First Industrial Realty Trust, Inc. reported a net income of $109.8 million for the six months ended June 30, 2025, a decrease from $123.4 million in the same period of the previous year. Total revenues increased by 9.4% to $357.2 million, driven primarily by a 6.2% rise in revenues from same store properties, which amounted to $327.6 million. The company also noted a significant increase in cash-basis same store net operating income (NOI) of 9.4%, reflecting strong demand in the industrial real estate sector.
In terms of operational changes, First Industrial Realty Trust made strategic acquisitions during the first half of 2025, including two industrial properties in Phoenix totaling approximately 0.8 million square feet for $120 million and a land parcel in Philadelphia for $15.7 million. The company also sold three industrial properties for gross proceeds of $13.7 million. As of June 30, 2025, the company owned 415 industrial properties across 19 states, encompassing about 68.2 million square feet of gross leasable area.
The company’s financial position showed total assets of $5.45 billion, up from $5.26 billion at the end of 2024. Total liabilities increased to $2.72 billion, primarily due to the issuance of $450 million in senior unsecured notes in May 2025, which contributed to a stronger liquidity position with $823.8 million available under its Unsecured Credit Facility. The company declared dividends of $0.445 per share, marking a 20.3% increase from the previous year.
First Industrial Realty Trust's operational metrics indicated a quarter-end occupancy rate of 94.2% and a 34% average increase in cash rental rates on new and renewal leases. The company reported a total of nine development projects underway, totaling 2.2 million square feet, with an estimated investment of approximately $285.2 million. Looking ahead, the company remains focused on internal growth through lease renewals and external growth via acquisitions and developments in key logistics markets, particularly coastal areas.
Overall, while First Industrial Realty Trust experienced a decline in net income compared to the previous year, its revenue growth, strategic acquisitions, and strong operational metrics suggest a positive outlook for continued performance in the industrial real estate market.
About FIRST INDUSTRIAL REALTY TRUST INC
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