfolio performance. We pursue an active leasing strategy that includes broadly marketing available space, seeking to renew existing leases at higher rents while minimizing re-leasing costs and seeking leases which provide for the pass-through of property-related expenses to the tenant. Additionally, we have both local and national marketing programs that target the business and real estate brokerage communities, as well as multi-national tenants.

•Acquisition/Development Strategy. Our investment strategy is primarily focused on developing and acquiring

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high. Filing date: 2026-02-11. Report date: 2025-12-31.

Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the sections of this Form 10-K titled "Forward-Looking Statements" and the Consolidated Financial Statements and Notes thereto appearing elsewhere in this Form 10-K.

Summary of 2025

Our operating results were strong in 2025, highlighted by a 32.2% average increase in cash rental rates on new and renewal commenced leases, tenant retention of 71.0% and year-end in-service occupancy of 94.4%, demonstrating healthy demand.

At December 31, 2025, we had six projects classified as under development, totaling approximately 1.1 million square feet of GLA with an aggregate estimated investment of approximately $187.1 million. This total includes two projects for which vertical construction commenced in the first quarter of 2026.

During 2025, we completed several significant real estate transactions:

•We acquired three industrial properties located in our Phoenix market, totaling approximately 1.8 million square feet of GLA, from our Joint Venture for an aggregate price of $245.3 million, excluding transaction costs. The purchase price is net of our economic share of gain on sale and incentive fees we earned on the sale as well as other deferred fees. We also acquired a 0.1 million square foot industrial property in our Baltimore/D.C. market for a purchase price of $31.4 million, excluding transaction costs.

•We acquired one income-producing land parcel in our Northern California market for a purchase price of $10.6 million, excluding transaction costs and approximately 61.4 acres of land for development in our Philadelphia market for a purchase price of $15.7 million, excluding transaction costs.

•We sold seven industrial properties totaling approximately 0.3 million square feet of GLA, along with a land parcel, for gross proceeds of $42.3 million.

We also completed the following financing activities during the year ended December 31, 2025:

•We declared an annual cash dividend of $1.78 per common share or Unit, an increase of 20.3% from 2024.

•In May, Fitch Ratings upgraded our long-term issuer default rating and underlying unsecured investments to BBB+ from BBB.

•In May, we issued $450.0 million of senior notes due January 2031, bearing a coupon rate of 5.25%.

•We exercised our first one-year extension option related to our $300.0 million term loan, extending the maturity date to August 2026 and amended our $200.0 million term loan to, among other things, extend the maturity to March 2028, with two optional one-year extensions.

•We entered into forward-starting swaps with an aggregate notional value of $350.0 million to fix SOFR on our unsecured term loans, replacing expiring swaps and extending hedge coverage through the maturity dates of our unsecured term loans.

•We amended our Unsecured Credit Facility to, among other changes, increase the borrowing capacity by $100.0 million to $850.0 million, eliminate the 10 basis point SOFR adjustment and extend the maturity date to March 2029, with two optional six-month extensions.

•At December 31, 2025, we had $664.9 million of available borrowing capacity under our Unsecured Credit Facility and held $72.7 million in cash and cash equivalents, excluding our Joint Venture partner's 6% share that we consolidate and report in our financial statements.

29

Results of Operations

Comparison of Year Ended December 31, 2025 to Year Ended December 31, 2024

The tables below summarize our revenues, property expenses and depreciation and other amortization by various categories for the years ended December 31, 2025 and 2024.

Same Store Properties: Same store properties include those that were owned and in service prior to January 1, 2024 and remained in service through December 31, 2025. Same store properties also includes developments and redevelopments placed in service prior to January 1, 2024. A property is considered placed in service when it meets one of the following criteria: (i) acquired properties with occupancy of at least 75% at acquisition, unless we anticipate tenant move-outs within two years of ownership would reduce occupancy below 75%; (ii) acquired properties with occupancy less than 75% at acquisition are placed in service upon reaching the earlier of 90% occupancy or one year subsequent to acquisition; (iii) developments, redevelopments and acquired income-producing land parcels for which our ultimate intent is to redevelop or develop on the land parcel are placed in service upon the earlier of reaching 90% occupancy or one year after construction completion; and (iv) properties acquired with occupancy greater than 75% but with anticipated move out within two years of ownership, are placed in service upon the earlier of reaching 90% occupancy or twelve months after tenant move out. Properties are moved from the same store category to the redevelopment classification when projected capital expenditures are estimated to exceed 20% of the property's undepreciated gross book value.

Acquired Properties: Acquired properties are properties that were purchased subsequent to December 31, 2023 and held as an operating property through December 31, 2025.

Sold Properties: Sold properties are properties that were disposed of subsequent to December 31, 2023.

Developments and Redevelopments: Developments and redevelopments (collectively referred to as "(Re)Developments") include properties that were either: (i) not substantially complete 12 months prior to January 1, 2024; or (ii) not stabilized prior to January 1, 2024.

Other Revenues and Property Expenses: Other revenues are derived from the operations of properties not placed in service under one of the categories discussed above, the operations of our maintenance company, interest income, joint venture fees and other miscellaneous revenues. Other property expenses are derived from the operations of properties not placed in service under one of the categories discussed above, the operations of our maintenance company, vacant land expenses and other miscellaneous regional expenses.

During the year ended December 31, 2025, one industrial property, totaling approximately 0.1 million square feet of GLA, was taken out of service with the intent for future redevelopment. As a result of taking this industrial property out of service, the results of operations associated with this property were reclassified from the same store property classification to the other classification.

Our future financial condition and results of operations, including rental revenues, may be impacted by the future acquisition, (re)development and sale of properties. Our future revenues and expenses may vary materially from historical rates.

Our net income was $264.1 million and $296.0 million for the years ended December 31, 2025 and 2024, respectively.

For the years ended December 31, 2025 and 2024, the average daily occupancy rate of our same store properties was 94.9% and 95.4%, respectively.

30

Year Ended December 31,

2025

2024

$ Change

% Change

(In thousands)

REVENUES

Same Store Properties

$

659,878 

$

625,807 

$

34,071 

5.4 

%

Acquired Properties

12,430 

1,485 

10,945 

737.0 

%

Sold Properties

1,979 

11,714 

(9,735)

(83.1)

%

(Re) Developments

42,446 

18,337 

24,109 

131.5 

%

Other

10,343 

12,298 

(1,955)

(15.9)

%

Total Revenues

$

727,076 

$

669,641 

$

57,435 

8.6 

%

Revenues from same store properties increased $34.1 million primarily due to increases in rental rates and tenant recoveries, offset by a decrease in occupancy. Revenues from acquired properties increased $10.9 million due to the nine industrial properties acquired subsequent to December 31, 2023 totaling approximately 2.1 million square feet of GLA. Revenues from sold properties decreased $9.7 million due to the 29 industrial properties sold subsequent to December 31, 2023 totaling approximately 1.5 million square feet of GLA. Revenues from (re)developments increased $24.1 million due to an increase in occupancy and tenant recoveries. Revenues from other decreased $2.0 million due to a decrease in interest income, a decrease in revenues from properties that were previously occupied and a decrease in joint venture fees, offset by legal settlement proceeds.

Year Ended December 31,

2025

2024

$ Change

% Change

(In thousands)

PROPERTY EXPENSES

Same Store Properties

$

161,373 

$

153,279 

$

8,094 

5.3 

%

Acquired Properties

2,035 

390 

1,645 

421.8 

%

Sold Properties

466 

2,540 

(2,074)

(81.7)

%

(Re) Developments

10,784 

7,730 

3,054 

39.5 

%

Other

16,822 

18,882 

(2,060)

(10.9)

%

Total Property Expenses

$

191,480 

$

182,821 

$

8,659 

4.7 

%

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties increased $8.1 million primarily due to increases in real estate taxes and repairs and maintenance expenses. Property expenses from acquired properties increased $1.6 million due to properties acquired subsequent to December 31, 2023. Property expenses from sold properties decreased $2.1 million due to properties sold subsequent to December 31, 2023. Property expenses from (re)developments increased $3.1 million primarily due to the substantial completion of developments. Property expenses from other decreased $2.1 million primarily due to the capitalization of real estate taxes related to ongoing construction preparation activities on certain land parcels during the year ended December 31, 2025 as well as demolition costs incurred during the year ended December 31, 2024 to prepare certain land sites for construction.

General and administrative expense remained relatively unchanged.

Joint Venture development services expense, representing payments made to a third party for property development assistance within the Joint Venture, decreased by $0.9 million, or 58.9%. This decrease is primarily attributable to a reduction in development activities by our Joint Venture during the year ended December 31, 2025, compared to the year ended December 31, 2024.

31

Year Ended December 31,

2025

2024

$ Change

% Change

(In thousands)

DEPRECIATION AND OTHER AMORTIZATION

Same Store Properties

$

157,639 

$

155,989 

$

1,650 

1.1 

%

Acquired Properties

8,851 

778 

8,073 

1,037.7 

%

Sold Properties

298 

1,897 

(1,599)

(84.3)

%

(Re) Developments

16,933 

10,080 

6,853 

68.0 

%

Corporate Furniture, Fixtures and Equipment and Other

1,595 

3,195 

(1,600)

(50.1)

%

Total Depreciation and Other Amortization

$

185,316 

$

171,939 

$

13,377 

7.8 

%

Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $8.1 million due to properties acquired subsequent to December 31, 2023. Depreciation and other amortization from sold properties decreased $1.6 million due to properties sold subsequent to December 31, 2023. Depreciation and other amortization from (re)developments increased $6.9 million primarily due to an increase in depreciation and amortization related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other decreased $1.6 million due to certain improvements on land parcels, for which our ultimate intent is to redevelop or develop, becoming fully depreciated.

For the year ended December 31, 2025, we recognized $26.9 million of gain on sale of real estate related to the sale of seven industrial properties totaling approximately 0.3 million square feet of GLA and a land parcel. For the year ended December 31, 2024, we recognized $112.0 million of gain on sale of real estate related to the sale of 22 industrial properties totaling approximately 1.2 million square feet of GLA.

Interest expense increased by $1.9 million, or 2.3%, primarily due to a higher weighted average debt balance of $2,392.4 million for the year ended December 31, 2025, as compared to $2,220.7 million for the year ended December 31, 2024, offset by a decrease in the weighted average interest rate to 4.08% for the year ended December 31, 2025 as compared to 4.11% for the year ended December 31, 2024 and an increase in capitalized interest of $4.5 million during the year ended December 31, 2025 as compared to the year ended December 31, 2024.

Amortization of debt issuance costs increased by $1.4 million, or 38.0%, primarily due to financing costs incurred related to the amendment and restatement of the Unsecured Credit Facility, the amendment and restatement of our $200.0 million term loan and the issuance of $450.0 million of senior notes.

Equity in income of joint venture increased by $30.4 million, or 707.2%, primarily due to our pro-rata share of gain from the sales of real estate by the Joint Venture and related incentive fees. Both periods include the 6% interest held by our partner in the Joint Venture, which is consolidated and reported in our financial statements.

Income tax expense increased $9.2 million, or 151.6%, primarily due to an increase in our pro-rata share of taxable gain and incentive fees from the Joint Venture.

32

Comparison of Year Ended December 31, 2024 to Year Ended December 31, 2023

A discussion of changes in our results of operations between 2024 and 2023 can be found in "Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations - Comparison of Year Ended December 31, 2024 to Year Ended December 31, 2023" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Critical Accounting Policies

A critical accounting policy is one that involves an estimate or assumption that is subjective and requires management judgment about the effect of a matter that is inherently uncertain and material to an entity's financial condition and results of operations. Of the significant accounting policies discussed in Note 2 to the Consolidated Financial Statements, we believe the following policies relate to the more significant judgments and estimates used in the preparation of our Consolidated Financial Statements:

•Acquisitions of Real Estate Assets: We allocate the purchase price of acquired real estate, including real estate acquired as a portfolio, based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, construction in progress, leasing commissions and deferred lease intangible assets and liabilities. The purchase price is allocated to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. This valuation incorporates significant assumptions such as land comparables, discount rates, terminal capitalization rates and market rent assumptions. Above and below market lease intangibles are valued based on the present value of the difference between prevailing market rental rates and the in-place rental rates measured over a period equal to the remaining term of the lease for above market leases or the remaining term of the lease plus the term of any below market fixed rate renewal options for below market leases. The purchase price is further allocated to in-place lease values based on an estimate of the lease revenue expected during a reasonable lease-up period, assuming the property was vacant on the date of acquisition.

•Impairment of Real Estate Assets: We review the carrying value of our long-lived real estate assets for possible impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. The judgments regarding the existence of indicators of impairment are based on the operating performance, market conditions, and our intent and ability to hold each property. The judgments regarding whether the carrying amounts of these assets may not be recoverable are based on estimates of future undiscounted cash flows from properties which include estimates of future operating performance and market conditions. If any real estate investment is considered permanently impaired, a loss is recorded to reduce the carrying value of the property to its estimated fair value. The impairment assessment and fair value measurement requires the use of estimates and assumptions, including the timing and amounts of cash flow projections, discount rates and terminal capitalization rates.

33

Liquidity and Capital Resources

Cash Flow Activity

The following table summarizes our cash flow activity for the Company for the years ended December 31, 2025 and 2024:

Year Ended December 31,

2025

2024

(In thousands)

Net cash provided by operating activities

$

461,263 

$

352,488 

Net cash used in investing activities

(524,179)

(131,620)

Net cash provided by (used in) financing activities

89,266 

(213,030)

The following table summarizes our cash flow activity for the Operating Partnership for the years ended December 31, 2025 and 2024:

Year Ended December 31,

2025

2024

(In thousands)

Net cash provided by operating activities

$

461,336 

$

352,542 

Net cash used in investing activities

(524,179)

(131,620)

Net cash provided by (used in) financing activities

89,193 

(213,084)

Changes in cash flow for the year ended December 31, 2025, compared to the prior year are described as follows:

Operating Activities: Cash provided by operating activities increased $108.8 million, primarily due to the following:

•increase in net operating income ("NOI") from same store properties, acquired properties and recently developed properties of $56.3 million offset by a decrease in NOI due to the disposition of real estate of $7.7 million;

•increase in distributions from our Joint Venture of $54.6 million in 2025 as compared to 2024; and

•increase in accounts payable, accrued expenses, other liabilities, rents received in advance and security deposits due to timing of cash payments; offset by:

◦increase in tenant accounts receivable, prepaid expenses and other assets due to timing of cash receipts.

Investing Activities: Cash used in investing activities increased $392.6 million, primarily due to the following:

•increase of $340.9 million related to the acquisition, development and investment in real estate activity, primarily attributed to higher acquisition-related spending and increased expenditures for developments under construction during the year ended December 31, 2025 as compared to the year ended December 31, 2024; and

•decrease of $118.9 million in net proceeds received from the disposition of real estate in 2025 as compared to 2024; offset by:

◦increase in net distributions of $70.9 million resulting from our Joint Venture in 2025 as compared to 2024.

Financing Activities: Cash provided by financing activities was $89.3 million ($89.2 million for the Operating Partnership) in 2025 as compared to cash used in financing activities of $213.0 million ($213.1 million for the Operating Partnership) in 2024, resulting in an increase of cash provided by financing activities of $302.3 million, primarily due to the following:

•the issuance of senior unsecured notes in 2025 resulting in net proceeds of $443.8 million; offset by:

◦increase in net repayments of borrowings under our Unsecured Credit Facility of $82.0 million in 2025 as compared to 2024;

◦increase in dividend and unit distributions of $37.7 million due to the Company increasing the dividend rate in 2025 as well as a slight increase in common shares and units outstanding; and

◦increase in financing issuance costs of $12.4 million related to the amendment and restatement of the Unsecured Credit Facility and the $200.0 million unsecured term loan, the issuance of senior unsecured notes and the extension of the $300.0 million unsecured term loan in 2025.

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Material Cash Requirements

At December 31, 2025, our cash and cash equivalents were approximately $72.7 million, excluding our Joint Venture partner's share of cash and cash equivalents that we consolidate and report in our financial statements. We also had $664.9 million of availability for additional borrowings under our Unsecured Credit Facility as of December 31, 2025.

We have considered our short-term liquidity requirements through December 31, 2026, as well as the adequacy of our estimated cash flow from operations and other expected liquidity sources to meet those requirements. As of December 31, 2025, we had a $300.0 million unsecured term loan scheduled to mature in August 2026. On January 22, 2026, we amended and restated this unsecured term loan to, among other things, extend the maturity to January 2029, with two one-year extension options exercisable subject to the satisfaction of certain conditions, and to increase the principal amount by $75.0 million. Beyond this scheduled maturity, we believe that our principal short-term liquidity needs include funding normal recurring expenses, property acquisitions, developments, expansions, renovations and other nonrecurring capital improvements, debt service requirements, the minimum distributions required to maintain the Company's REIT status under the Code and distributions approved by the Company's Board of Directors. We anticipate meeting these short-term liquidity requirements primarily through cash flows generated by operating activities and proceeds from select asset dispositions. Additional sources of liquidity may include the issuance of other debt or equity securities or borrowings under our Unsecured Credit Facility, subject to market conditions.

We expect to meet our long-term liquidity requirements (beyond December 31, 2026) such as property acquisitions, development projects, scheduled debt maturities, major renovations, expansions and other nonrecurring capital improvements through a combination of select asset dispositions, long-term unsecured and secured indebtedness and the issuance of additional equity securities, subject to market conditions.

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We believe that we were in compliance with our financial covenants as of December 31, 2025, and we anticipate that we will be able to operate in compliance with our financial covenants in 2026. 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, 2025 and 2024 is detailed below.

Weighted Average Interest Rate at December 31, 2025

Outstanding Balance at

Weighted Average Maturity in Years at December 31, 2025

December 31, 2025

December 31, 2024

(In thousands)

Mortgage Loan Payable (A)

4.17%

$

9,295 

$

9,643 

2.6

Senior Unsecured Notes, Gross

Senior Unsecured Bonds (A)

5.48%

498,571 

48,571 

4.9

Private Placement Notes (A)

3.66%

950,000 

950,000 

3.9

Subtotal

1,448,571 

998,571 

Unsecured Term Loans, Gross

2021 Unsecured Term Loan

N/A

— 

200,000 

N/A

2022 Unsecured Term Loan II (B)(E)

4.42%

300,000 

300,000 

1.6

2022 Unsecured Term Loan (C)(E)

3.64%

425,000 

425,000 

1.8

2025 Unsecured Term Loan (D)(E)

1.83%

200,000 

— 

4.2

Subtotal

925,000 

925,000 

Unsecured Credit Facility (F)

4.44%

183,000 

282,000 

4.2

Total Debt

$

2,565,866 

$

2,215,214 

(A) These loans have a fixed interest rate.

(B) The interest rate is based on SOFR, plus a 0.10% SOFR adjustment and a credit spread of 0.85%. We entered into interest rate swaps with an aggregate notional value of $300.0 million, that effectively fix the SOFR component and result in an all-in interest rate of 4.42% at December 31, 2025. These swaps mature in August 2027 ($150.0 million notional) and December 2028 ($150.0 million notional). The weighted average maturity reflected in the table above assumes the exercise of a one-year extension option, subject to the satisfaction of certain conditions.

(C) The interest rate is based on SOFR, plus a 0.10% SOFR adjustment and a credit spread of 0.85%. We entered into interest rate swaps with an aggregate notional value of $425.0 million, that effectively fix the SOFR component and result in an all-in interest rate of 3.64% at December 31, 2025. These swaps mature in September 2027.

(D) The interest rate is based on SOFR, plus a 0.10% SOFR adjustment and a credit spread of 0.85%. We entered into interest rate swaps with an aggregate notional value of $200.0 million, that effectively fix the SOFR component and result in an all-in interest rate of 1.83% at December 31, 2025. These swaps mature in February 2026. During the year ended December 31, 2025, we entered into forward-starting swaps commencing in February 2026, with an aggregate notional value of $200.0 million that fix SOFR at 3.15% and mature in February 2029. The weighted average maturity reflected in the table above assumes the exercise of two one-year extension options, subject to the satisfaction of certain conditions.

(E) On January 22, 2026, we refinanced our $425.0 million unsecured term loan (the "2022 Unsecured Term Loan") and our $300.0 million unsecured term loan (the "2022 Unsecured Term Loan II") and we amended our $200.0 million unsecured term loan (the "2025 Unsecured Term Loan"). See Note 15 to the Consolidated Financial Statements for additional information.

(F) The interest rate is variable and based on SOFR plus a credit spread of 0.775%, and requires us to pay a facility fee of 15 basis points. Our balance under our Unsecured Credit Facility changes depending on our cash needs and the interest rate and facility fee are each subject to adjustment based on our leverage and investment grade rating. The weighted average maturity reflected in the table above assumes the exercise of two six-month extension options, subject to the satisfaction of certain conditions. As of February 11, 2026, we had approximately $726.9 million available for additional borrowings under our Unsecured Credit Facility.

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As of December 31, 2025, our senior unsecured notes have been assigned credit ratings from Standard & Poor's, Moody's and Fitch Ratings of BBB/Stable, Baa2/Stable and BBB+/Stable, respectively. A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time by the rating organization. In the event of a downgrade, we believe we would continue to have access to sufficient capital. However, our cost of borrowing would increase and our ability to access certain financial markets may be limited.

Our other material cash requirements from known contractual and other obligations as of December 31, 2025 include an estimate of remaining payments on the completion of development projects under construction for the Company of $87.0 million which includes all costs necessary to place the properties into service.

Off-Balance Sheet Arrangements

At December 31, 2025, we had letters of credit and performance bonds outstanding in an aggregate amount of $35.9 million. The letters of credit and performance bonds are not reflected as liabilities on our balance sheet. We have no other off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, results of operation or liquidity and capital resources.

Environmental

We paid approximately $0.8 million and $0.8 million during the years ended December 31, 2025 and 2024, respectively, related to environmental expenditures. We estimate 2026 expenditures of approximately $1.8 million, which has been accrued at December 31, 2025. We further estimate that aggregate expenditures for currently identified environmental issues to be incurred in 2026 and beyond will not exceed approximately $4.5 million, which has been accrued at December 31, 2025.

Inflation

Inflation had a minimal impact on the operating performance of our industrial properties across our markets prior to 2021, due to relatively low inflation rates. However, inflation increased significantly in 2021 and 2022, and although it has moderated since 2023, it remains elevated relative to pre-2021 levels. The future direction of inflation rates is uncertain. If inflation rates increase, this could impact our operations and financial performance. Many of our leases contain provisions designed to mitigate the adverse impact of inflation, including contractual rent escalations and requirements for tenants to pay their proportionate share of property operating expenses. Such expenses include common area expenses, utilities, insurance, real estate taxes, and certain capital expenditures for property maintenance. These measures help reduce our exposure to inflation-driven increases in property operating expenses. However, we remain exposed to certain non-reimbursable property operating expenses, such as costs associated with vacant premises. In addition, while some of our existing leases are below current market rental rates, we believe that lease renewals or re-leasing opportunities will allow us to adjust rental rates upward, aligning them more closely with current market rates. These adjustments could help offset inflationary pressures on our operating expenses. Inflation also continues to affect our development portfolio. Rising costs for materials and other costs increase the expense of property development, impacting our ability to achieve anticipated returns on these projects. With respect to our outstanding indebtedness, we periodically evaluate our exposure to interest rate fluctuations, and may continue to enter into derivative instruments that mitigate, but do not eliminate, the impact of interest rate changes on our Unsecured Credit Facility and other variable-rate debt.

Market Risk

The following discussion about our risk-management activities includes "forward-looking statements" that involve risk and uncertainties. Actual results could differ materially from those projected in the forward-looking statements. Our business subjects us to market risk from interest rates, as described below.

Interest Rate Risk

The following analysis presents the hypothetical gain or loss in earnings, cash flows or fair value of the financial instruments and derivative instruments that are held by us at December 31, 2025 that are sensitive to changes in interest rates. While this analysis may have some use as a benchmark, it should not be viewed as a forecast.

In the normal course of business, we also face risks that are either non-financial or non-quantifiable. Such risks principally include credit risk and legal risk and are not represented in the following analysis.

37

At December 31, 2025, $2,379.9 million, or 92.9%, of our total debt, excluding unamortized debt issuance costs, was fixed rate debt, while $183.0 million, or 7.1%, was variable rate debt. At December 31, 2024, $1,933.2 million, or 87.3%, of our total debt, excluding unamortized debt issuance costs, was fixed rate debt, while $282.0 million, or 12.7%, was variable rate debt. The fixed rate debt amounts at December 31, 2025 and 2024 include variable rate debt that has been effectively swapped to a fixed rate through the use of derivative instruments with an aggregate notional amount outstanding of $925.0 million. These derivatives mitigate our exposure to our Unsecured Term Loans' variable interest rates, which are based on SOFR. The use of derivative financial instruments allows us to manage the risk of interest rate increases and the related impact on our earnings and cash flows. We designated all of the swaps related to our Unsecured Term Loans as cash flow hedges. Currently, we do not enter into financial instruments for trading or other speculative purposes. See "Material Cash Requirements" for further details on the derivative instruments. As of December 31, 2025 and 2024, the estimated fair value of our debt was approximately $2,525.4 million and $2,125.3 million, respectively, based on our estimate of the then-current market interest rates.

During the year ended December 31, 2025, we entered into forward-starting swaps with an aggregate notional value of $350.0 million to fix SOFR on our unsecured term loans, replacing expiring swaps and extending hedge coverage. We designated the swaps as cash flow hedges. See Note 12 to the Consolidated Financial Statements for a discussion of the swaps.

For fixed rate debt, changes in interest rates generally affect the fair value of the debt, but not our earnings or cash flows. Conversely, for variable rate debt, changes in the base interest rate used to calculate the all-in interest rate generally do not impact the fair value of the debt, but would affect our future earnings and cash flows. The interest rate risk and changes in fair market value of fixed rate debt generally do not have a significant impact on us until we are required to refinance such debt. See Note 4 to the Consolidated Financial Statements for a discussion of the maturity dates of our various fixed rate debt.

Our variable rate debt is subject to risk based upon prevailing market interest rates. If the SOFR rate component relevant to our variable rate debt were to have increased 10%, we estimate that our interest expense during the years ended December 31, 2025 and 2024 would have increased by approximately $0.8 million and $1.5 million, respectively, based on our average outstanding floating-rate debt during the years ended December 31, 2025 and 2024. Additionally, if weighted average interest rates on our weighted average fixed rate debt were to have increased by 10% due to refinancing, interest expense would have increased by approximately $9.0 million and $7.5 million during the years ended December 31, 2025 and 2024, respectively.

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Supplemental Earnings Measure

Investors in and industry analysts following the real estate industry utilize funds from operations ("FFO") and NOI as supplemental performance measures of an equity REIT. Historical cost accounting for real estate assets in accordance with accounting principles generally accepted in the United States of America ("GAAP") implicitly assumes that the value of real estate assets diminishes predictably over time through depreciation. Since real estate values instead have historically risen or fallen with market conditions, many industry analysts and investors prefer to supplement operating results that use historical cost accounting with measures such as FFO and NOI, among others. We provide information related to FFO and same store NOI ("SS NOI") both because such industry analysts are interested in such information, and because our management believes FFO and SS NOI are important performance measures. FFO and SS NOI are factors used by management in measuring our performance, including for purposes of determining the compensation of our executive officers under our 2025 incentive compensation plan.

Neither FFO nor SS NOI should be considered as a substitute for net income, or any other measures derived in accordance with GAAP. Neither FFO nor SS NOI represents cash generated from operating activities in accordance with GAAP and neither should be considered as an alternative to cash flow from operating activities as a measure of our liquidity, nor is either indicative of funds available for our cash needs, including our ability to make cash distributions. Additionally, our method for calculating FFO and SS NOI may differ from those used by other real estate companies, limiting comparability.

Funds From Operations

The National Association of Real Estate Investment Trusts ("NAREIT") has recognized and defined for the real estate industry a supplemental measure of REIT operating performance, FFO, that excludes historical cost depreciation, among other items, from net income determined in accordance with GAAP. FFO is a non-GAAP financial measure. FFO is calculated by us in accordance with the definition adopted by the Board of Governors of NAREIT and may not be comparable to other similarly titled measures of other companies. In accordance with the NAREIT definition of FFO, we calculate FFO to be equal to net income available to First Industrial Realty Trust, Inc.'s common stockholders and participating securities, plus depreciation and other amortization of real estate, plus impairment of real estate, minus gain or plus loss on sale of real estate, net of any income tax provision or benefit associated with the sale of real estate. We also exclude the same adjustments from our share of net income from an unconsolidated joint venture.

Management believes that the use of FFO available to common stockholders and participating securities, combined with net income (which remains the primary measure of performance), improves the understanding of operating results of REITs among the investing public and makes comparisons of REIT operating results more meaningful. Management believes that, by excluding gains or losses related to sales of real estate assets, impairment of real estate assets and real estate asset depreciation and amortization, investors and analysts are able to identify the operating results of the long-term assets that form the core of a REIT's activity and use these operating results for assistance in comparing these operating results between periods or to those of different companies.

The following table shows a reconciliation of net income available to common stockholders and participating securities to the calculation of FFO available to common stockholders and participating securities as follows:

Year Ended December 31,

2025

2024

2023

2022

2021

(In thousands)

Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities

$

247,443 

$

287,554 

$

274,816 

$

359,134 

$

270,997 

Adjustments:

Depreciation and Other Amortization of Real Estate

184,682 

171,207 

162,098 

146,448 

130,062 

Depreciation and Other Amortization of Real Estate in the Joint Venture

2,614 

2,758 

— 

— 

— 

Gain on Sale of Real Estate

(26,905)

(111,970)

(95,650)

(128,268)

(150,310)

Gain on Sale of Real Estate (Including Incentive Fees) from the Joint Venture

(34,184)

(1,756)

(28,034)

(115,024)

— 

Income Tax Provision - Excluded from FFO

13,909 

4,542 

7,311 

23,658 

4,853 

Noncontrolling Interest Share of Adjustments

4,217 

(1,850)

2,126 

15,222 

357 

Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities

$

391,776 

$

350,485 

$

322,667 

$

301,170 

$

255,959 

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Same Store Net Operating Income

We consider cash basis SS NOI to be a useful non-GAAP supplemental measure of our operating performance. We believe SS NOI enhances the comparability of a company's real estate portfolio to that of other real estate companies. SS NOI reflects the results of operations of properties that were owned and placed in service prior to January 1, 2024, and remained in service through the end of the reporting period.

We define SS NOI as revenues minus property expenses such as real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses. SS NOI is further adjusted to exclude the NOI of properties that are not included in the same store pool. Additionally, we exclude the impact of straight-line rent, above and below market rent amortization and lease termination fees, as we believe excluding them provides a more meaningful reflection of cash-basis rental growth and allows for a more consistent year-over-year analysis of property-level performance. SS NOI does not include depreciation and amortization, general and administrative expense, interest expense, income tax benefit and expense, equity in income or loss from joint venture, joint venture fees and joint venture development services expense.

The primary factors influencing SS NOI are occupancy levels, changes in rental rates and fluctuations in tenant recoveries. Our ability to grow SS NOI is largely dependent on our success in leasing space and recovering property operating costs from tenants under existing lease agreements.

The following table shows a reconciliation of the same store revenues and property expenses, as disclosed in the results of operations and reconciled to revenues and expenses reflected on the statements of operations, to SS NOI for the years ended December 31, 2025 and 2024.

Year Ended December 31,

2025

2024

(In thousands)

Same Store Revenues

$

659,878 

$

625,807 

Same Store Property Expenses

(161,373)

(153,279)

Same Store Net Operating Income Before Same Store Adjustments

$

498,505 

$

472,528 

Same Store Adjustments:

Straight-line Rent

(8,080)

(9,102)

Above (Below) Market Lease Amortization

(2,117)

(3,038)

Lease Termination Fees

(685)

(589)

Same Store Net Operating Income

$

487,623 

$

459,799 

40

The following table shows a reconciliation of net income available to common stockholders and participating securities to cash basis SS NOI without lease termination fees for the years ended December 31, 2025 and 2024.

Year Ended December 31,

2025

2024

(In thousands)

Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities

$

247,443 

$

287,554 

Interest Expense

84,886 

82,973 

Depreciation and Other Amortization of Real Estate

184,682 

171,207 

Depreciation and Other Amortization of Real Estate in the Joint Venture

2,614 

2,758 

Income Tax Provision - Allocable to FFO

1,373 

1,533 

Net Income Attributable to the Noncontrolling Interests

16,636 

8,434 

Equity in FFO from Joint Venture Attributable to the Noncontrolling Interest

(372)

(636)

Amortization of Debt Issuance Costs

5,033 

3,646 

Depreciation of Corporate FF&E

634 

732 

Gain on Sale of Real Estate

(26,905)

(111,970)

Gain on Sale of Real Estate from Joint Venture

(34,184)

(1,756)

Income Tax Provision - Excluded from FFO

13,909 

4,542 

General and Administrative

41,945 

40,935 

Equity in FFO from Joint Venture, Net of Noncontrolling Interest

(2,727)

(4,661)

Net Operating Income

$

534,967 

$

485,291 

Non-Same Store Net Operating Income

(36,462)

(12,763)

Same Store Net Operating Income Before Same Store Adjustments

$

498,505 

$

472,528 

Straight-line Rent

(8,080)

(9,102)

Above (Below) Market Lease Amortization

(2,117)

(3,038)

Lease Termination Fees

(685)

(589)

Same Store Net Operating Income (Cash Basis without Termination Fees)

$

487,623 

$

459,799 

Subsequent Events

On January 22, 2026, we refinanced the 2022 Unsecured Term Loan to, among other things, extend its maturity date to January 2030 (with our option to extend the maturity date of the loan by one year) and eliminate the 10 basis point SOFR adjustment. We also refinanced the 2022 Unsecured Term Loan II to, among other things, extend its maturity date to January 2029 (with our option to extend the maturity date two years via two one-year extension options), increase the principal amount of the loan to $375.0 million and eliminate the 10 basis point SOFR adjustment. In conjunction with these refinancings, we also amended the 2025 Unsecured Term Loan to, among other things, eliminate the 10 basis point SOFR adjustment.

41