FIRST INDUSTRIAL LP
For the period ended Sep 30, 2025. Filed Oct 17, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 17, 2025
FR$53.76-0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-17.
0000921825-25-000074
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-17.
0000921825-25-000107
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 155 previous paragraphs and 159 current paragraphs.
90 unchanged; 60 reworded; 8 added; 3 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 14 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
Summary of the Nine Months Ended September 30, 2025
Current report
•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 substantially through and, in some cases, beyond the maturity dates of our unsecured term loans, assuming extension options are exercised.
Current report
Comparison of Nine Months Ended September 30, 2025 to Nine Months Ended September 30, 2024
Current report
General and administrative expense increased by $2.3 million, or 7.3%, primarily due to an increase in compensation and legal expenses during the nine months ended September 30, 2025.
Current report
The income tax provision decreased by $3.1 million, or 94.2%, primarily due to a decrease in income tax expense associated with gains on the sale of real estate.
Current report
•increase in accounts payable, accrued expenses, other liabilities, rents received in advance and security deposits due to timing of cash payments; offset by:
Current report
During the nine months ended September 30, 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 substantially through and, in some cases, beyond the maturity dates of our unsecured term loans, assuming extension options are exercised. We designated the swaps as cash flow hedges. See Note 10 to the Consolidated Financial Statements for a discussion of the swaps.
Current report
We have evaluated subsequent events through the date that the Consolidated Financial Statements were issued, noting none.
Removed paragraphs (3)
Previous report
Summary of the Six Months Ended June 30, 2025
Previous report
Comparison of Six Months Ended June 30, 2025 to Six Months Ended June 30, 2024
Previous report
Equity in (loss) income of joint venture decreased $1.2 million, or 105.5%, for the three months ended June 30, 2025. The decrease is primarily attributable to a reduction in our pro-rata share of net operating income from the Joint Venture, resulting from the sale of two buildings in March 2025 and the expiration of a ground lease.
Reworded paragraphs (60)
Previous wording
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 June 30, 2025, we owned 415 industrial properties located in 19 states, containing an aggregate of approximately 68.2 million square feet of gross leasable area ("GLA"). Of the 415 properties owned on a consolidated basis, none of them are directly owned by the Company.
Current wording
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 September 30, 2025, we owned 417 industrial properties located in 19 states, containing an aggregate of approximately 69.5 million square feet of gross leasable area ("GLA"). Of the 417 properties owned on a consolidated basis, none of them are directly owned by the Company.
Previous wording
Our operating results were strong for the six months ended June 30, 2025, highlighted by quarter-end occupancy of 94.2%, a 9.4% increase in cash-basis same store NOI, and a robust 34% average increase in cash rental rates on new and renewal commenced leases, demonstrating continued healthy demand.
Current wording
Our operating results were strong for the nine months ended September 30, 2025, highlighted by a robust 31.6% average increase in cash rental rates on new and renewal commenced leases, tenant retention of 71.5% and quarter-end occupancy of 94.0%, demonstrating healthy demand.
Previous wording
As of June 30, 2025, we had nine development projects underway, totaling 2.2 million square feet of GLA, with an aggregate estimated investment of approximately $285.2 million.
Current wording
As of September 30, 2025, we had six development projects underway, totaling 0.9 million square feet of GLA, with an aggregate estimated investment of approximately $152.8 million.
Previous wording
During the six months ended June 30, 2025, we completed several significant real estate transactions:
Current wording
During the nine months ended September 30, 2025, we completed several significant real estate transactions:
Previous wording
Subsequent to June 30, 2025, we acquired one income-producing land parcel for a purchase price of $10.6 million, excluding transaction costs.
Current wording
•We acquired one income-producing land parcel in our Northern California market for an aggregate purchase price of $10.6 million, excluding transaction costs.
Previous wording
•We sold three industrial properties totaling approximately 0.1 million square feet of GLA for gross proceeds of $13.7 million.
Current wording
•We sold four industrial properties totaling approximately 0.2 million square feet of GLA and a land parcel for gross proceeds of $26.9 million.
Previous wording
During the six months ended June 30, 2025, our key financing activities included:
Current wording
During the nine months ended September 30, 2025, our key financing activities included:
Previous wording
•We declared first and second quarter cash dividends of $0.445 per common share or Unit, an increase of 20.3% over the 2024 quarterly dividend rate.
Current wording
•We declared first, second and third quarter cash dividends of $0.445 per common share or Unit, an increase of 20.3% over the 2024 quarterly dividend rate.
Previous wording
•We delivered notice to the lenders to exercise the first one-year extension option related to our $300.0 million term loan, which subject to the satisfaction of certain conditions, will extend the maturity date to August 12, 2026.
Current wording
•We exercised our first one-year extension option related to our $300.0 million term loan, extending the maturity date to August 12, 2026.
Previous wording
As of June 30, 2025, we had $823.8 million of available borrowing capacity under our Unsecured Credit Facility and held $34.9 million in cash and cash equivalents, excluding our Joint Venture partner's 6% interest, which is consolidated in our financial statements.
Current wording
As of September 30, 2025, we had $814.8 million of available borrowing capacity under our Unsecured Credit Facility and held $36.8 million in cash and cash equivalents and restricted cash, excluding our Joint Venture partner's 6% interest, which is consolidated in our financial statements.
Previous wording
The tables below summarize our revenues, property expenses and depreciation and other amortization by category for the three and six months ended June 30, 2025 and 2024.
Current wording
The tables below summarize our revenues, property expenses and depreciation and other amortization by category for the three and nine months ended September 30, 2025 and 2024.
Previous wording
During the six months ended June 30, 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 were reclassified from the same store property classification to the other classification.
Current wording
During the nine months ended September 30, 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 were reclassified from the same store property classification to the other classification.
Previous wording
Our net income was $109.8 million and $123.4 million for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Our net income was $177.1 million and $225.5 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
For the six months ended June 30, 2025 and 2024, the average daily occupancy rate of our same store properties was 95.2% for each period.
Current wording
For the nine months ended September 30, 2025 and 2024, the average daily occupancy rate of our same store properties was 95.0% and 95.3%, respectively.
Previous wording
Revenues from same store properties increased $9.1 million primarily due to increases in rental rates, partially offset by a slight decrease in occupancy. Revenues from acquired properties increased $3.4 million due to the seven industrial properties acquired subsequent to December 31, 2023 totaling approximately 1.1 million square feet of GLA. Revenues from sold properties decreased $4.4 million due to the 25 industrial properties sold subsequent to December 31, 2023 totaling approximately 1.3 million square feet of GLA. Revenues from (re)developments increased $7.1 million primarily due to an increase in occupancy. Revenues from other increased $0.7 million primarily due to proceeds from a lawsuit settlement, partially offset by a decrease in joint venture fees.
Current wording
Revenues from same store properties increased $27.2 million primarily due to increases in rental rates and tenant recoveries, partially offset by a slight decrease in occupancy. Revenues from acquired properties increased $7.8 million due to the seven industrial properties acquired subsequent to December 31, 2023 totaling approximately 1.1 million square feet of GLA. Revenues from sold properties decreased $8.7 million due to the 26 industrial properties sold subsequent to December 31, 2023 totaling approximately 1.4 million square feet of GLA. Revenues from (re)developments increased $19.3 million primarily due to an increase in occupancy. Revenues from other decreased by $0.9 million due to lower interest income from cash and cash equivalents and note receivables.
Previous wording
Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties remained relatively unchanged. Property expenses from acquired properties increased $0.8 million due to properties acquired subsequent to December 31, 2023. Property expenses from sold properties decreased $1.5 million due to properties sold subsequent to December 31, 2023. Property expenses from (re)developments increased $2.1 million primarily due to the substantial completion of developments. Property expenses from other remained relatively unchanged.
Current wording
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 $4.1 million due to real estate taxes and repairs and maintenance. Property expenses from acquired properties increased $1.1 million due to properties acquired subsequent to December 31, 2023. Property expenses from sold properties decreased $1.9 million due to properties sold subsequent to December 31, 2023. Property expenses from (re)developments increased $2.3 million primarily due to the substantial completion of developments. Property expenses from other remained relatively unchanged.
Previous wording
Joint Venture development services expense, representing payments made to a third party for property development assistance within the Joint Venture, decreased by $0.5 million, or 58.1%. This decline is attributed to a reduction in development activities by our Joint Venture during the six months ended June 30, 2025, compared to the six months ended June 30, 2024.
Current wording
Joint Venture development services expense, representing payments made to a third party for property development assistance within the Joint Venture, decreased by $0.5 million, or 47.9%. This decline is attributed to a reduction in development activities by our Joint Venture during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
Previous wording
Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $3.1 million due to properties acquired subsequent to December 31, 2023. Depreciation and other amortization from sold properties decreased $1.3 million due to properties sold subsequent to December 31, 2023. Depreciation and other amortization from (re)developments increased $3.6 million primarily due to an increase in depreciation and amortization related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other decreased $0.4 million as certain improvements on land parcels, for which our ultimate intent is to redevelop or develop, became fully depreciated.
Current wording
Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $5.0 million due to properties acquired subsequent to December 31, 2023. Depreciation and other amortization from sold properties decreased $1.5 million due to properties sold subsequent to December 31, 2023. Depreciation and other amortization from (re)developments increased $4.1 million primarily due to an increase in depreciation and amortization related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other decreased $0.6 million as certain improvements on land parcels, for which our ultimate intent is to redevelop or develop, became fully depreciated.
Previous wording
For the six months ended June 30, 2025, we recognized $8.0 million of gain on sale of real estate related to the sale of three industrial properties totaling approximately 0.1 million square feet of GLA. For the six months ended June 30, 2024, we recognized $37.0 million of gain on sale of real estate related to the sale of 10 industrial properties totaling approximately 0.5 million square feet of GLA.
Current wording
For the nine months ended September 30, 2025, we recognized $17.5 million of gain on sale of real estate related to the sale of four industrial properties totaling approximately 0.2 million square feet of GLA and one land parcel. For the nine months ended September 30, 2024, we recognized $93.8 million of gain on sale of real estate related to the sale of 17 industrial properties totaling approximately 1.0 million square feet of GLA.
Previous wording
Interest expense decreased by $0.8 million, or 2.0%, primarily due to an increase of $1.1 million in capitalized interest during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 and a decrease in the weighted average interest rate to 4.07% for the six months ended June 30, 2025 as compared to 4.17% for the six months ended June 30, 2024. The decrease in interest expense was offset by a higher weighted average debt balance of $2,334.8 million for the six months ended June 30, 2025 as compared to $2,256.3 million for the six months ended June 30, 2024.
Current wording
Interest expense increased by $0.1 million, or 0.10%, primarily due to a higher weighted average debt balance of $2,368.8 million for the nine months ended September 30, 2025 as compared to $2,231.5 million for the nine months ended September 30, 2024, offset by a decrease in the weighted average interest rate to 4.08% for the nine months ended September 30, 2025 as compared to 4.14% for the nine months ended September 30, 2024 and an increase in capitalized interest of $3.0 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.
Previous wording
Amortization of debt issuance costs increased $0.4 million, or 45.6%, 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 in May 2025.
Current wording
Amortization of debt issuance costs increased by $0.9 million, or 34.7%, 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.
Previous wording
Equity in income of joint venture increased $0.9 million, or 33.2%, primarily due to gain on sale and incentive fees recognized in connection with the sale of two properties by the Joint Venture. As we were the purchaser of the properties, our economic share of the gain and incentive fees was offset against the basis of the real estate acquired. The remaining portion of the gain on sale and incentive fees reflects our partner’s share, which is consolidated in our financial statements. This increase is partially offset by increases in our pro-rata share of depreciation, amortization and interest expense incurred by the Joint Venture. These increases in expenses are attributable to the substantial completion of three buildings totaling 1.8 million square feet of GLA during the year ended December 31, 2024. Both periods include the 6% interest held by our partner in the Joint Venture, which is consolidated and reported in our financial statements.
Current wording
Equity in income of joint venture increased $0.6 million, or 20.2%, primarily due to gain on sale and incentive fees recognized in connection with the sale of two properties by the Joint Venture. As we were the purchaser of the properties, our economic share of the gain and incentive fees was offset against the basis of the real estate acquired. The remaining portion of the gain on sale and incentive fees reflects our partner’s share, which is consolidated in our financial statements. This increase is partially offset by increases in our pro-rata share of depreciation, amortization and interest expense incurred by the Joint Venture. These increases in expenses are attributable to the substantial completion of three buildings totaling 1.8 million square feet of GLA during the year ended December 31, 2024. Both periods include the 6% interest held by our partner in the Joint Venture, which is consolidated and reported in our financial statements.
Previous wording
Income tax provision increased $4.4 million, or 272.5%, primarily driven by our pro-rata share of gain and incentive fees recognized from the sale of real estate by the Joint Venture during the six months ended June 30, 2025. Our equity interest in the Joint Venture is held through a wholly-owned TRS.
Current wording
Income tax provision increased $1.3 million, or 25.8%, primarily driven by our pro-rata share of gain and incentive fees recognized from the sale of real estate by the Joint Venture during the nine months ended September 30, 2025. Our equity interest in the Joint Venture is held through a wholly-owned TRS.
Previous wording
Our net income was $56.9 million and $52.9 million for the three months ended June 30, 2025 and 2024, respectively.
Current wording
Our net income was $67.4 million and $102.2 million for the three months ended September 30, 2025 and 2024, respectively.
Previous wording
For the three months ended June 30, 2025 and 2024, the average daily occupancy rate of our same store properties was 94.7% and 95.5%, respectively.
Current wording
For the three months ended September 30, 2025 and 2024, the average daily occupancy rate of our same store properties was 94.6% and 95.4%, respectively.
Previous wording
Revenues from same store properties increased $19.2 million primarily due to increases in rental rates. Revenues from acquired properties increased $4.8 million due to the seven industrial properties acquired subsequent to December 31, 2023 totaling approximately 1.1 million square feet of GLA. Revenues from sold properties decreased $7.8 million due to the 25 industrial properties sold subsequent to December 31, 2023 totaling approximately 1.3 million square feet of GLA. Revenues from (re)developments increased $15.0 million primarily due to an increase in occupancy. Revenues from other remained relatively unchanged.
Current wording
Revenues from same store properties increased $8.0 million primarily due to increases in rental rates and tenant recoveries, partially offset by a decrease in occupancy. Revenues from acquired properties increased $3.0 million due to the seven industrial properties acquired subsequent to December 31, 2023 totaling approximately 1.1 million square feet of GLA. Revenues from sold properties decreased $0.9 million due to the 26 industrial properties sold subsequent to December 31, 2023 totaling approximately 1.4 million square feet of GLA. Revenues from (re)developments increased $4.2 million primarily due to an increase in occupancy. Revenues from other decreased by $0.6 million, primarily due to a decrease in revenues from a property that was previously occupied but has been taken out of service with the intent for future redevelopment.
Previous wording
Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties remained relatively unchanged. Property expenses from acquired properties increased $0.5 million due to properties acquired subsequent to December 31, 2023. Property expenses from sold properties decreased $0.7 million due to properties sold subsequent to December 31, 2023. Property expenses from (re)developments increased $1.0 million primarily due to the substantial completion of developments. Property expenses from other remained relatively unchanged.
Current wording
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 $1.9 million mainly due to real estate taxes and repair and maintenance. Property expenses from acquired properties increased $0.4 million due to properties acquired subsequent to December 31, 2023. Property expenses from sold properties decreased $0.3 million due to properties sold subsequent to December 31, 2023. Property expenses from (re)developments increased $0.2 million primarily due to the completion of developments. Property expenses from other decreased $0.8 million primarily due to a decrease in real estate tax expense related to certain land parcels.
Previous wording
General and administrative expense decreased by $1.2 million, or 12.3%, primarily due to the accelerated recognition of equity-based compensation expense for certain tenured employees who are retirement eligible in the first quarter of 2025, compared to such expense being recognized ratably over all four quarters in 2024.
Current wording
General and administrative expense decreased by $0.7 million, or 7.3%, primarily due to the accelerated recognition of equity-based compensation expense for certain tenured employees who are retirement eligible in the first quarter of 2025, compared to such expense being recognized ratably over all four quarters in 2024. This decrease is partially offset by an increase in legal expenses.
Previous wording
Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $2.7 million due to properties acquired subsequent to December 31, 2023. Depreciation and other amortization from sold properties decreased $0.6 million due to properties sold subsequent to December 31, 2023. Depreciation and other amortization from (re)developments increased $1.6 million primarily due to an increase in depreciation and amortization related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other was not significant for either period.
Current wording
Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $1.9 million due to properties acquired subsequent to December 31, 2023. Depreciation and other amortization from sold properties decreased $0.2 million due to properties sold subsequent to December 31, 2023. Depreciation and other amortization from (re)developments increased $0.4 million primarily due to an increase in depreciation and amortization related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other was not significant for either three-month period.
Previous wording
For the three months ended June 30, 2025, we recognized $1.1 million of gain on sale of real estate related to the sale of one industrial property totaling approximately 0.02 million square feet of GLA. For the three months ended June 30, 2024, we recognized $6.1 million of gain on sale of real estate related to the sale of one industrial property totaling approximately 0.1 million square feet of GLA.
Current wording
For the three months ended September 30, 2025, we recognized $9.5 million of gain on sale of real estate related to the sale of one industrial property totaling approximately 0.06 million square feet of GLA and one land parcel. For the three months ended September 30, 2024, we recognized $56.8 million of gain on sale of real estate related to the sale of seven industrial properties totaling approximately 0.4 million square feet of GLA.
Previous wording
Interest expense increased $0.6 million, or 2.8%, primarily due to a higher weighted average debt balance of $2,418.2 million for the three months ended June 30, 2025 compared to $2,247.7 million for the three months ended June 30, 2024, offset by a decrease in the weighted average interest rate, which fell to 4.10% for the three months ended June 30, 2025 from 4.16% for the three months ended June 30, 2024, and a $0.9 million increase in capitalized interest during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
Current wording
Interest expense increased $0.9 million, or 4.3%, primarily due to a higher weighted average debt balance of $2,435.7 million for the three months ended September 30, 2025 compared to $2,182.4 million for the three months ended September 30, 2024, as well as an increase in the weighted average interest rate to 4.11% for the three months ended September 30, 2025 from 4.08% for the three months ended September 30, 2024, offset by a $1.9 million increase in capitalized interest during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.
Previous wording
Amortization of debt issuance costs increased by $0.5 million, or 25.6%, 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 in May 2025.
Current wording
Amortization of debt issuance costs increased $0.5 million, or 52.9%, 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.
Previous wording
The income tax provisions for both three-month periods were not significant.
Current wording
Equity in income of joint venture for both three-month periods was not significant.
Previous wording
The following table provides a summary of our commenced leases for the three and six months ended June 30, 2025. The table does not include month-to-month leases or leases with terms less than twelve months.
Current wording
The following table provides a summary of our commenced leases for the three and nine months ended September 30, 2025. The table does not include month-to-month leases or leases with terms less than twelve months.
Previous wording
The following table provides a summary of our leases that commenced during the three and six months ended June 30, 2025, which included rent concessions during the lease term.
Current wording
The following table provides a summary of our leases that commenced during the three and nine months ended September 30, 2025, which included rent concessions during the lease term.
Previous wording
At June 30, 2025, we had approximately $34.9 million in cash and cash equivalents, excluding our Joint Venture partner's share of cash that is consolidated in our financial statements. We also had $823.8 million available for additional borrowings under our Unsecured Credit Facility as of June 30, 2025.
Current wording
At September 30, 2025, we had approximately $36.8 million in cash and cash equivalents, excluding our Joint Venture partner's share of cash that is consolidated in our financial statements. We also had $814.8 million available for additional borrowings under our Unsecured Credit Facility.
Previous wording
We have considered our short-term liquidity needs through June 30, 2026, and assessed the adequacy of our estimated cash flows from operations and other available sources of liquidity to meet those needs. As of June 30, 2025, we have a $300.0 million unsecured term loan maturing on August 12, 2025. We have delivered notice to the lenders to exercise the first of our two available one-year extension options, which, upon satisfaction of certain customary conditions, will extend the loan's maturity to August 2026. Beyond this 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 liquidity needs primarily through cash flows provided by operating activities and proceeds from select asset dispositions. These needs may also be met by the issuance of other debt or equity securities or borrowings under our Unsecured Credit Facility, subject to market conditions.
Current wording
We have considered our short-term liquidity needs through September 30, 2026, and assessed the adequacy of our estimated cash flows from operations and other available sources of liquidity to meet those needs. As of September 30, 2025, we have a $300.0 million unsecured term loan maturing on August 12, 2026, which includes a one-year extension option. Beyond this 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 liquidity needs primarily through cash flows provided 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.
Previous wording
We expect to meet long-term (after June 30, 2026) liquidity requirements such as property acquisitions, developments, scheduled debt maturities, major renovations, expansions and other nonrecurring capital improvements through the disposition of select assets, long-term unsecured and secured indebtedness and the issuance of additional equity securities, subject to market conditions.
Current wording
We expect to meet long-term liquidity requirements (beyond September 30, 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.
Previous wording
Our Unsecured Credit Facility contains financial covenants that impose limitations on, among other things, the incurrence of additional indebtedness and require maintenance of certain debt service coverage ratios. Our access to borrowings under the facility may be limited if we fail to meet any of these covenants. We believe that we were in compliance with our financial covenants as of June 30, 2025, and we anticipate that we will be able to operate in compliance with our financial covenants for the next twelve months.
Current wording
Our Unsecured Credit Facility contains financial covenants that impose limitations on, among other things, the incurrence of additional indebtedness and require maintenance of certain debt service coverage ratios. Our access to borrowings under the facility may be limited if we fail to comply with these covenants. We believe that we were in compliance with our financial covenants as of September 30, 2025, and we anticipate that we will remain in compliance for the next twelve months.
Previous wording
As of July 17, 2025, we had approximately $834.8 million available for additional borrowings under our Unsecured Credit Facility.
Current wording
As of October 17, 2025, we had approximately $752.9 million available for additional borrowings under our Unsecured Credit Facility.
Showing the first 40 of 60 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Joint Venture development services expense, representing payments made to a third party for property development assistance within the Joint Venture for both three-month periods was not significant.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
General and administrative expense increased by $2.9 million, or 13.7%, primarily due to the accelerated recognition of equity compensation expense for certain tenured employees who are retirement eligible in the first quarter of 2025, compared to full-year amortization of the expense in 2024.
Previous report — wording carried elsewhere
Joint Venture development services expense, representing payments made to a third party for property development assistance within the Joint Venture, decreased by $0.3 million, or 68.5%. This decline is attributed to a reduction in development activities by our Joint Venture during the three months ended June 30, 2025, compared to the three months ended June 30, 2024.