Company: FR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000921825-25-000019
Chunk: 90

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 90
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 REITs that define same store properties or NOI differently. The major factors influencing SS NOI are occupancy levels, rental rate increases or decreases and tenant recoveries increases or decreases. Our success depends largely upon our ability to lease space and to recover the operating costs associated with those leases from our tenants.

The following table shows a reconciliation of the same store revenues and property expenses disclosed in the results of operations (and reconciled to revenues and expenses reflected on the statements of operations) to SS NOI for the years ended December 31, 2024 and 2023.

Year Ended December 31, 20242023 (In thousands)Same Store Revenues$594,527 $563,949 Same Store Property Expenses(144,221)(135,570)Same Store Net Operating Income Before Same Store Adjustments$450,306 $428,379 Same Store Adjustments:Straight-line Rent(3,960)(16,226)Above (Below) Market Lease Amortization(2,726)(3,189)Lease Termination Fees(589)(297)Same Store Net Operating Income$443,031 $408,667 

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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 years ended December 31, 2024 and 2023.

Year Ended December 31, 20242023 (In thousands)Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities$287,554 $274,816 Interest Expense82,973 74,335 Depreciation and Other Amortization of Real Estate171,207 162,098 Depreciation and Other Amortization of Real Estate in the Joint Venture2,758 — Income Tax Provision - Allocable to FFO1,533 1,381 Net Income Attributable to the Noncontrolling Interests8,434 11,021 Equity in FFO from Joint Venture Attributable to the Noncontrolling Interest(636)(501)Amortization of Debt Issuance Costs3,646 3,626 Depreciation of Corporate FF&E732 853 Gain on Sale of Real Estate(111,970)(95,650)Gain on Sale of Real Estate from Joint Venture(1,756)(28,034)Income Tax Provision - Excluded from FFO4,542 7,