Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

From July 1, 2020 to July 24, 2020, we acquired one industrial property for a purchase price of $6,100, excluding transaction costs.

On July 7, 2020, we entered into a Note and Guaranty Agreement to sell up to $100,000 of 2.74% Series F Guaranteed Senior Notes due September 17, 2030 (the “2030 II Private Placement Notes”) and up to $200,000 of 2.84% Series G Guaranteed Senior Notes due September 17, 2032 (the “2032 Private Placement Notes”) issued by the Operating Partnership in a private placement. The issuance and sale of the 2030 II Private Placement Notes and the 2032 Private Placement Notes is anticipated to occur on or about September 17, 2020. Upon issuance, the 2030 II Private Placement Notes and the 2032 Private Placement Notes will require semi-annual interest payments with principal due on September 17, 2030, with respect to the 2030 II Private Placements Notes, and September 17, 2032, with respect to the 2032 Private Placement Notes.

On July 15, 2020, we entered into a $200,000 unsecured term loan (the "2020 Unsecured Term Loan"). The 2020 Unsecured Term Loan was used to repay the 2014 Unsecured Term Loan that was previously scheduled to mature in January 2021. The 2020 Unsecured Term Loan allows us to request incremental term loans in an aggregate amount equal to $100,000 and provides for interest-only payments initially at LIBOR plus 150 basis points. The rate is subject to adjust based on our investment grade rating. As noted in Note 10, we entered into the 2021 Swaps to effectively convert the rate applicable under the 2020 Unsecured Term Loan to a fixed interest rate of approximately 2.49% per annum based on the current LIBOR spread beginning in February 2021. The 2020 Unsecured Term Loan matures on July 15, 2021; however, we have two, one-year extension options at our election, subject to the satisfaction of certain conditions.

As previously disclosed, on June 29, 2020, Bruce W. Duncan, the Chairman of the Board of Directors of the Company, announced his retirement from the Board of Directors. The effective date of Mr. Duncan’s retirement was July 15, 2020. Matthew S. Dominski, who has served as a First Industrial director since 2010, has been appointed to the role of chairman of the board.