FIRST INDUSTRIAL REALTY TRUST INC SEC 10-Q Report

First Industrial Realty Trust Inc., a leading provider of industrial real estate solutions, has released its Form 10-Q report for the third quarter of 2025. The report highlights the company's financial performance and operational achievements, reflecting its strategic focus on key logistics markets and effective lease management. Financial Highlights Total Revenues: $538.7 million, reflecting a strong performance with a 9% increase compared to the same period last year, driven by higher lease revenue.Net Income: $177.1 million, a decrease from the previous year, impacted by lower gains on the sale of real estate.Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders: $168.5 million, showing a decline due to reduced gains on property sales.Basic and Diluted Earnings Per Share: $1.27, down from $1.65 in the prior year, reflecting the decrease in net income.Operating Income: $179.5 million, indicating a decrease from the previous year, primarily due to lower gains on real estate sales. Business Highlights Internal Growth: 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% and a quarter-end occupancy of 94.0%, indicating strong demand and effective lease management.Development Projects: As of September 30, 2025, the company had six development projects underway, totaling 0.9 million square feet of gross leasable area, with an estimated total investment of approximately $152.8 million.Acquisitions: During the nine months ended September 30, 2025, the company acquired two industrial properties in the Phoenix market totaling approximately 0.8 million square feet of GLA, one income-producing land parcel in Northern California for $10.6 million, and approximately 61.4 acres of land for development in the Philadelphia market for $15.7 million.Property Sales: The company sold four industrial properties totaling approximately 0.2 million square feet of GLA and a land parcel for gross proceeds of $26.9 million.Geographical Performance: The company focuses on 15 key logistics markets, with a primary emphasis on coastal markets, which exhibit desirable long-term growth characteristics and where developable land is relatively scarce.Leasing and Marketing Strategy: The company pursues an active leasing strategy that includes broadly marketing available space, seeking to renew existing leases at higher rents while minimizing re-leasing costs, and seeking leases which provide for the pass-through of property-related expenses to the tenant.Future Outlook: The company plans to continue its growth through internal strategies such as increasing revenues and occupancy levels, and external strategies including the development and acquisition of industrial properties in key logistics markets.SEC Filing: FIRST INDUSTRIAL REALTY TRUST INC [ FR ] - 10-Q - Oct. 17, 2025