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Jun 30, 2025
First Industrial Q2 2025 Earnings Report
Reported solid revenue and earnings growth with strong rental rate increases and improved credit rating.
Key Takeaways
First Industrial Realty Trust posted higher revenue and EPS in Q2 2025, driven by strong rental rate growth and robust leasing activity. The company also issued its first public bond since 2007, strengthening its capital structure.
EPS rose to $0.42 vs $0.39 a year ago
Revenue increased to $180.2M from $164.1M
Cash rental rate increase of 33% on 2025 leases (38% excluding fixed-rate renewal)
Earned 'BBB+' credit rating and issued $450M senior unsecured notes
Forward Guidance
The company expects steady occupancy and NOI growth while continuing to invest in development projects.
Positive Outlook
- Net income guidance range $1.53-$1.61 per share for FY25
- FFO guidance range $2.88-$2.96 per share for FY25
- Average occupancy expected 95%-96%
- Same store NOI growth projected 6%-7%
- Capital structure strengthened with public bond issuance
Challenges Ahead
- Occupancy slightly down vs prior year due to known move-outs
- Higher incremental costs from developments in 2025
- No impact from future investments or sales included in guidance
- G&A expenses projected at $40.5M-$41.5M
- Excludes potential macroeconomic headwinds like tariffs and interest rate changes
Historical Earnings Impact
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Avg. Return Before/After Earnings
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