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 grew 5.6%, and 2026 FFO guidance midpoint increased $0.01 per share/unit.

• Nine-month cash same-store NOI rose 7.0%; cash rental rates on commenced new and renewal leases increased 40.5%.

Financial highlights

• Q3 revenue was $197.1M vs. $181.4M YoY; net income was $60.5M vs. $67.4M and diluted EPS was $0.44 vs. $0.49.

• Q3 NOI was $146.7M vs. $135.1M; adjusted EBITDA was $138.2M vs. $127.2M.

• Q3 NAREIT FFO was $111.4M vs. $103.5M; diluted FFO was $0.81 per share/unit vs. $0.76.

• 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 included a $125.6M real estate sale gain vs. $17.5M a year earlier.

Outlook and guidance

• 2026 NAREIT FFO guidance is $3.11–$3.15 per share/unit, or $3.15–$3.19 excluding proxy-advisory costs; midpoint increased $0.01.

• 2026 cash same-store NOI growth guidance is 6.25%–6.75%, raised 75 bps at midpoint; Q4 guidance is 4%–6%.

• Year-end in-service occupancy guidance is 94.5%–96.5%, with ~650,000 sq. ft. of incremental development leasing assumed in December.

• 2026 G&A guidance is $42M–$43M, excluding $5.6M of proxy-related costs; expected capitalized interest is $0.08 per share.

• Signed 2027 renewals carry 16% cash rent increases across 45% of expiring leases; increases exceed 20% excluding Southern California.