AI Earnings Predictions for First Industrial Realty Trust Inc. (FR)

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FIRST INDUSTRIAL REALTY TRUST REPORTS

SECOND QUARTER 2026 RESULTS

•Cash Same Store NOI Growth of 6.7%

•Cash Rental Rates Up 39% in 2Q26

•39% Cash Rental Rate Increase on Leases Signed To Date Commencing in 2026

•New 708,000 Square-Foot Lease at In Service Facility in Central Pennsylvania

•Signed 643,000 SF of New Leases for Development Projects in the Second Quarter Including 433,000 SF Since the April Results Call

•Commenced Development of First Park New Castle Building A, 613,000 SF in Philadelphia, Estimated Investment of $77 Million

•2026 FFO Guidance Increased $0.02 at the Midpoint

CHICAGO, July 22, 2026 – First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, today announced results for the second quarter of 2026. First Industrial's diluted net income available to common stockholders per share (EPS) was $0.58 in the second quarter, compared to $0.42 a year ago and second quarter funds from operations (FFO) was $0.82 per share/unit on a diluted basis, compared to $0.76 per share/unit a year ago.

“Our second quarter was marked by strong leasing execution including our 708,000 square-foot facility in Central Pennsylvania and several development spaces including full-building deals at two recently completed projects,” said Peter E. Baccile, First Industrial's president and chief executive officer. “Leasing traffic across our availabilities remains active and we continue to capture strong rental rate gains on our new and renewal leasing.”

Portfolio Performance

•In service occupancy was 94.9% at the end of the second quarter of 2026, compared to 94.3% at the end of the first quarter of 2026, and 94.2% at the end of the second quarter of 2025.

•In the second quarter, cash rental rates on commenced new and renewal leasing increased 39%.

•The Company has achieved a cash rental rate increase of approximately 39% on leases signed to date commencing in 2026 reflecting 80% of 2026 expirations by square footage.

•In the second quarter, cash basis same store net operating income before termination fees (“SS NOI”) increased 6.7%, primarily reflecting increases in rental rates on new and renewal leasing, contractual rent escalations and lower free rent, partially offset by lower average occupancy.

Portfolio and Development Leasing Highlights

During the second quarter, the Company:

•Leased 100% of its 708,000 square-foot in service facility in Central Pennsylvania; commenced in the second quarter.

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•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; commenced in the second quarter.

•Leased 100% of its 226,000 square-foot First Park New Castle Building B in Philadelphia; commenced in the second quarter.

•Leased the remaining 31,000 square feet of its 60,000 square-foot First Pompano Logistics Center in South Florida; commenced in the second quarter.

•Leased 100% of its 176,000 square-foot First Park 121 Building F in Dallas; expected to commence in the third quarter.

Investment and Disposition Highlights

During the second quarter, the Company:

•Commenced development of First Park New Castle Building A in Philadelphia - a 613,000 square-foot facility designed to accommodate multiple tenants; $77 million estimated investment.

•Acquired a newly constructed 161,000 square-foot value-add building in Dallas for $26 million.

•Acquired a 58-acre land site in Baltimore for $39 million for a three-building project developable to 629,000 square feet.

•Closed a 100-acre income-producing land sale in Phoenix, as anticipated after the tenant exercised its purchase option in the first quarter; the sales price of $131 million represents approximately three times industrial land values.

•Sold four buildings in Detroit - 310,000 square feet; total of $29 million.

Outlook for 2026

“Fundamentals exhibited signs of improvement in the second quarter, with net absorption outpacing moderating new deliveries resulting in lower market vacancy,” said Mr. Baccile. “On the strength of our second quarter leasing wins, we increased the midpoint of our FFO guidance by $0.02 per share. We are excited about the growth opportunities within our current availabilities, in-process development projects and future investments.”

Low End ofHigh End of

Guidance for 2026Guidance for 2026

(Per share/unit)(Per share/unit)

Net Income Available to Common Stockholders and Unitholders$2.48 $2.56

Add: Depreciation and Other Amortization of Real Estate1.50 1.50

Less: Gain on Sale of Real Estate, Net of Allocable Income Tax Provision, Through July 22, 2026(0.90)(0.90)

NAREIT Funds From Operations$3.08 $3.16

Add: Advisory Costs Related to a Contested Proxy Campaign0.04 0.04

FFO Before Advisory Costs Related to a Contested Pr

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FIRST INDUSTRIAL REALTY TRUST REPORTS

FIRST QUARTER 2026 RESULTS

•Cash Same Store NOI Growth of 8.7%

•Cash Rental Rates Up 32% in 1Q26

•41% Cash Rental Rate Increase on Leases Signed To Date Commencing in 2026; Includes 556,000 SF Renewal in the Inland Empire

•Signed 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 2026

•Signed 383,000 SF of New Leases for Several Development Projects in the First Quarter and Second Quarter To Date

•Started Two Developments in the First Quarter Totaling 305,000 SF in Miami and Dallas, Estimated Investment of $70 Million

•Closed $425 Million and $375 Million Unsecured Term Loans

•Increased First Quarter 2026 Dividend to $0.50 Per Share, a 12.4% Increase

CHICAGO, April 22, 2026 – 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 Performance

•In 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.

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•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 Highlights

During 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 Highlights

In 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

fr-202602040000921825false0001033128false8-K2/4/2026One North Wacker Drive, Suite 4200Chicago60606Illinois312344-4300☐☐☐☐☐00009218252026-02-042026-02-040000921825fr:FirstIndustrialL.P.Member2026-02-042026-02-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

February 4, 2026 Date of Report (Date of earliest event reported)

FIRST INDUSTRIAL REALTY TRUST, INC.

FIRST INDUSTRIAL, L.P.

(Exact name of registrant as specified in its charter)

First Industrial Realty Trust, Inc.Maryland1-1310236-3935116 First Industrial, L.P.Delaware333-2187336-3924586 (State or other jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification No.)

One North Wacker Drive, Suite 4200 Chicago, Illinois 60606 (Address of principal executive offices, zip code)

(312) 344-4300 (Registrant’s telephone number, including area code)

Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock, par value $.01 per shareFRNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition. On February 4, 2026, First Industrial Realty Trust, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended December 31, 2025 and certain other information. Attached and incorporated by reference as Exhibit 99.1 is a copy of the Company’s press release dated February 4, 2026, announcing its financial results for the fiscal quarter ended December 31, 2025 and certain other information. On February 5, 2026, the Company will hold an investor conference and webcast at 11:00 a.m. eastern time to disclose and discuss the financial results for the fiscal quarter ended December 31, 2025 and certain other information. The information furnished in this report under this Item 2.02, including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference to such filing.

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. The following are filed herewith:

Exhibit No.Description 99.1 First Industrial Realty Trust, Inc. Press Release dated February 4, 2026 (furnished pursuant to Item 2.02)

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FIRST INDUSTRIAL REALTY TRUST, INC.

By:/s/    JENNIFER MATTHEWS RICE Jennifer Matthews Rice General Counsel

Date: February 4, 2026

FIRST INDUSTRIAL, L.P.

By:FIRST INDUSTRIAL REALTY TRUST, INC. as general partner

By:/s/    JENNIFER MATTHEWS RICE Jennifer Matthews Rice General Counsel

Date: February 4, 2026