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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.Q3 2025 earnings summary16 Oct, 2025
Executive summary
Delivered strong operating results in Q3 2025, with robust development leasing, 772,000 SF of new leases signed, and notable activity in Phoenix, South Florida, and the Inland Empire.
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 year-over-year.
FFO for Q3 2025 was $103.5M ($0.76/share), up from $92.5M ($0.68/share) in Q3 2024; AFFO was $86.6M, up from $74.2M.
Portfolio occupancy was 94.0% at quarter-end, with 414 properties in service and 68.5M square feet of gross leasable area.
Achieved a 31.6% average increase in cash rental rates on new and renewal leases, with tenant retention of 71.5%.
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 2025 EPS was $0.49, down from $0.75 in Q3 2024; nine-month EPS was $1.27, down from $1.65.
Cash same-store NOI growth was 6.1% (5.4% excluding insurance recovery), driven by higher rental rates and contractual rent bumps.
Common dividend per share was $0.445 for Q3 2025, up from $0.370 in Q3 2024, a 20.3% increase over 2024.
Adjusted EBITDA for Q3 2025 was $127.2M, up from $114.8M in Q3 2024.
Outlook and guidance
2025 NAREIT FFO guidance midpoint raised by $0.04 to $2.96 per share, with a range of $2.94–$2.98.
Net income guidance per share/unit is $1.67–$1.71.
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%, a 75 bps increase at midpoint.
G&A expense guidance set at $40.5–$41.5 million.
Impact of tariffs on tenant space needs?
Future investment focus by market type?
What caused the 85bps occupancy decline?
Describe tariff-sensitive tenants' decision process
What hurdles exist for data center conversions?
Assess new supply ramp-up challenges for private developers
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Next First Industrial Realty Trust earnings date
Q4 20255 Feb, 2026
Next First Industrial Realty Trust earnings date
Q4 20255 Feb, 2026
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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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