Company: FR
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0000921825-25-000074
Chunk: 11

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 2
Chunk 11
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$ Change% Change ($ in 000's)REVENUESSame Store Properties$163,663 $154,521 $9,142 5.9 %Acquired Properties3,382 11 3,371 30,645.5 %Sold Properties— 4,363 (4,363)(100.0)%(Re)Developments9,475 2,330 7,145 306.7 %Other3,643 2,911 732 25.1 %Total Revenues$180,163 $164,136 $16,027 9.8 %

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.

Three Months Ended June 30, 20252024$ Change% Change ($ in 000's)PROPERTY EXPENSESSame Store Properties$39,047 $37,437 $1,610 4.3 %Acquired Properties516 — 516 — Sold Properties1 658 (657)(99.8)%(Re)Developments2,569 1,586 983 62.0 %Other3,321 3,370 (49)(1.5)%Total Property Expenses$45,454 $43,051 $2,403 5.6 %

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,