First Industrial delivered robust full-year results in 2025, with diluted FFO per share rising 11.7% to $2.96 from $2.65 in 2024. Fourth-quarter FFO reached $0.77 per share, up from $0.71 a year earlier. Cash same store net operating income grew 7.1% for the full year, driven by a 32% increase in cash rental rates on leases commencing in 2025 (37% excluding a 1.3 million sf fixed-rate renewal) and a 35% rate increase on leases signed for 2026 occupancy. In-service portfolio occupancy was 94.4% at year-end, up from 94.0% in Q3 2025.

Reflecting confidence in its cash flow, the company raised its first-quarter 2026 dividend by 12.4% to $0.50 per share. In Q4 2025, First Industrial acquired the remaining building in its Camelback 303 joint venture in Phoenix—a 968,000 sf, 100% leased asset—for $125 million. The firm also commenced two new developments in Miami and Dallas totaling 305,000 sf with an estimated investment of $70 million.

In Q1 2026, First Industrial closed $425 million and $375 million unsecured term loans, extending maturities to 2030 and 2029, respectively, at interest rates indexed to SOFR plus 85 basis points. The company initiated 2026 NAREIT FFO guidance at $3.09 to $3.19 per share—a midpoint increase of approximately 6%—and projects average occupancy of 94.0% to 95.0%, same store NOI growth of 5.0% to 6.0%, and general and administrative expenses of $42 million to $43 million.