Company: FR
Filing Date: 2025-10-17
Form Type: 10-Q
Source: 0000921825-25-000107
Chunk: 85

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-10-17
Form: 10-Q
Item: Part I, Item 1
Chunk 85
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, 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 and nine months ended September 30, 2025 and 2024.

Three Months Ended September 30,Nine Months Ended September 30, 20252024% Change20252024% Change (In thousands)(In thousands)Same Store Revenues$165,101 $157,055 $492,315 $465,101 Same Store Property Expenses(39,658)(37,749)(118,022)(113,953)Same Store Net Operating Income Before Same Store Adjustments$125,443 $119,306 5.1%$374,293 $351,148 6.6%Same Store Adjustments:Straight-line Rent(2,117)1,525 (6,666)(6,297)Above / Below Market Rent Amortization(518)(693)(1,605)(2,352)Lease Termination Fees(45)— (154)(172)Same Store Net Operating Income$122,763 $120,138 2.2%$365,868 $342,327 6.9%

45

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 and nine months ended 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 Interest Expense21,731 20,836 62,922 62,859 Depreciation and Other Amortization of Real Estate45,601 43,332 136,232 127,827 Depreciation and Other Amortization of Real Estate in the Joint Venture