First Industrial Realty Trust Stock Earnings Reports

First Industrial reported a solid start to 2026 with stable portfolio fundamentals and strong leasing momentum. In-service occupancy was 94.3% at quarter-end; cash same-store NOI growth (ex-termination fees) was 8.7% in Q1, driven by higher rental rates, less free rent and contractual bumps offset by somewhat lower average occupancy. Management has addressed 61% of 2026 lease rollovers by square footage with an overall cash rental rate increase of ~41% for new and renewal leasing (including a key 556,000 sq. ft. Southern California renewal that materially exceeded prior guidance). Development leasing activity included ~383,000 sq. ft. of leases across multiple markets and 2.4 million sq. ft. of leases commenced quarter-to-date (mostly renewals). A noteworthy balance-sheet event: a ground lessee exercised an option to purchase 100 acres in Phoenix for $131 million (approximately $30/land sq. ft., >3x local industrial land values); the sale is expected to close in June and carries a ~5.3% cap rate disclosed in the supplement. Q1 NAREIT FFO was $0.68 per share; excluding $0.04 per share of advisory costs related to the contested Land and Buildings proxy campaign, FFO would be $0.72. Management reduced the reported 2026 NAREIT FFO guidance range to $3.05–$3.15 to reflect proxy-related advisory costs; absent those costs the guidance remains $3.09–$3.19. Other guidance highlights: average quarter-end in-service occupancy of 94%–95%, cash same-store NOI growth of 5%–6% for 2026, G&A guidance of $42–$43 million (excluding $5.6 million of proxy advisory costs), and ~ $0.08 per share of interest to be capitalized for the year. Management reiterated development as the main growth engine (speculative starts prioritized), remains opportunistic on acquisitions and buybacks, and highlighted several market-specific demand differences (strong activity in Pennsylvania, South Florida; slower large-user decisioning in Denver).