Company: FR
Filing Date: 2025-04-17
Form Type: 10-Q
Source: 0000921825-25-000039
Chunk: 58

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-17
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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 to January 1, 2024. A property is considered placed in service when it meets one of the following criteria: (i) acquired properties with occupancy of  at least 75% at acquisition, unless we anticipate tenant move-outs within two years of ownership would reduce occupancy below 75%; (ii) acquired properties with occupancy less than 75% at acquisition are placed in service upon reaching the earlier of 90% occupancy or one year subsequent to acquisition; (iii) developments, redevelopments and acquired income-producing land parcels for which our ultimate intent is to redevelop or develop on the land parcel are placed in service upon the earlier of reaching 90% occupancy or one year after construction completion; and (iv) properties acquired with occupancy greater than 75% but with anticipated move out within two years of ownership, are placed in service upon the earlier of reaching 90% occupancy or twelve months after tenant move out. Properties are moved from the same store category to the redevelopment classification when projected capital expenditures are estimated to exceed 25% of the property's undepreciated gross book value.

Acquired Properties: Acquired properties are properties that were purchased subsequent to December 31, 2023 and held as an operating property through March 31, 2025. 

Sold Properties: Sold properties are properties that were disposed of subsequent to December 31, 2023.

Developments and Redevelopments: Developments and redevelopments (collectively referred to as "(Re)Developments") include properties that were either: (i) not substantially complete 12 months prior to January 1, 2024; or (ii) not stabilized prior to January 1, 2024. 

         Other Revenues and Property Expenses: Other revenues are derived from the operations of properties not placed in service under one of the categories discussed above, the operations of our maintenance company, interest income, joint venture fees and other miscellaneous revenues. Other property expenses are derived from the operations of properties not placed in service under one of the categories discussed above, the operations of our maintenance company, vacant land expenses and other miscellaneous regional expenses.

Our future financial condition and results of operations, including rental revenues, may be impacted by the future acquisition, (re)development and sale of properties. Our future revenues and expenses may vary materially from historical rates.

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Comparison of Three Months Ended March 31, 2025 to Three Months Ended March 31, 2024

Our net income was $52.