First Industrial Net Income Surges 197% to $147.9M in Q1 2026

First Industrial, L.P., a Delaware-based industrial real estate partnership, reported net income of $147.9 million for the quarter ended March 31, 2026, nearly tripling from $49.5 million in the same period of 2025. Earnings per diluted share jumped to $1.08 from $0.36 a year earlier. Read more earnings reports.

Total revenue climbed 10% to $194.8 million for the three months ending March 31, compared with $177.1 million in the prior-year quarter. The partnership operates as part of First Industrial Realty Trust, Inc., a Maryland-based REIT that owns and manages industrial properties.

Operating cash flow held nearly flat at $88.9 million, edging up from $88.6 million in the first quarter of 2025. Depreciation and amortization expense rose to $50.1 million from $43.8 million, reflecting the partnership's expanding asset base.

Total assets increased to $5.78 billion as of March 31, 2026, up from $5.70 billion at year-end 2025. Cash and cash equivalents fell to $37.1 million from $78.0 million over the same period, a decline of 52%.

The partnership deployed $72.5 million in investing activities during the quarter, down sharply from $213.3 million a year earlier. Financing activities consumed $57.3 million in cash, reversing a $110.5 million inflow in the first quarter of 2025.

Long-term debt stood at $2.44 billion as of March 31, 2026, up from $2.37 billion three months prior. Total liabilities declined slightly to $2.92 billion from $2.93 billion at the end of 2025.

Stockholders' equity rose to $2.76 billion from $2.67 billion over the quarter, driven by the surge in net income. Retained earnings climbed to $306.7 million from $230.7 million during the same period.

The partnership had 132.6 million common shares outstanding as of March 31, 2026, up marginally from 132.5 million at year-end 2025. Additional paid-in capital increased to $2.44 billion from $2.44 billion.

First Quarter Financial Summary

*As of December 31, 2025

Income tax expense fell to $4.0 million from $5.9 million in the year-ago quarter. Interest expense edged up to $115,000 from $102,000.