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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
First Industrial Realty Trust
First Industrial Realty Trust (FR) investor relations material
First Industrial Realty Trust Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary22 Oct, 2026
Executive summary
Q3 in-service occupancy was 94.1%; cash same-store NOI excluding termination fees rose 5.6%, and cash rental rates on commenced new and renewal leases increased 52%.
Q3 revenue grew 8.6% to $197.1M; diluted EPS was $0.44 vs. $0.49, while diluted FFO was $0.81 per share/unit vs. $0.76.
FY26 NAREIT FFO guidance midpoint increased $0.01; 150,000 sq ft of expected development leasing shifted into 2027.
Financial highlights
Q3 NAREIT FFO was $111.4M vs. $103.5M; NOI was $146.7M vs. $135.1M, and adjusted EBITDA was $138.2M vs. $127.2M.
Q3 AFFO was $84.8M vs. $86.6M; cash same-store NOI was $135.0M vs. $127.9M.
Nine-month revenue rose 9.0% to $586.9M; net income was $288.1M vs. $177.1M, including $125.6M in real estate sale gains vs. $17.5M.
Nine-month operating cash flow was $318.9M vs. $339.2M; investing cash use was $234.7M vs. $360.9M.
Outlook and guidance
FY26 NAREIT FFO guidance is $3.11–$3.15 per share/unit, or $3.15–$3.19 excluding proxy campaign advisory costs.
FY26 cash same-store NOI growth guidance is 6.25%–6.75%, up 75 bps at midpoint; Q4 guidance is 4%–6%.
Q4 in-service occupancy guidance is 94.5%–96.5%, with ~650,000 sq ft of development leasing assumed in December; FY27 is expected to end at 95.5%.
FY27 renewals signed to date cover 45% of expirations and carry a 16% cash rent increase; expected retention is 65%–75%.
FY26 G&A guidance is $42M–$43M, excluding $5.6M of proxy campaign costs; expected capitalized interest is $0.08 per share.
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Latest events from First Industrial Realty Trust
- Q2 2026 delivered higher net income, 39% rent growth, and raised FFO guidance on strong leasing.FR
Q2 2026 - Modern logistics portfolio growth and value creation driven by strategic Mid-Atlantic investments.FRCorporate presentation
- Leasing momentum and strategic development drive growth, with data center and e-commerce as key tailwinds.FRNareit REITweek: 2026 Investor Conference
- Disciplined development and strong rent growth fuel leading returns in top U.S. logistics markets.FRInvestor presentation
- Q1 2026 saw robust NOI, EPS, and rent growth, with strong guidance and capital returns.FRQ1 2026
- Superior returns, board refreshment, and strong capital allocation drive value creation.FRProxy filing
- Leasing strength and rental growth drove higher FFO and NOI, with solid liquidity and credit metrics.FRQ3 2025
- Q3 2024 delivered higher net income, FFO, and NOI, with strong leasing and portfolio activity.FRQ3 2024
- 2025 FFO guidance targets ~10% growth, with strong 2024 FFO, leasing, and a 20.3% dividend hike.FRQ4 2024
Next First Industrial Realty Trust earnings date
Q4 20263 Feb, 2027
First Industrial Realty Trust
Next First Industrial Realty Trust earnings date
Q4 20263 Feb, 2027
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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.