FR
First Industrial Realty Trust, Inc.58.02
-0.31-0.53%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Guidance resilient sans key lease-ups
Q&A confirmed 2026 FFO guidance holds even without leasing 1.7 million square feet of developments or the 708,000 square foot PA asset. Management detailed improving tours, RFPs, and broad activity from 3PLs, retail, manufacturing, and active Amazon pursuits. Retention reached 71% in 2025, with similar expected and 45% of 2026 rollovers secured at 35% cash rate growth. Concessions remain flat to slightly up, minimal on renewals. Tenants demand more power, yet 3,000-5,000 amps in specs suffice for most. Guidance robust. Investors eye lease-up timing in key markets like IE and PA.
Key Stats
Market Cap
7.92BP/E (TTM)
32.41Basic EPS (TTM)
1.79Dividend Yield
0.03%Recent Filings
10-K
FY2025 results
First Industrial capped FY2025 with a 94.4% in-service occupancy, up from prior years, on a 69.9 million square foot portfolio across 19 states, while revenues climbed 8.6% to $727M driven by 32.2% cash rent growth on renewals and 71% retention. Same-store NOI surged 6.1% to $487.6M (derived), reflecting steady demand despite national vacancy upticks, with Q4 bolstered by seven developments totaling 1.9M square feet placed in-service at 6.8% cap rates. Acquisitions added $303M including key Phoenix assets from the JV, offset by $42M in sales; debt stands at $2.57B with $665M revolver capacity and $73M cash. Q4 accelerated leasing momentum at $10.68 net rent per square foot. Yet trade tariffs threaten port-adjacent tenants.
8-K
FFO up 11.7%, dividend rises
8-K
Refinances $425M/$375M term loans
First Industrial Realty Trust refinanced its $425M Wells Fargo term loan, extending maturity to January 22, 2030 (with one-year extension option), at SOFR + 85bps, eliminating the prior 10bps adjustment. It also upsized its $375M U.S. Bank term loan (from $300M) to January 22, 2029 (two one-year extensions), same pricing, and amended its $200M March 2025 term loan to remove the 10bps SOFR adjustment. These moves extend debt maturities while locking in favorable investment-grade spreads.
10-Q
Q3 FY2025 results
First Industrial Realty Trust posted Q3 revenues of $181.4M, up 8.2% y/y, with lease revenue climbing to $179.4M from $165.9M on higher rents and occupancy, yet operating income dipped to $67.2M from $104.9M due to lower $9.5M gain on sales versus $56.8M last year. Diluted EPS landed at $0.49, matching 132,504 weighted shares. Cash swelled to $33.5M while drawing down the $850M credit facility to $33M; total debt hit $2.4B after issuing $450M 5.25% notes due 2031. Acquired 0.8M sq ft from joint venture; six developments underway. Leasing scored 31.6% cash rent bumps YTD. Debt covenants met.
8-K
Q3 FFO beats, guidance up
First Industrial reported Q3 2025 FFO of $0.76 per share/unit, up from $0.68 year ago, with in-service occupancy at 94.0%. Signed 772,000 SF new development leases, driving 32% cash rental rate growth on 2025 leases and 31% for 2026. Raised 2025 NAREIT FFO guidance midpoint $0.04 to $2.96. Leasing fuels growth.
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