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First Industrial Realty Trust
First Industrial Realty Trust (FR) investor relations material
First Industrial Realty Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved strong operational and financial performance in 2025, with robust leasing activity, portfolio resilience, and 11.7% NAREIT FFO per share growth to $2.96 per share.
Q4 2025 net income available to common stockholders was $78.8M, up from $68.4M in Q4 2024; full-year net income was $247.4M, down from $287.6M in 2024.
Record leasing market activity in Q4, with 226 million sq ft leased, up 22% year-over-year; annual leasing reached 941 million sq ft, second highest on record.
Portfolio occupancy at year-end was 94.4%, with 414 properties in service and a total gross leasable area of 69.9M sq. ft.
Significant progress on 2026 lease rollovers, with 45% addressed by square footage and a 35% cash rental rate increase on new and renewal leasing.
Financial highlights
NAREIT FFO for Q4 2025 was $0.77 per share, up from $0.71 in Q4 2024; full-year FFO per share rose 12% to $2.96.
FFO for 2025 was $403.8M, up from $360.1M in 2024; adjusted EBITDA for 2025 was $495.7M, up from $449.0M.
Cash same-store NOI growth for 2025 was 7.1%, driven by higher rental rates and leasing.
Q4 2025 lease revenue was $187.0M, up from $173.2M in Q4 2024; full-year lease revenue was $719.2M, up from $661.0M in 2024.
Dividend per share for Q4 2025 was $0.445, up from $0.370 in Q4 2024; Q1 2026 dividend increased 12.4% to $0.50 per share.
Outlook and guidance
2026 NAREIT FFO guidance midpoint is $3.14 per share (range: $3.09–$3.19), representing about 6% growth.
Expected average in-service occupancy for 2026 is 94.0%–95.0%, with same store NOI growth of 5.0%–6.0%.
Guidance includes lease-up of 1.7 million sq ft of developments and 708,000 sq ft vacancy in Central PA in the second half.
G&A expense guidance is $42–$43 million, with Q1 representing about 40% of the annual total.
Guidance includes incremental costs from completed and under-construction developments as of year-end 2025 and Q1 2026 starts.
2026 leasing market outlook given tariff impact
What drives 2026 occupancy guidance stability?
Balance of JV acquisitions vs new developments?
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Next First Industrial Realty Trust earnings date
Q1 202616 Apr, 2026
First Industrial Realty Trust
Next First Industrial Realty Trust earnings date
Q1 202616 Apr, 2026
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Frequently asked questions
First Industrial Realty Trust Inc is a real estate investment trust that owns, manages, acquires, and develops industrial real estate properties. The company's portfolio includes distribution centers, warehouses, and manufacturing facilities primarily in major U.S. industrial markets. First Industrial Realty Trust serves logistics, e-commerce, and manufacturing tenants. The company is headquartered in Chicago, Illinois, and its shares are listed on the NYSE.
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