Overview

* First Industrial Q3 revenue missed analyst expectations

* FFO per share increased to $0.76 from $0.68 year-over-year

Outlook

* Company raises 2025 NAREIT FFO guidance to $2.94-$2.98 per share/unit

* First Industrial expects year-end occupancy of 94.0%-96.0%

* Company anticipates full-year 2025 SS NOI growth of 7.0%-7.5%

Result Drivers

* LEASING ACTIVITY - Signed 772,000 SF of new leases for development projects in Q3 and Q4 to date, including significant leases in Phoenix and South Florida

* RENTAL RATE INCREASES - Achieved a 32% cash rental rate increase on leases commencing in 2025, excluding a fixed-rate renewal

* TENANT INTEREST - Increased tenant traffic as prospective tenants evaluate long-term space needs, per CEO Peter E. Baccile

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $181.43 $182.02

Revenue mln mln (10

Analysts

)

Q3 EPS $0.49

Q3 Net $67.36

Income mln

Q3 $86.61

Adjusted mln

FFO

Q3 FFO $0.76

PER

SHARE

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 10 "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 ( FR ) is $56.00, about 7.3% above its October 14 closing price of $51.93

* The stock recently traded at 31 times the next 12-month earnings vs. a P/E of 29 three months ago

Press Release:

For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .

(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.)