First Industrial Realty Trust, Inc. (FR) SEC Filings & Earnings Calls

Interest Rate Risk

“If the SOFR rate component relevant to our variable rate debt were to have increased 10%, we estimate that our interest expense during the nine months ended September 30, 2026 would have increased by approximately $0.6 million” · word for word

Contested Proxy Campaign Costs

“General and administrative expense increased by $7.5 million, or 23.0%, primarily due to $5.6 million of costs related to financial advisors, legal counsel and other consultants in connection with a contested proxy campaign” · word for word

Occupancy declined sequentially from 94.9% to 94.1%

“In service occupancy was 94.1% at the end of the third quarter of 2026, compared to 94.9% at the end of the second quarter of 2026.” · word for word

Leadership departure could signal internal issues or strategic shift.

“departure of a director or principal officer (CEO/CFO change)”

Interest Rate Risk

“Interest expense increased by $7.1 million, or 17.2%, primarily due to a higher weighted average debt balance of $2,599.3 million for the six months ended June 30, 2026 as compared to $2,334.8 million for the six months ended June 30, 2025 as well as an increase in the weighted average interest rate to 4.22% for the six months ended June 30, 2026 as compared” · word for word

Occupancy Decline

“For the six months ended June 30, 2026 and 2025, the average daily occupancy rate of our same store properties was 94.3% and 95.2%, respectively.” · word for word

Occupancy still below pre-pandemic highs; average occupancy guidance 94-95% leaves limited upside.

“Average quarter-end in service occupancy of 94.0% to 95.0%.” · word for word

Contested proxy campaign advisory costs of $0.04/share in FFO guidance.

“Advisory Costs Related to a Contested Proxy Campaign $0.04.” · word for word

Interest Rate Exposure

“If the SOFR rate component relevant to our variable rate debt were to have increased 10%, we estimate that our interest expense during the three months ended March 31, 2026 would have increased by approximately $0.2 million.” · word for word

Proxy Contest Costs

“General and administrative expense increased by $7.1 million, or 44.5%, primarily due to $5.6 million of costs as of the date hereof related to financial advisors, legal counsel and other consultants in connection with a threatened contested proxy campaign.” · word for word

Occupancy declined to 94.3% from 95.3% YoY; 3PL tenant credit watchlist resolved with payment plan

“In service occupancy was 94.3% at the end of the first quarter of 2026, compared to 95.3% at the end of the first quarter of 2025” · word for word

Contested proxy campaign incurred advisory costs; impact on FFO

“Excluding advisory costs related to a contested proxy campaign” · word for word

Activist shareholder pressure

“Land & Buildings voluntarily and without discussion withdrew its nomination of its Founder and Managing Principal, Mr. Litt, on March 20, 2026. Immediately thereafter, Mr. Litt issued a press release urging the Company's shareholders to withhold support from two of the Company's directors.” · word for word

No specified expiration date for repurchase program; company not obligated to repurchase any specific amount.

“Repurchase Program does not obligate the Company to repurchase any particular dollar amount or number of shares... does not have a specified expiration date.” · word for word

Interest Rate Risk

“If the SOFR rate component relevant to our variable rate debt were to have increased 10%, we estimate that our interest expense during the years ended December 31, 2025 and 2024 would have increased by approximately $0.8 million and $1.5 million, respectively” · word for word

Inflation Risk on Development Costs

“Rising costs for materials and other costs increase the expense of property development, impacting our ability to achieve anticipated returns on these projects.” · word for word

Occupancy declined to 94.4% from 96.2% a year ago; volatile leasing market due to tariff policies.

“In service occupancy was 94.4% at the end of Q4 2025, compared to 96.2% at the end of Q4 2024.” · word for word