Company: FR
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0000921825-25-000074
Chunk: 10

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 2
Chunk 10
---
 six months ended June 30, 2024. The decrease in interest expense was offset by a higher weighted average debt balance of $2,334.8 million for the six months ended June 30, 2025 as compared to $2,256.3 million for the six months ended June 30, 2024.

Amortization of debt issuance costs increased by $0.5 million, or 25.6%, 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 in May 2025. 

Equity in income of joint venture increased $0.9 million, or 33.2%, primarily due to gain on sale and incentive fees recognized in connection with the sale of two properties by the Joint Venture. As we were the purchaser of the properties, our economic share of the gain and incentive fees was offset against the basis of the real estate acquired. The remaining portion of the gain on sale and incentive fees reflects our partner’s share, which is consolidated in our financial statements. This increase is partially offset by increases in our pro-rata share of depreciation, amortization and interest expense incurred by the Joint Venture. These increases in expenses are attributable to the substantial completion of three buildings totaling 1.8 million square feet of GLA during the year ended December 31, 2024. Both periods include the 6% interest held by our partner in the Joint Venture, which is consolidated and reported in our financial statements.

Income tax provision increased $4.4 million, or 272.5%, primarily driven by our pro-rata share of gain and incentive fees recognized from the sale of real estate by the Joint Venture during the six months ended June 30, 2025. Our equity interest in the Joint Venture is held through a wholly-owned TRS.

35

Comparison of Three Months Ended June 30, 2025 to Three Months Ended June 30, 2024

Our net income was $56.9 million and $52.9 million for the three months ended June 30, 2025 and 2024, respectively. 

For the three months ended June 30, 2025 and 2024, the average daily occupancy rate of our same store properties was 94.7% and 95.5%, respectively.

Three Months Ended June 30, 20252024