Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 13

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 2
Chunk 13
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 other amortization from sold properties decreased $0.2 million due to properties sold subsequent to December 31, 2023. Depreciation and other amortization from (re)developments increased $0.4 million primarily due to an increase in depreciation and amortization related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other was not significant for either three-month period.

For the three months ended September 30, 2025, we recognized $9.5 million of gain on sale of real estate related to the sale of one industrial property totaling approximately 0.06 million square feet of GLA and one land parcel. For the three months ended September 30, 2024, we recognized $56.8 million of gain on sale of real estate related to the sale of seven industrial properties totaling approximately 0.4 million square feet of GLA. 

Interest expense increased $0.9 million, or 4.3%, primarily due to a higher weighted average debt balance of $2,435.7 million for the three months ended September 30, 2025 compared to $2,182.4 million for the three months ended September 30, 2024, as well as an increase in the weighted average interest rate to 4.11% for the three months ended September 30, 2025 from 4.08% for the three months ended September 30, 2024, offset by a $1.9 million increase in capitalized interest during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Amortization of debt issuance costs increased $0.5 million, or 52.9%, primarily due to financing costs incurred related to the amendment and restatement of the Unsecured Credit Facility, the amendment and restatement of our $200.0 million term loan and the issuance of $450.0 million of senior notes.

Equity in income of joint venture for both three-month periods was not significant.

The income tax provision decreased by $3.1 million, or 94.2%, primarily due to a decrease in income tax expense associated with gains on the sale of real estate.

39

Leasing Activity

The following table provides a summary of our commenced leases for the three and nine months ended September 30, 2025. The table does not include month-to-month leases or leases with terms less than twelve months.  

Three Months EndedNumber ofLe