REIT boardRanked among REITs, not on the main board. A REIT's earnings are dominated by depreciation on assets that typically appreciate, so net margin and return on assets understate it against an operating company.
AI-extracted from the 10-Q filed 2026-10-22 — Q3 FY2026 (quarter ended September 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Q3 2026 total revenues rose 8.6% YoY to $197.1M, driven by same-store rent growth and acquisitions, while net income fell to $60.5M from $67.4M as prior-year gains on sale were not repeated.
Biggest Revenue Drivers
Same Store Properties$182.6M+5.7% YoY
Increases in rental rates and tenant recoveries, partially offset by a slight decrease in occupancy.
(Re)Developments$6.7M+465.5% YoY
Primarily due to an increase in occupancy.
Biggest Revenue Drivers
Total revenue: $197.1M+8.6% YoY
Same Store Properties$182.6M+5.7% YoY
Increases in rental rates and tenant recoveries, partially offset by a slight decrease in occupancy.
(Re)Developments$6.7M+465.5% YoY
Primarily due to an increase in occupancy.
Acquired Properties$6.3M+158.9% YoY
Six industrial properties acquired subsequent to December 31, 2024 totaling approximately 2.8 million square feet of GLA.
Other$1.5M-62.6% YoY
Decreases in revenues from income-producing land parcels and joint venture fees.
Largest Expense Items
Property Expenses$50.4M+9.1% YoY
Increases in real estate taxes and repairs and maintenance expense at same store properties, partially offset by lower insurance expense.
Depreciation and Other Amortization$51.0M+11.5% YoY
Due to properties acquired subsequent to December 31, 2024 and completed developments.
General and Administrative$8.6M+0.7% YoY
Remained relatively unchanged for the quarter.
Margins: Filing does not provide a quantified margin discussion for the quarter; same store net operating income grew 5.6% on a cash basis for the three months, while interest expense rose 14.1% YoY.
Watch Items from the Filing
Interest expense rose $3.1M (14.1%) YoY on higher weighted average debt of $2,576.9M and a higher weighted average rate of 4.21%.
Q3 2025 included a $9.5M gain on sale of real estate; no gain on sale was recognized in Q3 2026, contributing to lower net income.
Same store average daily occupancy was 94.5% for the quarter versus 94.7% a year earlier.
Approximately $648.4M available under the Unsecured Credit Facility at quarter end, with $125.0M private placement notes maturing April 2027 expected to be funded from the facility or new debt.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
About FIRST INDUSTRIAL REALTY TRUST INC (FR): stock profile, AI score and financials
FIRST INDUSTRIAL REALTY TRUST INC (FR) stock profile, AI quality score, and SEC EDGAR financial data, a Real Estate sector company. 13F Pro's AI-powered ranking engine scores FR at 65.6/100 on a composite quality score built from its SEC filings, placing it at rank #30 of 148 stocks — the top 25% of the AI-ranked universe. Based on the latest XBRL financial filings (Q3 2026), FIRST INDUSTRIAL REALTY TRUST INC reports quarterly revenue of $197.1M, net income of $58.5M, an operating margin of 30.8%. Top institutional holders of FR by reported 13-F value include BlackRock, VANGUARD PORTFOLIO MANAGEMENT, STATE STREET, based on the most recent SEC filings. FR trades on the NYSE exchange and files with the SEC under CIK 921825. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate FR daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for FIRST INDUSTRIAL REALTY TRUST INC directly from SEC EDGAR.