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- **Record Leasing Achievement**: 501,000 sq ft leased in 45 days at Phoenix project, eliminating $0.02 per share drag.
- **Strong Cash Flow Growth**: 33% cash rental rate growth, 8.7% same-store NOI expansion.
- **New Development Pipeline**: $54M in Dallas/Philadelphia projects targeting 8% yields.
- **Tariff Uncertainty**: Mixed tenant behavior, but e-commerce/3PLs driving activity.
- **Financial Strength**: $450M bond issuance at 5.25%, narrowing 2025 FFO to $2.92 per share.

**【CEO Opening Remarks】**
- Portfolio performance strong with 94.2% in-service occupancy, despite a 110 bps decline due to a Central PA move-out and new developments entering the pool.
- Cash rental rate growth of 33% (38% excluding fixed-rate renewal), on track for 30-40% annual growth.
- New development leases: 501,000 sq ft at Camelback 303 (Phoenix) and 58,000 sq ft at First Loop (Orlando), bringing total project to 100% leased.
- 2025 rollovers: 88% completed by square footage.
- New starts: 176,000 sq ft in Dallas and 226,000 sq ft in Philadelphia, targeting 8% cash yields.
- Tariff uncertainty continues to dampen tenant decision-making, but e-commerce and 3PLs remain active.

**【CFO Financial Commentary】**
- NAREIT FFO: $0.76 per share (vs. $0.66 in 2Q 2024), driven by rental rate growth and contractual bumps.
- Cash same-store NOI growth: 8.7% (excluding termination fees).
- Capital markets: $450M senior unsecured notes issued at 5.25%, narrowing 2025 FFO guidance to $2.88-$2.96 per share (midpoint $2.92).
- Interest expense impact: Higher in H2 due to development funding and bond issuance.
- 2025 development leasing assumption: 1.5M sq ft to be leased by year-end.

**【Q&A Highlights】**
- **Development Leasing Success**: 501,000 sq ft leased at Camelback 303 in 45 days, eliminating $0.02 per share drag in guidance.
- **Construction Costs**: Down 5-10% YoY, stabilizing in 2025 with slight steel and copper price pressures.
- **Tariff Impact**: Tenants split between pausing (e.g., HQ directives) and moving forward (e.g., Amazon-like urgency).
- **Build-to-Suit Strategy**: Lower returns than spec development, executed sparingly for strategic fits.
- **2026-2027 Expirations**: Higher proportion in Dallas and Atlanta, consistent with 2025 trends.
- **Market Strength**: Nashville, Florida submarkets, and infill Dallas/Houston performing best.


First Industrial Realty Trust, Inc. (FR) Q2 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FR

FR fundamentals

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