First Industrial Beats on Q3 Revenue, Lifts 2026 FFO Guidance
FR is trading near its 52-week low of $54.23 (9.5% above the low).
Summary
Q3 revenue came in at $197.12M versus $196.16M consensus — a beat of under 1% — while EPS of $0.44 missed the $0.46 estimate. The more important number for a REIT is FFO: $0.81 per share, with adjusted FFO of $84.8M. Management raised full-year 2026 FFO guidance by a penny at the midpoint to $3.15-$3.19 and lifted cash same-store NOI growth to 6.25%-6.75%, citing higher cash rental rates on new and renewal leases plus contractual escalations. Lower average occupancy partly offset those gains, and the company guided year-end in-service occupancy to 94.5%-96.5%. In the quarter, cash same-store NOI rose 5.6% and cash rental rates on new and renewal leases rose 52%, and the company acquired a fully leased 764,000 SF Central Pennsylvania building for $120 million. The guidance raise is the takeaway — it extends the strong rent-growth trend from Q2, when cash rental rate growth hit 35.1%.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — First Industrial's Q3 2026 cash same-store NOI rose 5.6% and cash rental rates on new and renewal leases rose 52%; it acquired a fully leased 764,000 SF Central Pennsylvania building for $120 million.
At the time of this announcement, FR was trading at $59.40 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $8.1B. The 52-week trading range was $54.23 to $69.88. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.