First Industrial Realty Trust Reports Q3 Revenue Growth of 8.2% to $181.4 Million

First Industrial Realty Trust, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2025, showing a total revenue of $181.4 million for the quarter, up from $167.6 million in the same period last year, marking an increase of 8.2%. For the nine months, total revenues reached $538.7 million, a 9.0% increase from $494.1 million in the prior year. The company's net income for the third quarter was $67.4 million, down from $102.2 million a year earlier, while net income for the nine months was $177.1 million, compared to $225.5 million in 2024. The decline in net income was attributed to a significant drop in gains from real estate sales, which fell to $17.5 million from $93.8 million year-over-year.

In terms of operational metrics, First Industrial Realty Trust reported a quarter-end occupancy rate of 94.0%, slightly down from 95.4% in the previous year. The company achieved a 31.6% average increase in cash rental rates on new and renewal leases, with a tenant retention rate of 71.5%. The firm also noted that it had six development projects underway, totaling approximately 0.9 million square feet of gross leasable area, with an estimated investment of $152.8 million.

Strategically, First Industrial Realty Trust made several acquisitions during the nine months, including two industrial properties in Phoenix totaling 0.8 million square feet for $120 million, a land parcel in Northern California for $10.6 million, and 61.4 acres in Philadelphia for $15.7 million. The company also sold four industrial properties and a land parcel for gross proceeds of $26.9 million. These transactions reflect the company's ongoing strategy to enhance its portfolio by acquiring high-potential properties while divesting those with lower growth prospects.

Financially, the company reported total assets of $5.5 billion as of September 30, 2025, an increase from $5.3 billion at the end of 2024. Total liabilities also rose to $2.8 billion from $2.5 billion, primarily due to increased borrowings, including the issuance of $450 million in senior unsecured notes. The company declared quarterly dividends of $0.445 per share, a 20.3% increase over the previous year, reflecting its commitment to returning value to shareholders.

Looking ahead, First Industrial Realty Trust remains focused on internal growth through increased occupancy and rental rates, as well as external growth via strategic acquisitions and developments in key logistics markets. The company anticipates that its financial performance will continue to be influenced by market conditions, including interest rates and economic factors affecting the industrial real estate sector.