While the Company believes net income ( loss ) available to First Industrial Realty Trust , Inc . ' s common stockholders and participating securities , as defined by GAAP , is the most appropriate measure , it considers FFO , NOI , EBITDA and FAD , given their wide use by and relevance to investors and analysts , appropriate supplemental performance measures . FFO , reflecting the assumption that real estate asset values rise or fall with market conditions , principally adjusts for the effects of GAAP depreciation and amortization of real estate assets . NOI provides a measure of rental operations , and does not factor in depreciation and amortization and non-property specific expenses such as general and administrative expenses . EBITDA provides a tool to further evaluate the ability to incur and service debt and to fund dividends and other cash needs . FAD provides a tool to further evaluate the ability to fund dividends . In addition , FFO , NOI , EBITDA and FAD are commonly used in various ratios , pricing multiples / yields and returns and valuation calculations used to measure financial position , performance and value .