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First Industrial Realty Trust (FR)
NYSE:FR
Earnings Data
Report Date
Feb 04, 2026After Close (Confirmed)
Period Ending
2025 (Q4)Consensus EPS Forecast
0.42Last Year’s EPS
0.52Same Quarter Last Year
Moderate Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple operational and financial positives: raised 2025 FFO midpoint, strong same-store NOI growth, meaningful cash rental rate increases on new and renewal leases, successful development lease signings (including a 100% leased 1.8M SF project), and progress on 2026 rollovers. Headwinds include deliberate tenant decision-making due to tariff uncertainty, timing shifts on expected development lease-ups pushed into 2026, a minor occupancy dip, and a localized 3PL credit watch issue. Overall, the company appears to be executing well on leasing and NOI growth while managing a few manageable near-term timing and credit challenges.Company Guidance
FFO Growth and Guidance Raise
NAREIT FFO of $0.76 per diluted share in 3Q25 vs. $0.68 in 3Q24 (+$0.08, ~11.8% increase). 2025 NAREIT FFO midpoint increased $0.04 to $2.96 per share (range tightened to $2.94–$2.98) driven by development leasing, lower interest expense and a $0.01 insurance recovery.
Strong Cash Same-Store NOI Growth
Cash same-store NOI growth of 6.1% for the quarter (including a $0.01 insurance recovery); excluding the insurance recovery, growth was 5.4%. Full-year same-store NOI growth guidance implies a 2025 quarterly average of 7.0%–7.5% (midpoint +75 bps).
Robust Cash Rental Rate Gains on Leasing
Overall cash rental rate increase for new and renewal leasing of 32%; excluding a large fixed-rate renewal in Central Pennsylvania, cash rental rate increase was 37% and straight-line increase was 59%.
Development Leasing Wins and Lease-Up Progress
Leased remaining 501,000 SF of Camelback 303 JV making the 3-building 1.8M SF project 100% leased; leased 56,000 SF at First Park Miami Bldg 3, industrial outdoor storage in Fontana, 100% of a 159,000 SF First Harley Knox Logistics Center, and additional smaller leases — accelerating future cash flow growth.
Leasing Activity and Portfolio Occupancy
Approximately 2.2M SF of leases commenced in the quarter (400k new, 900k renewals, 800k developments/acquisitions with lease-up). In‑service occupancy finished the quarter at 94% and management reports 95% of 2025 rollovers addressed by square footage.
Early 2026 Rollover Progress
Management has addressed ~31% of 2026 rollovers to date at an average cash rental rate change of 31%, providing early visibility into 2026 leasing momentum.
Strong Market Fundamentals in Target Markets
In 15 target markets net absorption was 11M SF in 3Q (22M SF through three quarters). CoStar: Tier 1 U.S. vacancy at 6.3% (flat QoQ), CBRE projecting ~900M SF of total leasing in 2025 (second largest year on record). Space under construction in target markets totals 212M SF and is 47% pre-leased.
Low Bad Debt and Controlled Credit Exposure
Bad debt expense of $245k for the quarter, YTD ~$750k, in line with guidance; Q4 bad debt forecast ~$250k. Ongoing credit monitoring with one 3PL added to watch list but management is collecting rent directly from the subtenant while working through resolution.
FR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
FR Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Oct 15, 2025 | $53.67 | $54.42 | +1.40% |
Jul 16, 2025 | $48.88 | $48.94 | +0.12% |
Apr 16, 2025 | $46.02 | $46.71 | +1.49% |
Feb 05, 2025 | $52.41 | $53.73 | +2.51% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does First Industrial Realty Trust (FR) report earnings?
First Industrial Realty Trust (FR) is schdueled to report earning on Feb 04, 2026, After Close (Confirmed).
What is First Industrial Realty Trust (FR) earnings time?
First Industrial Realty Trust (FR) earnings time is at Feb 04, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FR EPS forecast?
FR EPS forecast for the fiscal quarter 2025 (Q4) is 0.42.