Company: FR
Filing Date: 2025-04-17
Form Type: 10-Q
Source: 0000921825-25-000039
Chunk: 59

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-17
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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9 million and $70.5 million for the three months ended March 31, 2025 and 2024, respectively. 

For the three months ended March 31, 2025 and 2024, the average daily occupancy rate of our same store properties was 95.7% and 95.0%, respectively.

Three Months Ended March 31, 20252024$ Change% Change ($ in 000's)REVENUESSame Store Properties$164,394 $154,310 $10,084 6.5 %Acquired Properties1,403 — 1,403 — Sold Properties84 3,499 (3,415)(97.6)%(Re)Developments9,236 1,339 7,897 589.8 %Other1,957 3,124 (1,167)(37.4)%Total Revenues$177,074 $162,272 $14,802 9.1 %

Revenues from same store properties increased $10.1 million primarily due to an increase in rental rates as well as an increase in occupancy. Revenues from acquired properties increased $1.4 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 $3.4 million due to the 24 industrial properties sold subsequent to December 31, 2023 totaling approximately 1.3 million square feet of GLA. Revenues from (re)developments increased $7.9 million due to an increase in occupancy and tenant recoveries. Revenues from other decreased $1.2 million primarily due to a decrease in joint venture fees and interest income. 

Three Months Ended March 31, 20252024$ Change% Change ($ in 000's)PROPERTY EXPENSESSame Store Properties$39,612 $39,068 $544 1.4 %Acquired Properties248 — 248 — Sold Properties33 894 (861)(96.3)%(Re)Developments2,362 1,204 1,158 96.2 %Other6,056 5,848 208 3.6 %Total Property Expenses$48,311 $47,014 $1,297 2.8 %

Property expenses include real