Company: FR
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0000921825-25-000074
Chunk: 13

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 2
Chunk 13
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 the three months ended June 30, 2024, we recognized $6.1 million of gain on sale of real estate related to the sale of one industrial property totaling approximately 0.1 million square feet of GLA. 

Interest expense increased $0.6 million, or 2.8%, primarily due to a higher weighted average debt balance of $2,418.2 million for the three months ended June 30, 2025 compared to $2,247.7 million for the three months ended June 30, 2024, offset by a decrease in the weighted average interest rate, which fell to 4.10% for the three months ended June 30, 2025 from 4.16% for the three months ended June 30, 2024, and a $0.9 million increase in capitalized interest during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Amortization of debt issuance costs increased $0.4 million, or 45.6%, 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 (loss) income of joint venture decreased $1.2 million, or 105.5%, for the three months ended June 30, 2025. The decrease is primarily attributable to a reduction in our pro-rata share of net operating income from the Joint Venture, resulting from the sale of two buildings in March 2025 and the expiration of a ground lease. 

The income tax provisions for both three-month periods were not significant. 

37

Leasing Activity

The following table provides a summary of our commenced leases for the three and six months ended June 30, 2025. The table does not include month-to-month leases or leases with terms less than twelve months.  

Three Months EndedNumber ofLeasesCommencedSquare FeetCommenced(in 000's)Net Rent PerSquare Foot (A)Straight Line BasisRent  Growth (B)WeightedAverage LeaseTerm (C)Lease CostsPer SquareFoot (D)WeightedAverage TenantRetention (E)New Leases17 411 $9.91 59.1 %5.2 $7.43