FIRST INDUSTRIAL REAL ESTATE TRUST: Administration’s Dialogue and Evaluation of Monetary Place and Working Outcomes (Type 10-Q)

The next dialogue and evaluation of our monetary situation and outcomes of
operations ought to be learn at the side of the consolidated monetary
statements and notes thereto showing elsewhere on this Type 10-Q. Until
acknowledged in any other case or the context in any other case requires, the phrases "we," "our" and
"us" consult with First Industrial Realty Belief, Inc. (the "Firm") and its
subsidiaries, together with First Industrial, L.P. (the "Working Partnership") and
its consolidated subsidiaries.
Ahead-Trying Statements
The next dialogue might comprise forward-looking statements throughout the
which means of Part 27A of the Securities Act of 1933, and Part 21E of the
Securities Trade Act of 1934 (the "Trade Act"). We intend for such
forward-looking statements to be coated by the protected harbor provisions for
forward-looking statements contained within the Personal Securities Litigation Reform
Act of 1995. Ahead-looking statements are based mostly on sure assumptions and
describe our future plans, methods and expectations, and are usually
identifiable by use of the phrases "consider," "count on," "plan," "intend,"
"anticipate," "estimate," "challenge," "search," "goal," "potential," "focus,"
"might," "will," "ought to" or related phrases. Though we consider the expectations
mirrored in forward-looking statements are based mostly upon cheap assumptions,
we can provide no assurance that our expectations will probably be attained or that outcomes
is not going to materially differ.
Elements which may have a materially hostile impact on our operations and
future prospects embrace, however aren't restricted to:
•modifications in nationwide, worldwide, regional and native financial situations
usually and actual property markets particularly;
•modifications in laws/regulation (together with modifications to legal guidelines governing the
taxation of actual property funding trusts) and actions of regulatory
authorities;
•our means to qualify and preserve our standing as an actual property funding
belief;
•the supply and attractiveness of financing (together with each public and
personal capital) and modifications in rates of interest;
•the supply and attractiveness of phrases of further debt repurchases;
•our means to retain our credit score company rankings;
•our means to adjust to relevant monetary covenants;
•our aggressive atmosphere;
•modifications in provide, demand and valuation of commercial properties and land in
our present and potential market areas;
•our means to establish, purchase, develop and/or handle properties on favorable
phrases;
•our means to eliminate properties on favorable phrases;
•our means to handle the combination of properties we purchase;
•potential legal responsibility regarding environmental issues;
•defaults on or non-renewal of leases by our tenants;
•decreased rental charges or elevated emptiness charges;
•higher-than-expected actual property building prices and delays in improvement
or lease-up schedules;
•the uncertainty and financial affect of pandemics, epidemics or different public
well being emergencies or concern of such occasions, such because the current outbreak of
COVID-19;
•potential pure disasters and different doubtlessly catastrophic occasions corresponding to
acts of struggle and/or terrorism;
•litigation, together with prices related to prosecuting or defending claims and
any hostile outcomes;
•dangers related to our investments in joint ventures, together with our lack of
sole decision-making authority; and
•different dangers and uncertainties described on this report, in Merchandise 1A, "Danger
Elements" and elsewhere in our annual report on Type 10-Okay for the yr ended
December 31, 2020 in addition to these dangers and uncertainties mentioned from time
to time in our different Trade Act experiences and in our different public filings with
the Securities and Trade Fee (the "SEC").
We warning you to not place undue reliance on forward-looking statements, which
replicate our outlook solely and converse solely as of the date of this report. We assume
no obligation to replace or complement forward-looking statements.

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Common

The Firm is a self-administered and totally built-in actual property firm
which owns, manages, acquires, sells, develops and redevelops industrial actual
property. The Firm is a Maryland company organized on August 10, 1993 and a
actual property funding belief ("REIT") as outlined within the Inside Income Code of
1986 (the "Code"). As of June 30, 2021, we owned 427 industrial properties
positioned in 20 states, containing an combination of roughly 61.8 million
sq. toes of gross leasable space ("GLA"). Of the 427 properties owned on a
consolidated foundation, none of them are instantly owned by the Firm.
We started operations on July 1, 1994. The Firm's operations are carried out
primarily by means of the Working Partnership, of which the Firm is the only
basic associate (the "Common Associate"), with an approximate 97.7% possession
curiosity ("Common Associate Items") at June 30, 2021. The Working Partnership
additionally conducts operations by means of a number of different restricted partnerships (the "Different
Actual Property Partnerships"), quite a few restricted legal responsibility corporations ("LLCs") and
sure taxable REIT subsidiaries ("TRSs"), the working knowledge of which,
along with that of the Working Partnership, is consolidated with that of
the Firm as introduced herein. The Working Partnership holds at the least a 99%
restricted partnership curiosity in every of the Different Actual Property Partnerships. The
basic companions of the Different Actual Property Partnerships are separate
firms, wholly-owned by the Firm, every with at the least a .01% basic
partnership curiosity within the Different Actual Property Partnerships. The Firm doesn't
have any important property or liabilities aside from its funding within the
Working Partnership and its 100% possession curiosity within the basic companions of
the Different Actual Property Partnerships. The noncontrolling curiosity within the Working
Partnership of roughly 2.3% at June 30, 2021 represents the combination
partnership curiosity held by the restricted companions thereof ("Restricted Associate
Items" and along with the Common Associate Items, the "Items").
We additionally personal fairness pursuits in, and supply varied providers to, two joint
ventures (the "Joint Ventures"), every by means of a wholly-owned TRS of the
Working Partnership. The Joint Ventures are every accounted for below the
fairness methodology of accounting. The working knowledge of the Joint Ventures shouldn't be
consolidated with that of the Working Partnership or the Firm as introduced
herein.
Obtainable Data
We preserve a web site at www.firstindustrial.com. Data on this web site
shall not represent a part of this Type 10-Q. Copies of our respective annual
experiences on Type 10-Okay, quarterly experiences on Type 10-Q, present experiences on
Type 8-Okay and amendments to such experiences can be found with out cost on our
web site as quickly as moderately practicable after such experiences are filed with or
furnished to the SEC. You might also learn and replica any doc filed on the
public reference amenities of the SEC at 100 F Road, N.E., Washington, D.C.
20549. Please name the SEC at (800) SEC-0330 for additional details about the
public reference amenities. These paperwork additionally could also be accessed by means of the
SEC's Interactive Information Digital Utility by way of the SEC's residence web page on the
Web (www.sec.gov). As well as, the Firm's Company Governance
Tips, Code of Enterprise Conduct and Ethics, Audit Committee Constitution,
Compensation Committee Constitution and Nominating/Company Governance Committee
Constitution, together with supplemental monetary and working info ready by
us, are all obtainable with out cost on the Firm's web site or upon request to
the Firm. Amendments to, or waivers from, our Code of Enterprise Conduct and
Ethics that apply to our govt officers or administrators can even be posted to
our web site. We additionally publish or in any other case make obtainable on our web site from time
to time different info which may be of curiosity to our traders. Please
direct requests as follows:
                      First Industrial Realty Belief, Inc.1 N. Wacker Drive, Suite 4200
                               Chicago, IL 60606
                         Consideration: Investor Relations

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Administration's Overview
Enterprise Targets and Development Plans
Our elementary enterprise goal is to maximise the full return to the
Firm's stockholders and the Working Partnership's companions by means of an
improve in money flows and will increase within the worth of our properties and
operations. Our long-term enterprise development plans embrace the next components:
•Inside Development. We search to develop internally by (i) rising revenues by
renewing or re-leasing areas topic to expiring leases at greater rental
ranges; (ii) contractual lease escalations on our long-term leases;
(iii) rising occupancy ranges at properties the place vacancies exist and
sustaining occupancy elsewhere; (iv) controlling and minimizing property
working bills, basic and administrative bills and releasing prices; and
(v) renovating present properties.
•Exterior Development. We search to develop externally by means of (i) the event of
best-in-class industrial properties; (ii) the acquisition of portfolios of
industrial properties or particular person properties which meet our funding
parameters inside our 15 goal logistics markets; (iii) the enlargement of our
properties; and (iv) doable further three way partnership investments.
•Portfolio Enhancement. We frequently search to improve our general portfolio by way of
new investments in addition to by means of the sale of choose property that we consider do
not exhibit favorable traits for long-term money circulate development. We goal
new investments positioned in 15 logistics markets the place land is extra scarce. We
search to refine our portfolio over the approaching years by specializing in bulk and
regional warehouses properties and downsizing our share of sunshine industrial
and R&D/flex buildings.
Our means to pursue our long-term development plans is affected by market
situations and our monetary situation and working capabilities.
Enterprise Methods
We make the most of the next methods in reference to the operation of our
enterprise:
•Organizational Technique. We implement our decentralized property operations
technique by means of the deployment of skilled regional administration groups and
native property managers. We offer acquisition, improvement and financing
help, asset administration oversight and monetary reporting capabilities from
our headquarters in Chicago, Illinois to assist our regional operations. We
consider the dimensions of our portfolio allows us to understand working efficiencies
by spreading overhead amongst many properties and by negotiating buying
reductions.
•Market Technique. Our market technique is to focus on the highest 15 industrial
actual property markets in america. These markets have a number of of the
following traits: (i) favorable industrial actual property fundamentals,
together with enhancing industrial demand and constrained provide that may result in
long-term lease development; (ii) favorable financial and enterprise environments that
ought to profit from will increase in distribution exercise pushed by development in
world commerce and native consumption; (iii) inhabitants development because it usually
drives industrial demand; (iv) pure boundaries to entry and shortage of land
that are key components in delivering future lease development; and (v) enough measurement
to supply ample alternative for development by means of incremental investments as nicely
as provide asset liquidity.
•Leasing and Advertising and marketing Technique. We've got an operational administration technique
designed to reinforce tenant satisfaction and portfolio efficiency. We pursue an
energetic leasing technique, which incorporates broadly advertising obtainable area,
looking for to resume present leases at greater rents per sq. foot and looking for
leases which give for the pass-through of property-related bills to the
tenant. We even have native and nationwide advertising packages which deal with the
enterprise and actual property brokerage communities and multi-national tenants.
•Acquisition/Improvement Technique. Our funding technique is primarily targeted
on growing and buying industrial properties within the high 15 key logistics
markets with a coastal orientation in america by means of the deployment
of skilled regional administration groups. When evaluating potential industrial
property acquisitions and developments, we think about such elements as: (i) the
geographic space and kind of property; (ii) the situation, building high quality,
situation and design of the property; (iii) the phrases of tenant leases,
together with the potential for lease will increase; (iv) the potential for financial
development and the final enterprise, tax and regulatory atmosphere of the realm in
which the property is positioned; (v) the occupancy and demand by tenants for
properties of the same sort within the neighborhood; (vi) competitors from present
properties and the potential for the development of latest properties within the space;
(vii) the potential for capital appreciation of the property; (viii) the flexibility
to enhance
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the property's efficiency by means of renovation; and (ix) the potential for
enlargement of the bodily structure of the property and/or the variety of websites.
•Disposition Technique. We frequently consider native market situations and
property-related elements in all of our markets for functions of figuring out
property appropriate for disposition. We glance to promote property we consider have decrease
lease development potential and redeploy the capital into property we consider have
greater lease development potential in key logistics markets. We additionally search to cut back
our share of our holdings of sunshine industrial and R&D/flex property over
time.
•Financing Technique. To finance acquisitions, developments and debt maturities,
as market situations allow, we might make the most of a portion of proceeds from property
gross sales, unsecured debt choices, time period loans, mortgage financings and borrowings
below our $725.0 million unsecured revolving credit score settlement (the "Unsecured
Credit score Facility") (See Subsequent Occasions), and proceeds from the issuance, when
and as warranted, of further fairness securities. We additionally consider joint
enterprise preparations as further sources of capital to finance acquisitions
and developments.

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Abstract of the Six Months Ended June 30, 2021
Regardless of the COVID-19 pandemic, our working outcomes remained sturdy within the
first half of 2021. Our quarter finish in-service occupancy was 96.6%, which is a
90 foundation level improve in comparison with our in-service occupancy at December 31,
2020, and through the six months ended June 30, 2021, we grew money rental charges
by 13.3% on new and renewal leases (15.7% through the second quarter). After
resuming speculative improvement within the fourth quarter of 2020, we began seven
further speculative buildings and one build-to-suit constructing comprising, in
the combination, 4.1 million sq. toes of GLA within the first six months of 2021.
We continued to place ourselves for future improvement exercise by buying
land positioned in our goal markets. On July 7, 2021, we amended and restated our
Unsecured Line of Credit score that was scheduled to mature in October 2021 to, amongst
different issues, prolong the maturity date to July 7, 2025 and improve our
borrowing capability thereunder to $750.0 million and we additionally amended and restated
our $200.0 million unsecured time period mortgage that was maturing in July 2021 to, amongst
different issues, prolong the maturity date to July 7, 2026. The credit score spreads on
our new $750.0 million revolving line of credit score and $200.0 million unsecured
time period mortgage at the moment are 32.5 foundation factors and 65 foundation factors, respectively, lower than
every prior facility. Though the affect of COVID-19 pandemic has had an general
minimal affect on us in 2020 and to date in 2021, we can't predict the longer term
affect it could have on our enterprise, future monetary situation and working
outcomes.
In the course of the six months ended June 30, 2021, we accomplished the next
important actual property actions:
•We acquired three industrial properties comprised of roughly 0.2 million
sq. toes of GLA positioned within the Central Florida, Denver and Northern
California markets for an combination buy worth of $30.7 million, excluding
transactions prices.
•We acquired roughly 320.6 acres of land for improvement positioned within the
Central Pennsylvania, Inland Empire, Northern California, Philadelphia and
Phoenix markets, for an combination buy worth of $116.5 million, excluding
transaction prices.
•We commenced speculative improvement of seven industrial buildings and one
build-to-suit facility totaling 4.1 million sq. toes of GLA in our Central
Pennsylvania, Dallas, Denver, Inland Empire, Nashville and Phoenix markets.
•We offered six industrial properties and three industrial condominium models
comprising roughly 1.5 million sq. toes of GLA and one land parcel for
product sales proceeds of $104.4 million.
•One of many Joint Ventures offered its remaining 138 acres (for which the Firm
was the purchaser and such land buy is included above) for a sale worth of
$31.7 million. Moreover, we netted our share of achieve on sale and incentive
charges of $10.2 million towards the premise of the land.
Our important financing actions through the six months ended June 30, 2021
had been:
•We paid off $57.9 million in mortgage loans payable, bringing the proportion of
our actual property that's unencumbered to 95.5% at June 30, 2021.
•We declared first and second quarter money dividends of $0.27 per widespread share
or Unit per quarter, a rise of 8.0% from the 2020 quarterly price.
•At June 30, 2021, we've $660.9 million obtainable for added borrowings
below our Unsecured Credit score Facility and money and money equivalents was $55.6
million.

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Outcomes of Operations
The tables beneath summarize our revenues, property bills and depreciation and
different amortization by varied classes for the three and 6 months ended June
30, 2021 and 2020. Similar retailer properties are properties owned previous to
January 1, 2020 and held as an in-service property by means of June 30, 2021 and
developments and redevelopments that had been positioned in service previous to January 1,
2020. Properties that are at the least 75% occupied at acquisition are positioned in
service, until we anticipate tenant move-outs inside two years of possession
would drop occupancy beneath 75%. Acquisitions which can be lower than 75% occupied at
the date of acquisition and developments and redevelopments are positioned in
service as they attain the sooner of a) stabilized occupancy (outlined as 90%
occupied), or b) one yr subsequent to acquisition or improvement/redevelopment
building completion. Acquired properties with occupancy better than 75% at
acquisition, however with tenants that we anticipate will transfer out inside two years
of possession, will probably be positioned in service upon the sooner of reaching 90%
occupancy or twelve months after transfer out. Properties are moved from the identical
retailer classification to the redevelopment classification when capital
expenditures for a challenge are estimated to exceed 25% of the undepreciated
gross ebook worth of the property. Acquired properties are properties that had been
acquired subsequent to December 31, 2019 and held as an working property
by means of June 30, 2021. Bought properties are properties that had been offered subsequent
to December 31, 2019. Developments and redevelopments (collectively referred to
as "(Re)Developments") embrace (re)developments that weren't: a) considerably
full 12 months previous to January 1, 2020; or b) stabilized previous to
January 1, 2020. Different revenues are derived from the operations of properties
not positioned in service below one of many classes mentioned above, the
operations of our upkeep firm and different miscellaneous revenues. Different
property bills are derived from the operations of properties not positioned in
service below one of many classes mentioned above, the operations of our
upkeep firm, vacant land bills and different miscellaneous regional
bills.
Our future monetary situation and outcomes of operations, together with rental
revenues, could also be impacted by the longer term acquisition, (re)improvement and sale of
properties. Our future revenues and bills might range materially from historic
charges.
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Comparability of Six Months Ended June 30, 2021 to Six Months Ended June 30, 2020
Our web revenue was $116.7 million and $78.0 million for the six months ended
June 30, 2021 and 2020, respectively.
For the six months ended June 30, 2021 and 2020, the typical each day occupancy
price of our similar retailer properties was 95.9% and 96.9%, respectively.
                              Six Months Ended June 30,
                                 2021                 2020         $ Change      % Change
                                                   ($ in 000's)
REVENUES
Similar Retailer Properties   $      211,270$ 201,092$ 10,178           5.1  %
Acquired Properties              6,598                   496         6,102       1,230.2  %
Bought Properties                  2,351                12,177        (9,826)        (80.7) %
(Re)Developments                10,974                 3,318         7,656         230.7  %
Different                            2,464                 2,462             2           0.1  %

Whole Revenues          $      233,657$ 219,545$ 14,112           6.4  %


Revenues from similar retailer properties elevated $10.2 million primarily resulting from an
improve in rental charges and tenant recoveries and a lower in reserves taken
on receivable quantities, offset by a lower in occupancy and last insurance coverage
settlement proceeds of $1.1 million acquired and recorded in 2020 as income
associated to a property that was destroyed by hearth in 2016. Revenues from acquired
properties elevated $6.1 million as a result of 11 industrial properties acquired
subsequent to December 31, 2019 totaling roughly 1.7 million sq. toes
of GLA. Revenues from offered properties decreased $9.8 million as a result of 35
industrial properties offered subsequent to December 31, 2019 totaling
roughly 3.4 million sq. toes of GLA in addition to a lease we reclassified
from an working lease to a sales-type lease in 2019, for which the sale of
such property subsequently closed in 2020. Revenues from (Re)Developments
elevated $7.7 million resulting from a rise in occupancy. Revenues from different
remained comparatively unchanged.
                                Six Months Ended June 30,
                                    2021                 2020        $ Change      % Change
                                                     ($ in 000's)
PROPERTY EXPENSES
Similar Retailer Properties     $      55,434$ 48,232$  7,202         14.9  %
Acquired Properties               1,302                    120         1,182        985.0  %
Bought Properties                     220                  2,743        (2,523)       (92.0) %
(Re)Developments                  3,235                  1,577         1,658        105.1  %
Different                             4,799                  4,460           339          7.6  %

Whole Property Bills   $      64,990$ 57,132$  7,858         13.8  %



Property bills embrace actual property taxes, repairs and upkeep, property
administration, utilities, insurance coverage and different property associated bills. Property
bills from similar retailer properties elevated $7.2 million primarily resulting from an
improve in actual property tax expense and snow elimination prices. Property bills
from acquired properties elevated $1.2 million resulting from properties acquired
subsequent to December 31, 2019. Property bills from offered properties
(together with bills associated to the lease reclassified as a sales-type lease)
decreased $2.5 million resulting from properties offered subsequent to December 31, 2019.
Property bills from (Re)Developments elevated $1.7 million primarily resulting from
the substantial completion of developments. Property bills from different
remained comparatively unchanged.
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Common and administrative expense decreased by $0.5 million, or 2.6%, primarily
resulting from severance and regional wind-up bills related to the closing of
our Indianapolis workplace through the six months ended June 30, 2020.
                                                          Six Months Ended June 30,
                                                            2021                2020            $ Change             % Change
                                                                                     ($ in 000's)
DEPRECIATION AND OTHER AMORTIZATION
Similar Retailer Properties                                 $      55,763$ 57,338$ (1,575)                  (2.7) %
Acquired Properties                                           3,286               538             2,748                  510.8  %
Bought Properties                                                 307             2,396            (2,089)                 (87.2) %
(Re) Developments                                             3,940             1,637             2,303                  140.7  %

Firm furnishings, Fixtures and fittings and different 1,125

     1,254              (129)                 (10.3) %
Whole Depreciation and Different Amortization             $      64,421$ 63,163$  1,258                    2.0  %


Depreciation and different amortization from similar retailer properties remained
comparatively unchanged. Depreciation and different amortization from acquired
properties elevated $2.7 million resulting from properties acquired subsequent to
December 31, 2019. Depreciation and different amortization from offered properties
decreased $2.1 million resulting from properties offered subsequent to December 31, 2019.
Depreciation and different amortization from (Re)Developments elevated $2.3 million
primarily resulting from a rise in depreciation and amortization associated to
accomplished developments. Depreciation from company furnishings, fixtures and
tools and different remained comparatively unchanged.
For the six months ended June 30, 2021, we acknowledged $57.5 million of achieve on
sale of actual property associated to the sale of six industrial properties and three
industrial condominium models comprised of roughly 1.5 million sq. toes
of GLA and one land parcel. For the six months ended June 30, 2020, we
acknowledged $23.1 million of achieve on sale of actual property associated to the sale of
12 industrial properties comprised of roughly 0.4 million sq. toes of
GLA.
Curiosity expense remained comparatively unchanged. Nonetheless, the small lower was
brought on by a rise in capitalized curiosity of $0.9 million brought on by an
improve in improvement prices eligible for capitalization through the six months
ended June 30, 2021 as in comparison with the six months ended June 30, 2020 and
lower within the weighted common rate of interest for the six months ended June 30,
2021 (3.63%) as in comparison with the six months ended June 30, 2020 (3.64%), offset
by a rise within the weighted common debt stability excellent for the six
months ended June 30, 2021 ($1,603.0 million) as in comparison with the six months
ended June 30, 2020 ($1,578.8 million).
Amortization of debt issuance prices elevated by $0.3 million, or 19.8%,
primarily resulting from debt issuance prices incurred associated to the refinancing of a
$200.0 million unsecured time period mortgage in July 2020 and the issuance of $300.0
million of personal placement notes in September 2020.
Fairness in lack of Joint Ventures for each the six months ended June 30, 2021 and
2020 was not important. Nonetheless, through the six months ended June 30, 2021, we
deferred $10.2 million of fairness in revenue and incentive charges earned from the
sale of the remaining 138 acres of developable land from one of many Joint
Ventures because the Firm was the purchaser of the land. This deferral was
netted towards the premise of the land acquired.
Revenue tax provision elevated by $1.3 million, or 886.1%, primarily resulting from an
improve in our pro-rata share of achieve from the sale of actual property by one in all
the Joint Ventures in addition to incentive charges we earned from one of many Joint
Ventures. Our fairness possession within the Joint Ventures is owned by means of a
wholly-owned TRS.

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Comparability of Three Months Ended June 30, 2021 to Three Months Ended June 30,
2020
Our web revenue was $53.2 million and $36.4 million for the three months ended
June 30, 2021 and 2020, respectively.
For the three months ended June 30, 2021 and 2020, the typical each day occupancy
price of our similar retailer properties was 96.1% and 97.0%, respectively.
                              Three Months Ended June 30,
                                  2021                  2020         $ Change      % Change
                                                    ($ in 000's)
REVENUES
Similar Retailer Properties   $      105,795$ 100,075$  5,720          5.7  %
Acquired Properties              3,575                     449         3,126        696.2  %
Bought Properties                    925                   5,731        (4,806)       (83.9) %
(Re)Developments                 5,838                   1,792         4,046        225.8  %
Different                            1,265                   1,155           110          9.5  %

Whole Revenues          $      117,398$ 109,202$  8,196          7.5  %


Revenues from similar retailer properties elevated $5.7 million primarily resulting from an
improve in rental charges and tenant recoveries and a lower in reserves taken
on receivable quantities, offset by a lower in occupancy. Revenues from acquired
properties elevated $3.1 million as a result of 11 industrial properties acquired
subsequent to December 31, 2019 totaling roughly 1.7 million sq. toes
of GLA. Revenues from offered properties decreased $4.8 million as a result of 35
industrial properties offered subsequent to December 31, 2019 totaling
roughly 3.4 million sq. toes of GLA in addition to a lease we reclassified
from an working lease to a sales-type lease in 2019, for which the sale of
such property subsequently closed in 2020. Revenues from (Re)Developments
elevated $4.0 million resulting from a rise in occupancy. Revenues from different
remained comparatively unchanged.
                                 Three Months Ended June 30,
                                     2021                   2020        $ Change      % Change
                                                      ($ in 000's)
PROPERTY EXPENSES
Similar Retailer Properties     $       27,218$ 23,750$  3,468         14.6  %
Acquired Properties                  642                      104           538        517.3  %
Bought Properties                       41                    1,217        (1,176)       (96.6) %
(Re)Developments                   1,672                      864           808         93.5  %
Different                              2,175                    2,116            59          2.8  %

Whole Property Bills   $       31,748$ 28,051$  3,697         13.2  %


Property bills embrace actual property taxes, repairs and upkeep, property
administration, utilities, insurance coverage and different property associated bills. Property
bills from similar retailer properties elevated $3.5 million primarily resulting from an
improve in actual property tax expense and restore and upkeep prices. Property
bills from acquired properties elevated $0.5 million resulting from properties
acquired subsequent to December 31, 2019. Property bills from offered properties
(together with bills associated to the lease reclassified as a sales-type lease)
decreased $1.2 million resulting from properties offered subsequent to December 31, 2019.
Property bills from (Re)Developments elevated $0.8 million primarily resulting from
the substantial completion of developments. Property bills from different
remained comparatively unchanged.

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Common and administrative bills remained comparatively unchanged.

                                                          Three Months Ended June 30,
                                                            2021                 2020            $ Change             % Change
                                                                                      ($ in 000's)
DEPRECIATION AND OTHER AMORTIZATION
Similar Retailer Properties                                 $       27,906$ 29,026$ (1,120)                  (3.9) %
Acquired Properties                                            1,929               538             1,391                  258.6  %
Bought Properties                                                   36             1,119            (1,083)                 (96.8) %
(Re) Developments                                              2,002               926             1,076                  116.2  %
Company Furnishings, Fixtures and Tools and Different            573               623               (50)                  (8.0) %
Whole Depreciation and Different Amortization             $       32,446$ 32,232$    214                    0.7  %


Depreciation and different amortization from similar retailer properties remained
comparatively unchanged. Depreciation and different amortization from acquired
properties elevated $1.4 million resulting from properties acquired subsequent to
December 31, 2019. Depreciation and different amortization from offered properties
decreased $1.1 million resulting from properties offered subsequent to December 31, 2019.
Depreciation and different amortization from (Re)Developments elevated $1.1 million
primarily resulting from a rise in depreciation and amortization associated to
accomplished developments. Depreciation from company furnishings, fixtures and
tools and different remained comparatively unchanged.
For the three months ended June 30, 2021, we acknowledged $22.9 million of achieve on
sale of actual property associated to the sale of three industrial properties and one
industrial condominium unit comprised of roughly 0.4 million sq. toes
of GLA and one land parcel. For the three months ended June 30, 2020, we
acknowledged $9.1 million of achieve on sale of actual property associated to the sale of
three industrial properties comprised of roughly 0.2 million sq. toes
of GLA.
Curiosity expense remained comparatively unchanged. Nonetheless, the small lower was
brought on by a rise in capitalized curiosity of $0.5 million brought on by an
improve in improvement prices eligible for capitalization through the three
months ended June 30, 2021 as in comparison with the three months ended June 30, 2020
and a lower within the weighted common debt stability excellent for the three
months ended June 30, 2021 ($1,604.2 million) as in comparison with the three months
ended June 30, 2020 ($1,637.2 million), offset by a rise within the weighted
common rate of interest for the three months ended June 30, 2021 (3.57%) as
in comparison with the three months ended June 30, 2020 (3.48%).
Amortization of debt issuance prices elevated by $0.2 million, or 19.3%,
primarily resulting from debt issuance prices incurred associated to the refinancing of a
$200.0 million unsecured time period mortgage in July 2020 and the issuance of $300.0
million of personal placement notes in September 2020.
Fairness in lack of Joint Ventures for each the three months ended June 30, 2021
and 2020 was not important. Nonetheless, through the three months ended June 30,
2021, we deferred $10.2 million of fairness in revenue and incentive charges earned
from the sale of the remaining 138 acres of developable land from one of many
Joint Ventures because the Firm was the purchaser of the land. This deferral
was netted towards the premise of the land acquired.
Revenue tax provision elevated by $1.4 million, or 612.7%, primarily resulting from an
improve in our pro-rata share of achieve from the sale of actual property by the Joint
Ventures in addition to incentive charges we earned from one of many Joint Ventures. Our
fairness possession within the Joint Ventures is owned by means of a wholly-owned TRS.

                                       36
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Leasing Exercise
The next desk offers a abstract of our commenced leases for the three and
six months ended June 30, 2021. The desk doesn't embrace month-to-month leases
or leases with phrases lower than twelve months.
                               Variety of             Sq. Ft                                                                            Weighted               Lease Prices                 Weighted
                                Leases                Commenced              Internet Lease Per               Straight Line Foundation               Common Lease            Per Sq.               Common Tenant
Three Months Ended             Commenced             (in 000's)             Sq. Foot (A)               Lease  Development (B)                  Time period (C)                Foot (D)                 Retention (E)
New Leases                          32                  1,083             $           6.70                               34.4  %                6.8              $       6.54                                N/A
Renewal Leases                      37                  2,015             $           6.40                               27.0  %                5.4              $       1.53                            71.1  %
Improvement / Acquisition
Leases                               4                    418             $           7.27                                   N/A                6.8                          N/A                            -
Whole / Weighted Common            73                  3,516             $           6.60                               29.5  %                6.0              $       3.28                            71.1  %

Six Months Ended
New Leases                          50                  1,660             $           6.70                               34.8  %                6.2              $       6.11                                N/A
Renewal Leases                      69                  4,320             $           5.85                               22.2  %                4.1              $       1.21                            73.9  %
Improvement / Acquisition
Leases                              10                    885             $           8.52                                   N/A                8.3                          N/A                            -
Whole / Weighted Common           129                  6,865             $           6.40                               25.8  %                5.1              $       2.57                            73.9  %


_______________
(A)  Internet lease is the typical base lease calculated in accordance with GAAP, over
the time period of the lease.
(B)  Straight line foundation lease development is a ratio of the change in web lease
(together with straight line lease changes) on a brand new or renewal lease in comparison with
the online lease (together with straight line lease changes) of the comparable lease.
New leases the place there have been no prior comparable leases are excluded.
(C)  The lease time period is expressed in years. Assumes no train of lease renewal
choices, if any.
(D)  Lease prices are comprised of the prices incurred or capitalized for
enhancements of vacant and renewal areas, in addition to the commissions paid and
prices capitalized for leasing transactions. Lease prices per sq. foot
symbolize the full turnover prices anticipated to be incurred on the leases that
commenced through the interval and don't replicate precise expenditures for the
interval.
(E)  Represents the weighted common sq. toes of tenants renewing their
respective leases.

The next desk offers a abstract of our leases that commenced through the
three and 6 months ended June 30, 2021, which included lease concessions throughout
the lease time period.
                                                              Variety of
                                                               Leases                   Sq. Ft          Lease Concessions
Three Months Ended                                      With Lease Concessions           (in 000's)                 ($)
New Leases                                                         23                        911             $       1,769
Renewal Leases                                                      4                        152                       118
Improvement / Acquisition Leases                                    3                        318                       775
Whole                                                              30                      1,381             $       2,662

Six Months Ended
New Leases                                                         36                      1,397             $       2,453
Renewal Leases                                                      6                        187                       157
Improvement / Acquisition Leases                                    9                        785                     2,865
Whole                                                              51                      2,369             $       5,475


                                       37
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Liquidity and Capital Assets
At June 30, 2021, our money and money equivalents was roughly $55.6 million
and restricted money was roughly $27.0 million. We additionally had $660.9 million
obtainable for added borrowings below our Unsecured Credit score Facility as of
June 30, 2021.
We've got thought-about our short-term (by means of June 30, 2022) liquidity wants and
the adequacy of our estimated money circulate from operations and different anticipated
liquidity sources to satisfy these wants. At June 30, 2021, we had a $200.0 million
time period mortgage maturing in July 2021 and our Unsecured Credit score Facility matured in
October 2021. On July 7, 2021, we amended and restated the $200.0 million time period
mortgage to, amongst different issues, prolong its maturity date to July 7, 2026 (see
Subsequent Occasions). Moreover, on July 7, 2021, we amended and restated our
Unsecured Credit score Facility to, amongst different issues, improve our borrowing
capability to $750.0 million and prolong its maturity date to July 7, 2025 (see
Subsequent Occasions). We consider that our principal short-term liquidity wants are
to fund regular recurring bills, property acquisitions, developments,
renovations, expansions and different nonrecurring capital enhancements, debt
service necessities, the minimal distributions required to keep up the
Firm's REIT qualification below the Code and distributions accredited by the
Firm's Board of Administrators. We anticipate that these wants will probably be met with
money flows supplied by working actions in addition to the disposition of choose
property. These wants might also be met by the issuance of different debt or fairness
securities, topic to market situations or borrowings below our Unsecured
Credit score Facility.
We count on to satisfy long-term (after June 30, 2022) liquidity necessities corresponding to
property acquisitions, developments, scheduled debt maturities, main
renovations, expansions and different nonrecurring capital enhancements by means of the
disposition of choose property, long-term unsecured and secured indebtedness and
the issuance of further fairness securities, topic to market situations.
Our Unsecured Credit score Facility accommodates sure monetary covenants together with
limitations on incurrence of debt and debt service protection. Our entry to
borrowings could also be restricted if we fail to satisfy any of those covenants. We consider
that we had been in compliance with our monetary covenants as of June 30, 2021, and
we anticipate that we will function in compliance with our monetary
covenants for the subsequent twelve months.
As of July 23, 2021, we had roughly $606.8 million obtainable for
further borrowings below our New Credit score Facility (see Subsequent Occasions).
Our senior unsecured notes have been assigned credit score rankings from Commonplace &
Poor's, Moody's and Fitch Rankings of BBB/Secure, Baa2/Secure and BBB/Secure,
respectively. Within the occasion of a downgrade, we consider we'd proceed to have
entry to enough capital. Nonetheless, our value of borrowing would improve and
our means to entry sure monetary markets could also be restricted.
                                       38
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Money Movement Exercise
The next desk summarizes our money circulate exercise for the Firm for the
six months ended June 30, 2021 and 2020:
                                                                 2021       

2020

                                                                    (In 

1000’s)

     Internet money supplied by working actions                $ 118,484

$ 117,457

     Internet money utilized in investing actions                     (161,658)   

(245,772)

Internet money (used) supplied by financing actions (73,870)

76,440

The next desk summarizes our money circulate exercise for the Working partnership for the six months ended June 30, 2021 and 2020:

                                                            2021           

2020

                                                               (In 

1000’s)

Internet money supplied by working actions                $ 118,502      $ 

117,871

Internet money utilized in investing actions                     (161,658)      

(245,772)

Internet money (used) supplied by financing actions (73,888) 76,026



Adjustments in money circulate for the six months ended June 30, 2021, in comparison with the
prior yr comparable interval are described as follows:
Working Actions: Money supplied by working actions elevated $1.0
million for the Firm (elevated $0.6 million for the Working Partnership),
primarily as a result of following:
•improve in NOI from similar retailer properties, acquired properties and lately
developed properties of $13.9 million offset by a lower in NOI as a result of
disposition of actual property of $7.3 million; and
•improve in accounts payable, accrued bills, different liabilities, rents
acquired upfront and safety deposits resulting from timing of money funds; offset
by;
•improve in tenant accounts receivable, pay as you go bills and different property due
to timing of money receipts.
Investing Actions: Money utilized in investing actions decreased $84.1 million,
primarily as a result of following:
•improve of $60.6 million in web proceeds acquired from the disposition of actual
property in 2021 as in comparison with 2020;
•improve in distributions and a lower in contributions from our Joint
Ventures of $24.0 million in 2021 as in comparison with 2020;
•lower of $7.1 million in escrow deposits; and
•lower of $8.2 million associated to the acquisition of actual property; offset by:
•improve of $14.1 million associated to the event of actual property and
funds for enhancements and leasing commissions in 2021 as in comparison with 2020.
Financing Actions: Money utilized in financing actions elevated $150.3 million
for the Firm (elevated $149.9 million for the Working Partnership),
primarily as a result of following:
•lower in web borrowings of our Unsecured Credit score Facility of $102.0 million
in 2021 in comparison with 2020;
•improve in repayments of mortgage loans payable of $42.8 million in 2021
in comparison with 2020; and
•improve in dividend and unit distributions of $6.3 million as a result of Firm
rising the dividend price in 2021.
                                       39
--------------------------------------------------------------------------------

Market Danger
The next dialogue about our risk-management actions consists of
"forward-looking statements" that contain threat and uncertainties. Precise outcomes
may differ materially from these projected within the forward-looking statements.
Our enterprise topics us to market threat from rates of interest, as described beneath.
Curiosity Fee Danger
The next evaluation presents the hypothetical achieve or loss in earnings, money
flows or truthful worth of the monetary devices and spinoff devices
that are held by us at June 30, 2021 which can be delicate to modifications in curiosity
charges. Whereas this evaluation might have some use as a benchmark, it shouldn't be
considered as a forecast.
Within the regular course of enterprise, we additionally face dangers which can be both
non-financial or non-quantifiable. Such dangers principally embrace credit score threat
and authorized threat and aren't represented within the following evaluation.
At June 30, 2021, $1,542.4 million or 96.3% of our complete debt, excluding
unamortized debt issuance prices, was mounted price debt. As of the identical date, $60.0
million, or 3.7% of our complete debt, excluding unamortized debt issuance prices,
was variable price debt. At December 31, 2020, our complete debt, excluding
unamortized debt issuance prices, was $1,602.7 million and 100% was mounted price
debt. At June 30, 2021 and December 31, 2020, the mounted price debt quantities
embrace variable price debt that has been successfully swapped to a set price
by means of the usage of spinoff devices with an combination notional quantity
excellent of $460.0 million, that mitigate our publicity to our Unsecured Time period
Loans' variable rates of interest, that are based mostly on LIBOR.
Using spinoff monetary devices permits us to handle the dangers
will increase in rates of interest would have on our earnings and money flows.
At present, we don't enter into monetary devices for buying and selling or different
speculative functions.
For mounted price debt, modifications in rates of interest usually have an effect on the truthful worth
of the debt, however not our earnings or money flows. Conversely, for variable price
debt, modifications within the base rate of interest used to calculate the all-in curiosity
price usually don't affect the truthful worth of the debt, however would have an effect on our
future earnings and money flows. The rate of interest threat and modifications in truthful
market worth of mounted price debt usually wouldn't have a major affect on us
till we're required to refinance such debt. See Observe 4 to the Consolidated
Monetary Statements for a dialogue of the maturity dates of our varied mounted
price debt.
Our variable price debt is topic to threat based mostly upon prevailing market curiosity
charges. If the LIBOR charges related to our variable price debt had been to have
elevated 10%, we estimate that our curiosity expense through the six months ended
June 30, 2021 would have elevated by roughly $0.001 million based mostly on our
common excellent floating-rate debt through the six months ended June 30,
2021. Moreover, if weighted common rates of interest on our weighted common
mounted price debt through the six months ended June 30, 2021 had been to have elevated
by 10% resulting from refinancing, curiosity expense would have elevated by
roughly $2.9 million through the six months ended June 30, 2021.
On March 5, 2021, the Monetary Conduct Authority ("FCA") that regulates LIBOR
introduced that USD-LIBOR will not be printed after June 30, 2023. The
Different Reference Charges Committee ("ARRC") has proposed that the Secured
In a single day Financing Fee ("SOFR") is the speed that represents greatest follow as
the choice to USD-LIBOR to be used in derivatives and different monetary
contracts which can be presently listed to USD-LIBOR. ARRC has proposed a paced
market transition plan to SOFR from USD-LIBOR and organizations are presently
engaged on trade large and firm particular transition plans because it pertains to
derivatives and money markets uncovered to USD-LIBOR.
We anticipate that LIBOR will proceed to be obtainable considerably in its
present kind at the least till June 30, 2023. Though lots of our LIBOR-based
obligations present for various strategies of calculating the rate of interest
payable if LIBOR shouldn't be reported, together with the brand new debt agreements we entered
into and disclosed in subsequent occasions, the extent and method of any future
modifications with respect to strategies of calculating LIBOR or changing LIBOR with
one other benchmark are unknown and unimaginable to foretell at the moment and, as
such, might lead to rates of interest which can be materially greater than present
rates of interest.We're monitoring this exercise and evaluating the associated dangers.
As of June 30, 2021, the estimated truthful worth of our debt was roughly
$1,692.4 million based mostly on our estimate of the then-current market curiosity
charges.




                                       40
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Supplemental Earnings Measure
Buyers in and trade analysts following the actual property trade make the most of
funds from operations ("FFO") and web working revenue ("NOI") as supplemental
working efficiency measures of an fairness REIT. Historic value accounting for
actual property property in accordance with accounting ideas usually accepted
in america of America ("GAAP") implicitly assumes that the worth of
actual property property diminishes predictably over time by means of depreciation. Since
actual property values as an alternative have traditionally risen or fallen with market
situations, many trade analysts and traders want to complement working
outcomes that use historic value accounting with measures corresponding to FFO and NOI,
amongst others. We offer info associated to FFO and similar retailer NOI ("SS
NOI") each as a result of such trade analysts are eager about such info,
and since our administration believes FFO and SS NOI are necessary efficiency
measures. FFO and SS NOI are elements utilized by administration in measuring our
efficiency, together with for functions of figuring out the compensation of our
govt officers below our 2021 incentive compensation plan.
Neither FFO nor SS NOI ought to be thought-about as an alternative choice to web revenue, or
every other measures derived in accordance with GAAP. Neither FFO nor SS NOI
represents money generated from working actions in accordance with GAAP and
neither ought to be thought-about as a substitute for money circulate from working
actions as a measure of our liquidity, neither is both indicative of funds
obtainable for our money wants, together with our means to make money distributions.
Funds From Operations
The Nationwide Affiliation of Actual Property Funding Trusts ("NAREIT") has
acknowledged and outlined for the actual property trade a supplemental measure of
REIT working efficiency, FFO, that excludes historic value depreciation,
amongst different objects, from web revenue decided in accordance with GAAP. FFO is a
non-GAAP monetary measure. FFO is calculated by us in accordance with the
definition adopted by the Board of Governors of NAREIT and might not be comparable
to different equally titled measures of different corporations. In accordance with the
restated NAREIT definition of FFO, we calculate FFO to be equal to web revenue
obtainable to First Industrial Realty Belief, Inc.'s widespread stockholders and
collaborating securities, plus depreciation and different amortization of actual
property, plus impairment of actual property, minus achieve or plus loss on sale of actual
property, web of any revenue tax provision or profit related to the sale of
actual property. We additionally exclude the identical changes from our share of web revenue
from unconsolidated joint ventures.
Administration believes that the usage of FFO obtainable to widespread stockholders and
collaborating securities, mixed with web revenue (which stays the first
measure of efficiency), improves the understanding of working outcomes of
REITs among the many investing public and makes comparisons of REIT working outcomes
extra significant. Administration believes that, by excluding positive aspects or losses associated
to gross sales of actual property property, impairment of actual property property and actual property
asset depreciation and amortization, traders and analysts are in a position to establish
the working outcomes of the long-term property that kind the core of a REIT's
exercise and use these working outcomes for help in evaluating these
working outcomes between intervals or to these of various corporations.
The next desk exhibits a reconciliation of web revenue obtainable to widespread
stockholders and collaborating securities to the calculation of FFO obtainable to
widespread stockholders and collaborating securities for the three and 6 months
ended June 30, 2021 and 2020.
                                                      Three Months Ended June 30,                 Six Months Ended June 30,
                                                        2021                  2020                 2021                  2020
                                                             (In 1000's)                             (In 1000's)
Internet Revenue Obtainable to First Industrial Realty
Belief, Inc.'s Frequent Stockholders and
Taking part Securities                          $       51,936$  35,669$      114,134$  76,303
Changes:
Depreciation and Different Amortization of Actual
Property                                                    32,234             32,032                  64,021             62,769

Achieve on Sale of Actual Property                              (22,854)            (9,076)                (57,499)           (23,069)

Revenue Tax Provision - Allocable to Achieve on Sale
of Actual Property, together with Joint Ventures                   1,472                  -                   1,551                  -
Noncontrolling Curiosity Share of Changes                (247)              (484)                   (194)              (848)
Funds from Operations Obtainable to First
Industrial Realty Belief, Inc.'s Frequent
Stockholders and Taking part Securities         $       62,541          $ 

58,141 $ 122,013$ 115,155

                                       41
--------------------------------------------------------------------------------

Similar Retailer Internet Working Revenue
SS NOI is a non-GAAP monetary measure that gives a measure of rental
operations and, as calculated by us, that doesn't consider depreciation and
amortization, basic and administrative expense, curiosity expense, revenue tax
profit and expense, and fairness in revenue or loss from our joint ventures. We
outline SS NOI as revenues minus property bills corresponding to actual property taxes,
repairs and upkeep, property administration, utilities, insurance coverage and different
bills, minus the NOI of properties that aren't similar retailer properties and
minus the affect of straight-line lease, above and beneath market lease amortization
and lease termination charges. We exclude straight-line lease and above (beneath)
market lease in calculating SS NOI as a result of we consider it offers a greater
measure of precise money foundation rental development for a year-over-year comparability. As
so outlined, SS NOI might not be similar to similar retailer web working revenue or
related measures reported by different REITs that outline similar retailer properties or
NOI in another way. The key elements influencing SS NOI are occupancy ranges,
rental price will increase or decreases and tenant recoveries will increase or decreases.
Our success relies upon largely upon our means to lease area and to get well the
working prices related to these leases from our tenants.
The next desk exhibits a reconciliation of the identical retailer revenues and
property bills disclosed within the outcomes of operations (and reconciled to
revenues and bills mirrored on the statements of operations) to SS NOI for
the three and 6 months ended June 30, 2021 and 2020.
                                         Three Months Ended June 30,                                    Six Months Ended June 30,
                                           2021                  2020             % Change               2021                  2020             % Change
                                                (In 1000's)                                                (In 1000's)
Similar Retailer Revenues                  $      105,795$ 100,075$      211,270$ 201,092
Similar Retailer Property Bills                (27,218)           (23,750)                                   (55,434)           (48,232)
Similar Retailer Internet Working Revenue
Earlier than Similar Retailer Changes        $       78,577$  76,325              3.0%           $      155,836$ 152,860              1.9%
Similar Retailer Changes:

Straight-line Lease                           (2,044)            (1,393)                                    (4,387)            (3,038)
Above / Beneath Market Lease
Amortization                                   (220)              (249)                                      (445)              (530)
Lease Termination Charges                         (130)               (86)                                      (255)              (702)

Internet working revenue of the identical retailer (A) $ 76,183$ 74,597

         2.1%           $      150,749$ 148,590              1.5%


(A) The six months ended June 30, 2020 consists of $1.1 million of insurance coverage
settlement achieve associated to a constructing destroyed by hearth in 2016. Excluding this
achieve, the % improve to Similar Retailer Internet Working Revenue could be 2.2% for
the six months ended June 30, 2020.
Subsequent Occasions
From July 1, 2021 to July 23, 2021, we acquired one land parcel for a purchase order
worth of $26.6 million, excluding transaction prices.
On July 7, 2021, we amended and restated our Unsecured Credit score Facility to, amongst
different issues, prolong the maturity date and improve the borrowing capability
thereunder to $750.0 million (as amended and restated, the "New Credit score
Facility"). The New Credit score Facility offers for interest-only funds
initially at LIBOR plus 77.5 foundation factors and a facility price of 15 foundation factors.
The rate of interest and facility price are every topic to adjustment based mostly on our
leverage and funding grade score. The New Credit score Facility matures on July 7,
2025, until prolonged at our choice pursuant to 2 six-month extension choices,
topic to sure situations. We might request the borrowing capability below the
New Credit score Facility be elevated to $1.0 billion, topic to sure
restrictions.
Additionally on July 7, 2021, we amended and restated our 2020 Unsecured Time period Mortgage to,
amongst different issues, prolong the maturity date of this $200.0 million unsecured
time period mortgage (as amended and restated, the "2021 Unsecured Time period Mortgage"). The 2021
Unsecured Time period Mortgage offers for interest-only funds initially at LIBOR plus
85 foundation factors. The rate of interest is topic to adjustment based mostly on our
leverage and funding grade score. The 2021 Unsecured Time period Mortgage matures on
July 7, 2026. We might request the borrowing capability below the 2021 Unsecured
Time period Mortgage to be elevated to $460.0 million, topic to sure restrictions.


                                       42

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