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First Industrial Realty Trust (FR) investor relations material
First Industrial Realty Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Delivered strong development leasing, with 772,000–2.2 million square feet of new leases signed in Q3 and Q4 to date, especially in Phoenix, South Florida, and the Inland Empire.
Diluted EPS for Q3 2025 was $0.49, down from $0.75 in Q3 2024; NAREIT FFO per share/unit rose to $0.76 from $0.68.
Net income available to common stockholders was $65.3M for Q3 2025, down from $99.3M in Q3 2024; nine-month net income was $168.6M, down from $219.1M.
Portfolio occupancy was 94% at quarter-end, with 414 properties in service and 68.5M square feet of gross leasable area.
Leasing market fundamentals are stabilizing, with increased touring activity and national vacancy rates holding steady at 6.3%.
Financial highlights
Q3 2025 total revenues were $181.4M, up from $167.6M in Q3 2024; nine-month revenues reached $538.7M, up from $494.1M.
Q3 FFO (NAREIT) was $103.5M ($0.76/share), up from $92.5M ($0.68/share) in Q3 2024; adjusted FFO was $86.6M, up from $74.2M.
Cash same-store NOI growth was 6.1% (5.4% excluding insurance recovery), driven by higher rental rates and contractual rent bumps.
In-service occupancy ended the quarter at 94%, down 20 bps sequentially.
Common dividend per share was $0.445 for Q3 2025, up from $0.370 in Q3 2024.
Outlook and guidance
2025 NAREIT FFO guidance midpoint raised by $0.04 to $2.96 per share/unit, with a range of $2.94–$2.98.
Year-end in-service occupancy expected between 94% and 96%; full-year average occupancy projected at 94.4%–94.9%.
2025 quarterly average same-store NOI growth guided to 7–7.5%.
G&A expense guidance set at $40.5–$41.5 million.
Net income guidance per share/unit is $1.67–$1.71.
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