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Mar 31, 2025
First Industrial Q1 2025 Earnings Report
First Industrial reported solid operating results in Q1 2025 with strong rental growth and strategic capital moves.
Key Takeaways
The company saw increased EPS and FFO, solid growth in same-store NOI, and strong leasing performance, while expanding development and investment activity.
EPS was $0.36, with FFO (non-GAAP EPS) at $0.68
Revenue rose to $177,074,000 from $162,272,000 YoY
Net income totaled $48,103,000 for Q1 2025
Cash same-store NOI increased 10.1% while rental rates climbed 42%
Forward Guidance
First Industrial expects continued NOI growth, stable occupancy, and development contributions to drive 2025 FFO.
Positive Outlook
- Expected SS NOI growth between 6.0% and 7.0%
- Average quarter-end occupancy guidance between 95.0% and 96.0%
- Includes $54M investment in new developments in Q2
- Capitalized interest of $0.09 per share expected
- FFO guidance raised to $2.87–$2.97 per share
Challenges Ahead
- Guidance excludes impact of any future investments or asset sales
- No estimate included for potential equity or debt issuance
- Includes costs from under-construction developments
- G&A expenses projected between $40.5M and $41.5M
- Q1 occupancy slightly declined compared to Q4 2024
Historical Earnings Impact
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Avg. Return Before/After Earnings
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