FIRST INDUSTRIAL REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS
Rhea-AI Summary
First Industrial Realty Trust (NYSE: FR) reported fourth-quarter and full-year 2025 results, with 2025 NAREIT FFO of $2.96 per share (11.7% growth) and Q4 FFO of $0.77 per share. In-service occupancy was 94.4% at year-end. The board raised the Q1 2026 dividend to $0.50 per share, a 12.4% increase.
Notable transactions include a $125 million acquisition of a 968,000 SF Phoenix building, three 2025 Camelback 303 JV building acquisitions totaling 1.8 MSF for $245 million, two 1Q26 development starts (305,000 SF, $70M), and unsecured term loan refinancings totaling $800M combined proceeds.
Positive
- NAREIT FFO growth of 11.7% in 2025
- Dividend increased to $0.50 per share, a 12.4% raise
- Signed and commenced development starts totaling 305,000 SF with $70M estimated investment
- Closed refinancings replacing near-term maturities with unsecured term loans totaling $800M of new capacity
Negative
- Full year occupancy declined from 96.2% (Q4 2024) to 94.4%
- Full year EPS fell to $1.87 in 2025 from $2.17 in 2024
- Interest expense rose to $84.9M for 2025, pressuring net income
Key Figures
Market Reality Check
Peers on Argus
FR gained 1.36% with industrial REIT peers also green: TRNO +1.9%, CUBE +1.67%, STAG +0.7%, EGP +0.67%, NSA +0.46%. This points to both stock-specific earnings and broader REIT strength.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 15 | Q3 2025 earnings | Positive | +1.4% | FFO and EPS growth with higher 2025 FFO guidance midpoint. |
| Jul 16 | Q2 2025 earnings | Positive | +0.1% | Higher EPS and FFO plus strong cash same-store NOI and rental growth. |
| Apr 16 | Q1 2025 earnings | Positive | +1.5% | Double-digit cash NOI growth and 41.7% cash rental rate increases. |
| Feb 05 | FY 2024 earnings | Positive | +2.5% | FFO growth, strong rental spreads and initial 2025 FFO guidance. |
| Oct 16 | Q3 2024 earnings | Positive | -2.2% | Strong rental and NOI metrics but shares fell on the release. |
Earnings releases have typically produced modest positive moves, with four of the last five tagged earnings reports showing gains and one notable negative divergence.
Over the past year, FR’s earnings reports have highlighted consistent FFO growth, strong cash rental rate increases, and healthy same-store NOI. Q1–Q3 2025 earnings showed rising FFO per share, robust cash same-store NOI growth, and ongoing development and acquisition activity, while the prior Q4 2024 release paired solid results with a dividend increase and double-digit FFO guidance growth. Today’s full-year 2025 results and 2026 FFO guidance continue that theme of steady operational expansion and capital deployment.
Historical Comparison
In the past five earnings releases, FR’s average 1-day move was about 0.67%, mostly positive. Today’s 1.36% reaction to FY 2025 results and 2026 FFO guidance sits slightly above that typical response.
Earnings updates over 2024–2025 show a progression of rising FFO per share, robust cash rental rate growth, and recurring dividend increases, with the latest release extending this trajectory via higher full-year 2025 FFO and 2026 FFO guidance.
Market Pulse Summary
This announcement highlights continued growth in FR’s core metrics, including 11.7% NAREIT FFO per-share growth, a 32–37% cash rental rate uplift on 2025 leases, and 7.1% cash same-store NOI growth. The company raised its quarterly dividend to $0.50 and issued 2026 FFO guidance of $3.09–$3.19 per share. Relative to prior earnings releases that also emphasized rental strength and development activity, this update reinforces a pattern of steady operational expansion and disciplined capital deployment.
Key Terms
nareit ffo financial
ffo financial
sofr financial
AI-generated analysis. Not financial advice.
- 2025 NAREIT FFO/Share Growth of
11.7% 32% Cash Rental Rate Increase on Leases Commencing in 2025;37% Increase Excluding 1.3 MSF Fixed-Rate Renewal35% Cash Rental Rate Increase on Leases Signed To Date Commencing in 2026- Cash Same Store NOI Growth of
7.1% for the Full Year 2025 - Increased First Quarter 2026 Dividend to
$0.50 12.4% Increase - Acquired the Last Remaining Building from Our Camelback 303 JV in
Phoenix in the Fourth Quarter; 968,000 SF,100% Leased,$125 Million - Started Two Developments in 1Q26 To Date Totaling 305,000 SF in
Miami andDallas , Estimated Investment of$70 Million - Signed 447,000 SF of New Leases for Development Projects in the Fourth Quarter; 231,000 SF Signed Subsequent to the Third Quarter Earnings Call
- Closed
$425 Million $375 Million - 2026 NAREIT FFO Guidance Initiated at a Range of
$3.09 $3.19 6% Growth at the Midpoint
First Industrial's fourth quarter funds from operations (FFO) was
"Despite a volatile leasing market in 2025 impacted by the evolving tariff policies and other uncertainties, our First Industrial team maintained its keen focus on delivering strong growth in FFO, cash rental rates and cash same store NOI," said Peter E. Baccile, First Industrial's president and chief executive officer. "On the strength of the performance of our platform and our outlook, we increased our dividend rate by
Portfolio Performance
- In service occupancy was
94.4% at the end of the fourth quarter of 2025, compared to94.0% at the end of the third quarter of 2025, and96.2% at the end of the fourth quarter of 2024. - In the fourth quarter, cash rental rates on commenced new and renewal leasing increased
35% . For the full year, cash rental rates increased32% . Excluding the 1.3 million square-foot fixed-rate renewal, the cash rental rates increased37% for the full year. - The Company has achieved a cash rental rate increase of approximately
35% on leases signed to date commencing in 2026 reflecting45% of 2026 expirations by square footage. - In the fourth quarter, cash basis same store net operating income before termination fees ("SS NOI") increased
3.7% . For the full year, SS NOI increased7.1% , primarily reflecting increases in rental rates on new and renewal leasing and contractual rent escalations, partially offset by lower average occupancy. SS NOI excludes$4.5 million
Development Leasing Highlights
During the fourth quarter, the Company:
- Leased the remaining 212,000 square feet of its 425,000 square-foot First Liberty Logistics Center in
Houston ; commenced in the fourth quarter. - Leased 19,000 square feet of its 107,000 square-foot First Loop Logistics Park Building 4 in
Orlando ; expected to commence in the first quarter of 2026. - Leased
100% of its 159,000 square-foot First Harley Knox Logistics Center in the Inland Empire; commenced in the fourth quarter. - Leased 57,000 square feet of its 136,000 square-foot First Park Miami Building 12 in
South Florida ; commenced in the fourth quarter.
Investment and Disposition Highlights
During the fourth quarter, the Company:
- Acquired a
100% leased 968,000 square-foot building from its Camelback 303 joint venture inPhoenix for$125 million - Acquired a 117,000 square-foot building in
Baltimore for$31 million - Sold three buildings in
Detroit - 146,000 square feet;$15 million - Sold 71 acres from its Camelback 303 joint venture for gross sales proceeds of
$58 million 43% .
For the full year 2025, the Company:
- Acquired three
100% leased buildings totaling 1.8 million square feet from its Camelback 303 joint venture inPhoenix for$245 million - Acquired a 117,000 square-foot building in
Baltimore for$31 million - Acquired a 61-acre land site in
Philadelphia for$16 million - Acquired an income-producing land site in
Northern California for$11 million - Sold seven buildings comprised of 325,000 square feet and one land site for a total of
$42 million
In the first quarter to date of 2026, the Company:
- Commenced development of two projects totaling 305,000 square feet with an estimated total investment of
$70 million - First Park Miami Building 4 in
South Florida - 220,000 square feet;$57 million - First Arlington Commerce Center III in
Dallas - 84,000 square feet;$13 million
- First Park Miami Building 4 in
Capital Markets Highlights
In the first quarter to date of 2026, the Company:
- Closed an unsecured term loan that refinanced its
$425 million - Closed an unsecured term loan that refinanced its
$300 million $375 million - In conjunction with these refinancings, the Company also amended its
$200 million
Common Stock Dividend Increase
Our board of directors declared a common dividend of
Outlook for 2026
"Leasing traffic at our key availabilities remains good and the overall fundamental picture continues to improve, with completions and new starts measured. Our portfolio continues to perform well, reflected in our progress on 2026 expirations and
Low End of | High End of | |||
Guidance for 2026 | Guidance for 2026 | |||
(Per share/unit) | (Per share/unit) | |||
Net Income Available to Common Stockholders and Unitholders | $ 1.58 | $ 1.68 | ||
Add: Depreciation and Other Amortization of Real Estate | 1.51 | 1.51 | ||
NAREIT Funds From Operations | $ 3.09 | $ 3.19 |
The following assumptions were used for guidance:
- Average quarter-end in service occupancy of
94.0% to95.0% . - SS NOI growth on a cash basis before termination fees of
5.0% to6.0% . This range assumes 2026 bad debt expense of$1.0 million - Includes the incremental costs expected in 2026 related to the Company's completed and under construction developments as of December 31, 2025 and the aforementioned first quarter 2026 starts to date comprised of First Park Miami Building 4 and First Arlington Commerce Center III. In total, the Company expects to capitalize
$0.08 - General and administrative expense of
$42.0 million $43.0 million - Guidance does not include the impact of any future investments, property sales, debt repurchases prior to maturity, debt issuances, or equity issuances post the date of this press release.
Conference Call
First Industrial will host its fourth quarter and full year 2025 conference call on Thursday, February 5, 2026 at 10:00 a.m. CST (11:00 a.m. EST). The conference call may be accessed by dialing (833) 890-3273, passcode "First Industrial". The conference call will also be webcast live on the Investors page of the Company's website at www.firstindustrial.com. The replay will also be available on the website.
The Company's fourth quarter and full year 2025 supplemental information can be viewed at www.firstindustrial.com under the "Investors" tab.
FFO Definition
First Industrial calculates FFO to be equal to net income available to common stockholders, unitholders 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, adjusted for any associated income tax provisions or benefits. Similar adjustments are made for our share of net income from an unconsolidated joint venture. This calculation methodology is in accordance with the NAREIT definition of FFO.
About First Industrial Realty Trust, Inc.
First Industrial Realty Trust, Inc. (NYSE: FR) is a leading
Forward-Looking Statements
This press release and the presentation to which it refers may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors that could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically, including impacts and uncertainties arising from trade disputes and tariffs on goods imported to or exported from
A schedule of selected financial information is attached.
FIRST INDUSTRIAL REALTY TRUST, INC. | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
December 31, | December 31, | December 31, | December 31, | |||||
2025 | 2024 | 2025 | 2024 | |||||
Statements of Operations and Other Data: | ||||||||
Total Revenues | $ 188,409 | $ 175,588 | $ 727,076 | $ 669,641 | ||||
Property Expenses | (51,530) | (47,872) | (191,480) | (182,821) | ||||
General and Administrative | (9,062) | (10,303) | (41,945) | (40,935) | ||||
Joint Venture Development Services Expense | (105) | (524) | (629) | (1,529) | ||||
Depreciation of Corporate FF&E | (157) | (177) | (634) | (732) | ||||
Depreciation and Other Amortization of Real Estate | (48,450) | (43,380) | (184,682) | (171,207) | ||||
Total Expenses | (109,304) | (102,256) | (419,370) | (397,224) | ||||
Gain on Sale of Real Estate | 9,402 | 18,169 | 26,905 | 111,970 | ||||
Interest Expense | (21,964) | (20,114) | (84,886) | (82,973) | ||||
Amortization of Debt Issuance Costs | (1,349) | (911) | (5,033) | (3,646) | ||||
Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision | $ 65,194 | $ 70,476 | $ 244,692 | $ 297,768 | ||||
Equity in Income of Joint Venture | 30,869 | 1,134 | 34,669 | 4,295 | ||||
Income Tax Provision | (9,111) | (1,169) | (15,282) | (6,075) | ||||
Net Income | $ 86,952 | $ 70,441 | $ 264,079 | $ 295,988 | ||||
Net Income Attributable to the Noncontrolling Interests | (8,103) | (2,020) | (16,636) | (8,434) | ||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ 78,849 | $ 68,421 | $ 247,443 | $ 287,554 | ||||
RECONCILIATION OF NET INCOME AVAILABLE TO FIRST INDUSTRIAL REALTY TRUST, INC.'S COMMON STOCKHOLDERS AND PARTICIPATING SECURITIES TO FFO (c) AND AFFO (c) | ||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ 78,849 | $ 68,421 | $ 247,443 | $ 287,554 | ||||
Depreciation and Other Amortization of Real Estate | 48,450 | 43,380 | 184,682 | 171,207 | ||||
Depreciation and Other Amortization of Real Estate in the Joint Venture (a) | 432 | 1,050 | 2,614 | 2,758 | ||||
Net Income Attributable to the Noncontrolling Interests | 8,103 | 2,020 | 16,636 | 8,434 | ||||
Gain on Sale of Real Estate | (9,402) | (18,169) | (26,905) | (111,970) | ||||
Gain on Sale of Real Estate from Joint Venture (a) | (30,441) | (1,414) | (34,184) | (1,756) | ||||
Equity in FFO from Joint Venture Attributable to the Noncontrolling Interest (a) | (103) | (93) | (372) | (636) | ||||
Income Tax Provision - Excluded from FFO (b) | 8,501 | 710 | 13,909 | 4,542 | ||||
Funds From Operations ("FFO") (NAREIT) (c) | $ 104,389 | $ 95,905 | $ 403,823 | $ 360,133 | ||||
Amortization of Equity Based Compensation | 2,004 | 3,522 | 20,297 | 20,085 | ||||
Amortization of Debt Discounts and Hedge Costs | 263 | 105 | 816 | 417 | ||||
Amortization of Debt Issuance Costs | 1,349 | 911 | 5,033 | 3,646 | ||||
Depreciation of Corporate FF&E | 157 | 177 | 634 | 732 | ||||
Non-incremental Building Improvements | (8,813) | (8,506) | (22,042) | (19,833) | ||||
Non-incremental Leasing Costs | (15,060) | (9,085) | (34,640) | (32,228) | ||||
Capitalized Interest | (3,411) | (1,956) | (12,785) | (8,283) | ||||
Capitalized Overhead | (1,520) | (1,386) | (8,012) | (7,547) | ||||
Straight-Line Rent, Amortization of Above (Below) Market Leases and Lease Inducements | (5,742) | (9,034) | (19,654) | (22,628) | ||||
Adjusted Funds From Operations ("AFFO") (c) | $ 73,616 | $ 70,653 | $ 333,470 | $ 294,494 | ||||
RECONCILIATION OF NET INCOME AVAILABLE TO FIRST INDUSTRIAL REALTY TRUST, INC.'S COMMON STOCKHOLDERS AND PARTICIPATING SECURITIES TO | Three Months Ended | Twelve Months Ended | ||||||
December 31, | December 31, | December 31, | December 31, | |||||
2025 | 2024 | 2025 | 2024 | |||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ 78,849 | $ 68,421 | $ 247,443 | $ 287,554 | ||||
Interest Expense | 21,964 | 20,114 | 84,886 | 82,973 | ||||
Depreciation and Other Amortization of Real Estate | 48,450 | 43,380 | 184,682 | 171,207 | ||||
Depreciation and Other Amortization of Real Estate in the Joint Venture (a) | 432 | 1,050 | 2,614 | 2,758 | ||||
Income Tax Provision - Allocable to FFO (b) | 610 | 459 | 1,373 | 1,533 | ||||
Net Income Attributable to the Noncontrolling Interests | 8,103 | 2,020 | 16,636 | 8,434 | ||||
Equity in FFO from Joint Venture Attributable to the Noncontrolling Interest (a) | (103) | (93) | (372) | (636) | ||||
Amortization of Debt Issuance Costs | 1,349 | 911 | 5,033 | 3,646 | ||||
Depreciation of Corporate FF&E | 157 | 177 | 634 | 732 | ||||
Gain on Sale of Real Estate | (9,402) | (18,169) | (26,905) | (111,970) | ||||
Gain on Sale of Real Estate from Joint Venture (a) | (30,441) | (1,414) | (34,184) | (1,756) | ||||
Income Tax Provision - Excluded from FFO (b) | 8,501 | 710 | 13,909 | 4,542 | ||||
Adjusted EBITDA (c) | $ 128,469 | $ 117,566 | $ 495,749 | $ 449,017 | ||||
General and Administrative | 9,062 | 10,303 | 41,945 | 40,935 | ||||
Equity in FFO from Joint Venture, Net of Noncontrolling Interest (a) | (757) | (677) | (2,727) | (4,661) | ||||
Net Operating Income ("NOI") (c) | $ 136,774 | $ 127,192 | $ 534,967 | $ 485,291 | ||||
Non-Same Store NOI | (11,685) | (4,999) | (36,462) | (17,218) | ||||
Same Store NOI Before Same Store Adjustments (c) | $ 125,089 | $ 122,193 | $ 498,505 | $ 468,073 | ||||
Straight-line Rent | (1,413) | (2,867) | (8,080) | (9,102) | ||||
Above (Below) Market Lease Amortization | (512) | (686) | (2,117) | (3,038) | ||||
Lease Termination Fees | (531) | (418) | (685) | (589) | ||||
Same Store NOI (Cash Basis without Termination Fees) (c) | $ 122,633 | $ 118,222 | $ 487,623 | $ 455,344 | ||||
Weighted Avg. Number of Shares/Units Outstanding - Basic | 135,481 | 135,105 | 135,466 | 135,092 | ||||
Weighted Avg. Number of Shares Outstanding - Basic | 132,487 | 132,377 | 132,446 | 132,369 | ||||
Weighted Avg. Number of Shares/Units Outstanding - Diluted | 136,232 | 135,531 | 136,038 | 135,426 | ||||
Weighted Avg. Number of Shares Outstanding - Diluted | 132,580 | 132,436 | 132,514 | 132,416 | ||||
Per Share/Unit Data: | ||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ 78,849 | $ 68,421 | $ 247,443 | $ 287,554 | ||||
Less: Allocation to Participating Securities | (41) | (49) | (146) | (211) | ||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ 78,808 | $ 68,372 | $ 247,297 | $ 287,343 | ||||
Basic and Diluted Per Share | $ 0.59 | $ 0.52 | $ 1.87 | $ 2.17 | ||||
FFO (NAREIT) (c) | $ 104,389 | $ 95,905 | $ 403,823 | $ 360,133 | ||||
Less: Allocation to Participating Securities | (146) | (185) | (581) | (700) | ||||
FFO (NAREIT) Allocable to Common Stockholders and Unitholders | $ 104,243 | $ 95,720 | $ 403,242 | $ 359,433 | ||||
Basic Per Share/Unit | $ 0.77 | $ 0.71 | $ 2.98 | $ 2.66 | ||||
Diluted Per Share/Unit | $ 0.77 | $ 0.71 | $ 2.96 | $ 2.65 | ||||
Common Dividends/Distributions Per Share/Unit | $ 0.445 | $ 0.370 | $ 1.780 | $ 1.480 | ||||
Balance Sheet Data (end of period): | December 31, 2025 | December 31, 2024 | ||
Gross Real Estate Investment | $ 6,367,678 | $ 5,846,392 | ||
Total Assets | 5,688,081 | 5,261,426 | ||
Debt | 2,553,396 | 2,209,303 | ||
Total Liabilities | 2,929,151 | 2,515,398 | ||
Total Equity | 2,758,930 | 2,746,028 |
Three Months Ended | Twelve Months Ended | ||||||||
December 31, | December 31, | December 31, | December 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||||
(a) | Equity in Income of Joint Venture | ||||||||
Equity in Income of Joint Venture per GAAP Statements of Operations | $ 30,869 | $ 1,134 | $ 34,669 | $ 4,295 | |||||
Gain on Sale of Real Estate from Joint Venture | (30,441) | (1,414) | (34,184) | (1,756) | |||||
Depreciation and Other Amortization of Real Estate in the Joint Venture | 432 | 1,050 | 2,614 | 2,758 | |||||
Equity in FFO from Joint Venture Attributable to the Noncontrolling Interest | (103) | (93) | (372) | (636) | |||||
Equity in FFO from Joint Venture, Net of Noncontrolling Interest | $ 757 | $ 677 | $ 2,727 | $ 4,661 | |||||
(b) | Income Tax Provision | ||||||||
Income Tax Provision per GAAP Statements of Operations | $ (9,111) | $ (1,169) | $ (15,282) | $ (6,075) | |||||
Income Tax Provision - Excluded from FFO | 8,501 | 710 | 13,909 | 4,542 | |||||
Income Tax Provision - Allocable to FFO | $ (610) | $ (459) | $ (1,373) | $ (1,533) | |||||
(c) Investors and analysts in the real estate industry commonly use funds from operations ("FFO"), net operating income ("NOI"), adjusted EBITDA and adjusted funds from operations ("AFFO") as supplemental performance measures. While we consider net income, as defined by GAAP, the most appropriate measure of our financial performance, we acknowledge the relevance and widespread use of these supplemental performance measures for evaluating performance and financial position in the real estate industry. FFO principally adjusts for the effects of GAAP depreciation and amortization of real estate assets to account for the inherent assumption that real estate asset values rise or fall with market conditions. 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. Adjusted EBITDA further evaluates the ability to incur and service debt, fund dividends and meet other cash obligations. AFFO provides a tool to further evaluate the ability to fund dividends, adjusting for additional factors such as straight-line rent and certain capital expenditures.
These supplemental performance measures are commonly used in various financial analyses including ratio calculations, pricing multiples/yields and returns and valuation metrics used to measure financial position, performance and value. We calculate our supplemental measures as follows:
FFO is calculated as net income available to common stockholders, unitholders 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, adjusted for any associated income tax provisions or benefits. Similar adjustments are made for our share of net income from an unconsolidated joint venture. This calculation methodology is in accordance with the NAREIT definition of FFO.
NOI is calculated as total property revenues minus property expenses such as real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses.
Adjusted EBITDA is calculated as NOI plus equity in FFO from our investment in joint venture (net of noncontrolling interest) and minus general and administrative expenses.
AFFO is calculated as adjusted EBITDA minus interest expense, capitalized interest and overhead, plus amortization of debt discounts and hedge costs, minus straight-line rent, amortization of above (below) market leases, lease inducements and provision for income taxes allocable to FFO or plus income tax benefit allocable to FFO, plus amortization of equity based compensation and minus non-incremental capital expenditures. Non-incremental capital expenditures refer to building improvements and leasing costs required to maintain current revenues plus tenant improvements amortized back to the tenant over the lease term. Excluded are first generation leasing costs, capital expenditures underwritten at acquisition and development/redevelopment costs.
FFO, NOI, adjusted EBITDA and AFFO do not represent cash generated from operating activities in accordance with GAAP and are not necessarily indicative of cash available for debt repayment or dividend payments. They should not be considered substitutes of GAAP measures such as net income, cash flows or liquidity measures. Furthermore, the methodologies used to calculate these measures may vary across real estate companies, limiting comparability.
We consider cash basis same store NOI ("SS NOI") to be a useful supplemental measure of our operating performance. We believe SS NOI enhances the comparability of a company's real estate portfolio to that of other real estate companies. Same store properties are properties that were owned and placed in service prior to January 1, 2024 and held as an in service property through the end of the current reporting period including certain income-producing land parcels, and developments and redevelopments that were placed in service prior to January 1, 2024 (the "Same Store Pool"). Properties acquired with occupancy of at least
We define SS NOI as NOI, less NOI from properties not in the Same Store Pool, and further adjusted to exclude the impact of straight-line rent, the amortization of above (below) market rent and the impact of lease termination fees. These items are excluded because we believe excluding them provides a more meaningful reflection of cash-basis rental growth and allows for a more consistent year-over-year analysis of property-level performance. SS NOI does not reflect general and administrative expense, interest expense, depreciation and amortization, income tax benefit and expense, gains and losses on the sale of real estate, equity in income or loss from joint venture, joint venture fees, joint venture development services expense, capital expenditures and leasing costs. SS NOI should not be considered an alternative to net income or cash flows from operations as defined by GAAP, nor should it be used as a substitute in evaluating our liquidity or overall operating performance. Additionally, our method for calculating SS NOI may differ from those used by other real estate companies, limiting comparability.
Same store revenues for the twelve months ended December 31, 2024 exclude
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SOURCE First Industrial Realty Trust, Inc.
FAQ
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