First Industrial Realty Trust, Inc. filings document the regulatory record for an industrial REIT and its operating partnership, First Industrial, L.P. Disclosures include results of operations, NAREIT funds from operations, same-store net operating income, common stock and unit matters, unsecured term loan arrangements and other capital-structure information.
Proxy statements and 8-K reports cover board elections, annual meeting voting results, executive compensation, employee bonus plan metrics, director appointments and related governance procedures. The filings also record material agreements, Regulation FD disclosures and other events tied to the company's logistics property platform.
Smith Marcus L. reported acquisition or exercise transactions in this Form 4 filing.
First Industrial Realty Trust director Marcus L. Smith received an equity award of 2,419 LP Units. These units were granted under the company’s 2024 Stock Incentive Plan and are a form of non-cash compensation.
The LP Units vest on the earlier of the first anniversary of grant or the company’s next annual stockholder meeting at which directors are elected. After this grant, Smith holds a total of 9,855 LP Units, which may ultimately be convertible into an equal number of common units and then shares of Common Stock on a one-for-one basis at each step.
FIRST INDUSTRIAL REALTY TRUST INC director Denise Olsen reported receiving an award of 2,419 LP Units of First Industrial L.P. under the company’s 2024 Stock Incentive Plan. These units were granted at no cash cost and increase her direct LP Unit holdings to 16,572.
Each vested LP Unit can automatically convert one-for-one into a common unit of limited partnership interest in First Industrial L.P., which in turn may be converted into one share of the company’s Common Stock on a one-for-one basis. The LP Units vest upon the earlier of the first anniversary of the grant date or the company’s next annual stockholder meeting at which directors are elected.
First Industrial Realty Trust, Inc. reported results of its 2026 Annual Meeting, where shareholders re-elected all incumbent directors with each receiving support from more than 93% of voted shares. Investors also approved executive compensation on an advisory basis and ratified PricewaterhouseCoopers LLP as independent registered public accounting firm for 2026, with each proposal garnering more than 95% support.
Frank E. Schmitz will join the Board as an independent director on June 1, 2026, bringing the Board to seven members, six of whom are independent. The company describes itself as a U.S.-only logistics real estate owner, operator and developer with approximately 71.6 million square feet across 15 target metropolitan areas as of March 31, 2026.
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.