First Industrial Realty Trust Reports Q1 2025 Revenue Growth of 9.1% to $177.1 Million

First Industrial Realty Trust, Inc. reported its financial results for the first quarter of 2025, revealing a total revenue of $177.1 million, a 9.1% increase from $162.3 million in the same period last year. The growth was primarily driven by a 6.5% rise in revenues from same-store properties, which amounted to $164.4 million, attributed to higher rental rates and increased occupancy. However, net income for the quarter decreased to $52.9 million, down from $70.5 million in the prior year, reflecting a decline in gains from real estate sales and increased expenses.

The company experienced a notable increase in general and administrative expenses, which rose by 34.9% to $15.9 million, largely due to accelerated recognition of equity compensation. Additionally, property expenses increased to $48.3 million from $47.0 million, reflecting ongoing operational costs. The decrease in net income was also influenced by a significant drop in gains on the sale of real estate, which fell to $6.8 million from $30.9 million a year earlier.

Strategically, First Industrial Realty Trust made significant acquisitions during the quarter, including two industrial properties totaling approximately 0.8 million square feet for $120 million and a land parcel in Pennsylvania for $15.7 million. The company also sold two industrial properties for gross proceeds of $11.9 million. As of March 31, 2025, the company owned 416 industrial properties across 19 states, encompassing approximately 68.2 million square feet of gross leasable area.

Operationally, the company reported an in-service occupancy rate of 95.3% at the end of the quarter, with new and renewal leases achieving a 41.7% increase in cash rental rates. The company has eight development projects underway, totaling 2.0 million square feet, with an estimated investment of $280.4 million. First Industrial Realty Trust also amended its Unsecured Credit Facility, increasing its borrowing capacity to $850 million and extending the maturity date to March 2029.

Looking ahead, First Industrial Realty Trust remains focused on maximizing total returns to shareholders through internal growth strategies, including increasing occupancy and rental rates, as well as external growth through acquisitions and developments in key logistics markets. The company anticipates that its financial condition and operational capabilities will support its long-term growth objectives, despite potential market fluctuations and economic conditions.