First Industrial Realty Trust, Inc. Q1 FY2026 earnings call

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).

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

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.

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.

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.