First Industrial Realty Trust Reports $227.6 Million Net Income for First Half of 2026

First Industrial Realty Trust, Inc. reported significant financial performance for the six months ended June 30, 2026, with net income reaching $227.6 million, a substantial increase from $109.8 million in the same period of 2025. Total revenues for the first half of 2026 amounted to $389.8 million, reflecting a 9.1% increase from $357.2 million in the prior year. The growth was primarily driven by a 5.4% increase in revenues from same store properties, which totaled $360.4 million, alongside a notable rise in revenues from acquired properties, which surged by 292.2% to $11.0 million.

In terms of operational metrics, the company reported a quarter-end in-service occupancy rate of 94.9% and a 7.7% growth in same store cash net operating income. The average daily occupancy rate for same store properties slightly decreased to 94.3% from 95.2% year-over-year. First Industrial Realty Trust also engaged in significant real estate transactions, acquiring one industrial building and 58 acres of land for a total of $64.2 million, while completing the sale of four industrial properties and a land site for gross proceeds of $160.5 million.

The company’s expenses also saw an increase, with total property expenses rising to $101.6 million, up 8.3% from $93.8 million in the previous year. General and administrative expenses increased by 30.8% to $31.8 million, largely due to costs associated with a contested proxy campaign. Additionally, the company recognized a gain on the sale of real estate of $125.6 million for the six months ended June 30, 2026, compared to $8.0 million in the prior year, significantly contributing to the overall net income.

Looking ahead, First Industrial Realty Trust maintains a positive outlook, with plans to continue its growth strategy through both internal and external avenues. The company has three development projects underway, totaling approximately 0.9 million square feet of gross leasable area, with an estimated investment of $146.4 million. The company also declared cash dividends of $0.50 per common share, marking a 12.4% increase over the previous year. As of June 30, 2026, the company had $114.2 million in cash and cash equivalents, along with $724.9 million available under its unsecured credit facility, positioning it well for future investments and operational needs.