FR First Industrial Realty Trust (FR) Q3 FY26 earnings call
First Industrial Realty Trust delivered a solid third quarter, exceeding in-service occupancy forecasts and raising FFO guidance, driven by strong in-service leasing and positive national market fundamentals. While development leasing saw a slight timing shift, the company remains optimistic about future opportunities and is actively managing its portfolio and land bank, with a focus on strategic acquisitions and development in high-growth markets.
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FR operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | This call 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.