First Industrial Realty Trust Reports Third Quarter 2026 Results

CHICAGO, Oct. 21, 2026 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, today announced results for the third quarter of 2026. First Industrial's diluted net income available to common stockholders per share (EPS) was $0.44 in the third quarter, compared to $0.49 a year ago and third quarter funds from operations (FFO) was $0.81 per share/unit on a diluted basis, compared to $0.76 per share/unit a year ago.

"Industrial real estate market fundamentals continued to improve in the third quarter, with strong net absorption reflecting the breadth of tenant demand in the marketplace," said Peter E. Baccile, First Industrial's president and chief executive officer. "We experienced a strong pace of early renewals from our tenants for our 2027 expirations and we are excited about our levels of overall prospect activity."

Portfolio Performance

Development Leasing Highlights

During the third quarter, the Company:

Investment Highlights

During the third quarter, the Company:

Outlook for 2026

"We increased our guidance by $0.01 at the midpoint based on our third quarter performance and outlook. As always, our team is laser-focused on leasing and serving our current and new customers to drive future cash flow growth," said Mr. Baccile.

Low End of

High End of

Guidance for 2026

(Per share/unit)

Net Income Available to Common Stockholders and Unitholders

$ 2.51

$ 2.55

Add: Depreciation and Other Amortization of Real Estate

1.50

Less: Gain on Sale of Real Estate, Net of Allocable Income Tax Provision,

Through October 21, 2026

(0.90)

NAREIT Funds From Operations

$ 3.11

$ 3.15

Add: Advisory Costs Related to a Contested Proxy Campaign

0.04

FFO Before Advisory Costs Related to a Contested Proxy Campaign

$ 3.15

$ 3.19

The following assumptions were used for guidance:

Conference Call

First Industrial will host its quarterly conference call on Thursday, October 22, 2026 at 10:00 a.m. CDT (11:00 a.m. EDT). The conference call may be accessed by dialing (833) 890-3273, passcode "First Industrial". The conference call will also be webcast live on the Investors page of the Company's website at www.firstindustrial.com. The replay will also be available on the website.

The Company's third quarter 2026 supplemental information can be viewed at www.firstindustrial.com under the "Investors" tab.

FFO Definition

First Industrial calculates FFO to be equal to net income available to common stockholders, unitholders and participating securities, plus depreciation and other amortization of real estate, plus impairment of real estate, minus gain (or plus loss) on sale of real estate, adjusted for any associated income tax provisions or benefits. Similar adjustments are made for our share of net income from an unconsolidated joint venture. This calculation methodology is in accordance with the NAREIT definition of FFO.

About First Industrial Realty Trust, Inc.

First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. In total, we own and have under development approximately 72.9 million square feet of industrial space concentrated in 15 target MSAs as of September 30, 2026. For more information, please visit us at www.firstindustrial.com.

Forward-Looking Statements

This press release and the presentation to which it refers may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors that could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically, including impacts and uncertainties arising from trade disputes and tariffs on goods imported to or exported from the United States; changes in legislation/regulation (including laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; our ability to qualify and maintain our status as a real estate investment trust; the availability, cost and attractiveness of financing (including both public and private capital), increases in or prolonged periods of elevated interest rates, and our ability to raise equity capital on attractive terms; the availability and attractiveness of terms of debt repurchases; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; changes in the competitive environment in which we operate, including changes in supply, demand and valuation of industrial properties and land in our current and potential markets; our ability to identify, acquire, develop and/or manage properties on favorable terms; our ability to dispose of properties on favorable terms; our ability to successfully integrate acquired properties; potential liability relating to environmental matters; defaults on or non-renewal of leases by our tenants; decreases in rental rates or increases in vacancy rates; higher-than-expected real estate construction costs and delays in development or lease-up timelines; uncertainty and economic impacts of pandemics, epidemics or other public health emergencies or fear of such events; risks associated with cybersecurity breaches, cyberattacks, intrusions or other significant disruptions of our information technology networks or systems; potential natural disasters and other catastrophic events, including acts of war or terrorism; insufficient or unavailable insurance coverage; technological developments, particularly those affecting supply chains and logistics; litigation risks, including costs associated with prosecuting or defending claims and potential adverse outcomes; risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and other risks and uncertainties described in Item A, "Risk Factors" and elsewhere in our annual report, on Form 10-K for the year ended December 31, 2025, as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and public filings with the Securities and Exchange Commission (the "SEC"). We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this press release or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements except as may be required by law. For further information on these and other factors that could impact us and the statements contained herein, reference should be made to our filings with the SEC.

A schedule of selected financial information is attached.

FIRST INDUSTRIAL REALTY TRUST, INC.

Selected Financial Data

(Unaudited)

(In thousands except per share/Unit data)

Three Months Ended

Nine Months Ended

September 30,

2026

2025

2026

2025

Statements of Operations and Other Data:

Total Revenues

$ 197,115

$ 181,430

$ 586,882

$ 538,667

Property Expenses

(50,372)

(46,185)

(151,947)

(139,950)

General and Administrative (a)

(8,607)

(8,552)

(40,431)

(32,883)

Joint Venture Development Services Expense

(4)

(190)

(53)

(524)

Depreciation of Corporate FF&E

(141)

(147)

(448)

(477)

Depreciation and Other Amortization of Real Estate

(50,855)

(45,601)

(150,843)

(136,232)

Total Expenses

(109,979)

(100,675)

(343,722)

(310,066)

Gain on Sale of Real Estate

—

9,538

125,623

17,503

Interest Expense

(24,787)

(21,731)

(73,074)

(62,922)

Amortization of Debt Issuance Costs

(1,571)

(1,393)

(4,673)

(3,684)

Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision

$ 60,778

$ 67,169

$ 291,036

$ 179,498

Equity in Income of Joint Venture

387

244

3,800

Income Tax Provision

(309)

(192)

(3,145)

(6,171)

Net Income

$ 60,523

$ 67,364

$ 288,135

$ 177,127

Net Income Attributable to the Noncontrolling Interests

(1,973)

(2,058)

(9,388)

(8,533)

Net Income Available to First Industrial Realty Trust, Inc.'s

Common Stockholders and Participating Securities

$ 58,550

$ 65,306

$ 278,747

$ 168,594

RECONCILIATION OF NET INCOME AVAILABLE TO

FIRST INDUSTRIAL REALTY TRUST, INC.'S COMMON

STOCKHOLDERS AND PARTICIPATING SECURITIES

TO FFO (d) AND AFFO (d)

Net Income Available to First Industrial Realty Trust, Inc.'s

Common Stockholders and Participating Securities

$ 58,550

$ 65,306

$ 278,747

$ 168,594

Depreciation and Other Amortization of Real Estate

50,855

45,601

150,843

136,232

Depreciation and Other Amortization of Real Estate in the

Joint Venture (b)

—

607

—

2,182

Net Income Attributable to the Noncontrolling Interests

1,973

2,058

9,388

8,533

Gain on Sale of Real Estate

—

(9,538)

(125,623)

(17,503)

Gain on Sale of Real Estate from Joint Venture (b)

(7)

(163)

(85)

(3,743)

Equity in FFO from Joint Venture Attributable to the

Noncontrolling Interest (b)

(6)

(100)

(19)

(269)

Income Tax (Benefit) Provision - Excluded from FFO (c)

—

(257)

2,300

5,408

Funds From Operations ("FFO") (NAREIT) (d)

$ 111,365

$ 103,514

$ 315,551

$ 299,434

Amortization of Equity Based Compensation

2,543

2,020

20,209

18,293

Amortization of Debt Discounts and Hedge Costs

262

787

553

Amortization of Debt Issuance Costs

1,571

1,393

4,673

3,684

Depreciation of Corporate FF&E

141

147

448

477

Non-incremental Building Improvements

(5,845)

(5,641)

(17,655)

(13,229)

Non-incremental Leasing Costs

(15,264)

(6,401)

(32,891)

(19,580)

Capitalized Interest

(2,537)

(3,489)

(8,653)

(9,374)

Capitalized Overhead

(1,554)

(1,589)

(6,178)

(6,492)

Straight-Line Rent, Amortization of Above (Below) Market

Leases and Lease Inducements

(5,881)

(3,604)

(15,042)

(13,912)

Adjusted Funds From Operations ("AFFO") (d)

$ 84,801

$ 86,612

$ 261,249

$ 259,854

RECONCILIATION OF NET INCOME AVAILABLE TO

FIRST INDUSTRIAL REALTY TRUST, INC.'S COMMON

STOCKHOLDERS AND PARTICIPATING SECURITIES TO

ADJUSTED EBITDA (d) AND NOI (d)

Three Months Ended

Nine Months Ended

September 30,

2026

2025

2026

2025

Net Income Available to First Industrial Realty Trust, Inc.'s

Common Stockholders and Participating Securities

$ 58,550

$ 65,306

$ 278,747

$ 168,594

Interest Expense

24,787

21,731

73,074

62,922

Depreciation and Other Amortization of Real Estate

50,855

45,601

150,843

136,232

Depreciation and Other Amortization of Real Estate in the

Joint Venture (b)

—

607

—

2,182

Income Tax Provision - Allocable to FFO (c)

309

449

845

763

Net Income Attributable to the Noncontrolling Interests

1,973

2,058

9,388

8,533

Equity in FFO from Joint Venture Attributable to the

Noncontrolling Interest (b)

(6)

(100)

(19)

(269)

Amortization of Debt Issuance Costs

1,571

1,393

4,673

3,684

Depreciation of Corporate FF&E

141

147

448

477

Gain on Sale of Real Estate

—

(9,538)

(125,623)

(17,503)

Gain on Sale of Real Estate from Joint Venture (b)

(7)

(163)

(85)

(3,743)

Income Tax (Benefit) Provision - Excluded from FFO (c)

—

(257)

2,300

5,408

Adjusted EBITDA (d)

$ 138,173

$ 127,234

$ 394,591

$ 367,280

General and Administrative (a)

8,607

8,552

40,431

32,883

Equity in FFO from Joint Venture, Net of Noncontrolling

Interest (b)

(41)

(731)

(140)

(1,970)

Net Operating Income ("NOI") (d)

$ 146,739

$ 135,055

$ 434,882

$ 398,193

Non-Same Store NOI

(8,362)

(3,767)

(25,022)

(7,513)

Same Store NOI Before Same Store Adjustments (d)

$ 138,377

$ 131,288

$ 409,860

$ 390,680

Straight-line Rent

(2,953)

(2,854)

(5,470)

(12,311)

Above (Below) Market Lease Amortization

(186)

(473)

(966)

(1,467)

Lease Termination Fees

(213)

(44)

(379)

(154)

Same Store NOI (Cash Basis without Termination Fees) (d)

$ 135,025

$ 127,917

$ 403,045

$ 376,748

Weighted Avg. Number of Shares/Units Outstanding - Basic

135,943

135,479

135,931

135,461

Weighted Avg. Number of Shares Outstanding - Basic

132,612

132,450

132,597

132,432

Weighted Avg. Number of Shares/Units Outstanding - Diluted

136,554

135,920

136,507

135,973

Weighted Avg. Number of Shares Outstanding - Diluted

132,686

132,504

132,665

132,492

Per Share/Unit Data:

Net Income Available to First Industrial Realty Trust, Inc.'s

Common Stockholders and Participating Securities

$ 58,550

$ 65,306

$ 278,747

$ 168,594

Less: Allocation to Participating Securities

(33)

(37)

(134)

(108)

Net Income Available to First Industrial Realty Trust, Inc.'s

Common Stockholders

$ 58,517

$ 65,269

$ 278,613

$ 168,486

Basic and Diluted Per Share (a)

$ 0.44

$ 0.49

$ 2.10

$ 1.27

FFO (NAREIT) (d)

$ 111,365

$ 103,514

$ 315,551

$ 299,434

Less: Allocation to Participating Securities

(160)

(149)

(438)

(435)

FFO (NAREIT) Allocable to Common Stockholders and

Unitholders

$ 111,205

$ 103,365

$ 315,113

$ 298,999

Basic Per Share/Unit (a)

$ 0.82

$ 0.76

$ 2.32

$ 2.21

Diluted Per Share/Unit (a)

$ 0.81

$ 0.76

$ 2.31

$ 2.20

Common Dividends/Distributions Per Share/Unit

$ 0.500

$ 0.445

$ 1.500

$ 1.335

Balance Sheet Data (end of period):

September 30, 2026

December 31, 2025

Gross Real Estate Investment

$ 6,636,831

$ 6,367,678

Total Assets

5,872,304

5,688,081

Debt

2,641,235

2,553,396

Total Liabilities

3,002,086

2,929,151

Total Equity

2,870,218

2,758,930

(a) Includes $5,570 of advisory costs related to a contested proxy campaign recognized in the first quarter of 2026. Excluding these costs, basic and diluted EPS would have been $2.14 and basic and diluted FFO per share/unit would have been $2.36 and $2.35, respectively, for the nine months ended September 30, 2026.

Three Months Ended

Nine Months Ended

September 30,

2026

2025

2026

2025

(b)

Equity in Income of Joint Venture

Equity in Income of Joint Venture per GAAP

Statements of Operations

$ 54

$ 387

$ 244

$ 3,800

Gain on Sale of Real Estate from Joint Venture

(7)

(163)

(85)

(3,743)

Depreciation and Other Amortization of Real Estate in the

Joint Venture

—

607

—

2,182

Equity in FFO from Joint Venture Attributable to the

Noncontrolling Interest

(6)

(100)

(19)

(269)

Equity in FFO from Joint Venture, Net of Noncontrolling

Interest

$ 41

$ 731

$ 140

$ 1,970

(c)

Income Tax Provision

Income Tax Provision per GAAP Statements of

Operations

$ (309)

$ (192)

$ (3,145)

$ (6,171)

Income Tax (Benefit) Provision - Excluded from FFO

—

(257)

2,300

5,408

Income Tax Provision - Allocable to FFO

$ (309)

$ (449)

$ (845)

$ (763)

(d) Investors and analysts in the real estate industry commonly use funds from operations ("FFO"), net operating income ("NOI"), adjusted EBITDA and adjusted funds from operations ("AFFO") as supplemental performance measures. While we consider net income, as defined by GAAP, the most appropriate measure of our financial performance, we acknowledge the relevance and widespread use of these supplemental performance measures for evaluating performance and financial position in the real estate industry. FFO principally adjusts for the effects of GAAP depreciation and amortization of real estate assets to account for the inherent assumption that real estate asset values rise or fall with market conditions. NOI provides a measure of rental operations, and does not factor in depreciation and amortization and non-property specific expenses such as general and administrative expenses. Adjusted EBITDA further evaluates the ability to incur and service debt, fund dividends and meet other cash obligations. AFFO provides a tool to further evaluate the ability to fund dividends, adjusting for additional factors such as straight-line rent and certain capital expenditures.

These supplemental performance measures are commonly used in various financial analyses including ratio calculations, pricing multiples/yields and returns and valuation metrics used to measure financial position, performance and value. We calculate our supplemental measures as follows:

FFO is calculated as net income available to common stockholders, unitholders and participating securities, plus depreciation and other amortization of real estate, plus impairment of real estate, minus gain (or plus loss) on sale of real estate, adjusted for any associated income tax provisions or benefits. Similar adjustments are made for our share of net income from an unconsolidated joint venture. This calculation methodology is in accordance with the NAREIT definition of FFO.

NOI is calculated as total property revenues minus property expenses such as real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses.

Adjusted EBITDA is calculated as NOI plus equity in FFO from our investment in joint venture (net of noncontrolling interest) and minus general and administrative expenses.

AFFO is calculated as adjusted EBITDA minus interest expense, capitalized interest and overhead, plus amortization of debt discounts and hedge costs, minus straight-line rent, amortization of above (below) market leases, lease inducements and provision for income taxes allocable to FFO or plus income tax benefit allocable to FFO, plus amortization of equity based compensation and minus non-incremental capital expenditures. Non-incremental capital expenditures refer to building improvements and leasing costs required to maintain current revenues plus tenant improvements amortized back to the tenant over the lease term. Excluded are first generation leasing costs, capital expenditures underwritten at acquisition and development/redevelopment costs.

FFO, NOI, adjusted EBITDA and AFFO do not represent cash generated from operating activities in accordance with GAAP and are not necessarily indicative of cash available for debt repayment or dividend payments. They should not be considered substitutes of GAAP measures such as net income, cash flows or liquidity measures. Furthermore, the methodologies used to calculate these measures may vary across real estate companies, limiting comparability.

We consider cash basis same store NOI ("SS NOI") to be a useful supplemental measure of our operating performance. We believe SS NOI enhances the comparability of a company's real estate portfolio to that of other real estate companies. Same store properties are properties that were owned and placed in service prior to January 1, 2025 and held as an in service property through the end of the current reporting period including certain income-producing land parcels, and developments and redevelopments that were placed in service prior to January 1, 2025 (the "Same Store Pool"). Properties acquired with occupancy of at least 75% at acquisition are placed in service, unless we anticipate tenant move-outs within two years of ownership would reduce occupancy below 75%, in which case such properties are placed in service upon the earlier of reaching 90% occupancy or twelve months after tenant move out. Properties acquired with less than 75% occupancy are placed in service upon the earlier of reaching 90% occupancy or one year following acquisition. Developments, redevelopments and acquired income-producing land parcels for which our ultimate intent is to redevelop or develop are placed in service upon the earlier of reaching 90% occupancy or one year after construction completion.

We define SS NOI as NOI, less NOI from properties not in the Same Store Pool, and further adjusted to exclude the impact of straight-line rent, the amortization of above (below) market rent and the impact of lease termination fees. These items are excluded because we believe excluding them provides a more meaningful reflection of cash-basis rental growth and allows for a more consistent year-over-year analysis of property-level performance. SS NOI does not reflect general and administrative expense, interest expense, depreciation and amortization, income tax benefit and expense, gains and losses on the sale of real estate, equity in income or loss from joint venture, joint venture fees, joint venture development services expense, capital expenditures and leasing costs. SS NOI should not be considered an alternative to net income or cash flows from operations as defined by GAAP, nor should it be used as a substitute in evaluating our liquidity or overall operating performance. Additionally, our method for calculating SS NOI may differ from the methods used by other real estate companies, limiting comparability.

SOURCE First Industrial Realty Trust, Inc.