First Industrial Realty Trust Q2 cash same store NOI up 8.7% YoY.

• Q2 cash same store NOI growth of 8.7% • 33% cash rental rate increase on leases signed in 2025 • Signed a 58,000 SF lease at First Loop Logistics Park in Orlando • Earned 'BBB+' unsecured credit rating from Fitch Ratings • Issued $450M of 5.25% senior unsecured notes due in 2031

First Industrial Realty Trust, Inc. (NYSE: FR) has reported robust financial performance for the second quarter of 2025, showcasing a 8.7% growth in cash same store net operating income (NOI). The company's president and CEO, Peter E. Baccile, highlighted the strong performance, stating that the diverse portfolio continues to perform well with cash rental rate growth among the sector leaders coupled with healthy renewal activity.

Key highlights include a 33% cash rental rate increase on leases signed to-date commencing in 2025, reflecting 88% of 2025 expirations by square footage. Excluding a 1.3 MSF fixed-rate renewal, the cash rental rate increase is 38%. The company also signed a 58,000 square-foot lease at First Loop Logistics Park Building 4 in Orlando during the second quarter.

First Industrial Realty Trust also earned an upgraded 'BBB+' unsecured credit rating from Fitch Ratings and issued $450 million of 5.25% senior unsecured notes due in 2031, marking its first public bond offering since 2007. The company's chief financial officer, Scott Musil, commented that this bond offering further strengthened its capital position, with the next maturity coming due in 2027 assuming the exercise of available extension options on one of its bank loans.

The company's portfolio performance remained strong, with service occupancy at 94.2% at the end of the second quarter, compared to 95.3% at the end of both the first quarter of 2025 and the second quarter of 2024. The occupancy reflects a previously known 708,000 square-foot move-out in Central Pennsylvania and the impact of two developments placed in service, partially offset by some new leasing.

Looking ahead, First Industrial expects an average quarter-end in service occupancy of 95.0% to 96.0% for 2025, with SS NOI growth on a cash basis before termination fees of 6.0% to 7.0%. General and administrative expense (G&A) is expected to be $40.5 million to $41.5 million for the year.

First Industrial Realty Trust is a leading U.S.-only owner, operator, developer, and acquirer of logistics properties, with a portfolio and new investments concentrated in 15 target MSAs with an emphasis on supply-constrained, coastally oriented markets. The company owns and has under development approximately 70.5 million square feet of industrial space as of June 30, 2025.

References:
[1] https://finance.yahoo.com/news/first-industrial-realty-trust-reports-203800789.html