First Industrial Realty Trust (FR)
NYSE:FR
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Earnings Data
Report Date
Jul 22, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.44Last Year’s EPS
0.42Same Quarter Last Year
Moderate Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a list of strong operational wins — robust Q1 cash same‑store NOI growth (8.7%), solid development leasing (383k sq ft), meaningful rental rate increases (~41% cash run‑rate change on new/renewal deals), high‑value land sale ($131M) and stable occupancy (94.3%). Offsetting items included $5.6M of incremental advisory costs tied to a contested proxy campaign that reduced FFO by $0.04 per share, elevated G&A from one‑time accounting expense, modestly higher concessions in some markets and slower decision‑making for very large users in select markets. Management maintained full‑year guidance (adjusted only for the proxy advisory drag) and emphasized a disciplined development and capital allocation strategy. On balance, the operational positives and strong leasing/NOI trends outweigh the discrete costs and localized challenges.Company Guidance
Stable Occupancy and Leasing Momentum
In‑service occupancy was 94.3% at quarter end and touring activity increased, with decision‑making accelerating for spaces under 200,000 sq ft; approximately 2.4 million sq ft of leases commenced during the quarter.
Strong Cash Same‑Store NOI Growth in Q1
Cash same‑store NOI growth (excluding termination fees) was 8.7% for the quarter, driven by higher rental rates on new and renewal leasing, lower free rent and contractual rent bumps.
Large Cash Rental Rate Increases
Company has taken care of roughly 61% of 2026 rollovers by square footage and reported an overall cash rental rate increase for new and renewal leasing of ~41%, including a Southern California renewal (556,000 sq ft) that materially exceeded the top end of the 40% guidance range.
Development Leasing Wins
Signed 383,000 sq ft of development leases in the quarter, including a full‑building 155,000 sq ft lease (Wilson 2, Inland Empire) and several sub‑100k leases across Chicago, South Florida, Central Florida and Central Pennsylvania.
High‑Value Land Sale Pending
Ground lessee exercised an option to purchase 100 acres in Phoenix for $131 million (~$30 per land sq ft), ~3x local industrial land values; transaction expected to close in June and disclosed cap rate ~5.3% (on‑balance sheet sale).
FFO Stability (Excluding One‑Time Proxy Costs)
NAREIT FFO was $0.68 per diluted share in Q1 2026, unchanged YoY; excluding $0.04 per share of incremental advisory costs tied to a contested proxy campaign, FFO would have been $0.72 per share.
Low Bad Debt and Collections Progress
Bad debt expense was low at $100,000 in Q1 (guidance remains $250,000 per quarter) and a 3PL on the watch list made a lump‑sum payment of ~60% of its balance with a schedule to pay the remainder by end of 2026; no impact to same‑store NOI or FFO.
Prudent Capital Allocation and Shareholder Engagement
Company reiterated development as primary growth driver while remaining opportunistic on acquisitions and share repurchases; announced property tours to enhance investor engagement and emphasized disciplined market selection for new starts.
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 |
|---|---|---|---|
Apr 22, 2026 | $63.35 | $62.85 | -0.79% |
Feb 04, 2026 | $57.93 | $59.23 | +2.24% |
Oct 15, 2025 | $52.79 | $53.53 | +1.40% |
Jul 16, 2025 | $48.09 | $48.14 | +0.12% |
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 Jul 22, 2026, After Close (Confirmed).
What is First Industrial Realty Trust (FR) earnings time?
First Industrial Realty Trust (FR) earnings time is at Jul 22, 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 2026 (Q2) is 0.44.