Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 73

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 1
Chunk 73
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 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 recognized $93.8 million of gain on sale of real estate related to the sale of 17 industrial properties totaling approximately 1.0 million square feet of GLA.

Interest expense increased by $0.1 million, or 0.10%, primarily due to a higher weighted average debt balance of $2,368.8 million for the nine months ended September 30, 2025 as compared to $2,231.5 million for the nine months ended September 30, 2024, offset by a decrease in the weighted average interest rate to 4.08% for the nine months ended September 30, 2025 as compared to 4.14% for the nine months ended September 30, 2024 and an increase in capitalized interest of $3.0 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. 

Amortization of debt issuance costs increased by $0.9 million, or 34.7%, 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 increased $0.6 million, or 20.2%, 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