First Industrial Q2 revenue beats expectations

First Industrial Realty Trust

16/07/2025 22:02

Overview

First Industrial Q2 revenue beats analyst expectations, per LSEG data

Q2 FFO at $0.76 per share/unit on a diluted basis, compared to $0.66 per share/unit a year ago

Co completed issuance of $450 mln in senior unsecured notes, first public bond offering since 2007

Outlook

Company expects 2025 net income per share/unit of $1.53-$1.61

First Industrial projects 2025 FFO per share/unit of $2.88-$2.96

Result Drivers

RENTAL RATE GROWTH - Cash rental rates on new and renewal leasing increased 28% in Q2, contributing to strong financial performance

OCCUPANCY IMPACT - In-service occupancy decreased to 94.2% due to a large move-out and new developments, partially offset by new leasing

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
$180.16 mln
$177.30 mln (10 Analysts)
Q2 Net Income
$56.88 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 9 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the commercial reits peer group is "buy"

Wall Street's median 12-month price target for First Industrial Realty Trust Inc is $54.00, about 9.2% above its July 15 closing price of $49.05

The stock recently traded at 30 times the next 12-month earnings vs. a P/E of 32 three months ago

Press Release: ID:nPn7pmJYxa

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)