FIRST INDUSTRIAL REALTY TRUST INC
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| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Operating Lease Lease Income | 193,877 | 175,376 | +10.5% |
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| First Industrial, L.P. | 193,877 | 175,376 | +10.5% |
| Joint Venture Fees | 51 | 426 | -88.0% |
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| First Industrial, L.P. | 51 | 426 | -88.0% |
| Other Operating Income | 899 | 1,272 | -29.3% |
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| First Industrial, L.P. | 899 | 1,272 | -29.3% |
| Revenue | 194,827 | 177,074 | +10.0% |
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| First Industrial, L.P. | 194,827 | 177,074 | +10.0% |
| Direct Costs Of Leased And Rented Property Or Equipment | 53,614 | 48,311 | +11.0% |
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| First Industrial, L.P. | 53,614 | 48,311 | +11.0% |
| General & Administrative | 22,973 | 15,897 | +44.5% |
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| First Industrial, L.P. | 22,973 | 15,897 | +44.5% |
| Joint Venture Development Services Expense | 31 | 217 | -85.7% |
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| First Industrial, L.P. | 31 | 217 | -85.7% |
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| Joint Venture | 31 | 217 | -85.7% |
| Depreciation And Amortization | 50,068 | 43,754 | +14.4% |
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| First Industrial, L.P. | 50,068 | 43,754 | +14.4% |
| Total Costs & Expenses | 126,686 | 108,179 | +17.1% |
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| First Industrial, L.P. | 126,686 | 108,179 | +17.1% |
| Disposal Group Not Discontinued Operation Gain Loss On Disposal | 109,032 | 6,844 | +1493.1% |
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| First Industrial, L.P. | 109,032 | 6,844 | +1493.1% |
| Interest Expense Debt Excluding Amortization | -23,819 | -19,469 | -22.3% |
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| First Industrial, L.P. | -23,819 | -19,469 | -22.3% |
| Amortization of Financing Costs | -1,531 | -963 | -59.0% |
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| First Industrial, L.P. | -1,531 | -963 | -59.0% |
| Non-Operating Income (Expense) | 83,682 | -13,588 | +715.9% |
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| Accumulated Gain Loss Net Cash Flow Hedge Parent · Interest Rate Swap | -1,748 | -3,678 | +52.5% |
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| First Industrial, L.P. | 83,682 | -13,588 | +715.9% |
| Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments | 151,823 | 55,307 | +174.5% |
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| First Industrial, L.P. | 151,823 | 55,307 | +174.5% |
| Income Loss From Equity Method Investments | 108 | 3,477 | -96.9% |
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| First Industrial, L.P. | 108 | 3,477 | -96.9% |
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| Joint Venture | 13 | 3,305 | -99.6% |
| Income Tax Expense (Benefit) | -4,013 | -5,900 | +32.0% |
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| First Industrial, L.P. | -4,013 | -5,900 | +32.0% |
| Net Income | 147,918 | 52,884 | +179.7% |
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| Noncontrolling Interest | 4,817 | 4,781 | +0.8% |
| Retained Earnings | 143,101 | 48,103 | +197.5% |
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| First Industrial, L.P. | 147,918 | 52,884 | +179.7% |
| First Industrial, L.P. · General Partner | 143,071 | 48,071 | +197.6% |
| First Industrial, L.P. · Limited Partner | 4,803 | 1,475 | +225.6% |
| First Industrial, L.P. · Noncontrolling Interest | 44 | 3,338 | -98.7% |
| Net Income Loss Attributable To Noncontrolling Interest | -4,817 | -4,781 | -0.8% |
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| First Industrial, L.P. | -44 | -3,338 | +98.7% |
| Net Income | 143,101 | 48,103 | +197.5% |
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| First Industrial, L.P. | 147,874 | 49,546 | +198.5% |
| Participating Securities Distributed And Undistributed Earnings Loss Basic | -63 | -36 | -75.0% |
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| First Industrial, L.P. | -187 | -84 | -122.6% |
| Net Income Loss Available To Common Stockholders Basic | 143,038 | 48,067 | +197.6% |
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| First Industrial, L.P. | 147,687 | 49,462 | +198.6% |
| EPS (Basic) | 1.08 | 0.36 | +200.0% |
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| First Industrial, L.P. | 1.09 | 0.37 | +194.6% |
| EPS (Diluted) | 1.08 | 0.36 | +200.0% |
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| First Industrial, L.P. | 1.08 | 0.36 | +200.0% |
| Wtd Avg Shares (Basic) | 132,573 | 132,415 | +0.1% |
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| First Industrial, L.P. | 135,915 | 135,440 | +0.4% |
| Wtd Avg Shares (Diluted) | 132,640 | 132,493 | +0.1% |
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| First Industrial, L.P. | 136,493 | 136,115 | +0.3% |
| Comprehensive Income | 147,002 | 40,429 | +263.6% |
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| First Industrial, L.P. | 151,906 | 41,637 | +264.8% |
| Other Comprehensive Income (Q) | — | — | — |
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| Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest · First Industrial, L.P. | 4,032 | — | — |
| Accumulated Gain Loss Net Cash Flow Hedge Parent | 4,032 | — | — |
| Accumulated Other Comprehensive Income | 3,891 | — | — |
| Aoci Attributable To Noncontrolling Interest | -141 | — | — |
| Interest Expense (Q) | — | — | — |
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| Accumulated Gain Loss Net Cash Flow Hedge Parent · Interest Rate Swap | 115 | 102 | +12.7% |
Balance Sheet
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 37,147 | 35,738 | +3.9% |
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| First Industrial, L.P. | 37,147 | 35,738 | +3.9% |
| Other Real Estate Partnerships | 1,361 | 2,022 | -32.7% |
| Non-Current Assets | |||
| Operating Lease Right-of-Use Assets | 19,342 | 19,535 | -1.0% |
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| First Industrial, L.P. | 19,342 | 19,535 | -1.0% |
| Other Real Estate Partnerships | 10,561 | 12,795 | -17.5% |
| Total Assets | 5,772,370 | 5,448,054 | +6.0% |
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| First Industrial, L.P. | 5,781,505 | 5,457,264 | +5.9% |
| Other Real Estate Partnerships | 325,592 | 337,739 | -3.6% |
| Other Assets | |||
| Investment Building And Building Improvements | 4,317,424 | 3,999,050 | +8.0% |
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| First Industrial, L.P. | 4,317,424 | 3,999,050 | +8.0% |
| Real Estate Investment Property Accumulated Depreciation | -1,223,450 | -1,116,322 | -9.6% |
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| First Industrial, L.P. | -1,223,450 | -1,116,322 | -9.6% |
| Real Estate Investment Property Net | 5,161,092 | — | — |
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| First Industrial, L.P. | 5,161,092 | — | — |
| Other Real Estate Partnerships | 286,794 | — | — |
| Accounts Receivable Net | 13,102 | 8,942 | +46.5% |
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| First Industrial, L.P. | 13,102 | 8,942 | +46.5% |
| Investments In Affiliates Subsidiaries Associates And Joint Ventures | 5,769 | 82,152 | -93.0% |
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| First Industrial, L.P. | 5,769 | 82,152 | -93.0% |
| Deferred Rent Receivables Net | 183,625 | — | — |
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| First Industrial, L.P. | 183,625 | — | — |
| First Industrial, L.P. · Sales-Type Lease | 590 | — | — |
| Other Real Estate Partnerships | 15,724 | — | — |
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| Sales-Type Lease | 590 | — | — |
| Prepaid Expense And Other Assets | 352,293 | 218,114 | +61.5% |
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| First Industrial, L.P. | 361,428 | 227,324 | +59.0% |
| Other Real Estate Partnerships | 11,152 | 12,827 | -13.1% |
| Non-Current Liabilities | |||
| Accounts Payable And Accrued Liabilities Current And Noncurrent | 154,674 | — | — |
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| First Industrial, L.P. | 154,674 | — | — |
| First Industrial, L.P. · Sales-Type Lease | 2,865 | — | — |
| Other Real Estate Partnerships | 7,942 | — | — |
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| Sales-Type Lease | 2,865 | — | — |
| Dividends Payable Current And Noncurrent | 69,349 | 61,467 | +12.8% |
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| First Industrial, L.P. | 69,349 | 61,467 | +12.8% |
| Total Liabilities | 2,921,071 | 2,704,832 | +8.0% |
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| First Industrial, L.P. | 2,921,071 | 2,704,832 | +8.0% |
| Long-Term Debt (Q) | — | — | — |
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| Long Term Debt | 992,792 | 921,633 | +7.7% |
| Mortgages | 9,205 | 9,557 | -3.7% |
| Unsecured Debt | 1,439,129 | 995,364 | +44.6% |
| Other Liabilities | |||
| Secured Debt | 9,205 | 9,557 | -3.7% |
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| First Industrial, L.P. | 9,205 | 9,557 | -3.7% |
| Unsecured Debt | 1,439,129 | 995,364 | +44.6% |
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| First Industrial, L.P. | 1,439,129 | 995,364 | +44.6% |
| Other Long Term Debt | 992,792 | 921,633 | +7.7% |
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| First Industrial, L.P. | 992,792 | 921,633 | +7.7% |
| Operating Lease Liability | 19,239 | 17,255 | +11.5% |
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| First Industrial, L.P. | 19,239 | 17,255 | +11.5% |
| Other Real Estate Partnerships | 10,142 | 10,177 | -0.3% |
| Customer Advances And Deposits | 112,683 | 102,014 | +10.5% |
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| First Industrial, L.P. | 112,683 | 102,014 | +10.5% |
| Other Real Estate Partnerships | 7,203 | 7,665 | -6.0% |
| Stockholders' Equity | |||
| Common Stock | 1,326 | 1,324 | +0.2% |
| General Partners Capital Account (Q) | — | — | — |
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| First Industrial, L.P. | 2,691,927 | 2,588,617 | +4.0% |
| Limited Partners Capital Account (Q) | — | — | — |
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| First Industrial, L.P. | 159,350 | 139,980 | +13.8% |
| Additional Paid-In Capital | 2,442,693 | 2,429,120 | +0.6% |
| Retained Earnings | 306,731 | 208,434 | +47.2% |
| Accumulated Other Comprehensive Income | 7,050 | 12,199 | -42.2% |
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| First Industrial, L.P. | 7,288 | 12,576 | -42.0% |
| Partners Capital (Q) | — | — | — |
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| First Industrial, L.P. | 2,858,565 | 2,741,173 | +4.3% |
| Other Real Estate Partnerships | 300,305 | 309,680 | -3.0% |
| Total Stockholders' Equity | 2,757,800 | 2,651,077 | +4.0% |
| Minority Interest | 93,499 | 92,145 | +1.5% |
| Partners Capital Attributable To Noncontrolling Interest (Q) | — | — | — |
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| First Industrial, L.P. | 1,869 | 11,259 | -83.4% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 2,851,299 | 2,743,222 | +3.9% |
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| Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest · First Industrial, L.P. | 7,288 | 12,576 | -42.0% |
| Accumulated Gain Loss Net Cash Flow Hedge Parent | 7,288 | 12,576 | -42.0% |
| Accumulated Other Comprehensive Income | 7,050 | 12,199 | -42.2% |
| Additional Paid In Capital | 2,442,693 | 2,429,120 | +0.6% |
| Aoci Attributable To Noncontrolling Interest | -238 | -377 | +36.9% |
| Common Stock | 1,326 | 1,324 | +0.2% |
| Noncontrolling Interest | 93,499 | 92,145 | +1.5% |
| Retained Earnings | 306,731 | 208,434 | +47.2% |
| Partners Capital Including Portion Attributable To Noncontrolling Interest (Q) | — | — | — |
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| First Industrial, L.P. | 2,860,434 | 2,752,432 | +3.9% |
| First Industrial, L.P. · Accumulated Other Comprehensive Income | 7,288 | 12,576 | -42.0% |
| First Industrial, L.P. · General Partner | 2,691,927 | 2,588,617 | +4.0% |
| First Industrial, L.P. · Limited Partner | 159,350 | 139,980 | +13.8% |
| First Industrial, L.P. · Noncontrolling Interest | 1,869 | 11,259 | -83.4% |
| Total Liabilities & Equity | 5,772,370 | 5,448,054 | +6.0% |
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| First Industrial, L.P. | 5,781,505 | 5,457,264 | +5.9% |
| Other Real Estate Partnerships | 325,592 | 337,739 | -3.6% |
| Land | 1,859,707 | — | — |
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| First Industrial, L.P. | 1,859,707 | — | — |
| First Industrial, L.P. · Sales-Type Lease | 12,408 | — | — |
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| Sales-Type Lease | 12,408 | — | — |
| Development In Process | 207,411 | — | — |
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| First Industrial, L.P. | 207,411 | — | — |
| First Industrial, L.P. · Sales-Type Lease | 5,937 | — | — |
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| Sales-Type Lease | 5,937 | — | — |
| Line Of Credit | 124,000 | 454,000 | -72.7% |
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| First Industrial, L.P. | 124,000 | 454,000 | -72.7% |
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| Line Of Credit | 124,000 | 454,000 | -72.7% |
Cash Flow Statement
| Metric | YTD Q1 2026 | YTD Q1 2025 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Depreciation | 40,058 | 35,345 | +13.3% |
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| First Industrial, L.P. | 40,058 | 35,345 | +13.3% |
| Other Depreciation And Amortization | 21,057 | 18,547 | +13.5% |
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| First Industrial, L.P. | 21,057 | 18,547 | +13.5% |
| Straight Line Rent Adjustment Net | -3,091 | -6,063 | +49.0% |
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| First Industrial, L.P. | -3,091 | -6,063 | +49.0% |
| Increase Decrease In Operating Assets | -5,393 | -8,993 | +40.0% |
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| First Industrial, L.P. | -5,372 | -8,974 | +40.1% |
| Increase Decrease In Operating Liabilities | -4,048 | 6,204 | -165.2% |
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| First Industrial, L.P. | -4,048 | 6,204 | -165.2% |
| Net Cash from Operations | 88,892 | 88,566 | +0.4% |
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| First Industrial, L.P. | 88,913 | 88,585 | +0.4% |
| Investing Activities | |||
| Payments For Leasing Costs Commissions And Tenant Improvements | -71,308 | -60,190 | -18.5% |
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| First Industrial, L.P. | -71,308 | -60,190 | -18.5% |
| Other Investing Activities | -1,169 | -340 | -243.8% |
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| First Industrial, L.P. | -1,169 | -340 | -243.8% |
| Net Cash from Investing | -72,477 | -213,348 | +66.0% |
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| First Industrial, L.P. | -72,477 | -213,348 | +66.0% |
| Financing Activities | |||
| Payment Of Financing And Stock Issuance Costs | -5,285 | -10,002 | +47.2% |
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| First Industrial, L.P. | -5,285 | -10,002 | +47.2% |
| Tax Withholding for Share Compensation | -2,267 | -1,315 | -72.4% |
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| First Industrial, L.P. | -2,267 | -1,315 | -72.4% |
| Payments Of Dividends Common Stock | -60,378 | -50,087 | -20.5% |
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| First Industrial, L.P. | -60,378 | -50,087 | -20.5% |
| Proceeds From Minority Shareholders (Q) | — | — | — |
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| First Industrial, L.P. | 2 | 6 | -66.7% |
| Repayments Of Secured Debt | -90 | -86 | -4.7% |
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| First Industrial, L.P. | -90 | -86 | -4.7% |
| Proceeds From Issuance Of Unsecured Debt | 75,000 | — | — |
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| First Industrial, L.P. | 75,000 | — | — |
| Proceeds From Long Term Lines Of Credit | 116,000 | 261,000 | -55.6% |
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| First Industrial, L.P. | 116,000 | 261,000 | -55.6% |
| Repayments Of Long Term Lines Of Credit | -175,000 | -89,000 | -96.6% |
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| First Industrial, L.P. | -175,000 | -89,000 | -96.6% |
| Payments To Minority Shareholders | -5,280 | — | — |
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| First Industrial, L.P. | -5,303 | -25 | -21112.0% |
| Net Cash from Financing | -57,300 | 110,510 | -151.9% |
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| First Industrial, L.P. | -57,321 | 110,491 | -151.9% |
| Supplemental | |||
| Interest Paid Capitalized | 2,961 | 2,883 | +2.7% |
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| First Industrial, L.P. | 2,961 | 2,883 | +2.7% |
| Operating Lease Payments | 696 | 706 | -1.4% |
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| First Industrial, L.P. | 696 | 706 | -1.4% |
| Right Of Use Asset Obtained In Exchange For Operating Lease Liability | 67 | — | — |
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| First Industrial, L.P. | 67 | — | — |
| Stock Issued During Period Value Conversion Of Units (Q) | — | — | — |
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| Additional Paid In Capital | 864 | 27 | +3100.0% |
| Noncontrolling Interest | -864 | -27 | -3100.0% |
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| First Industrial, L.P. · General Partner | 864 | 27 | +3100.0% |
| First Industrial, L.P. · Limited Partner | -864 | -27 | -3100.0% |
| Sales Type Lease Lease Receivable (Q) | — | — | — |
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| First Industrial, L.P. · Sales-Type Lease | 131,176 | — | — |
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| Sales-Type Lease | 131,176 | — | — |
| Other Assets Net Of Accumulated Amortization (Q) | — | — | — |
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| First Industrial, L.P. · Sales-Type Lease | -344 | — | — |
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| Sales-Type Lease | -344 | — | — |
| Sales Type Lease Selling Profit Loss (Q) | — | — | — |
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| First Industrial, L.P. · Sales-Type Lease | 109,032 | — | — |
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| Sales-Type Lease | 109,032 | — | — |
| Unpaid Capital Expenditures | 47,600 | 51,225 | -7.1% |
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| First Industrial, L.P. | 47,600 | 51,225 | -7.1% |
| Tenant Improvements Funded By Tenant | 1,898 | — | — |
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| First Industrial, L.P. | 1,898 | — | — |
| Write Off Of Fully Depreciated Assets | -14,302 | -11,365 | -25.8% |
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| First Industrial, L.P. | -14,302 | -11,365 | -25.8% |
| Other Cash Flow | |||
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect | -40,885 | -14,272 | -186.5% |
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| First Industrial, L.P. | -40,885 | -14,272 | -186.5% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 37,147 | 37,410 | -0.7% |
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| First Industrial, L.P. | 37,147 | 37,410 | -0.7% |
Values in thousands USD. Source: SEC EDGAR 10-Q filing.