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First Industrial Realty Trust Q3 revenue slightly beats estimates on higher rental rates

By Reuters News


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


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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