Every material Form 8-K First Industrial Realty Trust has filed with the SEC since February 05, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
First Industrial reported third-quarter 2026 results showing diluted FFO of $0.81 per share, up from $0.76 a year earlier, and diluted EPS of $0.44, down from $0.49. The company raised its 2026 FFO guidance by $0.01 at the midpoint, while occupancy fell to 94.1% from 94.9% in the prior quarter.
Q3 2026 total revenues were $197.1 million, up from $181.4 million a year earlier.
Q3 2026 diluted EPS was $0.44, versus $0.49 in Q3 2025; the prior-year quarter included a $9.5 million gain on sale of real estate.
2026 FFO guidance was increased $0.01 at the midpoint; cash same store NOI growth guidance was raised 75 basis points to 6.5% at the midpoint.
In-service occupancy was 94.1% at September 30, 2026, compared with 94.9% at June 30, 2026.
First Industrial Realty Trust filed an amendment to an earlier 8-K to disclose committee assignments for director Frank E. Schmitz, who joined the Board effective June 1, 2026. On August 13, 2026, the Board appointed him to its Nominating/Corporate Governance Committee and Compensation Committee. The filing is administrative and does not describe a change in financial results or strategy.
Frank E. Schmitz was elected to the Board effective June 1, 2026, when the Board size increased from six to seven members.
On August 13, 2026, the Board appointed Mr. Schmitz to the Nominating/Corporate Governance Committee and the Compensation Committee.
The amendment was filed to provide committee assignment details omitted from the original 8-K.
First Industrial Realty Trust reported second-quarter 2026 diluted EPS of $0.58, up from $0.42 a year earlier, and FFO of $0.82 per share/unit, up from $0.76. The company raised the midpoint of its 2026 FFO guidance by $0.02 per share, to a range of $3.08 to $3.16 before advisory costs tied to a contested proxy campaign.
Q2 2026 total revenues were $194.9 million, versus $180.2 million in Q2 2025.
Net income available to common stockholders was $77.1 million in Q2 2026, versus $55.2 million a year earlier.
In-service occupancy was 94.9% at June 30, 2026, versus 94.2% a year earlier; cash same store NOI rose 6.7%.
Quarterly common dividend was $0.500 per share, up from $0.445 a year earlier. The company will hold a conference call on July 23, 2026.
First Industrial reported first-quarter 2026 revenue of $194.8 million, up from $177.1 million, and diluted EPS of $1.08, up from $0.36, helped by a $109.0 million gain on sale of real estate. Diluted FFO per share was $0.68, flat year over year, and $0.72 excluding $5.6 million of advisory costs tied to a contested proxy campaign. Shareholders also received a 12.4% dividend increase to $0.50 per share, though occupancy was lower than a year earlier.
Revenue rose to $194.8 million from $177.1 million; diluted EPS was $1.08 versus $0.36, driven by a $109.0 million gain on sale of real estate compared with $6.8 million a year earlier.
Diluted FFO was $0.68 per share/unit, flat with a year earlier; $0.72 excluding $5.6 million of proxy campaign advisory costs.
Cash same store NOI grew 8.7%, while in-service occupancy was 94.3% at March 31, 2026, down from 95.3% a year earlier.
Quarterly dividend raised to $0.50 per share from $0.445, a 12.4% increase, and a new share repurchase program of up to $250 million was established.
On March 25, 2026, the board ratified the criteria for a 2026 Employee Bonus Plan that will fund awards for eligible employees, including the chief executive officer. Bonuses will depend on FFO per share, same store NOI growth and discretionary objectives, and the overall payout is capped at 115%.
Performance weighting: 55% FFO per share, 30% same store NOI growth, 15% discretionary objectives
Individual categories can reach 125% of opportunity, but overall payout is capped at 115%
Board ratified the criteria on March 25, 2026; filing dated March 27, 2026
First Industrial Realty Trust's board approved a new stock repurchase program of up to $250 million of common stock on March 13, 2026. The program has no expiration date, and the company is not obligated to buy any particular amount; repurchases depend on market conditions and company discretion. The board also elected Frank E. Schmitz as a director, effective June 1, 2026, expanding the board from six to seven members.
Board approved a repurchase program of up to $250 million of common stock on March 13, 2026, with no expiration date.
Repurchases may be made in the open market or in privately negotiated transactions, and the board may modify, suspend or end the program at any time.
Frank E. Schmitz joins the board effective June 1, 2026, and will serve until the 2027 annual meeting; six of the seven directors will be independent.
Schmitz is a Senior Advisor at PJT Partners and co-founded Park Hill Real Estate Group in 2005.
First Industrial reported fourth-quarter 2025 diluted EPS of $0.59, up from $0.52, and FFO of $0.77 per share/unit, up from $0.71, and raised its quarterly dividend 12.4% to $0.50 per share. It also initiated 2026 NAREIT FFO guidance of $3.09 to $3.19 per share/unit. Full-year 2025 EPS fell to $1.87 from $2.17, and gains on sale of real estate were $26.9 million for 2025 versus $112.0 million for 2024.
Q4 2025 diluted EPS $0.59 vs $0.52 a year earlier; FFO $0.77 per share/unit vs $0.71
Full-year 2025 FFO $2.96 per share/unit, up 11.7% from $2.65 in 2024; full-year EPS $1.87 vs $2.17
Quarterly dividend raised 12.4% to $0.50 per share/unit, payable April 20, 2026
2026 NAREIT FFO guidance initiated at $3.09 to $3.19 per share/unit, about 6% growth at the midpoint
First Industrial Realty Trust refinanced two unsecured term loans on January 22, 2026: a $425 million Wells Fargo facility now maturing January 22, 2030, and a $375 million U.S. Bank facility now maturing January 22, 2029. Both loans price at SOFR plus 0.85%, and the 0.10% SOFR adjustment on the Wells Fargo loan was removed, which the filing does not quantify as a dollar effect on the company.
Wells Fargo term loan: $425.0 million, maturity extended from October 18, 2027 to January 22, 2030, with one-year extension option
U.S. Bank term loan: $375.0 million, maturity extended from August 12, 2026 to January 22, 2029, with two one-year extension options
Both loans priced at SOFR plus 0.85% based on investment grade ratings of BBB/Baa2/BBB+; incremental borrowing capacity of up to $150.0 million and $100.0 million
Proceeds refinance existing term loans; the U.S. Bank loan also covers general business purposes
First Industrial reported third quarter 2025 results, with diluted FFO of $0.76 per share/unit, up from $0.68 a year earlier, and total revenues of $181.4 million, up from $167.6 million. Diluted EPS fell to $0.49 from $0.75, and the company raised the midpoint of its 2025 NAREIT FFO guidance by $0.04 to a range of $2.94 to $2.98 per share/unit.
Q3 2025 diluted FFO was $0.76 per share/unit, versus $0.68 a year earlier; diluted EPS was $0.49, versus $0.75
Total revenues were $181.4 million in the quarter, versus $167.6 million a year earlier
2025 NAREIT FFO guidance raised to $2.94 to $2.98 per share/unit, an increase of $0.04 at the midpoint
Q3 2025 EPS and FFO included about $0.01 from an insurance claim recovery; the company will hold a conference call on October 16, 2025
First Industrial Realty Trust entered into ten new equity distribution agreements on August 21, 2025, under which it may sell up to $800 million, or 16 million shares, of common stock over time. The company has no obligation to sell any shares and plans to use proceeds for general corporate purposes, including property acquisitions, development and debt repayment or repurchases. The new program replaces 2023 agreements that were terminated on August 19, 2025, and could dilute existing shareholders if shares are sold.
Maximum offering of $800,000,000, or 16,000,000 shares of common stock, under the new agreements
Sales agents may be paid a commission of no more than 2.0% of the sales price of shares sold through them
Agreements expire May 7, 2028, and the company may suspend offers at any time
The 2023 agreements, which had the same $800,000,000 and 16,000,000-share limits, were terminated on August 19, 2025
First Industrial Realty Trust reported second quarter 2025 results, with diluted EPS of $0.42 versus $0.39 a year earlier and FFO of $0.76 per share versus $0.66. Total revenues rose to $180.2 million from $164.1 million, but in-service occupancy fell to 94.2% from 95.3%, and the company kept its 2025 FFO guidance range of $2.88 to $2.96 per share, with assumptions unchanged from the first quarter.
Q2 2025 diluted EPS was $0.42, compared with $0.39 in Q2 2024; FFO was $0.76 per share, compared with $0.66.
Total revenues were $180.2 million for Q2 2025, compared with $164.1 million a year earlier.
In-service occupancy was 94.2% at June 30, 2025, down from 95.3% at March 31, 2025 and June 30, 2024.
2025 FFO guidance is $2.88 to $2.96 per share; the company will discuss results on a July 17, 2025 call at 11:00 a.m. EDT.
First Industrial Realty Trust's operating partnership completed an underwritten public offering of $450 million of 5.250% Senior Notes due January 15, 2031, guaranteed by the parent company. The notes were sold at 99.265% of principal, and the indenture includes covenants limiting additional debt and requiring a pool of unencumbered assets. The filing adds to the company's debt obligations but does not report any change in operating results.
Principal amount: $450 million; interest of 5.250% per year, payable January 15 and July 15, starting January 15, 2026
Underwriters paid 99.265% of principal; trustee is U.S. Bank Trust Company, National Association
Notes are senior unsecured but effectively subordinated to the issuer's secured debt and subsidiary liabilities
Offering completed May 14, 2025 under a shelf registration filed May 8, 2025
First Industrial Realty Trust reported first-quarter 2025 results, with total revenues of $177.1 million versus $162.3 million a year earlier. Diluted EPS fell to $0.36 from $0.52, while diluted FFO rose to $0.68 per share/unit from $0.60, and the company raised its quarterly dividend to $0.445 per share from $0.37.
Total revenues were $177.1 million for the quarter ended March 31, 2025, compared with $162.3 million a year earlier.
Diluted EPS was $0.36 versus $0.52 a year ago; diluted FFO was $0.68 per share/unit versus $0.60.
The company's 2025 FFO guidance is $2.87 to $2.97 per share/unit.
The quarterly dividend is $0.445 per share, up from $0.37, payable April 21, 2025; the company will hold an investor call on April 17, 2025.
On March 19, 2025, the board approved performance criteria for a 2025 employee bonus pool that covers the CEO and certain senior executives. Payouts depend on FFO per share, same store NOI growth, and discretionary goals, with the overall payout capped at 115%.
Board ratified the 2025 Employee Bonus Plan criteria on March 19, 2025
Weightings: 55% FFO per share, 30% same store NOI growth, 15% discretionary objectives
Individual categories can reach 125% of opportunity, but the overall payout is capped at 115%
First Industrial Realty Trust amended and restated its revolving credit facility, raising borrowing capacity from $750.0 million to $850.0 million and extending maturity to March 16, 2029. It also refinanced its $200.0 million unsecured term loan, extending its maturity to March 17, 2028, with lower pricing spreads and longer extension options. The changes add liquidity and push out debt maturities, though the filing reports no change to earnings or guidance.
Revolving facility increased from $750.0 million to $850.0 million, with an accordion feature to $1.0 billion
Revolver maturity extended from July 7, 2025 to March 16, 2029; term loan maturity extended from July 7, 2026 to March 17, 2028
Revolver had $431.0 million outstanding; applicable margin set at 0.775% based on BBB/Baa2/BBB ratings
Company has fully and unconditionally guaranteed borrowings under both agreements
First Industrial reported fourth-quarter 2024 FFO of $0.71 per share/unit, up from $0.63 a year earlier, and initiated 2025 NAREIT FFO guidance of $2.87 to $2.97 per share/unit, about 10% growth at the midpoint. Fourth-quarter diluted EPS fell to $0.52 from $0.67, while the board raised the quarterly dividend 20.3% to $0.445 per share/unit.
Q4 2024 FFO was $0.71 per share/unit diluted, versus $0.63 a year ago; full-year FFO was $2.65 versus $2.44 in 2023
Q4 2024 diluted EPS was $0.52, versus $0.67 a year ago; full-year 2024 EPS was $2.17 versus $2.07
Quarterly dividend raised to $0.445 per share/unit from $0.37, payable April 21, 2025
2025 FFO guidance of $2.87 to $2.97 per share/unit; conference call and webcast scheduled for February 6, 2025
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