Company: FR
Filing Date: 2025-04-17
Form Type: 10-Q
Source: 0000921825-25-000039
Chunk: 16

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-17
Form: 10-Q
Item: Part I, Item 2
Chunk 16
---
 other similarly titled measures of other companies. In accordance with the NAREIT definition of FFO, we calculate FFO to be equal to net income available to First Industrial Realty Trust, Inc.'s common stockholders and participating securities, plus depreciation and other amortization of real estate, plus impairment of real estate, minus gain or plus loss on sale of real estate, net of any income tax provision or benefit associated with the sale of real estate. We also exclude the same adjustments from our share of net income from an unconsolidated joint venture. 

Management believes that the use of FFO available to common stockholders and participating securities, combined with net income (which remains the primary measure of performance), improves the understanding of operating results of REITs among the investing public and makes comparisons of REIT operating results more meaningful. Management believes that, by excluding gains or losses related to sales of real estate assets, impairment of real estate assets and real estate asset depreciation and amortization, investors and analysts are able to identify the operating results of the long-term assets that form the core of a REIT's activity and use these 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 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 Adjustments:Depreciation and Other Amortization of Real Estate43,583 41,632 Depreciation and Other Amortization of Real Estate in the Joint Venture1,056 — Gain on Sale of Real Estate(6,844)(30,852)Gain on Sale of Real Estate (Including Incentive Fees) from the Joint Venture(3,305)(132)Income Tax Provision - Excluded from FFO5,736 928 Noncontrolling Interest Share of Adjustments1,862 (293)Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities$90,191 $79,735 

40

Same Store Net Operating Income

We consider cash basis SS NOI to be a useful non-GAAP supplemental measure of our operating performance. We