FIRST INDUSTRIAL REALTY TRUST (FR) Company Report

For Q3 2025, Total Revenues were $181,430 , while Net Income Available to Common Stockholders and Participating Securities was $65,306. The Net Income figure for Q3 2025 was lower than Q3 2024, primarily due to a significantly lower Gain on Sale of Real Estate of $9,538 in Q3 2025 compared to $56,814 in Q3 2024.
As of September 30, 2025, the occupancy rate for in-service Gross Leasable Area (GLA) was 94.0%. For the three months ended September 30, 2025, the company reported a cash basis rent growth of 26.5% and a straight-line basis rent growth of 40.6% for total/average leases commenced.
The company provided 2025 guidance for Funds From Operations (FFO) (NAREIT) between $2.94 and $2.98 per share/unit. Annual Same Store NOI Growth - Cash Basis Before Termination Fees is estimated to be between 7.0% and 7.5% for 2025.
As of September 30, 2025, the company maintains strong debt metrics, with Indebtedness to Total Assets at 38.1% (covenant ≤ 60.0%) and a Fixed Charge Coverage Ratio of 5.0 (covenant ≥ 1.50). Credit ratings are stable from Fitch (BBB+), Moody's (Baa2), and Standard & Poor's (BBB).

Oct 16, 2025, 3:00 PM

Presentation

FR Reports Strong Q3 2025 Results and Raises Full-Year FFO Guidance

Earnings

Guidance Update

New Projects/Investments

FR reported Q3 2025 FFO of $0.76 per fully diluted share, compared to $0.68 per share in Q3 2024.
The company's cash same-store NOI growth for Q3 2025, excluding termination fees, was 6.1% (5.4% excluding an insurance recovery).
FR increased its 2025 NAREIT FFO midpoint by $0.04 to $2.96 per share, with a tightened range of $2.94 to $2.98 per share, primarily driven by development leasing successes, lower interest expense, and an insurance claim recovery.
In-service occupancy stood at 94% at quarter end. The company achieved a 32% overall cash rental rate increase for new and renewal leasing, having addressed 95% of its 2025 rollovers by square footage.
For 2026 rollovers, approximately 31% have been taken care of with a cash rental rate change of 31%.

Oct 16, 2025, 3:00 PM

Transcript

First Industrial Realty Trust Reports Q3 2025 Results and Raises 2025 FFO Guidance

Earnings

Guidance Update

Revenue Acceleration/Inflection

First Industrial Realty Trust reported diluted net income available to common stockholders per share (EPS) of $0.49 and diluted funds from operations (FFO) of $0.76 per share/unit for the third quarter of 2025.
The company increased its 2025 NAREIT FFO guidance by $0.04 at the midpoint, now projected to be $2.94 to $2.98 per share/unit.
Cash rental rates on leases signed to-date commencing in 2025 increased approximately 32%, and 31% on leases signed to-date commencing in 2026.
In service occupancy stood at 94.0% at the end of the third quarter of 2025.
Cash basis same store net operating income (SS NOI) before termination fees increased 6.1% in the third quarter of 2025.

Oct 15, 2025, 8:57 PM

8-K

First Industrial Realty Trust Reports Third Quarter 2025 Results

Earnings

Guidance Update

New Projects/Investments

First Industrial Realty Trust reported diluted net income available to common stockholders per share (EPS) of $0.49 and funds from operations (FFO) of $0.76 per share/unit on a diluted basis for the third quarter of 2025.
The company increased its 2025 NAREIT FFO Guidance by $0.04 at the midpoint, now projecting $2.94 to $2.98 per share/unit.
In service occupancy was 94.0% at the end of the third quarter of 2025, with cash rental rates on commenced new and renewal leasing increasing 26.5%.
Cash basis same store net operating income (SS NOI) increased 6.1% in the third quarter of 2025.
The company signed 772,000 square feet of new leases for development projects during the third quarter and fourth quarter to-date.

Oct 15, 2025, 8:31 PM

Press Release

First Industrial Realty Trust, Inc. Launches New Equity Offering

First Industrial Realty Trust, Inc. (FR) entered into new equity distribution agreements and master forward confirmations on August 21, 2025, to commence an equity offering.
The company may sell up to $800,000,000 or a maximum of 16,000,000 shares of its common stock through "at-the-market" offerings or other transactions, including forward sales.
Proceeds from the offering are intended for general corporate purposes, which may include the acquisition and development of properties and repayments or repurchases of debt.
This new offering follows the termination of eleven previous distribution agreements on August 19, 2025, which also permitted the sale of up to $800,000,000 or 16,000,000 shares.

Aug 21, 2025, 12:00 AM

8-K

First Industrial Realty Trust Reviews 2025 Conference Insights

Debt Issuance

New Projects/Investments

The management highlighted strong occupancy at 95.3% and robust tenant renewals with cash rental rate increases of 35%–45%, despite ongoing tariff-related uncertainty.
They outlined a development leasing pipeline targeting 1.5 million square feet in Q4 along with strategic projects in key markets such as Nashville, Dallas, and Phoenix.
The firm showcased solid financing with its recent $450 million public bond issuance at a 5.25% coupon, maintaining leverage near 5.2× net debt to EBITDA and a balanced debt maturity profile.
Emphasis was placed on disciplined underwriting, a strong strategic land bank capable of supporting up to 15 million square feet of growth, and continued focus on credit quality to support future expansion.

Jun 4, 2025, 2:26 AM

First Industrial Realty Trust 2025 Annual Meeting Outcomes

Proxy Vote Outcomes

Board Change

Auditor Change

Shareholders approved three key proposals on April 30, 2025, including the election of directors, an advisory vote on executive compensation, and the ratification of PricewaterhouseCoopers LLP as the independent auditor for 2025.
All nominated directors—Peter Baccile, Teresa Bazemore, Patrick Hackett, Denise Olsen, Marcus Smith, and Chairman Matthew Dominski—were elected to serve until the 2026 Annual Meeting.
The resolutions passed with a majority vote, confirming the board’s decisions on director appointments, executive compensation, and the auditor’s selection.

Apr 30, 2025, 2:01 PM

Transcript

First Industrial Realty Trust Q1 2025 Results Update

Earnings

Debt Issuance

Guidance Update

Dividends

New Projects/Investments

Q1 2025 Financial Performance: Reported diluted EPS of $0.36 (vs. $0.52 last year), FFO of $0.68 per share, a 10.1% increase in cash same store NOI, and a 42% jump in rental rates .
Leasing & Development: Achieved robust leasing activity with 1.3 million square feet of leases and initiated Q2 development projects totaling 402,000 square feet at an estimated $54 million investment .
Dividend Increase: Boosted the dividend by 20.3% to $0.445 per share .
Capital Structure Enhancements: Renewed and upsized liquidity by closing an $850 million revolving credit facility and extended a $200 million term loan maturity to 2030 .
Strategic Investments: Acquired two fully leased buildings for $120 million .
Full-Year Guidance: Maintained targets with projected FFO of $2.87–$2.97 per share and in-service occupancy of 95%–96% .

Apr 17, 2025, 3:01 PM

Transcript Press Release 8-K

First Industrial Realty Trust Secures $850M Revolving Facility and $200M Term Loan

Debt Issuance

The company closed an $850 million unsecured revolving credit facility that amends its previous facility and adds an extra $100 million capacity, maturing on March 16, 2029 with extension options available.
It also refinanced a $200 million unsecured term loan with an initial maturity of March 17, 2028, featuring interest-only payments and extension options.
Both facilities include pricing based on SOFR plus an incremental basis point margin, supporting the company's long-term growth and liquidity needs.

Mar 19, 2025, 12:00 AM

8-K

First Industrial Realty Trust Secures New Credit Facilities

Debt Issuance

Closed an $850 million unsecured revolving credit facility with an added $100 million capacity, maturing on March 16, 2029, and offering interest-only payments at SOFR plus 77.5 basis points.
Refinanced a $200 million unsecured term loan with an initial maturity of March 17, 2028, including extension options, and featuring interest-only payments at SOFR plus 85 basis points plus an additional 10 basis point adjustment.
Maintained favorable pricing at the BBB+/Baa1/BBB+ level, contingent upon keeping the consolidated leverage ratio under 35.0%.

Mar 18, 2025, 9:43 PM

Press Release