Company: FR
Filing Date: 2025-04-17
Form Type: 10-Q
Source: 0000921825-25-000039
Chunk: 69

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-17
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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 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, joint venture fees and joint venture development services expense. 

The primary factors influencing SS NOI are occupancy levels, changes in rental rates and fluctuations in tenant recoveries. Our ability to grow SS NOI is largely dependent on our success in leasing space and recovering property operating costs from tenants under existing lease agreements.

The following table shows a reconciliation of the same store revenues and property expenses, as disclosed in the results of operations and reconciled to revenues and expenses reflected on the statements of operations, to SS NOI for the three months ended March 31, 2025 and 2024.

Three Months Ended March 31, 20252024% Change (In thousands)Same Store Revenues$164,394 $154,310 Same Store Property Expenses(39,612)(39,068)Same Store Net Operating Income Before Same Store Adjustments$124,782 $115,242 8.3%Same Store Adjustments:Straight-line Rent(2,500)(3,890)Above / Below Market Rent Amortization(550)(743)Lease Termination Fees(24)(68)Same Store Net Operating Income$121,708 $110,541 10.1%

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The following table shows a reconciliation of net income available to common stockholders and participating securities to cash basis SS NOI without lease termination fees for the three months ended March 31, 2025 and 2024.

Three Months Ended March 31, 20252024 (In thousands)Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities$48,103 $68,452 Interest Expense19,469 20,897 Depreciation and Other Amortization of Real Estate43,583 41,632 Depreciation and Other Amortization of Real Estate in the Joint Venture1,056 — Income Tax Provision - Allocable to FFO164 251 Net Income Attributable to the Noncontrolling Interests4,781 2