EL7.AI
StocksMedium•21 October 2026•
3 min read

First Industrial lifts funds from operations to $0.81 per share, lease rents rise 52%

Key Facts

1First Industrial's funds from operations were $0.81 per diluted share or unit, compared with $0.76 a year earlier.
2First Industrial's cash rents on new and renewed leases that commenced during the quarter rose 52%.
3First Industrial's same-property cash net operating income grew 5.6% before lease termination fees.
4Getty completed a $260.9 million sale-and-leaseback transaction with Refuel during September.
5First Industrial raised the midpoint of its annual funds from operations guidance by $0.01 per share or unit.

First Industrial Realty Trust's funds from operations rose to $0.81 per diluted share or unit in the third quarter of 2026, according to the company's earnings statement. The measure stood at $0.76 per share or unit in the corresponding period of 2025, marking a year-on-year improvement. On leasing, the company reported a 52% increase in cash rents on new and renewed leases that commenced during the quarter. Same-property cash net operating income grew 5.6%, excluding lease termination fees, according to the same disclosure. Occupancy at in-service properties stood at 94.1% at quarter-end, alongside growth in rents and operating income. On acquisitions, First Industrial purchased a building in central Pennsylvania for $120 million during the period. The company said the building was fully leased at acquisition.

As background to Brandywine Realty Trust's results, the company reported funds from operations of $23.6 million in the second quarter of 2026, according to its official announcement for that period. Funds from operations per diluted share were $0.13, a performance measure the company reported alongside the total amount. Core portfolio occupancy reached 89.1% in the second-quarter results. The same portfolio was 90.6% leased, according to the company's statement, which reported occupancy and leasing separately. Brandywine states in its earnings disclosure filed with the U.S. Securities and Exchange Commission that "funds from operations do not represent cash flows from operating activities, as defined under generally accepted accounting principles, and should not be considered a substitute for net income or loss."

Getty Realty, meanwhile, announced the completion of a $260.9 million sale-and-leaseback transaction with Refuel Operating Company during September 2026. The transaction included Getty's acquisition of 41 convenience stores, according to its statement on the deal. The company entered into long-term net leases as part of the transaction, combining property purchases with leasebacks. Getty reported adjusted funds from operations of $0.62 per diluted share in the second quarter of 2026, according to its earnings announcement for that period. In its July earnings announcement, the company raised its 2026 adjusted funds from operations guidance range to between $2.52 and $2.54 per diluted share.

With its third-quarter results, First Industrial raised the midpoint of its funds from operations guidance for fiscal 2026 by $0.01 per share or unit, according to its official statement. All three companies scheduled their third-quarter earnings calls for October 22, 2026, according to their investor announcements. Getty's call begins at 8:30 a.m. Eastern Time, according to the schedule announced by the company. Brandywine's call follows at 9:00 a.m. in the same time zone, according to its investor relations announcement. First Industrial scheduled its earnings call for 11:00 a.m. Eastern Time.