First Industrial Realty Trust, Inc. has recently released its 10-K report, revealing a strong performance in 2025. The company, a leading U.S.-only owner, operator, developer, and acquirer of logistics properties, owns and has under development approximately 71.6 million square feet of industrial space concentrated in 15 target MSAs as of December 31, 2025.
In 2025, the company reported a 32.2% average increase in cash rental rates on new and renewal commenced leases, with a tenant retention rate of 71.0% and year-end in-service occupancy of 94.4%, indicating healthy demand. The company had six projects classified as under development, totaling approximately 1.1 million square feet of GLA with an aggregate estimated investment of approximately $187.1 million. This included two projects for which vertical construction commenced in the first quarter of 2026.
During 2025, First Industrial Realty Trust, Inc. completed several significant real estate transactions, including the acquisition of industrial properties in Phoenix and Baltimore/D.C. markets, as well as income-producing land parcels in Northern California and Philadelphia markets. The company also sold seven industrial properties and a land parcel for gross proceeds of $42.3 million.
The company's financing activities during 2025 included declaring an annual cash dividend of $1.78 per common share or Unit, an increase of 20.3% from 2024, and issuing $450.0 million of senior notes due January 2031. Additionally, Fitch Ratings upgraded the company's long-term issuer default rating and underlying unsecured investments to BBB+ from BBB. First Industrial Realty Trust, Inc. also amended its Unsecured Credit Facility, increasing the borrowing capacity by $100.0 million to $850.0 million and extending the maturity date to March 2029, with two optional six-month extensions.
In terms of financial results, the company's net income was $264.1 million for the year ended December 31, 2025, compared to $296.0 million for 2024. Revenues from same store properties increased by 5.4%, while total revenues grew by 8.6% to $727.1 million. Property expenses increased by 4.7% to $191.5 million, and depreciation and other amortization rose by 7.8% to $185.3 million.
Today the company's shares have moved 0.99% to a price of $59.90. For the full picture, make sure to review FIRST INDUSTRIAL REALTY TRUST INC's 10-K report.
