FR First Industrial Realty Trust (FR) Q1 FY26 earnings call
First Industrial delivered a strong Q1 FY26, driven by robust leasing activity and significant value creation from a land sale. The company maintained its full-year FFO and same-store NOI guidance, balancing strong operational performance with the dilutive impact of the land disposition and updated leasing assumptions. Management highlighted increased touring activity and broad-based industrial demand, while continuing to monitor potential economic impacts from geopolitical events.
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FR operating KPIs by quarter
| KPI | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Occupancy rate In-service | 94.3%From a portfolio standpoint, our in-service occupancy at quarter end was 94.3%, in line with our expectations.Source: earnings call transcript | 94.9%We ended the quarter with in-service occupancy of 94.9% and up 60 basis points from the first quarter, primarily driven by the 708,000 square foot PA lease.Source: earnings call transcript | 94.1%We ended the quarter with in-service occupancy of 94.1%, which exceeded the 93.5% forecast we telegraphed on our second quarter earnings call.Source: earnings call transcript | -0.8 pt |
| Square feet Leases commenced | ~2.4M sq ftSummarizing our leasing activity during the quarter, approximately 2.4 million square feet of leases commenced.Source: earnings call transcript | ~2.6M sq ftSummarizing our leasing activity during the second quarter, approximately 2.6 million square feet of leases commenced.Source: earnings call transcript | ~2.3M sq ftTo summarize our leasing activity during the third quarter, approximately 2.3 million square feet of leases commenced.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.