Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 9

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 2
Chunk 9
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 relatively unchanged. 

General and administrative expense increased by $2.3 million, or 7.3%, primarily due to an increase in compensation and  legal expenses during the nine months ended September 30, 2025. 

Joint Venture development services expense, representing payments made to a third party for property development assistance within the Joint Venture, decreased by $0.5 million, or 47.9%. This decline is attributed to a reduction in development activities by our Joint Venture during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

36

Nine Months Ended September 30, 20252024$ Change% Change ($ in 000's)DEPRECIATION AND OTHER AMORTIZATIONSame Store Properties$118,627 $117,350 $1,277 1.1 %Acquired Properties5,243 209 5,034 2,408.6 %Sold Properties60 1,515 (1,455)(96.0)%(Re)Developments11,577 7,521 4,056 53.9 %Corporate Furniture, Fixtures and Equipment and Other1,202 1,787 (585)(32.7)%Total Depreciation and Other Amortization$136,709 $128,382 $8,327 6.5 %

Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $5.0 million due to properties acquired subsequent to December 31, 2023. Depreciation and other amortization from sold properties decreased $1.5 million due to properties sold subsequent to December 31, 2023. Depreciation and other amortization from (re)developments increased $4.1 million primarily due to an increase in depreciation and amortization related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other decreased $0.6 million as certain improvements on land parcels, for which our ultimate intent is to redevelop or develop, became fully depreciated. 

For the nine months ended September 30, 2025, we recognized $17.5 million of gain on sale of real estate related to the sale of four industrial properties totaling approximately 0.2 million square feet of GLA and one land parcel. For the nine months ended September 30, 2024, we