First Industrial Realty Trust (FR) Q3 2026 earnings summary

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.