Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 75

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 1
Chunk 75
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 but has been taken out of service with the intent for future redevelopment.

Three Months Ended September 30, 20252024$ Change% Change ($ in 000's)PROPERTY EXPENSESSame Store Properties$39,658 $37,749 $1,909 5.1 %Acquired Properties492 125 367 293.6 %Sold Properties66 401 (335)(83.5)%(Re)Developments2,560 2,365 195 8.2 %Other3,409 4,244 (835)(19.7)%Total Property Expenses$46,185 $44,884 $1,301 2.9 %

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties increased $1.9 million mainly due to real estate taxes and repair and maintenance. Property expenses from acquired properties increased $0.4 million due to properties acquired subsequent to December 31, 2023. Property expenses from sold properties decreased $0.3 million due to properties sold subsequent to December 31, 2023. Property expenses from (re)developments increased $0.2 million primarily due to the completion of developments. Property expenses from other decreased $0.8 million primarily due to a decrease in real estate tax expense related to certain land parcels.

General and administrative expense decreased by $0.7 million, or 7.3%, primarily due to the accelerated recognition of  equity-based compensation expense for certain tenured employees who are retirement eligible in the first quarter of 2025, compared to such expense being recognized ratably over all four quarters in 2024. This decrease is partially offset by an increase in legal expenses. 

Joint Venture development services expense, representing payments made to a third party for property development assistance within the Joint Venture for both three-month periods was not significant. 

38

Three Months Ended September 30, 20252024$ Change% Change ($ in 000's)DEPRECIATION AND OTHER AMORTIZATIONSame Store Properties$39,124 $38,933 $191 0.5 %Acquired Properties2,115 209 1,906 912.0 %Sold Properties5 180 (175)(97.2)%(Re)Developments4,137 3,691 446 12.1 %