UPDATE 1-First Industrial third quarter FFO rises

NEW YORK, Oct 24 (Reuters) - First Industrial Realty Trust Inc FR.N said on Wednesday that quarterly funds from operations rose, helped by increases at its joint ventures.

The company which owns, operates and develops distribution centers, light industrial and manufacturing properties in the United States, Canada The Netherlands and Belgium, reported third-quarter FFO of $57.2 million, or $1.13 per share, up from $51.0 million, or $1.00 per share, a year ago.

The average forecast of analysts polled by Reuters Estimates was $1.12 per share.

FFO removes the profit-reducing effect that depreciation -- a noncash accounting item -- has on earnings.

The company posted net income of $29.3 million, or 66 cents per share available to common shareholders, compared with $23.9 million, or 54 cents per share, in the third quarter of 2006.

For 2007, the company, based in Chicago, sees FFO of $4.50 to $4.60 per share and $4.80 to $5.00 per share for 2008.

Analyst see the company posting 2007 FFO of $4.47 and 2008 FFO of $4.74 per share. (Reporting by Ilaina Jonas and Martinne Geller)