First Industrial Realty Trust, Inc.

What they do

As of June 30, 2026, the company owned 419 industrial properties in 19 states totaling approximately 71.2 million square feet of gross leasable area. Operations are conducted through First Industrial, L.P., the Operating Partnership, in which the Company held an approximate 96.7% general partner interest at June 30, 2026. The company generates revenue primarily by leasing industrial space to tenants, supplemented by property sales and development activity.

Revenue drivers

• In-service industrial rental revenue — The core of the business: rent from 419 industrial properties (71.2 million SF as of June 30, 2026), with in-service occupancy of 94.9% at the end of the second quarter of 2026.
• Development and redevelopment lease-up — Newly built and redeveloped industrial facilities are leased at market rates; second quarter 2026 highlights included full-building leases at First Wilson Logistics Center II (155,000 SF), First Park New Castle Building B (226,000 SF) and First Park 121 Building F (176,000 SF).
• Acquisitions — The company acquired a newly constructed 161,000 SF value-add building in Dallas for $26 million and a 58-acre Baltimore land site for $39 million in the second quarter of 2026.
• Property and land dispositions — Asset sales supplement returns; in the second quarter of 2026 the company sold four Detroit buildings (310,000 SF) for $29 million and closed a 100-acre Phoenix land sale for $131 million.

Recent performance

Second quarter 2026 diluted EPS was $0.58 versus $0.42 a year earlier, and diluted FFO was $0.82 per unit versus $0.76. Cash same store NOI before termination fees rose 6.7%, driven by higher rental rates, contractual escalations and lower free rent, partly offset by lower average occupancy. Cash rental rates on new and renewal leasing commenced in the quarter increased 39%. In-service occupancy was 94.9% at June 30, 2026, up from 94.3% at March 31, 2026 and 94.2% at June 30, 2025. Quarterly revenue was $194.9 million in the second quarter of 2026.

Strategy

The stated objective is to maximize total stockholder return by increasing cash flow and property values through internal growth, external growth and portfolio enhancement. Internally, the company pursues higher renewal and re-leasing rates, contractual rent escalations and expense control. Externally, it develops best-in-class industrial properties and acquires assets and land within its 15 key logistics markets. Portfolio enhancement involves selling assets lacking strong long-term cash flow growth potential.

Risks

• Industrial sector concentration — The portfolio is concentrated in industrial real estate, so reduced U.S. economic output can lower occupancy and rent levels across the whole portfolio.
• Tenant credit and lease defaults — Tenant insolvency, bankruptcy or lease termination could reduce cash flow from operations, particularly if a large tenant is affected.
• Development and construction execution — Higher-than-expected construction costs and delays in development or lease-up could reduce returns on projects such as First Park New Castle Building A.
• Interest rates and financing availability — Prolonged elevated interest rates or reduced availability of public and private capital could raise the company's cost of financing and affect its ability to raise equity on attractive terms.

Outlook

Management raised 2026 FFO guidance by $0.02 at the midpoint, citing second quarter leasing wins. Full-year 2026 net income available to common stockholders and unitholders is guided to $2.48-$2.56 per share unit, with $1.50 of depreciation and other real estate amortization and $(0.90) of net gains on real estate sales through July 22, 2026. Management said fundamentals showed signs of improvement, with net absorption outpacing moderating new deliveries and lower market vacancy.