FIRST INDUSTRIAL REALTY TRUST INC 8-K

What Happened
First Industrial Realty Trust, Inc. (and its operating partnership) announced on January 22, 2026 that it amended and restated two unsecured term loan agreements: a $425.0 million facility led by Wells Fargo and a $375.0 million facility led by U.S. Bank. Both facilities replace existing term loans, are interest‑only during the term with principal due at maturity, and are fully and unconditionally guaranteed by the Company. The Wells Fargo facility maturity was extended to January 22, 2030 (plus one optional one‑year extension); the U.S. Bank facility maturity was extended to January 22, 2029 (with two optional one‑year extensions). The Company also executed a first amendment to a March 2025 term loan agreement to remove a 0.10% per‑annum interest add‑on.

Key Details

• Total principal: $425.0M (Wells Fargo) + $375.0M (U.S. Bank) = $800.0M.
• Incremental capacity: Wells Fargo facility allows up to $150.0M additional; U.S. Bank facility allows up to $100.0M, subject to lender consent.
• Maturities: Wells Fargo extended to Jan 22, 2030 (plus one‑year option); U.S. Bank extended to Jan 22, 2029 (plus up to two one‑year options).
• Interest and pricing: Borrowings are interest‑only; interest options include base rate + margin (0.00%–0.60%), daily SOFR + margin (0.75%–1.60%) or term SOFR + margin (0.75%–1.60%). Based on the Operating Partnership’s investment‑grade ratings (BBB/Baa2/BBB+), applicable margins are 0.85% for SOFR options and 0.00% for the base rate option.
• Other: Agreements include customary restrictive and financial maintenance covenants (e.g., fixed charge coverage, consolidated leverage, unsecured debt to unencumbered assets), cross‑default provisions, and a one‑year window (extendable six months) to add a sustainability‑metric adjustment to the interest rate.

Why It Matters
These amendments refinance and extend the Company’s unsecured term debt, pushing key maturities farther into the future and providing optional incremental borrowing capacity. Interest‑only payments preserve near‑term cash flow (principal due at maturity), while the covenant package and cross‑default language set financial tests the Company must maintain. The sustainability‑metric provision gives the Company a potential future route to adjust pricing based on ESG metrics. The filing also includes a press release (Exhibit 99.1) and the loan agreements as exhibits.