Earnings call transcript: First Industrial Realty Trust Q3 2026 profit miss, shares fall

First Industrial Realty Trust reported Q3 2026 earnings that missed Wall Street's profit target, with adjusted earnings per share at $0.44, below the estimated $0.47. Revenue of $197.12 million slightly exceeded the forecast of $196.29 million. Shares fell 6.69% to $55.43 in after-hours trading, near the bottom of its 52-week range.

Despite the earnings miss, the company raised its full-year 2026 FFO guidance midpoint by $0.01 to $3.11 to $3.15 a share, with same-store cash NOI growth of 5.6% in the quarter. Management noted steady demand across its industrial portfolio, with in-service occupancy at 94.1%, above the prior forecast of 93.5%. The company also cited supportive industrial real estate fundamentals, with national vacancy improving to 6.3% and net absorption outpacing completions.

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