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First Industrial
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Latest analysis
Updated Oct 22, 2026
First Industrial posts 94.1% Q3 occupancy, raises FFO midpoint, flags 16% cash rent spread on 2027 renewals as peak-rent leases roll through
First Industrial delivered Q3 2026 in-service occupancy of 94.1%, beating its own 93.5% forecast, and raised full-year NAREIT FFO guidance midpoint by $0.01 to $3.13 per share. The more significant signal is the 16% cash rent spread achieved on 45% of 2027 lease expirations already signed — a material step-down from the 38% achieved year-to-date on 2026 leases — driven by the roll-through of peak-2022 signed rents, particularly in Southern California. Management is guiding full-year 2027 spreads to stay near the 16% level, framing this as a rational reset off the COVID-era rent surge rather than structural deterioration, with market rent growth of 3%–5% expected to stabilize the trajectory.
Tone: mixedRevenue
$727.1M
FR 10-K · FY 2025
Employees
152
Revenue FY2024
$669.6M
Founded
1993
Profile
FR 10-K Item 1 · Feb 11, 2026First Industrial Realty Trust is a self-administered, fully integrated industrial REIT that owns, manages, acquires, develops, and redevelops industrial properties across 15 key U.S. logistics markets. As of December 31, 2025, its in-service portfolio comprised 414 properties totaling approximately 69.9 million square feet of gross leasable area across 19 states. The company operates through a Delaware limited partnership structure and pursues growth through internal rent escalation, selective development, portfolio-enhancing acquisitions, and disciplined asset sales.
Read filing description ↓ Collapse description ↑
First Industrial Realty Trust, Inc. is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ('REIT') as defined in the Internal Revenue Code of 1986 (the 'Code'). As of December 31, 2025, our in-service portfolio consisted of 414 industrial properties, located in 19 states, containing an aggregate of approximately 69.9 million square feet of gross leasable area ('GLA'). Our fundamental business objective is to maximize the total return to the Company's stockholders and the Operating Partnership's partners by increasing our cash flow and property values. Our long-term business growth plans include internal growth through increasing revenues by renewing or re-leasing expiring leases at higher rental levels, obtaining contractual rent escalations on long-term leases, and increasing occupancy. We seek to grow externally through development of best-in-class industrial properties and acquisition of individual assets, portfolios of industrial properties and leased land sites within our 15 key logistics markets. Our market strategy focuses on 15 key logistics markets in the United States exhibiting favorable industrial real estate fundamentals, constrained future supply, natural barriers to entry, and scarcity of land. We employ a decentralized property operations strategy through experienced regional management teams and local property managers, with headquarters in Chicago providing acquisition, development, financing assistance, asset management oversight and financial reporting functions.
Primary products
- Industrial property ownership and leasing
- Industrial property development
- Industrial property redevelopment
- Industrial property acquisition
- Joint venture real estate services
End markets
Geographies
Named customers
no single tenant or group of related tenants accounted for more than 6.4% of our rent revenues, nor did any single tenant or group of related tenants occupy more than 6.5% of the total GLA of our in-service properties
Named competitors
“In connection with the acquisition of industrial properties and land for development, we compete with other publicly traded industrial REITs, income-oriented non-traded REITs, private real estate funds and other real estate investors and developers, some of which have greater financial resources or other competitive advantages.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased $57.4 million or 8.6% year-over-year, driven by same-store rental rate increases and tenant recoveries, growth in (re)development revenues, and acquired property contributions, partially offset by lower sold-property and other revenues.
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