First Industrial Realty Trust's second quarter FFO of $0.82 beats estimates, prompting a raise in 2026 guidance.

First Industrial Realty Trust reported second quarter 2026 Funds From Operations (FFO) of $0.82 per share on total revenues of $194.9 million, beating analyst estimates. This compares to FFO of $0.76 per share in the prior-year period.

Key Highlights

• Cash rental rates on new and renewal leases increased 39% during the quarter.
• Cash Same Store Net Operating Income (NOI) grew 6.7% year-over-year, driven by rental rate increases and lower free rent.
• Full-year 2026 FFO guidance was increased by $0.02 at the midpoint, with the new range for FFO before advisory costs set at $3.12 to $3.20 per share.
• In-service occupancy increased to 94.9% from 94.3% in the prior quarter and 94.2% a year ago.