First Industrial Realty Trust's Q1 revenue, EPS beat estimates on higher rental rates

First Industrial Realty Trust

22/04/2026 21:50

Overview

US logistics real estate owner's Q1 revenue and EPS beat analyst expectations

Cash same store NOI rose 8.7%, driven by higher rental rates and lower free rent

Company raised quarterly dividend 12.4%

Outlook

First Industrial sees 2026 NAREIT FFO at $3.05-$3.15 per share/unit

Company expects 2026 average quarter-end occupancy of 94.0%-95.0%

First Industrial expects 2026 same store NOI growth of 5.0%-6.0%

Result Drivers

RENTAL RATE INCREASES - Cash rental rates on new and renewal leases rose 32% in Q1, with a 41% increase on leases signed to date for 2026

SAME STORE NOI GROWTH - Cash same store NOI rose 8.7%, driven by higher rental rates, lower free rent, and contractual rent escalations, partially offset by lower average occupancy

DEVELOPMENT LEASING ACTIVITY - Signed 383,000 sq ft of new leases for development projects in Q1 and Q2 to date, reflecting broad-based demand

Company press release: ID:nPn9GrLdYa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$194.83 mln
$191.13 mln (6 Analysts)
Q1 EPS
Beat
$1.08
$0.33 (6 Analysts)
Q1 Net Income
$147.92 mln
Q1 Adjusted FFO
$90.57 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 8 "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 $65.50, about 3.4% above its April 22 closing price of $63.35

The stock recently traded at 36 times the next 12-month earnings vs. a P/E of 32 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)