First Industrial Realty Trust Q3 revenue slightly beats estimates on higher rental rates
Overview
U.S. logistics real estate owner's Q3 revenue slightly beat analyst expectations
Q3 EPS missed analyst expectations
Company raised 2026 FFO and same store NOI growth guidance
Outlook
Company raises 2026 FFO guidance by $0.01 at the midpoint to $3.15-$3.19 per share
2026 cash same store NOI growth guidance raised to 6.25%-6.75% from prior midpoint
Company expects year-end 2026 in service occupancy of 94.5%-96.5%
Result Drivers
RENTAL RATE GAINS - Co said higher cash rental rates on new and renewal leases drove results
CONTRACTUAL RENT ESCALATIONS - Co said contractual rent escalations contributed to same store NOI growth
OCCUPANCY - Co said lower average occupancy partially offset rental rate and NOI gains
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Slight Beat* | $197.12 mln | $196.16 mln (8 Analysts) |
Q3 EPS | Miss | $0.44 | $0.46 (6 Analysts) |
Q3 Net Income | $60.52 mln | ||
Q3 Adjusted EBITDA | $138.17 mln | ||
Q3 Adjusted FFO | $84.80 mln | ||
Q3 FFO Per Share | $0.81 | ||
Q3 Operating Income | $60.78 mln |
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "buy"
Wall Street's median 12-month price target for First Industrial Realty Trust, Inc. is $71.00, about 20% above its October 20 closing price of $59.19
The stock recently traded at 29 times the next 12-month earnings vs. a P/E of 31 three months ago
Reuters Recommended Reads
Oct 21 - EastGroup Properties Q3 FFO per share rises 7.9% on rent increase
Oct 20 - Agree Realty Q3 net income per share up 18.5%; raises FY26 AFFO guidance
Oct 21 - Getty Realty Q3 rental income rises 13.8% on acquisitions, lifts FY guidance
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)