First Industrial Realty Q2 revenue slightly misses estimates

First Industrial Realty Trust, Inc.

First Industrial Realty Trust, Inc.

FR

0.00


Overview

  • U.S. logistics real estate owner's Q2 revenue slightly missed analyst expectations

  • Diluted EPS for Q2 beat analyst estimates

  • Company raised 2026 FFO guidance midpoint by $0.02 per share after strong leasing


Outlook

  • First Industrial raises 2026 FFO guidance midpoint by $0.02 per share to $3.16

  • Company expects 2026 FFO before advisory costs of $3.12 to $3.20 per share

  • Company assumes average quarter-end occupancy of 94.0% to 95.0% and SS NOI growth of 5.25% to 6.25%


Result Drivers

  • LEASING ACTIVITY - Strong leasing execution, including large new leases and full-building deals, drove results, per CEO Peter Baccile

  • RENTAL RATE INCREASES - Cash rental rates on commenced new and renewal leasing rose 39%, boosting revenue and NOI

  • SAME STORE NOI GROWTH - Cash basis same store NOI increased 6.7%, reflecting higher rental rates, contractual rent escalations and lower free rent, partially offset by lower average occupancy


Company press release: ID:nPn8LZq3Va


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 Revenue

Slight Miss*

$194.94 mln

$195.03 mln (7 Analysts)

Q2 EPS

Beat

$0.58

$0.43 (6 Analysts)

Q2 Net Income

$79.69 mln

Q2 Adjusted EBITDA

$138.16 mln

Q2 Adjusted FFO

$85.88 mln

Q2 FFO Per Share

$0.82

Q2 Operating Income

$78.44 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the commercial reits peer group is "buy"

  • Wall Street's median 12-month price target for First Industrial Realty Trust Inc is $68.00, about 0.7% below its July 21 closing price of $68.46

  • The stock recently traded at 35 times the next 12-month earnings vs. a P/E of 33 three months ago


Reuters Recommended Reads

  • July 22 - EastGroup Properties raises 2026 FFO outlook on strong leasing

  • July 22 - UK's Segro signals support for Prologis' last-ditch $18.8 billion takeover bid

  • July 21 - Sweden's Stendörren Q2 rental income rises 19%


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


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