Company: FR
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0000921825-25-000074
Chunk: 8

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 2
Chunk 8
---
 properties increased $19.2 million primarily due to increases in rental rates. Revenues from acquired properties increased $4.8 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 $7.8 million due to the 25 industrial properties sold subsequent to December 31, 2023 totaling approximately 1.3 million square feet of GLA. Revenues from (re)developments increased $15.0 million primarily due to an increase in occupancy. Revenues from other remained relatively unchanged.

Six Months Ended June 30, 20252024$ Change% Change ($ in 000's)PROPERTY EXPENSESSame Store Properties$78,499 $76,364 $2,135 2.8 %Acquired Properties764 — 764 — Sold Properties44 1,567 (1,523)(97.2)%(Re)Developments4,931 2,804 2,127 75.9 %Other9,527 9,330 197 2.1 %Total Property Expenses$93,765 $90,065 $3,700 4.1 %

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties remained relatively unchanged. Property expenses from acquired properties increased $0.8 million due to properties acquired subsequent to December 31, 2023. Property expenses from sold properties decreased $1.5 million due to properties sold subsequent to December 31, 2023. Property expenses from (re)developments increased $2.1 million primarily due to the substantial completion of developments. Property expenses from other remained relatively unchanged. 

General and administrative expense increased by $2.9 million, or 13.7%, primarily due to the accelerated recognition of equity compensation expense for certain tenured employees who are retirement eligible in the first quarter of 2025, compared to full-year amortization of the expense in 2024. 

Joint Venture development services expense, representing payments made to a third party for property development assistance within the Joint Venture, decreased by $0.5 million, or 58.1%. This decline is attributed to a reduction in development activities by our Joint Venture during the six months ended June 30, 2025, compared to the six months ended June