First Industrial Q1 EPS $1.08, Rental Rates Rise 32%, Dividend Up 12.4%
First Industrial reported Q1 EPS of $1.08, up from $0.36 a year ago, and same-store NOI grew 8.7%. Cash rental rates rose 32% in 1Q26 and 41% on leases commencing in 2026; the dividend was raised by 12.4% to $0.50 and unsecured term loans of $425 million and $375 million were refinanced.
1. Q1 Financial Results
First Industrial delivered diluted EPS of $1.08 in Q1 2026, compared with $0.36 a year earlier. Funds from operations were $0.68 per share and $0.72 excluding proxy campaign costs, reflecting robust income growth and stable FFO performance.
2. Leasing Performance
In-service occupancy stood at 94.3% at quarter-end, and cash rental rates on new and renewal leases rose 32%. Leases commencing in 2026 saw a 41% rate uplift, driving an 8.7% increase in same-store net operating income.
3. Development and Dispositions
The company began two development projects totaling 305,000 square feet with an estimated $70 million investment in Miami and Dallas. It also completed a $131 million land sale in Phoenix and signed 383,000 square feet of new leases across several markets.
4. Capital Structure and Dividend
Unsecured term loans of $425 million and $375 million were refinanced at SOFR plus 85 basis points, and the existing $200 million facility was amended to remove a 10 basis-point adjustment. The quarterly dividend increased 12.4% to $0.50 per share and a $250 million share repurchase program was authorized.