First Industrial Realty Trust (FR) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2025, with robust leasing activity, portfolio resilience, and 11.7% NAREIT FFO per share growth to $2.96 per share.

• Q4 2025 net income available to common stockholders was $78.8M, up from $68.4M in Q4 2024; full-year net income was $247.4M, down from $287.6M in 2024.

• Record leasing market activity in Q4, with 226 million sq ft leased, up 22% year-over-year; annual leasing reached 941 million sq ft, second highest on record.

• Portfolio occupancy at year-end was 94.4%, with 414 properties in service and a total gross leasable area of 69.9M sq. ft.

• Significant progress on 2026 lease rollovers, with 45% addressed by square footage and a 35% cash rental rate increase on new and renewal leasing.

Financial highlights

• NAREIT FFO for Q4 2025 was $0.77 per share, up from $0.71 in Q4 2024; full-year FFO per share rose 12% to $2.96.

• FFO for 2025 was $403.8M, up from $360.1M in 2024; adjusted EBITDA for 2025 was $495.7M, up from $449.0M.

• Cash same-store NOI growth for 2025 was 7.1%, driven by higher rental rates and leasing.

• Q4 2025 lease revenue was $187.0M, up from $173.2M in Q4 2024; full-year lease revenue was $719.2M, up from $661.0M in 2024.

• Dividend per share for Q4 2025 was $0.445, up from $0.370 in Q4 2024; Q1 2026 dividend increased 12.4% to $0.50 per share.

Outlook and guidance

• 2026 NAREIT FFO guidance midpoint is $3.14 per share (range: $3.09–$3.19), representing about 6% growth.

• Expected average in-service occupancy for 2026 is 94.0%–95.0%, with same store NOI growth of 5.0%–6.0%.

• Guidance includes lease-up of 1.7 million sq ft of developments and 708,000 sq ft vacancy in Central PA in the second half.

• G&A expense guidance is $42–$43 million, with Q1 representing about 40% of the annual total.

• Guidance includes incremental costs from completed and under-construction developments as of year-end 2025 and Q1 2026 starts.