First Industrial Realty Trust Inc (FR)

First Industrial to Present at Nareit's REITWeek 2026 Investor ConferenceJune 1, 2026 8:30 AM
PR Newswire (US) CHICAGO, June 1, 2026 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, will present at Nareit's REITWeek 2026 Investor Conference on Tuesday, June 2, 2026 at 2:30 PM EDT (1:30 PM CDT). A webcast of the presentation will be available on First Industrial's website at www.firstindustrial.com under the "Investors" tab. A replay of the webcast will also be available on the website through Friday, July 3, 2026.First Industrial's presentation materials for the conference will be available under the "Investors" tab on Tuesday, June 2, 2026.About First Industrial Realty Trust, Inc.First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. In total, we own and have under development approximately 71.6 million square feet of industrial space concentrated in 15 target MSAs as of March 31, 2026. For more information, please visit us at www.firstindustrial.com.Forward-Looking StatementsThis press release and the presentation to which it refers may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors that could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically, including impacts and uncertainties arising from trade disputes and tariffs on goods imported to or exported from the United States; changes in legislation/regulation (including laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; our ability to qualify and maintain our status as a real estate investment trust; the availability, cost and attractiveness of financing (including both public and private capital), increases in or prolonged periods of elevated interest rates, and our ability to raise equity capital on attractive terms; the availability and attractiveness of terms of debt repurchases; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; changes in the competitive environment in which we operate, including changes in supply, demand and valuation of industrial properties and land in our current and potential markets; our ability to identify, acquire, develop and/or manage properties on favorable terms; our ability to dispose of properties on favorable terms; our ability to successfully integrate acquired properties; potential liability relating to environmental matters; defaults on or non-renewal of leases by our tenants; decreases in rental rates or increases in vacancy rates; higher-than-expected real estate construction costs and delays in development or lease-up timelines; uncertainty and economic impacts of pandemics, epidemics or other public health emergencies or fear of such events; risks associated with cybersecurity breaches, cyberattacks, intrusions or other significant disruptions of our information technology networks or systems; potential natural disasters and other catastrophic events, including acts of war or terrorism; insufficient or unavailable insurance coverage; technological developments, particularly those affecting supply chains and logistics; litigation risks, including costs associated with prosecuting or defending claims and potential adverse outcomes; risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and other risks and uncertainties described in Item A, "Risk Factors" and elsewhere in our annual report, on Form 10-K for the year ended December 31, 2025, as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and  public filings with the Securities and Exchange Commission (the "SEC"). We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this press release or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements except as may be required by law. For further information on these and other factors that could impact us and the statements contained herein, reference should be made to our filings with the SEC. View original content to download multimedia:https://www.prnewswire.com/news-releases/first-industrial-to-present-at-nareits-reitweek-2026-investor-conference-302786646.htmlSOURCE First Industrial Realty Trust, Inc. Original: First Industrial to Present at Nareit's REITWeek 2026 Investor Conference

First Industrial Declares Common Stock DividendsApril 30, 2026 4:19 PM
PR Newswire (US)

CHICAGO, April 30, 2026 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, today announced that its board of directors declared a common stock dividend of $0.50 per share/unit for the quarter ending June 30, 2026 payable on July 20, 2026 to stockholders of record on June 30, 2026.







About First Industrial Realty Trust, Inc.First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. In total, we own and have under development approximately 71.6 million square feet of industrial space concentrated in 15 target MSAs as of March 31, 2026. For more information, please visit us at www.firstindustrial.com.Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors that could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically, including impacts and uncertainties arising from trade disputes and tariffs on goods imported to or exported from the United States; changes in legislation/regulation (including laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; our ability to qualify and maintain our status as a real estate investment trust; the availability, cost and attractiveness of financing (including both public and private capital), increases in or prolonged periods of elevated interest rates, and our ability to raise equity capital on attractive terms; the availability and attractiveness of terms of debt repurchases; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; changes in the competitive environment in which we operate, including changes in supply, demand and valuation of industrial properties and land in our current and potential markets; our ability to identify, acquire, develop and/or manage properties on favorable terms; our ability to dispose of properties on favorable terms; our ability to successfully integrate acquired properties; potential liability relating to environmental matters; defaults on or non-renewal of leases by our tenants; decreases in rental rates or increases in vacancy rates; higher-than-expected real estate construction costs and delays in development or lease-up timelines; uncertainty and economic impacts of pandemics, epidemics or other public health emergencies or fear of such events; risks associated with cybersecurity breaches, cyberattacks, intrusions or other significant disruptions of our information technology networks or systems; potential natural disasters and other catastrophic events, including acts of war or terrorism; insufficient or unavailable insurance coverage; technological developments, particularly those affecting supply chains and logistics; litigation risks, including costs associated with prosecuting or defending claims and potential adverse outcomes; risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and other risks and uncertainties described in Item A, "Risk Factors" and elsewhere in our annual report, on Form 10-K for the year ended December 31, 2025, as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and public filings with the Securities and Exchange Commission (the "SEC"). We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this press release or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements except as may be required by law. For further information on these and other factors that could impact us and the statements contained herein, reference should be made to our filings with the SEC.



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Original: First Industrial Declares Common Stock Dividends

First Industrial Shareholders Re-elect All Company DirectorsApril 30, 2026 4:20 PM
PR Newswire (US)

CHICAGO, April 30, 2026 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, today announced that, based on the final vote count provided by its Independent Inspector of Elections following the Company's 2026 Annual Meeting of Stockholders (the "Annual Meeting"), shareholders re-elected each of the Company's incumbent directors – Peter E. Baccile, Teresa Bryce Bazemore, Matthew S. Dominski, H. Patrick Hackett, Jr., Denise A. Olsen and Marcus L. Smith with each obtaining support from more than 93% of the voted shares. As previously announced, Frank E. Schmitz will also be appointed to the Board of Directors ("the Board") as an independent director on June 1, 2026, at which time the Board will comprise seven directors, six of whom are independent.







The First Industrial Board issued the following statement:"We appreciate the continued, significant support of First Industrial's shareholders. The Board continues to oversee the execution of our clear, consistent, value-driven strategy and long-term plan, which has delivered sustained value creation. Following a multi-year transformation, First Industrial has built a high-quality portfolio and strong balance sheet, positioning the Company for further durable growth and value creation. Looking ahead, we will continue to capitalize on the opportunities within our portfolio and development pipeline and make select high quality, value-add acquisitions. We look forward to welcoming Frank Schmitz to the Board and continuing to build on First Industrial's long track record of success for the benefit of all shareholders."The final certified results also indicated that shareholders approved all other proposals voted on at the Annual Meeting with each proposal garnering more than 95% of the voted shares, consistent with the recommendation of First Industrial's Board and management team. First Industrial will report the detailed final results on a Form 8-K that will be filed with the Securities and Exchange Commission.About First Industrial Realty Trust, Inc.First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. In total, we own and have under development approximately 71.6 million square feet of industrial space concentrated in 15 target MSAs as of March 31, 2026. For more information, please visit us at www.firstindustrial.com.Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors that could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically, including impacts and uncertainties arising from trade disputes and tariffs on goods imported to or exported from the United States; changes in legislation/regulation (including laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; our ability to qualify and maintain our status as a real estate investment trust; the availability, cost and attractiveness of financing (including both public and private capital), increases in or prolonged periods of elevated interest rates, and our ability to raise equity capital on attractive terms; the availability and attractiveness of terms of debt repurchases; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; changes in the competitive environment in which we operate, including changes in supply, demand and valuation of industrial properties and land in our current and potential markets; our ability to identify, acquire, develop and/or manage properties on favorable terms; our ability to dispose of properties on favorable terms; our ability to successfully integrate acquired properties; potential liability relating to environmental matters; defaults on or non-renewal of leases by our tenants; decreases in rental rates or increases in vacancy rates; higher-than-expected real estate construction costs and delays in development or lease-up timelines; uncertainty and economic impacts of pandemics, epidemics or other public health emergencies or fear of such events; risks associated with cybersecurity breaches, cyberattacks, intrusions or other significant disruptions of our information technology networks or systems; potential natural disasters and other catastrophic events, including acts of war or terrorism; insufficient or unavailable insurance coverage; technological developments, particularly those affecting supply chains and logistics; litigation risks, including costs associated with prosecuting or defending claims and potential adverse outcomes; risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and other risks and uncertainties described in Item A, "Risk Factors" and elsewhere in our annual report, on Form 10-K for the year ended December 31, 2025, as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and  public filings with the Securities and Exchange Commission (the "SEC"). We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this press release or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements except as may be required by law. For further information on these and other factors that could impact us and the statements contained herein, reference should be made to our filings with the SEC.



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Original: First Industrial Shareholders Re-elect All Company Directors

First Industrial Realty Trust Reports First Quarter 2026 ResultsApril 22, 2026 4:40 PM
PR Newswire (US)

Cash Same Store NOI Growth of 8.7%Cash Rental Rates Up 32% in 1Q2641% Cash Rental Rate Increase on Leases Signed To Date Commencing in 2026; Includes 556,000 SF Renewal in the Inland EmpireSigned Agreement with 3PL Credit Watchlist Tenant; Collected Approximately 60% of Balance Owed at Year-End 2025 with Scheduled Payments to Collect Remainder by End of 2026Signed 383,000 SF of New Leases for Several Development Projects in the First Quarter and Second Quarter To DateStarted Two Developments in the First Quarter Totaling 305,000 SF in Miami and Dallas, Estimated Investment of $70 MillionClosed $425 Million and $375 Million Unsecured Term LoansIncreased First Quarter 2026 Dividend to $0.50 Per Share, a 12.4% IncreaseCHICAGO , April 22, 2026 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, today announced results for the first quarter of 2026. First Industrial's diluted net income available to common stockholders per share (EPS) was $1.08 in the first quarter, compared to $0.36 a year ago and first quarter funds from operations (FFO) was $0.68 per share/unit on a diluted basis, compared to $0.68 per share/unit a year ago. Excluding advisory costs related to a contested proxy campaign, first quarter 2026 FFO was $0.72 per share/unit.







"2026 is off to a good start as our team delivered strong cash same store NOI and rental rate growth and signed development leases in several markets reflecting broad-based demand," said Peter E. Baccile, First Industrial's president and chief executive officer. "We also successfully renewed the lease for our 556,000 square-foot Inland Empire facility, our largest remaining 2026 expiration. We are encouraged by the activity levels across our availabilities to drive value for shareholders."Portfolio PerformanceIn service occupancy was 94.3% at the end of the first quarter of 2026, compared to 94.4% at the end of the fourth quarter of 2025, and 95.3% at the end of the first quarter of 2025.In the first quarter, cash rental rates on commenced new and renewal leasing increased 32%.The Company has achieved a cash rental rate increase of approximately 41% on leases signed to date commencing in 2026 reflecting 61% of 2026 expirations by square footage. The population includes the lease renewal for a 556,000 square-foot facility in the Inland Empire that was scheduled to expire in 3Q26.In the first quarter, cash basis same store net operating income before termination fees ("SS NOI") increased 8.7%, primarily reflecting increases in rental rates on new and renewal leasing, lower free rent and contractual rent escalations, partially offset by lower average occupancy.Signed agreement with 3PL tenant on credit watchlist, as discussed on prior conference calls; collected approximately 60% of balance owed at year-end 2025 in a lump sum payment, with regularly scheduled payments to pay off remaining past due rent by the end of 2026.Development Leasing HighlightsDuring the first quarter, the Company:Leased the remaining 30,000 square feet of its 107,000 square-foot First Loop Logistics Park Building 4 in Orlando; commenced in the first quarter.Leased 60,000 square feet of the remaining 122,000 square feet of its 451,000 square-foot First Park 94 Building D in Chicago; commenced in the first quarter.Leased 54,000 square feet of its recently completed 151,000 square-foot First Park 33 Building I in the Lehigh Valley; commenced in the second quarter.Leased 29,000 square feet of its 60,000 square-foot First Pompano Logistics Center in South Florida; commenced in the first quarter.During the second quarter to date, the Company:Leased 100% of its 155,000 square-foot First Wilson Logistics Center II in the Inland Empire; commenced in the second quarter.Leased 56,000 square feet of its 198,000 square-foot First Park Miami Building 3 in South Florida; expected to commence in the second quarter.Investment and Disposition Highlights During the first quarter, the Company:Commenced development of two projects totaling 305,000 square feet with an estimated total investment of $70 million comprised of:First Park Miami Building 4 in South Florida - 220,000 square feet; $57 million estimated investment.First Arlington Commerce Center III in Dallas - 84,000 square feet; $13 million estimated investment.Tenant exercised its purchase option on a 100-acre income-producing land site in Phoenix for a sales price of $131 million which represents more than three times industrial land values; expected to close in the second quarter.Capital Markets HighlightsIn the first quarter, the Company:Closed an unsecured term loan that refinanced its $425 million unsecured term loan previously scheduled to mature on October 18, 2027. The new term loan matures on January 22, 2030 and has a one-year extension option. The agreement provides for interest-only payments currently at an interest rate of SOFR plus 85 basis points based on the Company's current credit ratings. The previous 10 basis point SOFR adjustment was eliminated from this loan.Closed an unsecured term loan that refinanced its $300 million unsecured term loan previously scheduled to mature on August 12, 2026 and expanded its size to $375 million. The new term loan matures on January 22, 2029 and has two one-year extension options. The agreement provides for interest-only payments currently at an interest rate of SOFR plus 85 basis points based on the Company's current credit ratings. The previous 10 basis point SOFR adjustment was eliminated from this loan.In conjunction with these refinancings, the Company also amended its $200 million unsecured term loan to, among other things, eliminate the 10 basis point SOFR adjustment.Established a new share repurchase program under which the Company may repurchase up to $250 million of common stock.Common Stock DividendThe board of directors declared a common dividend of $0.50 per share/unit for the quarter ending March 31, 2026 that was paid on April 20, 2026 to stockholders of record on March 31, 2026. The new dividend rate represents a 12.4% increase from the prior rate of $0.445 per share/unit.Outlook for 2026"The fundamental environment continues to be stable, with decision-making accelerating for space sizes under 200,000 square feet in our portfolio," said Mr. Baccile. "We look to build on our leasing successes thus far and attract and serve new customers with our high quality, well-located logistics facilities."

Low End of
High End of

Guidance for 2026
Guidance for 2026

(Per share/unit)
(Per share/unit)Net Income Available to Common Stockholders and Unitholders
$                  2.32
$                  2.42Add:  Depreciation and Other Amortization of Real Estate
1.50
1.50Less:  Gain on Sale of Real Estate, Net of Allocable Income Tax Provision,
Through April 22, 2026
(0.77)
(0.77)




NAREIT Funds From Operations
$                  3.05
$                  3.15




Add:  Advisory Costs Related to a Contested Proxy Campaign
0.04
0.04




FFO Before Advisory Costs Related to a Contested Proxy Campaign
$                  3.09
$                  3.19The following assumptions were used for guidance:Average quarter-end in service occupancy of 94.0% to 95.0%.SS NOI growth on a cash basis before termination fees of 5.0% to 6.0%.Includes the incremental costs expected in 2026 related to the Company's completed and under construction developments as of March 31, 2026. In total, the Company expects to capitalize $0.08 per share of interest in 2026.General and administrative expense of $42.0 million to $43.0 million. This range excludes $5.6 million of costs related to a contested proxy campaign recognized in the first quarter.Guidance includes the impact of the aforementioned expected sale of the 100-acre income-producing land site in Phoenix in 2Q26.Guidance does not include the impact of any future investments, property sales, debt repurchases prior to maturity, debt issuances, equity issuances, or stock repurchases post the date of this press release.Conference CallFirst Industrial will host its quarterly conference call on Thursday, April 23, 2026 at 10:00 a.m. CDT (11:00 a.m. EDT). The conference call may be accessed by dialing (833) 890-3273, passcode "First Industrial". The conference call will also be webcast live on the Investors page of the Company's website at www.firstindustrial.com. The replay will also be available on the website.The Company's first quarter 2026 supplemental information can be viewed at www.firstindustrial.com under the "Investors" tab. Upcoming Property Tours for Analysts and InvestorsFirst Industrial is hosting two upcoming property tours for investors and analysts. On Tuesday, May 12, 2026, the Company will conduct a presentation and tour of properties in the Inland Empire, Southern California. On Thursday, June 4, 2026, the Company will conduct a tour of properties in New Jersey, departing from and returning to Midtown Manhattan, New York. To register or for additional information regarding the tours, please contact Art Harmon at aharmon@firt.com.FFO DefinitionFirst Industrial calculates FFO to be equal to net income available to common stockholders, unitholders and participating securities, plus depreciation and other amortization of real estate, plus impairment of real estate, minus gain (or plus loss) on sale of real estate, adjusted for any associated income tax provisions or benefits. Similar adjustments are made for our share of net income from an unconsolidated joint venture. This calculation methodology is in accordance with the NAREIT definition of FFO.About First Industrial Realty Trust, Inc.First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. In total, we own and have under development approximately 71.6 million square feet of industrial space concentrated in 15 target MSAs as of March 31, 2026. For more information, please visit us at www.firstindustrial.com.Forward-Looking StatementsThis press release and the presentation to which it refers may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors that could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically, including impacts and uncertainties arising from trade disputes and tariffs on goods imported to or exported from the United States; changes in legislation/regulation (including laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; our ability to qualify and maintain our status as a real estate investment trust; the availability, cost and attractiveness of financing (including both public and private capital), increases in or prolonged periods of elevated interest rates, and our ability to raise equity capital on attractive terms; the availability and attractiveness of terms of debt repurchases; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; changes in the competitive environment in which we operate, including changes in supply, demand and valuation of industrial properties and land in our current and potential markets; our ability to identify, acquire, develop and/or manage properties on favorable terms; our ability to dispose of properties on favorable terms; our ability to successfully integrate acquired properties; potential liability relating to environmental matters; defaults on or non-renewal of leases by our tenants; decreases in rental rates or increases in vacancy rates; higher-than-expected real estate construction costs and delays in development or lease-up timelines; uncertainty and economic impacts of pandemics, epidemics or other public health emergencies or fear of such events; risks associated with cybersecurity breaches, cyberattacks, intrusions or other significant disruptions of our information technology networks or systems; potential natural disasters and other catastrophic events, including acts of war or terrorism; insufficient or unavailable insurance coverage; technological developments, particularly those affecting supply chains and logistics; litigation risks, including costs associated with prosecuting or defending claims and potential adverse outcomes; risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and other risks and uncertainties described in Item A, "Risk Factors" and elsewhere in our annual report, on Form 10-K for the year ended December 31, 2025, as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and  public filings with the Securities and Exchange Commission (the "SEC"). We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this press release or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements except as may be required by law. For further information on these and other factors that could impact us and the statements contained herein, reference should be made to our filings with the SEC.A schedule of selected financial information is attached.FIRST INDUSTRIAL REALTY TRUST, INC.Selected Financial Data(Unaudited)(In thousands except per share/Unit data) 

Three Months Ended

March 31,
March 31,

2026
2025Statements of Operations and Other Data:



    Total Revenues
$           194,827
$           177,074




    Property Expenses
(53,614)
(48,311)    General and Administrative (a)
(22,973)
(15,897)    Joint Venture Development Services Expense
(31)
(217)    Depreciation of Corporate FF&E
(157)
(171)    Depreciation and Other Amortization of Real Estate
(49,911)
(43,583)      Total Expenses
(126,686)
(108,179)    Gain on Sale of Real Estate
109,032
6,844    Interest Expense
(23,819)
(19,469)    Amortization of Debt Issuance Costs
(1,531)
(963)      Income from Operations Before Equity in Income of                  Joint Venture and Income Tax Provision
$           151,823
$             55,307    Equity in Income of Joint Venture
108
3,477    Income Tax Provision
(4,013)
(5,900)      Net Income
$           147,918
$             52,884    Net Income Attributable to the Noncontrolling Interests
(4,817)
(4,781)      Net Income Available to First Industrial Realty Trust, Inc.'s         Common Stockholders and Participating Securities
$           143,101
$             48,103RECONCILIATION OF NET INCOME AVAILABLE TOFIRST INDUSTRIAL REALTY TRUST, INC.'S COMMONSTOCKHOLDERS AND PARTICIPATING SECURITIESTO FFO (d) AND AFFO (d)



     Net Income Available to First Industrial Realty Trust, Inc.'s         Common Stockholders and Participating Securities
$           143,101
$             48,103     Depreciation and Other Amortization of Real Estate
49,911
43,583 Depreciation and Other Amortization of Real Estate in the      Joint Venture (b)
—
1,056     Net Income Attributable to the Noncontrolling Interests
4,817
4,781     Gain on Sale of Real Estate
(109,032)
(6,844)     Gain on Sale of Real Estate from Joint Venture (b)
(49)
(3,305) Equity in FFO from Joint Venture Attributable to the    Noncontrolling Interest (b)
(7)
(147)     Income Tax Provision - Excluded from FFO (c)
3,712
5,736     Funds From Operations ("FFO") (NAREIT)  (d)
$             92,453
$             92,963     Amortization of Equity Based Compensation
15,055
13,930     Amortization of Debt Discounts and Hedge Costs
262
104     Amortization of Debt Issuance Costs
1,531
963     Depreciation of Corporate FF&E
157
171     Non-incremental Building Improvements
(2,793)
(1,277)     Non-incremental Leasing Costs
(6,604)
(5,442)     Capitalized Interest
(2,961)
(2,883)     Capitalized Overhead
(2,965)
(3,164)     Straight-Line Rent, Amortization of Above (Below) Market         Leases and Lease Inducements
(3,563)
(6,283)     Adjusted Funds From Operations ("AFFO") (d)
$             90,572
$             89,082


RECONCILIATION OF NET INCOME AVAILABLE TO FIRST INDUSTRIAL REALTY TRUST, INC.'S COMMONSTOCKHOLDERS AND PARTICIPATING SECURITIES TO ADJUSTED EBITDA (d) AND NOI (d)


Three Months Ended
March 31,
March 31,
2026
2025Net Income Available to First Industrial Realty Trust, Inc.'s          Common Stockholders and Participating Securities
$           143,101
$             48,103     Interest Expense
23,819
19,469     Depreciation and Other Amortization of Real Estate
49,911
43,583 Depreciation and Other Amortization of Real Estate in the      Joint Venture (b)
—
1,056     Income Tax Provision - Allocable to FFO (c)
301
164 Net Income Attributable to the Noncontrolling Interests
4,817
4,781 Equity in FFO from Joint Venture Attributable to the    Noncontrolling Interest (b)
(7)
(147)     Amortization of Debt Issuance Costs
1,531
963     Depreciation of Corporate FF&E
157
171     Gain on Sale of Real Estate
(109,032)
(6,844)     Gain on Sale of Real Estate from Joint Venture (b)
(49)
(3,305)     Income Tax Provision - Excluded from FFO (c)
3,712
5,736     Adjusted EBITDA (d)
$           118,261
$           113,730     General and Administrative (a)
22,973
15,897 Equity in FFO from Joint Venture, Net of Noncontrolling     Interest (b)
(52)
(1,081)     Net Operating Income ("NOI") (d)
$           141,182
$           128,546     Non-Same Store NOI
(4,706)
1,811     Same Store NOI Before Same Store Adjustments (d)
$           136,476
$           130,357     Straight-line Rent
(1,202)
(5,945)     Above (Below) Market Lease Amortization
(479)
(560)     Lease Termination Fees
(166)
(24)     Same Store NOI (Cash Basis without Termination Fees) (d)
$           134,629
$           123,828




Weighted Avg. Number of Shares/Units Outstanding - Basic
135,915
135,440Weighted Avg. Number of Shares Outstanding - Basic
132,573
132,415




Weighted Avg. Number of Shares/Units Outstanding - Diluted
136,493
136,115Weighted Avg. Number of Shares Outstanding - Diluted
132,640
132,493




Per Share/Unit Data:



Net Income Available to First Industrial Realty Trust, Inc.'s      Common Stockholders and Participating Securities
$           143,101
$             48,103Less: Allocation to Participating Securities
(63)
(36)Net Income Available to First Industrial Realty Trust, Inc.'s     Common Stockholders
$           143,038
$             48,067




Basic and Diluted Per Share (a)
$                  1.08
$                  0.36




FFO (NAREIT) (d)
$             92,453
$             92,963Less: Allocation to Participating Securities
(116)
(129)FFO (NAREIT) Allocable to Common Stockholders and Unitholders
$             92,337
$             92,834




Basic Per Share/Unit (a)
$                  0.68
$                  0.69Diluted Per Share/Unit (a)
$                  0.68
$                  0.68




Common Dividends/Distributions Per Share/Unit
$                0.500
$                0.445 Balance Sheet Data (end of period):
March 31, 2026
December 31, 2025Gross Real Estate Investment
$                           6,384,542
$                           6,367,678Total Assets
5,772,370
5,688,081Debt
2,565,126
2,553,396Total Liabilities
2,921,071
2,929,151Total Equity
2,851,299
2,758,930(a) Includes $5,570 of advisory costs related to a contested proxy campaign recognized in the first quarter of 2026. Excluding these costs, basic and diluted EPS was $1.12 and basic and diluted FFO per share/unit was $0.72.


Three Months Ended


March 31,
March 31,


2026
2025(b)Equity in Income of Joint Venture




Equity in Income of Joint Venture per GAAP Statements of Operations
$                     108
$                 3,477
Gain on Sale of Real Estate from Joint Venture
(49)
(3,305)
Depreciation and Other Amortization of Real Estate in the     Joint Venture
—
1,056
Equity in FFO from Joint Venture Attributable to the    Noncontrolling Interest
(7)
(147)
Equity in FFO from Joint Venture, Net of Noncontrolling      Interest
$                        52
$                 1,081





(c)Income Tax Provision




Income Tax Provision per GAAP Statements of Operations
$                (4,013)
$               (5,900)
Income Tax Provision - Excluded from FFO
3,712
5,736
Income Tax Provision - Allocable to FFO
$                   (301)
$                  (164)(d) Investors and analysts in the real estate industry commonly use funds from operations ("FFO"), net operating income ("NOI"), adjusted EBITDA and adjusted funds from operations ("AFFO") as supplemental performance measures. While we consider net income, as defined by GAAP, the most appropriate measure of our financial performance, we acknowledge the relevance and widespread use of these supplemental performance measures for evaluating performance and financial position in the real estate industry. FFO principally adjusts for the effects of GAAP depreciation and amortization of real estate assets to account for the inherent assumption that real estate asset values rise or fall with market conditions.  NOI provides a measure of rental operations, and does not factor in depreciation and amortization and non-property specific expenses such as general and administrative expenses. Adjusted EBITDA further evaluates the ability to incur and service debt, fund dividends and meet other cash obligations. AFFO provides a tool to further evaluate the ability to fund dividends, adjusting for additional factors such as straight-line rent and certain capital expenditures.These supplemental performance measures are commonly used in various financial analyses including ratio calculations, pricing multiples/yields and returns and valuation metrics used to measure financial position, performance and value. We calculate our supplemental measures as follows:FFO is calculated as net income available to common stockholders, unitholders and participating securities, plus depreciation and other amortization of real estate, plus impairment of real estate, minus gain (or plus loss) on sale of real estate, adjusted for any associated income tax provisions or benefits. Similar adjustments are made for our share of net income from an unconsolidated joint venture. This calculation methodology is in accordance with the NAREIT definition of FFO.NOI is calculated as total property revenues minus property expenses such as real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses.Adjusted EBITDA is calculated as NOI plus equity in FFO from our investment in joint venture (net of noncontrolling interest) and minus general and administrative expenses.AFFO is calculated as adjusted EBITDA minus interest expense, capitalized interest and overhead, plus amortization of debt discounts and hedge costs, minus straight-line rent, amortization of above (below) market leases, lease inducements and provision for income taxes allocable to FFO or plus income tax benefit allocable to FFO, plus amortization of equity based compensation and minus non-incremental capital expenditures. Non-incremental capital expenditures refer to building improvements and leasing costs required to maintain current revenues plus tenant improvements amortized back to the tenant over the lease term. Excluded are first generation leasing costs, capital expenditures underwritten at acquisition and development/redevelopment costs.FFO, NOI, adjusted EBITDA and AFFO do not represent cash generated from operating activities in accordance with GAAP and are not necessarily indicative of cash available for debt repayment or dividend payments. They should not be considered substitutes of GAAP measures such as net income, cash flows or liquidity measures. Furthermore, the methodologies used to calculate these measures may vary across real estate companies, limiting comparability.We consider cash basis same store NOI ("SS NOI") to be a useful supplemental measure of our operating performance. We believe SS NOI enhances the comparability of a company's real estate portfolio to that of other real estate companies. Same store properties are properties that were owned and placed in service prior to January 1, 2025 and held as an in service property through the end of the current reporting period including certain income-producing land parcels, and developments and redevelopments that were placed in service prior to January 1, 2025 (the "Same Store Pool"). Properties acquired with occupancy of at least 75% at acquisition are placed in service, unless we anticipate tenant move-outs within two years of ownership would reduce occupancy below 75%, in which case such properties are placed in service upon the earlier of reaching 90% occupancy or twelve months after tenant move out. Properties acquired with less than 75% occupancy are placed in service upon the earlier of reaching 90% occupancy or one year following acquisition. Developments, redevelopments and acquired income-producing land parcels for which our ultimate intent is to redevelop or develop are placed in service upon the earlier of reaching 90% occupancy or one year after construction completion.We define SS NOI as NOI, less NOI from properties not in the Same Store Pool, and further adjusted to exclude the impact of straight-line rent, the amortization of above (below) market rent and the impact of lease termination fees. These items are excluded because we believe excluding them provides a more meaningful reflection of cash-basis rental growth and allows for a more consistent year-over-year analysis of property-level performance. SS NOI does not reflect general and administrative expense, interest expense, depreciation and amortization, income tax benefit and expense, gains and losses on the sale of real estate, equity in income or loss from joint venture, joint venture fees, joint venture development services expense, capital expenditures and leasing costs. SS NOI should not be considered an alternative to net income or cash flows from operations as defined by GAAP, nor should it be used as a substitute in evaluating our liquidity or overall operating performance. Additionally, our method for calculating SS NOI may differ from those used by other real estate companies, limiting comparability.



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Original: First Industrial Realty Trust Reports First Quarter 2026 Results

First Industrial Realty Trust to Host First Quarter 2026 Results Conference Call on April 23April 8, 2026 2:31 PM
PR Newswire (US)

Announces Property Tours for Investors/Analysts: Southern California May 12th and New Jersey June 4thCHICAGO, April 8, 2026 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, will host its first quarter 2026 results conference call on Thursday, April 23, 2026 at 10:00 a.m. CDT (11:00 a.m. EDT). The conference call may be accessed by dialing (833) 890-3273, passcode "First Industrial". The conference call will also be webcast live on the Investors page of the Company's website at www.firstindustrial.com.







First Industrial's first quarter 2026 results will be released on Wednesday, April 22, 2026 after market close and will be available on the Company's website.A replay of the conference call will be available shortly after the call through May 7, 2026. For the replay, please dial (855) 669-9658 and enter passcode 8086532. The replay will also be available on the Company's website.First Industrial announced that it will be hosting two upcoming property tours for investors and analysts. On Tuesday, May 12, 2026, the Company will conduct a presentation and tour of properties in the Inland Empire, Southern California. On Thursday, June 4, 2026, the Company will conduct a tour of properties in New Jersey, departing from and returning to Midtown Manhattan, New York. To register or for additional information regarding the tours, please contact Art Harmon at aharmon@firt.com. About First Industrial Realty Trust, Inc.First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. In total, we own and have under development approximately 71.6 million square feet of industrial space concentrated in 15 target MSAs as of December 31, 2025. For more information, please visit us at www.firstindustrial.com.Forward-Looking StatementsThis document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors that could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically, including impacts and uncertainties arising from trade disputes and tariffs on goods imported to or exported from the United States; changes in legislation/regulation (including laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; our ability to qualify and maintain our status as a real estate investment trust; the availability, cost and attractiveness of financing (including both public and private capital), increases in or prolonged periods of elevated interest rates, and our ability to raise equity capital on attractive terms; the availability and attractiveness of terms of debt repurchases; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; changes in the competitive environment in which we operate, including changes in supply, demand and valuation of industrial properties and land in our current and potential markets; our ability to identify, acquire, develop and/or manage properties on favorable terms; our ability to dispose of properties on favorable terms; our ability to successfully integrate acquired properties; potential liability relating to environmental matters; defaults on or non-renewal of leases by our tenants; decreases in rental rates or increases in vacancy rates; higher-than-expected real estate construction costs and delays in development or lease-up timelines; uncertainty and economic impacts of pandemics, epidemics or other public health emergencies or fear of such events; risks associated with cybersecurity breaches, cyberattacks, intrusions or other significant disruptions of our information technology networks or systems; potential natural disasters and other catastrophic events, including acts of war or terrorism; insufficient or unavailable insurance coverage; technological developments, particularly those affecting supply chains and logistics; litigation risks, including costs associated with prosecuting or defending claims and potential adverse outcomes; risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and other risks and uncertainties described in Item A, "Risk Factors" and elsewhere in our annual report, on Form 10-K for the year ended December 31, 2025, as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and public filings with the Securities and Exchange Commission (the "SEC"). We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this press release or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements except as may be required by law. For further information on these and other factors that could impact us and the statements contained herein, reference should be made to our filings with the SEC.



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Original: First Industrial Realty Trust to Host First Quarter 2026 Results Conference Call on April 23

First Industrial Realty Trust Comments on Land & Buildings' Withdrawal of Jonathan Litt as a Director NomineeMarch 20, 2026 2:56 PM
PR Newswire (US)

CHICAGO, March 20, 2026 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, today commented on Land & Buildings' withdrawal of its director nominee, Land & Buildings principal Jonathan Litt, in connection with the Company's upcoming 2026 Annual Meeting of Stockholders (the "Annual Meeting") to be held on April 30, 2026.







The Company issued the following statement:Land & Buildings has repeatedly made misleading statements about the Company's strategy and governance, including misrepresenting the Company's historical outperformance. In fact, the Company has delivered superior total shareholder returns relative to its proxy and industrial peers on a one-, three- and five-year basis1.Under this Board's leadership, First Industrial continues to successfully execute the Company's clear, consistent, value-driven strategy and long-term plan, which has delivered sustained stockholder value creation.First Industrial began 2026 from a position of strength, and we remain focused on capitalizing on the significant opportunities within our portfolio and development pipeline to drive continued cash flow growth and enhanced stockholder value. The Company's financial performance reflects the strength of First Industrial's portfolio, the durability of its growth, management's ability to operate the business efficiently and the critical Board oversight our directors provide.Further, as a reflection of the Company's continued commitment to having the right balance of expertise, continuity and perspective, First Industrial recently announced that a new independent and highly qualified director, Frank E. Schmitz, will join the Board, effective June 1, 2026.Unlike Land & Buildings, the Board of First Industrial has a plan to drive continued value creation and maintains great confidence in the Company's future prospects. As such, the Board recently authorized a $250 million share repurchase, highlighting the compelling value in First Industrial's shares, as well as the Company's commitment to delivering superior returns for stockholders.First Industrial's Board and management team remain committed to continuing to engage constructively with our stockholders and taking actions that are in the best interests of the Company and all its stakeholders. We urge you to protect the value of your investment by voting "FOR" ALL of First Industrial's nominees.The Company expects to file its definitive proxy statement with the U.S. Securities and Exchange Commission in due course.1 Source: Market data as of 3/2/2026 Note: Proxy peers based on flat average of ADC, BRX, COLD, CUBE, EGP, HR, KRG, LXP, MAC, OHI, REXR, STAG and TRNO; Industrial peers based on flat average of PLD, REXR, EGP and TRNOAbout First Industrial Realty Trust, Inc.First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. In total, we own and have under development approximately 71.6 million square feet of industrial space concentrated in 15 target MSAs as of December 31, 2025. For more information, please visit us at www.firstindustrial.com. Forward-Looking StatementsThis document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors that could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically, including impacts and uncertainties arising from trade disputes and tariffs on goods imported to or exported from the United States; changes in legislation/regulation (including laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; our ability to qualify and maintain our status as a real estate investment trust; the availability, cost and attractiveness of financing (including both public and private capital), increases in or prolonged periods of elevated interest rates, and our ability to raise equity capital on attractive terms; the availability and attractiveness of terms of debt repurchases; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; changes in the competitive environment in which we operate, including changes in supply, demand and valuation of industrial properties and land in our current and potential markets; our ability to identify, acquire, develop and/or manage properties on favorable terms; our ability to dispose of properties on favorable terms; our ability to successfully integrate acquired properties; potential liability relating to environmental matters; defaults on or non-renewal of leases by our tenants; decreases in rental rates or increases in vacancy rates; higher-than-expected real estate construction costs and delays in development or lease-up timelines; uncertainty and economic impacts of pandemics, epidemics or other public health emergencies or fear of such events; risks associated with cybersecurity breaches, cyberattacks, intrusions or other significant disruptions of our information technology networks or systems; potential natural disasters and other catastrophic events, including acts of war or terrorism; insufficient or unavailable insurance coverage; technological developments, particularly those affecting supply chains and logistics; litigation risks, including costs associated with prosecuting or defending claims and potential adverse outcomes; risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and other risks and uncertainties described in Item A, "Risk Factors" and elsewhere in our annual report, on Form 10-K for the year ended December 31, 2025, as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and public filings with the Securities and Exchange Commission (the "SEC"). We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this press release or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements except as may be required by law. For further information on these and other factors that could impact us and the statements contained herein, reference should be made to our filings with the SEC.Additional InformationOn February 27, 2026, First Industrial Realty Trust, Inc. ("First Industrial") filed a preliminary proxy statement on Schedule 14A (the "Proxy Statement") and accompanying proxy card with the U.S. Securities and Exchange Commission (the "SEC") in connection with its 2026 Annual Meeting of Stockholders (the "2026 Annual Meeting") and its solicitation of proxies for First Industrial's director nominees and for other matters to be voted on. The Proxy Statement is in preliminary form and First Industrial intends to file and mail to shareholders of record entitled to vote at the Annual Meeting a definitive proxy statement and other documents, including an accompanying proxy card. First Industrial may also file other relevant documents with the SEC regarding its solicitation of proxies for the 2026 Annual Meeting. This communication is not a substitute for any proxy statement or other document that First Industrial has filed or may file with the SEC in connection with any solicitation by First Industrial. FIRST INDUSTRIAL STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING PROXY CARD AND ANY OTHER RELEVANT SOLICITATION MATERIALS WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain copies of the Proxy Statement, any amendments or supplements to the Proxy Statement and other documents (including the accompanying proxy card) as and when filed by First Industrial with the SEC without charge from the SEC's website at www.sec.gov. Copies of the documents filed by First Industrial with the SEC also may be obtained free of charge at First Industrial's investor relations website at https://investor.firstindustrial.com or upon written request sent to First Industrial Realty Trust, Inc., One North Wacker Drive, Suite 4200, Chicago, Illinois 60606, Attention: Investor RelationsCertain Information Regarding ParticipantsFirst Industrial, its directors, certain of its executive officers and employees may be deemed to be participants in connection with the solicitation of proxies from First Industrial stockholders in connection with the matters to be considered at the 2026 Annual Meeting. Information regarding the names of such directors and executive officers and their respective interests in First Industrial, by securities holdings or otherwise, is available in the Proxy Statement, which was filed with the SEC on February 27, 2026, and will be included in First Industrial's definitive proxy statement, once available, including in the sections captioned "Security Ownership of Management and Certain Beneficial Owners." To the extent that First Industrial's directors and executive officers who may be deemed to be participants in the solicitation have acquired or disposed of securities holdings since the applicable "as of" date disclosed in the Proxy Statement, such transactions have been or will be reflected on Statements of Changes in Beneficial Ownership of Securities on Form 4 or Initial Statements of Beneficial Ownership of Securities on Form 3 filed with the SEC. These documents are or will be available free of charge at the SEC's website at www.sec.gov.



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Original: First Industrial Realty Trust Comments on Land & Buildings' Withdrawal of Jonathan Litt as a Director Nominee

First Industrial Realty Trust Appoints Frank E. Schmitz to Board of DirectorsMarch 16, 2026 5:14 PM
PR Newswire (US)

Announces $250 Million Share Repurchase Authorization, Plans Series of Market Tours for Investors/Analysts in 2026CHICAGO, March 16, 2026 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, today announced that Frank E. Schmitz will be appointed to the First Industrial Board of Directors, effective June 1, 2026. Following his appointment, the Board will comprise seven directors, six of whom will be independent.







"We look forward to welcoming Frank to our Board of Directors," said Matthew S. Dominski, Chairman of the Board of Directors of First Industrial. "He brings decades of global real estate investment and capital markets experience, as well as deep relationships across the institutional investor community. Frank's insights into capital formation, portfolio strategy and investment trends will be invaluable as we continue capitalizing on the significant opportunities in our portfolio and development pipeline to drive further cash flow growth and value for First Industrial stockholders.""It will be a privilege to join the First Industrial Board," said Frank Schmitz. "The Company has built a strong reputation as a leader in industrial real estate, supported by a disciplined strategy and a demonstrated history of value creation, as evidenced by the Company's proven track record of delivering superior returns for investors. I look forward to working with the other members of the Board and management team to support the Company's continued success."Mr. Schmitz is a veteran real estate investment and capital advisory executive with nearly four decades of global experience spanning lending, investment, development, capital markets and cross-border capital flows. Mr. Schmitz currently serves as a Senior Advisor at PJT Partners, where he works with real estate investment management firms worldwide. He co-founded Park Hill Real Estate Group in 2005, which became part of PJT Partners in 2015. As a part of PJT Park Hill, the business has expanded globally and advised on some of the most consequential fundraises, private placements, joint ventures, and strategic transactions.Prior to founding Park Hill, Mr. Schmitz was a Managing Director and the Head of Real Estate Equity at Principal Real Estate Investors. In that role, he oversaw Principal's $12 billion real estate equity group and was responsible for portfolio strategy and investment management for private and public market clients. Mr. Schmitz previously served as Principal's Director of Institutional Marketing, specializing in real estate business development for the western United States. Before joining Principal, Mr. Schmitz was with FCLS Investors Group of Chicago, a predecessor organization of CenterPoint Properties which specialized in industrial real estate. He began his career at Northern Trust Bank of Chicago as a commercial real estate lending officer.Mr. Schmitz currently serves on the board of Hubbell Realty Company, a family-owned real estate development and investment firm based in Des Moines, Iowa. He received a BA in Economics and Political Science from Northwestern University and an MBA from the University of Chicago Booth School of Business.New $250 Million Share Repurchase AuthorizationThe Board has authorized a new share repurchase program under which the Company may repurchase up to $250 million of common stock. The new program is a complimentary component of our disciplined capital allocation strategy as we aim to continue to enhance value for shareholders. Instituting this new program also reflects our confidence in the strength of our portfolio and financial position.The Company intends to make any repurchases on an opportunistic basis with decisions regarding the amount and the timing of repurchases based on market conditions at the time, First Industrial's share price, and other strategic investment opportunities available to the Company as well as other factors. The repurchase authorization does not have an expiration date and may be amended, suspended, or discontinued by the company's Board of Directors at any time.Market Tours for Investors/Analysts in 2026First Industrial also announced that it is planning to host a series of market tours for investors and analysts during 2026. Additional details will be announced as available.About First Industrial Realty Trust, Inc.First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. In total, we own and have under development approximately 71.6 million square feet of industrial space concentrated in 15 target MSAs as of December 31, 2025. For more information, please visit us at www.firstindustrial.com.Forward-Looking StatementsThis document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors that could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically, including impacts and uncertainties arising from trade disputes and tariffs on goods imported to or exported from the United States; changes in legislation/regulation (including laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; our ability to qualify and maintain our status as a real estate investment trust; the availability, cost and attractiveness of financing (including both public and private capital), increases in or prolonged periods of elevated interest rates, and our ability to raise equity capital on attractive terms; the availability and attractiveness of terms of debt repurchases; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; changes in the competitive environment in which we operate, including changes in supply, demand and valuation of industrial properties and land in our current and potential markets; our ability to identify, acquire, develop and/or manage properties on favorable terms; our ability to dispose of properties on favorable terms; our ability to successfully integrate acquired properties; potential liability relating to environmental matters; defaults on or non-renewal of leases by our tenants; decreases in rental rates or increases in vacancy rates; higher-than-expected real estate construction costs and delays in development or lease-up timelines; uncertainty and economic impacts of pandemics, epidemics or other public health emergencies or fear of such events; risks associated with cybersecurity breaches, cyberattacks, intrusions or other significant disruptions of our information technology networks or systems; potential natural disasters and other catastrophic events, including acts of war or terrorism; insufficient or unavailable insurance coverage; technological developments, particularly those affecting supply chains and logistics; litigation risks, including costs associated with prosecuting or defending claims and potential adverse outcomes; risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and other risks and uncertainties described in Item A, "Risk Factors" and elsewhere in our annual report, on Form 10-K for the year ended December 31, 2025, as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and public filings with the Securities and Exchange Commission (the "SEC"). We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this press release or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements except as may be required by law. For further information on these and other factors that could impact us and the statements contained herein, reference should be made to our filings with the SEC.Additional InformationOn February 27, 2026, First Industrial Realty Trust, Inc. ("First Industrial") filed a preliminary proxy statement on Schedule 14A (the "Proxy Statement") and accompanying WHITE proxy card with the U.S. Securities and Exchange Commission (the "SEC") in connection with its 2026 Annual Meeting of Stockholders (the "2026 Annual Meeting") and its solicitation of proxies for First Industrial's director nominees and for other matters to be voted on. The Proxy Statement is in preliminary form and First Industrial intends to file and mail to shareholders of record entitled to vote at the Annual Meeting a definitive proxy statement and other documents, including a WHITE proxy card. First Industrial may also file other relevant documents with the SEC regarding its solicitation of proxies for the 2026 Annual Meeting. This communication is not a substitute for any proxy statement or other document that First Industrial has filed or may file with the SEC in connection with any solicitation by First Industrial. FIRST INDUSTRIAL STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING WHITE PROXY CARD AND ANY OTHER RELEVANT SOLICITATION MATERIALS WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain copies of the Proxy Statement, any amendments or supplements to the Proxy Statement and other documents (including the WHITE proxy card) as and when filed by First Industrial with the SEC without charge from the SEC's website at www.sec.gov. Copies of the documents filed by First Industrial with the SEC also may be obtained free of charge at First Industrial's investor relations website at https://investor.firstindustrial.com or upon written request sent to First Industrial Realty Trust, Inc., One North Wacker Drive, Suite 4200, Chicago, Illinois 60606, Attention: Investor RelationsCertain Information Regarding ParticipantsFirst Industrial, its directors, certain of its executive officers and employees may be deemed to be participants in connection with the solicitation of proxies from First Industrial stockholders in connection with the matters to be considered at the 2026 Annual Meeting. Information regarding the names of such directors and executive officers and their respective interests in First Industrial, by securities holdings or otherwise, is available in the Proxy Statement, which was filed with the SEC on February 27, 2026, and will be included in First Industrial's definitive proxy statement, once available, including in the sections captioned "Security Ownership of Management and Certain Beneficial Owners," and "Exhibit A: Additional Information Regarding Participants in the Solicitation." To the extent that First Industrial's directors and executive officers who may be deemed to be participants in the solicitation have acquired or disposed of securities holdings since the applicable "as of" date disclosed in the Proxy Statement, such transactions have been or will be reflected on Statements of Changes in Beneficial Ownership of Securities on Form 4 or Initial Statements of Beneficial Ownership of Securities on Form 3 filed with the SEC. These documents are or will be available free of charge at the SEC's website at www.sec.gov.



View original content to download multimedia:https://www.prnewswire.com/news-releases/first-industrial-realty-trust-appoints-frank-e-schmitz-to-board-of-directors-302715202.htmlSOURCE First Industrial Realty Trust, Inc.

Original: First Industrial Realty Trust Appoints Frank E. Schmitz to Board of Directors

FIRST INDUSTRIAL REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTSFebruary 4, 2026 4:30 PM
PR Newswire (US)

2025 NAREIT FFO/Share Growth of 11.7%32% Cash Rental Rate Increase on Leases Commencing in 2025; 37% Increase Excluding 1.3 MSF Fixed-Rate Renewal35% Cash Rental Rate Increase on Leases Signed To Date Commencing in 2026Cash Same Store NOI Growth of 7.1% for the Full Year 2025Increased First Quarter 2026 Dividend to $0.50 Per Share, a 12.4% IncreaseAcquired the Last Remaining Building from Our Camelback 303 JV in Phoenix in the Fourth Quarter; 968,000 SF, 100% Leased, $125 Million Purchase PriceStarted Two Developments in 1Q26 To Date Totaling 305,000 SF in Miami and Dallas, Estimated Investment of $70 MillionSigned 447,000 SF of New Leases for Development Projects in the Fourth Quarter; 231,000 SF Signed Subsequent to the Third Quarter Earnings CallClosed $425 Million and $375 Million Unsecured Term Loans in 1Q262026 NAREIT FFO Guidance Initiated at a Range of $3.09 to $3.19 Per Share/Unit, Representing Approximately 6% Growth at the MidpointCHICAGO, Feb. 4, 2026 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, today announced results for the fourth quarter and full year 2025. First Industrial's diluted net income available to common stockholders per share (EPS) was $0.59 in the fourth quarter, compared to $0.52 a year ago. Full year 2025 EPS was $1.87, compared to $2.17 in 2024.







First Industrial's fourth quarter funds from operations (FFO) was $0.77 per share/unit on a diluted basis, compared to $0.71 per share/unit a year ago. Full year 2025 FFO was $2.96 per share/unit on a diluted basis, compared to $2.65 in 2024, a growth rate of 11.7%."Despite a volatile leasing market in 2025 impacted by the evolving tariff policies and other uncertainties, our First Industrial team maintained its keen focus on delivering strong growth in FFO, cash rental rates and cash same store NOI," said Peter E. Baccile, First Industrial's president and chief executive officer. "On the strength of the performance of our platform and our outlook, we increased our dividend rate by 12.4%."Portfolio PerformanceIn service occupancy was 94.4% at the end of the fourth quarter of 2025, compared to 94.0% at the end of the third quarter of 2025, and 96.2% at the end of the fourth quarter of 2024.In the fourth quarter, cash rental rates on commenced new and renewal leasing increased 35%. For the full year, cash rental rates increased 32%. Excluding the 1.3 million square-foot fixed-rate renewal, the cash rental rates increased 37% for the full year.The Company has achieved a cash rental rate increase of approximately 35% on leases signed to date commencing in 2026 reflecting 45% of 2026 expirations by square footage.In the fourth quarter, cash basis same store net operating income before termination fees ("SS NOI") increased 3.7%. For the full year, SS NOI increased 7.1%, primarily reflecting increases in rental rates on new and renewal leasing and contractual rent escalations, partially offset by lower average occupancy. SS NOI excludes $4.5 million of income related to the third quarter 2024 accelerated recognition of a tenant improvement reimbursement.Development Leasing HighlightsDuring the fourth quarter, the Company:Leased the remaining 212,000 square feet of its 425,000 square-foot First Liberty Logistics Center in Houston; commenced in the fourth quarter.Leased 19,000 square feet of its 107,000 square-foot First Loop Logistics Park Building 4 in Orlando; expected to commence in the first quarter of 2026.Leased 100% of its 159,000 square-foot First Harley Knox Logistics Center in the Inland Empire; commenced in the fourth quarter.Leased 57,000 square feet of its 136,000 square-foot First Park Miami Building 12 in South Florida; commenced in the fourth quarter.Investment and Disposition HighlightsDuring the fourth quarter, the Company:Acquired a 100% leased 968,000 square-foot building from its Camelback 303 joint venture in Phoenix for $125 million. Purchase price reflects a reduction related to First Industrial's share of its gain, promote and fees.Acquired a 117,000 square-foot building in Baltimore for $31 million.Sold three buildings in Detroit - 146,000 square feet; $15 million.Sold 71 acres from its Camelback 303 joint venture for gross sales proceeds of $58 million. First Industrial's interest in the joint venture was 43%.For the full year 2025, the Company:Acquired three 100% leased buildings totaling 1.8 million square feet from its Camelback 303 joint venture in Phoenix for $245 million. Purchase price reflects a reduction related to First Industrial's share of its gain, promote and fees.Acquired a 117,000 square-foot building in Baltimore for $31 million.Acquired a 61-acre land site in Philadelphia for $16 million for a two-phase project developable to 837,000 square feet.Acquired an income-producing land site in Northern California for $11 million.Sold seven buildings comprised of 325,000 square feet and one land site for a total of $42 million.In the first quarter to date of 2026, the Company:Commenced development of two projects totaling 305,000 square feet with an estimated total investment of $70 million comprised of:First Park Miami Building 4 in South Florida - 220,000 square feet; $57 million estimated investment.First Arlington Commerce Center III in Dallas - 84,000 square feet; $13 million estimated investment.Capital Markets HighlightsIn the first quarter to date of 2026, the Company:Closed an unsecured term loan that refinanced its $425 million unsecured term loan previously scheduled to mature on October 18, 2027. The new term loan matures on January 22, 2030 and has a one-year extension option. The agreement provides for interest-only payments currently at an interest rate of SOFR plus 85 basis points based on the Company's current credit ratings. The previous 10 basis point SOFR adjustment was eliminated from this loan.Closed an unsecured term loan that refinanced its $300 million unsecured term loan previously scheduled to mature on August 12, 2026 and expanded its size to $375 million. The new term loan matures on January 22, 2029 and has two one-year extension options. The agreement provides for interest-only payments currently at an interest rate of SOFR plus 85 basis points based on the Company's current credit ratings. The previous 10 basis point SOFR adjustment was eliminated from this loan.In conjunction with these refinancings, the Company also amended its $200 million unsecured term loan to, among other things, eliminate the 10 basis point SOFR adjustment.Common Stock Dividend IncreaseOur board of directors declared a common dividend of $0.50 per share/unit for the quarter ending March 31, 2026 payable on April 20, 2026 to stockholders of record on March 31, 2026. The new dividend rate represents a 12.4% increase from the prior rate of $0.445 per share/unit.Outlook for 2026"Leasing traffic at our key availabilities remains good and the overall fundamental picture continues to improve, with completions and new starts measured. Our portfolio continues to perform well, reflected in our progress on 2026 expirations and 35% growth on cash rental rates for new and renewal lease signings thus far," said Mr. Baccile. "Within our operating portfolio and development investments, we have built-in opportunity to drive incremental cash flow and value for shareholders."

Low End of
High End of

Guidance for 2026
Guidance for 2026

(Per share/unit)
(Per share/unit)Net Income Available to Common Stockholders and Unitholders
$                    1.58
$                    1.68Add:  Depreciation and Other Amortization of Real Estate
1.51
1.51




NAREIT Funds From Operations
$                    3.09
$                    3.19The following assumptions were used for guidance:Average quarter-end in service occupancy of 94.0% to 95.0%.SS NOI growth on a cash basis before termination fees of 5.0% to 6.0%. This range assumes 2026 bad debt expense of $1.0 million.Includes the incremental costs expected in 2026 related to the Company's completed and under construction developments as of December 31, 2025 and the aforementioned first quarter 2026 starts to date comprised of First Park Miami Building 4 and First Arlington Commerce Center III. In total, the Company expects to capitalize $0.08 per share of interest in 2026.General and administrative expense of $42.0 million to $43.0 million.Guidance does not include the impact of any future investments, property sales, debt repurchases prior to maturity, debt issuances, or equity issuances post the date of this press release.Conference CallFirst Industrial will host its fourth quarter and full year 2025 conference call on Thursday, February 5, 2026 at 10:00 a.m. CST (11:00 a.m. EST). The conference call may be accessed by dialing (833) 890-3273, passcode "First Industrial". The conference call will also be webcast live on the Investors page of the Company's website at www.firstindustrial.com. The replay will also be available on the website.The Company's fourth quarter and full year 2025 supplemental information can be viewed at www.firstindustrial.com under the "Investors" tab. FFO DefinitionFirst Industrial calculates FFO to be equal to net income available to common stockholders, unitholders and participating securities, plus depreciation and other amortization of real estate, plus impairment of real estate, minus gain (or plus loss) on sale of real estate, adjusted for any associated income tax provisions or benefits. Similar adjustments are made for our share of net income from an unconsolidated joint venture. This calculation methodology is in accordance with the NAREIT definition of FFO.About First Industrial Realty Trust, Inc.First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. In total, we own and have under development approximately 71.6 million square feet of industrial space concentrated in 15 target MSAs as of December 31, 2025. For more information, please visit us at www.firstindustrial.com.Forward-Looking StatementsThis press release and the presentation to which it refers may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors that could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically, including impacts and uncertainties arising from trade disputes and tariffs on goods imported to or exported from the United States; changes in legislation/regulation (including laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; our ability to qualify and maintain our status as a real estate investment trust; the availability, cost and attractiveness of financing (including both public and private capital), increases in or prolonged periods of elevated interest rates, and our ability to raise equity capital on attractive terms; the availability and attractiveness of terms of debt repurchases; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; changes in the competitive environment in which we operate, including changes in supply, demand and valuation of industrial properties and land in our current and potential markets; our ability to identify, acquire, develop and/or manage properties on favorable terms; our ability to dispose of properties on favorable terms; our ability to successfully integrate acquired properties; potential liability relating to environmental matters; defaults on or non-renewal of leases by our tenants; decreases in rental rates or increases in vacancy rates; higher-than-expected real estate construction costs and delays in development or lease-up timelines; uncertainty and economic impacts of pandemics, epidemics or other public health emergencies or fear of such events; risks associated with cybersecurity breaches, cyberattacks, intrusions or other significant disruptions of our information technology networks or systems; potential natural disasters and other catastrophic events, including acts of war or terrorism; insufficient or unavailable insurance coverage; technological developments, particularly those affecting supply chains and logistics; litigation risks, including costs associated with prosecuting or defending claims and potential adverse outcomes; risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and other risks and uncertainties described in Item A, "Risk Factors" and elsewhere in our annual report, on Form 10-K for the year ended December 31, 2024, as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and  public filings with the Securities and Exchange Commission (the "SEC"). We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this press release or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements except as may be required by law. For further information on these and other factors that could impact us and the statements contained herein, reference should be made to our filings with the SEC.A schedule of selected financial information is attached. FIRST INDUSTRIAL REALTY TRUST, INC.
Selected Financial Data
(Unaudited)
(In thousands except per share/Unit data)

Three Months Ended
Twelve Months Ended

December 31,
December 31,
December 31,
December 31,

2025
2024
2025
2024Statements of Operations and Other Data:







    Total Revenues
$     188,409
$     175,588
$     727,076
$     669,641








    Property Expenses
(51,530)
(47,872)
(191,480)
(182,821)    General and Administrative
(9,062)
(10,303)
(41,945)
(40,935)    Joint Venture Development Services Expense
(105)
(524)
(629)
(1,529)    Depreciation of Corporate FF&E
(157)
(177)
(634)
(732)    Depreciation and Other Amortization of Real Estate
(48,450)
(43,380)
(184,682)
(171,207)      Total Expenses
(109,304)
(102,256)
(419,370)
(397,224)    Gain on Sale of Real Estate
9,402
18,169
26,905
111,970    Interest Expense
(21,964)
(20,114)
(84,886)
(82,973)    Amortization of Debt Issuance Costs
(1,349)
(911)
(5,033)
(3,646)      Income from Operations Before Equity in Income of                  Joint Venture and Income Tax Provision
$       65,194
$       70,476
$     244,692
$     297,768    Equity in Income of Joint Venture
30,869
1,134
34,669
4,295    Income Tax Provision
(9,111)
(1,169)
(15,282)
(6,075)      Net Income
$       86,952
$       70,441
$     264,079
$     295,988    Net Income Attributable to the Noncontrolling Interests
(8,103)
(2,020)
(16,636)
(8,434)      Net Income Available to First Industrial Realty Trust, Inc.'s         Common Stockholders and Participating Securities
$       78,849
$       68,421
$     247,443
$     287,554RECONCILIATION OF NET INCOME AVAILABLE TOFIRST INDUSTRIAL REALTY TRUST, INC.'S COMMONSTOCKHOLDERS AND PARTICIPATING SECURITIESTO FFO (c) AND AFFO (c)







     Net Income Available to First Industrial Realty Trust, Inc.'s         Common Stockholders and Participating Securities
$       78,849
$       68,421
$     247,443
$     287,554     Depreciation and Other Amortization of Real Estate
48,450
43,380
184,682
171,207Depreciation and Other Amortization of Real Estate in the      Joint Venture (a)
432
1,050
2,614
2,758     Net Income Attributable to the Noncontrolling Interests
8,103
2,020
16,636
8,434     Gain on Sale of Real Estate
(9,402)
(18,169)
(26,905)
(111,970)     Gain on Sale of Real Estate from Joint Venture (a)
(30,441)
(1,414)
(34,184)
(1,756)Equity in FFO from Joint Venture Attributable to the    Noncontrolling Interest (a)
(103)
(93)
(372)
(636)     Income Tax Provision - Excluded from FFO (b)
8,501
710
13,909
4,542     Funds From Operations ("FFO") (NAREIT)  (c)
$     104,389
$       95,905
$     403,823
$     360,133     Amortization of Equity Based Compensation
2,004
3,522
20,297
20,085     Amortization of Debt Discounts and Hedge Costs
263
105
816
417     Amortization of Debt Issuance Costs
1,349
911
5,033
3,646     Depreciation of Corporate FF&E
157
177
634
732     Non-incremental Building Improvements
(8,813)
(8,506)
(22,042)
(19,833)     Non-incremental Leasing Costs
(15,060)
(9,085)
(34,640)
(32,228)     Capitalized Interest
(3,411)
(1,956)
(12,785)
(8,283)     Capitalized Overhead
(1,520)
(1,386)
(8,012)
(7,547)     Straight-Line Rent, Amortization of Above (Below) Market         Leases and Lease Inducements
(5,742)
(9,034)
(19,654)
(22,628)     Adjusted Funds From Operations ("AFFO") (c)
$       73,616
$       70,653
$     333,470
$     294,494

RECONCILIATION OF NET INCOME AVAILABLE TO FIRST INDUSTRIAL REALTY TRUST, INC.'S COMMONSTOCKHOLDERS AND PARTICIPATING SECURITIES TO
ADJUSTED EBITDA (c) AND NOI (c)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
December 31,
December 31,
2025
2024
2025
2024Net Income Available to First Industrial Realty Trust, Inc.'s          Common Stockholders and Participating Securities
$       78,849
$       68,421
$     247,443
$     287,554     Interest Expense
21,964
20,114
84,886
82,973     Depreciation and Other Amortization of Real Estate
48,450
43,380
184,682
171,207Depreciation and Other Amortization of Real Estate in the      Joint Venture (a)
432
1,050
2,614
2,758     Income Tax Provision - Allocable to FFO (b)
610
459
1,373
1,533Net Income Attributable to the Noncontrolling Interests
8,103
2,020
16,636
8,434Equity in FFO from Joint Venture Attributable to the    Noncontrolling Interest (a)
(103)
(93)
(372)
(636)     Amortization of Debt Issuance Costs
1,349
911
5,033
3,646     Depreciation of Corporate FF&E
157
177
634
732     Gain on Sale of Real Estate
(9,402)
(18,169)
(26,905)
(111,970)     Gain on Sale of Real Estate from Joint Venture (a)
(30,441)
(1,414)
(34,184)
(1,756)     Income Tax Provision - Excluded from FFO (b)
8,501
710
13,909
4,542     Adjusted EBITDA (c)
$     128,469
$     117,566
$     495,749
$     449,017     General and Administrative
9,062
10,303
41,945
40,935Equity in FFO from Joint Venture, Net of Noncontrolling     Interest (a)
(757)
(677)
(2,727)
(4,661)     Net Operating Income ("NOI") (c)
$     136,774
$     127,192
$     534,967
$     485,291     Non-Same Store NOI
(11,685)
(4,999)
(36,462)
(17,218)     Same Store NOI Before Same Store Adjustments (c)
$     125,089
$     122,193
$     498,505
$     468,073     Straight-line Rent
(1,413)
(2,867)
(8,080)
(9,102)     Above (Below) Market Lease Amortization
(512)
(686)
(2,117)
(3,038)     Lease Termination Fees
(531)
(418)
(685)
(589)     Same Store NOI (Cash Basis without Termination Fees) (c)
$     122,633
$     118,222
$     487,623
$     455,344








Weighted Avg. Number of Shares/Units Outstanding - Basic
135,481
135,105
135,466
135,092Weighted Avg. Number of Shares Outstanding - Basic
132,487
132,377
132,446
132,369








Weighted Avg. Number of Shares/Units Outstanding - Diluted
136,232
135,531
136,038
135,426Weighted Avg. Number of Shares Outstanding - Diluted
132,580
132,436
132,514
132,416








Per Share/Unit Data:







Net Income Available to First Industrial Realty Trust, Inc.'s      Common Stockholders and Participating Securities
$       78,849
$       68,421
$     247,443
$     287,554Less: Allocation to Participating Securities
(41)
(49)
(146)
(211)Net Income Available to First Industrial Realty Trust, Inc.'s     Common Stockholders
$       78,808
$       68,372
$     247,297
$     287,343








Basic and Diluted Per Share
$           0.59
$           0.52
$           1.87
$           2.17








FFO (NAREIT) (c)
$     104,389
$       95,905
$     403,823
$     360,133Less: Allocation to Participating Securities
(146)
(185)
(581)
(700)FFO (NAREIT) Allocable to Common Stockholders and Unitholders
$     104,243
$       95,720
$     403,242
$     359,433








Basic Per Share/Unit
$           0.77
$           0.71
$           2.98
$           2.66Diluted Per Share/Unit
$           0.77
$           0.71
$           2.96
$           2.65








Common Dividends/Distributions Per Share/Unit
$         0.445
$         0.370
$         1.780
$         1.480 Balance Sheet Data (end of period):
December 31, 2025
December 31, 2024Gross Real Estate Investment
$                           6,367,678
$                           5,846,392Total Assets
5,688,081
5,261,426Debt
2,553,396
2,209,303Total Liabilities
2,929,151
2,515,398Total Equity
2,758,930
2,746,028 


Three Months Ended
Twelve Months Ended


December 31,
December 31,
December 31,
December 31,


2025
2024
2025
2024(a)Equity in Income of Joint Venture








Equity in Income of Joint Venture per GAAP Statements of Operations
$       30,869
$         1,134
$       34,669
$         4,295
Gain on Sale of Real Estate from Joint Venture
(30,441)
(1,414)
(34,184)
(1,756)
Depreciation and Other Amortization of Real Estate in the     Joint Venture
432
1,050
2,614
2,758
Equity in FFO from Joint Venture Attributable to the    Noncontrolling Interest
(103)
(93)
(372)
(636)
Equity in FFO from Joint Venture, Net of Noncontrolling      Interest
$            757
$            677
$         2,727
$         4,661









(b)Income Tax Provision








Income Tax Provision per GAAP Statements of Operations
$       (9,111)
$       (1,169)
$     (15,282)
$       (6,075)
Income Tax Provision - Excluded from FFO
8,501
710
13,909
4,542
Income Tax Provision - Allocable to FFO
$          (610)
$          (459)
$       (1,373)
$       (1,533)(c) Investors and analysts in the real estate industry commonly use funds from operations ("FFO"), net operating income ("NOI"), adjusted EBITDA and adjusted funds from operations ("AFFO") as supplemental performance measures. While we consider net income, as defined by GAAP, the most appropriate measure of our financial performance, we acknowledge the relevance and widespread use of these supplemental performance measures for evaluating performance and financial position in the real estate industry. FFO principally adjusts for the effects of GAAP depreciation and amortization of real estate assets to account for the inherent assumption that real estate asset values rise or fall with market conditions.  NOI provides a measure of rental operations, and does not factor in depreciation and amortization and non-property specific expenses such as general and administrative expenses. Adjusted EBITDA further evaluates the ability to incur and service debt, fund dividends and meet other cash obligations. AFFO provides a tool to further evaluate the ability to fund dividends, adjusting for additional factors such as straight-line rent and certain capital expenditures.These supplemental performance measures are commonly used in various financial analyses including ratio calculations, pricing multiples/yields and returns and valuation metrics used to measure financial position, performance and value. We calculate our supplemental measures as follows:FFO is calculated as net income available to common stockholders, unitholders and participating securities, plus depreciation and other amortization of real estate, plus impairment of real estate, minus gain (or plus loss) on sale of real estate, adjusted for any associated income tax provisions or benefits. Similar adjustments are made for our share of net income from an unconsolidated joint venture. This calculation methodology is in accordance with the NAREIT definition of FFO.                   NOI is calculated as total property revenues minus property expenses such as real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses.Adjusted EBITDA is calculated as NOI plus equity in FFO from our investment in joint venture (net of noncontrolling interest) and minus general and administrative expenses.AFFO is calculated as adjusted EBITDA minus interest expense, capitalized interest and overhead, plus amortization of debt discounts and hedge costs, minus straight-line rent, amortization of above (below) market leases, lease inducements and provision for income taxes allocable to FFO or plus income tax benefit allocable to FFO, plus amortization of equity based compensation and minus non-incremental capital expenditures. Non-incremental capital expenditures refer to building improvements and leasing costs required to maintain current revenues plus tenant improvements amortized back to the tenant over the lease term. Excluded are first generation leasing costs, capital expenditures underwritten at acquisition and development/redevelopment costs.FFO, NOI, adjusted EBITDA and AFFO do not represent cash generated from operating activities in accordance with GAAP and are not necessarily indicative of cash available for debt repayment or dividend payments. They should not be considered substitutes of GAAP measures such as net income, cash flows or liquidity measures. Furthermore, the methodologies used to calculate these measures may vary across real estate companies, limiting comparability.We consider cash basis same store NOI ("SS NOI") to be a useful supplemental measure of our operating performance. We believe SS NOI enhances the comparability of a company's real estate portfolio to that of other real estate companies. Same store properties are properties that were owned and placed in service prior to January 1, 2024 and held as an in service property through the end of the current reporting period including certain income-producing land parcels, and developments and redevelopments that were placed in service prior to January 1, 2024 (the "Same Store Pool"). Properties acquired with occupancy of at least 75% at acquisition are placed in service, unless we anticipate tenant move-outs within two years of ownership would reduce occupancy below 75%, in which case such properties are placed in service upon the earlier of reaching 90% occupancy or twelve months after tenant move out. Properties acquired with less than 75% occupancy are placed in service upon the earlier of reaching 90% occupancy or one year following acquisition. Developments, redevelopments and acquired income-producing land parcels for which our ultimate intent is to redevelop or develop are placed in service upon the earlier of reaching 90% occupancy or one year after construction completion.We define SS NOI as NOI, less NOI from properties not in the Same Store Pool, and further adjusted to exclude the impact of straight-line rent, the amortization of above (below) market rent and the impact of lease termination fees. These items are excluded because we believe excluding them provides a more meaningful reflection of cash-basis rental growth and allows for a more consistent year-over-year analysis of property-level performance. SS NOI does not reflect general and administrative expense, interest expense, depreciation and amortization, income tax benefit and expense, gains and losses on the sale of real estate, equity in income or loss from joint venture, joint venture fees, joint venture development services expense, capital expenditures and leasing costs. SS NOI should not be considered an alternative to net income or cash flows from operations as defined by GAAP, nor should it be used as a substitute in evaluating our liquidity or overall operating performance. Additionally, our method for calculating SS NOI may differ from those used by other real estate companies, limiting comparability.Same store revenues for the twelve months ended December 31, 2024 exclude $4,455 related to accelerated recognition of a tenant improvement reimbursement associated with a tenant in Central Pennsylvania.



View original content to download multimedia:https://www.prnewswire.com/news-releases/first-industrial-realty-trust-reports-fourth-quarter-and-full-year-2025-results-302679489.htmlSOURCE First Industrial Realty Trust, Inc.

Original: FIRST INDUSTRIAL REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

FRSX volume is great chart look good I took a small position at $1.72 and out little over $2.00.. chart is looking bullish I will get back in if break the $2.05 resistance.

WB :((

From 0.014 to 0.0045...LOL...what a POS scam
indeed
Hype is over here
This was IHUB pump and dump scam
Back to TRIPS
Garfield GO GO to

ZERO !

LOL

Probably time to add again

Adding at these levels
Should see $24-30
This year ;)

~ Monday! $FR ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $FR ~ Earnings expected on Monday *
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One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








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*If the earnings date is in error please ignore error. I do my best.

Maybe... I was thinking they wouldn't want to ruin their track record of divvies every year for the past 10+ years.

Thinking more like early next year!!!

"What do you think the odds of seeing a small divvy at the end of the year are?"

I've flipped this a few times and finally decided to hold. I wish I would have gotten in around $2.75 and held, but that didn't happen for me. I found this in early May, just missed it.

What do you think the odds of seeing a small divvy at the end of the year are?

I'd love to see some more small dips to give me a break when I add more to my position.

Just waiting to get back in!!!

Anyone still in this? Or planning on getting back in?

Probably won't be getting a divvy at the end of the year, but these guys are working hard to pay down debt and raise cash. Divvy's will be coming back soon, imo.


We believe that we were in compliance with our financial covenants as of September 30, 2009, and we anticipate that we will be able to operate in compliance with our financial covenants for the remainder of 2009. However, our ability to meet our financial covenants may be reduced if economic and credit market conditions limit our property sales and reduce our net operating income below our projections. We plan to enhance our liquidity, and reduce our indebtedness, through a combination of capital retention, mortgage and equity financing, asset sales and the repayment of outstanding debt.


• Capital Retention — We plan to retain capital by distributing the minimum amount of dividends required to maintain our REIT status. We did not pay a common dividend in April 2009, July 2009 or October 2009 and may not pay dividends for the last quarter of 2009 depending on our taxable income. If we are required to pay common stock dividends for 2009, we may elect to satisfy this obligation by distributing a combination of cash and common shares.

• Mortgage Financing — During the three and nine months ended September 30, 2009, we originated $47.1 and $201.3 million, respectively, in mortgage financings with maturities ranging from September 2014 to July 2019 and interest rates ranging from 6.42% to 7.87% (see Note 5 to the Consolidated Financial Statements). We believe these mortgage financings comply with all covenants contained in our Unsecured Line of Credit and our senior debt securities, including coverage ratios and total indebtedness, total unsecured indebtedness and total secured indebtedness limitations. We are in active discussions with various lenders regarding the origination of additional mortgage financing and the terms and conditions thereof. We expect to use proceeds from our mortgage financings to pay down our debt. No assurances can be made that additional mortgage financing will be obtained.

• Equity Financing — During the three and nine months ended September 30, 2009, we sold 3,034,120 shares of the company’s common stock, generating approximately $15.9 million in net proceeds, under the direct stock purchase component of the Company’s Dividend Reinvestment and Direct Stock Purchase Plan (“DRIP”). On September 29, 2009, we agreed to sell in an underwritten public offering 12,500,000 shares, with an underwriters overallotment option to purchase up to 1,875,000 additional shares, of the Company’s common stock at a price to the public of $5.25 per share (see Note 6). We may opportunistically access the equity markets again, subject to contractual restrictions, and may continue to issue shares under the direct stock purchase component of the DRIP. We expect to use the proceeds from our equity sales to reduce our indebtedness.

• Asset Sales — During the three and nine months ended September 30, 2009 we sold five industrial properties and several land parcels, and 11 industrial properties and several land parcels, respectively, for gross proceeds of $23.8 million and $57.2 million, respectively. We are in various stages of discussions with third parties for the sale of additional properties for the remainder of 2009 and plan to continue to market other properties for sale throughout 2009. We expect to use sales proceeds to pay down additional debt. If we are unable to sell properties on an advantageous basis, this may impair our liquidity and our ability to meet our financial covenants.

• Debt Reduction — During the three and nine months ended September 30, 2009, we repurchased $123.7 million and $158.7 million, respectively, of our senior unsecured notes (including $19.3 million of our 2009 Notes prior to their repayment at maturity on June 15, 2009) (see Note 5 to the Consolidated Financial Statements) at a discount to the principal amounts of the notes. We may from time to time repay additional amounts of our outstanding debt. Any repayments would depend upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors we consider important. Future repayments may materially impact our liquidity, future tax liability and results of operations.

Although we believe we will be successful in meeting our liquidity needs through a combination of capital retention, mortgage and equity financing and asset sales, if we were to be unsuccessful in executing one or more of the strategies outlined above, we could be materially adversely affected.

Got into this today, nice solid history of dividends!!

10/19/09 Q3 2009 First Industrial Realty Trust Inc Earnings

Time to get back in!!!

sorry wrong board

Almost time to get back in!!!

Great day and looking for better!!!

Very nice gap open!!!

$4.30 with a $4.50 ask!!!

After hours is up aleady

First Industrial Realty Trust Closes Three Secured Financings Totaling $154 Million

Last update: 6/3/2009 5:51:00 PM--Proceeds to Be Used Principally to Reduce Debt, Including Retirement of June 2009 Maturity CHICAGO, June 3, 2009 /PRNewswire-FirstCall via COMTEX/ -- First Industrial Realty Trust, Inc. (FR), a leading provider of industrial real estate supply chain solutions, today announced the closing of three secured financing transactions totaling $154 million. "We are pleased to complete these secured financing transactions, backed by properties in our large, diversified industrial portfolio," said Bruce W. Duncan, president and chief executive officer of First Industrial. "With these proceeds, we will retire our June 2009 maturity, and seek additional opportunities to further reduce leverage." The largest financing was a $77.0 million, 10-year loan with John Hancock Life Insurance Company, secured by 27 properties totaling approximately 2.6 million square feet. The interest rate is fixed at 7.87% over a 30-year amortization schedule. First Industrial also closed on a $62.5 million, seven-year financing with Massachusetts Mutual Life Insurance Company, arranged through its Babson Capital Management LLC investment subsidiary, secured by 23 properties totaling approximately 3.1 million square feet. That loan has a fixed rate of 7.75%, and a 25-year amortization schedule including two years of interest only. In addition, the Company secured a $14.7 million, seven-year loan from American National Insurance Company on a single asset totaling 600,000 square feet. That loan is at a fixed rate of 7.5% over a 25-year amortization schedule. Mr. Duncan added, "Upon the retirement of our June 2009 notes, we have less than $25 million of balance sheet debt maturing prior to March 2011." First Industrial will use the proceeds from the financings principally for the reduction of debt, as well as for other general corporate purposes. The loan-to-value ratio for each of these financings was less than 65%.

First Industrial Realty Trust Declares Preferred Stock Dividends

Last update: 6/3/2009 4:27:00 PMCHICAGO, June 3, 2009 /PRNewswire-FirstCall via COMTEX/ -- First Industrial Realty Trust, Inc. (FR), a leading provider of industrial real estate supply chain solutions, today announced that its board of directors declared a dividend of $0.45313 per depositary share of its 7.25% Series J Cumulative Redeemable Preferred Stock (NYSE: FR-PrJ) for the quarter ending June 30, 2009 payable on June 30, 2009 to stockholders of record on June 15, 2009. Additionally, the board of directors declared a dividend of $0.45313 per depositary share of its 7.25% Series K Cumulative Redeemable Preferred Stock (NYSE: FR-PrK) for the quarter ending June 30, 2009, payable on June 30, 2009 to stockholders of record on June 15, 2009. The board of directors also declared a dividend of $14.9375 per depositary share of its Series F Flexible Cumulative Redeemable Preferred Stock for the quarter ending June 30, 2009 payable on June 30, 2009 to stockholders of record on June 29, 2009. First Industrial Realty Trust, Inc. (FR) provides industrial real estate solutions for every stage of a customer's supply chain, no matter how large or complex. Across major markets in the United States and Canada, our local market experts buy, (re)develop, lease, manage and sell industrial properties, including all of the major facility types - bulk and regional distribution centers, light industrial, manufacturing, and R&D/flex. We continue to receive leading customer service scores from Kingsley Associates, an independent research firm, and in total, we own, manage and have under development 97 million square feet of industrial space. For more information, please visit us at .

Just interesting.