First Industrial Realty Trust, Inc.

Q2 2026 NAREIT FFO was $0.82 per fully diluted share, up from $0.76 a year ago. Cash same-store NOI growth was 6.7% excluding termination fees. In-service occupancy ended the quarter at 94.9%, up 60 basis points from Q1. Management increased 2026 NAREIT FFO guidance to $3.08-$3.16 per share, or $3.12-$3.20 excluding $0.04 per share of first-quarter proxy advisory costs. Full-year cash same-store NOI growth guidance was raised to 5.25%-6.25%. Average quarter-end in-service occupancy is guided to 94%-95%, with occupancy expected to dip to around 93.5% in Q3 and end 2026 around 95.5%. The company expects to capitalize about $0.08 per share of interest in 2026 and guided G&A to $42 million-$43 million excluding $5.6 million of proxy-related costs.

Peter Baccile struck an upbeat tone, saying the quarter built on Q1 momentum and that leasing demand is stronger than it was earlier this year and last year. He emphasized broad-based improvement in activity, especially for larger-format spaces where scarcity is creating urgency and faster decisions. He also framed the company’s development and acquisition strategy as selective and demand-driven, focused on long-term cash flow and value.

Scott Musil highlighted the financial upside from leasing and occupancy, citing Q2 FFO of $0.82 per share, 6.7% same-store NOI growth, and a 94.9% in-service occupancy rate. He said the FFO guidance increase was supported by the quarter’s leasing strength and narrowed 2026 guidance to $3.08-$3.16 per share, or $3.12-$3.20 ex-proxy costs. He also noted about $75 million of development spending remaining in the back half of the year, roughly half funded by excess cash flow after CapEx and dividends, with the rest available through the low-balance line of credit.

Analysts focused on whether bigger-box demand is really accelerating, and management said it is, especially for 700,000-square-foot-plus and 1-million-square-foot-plus spaces where choices are shrinking and tenants are deciding faster. They also pressed on the timing of development leasing and the occupancy guide; management said the expected Q3 dip reflects a new Nashville development coming online, while the Q4 rebound depends on signing remaining development leases. On land and development, management said entitlements remain difficult, but supply constraints are part of why the company likes its infill sites; they also said data-center-related demand is incremental but not the main driver.