Company: FR
Filing Date: 2025-04-17
Form Type: 10-Q
Source: 0000921825-25-000039
Chunk: 61

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-17
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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 fixtures and equipment and other was not significant for either period.

For the three months ended March 31, 2025, we recognized $6.8 million of gain on sale of real estate related to the sale of two industrial properties totaling approximately 0.1 million square feet of GLA. For the three months ended March 31, 2024, we recognized $30.9 million of gain on sale of real estate related to the sale of nine industrial properties totaling approximately 0.4 million square feet of GLA. 

Interest expense decreased by $1.4 million, or 6.8%, primarily due to a decrease in the weighted average interest rate, which fell to 4.03% for the three months ended March 31, 2025 from 4.18% for the three months ended March 31, 2024, a $0.2 million increase in capitalized interest during the three months ended March 31, 2025 compared to the three months ended March 31, 2024 and a lower weighted average debt balance of $2,250.4 million for the three months ended March 31, 2025 compared to $2,264.8 million for the three months ended March 31, 2024.

Amortization of debt issuance costs remained relatively unchanged.

Equity in income of joint venture increased $2.1 million, or 148.0%, for the three months ended March 31, 2025. The increase primarily relates to gain on sale and incentive fees recognized in connection with the sale of two properties by the Joint Venture during the quarter. As we were the purchaser of the properties, our economic share of the gain and incentive fees was offset against the basis of the real estate acquired. The remaining portion of the gain on sale and incentive fees reflects our partner’s  share, which is consolidated in our financial statements. Additionally, the increase reflects an increase in our pro-rata share of rental income from the Joint Venture, partially offset by an increase in our pro-rata share of depreciation, amortization and interest expense. These increases in expenses are attributable to the substantial completion of three buildings totaling 1.8 million square feet of GLA during the year ended December 31, 2024. 

Income tax provision increased by $4.7 million, or 400.4%, primarily driven by our pro-rata share of gain and incentive fees recognized from the sale of real estate by the Joint Venture during the three months ended March