First Industrial Realty Trust Reports Third Quarter 2026 Results

Cash same-store income growth guidance increased, while quarterly earnings and adjusted funds from operations declined year over year.

Rhea-AI Summary

First Industrial Realty Trust (NYSE: FR) reported third-quarter 2026 diluted earnings of $0.44 per share, down from a year earlier. Diluted funds from operations (FFO), a supplemental real estate earnings measure, rose to $0.81 per share/unit from $0.76, while EPS fell from $0.49. Revenue increased to $197.115 million from $181.430 million.

Cash rents on commenced new and renewal leases increased 52%, and cash same-store net operating income before termination fees grew 5.6%. Occupancy was 94.1%, versus 94.9% in June and 94.0% a year earlier. The company acquired a fully leased Pennsylvania building for $120 million and Dallas land for $13 million. First Industrial raised its 2026 FFO guidance midpoint by $0.01, with NAREIT FFO projected at $3.11–$3.15 per share/unit. Full-year cash same-store income growth guidance rose 75 basis points at the midpoint to 6.25%–6.75%, assuming additional December development leasing.

22 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 15 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue increased to $197.115 million from $181.430 million a year earlier.
• Moderate pointThird-quarter diluted FFO rose to $0.81 per share/unit from $0.76 a year earlier.
• Moderate pointCash rents on third-quarter commenced new and renewal leases increased 52%; straight-line rents increased 76%.
• Moderate pointThird-quarter cash same-store net operating income before termination fees increased 5.6%.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Signed leases commencing in 2026 achieved approximately 38% cash rent increases, covering 94% of 2026 expirations by area.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Signed leases commencing in 2027 achieved approximately 16% cash rent increases, covering 45% of 2027 expirations by area.
• Moderate pointCentral Pennsylvania acquisition added a fully leased 764,000-square-foot building for $120 million. 1.5% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 FFO guidance midpoint increased $0.01; projected NAREIT FFO is $3.11–$3.15 per share/unit.
• Moderate pointThird-quarter net operating income rose to $146.739 million from $135.055 million a year earlier.
• Moderate pointThird-quarter adjusted EBITDA, earnings before interest, taxes, depreciation and amortization, rose to $138.173 million from $127.234 million.
• Moderate pointNine-month diluted EPS increased to $2.10 from $1.27 a year earlier.
• Moderate pointQuarterly common dividends/distributions increased to $0.500 per share/unit from $0.445 a year earlier.

10 minor points

• Minor pointFirst Park Miami Building 12 leased its remaining 32,000 square feet, commencing in the third quarter.
• Minor pointDallas land acquisition cost $13 million for 32 acres developable into a two-building, 390,000-square-foot project.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 cash same-store income growth guidance increased 75 basis points at the midpoint to 6.25%–6.75%.
• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year quarter-end average occupancy guidance is 94.5%–95.0%, up 25 basis points at the midpoint.
• Minor pointNine-month revenue increased to $586.882 million from $538.667 million a year earlier.
• Minor pointNine-month diluted FFO increased to $2.31 per share/unit from $2.20 a year earlier.
• Minor pointNine-month adjusted funds from operations increased to $261.249 million from $259.854 million a year earlier.
• Minor pointNine-month cash same-store income before termination fees increased to $403.045 million from $376.748 million.
• Minor pointNine-month net operating income increased to $434.882 million from $398.193 million a year earlier.
• Minor pointNine-month adjusted EBITDA increased to $394.591 million from $367.280 million a year earlier.

Negative

• Moderate pointThird-quarter interest expense increased to $24.787 million from $21.731 million a year earlier.
• Moderate pointThird-quarter property expenses increased to $50.372 million from $46.185 million a year earlier.
• Moderate pointNine-month general and administrative expense increased to $40.431 million from $32.883 million a year earlier.
• Moderate pointThird-quarter non-incremental leasing costs increased to $15.264 million from $6.401 million a year earlier.
• Moderate pointNine-month non-incremental building improvements increased to $17.655 million from $13.229 million a year earlier.

10 minor points

• Minor pointThird-quarter diluted EPS declined to $0.44 from $0.49 a year earlier.
• Minor pointThird-quarter adjusted funds from operations declined to $84.801 million from $86.612 million a year earlier.
• Minor pointQuarter-end occupancy was 94.1%, down from June's 94.9%, but above 94.0% a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 guidance assumes 650,000 square feet of additional development leasing in December.
• Minor pointDebt increased to $2,641.235 million at September 30, 2026, from $2,553.396 million at December 31, 2025.
• Minor pointNine-month interest expense increased to $73.074 million from $62.922 million a year earlier.
• Minor pointNine-month property expenses increased to $151.947 million from $139.950 million a year earlier.
• Minor pointThird-quarter general and administrative expense increased to $8.607 million from $8.552 million a year earlier.
• Minor pointNine-month non-incremental leasing costs increased to $32.891 million from $19.580 million a year earlier.
• Minor pointThird-quarter non-incremental building improvements increased to $5.845 million from $5.641 million a year earlier.

Key Figures

Diluted EPS: $0.44 vs. $0.49 Diluted FFO: $0.81 vs. $0.76 per share/unit Cash rental rate increase: 52% +4 more

Diluted EPS

$0.44 vs. $0.49

3Q26 vs. 3Q25

Diluted FFO

$0.81 vs. $0.76 per share/unit

3Q26 vs. 3Q25

Cash rental rate increase

52%

Commenced new and renewal leases in 3Q26

Cash same-store NOI growth

5.6%

3Q26, before termination fees

2026 NAREIT FFO guidance

$3.11–$3.15 per share/unit

2026 range; midpoint increased by $0.01

2026 cash same-store NOI growth guidance

6.25%–6.75%

Full-year guidance; midpoint increased 75 basis points to 6.5%

Central Pennsylvania acquisition

764,000 SF; $120 million

Fully leased building acquired in 3Q26

Previous Earnings Reports

3 past events · Latest: Jul 22

Same Type 3 events

1. Jul 22

   Quarterly earnings

   24h Move

   -2.0%

   Raised 2026 FFO guidance midpoint $0.02; cash rent rates rose 39% and cash same-store NOI grew 6.7%.

2. Apr 22

   Quarterly earnings

   24h Move

   -0.8%

   Cash same-store NOI grew 8.7%, cash rental rates rose 32%, and diluted EPS was $1.08.

3. Oct 15

   Quarterly earnings

   24h Move

   +1.4%

   Diluted FFO was $0.76; the company raised 2025 FFO guidance midpoint by $0.04.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

funds from operations, net operating income, adjusted funds from operations

3 terms

funds from operations financial

"third quarter funds from operations (FFO) was $0.81 per share/unit"

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

View in glossary

net operating income financial

"cash basis same store net operating income before termination fees"

Net operating income is the profit a business makes from its core operations after subtracting the costs directly related to running those operations, but before accounting for taxes, interest, or other expenses. It shows how efficiently a company is generating income from its main activities. Investors use this figure to assess the company's operational performance and profitability.

adjusted funds from operations financial

"Adjusted Funds From Operations ("AFFO")"

Adjusted funds from operations is a financial measure that shows how much cash a real estate company generates from its property operations, excluding certain non-recurring items and accounting adjustments. It helps investors understand the company’s true cash flow ability to pay dividends or fund growth. This figure offers a clearer picture of ongoing financial performance by removing irregular or one-time factors that can distort regular income.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

• Cash Rental Rates on New and Renewal Leasing Increased 52% in 3Q26
• Cash Same Store NOI Growth of 5.6% in 3Q26
• Acquired 100% Leased 764,000 SF Building in Central Pennsylvania for $120 Million in 3Q26
• Signed Remaining 32,000 SF at First Park Miami Building 12 in South Florida in 3Q26
• 2026 FFO Guidance Increased $0.01 at the Midpoint
• 2026 Cash Same Store NOI Growth Guidance Increased 75 Basis Points at the Midpoint to 6.5%

CHICAGO, Oct. 21, 2026 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, today announced results for the third quarter of 2026. First Industrial's diluted net income available to common stockholders per share (EPS) was $0.44 in the third quarter, compared to $0.49 a year ago and third quarter funds from operations (FFO) was $0.81 per share/unit on a diluted basis, compared to $0.76 per share/unit a year ago.

"Industrial real estate market fundamentals continued to improve in the third quarter, with strong net absorption reflecting the breadth of tenant demand in the marketplace," said Peter E. Baccile, First Industrial's president and chief executive officer. "We experienced a strong pace of early renewals from our tenants for our 2027 expirations and we are excited about our levels of overall prospect activity."

Portfolio Performance

• In service occupancy was 94.1% at the end of the third quarter of 2026, compared to 94.9% at the end of the second quarter of 2026, and 94.0% at the end of the third quarter of 2025.
• In the third quarter, cash rental rates on commenced new and renewal leases increased 52% and increased 76% on a straight-line basis.
• The Company has achieved a cash rental rate increase of approximately 38% on leases signed to date commencing in 2026 reflecting 94% of 2026 expirations by square footage.
• The Company has achieved a cash rental rate increase of approximately 16% on leases signed to date commencing in 2027 reflecting 45% of 2027 expirations by square footage.
• In the third quarter, cash basis same store net operating income before termination fees ("SS NOI") increased 5.6%, primarily reflecting increases in rental rates on new and renewal leasing and contractual rent escalations, partially offset by lower average occupancy.

Development Leasing Highlights

During the third quarter, the Company:

• Leased the remaining 32,000 square feet of its 136,000 square-foot First Park Miami Building 12 in South Florida; commenced in the third quarter.

Investment Highlights

During the third quarter, the Company:

• Acquired a fully leased 764,000 square-foot building in Central Pennsylvania for $120 million.
• Acquired a 32-acre land site in Dallas for $13 million for a two-building project developable to 390,000 square feet.

Outlook for 2026

"We increased our guidance by $0.01 at the midpoint based on our third quarter performance and outlook. As always, our team is laser-focused on leasing and serving our current and new customers to drive future cash flow growth," said Mr. Baccile.

		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		$            2.51		$            2.55
Add:  Depreciation and Other Amortization of Real Estate		1.50		1.50
Less:  Gain on Sale of Real Estate, Net of Allocable Income Tax Provision, Through October 21, 2026		(0.90)		(0.90)
NAREIT Funds From Operations		$            3.11		$            3.15
Add:  Advisory Costs Related to a Contested Proxy Campaign		0.04		0.04
FFO Before Advisory Costs Related to a Contested Proxy Campaign		$            3.15		$            3.19

The following assumptions were used for guidance:

• In service occupancy at year-end fourth quarter of 94.5% to 96.5%. This implies a full-year quarter-end average in service occupancy of 94.5% to 95.0%, an increase of 25 basis points at the midpoint. The guidance assumes 650,000 square feet of additional development leasing in December 2026.
• Fourth quarter SS NOI growth on a cash basis before termination fees of 4.0% to 6.0%. This implies SS NOI growth for the full year 2026 of 6.25% to 6.75%, an increase of 75 basis points at the midpoint.
• Includes the incremental costs expected in 2026 related to the Company's completed and under construction developments as of September 30, 2026. In total, the Company expects to capitalize $0.08 per share of interest in 2026.
• General and administrative expense of $42.0 million to $43.0 million. This range excludes $5.6 million of costs related to a contested proxy campaign recognized in the first quarter.
• Guidance does not include the impact of any future investments, property sales, debt repurchases prior to maturity, debt issuances, equity issuances, or stock repurchases post the date of this press release.

Conference Call

First Industrial will host its quarterly conference call on Thursday, October 22, 2026 at 10:00 a.m. CDT (11:00 a.m. EDT). 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 third quarter 2026 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 U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. In total, we own and have under development approximately 72.9 million square feet of industrial space concentrated in 15 target MSAs as of September 30, 2026. For more information, please visit us at www.firstindustrial.com. 

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 the United States; changes in legislation/regulation (including laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; our ability to qualify and maintain our status as a real estate investment trust; the availability, cost and attractiveness of financing (including both public and private capital), increases in or prolonged periods of elevated interest rates, and our ability to raise equity capital on attractive terms; the availability and attractiveness of terms of debt repurchases; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; changes in the competitive environment in which we operate, including changes in supply, demand and valuation of industrial properties and land in our current and potential markets; our ability to identify, acquire, develop and/or manage properties on favorable terms; our ability to dispose of properties on favorable terms; our ability to successfully integrate acquired properties; potential liability relating to environmental matters; defaults on or non-renewal of leases by our tenants; decreases in rental rates or increases in vacancy rates; higher-than-expected real estate construction costs and delays in development or lease-up timelines; uncertainty and economic impacts of pandemics, epidemics or other public health emergencies or fear of such events; risks associated with cybersecurity breaches, cyberattacks, intrusions or other significant disruptions of our information technology networks or systems; potential natural disasters and other catastrophic events, including acts of war or terrorism; insufficient or unavailable insurance coverage; technological developments, particularly those affecting supply chains and logistics; litigation risks, including costs associated with prosecuting or defending claims and potential adverse outcomes; risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and other risks and uncertainties described in Item A, "Risk Factors" and elsewhere in our annual report, on Form 10-K for the year ended December 31, 2025, as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and  public filings with the Securities and Exchange Commission (the "SEC"). We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this press release or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements except as may be required by law. For further information on these and other factors that could impact us and the statements contained herein, reference should be made to our filings with the SEC.

A schedule of selected financial information is attached.

FIRST INDUSTRIAL REALTY TRUST, INC.
Selected Financial Data
(Unaudited)
(In thousands except per share/Unit data)
		Three Months Ended				Nine Months Ended
		September 30,		September 30,		September 30,		September 30,
		2026		2025		2026		2025
Statements of Operations and Other Data:
Total Revenues		$   197,115		$   181,430		$   586,882		$   538,667
Property Expenses		(50,372)		(46,185)		(151,947)		(139,950)
General and Administrative (a)		(8,607)		(8,552)		(40,431)		(32,883)
Joint Venture Development Services Expense		(4)		(190)		(53)		(524)
Depreciation of Corporate FF&E		(141)		(147)		(448)		(477)
Depreciation and Other Amortization of Real Estate		(50,855)		(45,601)		(150,843)		(136,232)
Total Expenses		(109,979)		(100,675)		(343,722)		(310,066)
Gain on Sale of Real Estate		—		9,538		125,623		17,503
Interest Expense		(24,787)		(21,731)		(73,074)		(62,922)
Amortization of Debt Issuance Costs		(1,571)		(1,393)		(4,673)		(3,684)
Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision		$    60,778		$    67,169		$  291,036		$  179,498
Equity in Income of Joint Venture		54		387		244		3,800
Income Tax Provision		(309)		(192)		(3,145)		(6,171)
Net Income		$    60,523		$    67,364		$  288,135		$  177,127
Net Income Attributable to the Noncontrolling Interests		(1,973)		(2,058)		(9,388)		(8,533)
Net Income Available to First Industrial Realty Trust, Inc.'s       Common Stockholders and Participating Securities		$    58,550		$    65,306		$  278,747		$  168,594
RECONCILIATION OF NET INCOME AVAILABLE TO FIRST INDUSTRIAL REALTY TRUST, INC.'S COMMON STOCKHOLDERS AND PARTICIPATING SECURITIES TO FFO (d) AND AFFO (d)
Net Income Available to First Industrial Realty Trust, Inc.'s        Common Stockholders and Participating Securities		$    58,550		$    65,306		$  278,747		$  168,594
Depreciation and Other Amortization of Real Estate		50,855		45,601		150,843		136,232
Depreciation and Other Amortization of Real Estate in the      Joint Venture (b)		—		607		—		2,182
Net Income Attributable to the Noncontrolling Interests		1,973		2,058		9,388		8,533
Gain on Sale of Real Estate		—		(9,538)		(125,623)		(17,503)
Gain on Sale of Real Estate from Joint Venture (b)		(7)		(163)		(85)		(3,743)
Equity in FFO from Joint Venture Attributable to the     Noncontrolling Interest (b)		(6)		(100)		(19)		(269)
Income Tax (Benefit) Provision - Excluded from FFO (c)		—		(257)		2,300		5,408
Funds From Operations ("FFO") (NAREIT)  (d)		$  111,365		$  103,514		$  315,551		$  299,434
Amortization of Equity Based Compensation		2,543		2,020		20,209		18,293
Amortization of Debt Discounts and Hedge Costs		262		262		787		553
Amortization of Debt Issuance Costs		1,571		1,393		4,673		3,684
Depreciation of Corporate FF&E		141		147		448		477
Non-incremental Building Improvements		(5,845)		(5,641)		(17,655)		(13,229)
Non-incremental Leasing Costs		(15,264)		(6,401)		(32,891)		(19,580)
Capitalized Interest		(2,537)		(3,489)		(8,653)		(9,374)
Capitalized Overhead		(1,554)		(1,589)		(6,178)		(6,492)
Straight-Line Rent, Amortization of Above (Below) Market          Leases and Lease Inducements		(5,881)		(3,604)		(15,042)		(13,912)
Adjusted Funds From Operations ("AFFO") (d)		$    84,801		$    86,612		$  261,249		$  259,854

 

RECONCILIATION OF NET INCOME AVAILABLE TO FIRST INDUSTRIAL REALTY TRUST, INC.'S COMMON STOCKHOLDERS AND PARTICIPATING SECURITIES TO ADJUSTED EBITDA (d) AND NOI (d)
		Three Months Ended				Nine Months Ended
		September 30,		September 30,		September 30,		September 30,
		2026		2025		2026		2025
Net Income Available to First Industrial Realty Trust, Inc.'s          Common Stockholders and Participating Securities		$    58,550		$    65,306		$  278,747		$  168,594
Interest Expense		24,787		21,731		73,074		62,922
Depreciation and Other Amortization of Real Estate		50,855		45,601		150,843		136,232
Depreciation and Other Amortization of Real Estate in the      Joint Venture (b)		—		607		—		2,182
Income Tax Provision - Allocable to FFO (c)		309		449		845		763
Net Income Attributable to the Noncontrolling Interests		1,973		2,058		9,388		8,533
Equity in FFO from Joint Venture Attributable to the     Noncontrolling Interest (b)		(6)		(100)		(19)		(269)
Amortization of Debt Issuance Costs		1,571		1,393		4,673		3,684
Depreciation of Corporate FF&E		141		147		448		477
Gain on Sale of Real Estate		—		(9,538)		(125,623)		(17,503)
Gain on Sale of Real Estate from Joint Venture (b)		(7)		(163)		(85)		(3,743)
Income Tax (Benefit) Provision - Excluded from FFO (c)		—		(257)		2,300		5,408
Adjusted EBITDA (d)		$  138,173		$  127,234		$  394,591		$  367,280
General and Administrative (a)		8,607		8,552		40,431		32,883
Equity in FFO from Joint Venture, Net of Noncontrolling      Interest (b)		(41)		(731)		(140)		(1,970)
Net Operating Income ("NOI") (d)		$  146,739		$  135,055		$  434,882		$  398,193
Non-Same Store NOI		(8,362)		(3,767)		(25,022)		(7,513)
Same Store NOI Before Same Store Adjustments (d)		$  138,377		$  131,288		$  409,860		$  390,680
Straight-line Rent		(2,953)		(2,854)		(5,470)		(12,311)
Above (Below) Market Lease Amortization		(186)		(473)		(966)		(1,467)
Lease Termination Fees		(213)		(44)		(379)		(154)
Same Store NOI (Cash Basis without Termination Fees) (d)		$  135,025		$  127,917		$  403,045		$  376,748
Weighted Avg. Number of Shares/Units Outstanding - Basic		135,943		135,479		135,931		135,461
Weighted Avg. Number of Shares Outstanding - Basic		132,612		132,450		132,597		132,432
Weighted Avg. Number of Shares/Units Outstanding - Diluted		136,554		135,920		136,507		135,973
Weighted Avg. Number of Shares Outstanding - Diluted		132,686		132,504		132,665		132,492
Per Share/Unit Data:
Net Income Available to First Industrial Realty Trust, Inc.'s      Common Stockholders and Participating Securities		$    58,550		$    65,306		$   278,747		$   168,594
Less: Allocation to Participating Securities		(33)		(37)		(134)		(108)
Net Income Available to First Industrial Realty Trust, Inc.'s      Common Stockholders		$    58,517		$    65,269		$   278,613		$   168,486
Basic and Diluted Per Share (a)		$       0.44		$       0.49		$       2.10		$       1.27
FFO (NAREIT) (d)		$   111,365		$   103,514		$   315,551		$   299,434
Less: Allocation to Participating Securities		(160)		(149)		(438)		(435)
FFO (NAREIT) Allocable to Common Stockholders and Unitholders		$   111,205		$   103,365		$   315,113		$   298,999
Basic Per Share/Unit (a)		$       0.82		$       0.76		$       2.32		$       2.21
Diluted Per Share/Unit (a)		$       0.81		$       0.76		$       2.31		$       2.20
Common Dividends/Distributions Per Share/Unit		$     0.500		$     0.445		$     1.500		$     1.335

 

Balance Sheet Data (end of period):		September 30, 2026		December 31, 2025
Gross Real Estate Investment		$                 6,636,831		$                 6,367,678
Total Assets		5,872,304		5,688,081
Debt		2,641,235		2,553,396
Total Liabilities		3,002,086		2,929,151
Total Equity		2,870,218		2,758,930

(a) Includes $5,570 of advisory costs related to a contested proxy campaign recognized in the first quarter of 2026. Excluding these costs, basic and diluted EPS would have been $2.14 and basic and diluted FFO per share/unit would have been $2.36 and $2.35, respectively, for the nine months ended September 30, 2026.

			Three Months Ended				Nine Months Ended
			September 30,		September 30,		September 30,		September 30,
			2026		2025		2026		2025
(b)	Equity in Income of Joint Venture
	Equity in Income of Joint Venture per GAAP Statements of Operations		$         54		$        387		$        244		$     3,800
	Gain on Sale of Real Estate from Joint Venture		(7)		(163)		(85)		(3,743)
	Depreciation and Other Amortization of Real Estate in the      Joint Venture		—		607		—		2,182
	Equity in FFO from Joint Venture Attributable to the     Noncontrolling Interest		(6)		(100)		(19)		(269)
	Equity in FFO from Joint Venture, Net of Noncontrolling      Interest		$         41		$        731		$        140		$     1,970
(c)	Income Tax Provision
	Income Tax Provision per GAAP Statements of  Operations		$      (309)		$      (192)		$    (3,145)		$    (6,171)
	Income Tax (Benefit) Provision - Excluded from FFO		—		(257)		2,300		5,408
	Income Tax Provision - Allocable to FFO		$      (309)		$      (449)		$      (845)		$      (763)

(d) 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, 2025 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, 2025 (the "Same Store Pool"). Properties acquired with occupancy of at least 75% at acquisition are placed in service, unless we anticipate tenant move-outs within two years of ownership would reduce occupancy below 75%, in which case such properties are placed in service upon the earlier of reaching 90% occupancy or twelve months after tenant move out. Properties acquired with less than 75% occupancy are placed in service upon the earlier of reaching 90% occupancy or one year following acquisition. Developments, redevelopments and acquired income-producing land parcels for which our ultimate intent is to redevelop or develop are placed in service upon the earlier of reaching 90% occupancy or one year after construction completion.

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 the methods used by other real estate companies, limiting comparability.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/first-industrial-realty-trust-reports-third-quarter-2026-results-302915998.html

SOURCE First Industrial Realty Trust, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were First Industrial Realty Trust's third-quarter 2026 earnings and FFO?

First Industrial reported diluted EPS of $0.44, compared with $0.49 a year earlier, and diluted FFO of $0.81 per share/unit, compared with $0.76. FFO is a supplemental real estate performance measure that adjusts net income for real estate depreciation and certain other items.

What is First Industrial Realty Trust's 2026 earnings guidance?

First Industrial projects 2026 NAREIT FFO of $3.11–$3.15 per share/unit and net income available to common stockholders and unitholders of $2.51–$2.55 per share/unit. FFO before advisory costs related to a contested proxy campaign is projected at $3.15–$3.19 per share/unit.

What occupancy and expense assumptions support First Industrial's 2026 guidance?

First Industrial assumes fourth-quarter year-end occupancy of 94.5%–96.5% and general and administrative expense of $42.0 million–$43.0 million. The expense range excludes $5.6 million of first-quarter proxy campaign costs. The company expects to capitalize $0.08 per share of interest in 2026.

What fourth-quarter same-store income growth does First Industrial expect in 2026?

First Industrial expects fourth-quarter cash same-store net operating income growth before termination fees of 4.0%–6.0%. Its full-year 2026 guidance for the same measure is 6.25%–6.75%.

Does First Industrial's 2026 guidance include future transactions?

The guidance excludes the impact of future investments and property sales, debt repurchases before maturity, debt issuances, equity issuances and stock repurchases after October 21, 2026.