First Industrial Realty's Q3 profit beats on leasing strength

First Industrial Realty Trust

15/10/2025 21:44

Overview

First Industrial Q3 revenue missed analyst expectations

FFO per share increased to $0.76 from $0.68 year-over-year

Outlook

Company raises 2025 NAREIT FFO guidance to $2.94-$2.98 per share/unit

First Industrial expects year-end occupancy of 94.0%-96.0%

Company anticipates full-year 2025 SS NOI growth of 7.0%-7.5%

Result Drivers

LEASING ACTIVITY - Signed 772,000 SF of new leases for development projects in Q3 and Q4 to date, including significant leases in Phoenix and South Florida

RENTAL RATE INCREASES - Achieved a 32% cash rental rate increase on leases commencing in 2025, excluding a fixed-rate renewal

TENANT INTEREST - Increased tenant traffic as prospective tenants evaluate long-term space needs, per CEO Peter E. Baccile

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Miss
$181.43 mln
$182.02 mln (10 Analysts)
Q3 EPS
$0.49
Q3 Net Income
$67.36 mln
Q3 Adjusted FFO
$86.61 mln
Q3 FFO PER SHARE
$0.76


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 10 "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 $56.00, about 7.3% above its October 14 closing price of $51.93

The stock recently traded at 31 times the next 12-month earnings vs. a P/E of 29 three months ago

Press Release: ID:nPn6kDwvta

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(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.)