First Industrial Realty Trust Raises 2026 Outlook Amid Leasing Surge

The company’s performance was anchored by robust leasing activity, including a 708,000 square-foot deal at an in-service facility in Central Pennsylvania. Total diluted net income reached $0.58 per share for the quarter, rising significantly from $0.42 during the same period last year. CEO Peter E. Baccile attributed the results to high demand across the firm's logistics portfolio and the successful completion of several key development projects.

Operational metrics showed consistent strength, with in-service occupancy climbing to 94.9%. The company also expanded its development pipeline by breaking ground on a 613,000 square-foot facility in Philadelphia, representing a $77 million investment. While the firm successfully offloaded assets in Detroit for $29 million, it simultaneously bolstered its land holdings with a $39 million acquisition in Baltimore. Looking ahead, the company has tightened its 2026 FFO guidance to a range of $3.12 to $3.20 per share, excluding costs associated with a previously contested proxy campaign.