First Industrial Realty Trust 2Q FFO Comes in Ahead; Notable Lease Signings and a Guidance Increase

Research evidence excerpt

First Industrial Realty Trust 2Q FFO Comes in Ahead; Notable Lease Signings and a Guidance Increase

J P M O R G A N North America Equity Research

22 July 2026

First Industrial Realty Trust Overweight

FR, FR US

2Q FFO Comes in Ahead; Notable Lease Signings and Price (22 Jul 26):$67.71

a Guidance Increase

REITs

After Wednesday’s close, First Industrial reported 2Q results and updated its FY Michael W. Mueller, CFA AC

26 outlook. As we touch on below, the $0.82 2Q FFO/share print came in ahead (1-212) 622-6689

of JPM and the Street, and management slightly increased the FY SS NOI and FFO/ michael.w.mueller@jpmorgan.com

share outlooks. Management’s tone in the press release was positive, and it was a Anthony Paolone, CFA

very good quarter for development leasing, and leasing in general. It has fully (1-212) 622-6682

leased or made substantial progress in leasing several current/past developments anthony.paolone@jpmorgan.com

and has flagged a sizeable in-service portfolio lease as well. The company also Nahom Tesfazghi

kicked-off a $77 million development start in the quarter as well in the greater (1-212) 622 4884

nahom.tesfazghi@jpmchase.com

Philadelphia market. Beyond lease signings, cash rent spreads also stood out to us

Daniella De Armas Rosales

coming in at 39% for both YTD signings (representing 80% of the year’s (1-212) 622-0050

expirations) and 2Q commencements. Hence, our initial take on results heading daniella.dearmasrosales@jpmchase.com

into tomorrow’s call is positive and we expect call focal points to be on the general J.P. Morgan Securities LLC

demand picture and outlook for future development starts.

2Q comes in ahead; Increases guidance. First Industrial reported 2Q FFO/share

of $0.82, which was $0.03 ahead of our estimate and $0.02 ahead of Bloomberg