First Industrial Realty Trust, Inc. (NYSE: FR) Reports Second Quarter 2025 , Summary Results

# First Industrial Realty Trust, Inc. (NYSE: FR) Reports Second Quarter 2025 Results

**Release Date: July 16, 2025**

First Industrial Realty Trust, Inc. (NYSE: FR), a fully integrated owner, operator, and developer of logistics real estate, reported its financial results for the second quarter of 2025. Here’s a summary of the key metrics and highlights from the report:

## Key Financial Metrics
– **Earnings per Share (EPS)**:
– Q2 2025: $0.42
– Q2 2024: $0.39
– **Change**: Increased by 7.7%

– **Funds from Operations (FFO)**:
– Q2 2025: $0.76
– Q2 2024: $0.66
– **Change**: Increased by 15.2%

– **Total Revenues**:
– Q2 2025: $180.163 million
– Q2 2024: $164.136 million
– **Change**: Increased by 9.8%

– **Net Income Available to Common Stockholders**:
– Q2 2025: $55.185 million
– Q2 2024: $51.318 million
– **Change**: Increased by 7.6%

– **Same Store Net Operating Income (SS NOI)**:
– Growth of **8.7%** in Q2 2025 compared to the same quarter a year ago.

## Portfolio Performance
– **In-Service Occupancy**:
– Q2 2025: 94.2%
– Q1 2025 & Q2 2024: 95.3%
– **Change**: Decreased by 1.1 percentage points.

– **Cash Rental Rate Increase**:
– Q2 2025: 28.0% on new and renewal leases.
– Straight-line basis increase: 47.1%.
– Excluding 1.3 million square feet of fixed-rate renewal:
– Cash rental rates increase: **46.1%**
– Straight-line basis increase: **67.3%**.

– **Leases Signed for 2025**:
– Achieved approximately **33%** cash rental rate increase on leases.
– Excluding the fixed-rate renewal, the increase rose to **38%**.

## Development and Leasing Highlights
– **New Lease Signed**:
– Signed a 58,000 square foot lease at First Loop Logistics Park Building 4, Orlando.

– **Development Projects Started**:
– Two projects totaling 402,000 square feet, with an estimated total investment of $54 million:
– First Park 121 Building F in Dallas: 176,000 square feet; $23 million investment.
– First Park New Castle Building B in Philadelphia: 226,000 square feet; $31 million investment.

– **Property Sold**:
– Sold a building in Detroit with an area of 18,000 square feet for $2 million.

## Capital Markets Highlights
– **Credit Rating**:
– Earned a ‘BBB+’ unsecured credit rating from Fitch Ratings.

– **Public Bond Offering**:
– Issued $450 million of 5.25% senior unsecured notes due January 2031.
– This marks the company’s first public bond offering since 2007.

## Guidance for 2025
– **Net Income Available to Common Stockholders and Unitholders**:
– Guidance range: $1.53 to $1.61 per share.

– **NAREIT FFO Guidance**:
– Guidance range: $2.88 to $2.96 per share.

– **SS NOI Growth**:
– Projected cash basis growth of **6.0% to 7.0%**.

– **Average Occupancy Forecast**:
– Expected to be between 95.0% to 96.0%.

– **General and Administrative Expense**:
– Estimated between $40.5 million and $41.5 million.

## Dividends and Share Repurchases
– **Quarterly Dividend Declared**:
– Declared a dividend of **$0.445 per share** in Q2 2025, compared to **$0.370** in the same quarter a year ago, representing an increase of **20.3%**.

– **Share Repurchase Information**:
– No share repurchase activity was mentioned during the reported quarter.

This comprehensive update outlines First Industrial Realty Trust, Inc.’s performance and strategic positioning within the logistics real estate sector for the second quarter of 2025. More details can be found in their official financial filings and during the upcoming conference call.