First Industrial Realty Trust Raises Full-Year Guidance
The industrial real estate trust reported total revenues of $194.9 million for the second quarter.
First Industrial Realty Trust (FR), an owner and developer of industrial properties, reported a rise in diluted funds from operations (FFO) to $0.82 per share in the second quarter.
The company increased its full-year 2026 FFO guidance midpoint by $0.02 per share to a range of $3.08 to $3.16. This outlook shift coincided with a rise in in-service occupancy, which reached 94.9% at the end of the quarter, up from 94.3% in the first quarter and 94.2% a year ago.
Total revenues for the three months ended June 30 were $194.9 million, compared to $180.2 million in the same period in 2025. Diluted FFO per share rose from $0.76 in the prior-year quarter.
Cash rental rates on commenced new and renewal leasing increased 39% in the second quarter, an acceleration from the 32% increase recorded in the first quarter. However, the cash rental rate increase on leases signed to date commencing in 2026 fell to 39%, covering 80% of expirations, from 41% in the first quarter, which covered 61% of expirations.
Cash basis same store net operating income (SS NOI) growth for the quarter was 6.7%, a deceleration from the 8.7% growth seen in the first quarter. Despite the quarterly slowdown, the company raised its 2026 cash basis SS NOI growth guidance by 25 basis points at the midpoint to a range of 5.25% to 6.25%.
First Industrial announced a new $250 million share repurchase authorization in March 2026.