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First Industrial Realty Trust (NYSE: FR) lifts 2026 FFO outlook after Q2 profit rise

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

First Industrial Realty Trust, Inc. reported strong results for the quarter ended June 30, 2026. Diluted net income available to common stockholders per share was $0.58, up from $0.42 a year earlier. Diluted funds from operations (FFO) were $0.82 per share/unit versus $0.76, on total revenues of $194,940 thousand compared with $180,163 thousand. Net income available to common stockholders and participating securities rose to $77,096 thousand from $55,185 thousand.

In‑service occupancy was 94.9% at June 30, 2026. Cash rental rates on commenced new and renewal leases increased 39% in the quarter, and cash basis same store NOI grew 6.7%. Leases signed to date that commence in 2026 show a 39% cash rental rate increase and cover 80% of 2026 expirations by square footage.

The company commenced development of a 613,000 square‑foot Philadelphia facility with an estimated investment of $77 million, acquired a 161,000 square‑foot Dallas building for $26 million, purchased a 58‑acre Baltimore land site for $39 million, sold a 100‑acre Phoenix land parcel for $131 million, and sold four Detroit buildings for $29 million. For 2026, NAREIT FFO guidance is $3.08–$3.16 per share/unit, and FFO before advisory costs related to a contested proxy campaign is $3.12–$3.20, reflecting a $0.02 increase at the midpoint.

Positive

  • Diluted EPS increased to $0.58 in Q2 2026 from $0.42 a year earlier, while diluted FFO per share/unit rose to $0.82 from $0.76, alongside higher revenues.
  • 2026 NAREIT FFO guidance was raised, with a new range of $3.08–$3.16 per share/unit and FFO before proxy advisory costs of $3.12–$3.20, a $0.02 midpoint increase.

Negative

  • None.

Filing Explained

This filing changes reported information, not ownership: 2026 FFO guidance remains conditional and excludes future financing, equity issuance, and repurchases.

The July 22, 2026 Form 8-K furnishes Second Quarter 2026 results under Item 2.02. Its disclosed effect is to update operating results and the outlook, not to change the company’s share count or existing common holders’ ownership.

The 2026 FFO guidance range of $3.08–$3.16 per share/unit is a forecast, and the release says it excludes any future investments, property sales, debt repurchases, debt issuances, equity issuances, or stock repurchases after July 22.

The company defines FFO as a supplemental measure that adjusts net income for real-estate depreciation and other items; it says FFO is not GAAP operating cash flow and is not necessarily cash available for debt repayment or dividends.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Total Revenues Q2 2026 $194,940 thousand Three months ended June 30, 2026, vs $180,163 thousand in 2025
Diluted EPS Q2 2026 $0.58 Net income per diluted share vs $0.42 in Q2 2025
Diluted FFO per share/unit Q2 2026 $0.82 NAREIT FFO per share/unit diluted vs $0.76 in Q2 2025
AFFO Q2 2026 $85,876 thousand Adjusted funds from operations vs $84,160 thousand in Q2 2025
In-service occupancy 94.9% Portfolio occupancy at June 30, 2026
Cash same store NOI growth 6.7% Increase in SS NOI on a cash basis in Q2 2026
2026 NAREIT FFO guidance $3.08–$3.16 per share/unit Full-year 2026 guidance range
Debt at June 30, 2026 $2,565,182 thousand Total debt on the balance sheet
Funds From Operations (FFO) financial
"RECONCILIATION OF NET INCOME ... TO FFO (d) AND AFFO (d)"
Funds from operations (FFO) is a performance measure commonly used for real estate companies that adjusts net income by adding back non‑cash items like building depreciation and removing one‑time gains or losses from property sales, to show recurring operating earnings. Investors use FFO to judge a property portfolio’s ability to generate cash for dividends and growth — think of it as measuring a car’s regular fuel efficiency rather than its accounting value or one‑off resale price.
Adjusted Funds From Operations (AFFO) financial
"Adjusted Funds From Operations ("AFFO") (d) is reported as a supplemental measure"
Adjusted funds from operations (AFFO) is a cash-based measure used mainly for real estate companies that starts with net income and removes accounting items plus recurring maintenance costs to show the cash a property business actually generates for owners. Think of it like a household budget: after counting your income, AFFO subtracts routine upkeep and tenant turnover bills so investors can see the money likely available for dividends or reinvestment. It matters because it gives a clearer picture of sustainable cash flow than raw accounting profit.
Net Operating Income (NOI) financial
"Net Operating Income ("NOI") (d) is reconciled from adjusted EBITDA"
Net operating income (NOI) is the money a property or business generates from its regular operations after paying direct operating costs (like maintenance, utilities, and staff) but before paying financing costs, taxes, or accounting write‑downs. Investors use NOI to judge how well an asset produces cash from its core activity—think of it as the profit from running a store before paying the mortgage and taxes—so it helps compare properties and value income-producing investments.
Adjusted EBITDA financial
"RECONCILIATION ... TO ADJUSTED EBITDA (d) AND NOI (d)"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Same Store NOI financial
"We consider cash basis same store NOI ("SS NOI") to be a useful supplemental measure"
Same-store Net Operating Income (NOI) tracks the change in income from a company's properties or retail locations that were owned and operating for the entire comparison period, excluding new acquisitions or dispositions. It matters to investors because it isolates the performance of the existing portfolio—like comparing the same set of stores year-to-year—to show whether underlying operations are generating more revenue or cutting costs, rather than masking results with growth from new assets.
NAREIT Funds From Operations financial
"NAREIT Funds From Operations is presented in the 2026 guidance table"
Nareit Funds From Operations (FFO) is a standardized measure of a real estate investment trust’s recurring cash earnings, calculated by adjusting reported net income to add back property depreciation and remove gains or losses from property sales. It matters to investors because it focuses on the trust’s core operating performance and dividend-paying ability, much like checking a retailer’s regular sales instead of one-off, unusual gains that can distort profit numbers.
Total revenues $194,940 thousand up from $180,163 thousand in the quarter ended June 30, 2025
Diluted EPS $0.58 up from $0.42 in the quarter ended June 30, 2025
FFO per share/unit diluted $0.82 up from $0.76 in the quarter ended June 30, 2025
AFFO $85,876 thousand up from $84,160 thousand in the quarter ended June 30, 2025
Guidance

For 2026, NAREIT FFO guidance is $3.08–$3.16 per share/unit, and FFO before advisory costs related to a contested proxy campaign is $3.12–$3.20 per share/unit, reflecting a $0.02 increase at the midpoint.

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FAQ

How did First Industrial Realty Trust (FR) perform in Q2 2026?
First Industrial reported diluted EPS of $0.58 in Q2 2026, up from $0.42 a year earlier. Diluted FFO per share/unit was $0.82 versus $0.76, on revenues of $194.9 million compared with $180.2 million in Q2 2025.

What were First Industrial Realty Trust (FR) revenues in Q2 2026?
Total revenues were $194,940 thousand in Q2 2026, compared with $180,163 thousand in Q2 2025. The increase was accompanied by net income available to common stockholders and participating securities rising to $77,096 thousand from $55,185 thousand.

What 2026 FFO guidance did First Industrial Realty Trust (FR) provide?
For 2026, First Industrial expects NAREIT FFO of $3.08–$3.16 per share/unit. FFO before advisory costs related to a contested proxy campaign is guided to $3.12–$3.20 per share/unit, which the company states is $0.02 higher at the midpoint.

How strong were leasing and occupancy metrics for First Industrial (FR) in Q2 2026?
In‑service occupancy reached 94.9% at June 30, 2026. Cash rental rates on commenced new and renewal leases rose 39%, and cash basis same store NOI increased 6.7%. Leases commencing in 2026 so far show a 39% cash rent increase on 80% of expirations.

What investment and disposition activity did First Industrial (FR) report for Q2 2026?
The company started a 613,000 square‑foot Philadelphia development with an estimated $77 million investment, acquired a 161,000 square‑foot Dallas building for $26 million, bought a 58‑acre Baltimore site for $39 million, sold Phoenix land for $131 million, and Detroit buildings for $29 million.

How did contested proxy campaign costs affect First Industrial (FR) results?
General and administrative expense for 2026 includes $5,570 thousand of advisory costs tied to a contested proxy campaign. Excluding these, six‑month 2026 basic and diluted EPS would have been $1.70, and basic and diluted FFO per share/unit $1.54 and $1.53, respectively.
0000921825false0001033128false8-K7/22/2026One North Wacker Drive, Suite 4200Chicago60606Illinois312344-4300☐☐☐☐☐00009218252026-07-222026-07-220000921825fr:FirstIndustrialL.P.Member2026-07-222026-07-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________________________________________

FORM 8-K
______________________________________________________________________________________________________

Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
July 22, 2026
Date of Report (Date of earliest event reported)
______________________________________________________________________________________________________

FIRST INDUSTRIAL REALTY TRUST, INC.
FIRST INDUSTRIAL, L.P.
(Exact name of registrant as specified in its charter)
 _____________________________________________________________________________________________________
 
First Industrial Realty Trust, Inc.Maryland1-1310236-3935116
First Industrial, L.P.Delaware333-2187336-3924586
(State or other jurisdiction of
incorporation or organization)		(Commission
File Number)		(I.R.S. Employer
Identification No.)

One North Wacker Drive, Suite 4200
Chicago, Illinois 60606
(Address of principal executive offices, zip code)

(312) 344-4300
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01 per shareFRNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.
On July 22, 2026, First Industrial Realty Trust, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended June 30, 2026 and certain other information.
Attached and incorporated by reference as Exhibit 99.1 is a copy of the Company’s press release dated July 22, 2026, announcing its financial results for the fiscal quarter ended June 30, 2026 and certain other information.
On July 23, 2026, the Company will hold an investor conference and webcast at 11:00 a.m. eastern time to disclose and discuss the financial results for the fiscal quarter ended June 30, 2026 and certain other information.
The information furnished in this report under this Item 2.02, including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference to such filing.
Item 9.01. Financial Statements and Exhibits.
    (d) Exhibits. The following are filed herewith:
Exhibit No.Description
99.1
First Industrial Realty Trust, Inc. Press Release dated July 22, 2026 (furnished pursuant to Item 2.02)
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FIRST INDUSTRIAL REALTY TRUST, INC.
By:/s/    JENNIFER MATTHEWS RICE
 Jennifer Matthews Rice
General Counsel
Date: July 22, 2026
FIRST INDUSTRIAL, L.P.
By:FIRST INDUSTRIAL REALTY TRUST, INC.
as general partner
By:/s/    JENNIFER MATTHEWS RICE
 Jennifer Matthews Rice
General Counsel
Date: July 22, 2026


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FIRST INDUSTRIAL REALTY TRUST REPORTS
SECOND QUARTER 2026 RESULTS
•Cash Same Store NOI Growth of 6.7%
•Cash Rental Rates Up 39% in 2Q26
•39% Cash Rental Rate Increase on Leases Signed To Date Commencing in 2026
•New 708,000 Square-Foot Lease at In Service Facility in Central Pennsylvania
•Signed 643,000 SF of New Leases for Development Projects in the Second Quarter Including 433,000 SF Since the April Results Call
•Commenced Development of First Park New Castle Building A, 613,000 SF in Philadelphia, Estimated Investment of $77 Million
•2026 FFO Guidance Increased $0.02 at the Midpoint

CHICAGO, July 22, 2026 – First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, today announced results for the second quarter of 2026. First Industrial's diluted net income available to common stockholders per share (EPS) was $0.58 in the second quarter, compared to $0.42 a year ago and second quarter funds from operations (FFO) was $0.82 per share/unit on a diluted basis, compared to $0.76 per share/unit a year ago.

“Our second quarter was marked by strong leasing execution including our 708,000 square-foot facility in Central Pennsylvania and several development spaces including full-building deals at two recently completed projects,” said Peter E. Baccile, First Industrial's president and chief executive officer. “Leasing traffic across our availabilities remains active and we continue to capture strong rental rate gains on our new and renewal leasing.”

Portfolio Performance

•In service occupancy was 94.9% at the end of the second quarter of 2026, compared to 94.3% at the end of the first quarter of 2026, and 94.2% at the end of the second quarter of 2025.
•In the second quarter, cash rental rates on commenced new and renewal leasing increased 39%.
•The Company has achieved a cash rental rate increase of approximately 39% on leases signed to date commencing in 2026 reflecting 80% of 2026 expirations by square footage.
•In the second quarter, cash basis same store net operating income before termination fees (“SS NOI”) increased 6.7%, primarily reflecting increases in rental rates on new and renewal leasing, contractual rent escalations and lower free rent, partially offset by lower average occupancy.

Portfolio and Development Leasing Highlights

During the second quarter, the Company:
•Leased 100% of its 708,000 square-foot in service facility in Central Pennsylvania; commenced in the second quarter.
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•Leased 100% of its 155,000 square-foot First Wilson Logistics Center II in the Inland Empire; commenced in the second quarter.
•Leased 56,000 square feet of its 198,000 square-foot First Park Miami Building 3 in South Florida; commenced in the second quarter.
•Leased 100% of its 226,000 square-foot First Park New Castle Building B in Philadelphia; commenced in the second quarter.
•Leased the remaining 31,000 square feet of its 60,000 square-foot First Pompano Logistics Center in South Florida; commenced in the second quarter.
•Leased 100% of its 176,000 square-foot First Park 121 Building F in Dallas; expected to commence in the third quarter.

Investment and Disposition Highlights

During the second quarter, the Company:
•Commenced development of First Park New Castle Building A in Philadelphia - a 613,000 square-foot facility designed to accommodate multiple tenants; $77 million estimated investment.
•Acquired a newly constructed 161,000 square-foot value-add building in Dallas for $26 million.
•Acquired a 58-acre land site in Baltimore for $39 million for a three-building project developable to 629,000 square feet.
•Closed a 100-acre income-producing land sale in Phoenix, as anticipated after the tenant exercised its purchase option in the first quarter; the sales price of $131 million represents approximately three times industrial land values.
•Sold four buildings in Detroit - 310,000 square feet; total of $29 million.

Outlook for 2026

“Fundamentals exhibited signs of improvement in the second quarter, with net absorption outpacing moderating new deliveries resulting in lower market vacancy,” said Mr. Baccile. “On the strength of our second quarter leasing wins, we increased the midpoint of our FFO guidance by $0.02 per share. We are excited about the growth opportunities within our current availabilities, in-process development projects and future investments.”
Low End ofHigh End of
Guidance for 2026Guidance for 2026
(Per share/unit)(Per share/unit)
Net Income Available to Common Stockholders and Unitholders$2.48 $2.56 
Add: Depreciation and Other Amortization of Real Estate1.50 1.50 
Less: Gain on Sale of Real Estate, Net of Allocable Income Tax Provision, Through July 22, 2026(0.90)(0.90)
NAREIT Funds From Operations$3.08 $3.16 
Add: Advisory Costs Related to a Contested Proxy Campaign0.04 0.04 
FFO Before Advisory Costs Related to a Contested Proxy Campaign$3.12 $3.20 

The following assumptions were used for guidance:
•Average quarter-end in service occupancy of 94.0% to 95.0%.
•SS NOI growth on a cash basis before termination fees of 5.25% to 6.25%, an increase of 25 basis points at the midpoint.
•Includes the incremental costs expected in 2026 related to the Company’s completed and under construction developments as of June 30, 2026. In total, the Company expects to capitalize $0.08 per share of interest in 2026.
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•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, July 23, 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 second 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 72.1 million square feet of industrial space concentrated in 15 target MSAs as of June 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
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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.



Contact: Art Harmon
Senior Vice President, Investor Relations and Marketing
(312) 344-4320

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FIRST INDUSTRIAL REALTY TRUST, INC.
Selected Financial Data
(Unaudited)
(In thousands except per share/Unit data)
Three Months EndedSix Months Ended
June 30,June 30,June 30,June 30,
2026202520262025
Statements of Operations and Other Data:
    Total Revenues$194,940 $180,163 $389,767 $357,237 
    Property Expenses(47,961)(45,454)(101,575)(93,765)
    General and Administrative (a)
(8,851)(8,434)(31,824)(24,331)
    Joint Venture Development Services Expense(18)(117)(49)(334)
    Depreciation of Corporate FF&E(150)(159)(307)(330)
    Depreciation and Other Amortization of Real Estate(50,077)(47,048)(99,988)(90,631)
      Total Expenses(107,057)(101,212)(233,743)(209,391)
    Gain on Sale of Real Estate16,591 1,121 125,623 7,965 
    Interest Expense(24,468)(21,722)(48,287)(41,191)
    Amortization of Debt Issuance Costs(1,571)(1,328)(3,102)(2,291)
      Income from Operations Before Equity in Income (Loss) of
         Joint Venture and Income Tax Benefit (Provision)		$78,435 $57,022 $230,258 $112,329 
    Equity in Income (Loss) of Joint Venture82 (64)190 3,413 
    Income Tax Benefit (Provision)1,177 (79)(2,836)(5,979)
      Net Income$79,694 $56,879 $227,612 $109,763 
    Net Income Attributable to the Noncontrolling Interests(2,598)(1,694)(7,415)(6,475)
      Net Income Available to First Industrial Realty Trust, Inc.'s
         Common Stockholders and Participating Securities		$77,096 $55,185 $220,197 $103,288 
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		$77,096 $55,185 $220,197 $103,288 
     Depreciation and Other Amortization of Real Estate50,077 47,048 99,988 90,631 
Depreciation and Other Amortization of Real Estate in the
     Joint Venture (b)
— 519 — 1,575 
     Net Income Attributable to the Noncontrolling Interests2,598 1,694 7,415 6,475 
     Gain on Sale of Real Estate(16,591)(1,121)(125,623)(7,965)
     Gain on Sale of Real Estate from Joint Venture (b)
(29)(275)(78)(3,580)
Equity in FFO from Joint Venture Attributable to the
    Noncontrolling Interest (b)
(6)(22)(13)(169)
     Income Tax (Benefit) Provision - Excluded from FFO (c)
(1,412)(71)2,300 5,665 
     Funds From Operations ("FFO") (NAREIT) (d)$111,733 $102,957 $204,186 $195,920 
     Amortization of Equity Based Compensation2,611 2,343 17,666 16,273 
     Amortization of Debt Discounts and Hedge Costs263 187 525 291 
     Amortization of Debt Issuance Costs1,571 1,328 3,102 2,291 
     Depreciation of Corporate FF&E150 159 307 330 
     Non-incremental Building Improvements(9,017)(6,311)(11,810)(7,588)
     Non-incremental Leasing Costs(11,023)(7,737)(17,627)(13,179)
     Capitalized Interest(3,155)(3,002)(6,116)(5,885)
     Capitalized Overhead(1,659)(1,739)(4,624)(4,903)
     Straight-Line Rent, Amortization of Above (Below) Market
         Leases and Lease Inducements		(5,598)(4,025)(9,161)(10,308)
     Adjusted Funds From Operations ("AFFO") (d) $85,876 $84,160 $176,448 $173,242 
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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 EndedSix Months Ended
June 30,June 30,June 30,June 30,
2026202520262025
Net Income Available to First Industrial Realty Trust, Inc.'s
         Common Stockholders and Participating Securities		$77,096 $55,185 $220,197 $103,288 
     Interest Expense 24,468 21,722 48,287 41,191 
     Depreciation and Other Amortization of Real Estate 50,077 47,048 99,988 90,631 
Depreciation and Other Amortization of Real Estate in the
     Joint Venture (b)
— 519 — 1,575 
     Income Tax Provision - Allocable to FFO (c)
235 150 536 314 
Net Income Attributable to the Noncontrolling Interests2,598 1,694 7,415 6,475 
Equity in FFO from Joint Venture Attributable to the
    Noncontrolling Interest (b)
(6)(22)(13)(169)
     Amortization of Debt Issuance Costs 1,571 1,328 3,102 2,291 
     Depreciation of Corporate FF&E 150 159 307 330 
     Gain on Sale of Real Estate (16,591)(1,121)(125,623)(7,965)
     Gain on Sale of Real Estate from Joint Venture (b)
(29)(275)(78)(3,580)
     Income Tax (Benefit) Provision - Excluded from FFO (c)
(1,412)(71)2,300 5,665 
     Adjusted EBITDA (d) $138,157 $126,316 $256,418 $240,046 
     General and Administrative (a)
8,851 8,434 31,824 24,331 
Equity in FFO from Joint Venture, Net of Noncontrolling
     Interest (b)
(47)(158)(99)(1,239)
     Net Operating Income ("NOI") (d) $146,961 $134,592 $288,143 $263,138 
     Non-Same Store NOI (10,016)(4,440)(15,342)(3,215)
     Same Store NOI Before Same Store Adjustments (d) $136,945 $130,152 $272,801 $259,923 
     Straight-line Rent (1,267)(3,490)(2,477)(9,430)
     Above (Below) Market Lease Amortization (1,210)(565)(1,689)(1,125)
     Lease Termination Fees — (86)(166)(109)
     Same Store NOI (Cash Basis without Termination Fees) (d) $134,468 $126,011 $268,469 $249,259 
Weighted Avg. Number of Shares/Units Outstanding - Basic135,935 135,464 135,925 135,452 
Weighted Avg. Number of Shares Outstanding - Basic132,605 132,431 132,589 132,423 
Weighted Avg. Number of Shares/Units Outstanding - Diluted136,473 135,885 136,483 136,000 
Weighted Avg. Number of Shares Outstanding - Diluted132,668 132,479 132,654 132,486 
Per Share/Unit Data:
Net Income Available to First Industrial Realty Trust, Inc.'s
     Common Stockholders and Participating Securities		$77,096 $55,185 $220,197 $103,288 
Less: Allocation to Participating Securities (43)(39)(106)(75)
Net Income Available to First Industrial Realty Trust, Inc.'s
     Common Stockholders 		$77,053 $55,146 $220,091 $103,213 
Basic and Diluted Per Share (a)
$0.58 $0.42 $1.66 $0.78 
FFO (NAREIT) (d)
$111,733 $102,957 $204,186 $195,920 
Less: Allocation to Participating Securities (162)(157)(278)(286)
FFO (NAREIT) Allocable to Common Stockholders and
Unitholders
$111,571 $102,800 $203,908 $195,634 
Basic Per Share/Unit (a)
$0.82 $0.76 $1.50 $1.44 
Diluted Per Share/Unit (a)
$0.82 $0.76 $1.49 $1.44 
Common Dividends/Distributions Per Share/Unit $0.500 $0.445 $1.000 $0.890 
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Balance Sheet Data (end of period):June 30, 2026December 31, 2025
Gross Real Estate Investment$6,468,060 $6,367,678 
Total Assets5,780,665 5,688,081 
Debt2,565,182 2,553,396 
Total Liabilities2,911,035 2,929,151 
Total Equity2,869,630 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 $1.70 and basic and diluted FFO per share/unit would have been $1.54 and $1.53, respectively, for the six months ended June 30, 2026.

Three Months EndedSix Months Ended
June 30,June 30,June 30,June 30,
2026202520262025
(b)Equity in Income (Loss) of Joint Venture
Equity in Income (Loss) of Joint Venture per GAAP
Statements of Operations
$82 $(64)$190 $3,413 
Gain on Sale of Real Estate from Joint Venture(29)(275)(78)(3,580)
Depreciation and Other Amortization of Real Estate in the
     Joint Venture
— 519 — 1,575 
Equity in FFO from Joint Venture Attributable to the
    Noncontrolling Interest
(6)(22)(13)(169)
Equity in FFO from Joint Venture, Net of Noncontrolling
     Interest
$47 $158 $99 $1,239 
(c)Income Tax Benefit (Provision)
Income Tax Benefit (Provision) per GAAP Statements of
 Operations
$1,177 $(79)$(2,836)$(5,979)
Income Tax (Benefit) Provision - Excluded from FFO(1,412)(71)2,300 5,665 
Income Tax Provision - Allocable to FFO$(235)$(150)$(536)$(314)

(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.

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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 those used by other real estate companies, limiting comparability.

Source: View Original Filing on SEC EDGAR

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