FR — what changed in the latest 10-Q
A section-by-section comparison of FR's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-23 vs the prior 10-Q · 2026-04-24
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +45 | −29 | ~43 | 58 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 4 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-23
•We acquired one industrial building totaling approximately 0.2 million square feet of GLA in our Dallas market for a purchase price of $25.6 million, excluding transaction costs.
•We acquired 58 gross acres of developable land in our Baltimore market for a purchase price of $38.6 million, excluding transaction costs.
•We commenced development of one industrial building totaling 0.6 million square feet of GLA in our Philadelphia market.
•We substantially completed development of four industrial buildings totaling 0.8 million square feet of GLA in our Dallas and Philadelphia markets.
•We sold four industrial buildings totaling approximately 0.3 million square feet of GLA in our Detroit market and 100 acres of land in Phoenix for aggregate gross proceeds of $160.5 million.
Text removed vs the prior filing · source: 10-Q · 2026-04-24
•We reclassified a 100-acre ground lease in Phoenix from an operating lease to a sales-type lease following the tenant's exercise of a purchase option, resulting in the recognition of a gain on sale of approximately $109 million. The transaction is expected to close in June 2026.
•We substantially completed development of two industrial buildings totaling 0.4 million square feet of GLA in our Philadelphia market.
During the three months ended March 31, 2026, our key financing activities included:
•We declared a first quarter cash dividend of $0.50 per common share or Unit, an increase of 12.4% over the 2025 quarterly dividend rate.
•In January, we refinanced our $425.0 million and $300.0 million unsecured term loans, extending their maturities to January 2030 (with an additional one-year extension option) and January 2029 (with two one-year extension options), respectively. We also increased the principal balance on our $300.0…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice