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First Industrial Realty Trust (FR)
NYSE:FR
Earnings Data
Report Date
Apr 22, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.33Last Year’s EPS
0.36Same Quarter Last Year
Moderate Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive operational and financial performance: FFO grew 12% year-over-year, cash rental rates and same-store NOI showed strong increases, occupancy ticks higher and the company executed accretive acquisitions, development starts, and debt refinancings while raising the dividend. Key risks noted were execution-dependent assumptions for 2026 (notably lease-up of 1.7M sq ft and a 708k sq ft Central PA asset), modestly rising concessions/TI, and limited downside buffer in occupancy. Overall, management's achievements and conservative-sounding guidance outweigh the execution and market risks.Company Guidance
Strong Top-Line Leasing Market Activity
CBRE reported record 226 million sq ft of leasing in Q4, up 22% year-over-year, and total leasing of 941 million sq ft for 2025 (the second-highest year on record), more than 12% higher than 2024. Net absorption in Q4 was 58 million sq ft and vacancy in Q4 was 6.7%.
Company Development Leasing Wins
Since the last call the company signed 231,000 sq ft of development leases, including the other half of a 425,000 sq ft Houston development and a 19,000 sq ft lease at First Loop Orlando.
Material Cash Rental Rate Growth
Cash rental rate increases on new and renewal leasing were 32% for 2025; excluding a previously disclosed large fixed-rate renewal in Central PA the increase was 37%. Straight-line rent increase was 59%.
Dividend Increase
Board declared a Q1 dividend of $0.50 per share, a 12.4% increase, aligned with anticipated cash flow growth.
FFO and Cash NOI Growth
REIT FFO per diluted share was $0.77 in Q4 2025 vs. $0.71 in Q4 2024. Full-year FFO was $2.96 vs. $2.65 in 2024, a 12% increase. Full-year cash same-store NOI growth (ex termination fees) was 7.1%; Q4 cash same-store NOI growth was 3.7%.
High Occupancy and Leasing Activity
Quarter-end in-service occupancy was 94.4%, up 40 basis points from Q3. Approximately 1.8 million sq ft of leases commenced in the quarter (about 600k new, 600k renewals, 500k development/acquisition lease-ups).
Accretive Acquisitions and Attractive Yield
Acquired a 968,000 sq ft fully leased Phoenix building from JV for $125M and a newly constructed 117,000 sq ft Baltimore facility for $31M. Combined stabilized cash yield on the net purchase price of these properties is 6.3%.
New Development Starts with Solid Projected Yields
Breaking ground in Q1 on a 220,000 sq ft project in First Park Miami and an 84,000 sq ft project in Dallas. Total investment is $70M with a combined projected cash yield of ~7%.
Strong Balance Sheet Execution
Completed two term loan refinancings (renewed $425M unsecured term loan and increased another term loan to $375M) and amended a $200M term loan, improving financing flexibility and removing incremental 10 bps adjustments.
Prudent Capital Allocation and Guidance
Provided 2026 guidance with NAREIT FFO midpoint of $3.14 (range $3.09–$3.19), full-year cash same-store NOI growth guidance of 5%–6%, average in-service occupancy guidance of 94%–95%, and an expectation to capitalize about $0.08 per share of interest.
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 |
|---|---|---|---|
Feb 04, 2026 | $58.44 | $59.75 | +2.24% |
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% |
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 Apr 22, 2026, After Close (Confirmed).
What is First Industrial Realty Trust (FR) earnings time?
First Industrial Realty Trust (FR) earnings time is at Apr 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 (Q1) is 0.33.