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Sep 30
First Industrial Q3 2025 Earnings Report
First Industrial reported its Q3 2025 results with increased rental rates and strong leasing activity.
Key Takeaways
First Industrial Realty Trust delivered solid Q3 2025 results, driven by increased rental rates and leasing momentum across development projects. The company raised its full-year FFO guidance on the back of strong leasing performance and resilient market fundamentals.
EPS came in at $0.49, with adjusted FFO per share at $0.76.
Revenue grew to $181.4 million for the quarter.
Net income reached $65.3 million.
Company raised full-year FFO guidance midpoint to $2.96.
First Industrial
First Industrial
Forward Guidance
The company raised its 2025 FFO guidance midpoint by $0.04 to reflect strong leasing results and improving market fundamentals.
Positive Outlook
- Raised 2025 FFO guidance midpoint to $2.96 per share/unit.
- Fourth quarter same-store NOI expected to grow 3.0% to 5.0%.
- Expected full-year 2025 same-store NOI growth revised upward to 7.0% to 7.5%.
- Leased additional 0.3 million square feet expected to be in service by year-end.
- Capitalizing $0.09 per share of interest in 2025 for development projects.
Challenges Ahead
- Year-end occupancy forecasted at 94.0%–96.0%, slightly below prior year levels.
- Guidance assumes no additional investments or sales beyond October 15.
- Free rent and lower average occupancy offset NOI gains.
- G&A expenses expected to rise to $40.5M–$41.5M in 2025.
- No outlook on future equity or debt issuances provided.