First Industrial lifts 2026 NAREIT FFO outlook to $3.08-$3.16 as it starts a $77M Philadelphia development

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First Industrial Realty Trust raised and narrowed its 2026 NAREIT funds from operations guidance to $3.08 to $3.16 per share, up from a prior range of $3.05 to $3.15, and announced the start of a second building at First Park Newcastle in the Philadelphia area, a 613,000 square foot facility with an estimated investment of $77 million and an expected cash yield north of 8%. The company also reported second-quarter NAREIT FFO of $0.82 per fully diluted share, with cash same-store net operating income growth excluding termination fees of 6.7%, and raised its full-year cash same-store NOI growth guidance to 5.25% to 6.25%. Portfolio occupancy ended the second quarter at 94.9%, and management guided to average quarter-end in-service occupancy of 94% to 95% for the year, with a dip to around 93.5% at the end of the third quarter before recovering to about 95.5% by year-end. Leasing momentum strengthened, with total signings in the quarter reaching 643,000 square feet, including a full building lease for a 708,000 square foot building in Central Pennsylvania, and the company noted that 80% of 2026 rollovers by square footage have been addressed, with a cash run rate increase on signed leases of 39%. On the capital allocation front, First Industrial completed the previously expected $131 million land sale in Phoenix, sold four buildings in Detroit for $29 million, acquired a recently completed development in Dallas for $26 million, and purchased a 58-acre infill development site in Baltimore for $39 million.

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