Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 89

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 89
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 operating results for assistance in comparing these operating results between periods or to those of different companies.

The following table shows a reconciliation of net income available to common stockholders and participating securities to the calculation of FFO available to common stockholders and participating securities as follows:

 Year Ended December 31, 20242023202220212020 (In thousands)Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities$287,554 $274,816 $359,134 $270,997 $195,989 Adjustments:Depreciation and Other Amortization of Real Estate171,207 162,098 146,448 130,062 128,814 Depreciation and Other Amortization of Real Estate in the Joint Venture2,758 — — — — Gain on Sale of Real Estate(111,970)(95,650)(128,268)(150,310)(86,751)Gain on Sale of Real Estate (Including Incentive Fees) from Joint Venture(1,756)(28,034)(115,024)— (4,443)Income Tax Provision - Excluded from FFO4,542 7,311 23,658 4,853 2,198 Noncontrolling Interest Share of Adjustments(1,850)2,126 15,222 357 (843)Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities$350,485 $322,667 $301,170 $255,959 $234,964 

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Same Store Net Operating Income

SS NOI is a non-GAAP financial measure that provides a measure of rental operations and, as calculated by us, that does not factor in joint venture fees, depreciation and amortization, general and administrative expense, joint venture development services expense, interest expense, equity in income and loss from joint ventures, income tax benefit and provision and gains and losses on the sale of real estate. 

We define SS NOI as revenues minus property expenses such as real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses, minus the NOI of properties that are not same store properties and minus the impact of straight-line rent, the amortization of above/below market leases and lease termination fees. As so defined, SS NOI may not be comparable to same store net operating income or similar measures reported by other