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First Industrial Realty Trust Inc reports that Vanguard Capital Management beneficially owned 5.30% of common stock, equal to 7,026,150 shares as of 03/31/2026. The filing states Vanguard has sole dispositive power for 7,026,150 shares and sole voting power for 1,096,868 shares, and that holdings reflect securities held across Vanguard business units and funds.
First Industrial Realty Trust Inc ownership disclosure: Vanguard Portfolio Management reports beneficial ownership of 12,633,314 shares of Common Stock, representing 9.53% of the class as of 03/31/2026. The filer states sole dispositive power over the 12,633,314 shares and sole voting power of 15,484 shares, and discloses holdings are managed on behalf of various Vanguard funds and accounts.
First Industrial Realty Trust, Inc. delivered a much stronger quarter for the period ended March 31, 2026. Total revenues rose 10.0% to $194.8 million, driven by higher rents at same store properties, contributions from recent acquisitions and (re)developments, and solid tenant retention.
Net income jumped to $147.9 million from $52.9 million, and diluted EPS increased to $1.08 from $0.36, largely due to a one-time $109.0 million gain from reclassifying a 100-acre Phoenix ground lease to a sales-type lease after the tenant exercised a purchase option.
Underlying operations remained healthy: same store revenues increased 5.8%, average same store occupancy was 94.5%, quarter-end occupancy was 94.3%, and new and renewal leases achieved a 31.7% average increase in cash rental rates. The company owned 420 industrial properties totaling about 70.9 million square feet of GLA and had four developments underway totaling 0.7 million square feet with an estimated investment of $124.2 million.
On the balance sheet, total debt (including mortgage, senior notes, term loans and credit facility) was $2.58 billion. Liquidity included $37.1 million of cash and $723.9 million of available capacity on the $850.0 million unsecured credit facility. The quarterly dividend was raised 12.4% to $0.50 per share or Unit, and a $250 million share repurchase program was authorized. General and administrative expenses rose, partly from $5.6 million of costs tied to a threatened contested proxy campaign that was later withdrawn.
First Industrial Realty Trust reported strong first quarter 2026 results driven by rental growth and a major land sale. Diluted EPS rose to $1.08 from $0.36 a year earlier, largely reflecting a $109.0 million gain on sale of real estate. NAREIT FFO was stable at $0.68 per diluted share/unit, or $0.72 excluding $0.04 per share of proxy-related advisory costs.
Cash same store NOI grew 8.7%, while cash rental rates on new and renewal leases increased 32% in the quarter. The company achieved about a 41% cash rental rate increase on 2026 leases signed to date, covering 61% of 2026 expirations by square footage. It also renewed a 556,000 square-foot Inland Empire lease and signed 383,000 square feet of new development leases in the first and second quarters to date.
The board raised the quarterly dividend to $0.50 per share, a 12.4% increase. Management issued 2026 guidance for net income of $2.32–$2.42 per share and NAREIT FFO of $3.05–$3.15 per share/unit, or $3.09–$3.19 excluding proxy advisory costs, assuming 94.0%–95.0% average in-service occupancy and 5.0%–6.0% cash same store NOI growth.
Land & Buildings submits an exempt solicitation urging FR shareholders to vote against directors Thomas Dominski and John Hackett at the April 30 Annual Meeting, arguing the Board has allowed a persistent valuation discount despite solid operating metrics. The letter cites a 1-year TSR rise from 10% to 27% between December 3, 2025 and April 6, 2026, three‑year underperformance versus the MSCI US REIT Index of 11%, and an asserted ~$2 billion of foregone market capitalization. Land & Buildings calls recent Board actions “reactive” and requests shareholders withhold support to compel a specific plan to close the ~100 basis point cap‑rate valuation gap; it estimates an NAV of $73 per share, or over 20% upside.
Land & Buildings issued an exempt solicitation letter dated April 7, 2026 asking First Industrial Realty Trust (FR) shareholders to vote against the re-election of Chairman Matt Dominski and Director H. Patrick Hackett, Jr. The letter faults the Board for delivering permissive buyback authorizations instead of a minimum repurchase commitment and cites a mid-6% implied cap rate versus private-market cap rates in the low-to-mid 5% range. The manager argues the valuation gap is a governance issue and urges a strong vote against the two directors to pressure for meaningful Board change.
First Industrial Realty Trust, Inc. is asking stockholders to vote at its virtual 2026 annual meeting on April 30, 2026 on three items: electing six directors, approving executive pay on an advisory basis, and ratifying PricewaterhouseCoopers LLP as auditor for 2026.
The company highlights strong 2025 performance, including higher rents, cash same store NOI growth and dividend increases, and emphasizes its board’s skills, independence and ESG practices. It also describes an activist campaign by Land & Buildings that was withdrawn before the meeting, while urging support for all director nominees.
First Industrial Realty Trust, Inc. approved the structure for its 2026 Employee Bonus Plan, which will fund incentive awards for eligible employees, including the chief executive officer and senior executives. Bonuses will depend on three categories: NAREIT funds from operations (FFO) per share, same store net operating income (SS NOI) growth, and discretionary objectives set by the chief executive officer.
The Compensation Committee set weightings of 55% for FFO per share, 30% for SS NOI growth, and 15% for discretionary objectives. Each category can fund from 0% to 125% of its bonus opportunity based on performance levels, with the overall plan payout capped at 115%. If performance falls between levels, payouts are determined by linear interpolation, and the Committee may adjust metrics for non-recurring or extraordinary items.
First Industrial Realty Trust Inc filing: The Vanguard Group amends its Schedule 13G to report 0 shares of Common Stock, representing 0% ownership following an internal realignment.
The amendment explains that certain Vanguard subsidiaries now report beneficial ownership separately in reliance on SEC Release No. 34-39538, and that The Vanguard Group no longer is deemed to beneficially own securities held by those subsidiaries.