First Industrial Realty Trust, Inc. (FR) Earnings
First Industrial Realty Trust, Inc. is expected to report next earnings on July 23, 2026 (in NaN days), with a consensus EPS estimate of $0.44. FR has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +28.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.33 | $0.68 | +103.8% | $195M | +6.8% |
| Feb 4, 2026 | $0.76 | $0.77 | +1.3% | $188M | -0.2% |
| Oct 15, 2025 | $0.74 | $0.76 | +2.7% | $181M | -2.6% |
| Jul 16, 2025 | $0.72 | $0.76 | +5.6% | $180M | +1.9% |
| Apr 16, 2025 | $0.70 | $0.68 | -2.9% | $177M | +0.8% |
| Feb 5, 2025 | $0.35 | $0.71 | +102.9% | $176M | +2.8% |
| Oct 16, 2024 | $0.38 | $0.75 | +97.4% | $168M | -1.9% |
| Jul 17, 2024 | $0.64 | $0.66 | +3.1% | $164M | -3.8% |
| Apr 17, 2024 | $0.31 | $0.52 | +67.7% | $162M | -1.7% |
| Feb 7, 2024 | $0.31 | $0.67 | +116.1% | $157M | -1.5% |
| Oct 18, 2023 | $0.30 | $0.57 | +90.0% | $155M | -0.5% |
| Jul 19, 2023 | $0.60 | $0.61 | +1.7% | $152M | +2.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 23, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Peter Basile expressed congratulations to the team for a strong start in 2026, mentioning significant development leasing wins, a key renewal in Southern California, and a pending $131 million land sale. Market fundamentals showed national vacancy stable at 6.7%, net absorption 43M sq ft, new supply disciplined. Portfolio in-service occupancy 94.3%. Progress on 2026 rollovers with 61% by sq ft taken care of and 41% cash rental rate increase. Development leasing saw 383,000 sq ft inking, including a full building lease and sub-100,000 sq ft leases. Upcoming property tours on May 12th (Inland Empire portfolio) and June 4th (Central New Jersey assets).
Guidance
Guidance for 2026 eREIT FFO is $3.05 to $3.15 per share (including $0.04 per share advisory costs from Land and Buildings Contested Proxy Campaign), absent these costs $3.09 to $3.19 per share. Average quarter end in-service occupancy range 94% - 95% reflecting incremental development leasing. Cash same store on a wide growth before termination fees 5% - 6%. GINA expense guidance range $42 - $43 million (excluding incremental advisory costs). Anticipated land sale in Phoenix to close in June.
Segment performance
No specific product segment financial performance details provided with absolute terms and revenue contribution % as not clearly broken down by product segments in the transcript
Risks & headwinds
Risks include potential economic and demand consequences from the conflict in the Middle East, with no discernible impact to leasing activity thus far but monitored.
Analyst Q&A
Q: Craig Mailman asked about touring activities improvement and data center adjacent demand.
A: Peter said most is broader industrial demand, 3PLs active.
Q: Nick Thilleman asked about central PA tenants and development starts.
A: Peter said prospects for lease only, development starts based on market concentration.
Q: Rich Anderson asked about IE lease economics and SoCal leasing spreads.
A: Joe said lease is long-term, positive rent change in SoCal but flat Q to Q.