Company: FR
Filing Date: 2025-04-17
Form Type: 10-Q
Source: 0000921825-25-000039
Chunk: 9

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-17
Form: 10-Q
Item: Part I, Item 2
Chunk 9
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 relatively unchanged. Depreciation and other amortization from acquired properties increased $0.5 million due to properties acquired subsequent to December 31, 2023. Depreciation and other amortization from sold properties decreased $0.6 million due to properties sold subsequent to December 31, 2023. Depreciation and other amortization from (re)developments increased $2.0 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 period.

For the three months ended March 31, 2025, we recognized $6.8 million of gain on sale of real estate related to the sale of two industrial properties totaling approximately 0.1 million square feet of GLA. For the three months ended March 31, 2024, we recognized $30.9 million of gain on sale of real estate related to the sale of nine industrial properties totaling approximately 0.4 million square feet of GLA. 

Interest expense decreased by $1.4 million, or 6.8%, primarily due to a decrease in the weighted average interest rate, which fell to 4.03% for the three months ended March 31, 2025 from 4.18% for the three months ended March 31, 2024, a $0.2 million increase in capitalized interest during the three months ended March 31, 2025 compared to the three months ended March 31, 2024 and a lower weighted average debt balance of $2,250.4 million for the three months ended March 31, 2025 compared to $2,264.8 million for the three months ended March 31, 2024.

Amortization of debt issuance costs remained relatively unchanged.

Equity in income of joint venture increased $2.1 million, or 148.0%, for the three months ended March 31, 2025. The increase primarily relates to gain on sale and incentive fees recognized in connection with the sale of two properties by the Joint Venture during the quarter. 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. Additionally, the increase reflects an increase in our pro-rata share of rental income from the Joint Venture,