Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 11

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 2
Chunk 11
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-owned TRS.

37

Comparison of Three Months Ended September 30, 2025 to Three Months Ended September 30, 2024

Our net income was $67.4 million and $102.2 million for the three months ended September 30, 2025 and 2024, respectively. 

For the three months ended September 30, 2025 and 2024, the average daily occupancy rate of our same store properties was 94.6% and 95.4%, respectively.

Three Months Ended September 30, 20252024$ Change% Change ($ in 000's)REVENUESSame Store Properties$165,101 $157,055 $8,046 5.1 %Acquired Properties3,438 442 2,996 677.8 %Sold Properties157 1,083 (926)(85.5)%(Re)Developments10,596 6,355 4,241 66.7 %Other2,138 2,710 (572)(21.1)%Total Revenues$181,430 $167,645 $13,785 8.2 %

Revenues from same store properties increased $8.0 million primarily due to increases in rental rates and tenant recoveries, partially offset by a  decrease in occupancy. Revenues from acquired properties increased $3.0 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 $0.9 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 $4.2 million primarily due to an increase in occupancy. Revenues from other decreased by $0.6 million, primarily due to a decrease in revenues from a property that was previously occupied 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