Company: FR
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0000921825-25-000074
Chunk: 12

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 2
Chunk 12
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 2023. Property expenses from (re)developments increased $1.0 million primarily due to the substantial completion of developments. Property expenses from other remained relatively unchanged.

General and administrative expense decreased by $1.2 million, or 12.3%, 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. 

Joint Venture development services expense, representing payments made to a third party for property development assistance within the Joint Venture, decreased by $0.3 million, or 68.5%. This decline is attributed to a reduction in development activities by our Joint Venture during the three months ended June 30, 2025, compared to the three months ended June 30, 2024.   

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Three Months Ended June 30, 20252024$ Change% Change ($ in 000's)DEPRECIATION AND OTHER AMORTIZATIONSame Store Properties$40,234 $39,427 $807 2.0 %Acquired Properties2,663 — 2,663 — Sold Properties— 646 (646)(100.0)%(Re)Developments3,926 2,301 1,625 70.6 %Corporate Furniture, Fixtures and Equipment and Other384 674 (290)(43.0)%Total Depreciation and Other Amortization$47,207 $43,048 $4,159 9.7 %

Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $2.7 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 $1.6 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 June 30, 2025, we recognized $1.1 million of gain on sale of real estate related to the sale of one industrial property totaling approximately 0.02 million square feet of GLA. For