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Investor Relations14 Oct 2025
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First Industrial Realty Trust (FR) investor relations material
First Industrial Realty Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary17 Jul, 2025
Executive summary
Portfolio delivered strong cash rental rate growth, with average increases of 33–34% on new and renewal leases and solid renewals, despite some tariff-related uncertainty impacting leasing decisions.
Achieved full lease-up of Camelback 303 in Phoenix and significant leasing at First Loop in Orlando.
In-service occupancy at quarter end was 94.2%, reflecting a known move-out and new developments entering service.
Same store NOI (cash basis) grew 8.7–9.4% year-over-year, driven by higher rental rates and leasing activity.
Nine development projects underway totaling 2.2 million square feet with $285.2 million in investment.
Financial highlights
FFO per diluted share/unit was $0.76 for Q2 2025, up from $0.66 year-over-year; total FFO for the quarter was $102.8M.
Net income for Q2 2025 was $55.1M, up from $51.3M year-over-year.
Total revenues for Q2 2025 were $177.5M–$180.2M, up from $162.1M–$164.1M in Q2 2024.
Adjusted EBITDA for Q2 2025 was $126.3M, up from $112.5M in Q2 2024.
Common dividends per share/unit increased to $0.445, a 20.3% increase over 2024.
Outlook and guidance
2025 NAREIT FFO guidance is $2.88–$2.96 per share/unit; net income guidance is $1.53–$1.61 per share/unit.
Projected average in-service occupancy for 2025 is 95.0%–96.0%.
Cash same store NOI growth guidance (before termination fees) is 6%–7%.
G&A expense guidance is $40.5M–$41.5M for the year.
Guidance excludes impacts from future investments, property sales, or capital market activities post-press release.
Why did occupancy decrease from Q1 to Q2 2025?
What are the expected incremental costs for 2025?
Explain the exclusion of items from SS NOI.
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Next First Industrial Realty Trust earnings date
Q3 202516 Oct, 2025
Next First Industrial Realty Trust earnings date
Q3 202516 Oct, 2025
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Frequently asked questions
First Industrial Realty Trust Inc is a real estate investment trust that owns, manages, acquires, and develops industrial real estate properties. The company's portfolio includes distribution centers, warehouses, and manufacturing facilities primarily in major U.S. industrial markets. First Industrial Realty Trust serves logistics, e-commerce, and manufacturing tenants. The company is headquartered in Chicago, Illinois, and its shares are listed on the NYSE.
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