First Industrial Realty Q2 revenue slightly misses estimates
FR•Outlook
First Industrial raised the midpoint of its 2026 FFO guidance by $0.02 per share to $3.16.
The company expects 2026 FFO before advisory costs of $3.12 to $3.20 per share. It also assumes average quarter-end occupancy of 94.0% to 95.0% and same-store NOI growth of 5.25% to 6.25%.
Quarterly results
First Industrial Realty Trust's second-quarter revenue slightly missed analyst expectations, while diluted earnings per share beat estimates.
| 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.
Drivers of results
According to CEO Peter Baccile, strong leasing execution, including large new leases and full-building deals, drove results.
Cash rental rates on commenced new and renewal leasing rose 39%, boosting revenue and NOI.
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.
