First Industrial Realty Trust (FR) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2025, with 11.7% NAREIT FFO per share growth to $2.96, robust leasing, and high retention despite a volatile economic environment.

• Net income available to common stockholders for 2025 was $247.4 million, down from $287.6 million in 2024.

• Portfolio remains resilient, with significant growth opportunities and high-quality assets benefiting from a flight to quality in the market.

• Board declared a 12.4% dividend increase for Q1 2026, raising the quarterly dividend to $0.50 per share/unit.

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

Financial highlights

• Q4 2025 NAREIT FFO was $0.77 per share, up from $0.71 in Q4 2024; full-year FFO was $403.8 million, up from $360.1 million in 2024.

• Full-year 2025 cash same-store NOI growth was 7.1% (excluding termination fees); Q4 same-store NOI growth was 3.7%.

• Total revenues for 2025 were $727.1 million, up from $669.6 million in 2024.

• Adjusted EBITDA for 2025 was $495.7 million, up from $449.0 million in 2024.

• Dividend per share for Q4 2025 was $0.445, up from $0.370 in Q4 2024; full-year dividend was $1.78, up from $1.48 in 2024.

Outlook and guidance

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

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

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

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

• Guidance assumes 1.7 million sq ft of development lease-up and 708,000 sq ft vacancy in Central PA, both expected in the second half of 2026.