FIRST INDUSTRIAL REALTY TRUST INC (FR) Earnings History

FIRST INDUSTRIAL REALTY TRUST INC - Q4 FY2025 Earnings

Filed at: Feb 4, 2026, 4:41 PM EST|Read from source

EXECUTIVE SUMMARY

First Industrial Realty Trust reported strong full-year 2025 results characterized by significant FFO growth and substantial increases in cash rental rates, driven by a focused strategy in logistics real estate despite a volatile leasing market. The company also initiated 2026 FFO guidance and increased its dividend, signaling confidence in its operational performance and future outlook.

POSITIVE HIGHLIGHTS

  • •

    Full year 2025 FFO per share/unit grew 11.7% to $2.96, compared to $2.65 in 2024.

    positive
  • •

    Cash rental rates on commenced new and renewal leasing increased 35% in Q4 2025 and 32% for the full year 2025.

    positive
  • •

    Cash basis same store net operating income (SS NOI) increased 7.1% for the full year 2025.

    positive
  • •

    Increased the common dividend by 12.4% to $0.50 per share/unit for Q1 2026.

    positive

CONCERNS & RISKS

  • •

    Full year 2025 EPS was $1.87, a decrease from $2.17 in 2024.

    negative
  • •

    In-service occupancy was 94.4% at the end of Q4 2025, down from 96.2% at the end of Q4 2024.

    attention
  • •

    The company initiated 2026 NAREIT FFO guidance at a range of $3.09 to $3.19 per share/unit, representing approximately 6% growth at the midpoint, which may be considered moderate growth.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$188.41M
+7.3%
Prior year: $175.59M
Annual (YTD)
$727.08M
N/A
Prior year: $669.64M
Net Income
Quarterly
$78.85M
+15.2%
Prior year: $68.42M
Annual (YTD)
$247.44M
N/A
Prior year: $287.55M
EPS (Diluted)
Quarterly
$0.59
+13.5%
Prior year: $0.52
Operating Income
Quarterly
$65.19M
-7.5%
Prior year: $70.48M
Annual (YTD)
$244.69M
N/A
Prior year: $297.77M
EPS (Basic)
Quarterly
N/A
N/A

MARGIN ANALYSIS

Operating Margin
Current Quarter
34.6%
Prior Year
40.1%
YoY Change
-550 bps
Net Margin
Current Quarter
41.9%
Prior Year
38.9%
YoY Change
+300 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

REVENUE BY SEGMENT — Q4 FY2025 2025

VISUAL OVERVIEW

|
Same Store
0.0%
N/A

DETAILED BREAKDOWN

|
SegmentCurrentPrior YrYoY% Total
Same Store
N/A———
Total Revenue$0.00M——100.0%

Segment performance shows business unit health and growth drivers.

MANAGEMENT GUIDANCE

FY2026

Net Income Available to Common Stockholders and Unitholders
1.58—1.68
Mid-point: 1.63
NAREIT Funds From Operations
3.09—3.19
Mid-point: 3.14

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

MANAGEMENT COMMENTARY

Despite a volatile leasing market in 2025 impacted by the evolving tariff policies and other uncertainties, our First Industrial team maintained its keen focus on delivering strong growth in FFO, cash rental rates and cash same store NOI.

— FIRST INDUSTRIAL REALTY TRUST INC, Q4 FY2025 2025 Earnings Call

On the strength of the performance of our platform and our outlook, we increased our dividend rate by 12.4%.

— FIRST INDUSTRIAL REALTY TRUST INC, Q4 FY2025 2025 Earnings Call

Leasing traffic at our key availabilities remains good and the overall fundamental picture continues to improve, with completions and new starts measured.

— FIRST INDUSTRIAL REALTY TRUST INC, Q4 FY2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

Cash Rental Rates Commenced Leases
35
%
Cash Rental Rates Signed 2026 Commencing
35
%
In Service Occupancy
94.4
Prior year: 96.2
%

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.