Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 84

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 1
Chunk 84
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 September 30, 2025 and 2024.

 Three Months Ended September 30,Nine Months Ended September 30, 2025202420252024 (In thousands)(In thousands)Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities$65,306 $99,363 $168,594 $219,133 Adjustments:Depreciation and Other Amortization of Real Estate45,601 43,332 136,232 127,827 Depreciation and Other Amortization of Real Estate in the Joint Venture607 1,123 2,182 1,708 Gain on Sale of Real Estate(9,538)(56,814)(17,503)(93,801)Gain on Sale of Real Estate (Including Incentive Fees) from the Joint Venture(163)(88)(3,743)(342)Income Tax (Benefit) Provision - Excluded from FFO(257)2,949 5,408 3,832 Noncontrolling Interest Share of Adjustments(1,136)131 (680)(1,207)Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities$100,420 $89,996 $290,490 $257,150 

44

Same Store Net Operating Income

We consider cash basis SS NOI to be a useful non-GAAP supplemental measure of our operating performance. We believe SS NOI enhances the comparability of a company's real estate portfolio to that of other real estate companies. SS NOI reflects the results of operations of properties that were owned and placed in service prior to January 1, 2024, and remained in service through the end of the reporting period.

 We define SS NOI as revenues minus property expenses such as real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses. SS NOI is further adjusted to exclude the NOI of properties that are not included in the same store pool. Additionally, we exclude the impact of straight-line rent, above and below market rent amortization and lease termination fees, as we believe excluding them provides a more meaningful reflection of cash-basis rental growth and allows for a more consistent year-over-year analysis of property-level performance. SS NOI  does not include depreciation and amortization, general and administrative expense, interest expense, income tax benefit and expense, equity in income or loss from joint venture