Industrial REIT reported second-quarter EPS of $0.58 and FFO of $0.82 per share/unit, with occupancy improving and cash rental rates on commenced leases rising 39%.
First Industrial Realty Trust raised the midpoint of its 2026 funds from operations guidance by $0.02 after second-quarter results showed stronger leasing, higher cash rental rates and improving occupancy across its logistics portfolio. The industrial REIT reported diluted net income available to common stockholders of $0.58 per share in the second quarter of 2026, up from $0.42 a year earlier, while FFO rose to $0.82 per share/unit from $0.76. In service occupancy reached 94.9% at June 30, 2026, up from 94.3% at the end of the first quarter and 94.2% a year earlier. Cash basis same store net operating income before termination fees increased 6.7%, driven by higher rents on new and renewal leasing, contractual escalations and lower free rent, partly offset by lower average occupancy. Cash rental rates on commenced new and renewal leases rose 39% in the quarter, and the company said leases signed to date that begin in 2026 imply an approximately 39% cash rental rate increase while covering 80% of 2026 expirations by square footage. Leasing activity included a fully leased 708,000-square-foot in-service facility in Central Pennsylvania and several development properties, while the company also began a 613,000-square-foot development in Philadelphia, bought assets in Dallas and Baltimore, completed a $131 million Phoenix land sale, and sold four Detroit buildings for $29 million.