Company: FR
Filing Date: 2025-04-17
Form Type: 10-Q
Source: 0000921825-25-000039
Chunk: 60

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-17
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 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 $0.2 million due to properties acquired subsequent to December 31, 2023. Property expenses from sold properties decreased $0.9 million due to properties sold subsequent to December 31, 2023. Property expenses from (re)developments increased $1.2 million primarily due to the substantial completion of developments. Property expenses from other remained relatively unchanged.

General and administrative expense increased by $4.1 million, or 34.9%, primarily due to the accelerated recognition of  equity compensation expense for certain employees in the first quarter of 2025, compared to full-year amortization of the  expense in 2024. 

Joint Venture development services expense, representing payments made to a third party for property development assistance within the Joint Venture, decreased by $0.2 million, or 49.1%. This decline is attributed to a reduction in development activities by our Joint Venture during the three months ended March 31, 2025, compared to the three months ended March 31, 2024.   

34

Three Months Ended March 31, 20252024$ Change% Change ($ in 000's)DEPRECIATION AND OTHER AMORTIZATIONSame Store Properties$39,413 $39,139 $274 0.7 %Acquired Properties465 — 465 — Sold Properties— 635 (635)(100.0)%(Re)Developments3,514 1,530 1,984 129.7 %Corporate Furniture, Fixtures and Equipment and Other362 515 (153)(29.7)%Total Depreciation and Other Amortization$43,754 $41,819 $1,935 4.6 %

Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $0.5 million due to properties acquired subsequent to December 31, 2023. Depreciation and other amortization from sold properties decreased $0.6 million due to properties sold subsequent to December 31, 2023. Depreciation and other amortization from (re)developments increased $2.0 million primarily due to an increase in depreciation and amortization related to completed developments. Depreciation from corporate furniture,