FIRST INDUSTRIAL REALTY TRUST REPORTS THIRD QUARTER 2026 RESULTS
FIRST INDUSTRIAL REALTY TRUST INC (FR) filed an SEC Form 8-K — Results of Operations and Financial Condition. FIRST INDUSTRIAL REALTY TRUST REPORTS THIRD QUARTER 2026 RESULTS • 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
How this was made
The 30-second read
Why it matters
The earnings beat and guidance raise provide fresh data that could move the stock, especially given the sizable acquisition and strong rental‑rate trends.
Market read
The earnings release and guidance raise are primary market‑moving information for FR and its sector.
What to watch
Potential impact of the contested proxy campaign costs on future earnings.
FIRST INDUSTRIAL REALTY TRUST REPORTS THIRD QUARTER 2026 RESULTS • 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
Third-quarter FFO per diluted share/unit increased to $0.81 from $0.76, cash same store NOI increased 5.6%, and management increased 2026 FFO and cash same store NOI growth guidance. In-service occupancy declined sequentially to 94.1% from 94.9%, while GAAP diluted EPS declined to $0.44 from $0.49.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total Revenues, three months ended September 30, 2026GAAP | $197.1M | – | – |
| Property Expenses, three months ended September 30, 2026GAAP | −$50.37M | – | – |
| General and Administrative, three months ended September 30, 2026GAAP | −$8.61M | – | – |
| Joint Venture Development Services Expense, three months ended September 30, 2026GAAP | −$4K | – | – |
| Depreciation of Corporate FF&E, three months ended September 30, 2026GAAP | −$141K | – | – |
| Depreciation and Other Amortization of Real Estate, three months ended September 30, 2026GAAP | −$50.85M | – | – |
| Total Expenses, three months ended September 30, 2026GAAP | −$110.0M | – | – |
| Gain on Sale of Real Estate, three months ended September 30, 2026GAAP | — | – | – |
| Interest Expense, three months ended September 30, 2026GAAP | −$24.79M | – | – |
| Amortization of Debt Issuance Costs, three months ended September 30, 2026GAAP | −$1.57M | – | – |
| Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision, three months ended September 30, 2026GAAP | $60.78M | – | – |
| Equity in Income of Joint Venture, three months ended September 30, 2026GAAP | $54K | – | – |
| Income Tax Provision, three months ended September 30, 2026GAAP | −$309K | – | – |
| Net Income, three months ended September 30, 2026GAAP | $60.52M | – | – |
| Net Income Attributable to the Noncontrolling Interests, three months ended September 30, 2026GAAP | −$1.97M | – | – |
| Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities, three months ended September 30, 2026GAAP | $58.55M | – | – |
| Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders, three months ended September 30, 2026GAAP | $58.52M | – | – |
| Basic and Diluted Per Share, three months ended September 30, 2026GAAP | $ 0.44 | – | – |
| Funds From Operations (FFO) (NAREIT), three months ended September 30, 2026non-GAAP | $111.4M | – | – |
| FFO (NAREIT) Allocable to Common Stockholders and Unitholders, three months ended September 30, 2026non-GAAP | $111.2M | – | – |
| Basic FFO Per Share/Unit, three months ended September 30, 2026non-GAAP | $ 0.82 | – | – |
| Diluted FFO Per Share/Unit, three months ended September 30, 2026non-GAAP | $ 0.81 | – | – |
| Adjusted Funds From Operations (AFFO), three months ended September 30, 2026non-GAAP | $84.80M | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $138.2M | – | – |
| Net Operating Income (NOI), three months ended September 30, 2026non-GAAP | $146.7M | – | – |
| Non-Same Store NOI, three months ended September 30, 2026non-GAAP | −$8.36M | – | – |
| Same Store NOI Before Same Store Adjustments, three months ended September 30, 2026non-GAAP | $138.4M | – | – |
| Same Store NOI (Cash Basis without Termination Fees), three months ended September 30, 2026non-GAAP | $135.0M | – | 5.6% |
| Weighted Avg. Number of Shares/Units Outstanding - Basic, three months ended September 30, 2026other | 135,943 | – | – |
| Weighted Avg. Number of Shares/Units Outstanding - Diluted, three months ended September 30, 2026other | 136,554 | – | – |
| Common Dividends/Distributions Per Share/Unit, three months ended September 30, 2026other | $ 0.500 | – | – |
| Total Revenues, nine months ended September 30, 2026GAAP | $586.9M | – | – |
| Property Expenses, nine months ended September 30, 2026GAAP | −$151.9M | – | – |
| General and Administrative, nine months ended September 30, 2026GAAP | −$40.43M | – | – |
| Total Expenses, nine months ended September 30, 2026GAAP | −$343.7M | – | – |
| Gain on Sale of Real Estate, nine months ended September 30, 2026GAAP | $125.6M | – | – |
| Net Income, nine months ended September 30, 2026GAAP | $288.1M | – | – |
| Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities, nine months ended September 30, 2026GAAP | $278.7M | – | – |
| Basic and Diluted Per Share, nine months ended September 30, 2026GAAP | $ 2.10 | – | – |
| Funds From Operations (FFO) (NAREIT), nine months ended September 30, 2026non-GAAP | $315.6M | – | – |
| Adjusted Funds From Operations (AFFO), nine months ended September 30, 2026non-GAAP | $261.2M | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $394.6M | – | – |
| Net Operating Income (NOI), nine months ended September 30, 2026non-GAAP | $434.9M | – | – |
| Same Store NOI (Cash Basis without Termination Fees), nine months ended September 30, 2026non-GAAP | $403.0M | – | – |
| Diluted FFO Per Share/Unit, nine months ended September 30, 2026non-GAAP | $ 2.31 | – | – |
| In service occupancy, end of third quarter of 2026other | 94.1% | – | – |
| Cash rental rates on commenced new and renewal leases, third quarter of 2026other | 52% | – | – |
| Straight-line rental rates on commenced new and renewal leases, third quarter of 2026other | 76% | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
2026 outlook
- NoteNet Income Available to Common Stockholders and Unitholders of $ 2.51 to $ 2.55 per share/unit
- NoteNAREIT Funds From Operations of $ 3.11 to $ 3.15 per share/unit
- NoteFFO Before Advisory Costs Related to a Contested Proxy Campaign of $ 3.15 to $ 3.19 per share/unit
- NoteIn service occupancy at year-end fourth quarter of 94.5% to 96.5%
- NoteFull-year quarter-end average in service occupancy of 94.5% to 95.0%
- NoteFourth quarter SS NOI growth on a cash basis before termination fees of 4.0% to 6.0%
- NoteSS NOI growth for the full year 2026 of 6.25% to 6.75%
- NoteThe Company expects to capitalize $0.08 per share of interest in 2026
- NoteGeneral and administrative expense of $42.0 million to $43.0 million
- NoteGuidance assumes 650,000 square feet of additional development leasing in December 2026
Capital returns
- Common Dividends/Distributions Per Share/Unit of $ 0.500 for the three months ended September 30, 2026, compared to $ 0.445 for the three months ended September 30, 2025.
- Common Dividends/Distributions Per Share/Unit of $ 1.500 for the nine months ended September 30, 2026, compared to $ 1.335 for the nine months ended September 30, 2025.
What drove it
- Cash rental rates on commenced new and renewal leases increased 52% in the third quarter, and increased 76% on a straight-line basis.
- Cash basis same store 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.
- The Company 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 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.
- The Company acquired a fully leased 764,000 square-foot building in Central Pennsylvania for $120 million and acquired a 32-acre land site in Dallas for $13 million.
- The Company leased the remaining 32,000 square feet of First Park Miami Building 12, a 136,000 square-foot building in South Florida.
Concerns
- 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.
- GAAP basic and diluted EPS was $0.44 in the third quarter of 2026, compared to $0.49 a year ago.
- AFFO was $ 84,801 for the three months ended September 30, 2026, compared to $ 86,612 a year ago.
- Interest Expense was $ (24,787) for the three months ended September 30, 2026, compared to $ (21,731) a year ago.
- 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 the press release.
What to watch
- Execution against the assumption for 650,000 square feet of additional development leasing in December 2026.
- In service occupancy relative to year-end fourth-quarter guidance of 94.5% to 96.5%.
- Fourth-quarter cash-basis SS NOI growth before termination fees relative to guidance of 4.0% to 6.0%.
- Leasing progress on 2027 expirations, for which leases signed to date reflect 45% of expirations by square footage and an approximately 16% cash rental rate increase.
- Impact of completed and under-construction developments, including expected capitalized interest of $0.08 per share in 2026.
Balance sheet and cash flow
- Gross Real Estate Investment of $ 6,636,831 at September 30, 2026, compared to $ 6,367,678 at December 31, 2025.
- Total Assets of 5,872,304 at September 30, 2026, compared to 5,688,081 at December 31, 2025.
- Debt of 2,641,235 at September 30, 2026, compared to 2,553,396 at December 31, 2025.
- Total Liabilities of 3,002,086 at September 30, 2026, compared to 2,929,151 at December 31, 2025.
- Total Equity of 2,870,218 at September 30, 2026, compared to 2,758,930 at December 31, 2025.
Analysis
First Industrial reported third-quarter total revenues of $ 197,115, compared with $ 181,430 in the prior-year quarter. GAAP net income was $ 60,523 versus $ 67,364, and basic and diluted EPS was $ 0.44 versus $ 0.49. The prior-year quarter included $ 9,538 of gain on sale of real estate, whereas the current quarter reported no gain on sale of real estate. NAREIT FFO was $ 111,365 compared with $ 103,514, while diluted FFO per share/unit was $ 0.81 compared with $ 0.76.
Property-level performance was supported by leasing economics. Cash rental rates on commenced new and renewal leases increased 52%, with a 76% straight-line increase. Cash-basis same store NOI without termination fees was $ 135,025 compared with $ 127,917, and management stated that cash SS NOI increased 5.6%, driven by new and renewal rental rates and contractual escalations. These benefits were partially offset by lower average occupancy. In-service occupancy ended the quarter at 94.1%, below 94.9% at the end of the second quarter but above 94.0% at the end of the third quarter of 2025.
Investment activity included the acquisition of a fully leased 764,000 square-foot Central Pennsylvania building for $120 million and a 32-acre Dallas land site for $13 million that is developable to 390,000 square feet. The company also signed the remaining 32,000 square feet at the 136,000 square-foot First Park Miami Building 12. At September 30, 2026, gross real estate investment was $ 6,636,831 and debt was 2,641,235, compared with $ 6,367,678 and 2,553,396, respectively, at December 31, 2025.
Management raised 2026 guidance by $0.01 at the midpoint. FFO before advisory costs related to a contested proxy campaign is guided to $ 3.15 to $ 3.19 per share/unit, while full-year cash-basis SS NOI growth before termination fees is guided to 6.25% to 6.75%. The outlook assumes year-end fourth-quarter in-service occupancy of 94.5% to 96.5% and 650,000 square feet of additional development leasing in December 2026. General and administrative expense guidance is $42.0 million to $43.0 million, excluding $5.6 million of contested proxy campaign costs recognized in the first quarter.
Capital returns included common dividends/distributions of $ 0.500 per share/unit in the third quarter, compared with $ 0.445 in the prior-year quarter. AFFO was $ 84,801 versus $ 86,612, while interest expense was $ (24,787) versus $ (21,731). The central operating items to monitor are the recovery in in-service occupancy toward the guided range, December development leasing, and the conversion of signed 2027 expirations into commenced leases.
Management, verbatim
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.
Peter E. Baccile, 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.
Peter E. Baccile, president and chief executive officer
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.
Peter E. Baccile, president and chief executive officer
Not in the filing
stated, not guessed- Cash and cash equivalents
- Cash flow from operating activities
- Free cash flow
- Share repurchases
- Gross margin
- Revenue by reportable segment
- Prior-quarter financial statement comparisons for revenue, net income, FFO, AFFO, NOI and EPS
- Previous-release outlook needed for a comparison of reported results with prior guidance
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
First Industrial Realty Trust (NYSE: FR) filed a Form 8‑K reporting its Q3 2026 results, including EPS, FFO, occupancy, rental‑rate growth, and a $0.01 midpoint increase to 2026 FFO guidance.
Ticker impact
First Industrial Realty Trust reported Q3 2026 earnings and raised 2026 FFO guidance by $0.01 at the midpoint.
likely modest upside as investors price in higher FFO guidance
The $0.01 midpoint increase and strong rental‑rate growth signal better profitability, which typically supports the stock.
Market effects
Positive for the REIT and logistics real‑estate sector as rental rates accelerate.
May boost sentiment for U.S. industrial property owners.
Limited to U.S. REIT investors.
Counterpoint
If the guidance increase is modest relative to the $120M acquisition cost, the market may view the raise as insufficient.
Key entities
- companyFirst Industrial Realty Trust, Inc.
U.S. logistics REIT that reported Q3 2026 results.
