Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 71

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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2024, the average daily occupancy rate of our same store properties was 95.0%  and 95.3%, respectively.

Nine Months Ended September 30, 20252024$ Change% Change ($ in 000's)REVENUESSame Store Properties$492,315 $465,101 $27,214 5.9 %Acquired Properties8,222 453 7,769 1,715.0 %Sold Properties678 9,386 (8,708)(92.8)%(Re)Developments29,307 10,024 19,283 192.4 %Other8,145 9,089 (944)(10.4)%Total Revenues$538,667 $494,053 $44,614 9.0 %

Revenues from same store properties increased $27.2 million primarily due to increases in rental rates and tenant recoveries, partially offset by a slight decrease in occupancy. Revenues from acquired properties increased $7.8 million due to the seven industrial properties acquired subsequent to December 31, 2023 totaling approximately 1.1 million square feet of GLA. Revenues from sold properties decreased $8.7 million due to the 26 industrial properties sold subsequent to December 31, 2023 totaling approximately 1.4 million square feet of GLA. Revenues from (re)developments increased $19.3 million primarily due to an increase in occupancy. Revenues from other decreased by $0.9 million due to lower interest income from cash and cash equivalents and note receivables.

Nine Months Ended September 30, 20252024$ Change% Change ($ in 000's)PROPERTY EXPENSESSame Store Properties$118,022 $113,953 $4,069 3.6 %Acquired Properties1,256 125 1,131 904.8 %Sold Properties245 2,128 (1,883)(88.5)%(Re)Developments7,491 5,169 2,322 44.9 %Other12,936 13,574 (638)(4.7)%Total Property Expenses$139,950 $134,949 $5,001 3.7 %

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses