First Industrial Realty Trust (FR) Q2 2026 earnings summary

Executive summary

• Net income for Q2 2026 was $77.1 million, up from $55.1 million in Q2 2025, with EPS of $0.58 versus $0.42 year-over-year.

• Funds from operations (FFO) for Q2 2026 reached $111.7 million, or $0.82 per share, compared to $103.0 million, or $0.76 per share, in Q2 2025.

• Same store cash net operating income grew 6.7% year-over-year in Q2 2026, with cash rental rates on new and renewal leases up 39%.

• In-service occupancy rose to 94.9% at quarter-end, up from 94.3% in Q1 2026 and 94.2% in Q2 2025.

• Over 2.6 million square feet of leases commenced in Q2 2026, including significant full-building deals in Central Pennsylvania and several development leases.

Financial highlights

• Lease revenue for Q2 2026 was $193.9 million, up from $177.5 million in Q2 2025.

• Adjusted EBITDA for Q2 2026 was $138.2 million, up from $126.3 million in Q2 2025.

• AFFO for Q2 2026 was $85.9 million, compared to $84.2 million in Q2 2025.

• Dividend per share for Q2 2026 was $0.50, with a payout ratio of 61.2% of FFO.

• Gross real estate investment at June 30, 2026 was $6.47 billion; total assets: $5.78 billion.

Outlook and guidance

• 2026 FFO guidance increased by $0.02 at the midpoint, now $3.12–$3.20 per share/unit before advisory costs.

• Average quarter-end in-service occupancy is projected between 94.0% and 95.0%, ending 2026 at ~95.5%.

• Cash same store NOI growth before termination fees guided at 5.25%–6.25%, up 25 bps at midpoint.

• G&A expense guidance is $42–$43 million, excluding $5.6 million in proxy campaign costs.

• Guidance excludes impacts from future investments, property sales, or capital market activities post-release.