First Industrial Realty Trust Q3 revenue slightly beats estimates on higher rental rates
FR•First Industrial Realty Trust reported Q3 revenue of $197.12 million, slightly above the $196.16 million analyst estimate, while EPS of $0.44 missed the $0.46 estimate. The company raised 2026 FFO guidance to $3.15-$3.19 per share and cash same-store NOI growth guidance to 6.25%-6.75%.
1. Quarterly results
First Industrial Realty Trust reported Q3 revenue of $197.12 million, compared with analyst expectations of $196.16 million. EPS was $0.44, below the $0.46 estimate. Net income was $60.52 million, adjusted EBITDA was $138.17 million, and adjusted FFO was $84.80 million, or $0.81 per share.
2. 2026 outlook
The company raised its 2026 FFO guidance by $0.01 at the midpoint to $3.15-$3.19 per share. It raised cash same-store NOI growth guidance to 6.25%-6.75% from its prior midpoint and expects year-end 2026 in-service occupancy of 94.5%-96.5%.
3. Rental rate gains
The company said higher cash rental rates on new and renewal leases and contractual rent escalations contributed to results, while lower average occupancy partially offset rental rate and NOI gains.
