Company: FR
Filing Date: 2025-04-17
Form Type: 10-Q
Source: 0000921825-25-000039
Chunk: 10

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-17
Form: 10-Q
Item: Part I, Item 2
Chunk 10
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 partially offset by an increase in our pro-rata share of depreciation, amortization and interest expense. 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. 

Income tax provision increased by $4.7 million, or 400.4%, 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 three months ended March 31, 2025. Our equity interest in the Joint Venture is held through a wholly-owned TRS.

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Leasing Activity

The following table provides a summary of our commenced leases for the three months ended March 31, 2025. The table does not include month-to-month leases or leases with terms less than twelve months.  

Three Months EndedNumber ofLeasesCommencedSquare FeetCommenced(in 000's)Net Rent PerSquare Foot (A)Straight Line BasisRent  Growth (B)WeightedAverage LeaseTerm (C)Lease CostsPer SquareFoot (D)WeightedAverage TenantRetention (E)New Leases14 426 $10.33 70.3 %6.4 $11.07 N/ARenewal Leases23 788 $17.73 79.2 %5.3 $3.01 73.7 %Development / Acquisition Leases1 99 $10.74 N/A6.7 N/AN/ATotal / Weighted Average38 1,313 $14.80 77.0 %5.7 $5.84 73.7 %

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(A)    Net rent is the average base rent, calculated in accordance with GAAP, over the term of the lease.

(B)    Straight line basis rent growth is calculated as the percentage change in net rent (including straight line rent adjustments) on a new or renewal lease compared to the net rent (also including straight line rent adjustments) of the expiring comparable lease. New leases without a prior comparable lease are excluded from this metric.

(C)    The lease term is expressed in years and assumes no exercise of any renewal or extension options.

(D)    Lease costs include all costs incurred or capitalized for improvements related to vacant and renewal spaces, along with leasing commissions and other capitalized transaction-related costs