First Industrial Realty Q2 revenue slightly misses estimates

First Industrial Realty Trust

22/07/2026 21:45

    

    Overview
  
U.S. logistics real estate owner's Q2 revenue slightly missed analyst expectations
Diluted EPS for Q2 beat analyst estimates
Company raised 2026 FFO guidance midpoint by $0.02 per share after strong leasing

    

    Outlook
  
First Industrial raises 2026 FFO guidance midpoint by $0.02 per share to $3.16
Company expects 2026 FFO before advisory costs of $3.12 to $3.20 per share
Company assumes average quarter-end occupancy of 94.0% to 95.0% and SS NOI growth of 5.25% to 6.25%

    

    Result Drivers
  
LEASING ACTIVITY - Strong leasing execution, including large new leases and full-building deals, drove results, per CEO Peter Baccile
RENTAL RATE INCREASES - Cash rental rates on commenced new and renewal leasing rose 39%, boosting revenue and NOI
SAME STORE NOI GROWTH - 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

    
Company press release: ID:nPn8LZq3Va

    

    Key Details
  

            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.

    

    Analyst Coverage
  
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 7 "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 $68.00, about 0.7% below its July 21 closing price of $68.46
The stock recently traded at 35 times the next 12-month earnings vs. a P/E of 33 three months ago

    

    Reuters Recommended Reads
  
July 22 - EastGroup Properties raises 2026 FFO outlook on strong leasing
July 22 - UK's Segro signals support for Prologis' last-ditch $18.8 billion takeover bid
July 21 - Sweden's Stendörren Q2 rental income rises 19%

    
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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.)