First Industrial Realty Trust, Inc. (FR): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine room of a top industrial player, and honestly, dissecting the Business Model Canvas for First Industrial Realty Trust, Inc. shows a masterclass in executing within a supply-constrained logistics environment. As someone who spent a decade leading analysis at BlackRock, I see a clear playbook here: they focus on owning roughly 70.4 million square feet of prime space, which allowed them to lock in a 32% cash rental rate increase on their 2025 leases, pushing Q1 lease revenue to $175.4 million. This isn't just about owning buildings; it's about strategic joint ventures, maintaining an investment-grade 'BBB+' rating, and offering tailored supply chain solutions to everyone from multinational firms to local manufacturers. Keep reading below for the full nine-block breakdown of how First Industrial Realty Trust, Inc. builds and captures that value.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Key Partnerships

You're looking at how First Industrial Realty Trust, Inc. (FR) builds and operates its logistics real estate platform, which relies heavily on external entities for capital and execution. This isn't a solo operation; it's a network of specialized relationships that lets First Industrial Realty Trust, Inc. scale developments like the massive Camelback 303 project.

The partnerships fall into distinct categories: capital providers, development collaborators, and service vendors. For a company with approximately 70.2 million square feet of industrial space owned or under development as of March 31, 2025, these relationships are critical to maintaining momentum, especially in their 15 target MSAs.

Joint Ventures for Large-Scale Developments

First Industrial Realty Trust, Inc. actively partners on major projects. The Camelback 303 global logistics park in Glendale, Arizona, is a prime example of this strategy. This development is being executed in joint venture with Merit Partners and Diamond Realty Investments, which is the real estate investment arm of Mitsubishi Corp.

The scope of this partnership is significant, targeting a total build-out of approximately 9 to 10 million square feet of Class A industrial space. Even within the JV structure, First Industrial Realty Trust, Inc. manages asset recycling; for instance, in the first quarter of 2025, the Company acquired two 100% leased buildings totaling 796,000 square feet from this JV for a purchase price of $120 million, net of their share of gain and promote, yielding a cash yield of 6.4%. As of the third quarter of 2025, there was still 501,000 SF remaining at Building C at the Camelback 303 JV available for leasing.

Financial Institutions for Capital Securing

Securing debt and equity capital is managed through relationships with major financial institutions. A key recent action was the pricing of a public offering of $450 million aggregate principal amount of 5.25% senior unsecured notes due January 15, 2031, which settled on May 14, 2025. This issuance followed a May 2025 upgrade of their senior unsecured debt rating to 'BBB+' from Fitch Ratings.

The execution of this debt offering relied on several key financial partners acting as joint book-running managers. Also, in Q1 2025, First Industrial Realty Trust, Inc. renewed its unsecured revolving credit facility, up-sizing it by $100 million to reach $850 million, alongside renewing a $200 million unsecured term loan, showing ongoing reliance on its banking partners.

Here's a look at the key financial partners involved in the May 2025 unsecured notes offering:

Role	Financial Institution(s)	Transaction Detail
Joint Book-Running Managers	J.P. Morgan Securities LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC, Wells Fargo Securities, LLC	Pricing of $450 million senior unsecured notes due 2031
Joint Book-Running Managers	BofA Securities, Inc., Citigroup Global Markets Inc., Fifth Third Securities, Inc., Regions Securities LLC, U.S. Bancorp Investments, Inc.	Pricing of $450 million senior unsecured notes due 2031
Co-Manager	Samuel A. Ramirez & Company, Inc.	Pricing of $450 million senior unsecured notes due 2025

Third-Party Providers and Construction Firms

While specific names for maintenance and construction partners aren't always detailed in public filings, the development pipeline necessitates relationships with quality third-party providers and general contractors. These partners are essential for executing developments across the portfolio, which saw planned development starts in Q2 2025 totaling 402,000 square feet in Dallas and Philadelphia with an estimated combined investment of $54 million.

The reliance on external construction expertise is implicit in the development strategy. First Industrial Realty Trust, Inc. signed 772,000 SF of new leases for development projects in the third and fourth quarters to-date of 2025, requiring coordination with construction and property management networks.

You can see the scale of external service needs through the company's leasing activity:

• 32% Cash Rental Rate Increase on leases signed to-date commencing in 2025 (37% excluding a 1.3 MSF fixed-rate renewal).
• 31% Cash Rental Rate Increase on leases signed to-date commencing in 2026.
• General and administrative expense (G&A) guidance for 2025 is set between $40.5 million and $41.5 million.

Finance: draft Q4 2025 partner utilization review by January 15, 2026.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Key Activities

You're looking at the core engine driving First Industrial Realty Trust, Inc.'s performance through late 2025. It's all about executing on logistics real estate, from the ground up to the lease signing.

Owning, operating, and developing logistics real estate properties.

First Industrial Realty Trust, Inc. maintains a focused platform across the U.S. As of September 30, 2025, the company owned and had under development approximately 70.4 million square feet of industrial space. This activity is concentrated in 15 target MSAs, emphasizing supply-constrained, coastally oriented markets.

Strategic property acquisition and disposition for portfolio optimization.

Optimization involves both adding high-yield assets and selling mature ones. For instance, in the first quarter of 2025, First Industrial Realty Trust, Inc. acquired two 100% leased buildings totaling 796,000 Square Feet for a $120 Million Purchase Price, which carried a 6.4% Cash Yield. On the disposition side, the company sold Five Buildings for $25 Million in the fourth quarter of 2024, contributing to $163 Million in total sales for 2024. Development starts are also a key part of this; two planned starts in Q2 2025 totaled 402,000 Square Feet with an estimated combined Cash Yield of 8%. That's how you manage the asset base.

Leasing activities, securing a 32% cash rental rate increase on 2025 leases.

Leasing is where the current market strength really shows up in the numbers. The company is locking in significant rate increases across its portfolio. Honestly, the leasing metrics are what you want to see right now.

Leasing Metric	Value as of Q3 2025 Reporting
In Service Occupancy (Q3 2025 End)	94.0%
Cash Rental Rate Increase on 2025 Leases (To-Date)	32%
Cash Rental Rate Increase on 2025 Leases (Excluding 1.3 MSF Renewal)	37%
Cash Rental Rate Increase on 2026 Leases (To-Date)	31%
Development Leases Signed (Q3/Q4-to-Date)	772,000 SF
Implied Full Year 2025 SS NOI Growth (Cash Basis)	7.0% to 7.5%

The 2025 rate increase of 32% reflects 95% of the 2025 expirations by square footage.

In-house property management and tenant service coordination.

First Industrial Realty Trust, Inc. uses a fully integrated platform to manage its assets, which includes in-house property management aiming for the highest level of customer service. The success of this operational focus is reflected in the portfolio's occupancy and the strong rental rate growth achieved on new and renewal leasing. For example, the Q3 2025 Funds From Operations (FFO) was $0.76 per share/unit.

• Maintain facilities through the High Occupancy Optimization Plan (HOOPs).
• Concentrate on providing high quality facilities.
• Achieve strong rental rate growth on lease signings.

Finance: draft 13-week cash view by Friday.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Key Resources

You're looking at the core assets that power First Industrial Realty Trust, Inc. (FR)'s operations. These aren't just line items; they are the physical and financial foundations that let the company execute its logistics real estate strategy.

The most tangible resource is the sheer scale of the physical holdings. As of September 30, 2025, First Industrial Realty Trust, Inc. owned and had under development approximately 70.4 million square feet of industrial space. This massive footprint is concentrated in specific, high-demand areas, which is a key part of their strategy.

This portfolio is strategically positioned across a national operating platform, which covers 15 target MSAs (Metropolitan Statistical Areas). Having local expertise within these 15 markets helps First Industrial Realty Trust, Inc. manage its assets and secure new tenants effectively.

To fuel future growth, First Industrial Realty Trust, Inc. maintains a land bank for build-to-suit and speculative development. While the total land bank size isn't a single reported number, the activity shows the pipeline is active. For instance, in the second quarter of 2025, the company started two development projects totaling 402,000 square feet with an estimated total investment of $54 million. Furthermore, through the third and fourth quarters to-date of 2025, they signed 772,000 SF of new leases for development projects.

The financial strength backing these physical assets is critical. First Industrial Realty Trust, Inc. boasts a strong balance sheet, evidenced by its investment-grade credit rating from Fitch Ratings, which was upgraded to 'BBB+' in May 2025. This rating helps keep the cost of capital competitive.

Here's a quick look at the core quantifiable resources as of late 2025:

Key Resource Metric	Value/Status (As of Late 2025)
Total Industrial Space Owned and Under Development	70.4 million square feet (as of 9/30/2025)
Geographic Concentration	15 target MSAs
Fitch Credit Rating	BBB+
Development Starts (Q2 2025)	2 projects totaling 402,000 square feet
Estimated Investment for Q2 2025 Starts	$54 million

These resources enable specific operational advantages, like strong leasing momentum:

• Cash rental rate increase on leases signed to-date commencing in 2025: 32% (as of Q3 2025 report).
• Cash rental rate increase on leases signed to-date commencing in 2025, excluding one large renewal: 37% (as of Q3 2025 report).
• Cash rental rate increase on leases signed to-date commencing in 2026: 31% (as of Q3 2025 report).

The operational platform itself is a key resource, allowing First Industrial Realty Trust, Inc. to manage this national portfolio. They also recently executed a significant capital markets move, issuing $450 million of 5.25% senior unsecured notes due January 2031 in the second quarter of 2025, their first public bond offering since 2007. Finance: draft 13-week cash view by Friday.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Value Propositions

You're looking at the core offerings First Industrial Realty Trust, Inc. (FR) provides to its customers, which are the reasons tenants choose their logistics properties over others. This is about the tangible value they deliver in the physical space and the service surrounding it.

High-quality, modern logistics facilities essential for supply chains.

First Industrial Realty Trust, Inc. focuses on providing logistics real estate in supply-constrained, coastally oriented markets, concentrated across 15 target MSAs. The quality of the physical assets has been significantly upgraded; over the past 10 years, the company newly developed nearly 40% of its current portfolio and disposed of more than 40% of its legacy assets. This transformation means the current portfolio quality rivals that of blue-chip peers. As of September 30, 2025, First Industrial Realty Trust, Inc. owned and had under development approximately 70.4 million square feet of industrial space.

Here's a snapshot of the scale and current operational status:

Metric	Value as of Late 2025
Total Owned and Under Development Space	Approximately 70.4 million square feet (as of 9/30/2025)
Target MSAs Concentration	15 target MSAs
In-Service Occupancy	94.0% (as of end of Q3 2025)
2025 Cash Rental Rate Increase (Commencing Leases)	32% (reflecting 95% of 2025 expirations by square footage)

The strong rental rate growth on new and renewal leasing shows tenants are willing to pay a premium for this quality and location. For leases signed to-date commencing in 2025, the cash rental rate increase achieved was 32%.

Customized space solutions, including build-to-suit options.

The development pipeline is a key part of delivering customized space. The company signed 772,000 SF of new leases for development projects in the third and fourth quarters to-date (as of October 15, 2025). This activity includes specific commitments like the remaining 501,000 SF at Building C at the Camelback 303 JV in Phoenix and 56,000 SF at First Park Miami Building 3, both leased in Q3 2025.

• Development leasing wins signal commitment to future space needs.
• Cash rental rate increase on leases commencing in 2026 is 31%.
• The company expects to capitalize $0.09 per share of interest in 2025 related to developments.

Supply chain reconfiguration and consolidation assistance for tenants.

While direct metrics on reconfiguration assistance aren't public, the financial performance suggests successful alignment with tenant needs for supply chain optimization. The cash basis same store net operating income (SS NOI) before termination fees increased 6.1% in the third quarter of 2025, driven by rental rate increases and contractual escalations. Excluding an insurance claim recovery, the SS NOI growth was 5.4%. This operational strength supports the landlord's role in facilitating tenant network adjustments.

Industry-leading, responsive in-house customer service.

First Industrial Realty Trust, Inc. explicitly states it provides industry-leading customer service as part of its value proposition. The company's financial results reflect strong operational execution, which is often tied to service quality. For instance, the 2025 NAREIT FFO guidance was increased by $0.04 at the midpoint to a range of $2.94 to $2.98 per share/unit. Also, the company has raised its dividend for 13 consecutive years.

• Diluted FFO per share/unit was $0.76 in Q3 2025.
• Diluted EPS was $0.49 in Q3 2025.
• The annualized dividend is $1.78 per share, yielding 3.14%.

Finance: draft 13-week cash view by Friday.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Customer Relationships

You're looking at how First Industrial Realty Trust, Inc. keeps its tenants happy and secures future income, which is key for any logistics REIT. Their approach centers on direct engagement and strong contractual terms.

First Industrial Realty Trust, Inc. emphasizes a dedicated in-house property management team, operating through a fully integrated platform to provide high-quality facilities and industry-leading customer service. This direct service model supports portfolio stability, evidenced by the in-service occupancy rate ending the third quarter of 2025 at 94.0%. This figure shows the baseline of retained customer relationships, down slightly from 94.2% at the end of the second quarter of 2025.

The relationship focus is explicitly proactive and long-term, targeting multinational corporations and regional customers that are essential for their supply chains. This focus is geographically managed by concentrating the portfolio and new investments in 15 target MSAs, aiming for deep market penetration rather than broad, shallow exposure. The success in securing long-term commitments is visible in the leasing activity; as of the third quarter of 2025, First Industrial Realty Trust, Inc. had signed 772,000 SF of new leases for development projects in the third and fourth quarters to date.

While specific details on a dedicated customer service coordinator role aren't public, the operational success suggests effective issue resolution. The company's focus on execution is reflected in their financial guidance: the team's leasing wins contributed to a $0.04 per share increase at the midpoint of their 2025 FFO guidance, raising the range to $2.94 to $2.98 per share/unit. This ability to translate operational execution into increased guidance is a direct benefit to the customer relationship, showing responsiveness to market demand.

The structure of contractual rent escalations built into lease agreements is a core driver of predictable revenue. This is clearly demonstrated in the strong pricing power achieved upon renewal and new leasing. For leases signed to-date commencing in 2025, First Industrial Realty Trust, Inc. achieved a cash rental rate increase of approximately 32%. If you exclude one large 1.3 million square-foot fixed-rate renewal, that increase jumps to 37%. Furthermore, they are already locking in future growth, with leases signed to-date commencing in 2026 showing a cash rental rate increase of approximately 31%. These contractual increases, along with rental rate increases on new/renewal leasing, drove the cash basis same store net operating income (SS NOI) growth to 6.1% in the third quarter of 2025.

Here's a quick look at how these customer-facing metrics stack up as of the third quarter of 2025:

Metric	Value (Latest Reported)	Period End Date
In Service Occupancy	94.0%	Q3 2025
Cash Rental Rate Increase (2025 Commencing Leases)	32% (37% excl. 1.3 MSF renewal)	Q3 2025
Cash Rental Rate Increase (2026 Commencing Leases)	31%	Q3 2025
Cash SS NOI Growth	6.1%	Q3 2025
New/Renewal Leasing Cash Rate Increase	26.5%	Q3 2025

The value proposition delivered to these customers, which includes high-quality logistics facilities, is reinforced by the financial results flowing from these relationships:

• Cash basis same store net operating income (SS NOI) increased 6.1% in 3Q25.
• The 2025 full-year NAREIT FFO midpoint guidance was raised to $2.94 to $2.98 per share/unit.
• The company's credit rating is BBB+ from Fitch Ratings.
• The quarterly dividend was increased to $0.445 per share for 1Q25, a 20.3% increase.

Finance: draft 13-week cash view by Friday.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Channels

You're looking at how First Industrial Realty Trust, Inc. (FR) gets its product-high-quality logistics real estate-into the hands of tenants. Their channel strategy leans heavily on an integrated approach, blending internal expertise with external brokerage relationships across their focused geographic footprint.

Direct leasing team and in-house sales force.

First Industrial Realty Trust, Inc. relies on its fully integrated operating platform to drive direct engagement, which is key for securing the high-value, long-term leases that fuel their growth. While the exact 2025 headcount for the direct team isn't public, the scale of their operation suggests a significant internal capacity to manage relationships with multinational corporations and regional firms essential to supply chains. This in-house focus is critical for capturing premium rental rates, as evidenced by their performance on new leases commencing in 2025. For leases signed to-date commencing in 2025, First Industrial Realty Trust, Inc. achieved a cash rental rate increase of approximately 32% as of the third quarter of 2025. If you exclude one large fixed-rate renewal, that increase jumps to 37%. That kind of pricing power often comes from direct negotiation and deep customer understanding.

The success of this direct channel is directly tied to leasing volume, especially on new developments. For instance, through the third quarter and into the fourth quarter of 2025 to-date, the team signed 772,000 SF of new leases for development projects. This demonstrates the internal team's ability to move product quickly in high-demand situations.

National platform for multi-regional tenant solutions.

First Industrial Realty Trust, Inc. markets itself as a national platform capable of solving space needs for firms requiring logistics facilities across multiple regions. This capability is supported by a portfolio concentrated in 15 target MSAs (Metropolitan Statistical Areas). For a tenant needing space in, say, both the Inland Empire and South Florida, First Industrial Realty Trust, Inc. can offer a consistent product and service experience across those markets. The company's total owned and under development industrial space stood at approximately 70.4 million square feet as of September 30, 2025. This scale is what makes the national solution credible to large users.

The effectiveness of this platform is reflected in the forward-looking rental rate achievements:

• Cash rental rate increase on leases signed to-date commencing in 2026 is reported at 31%.
• The 2025 NAREIT FFO guidance was increased at the midpoint to $2.94 to $2.98 Per Share/Unit, a direct result of strong leasing activity.
• As of October 17, 2025, the company's market capitalization was $7.3B on a stock price of $55.11.

Local market experts in supply-constrained, coastally oriented markets.

The national platform is underpinned by deep local knowledge, focusing on supply-constrained, coastally oriented markets. This specialization allows First Industrial Realty Trust, Inc. to command higher rents and secure favorable lease terms where new supply is difficult to bring online. Their leasing success in Q1 2025 showed cash rental rates on new and renewal leasing increasing by 41.7%. This local expertise is what allows them to capture that premium, even when facing broader economic uncertainties like tariff discussions mentioned by management.

Here's a quick look at the scale and leasing momentum driving value through these local channels as of late 2025:

Metric	Value as of Late 2025	Reporting Date/Period
Total Industrial Space Owned/Under Development	70.4 million square feet	September 30, 2025
Target MSAs	15	Q3 2025
Cash Rental Rate Increase (2025 Commencements)	32%	Leases Signed To-Date Q3 2025
Development Leases Signed (Q3 & Q4 To-Date)	772,000 SF	Q3/Q4 To-Date 2025
Trailing 12-Month Revenue	$714M	As of September 30, 2025
Q4 2025 Dividend Declared	$0.445 per share/unit	Declared October 29, 2025

Commercial real estate brokers and advisory firms.

To supplement the direct team, First Industrial Realty Trust, Inc. engages with the broader commercial real estate brokerage community. These external partners are essential for reaching tenants who work exclusively through advisory firms or who are seeking space in markets where the internal team may benefit from local broker relationships. The strong rental rate growth across the board suggests that whether the deal is sourced internally or externally, the underlying market demand is robust enough to support premium pricing. The company's focus on leasing is the lifeblood of its growth, as noted by management, which directly supports the upward revision to the 2025 FFO guidance.

The leasing activity shows that both direct and broker-sourced deals are contributing to strong results:

• Cash rental rates on new and renewal leasing in Q2 2025 increased 28.0% on a cash basis.
• The company secured commitments for 73% of its 2025 expiring square footage by Q1 2025.
• In Q3 2025, in-service occupancy was 94.0%.

If onboarding takes 14+ days, churn risk rises, but the strong leasing momentum suggests the channel execution is generally smooth.

Finance: draft 13-week cash view by Friday.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Customer Segments

You're looking at who First Industrial Realty Trust, Inc. (FR) actually rents its industrial space to. This isn't a one-size-fits-all operation; their customer base is built to handle the complexity of modern supply chains.

First Industrial Realty Trust, Inc. provides facilities and service to both multinational corporations and regional firms that are critical to their operations. As of late 2025, the company manages a portfolio that supports 869 tenants across 19 states. The overall in-service occupancy stood at 94.0% at the end of the third quarter of 2025. These tenants often sign long-term commitments, commonly agreeing to lease terms between 5-15 year durations, frequently under a triple net lease structure.

The customer base is intentionally broad to capture demand across the entire logistics ecosystem. Here is a look at the key industries served by First Industrial Realty Trust, Inc.:

• E-commerce and third-party logistics providers.
• Transportation and wholesale goods distributors.
• Manufacturing operations requiring modern facilities.
• Retail and consumer services companies.
• Food and beverage distribution centers.
• Government and health services entities.

To give you a concrete idea of the caliber of tenants, some of the top names leasing space include Amazon.com, Inc. (AMZN), Lowe's Companies, Inc. (LOW), Walmart Inc. (WMT), and PepsiCo, Inc. (PEP). The company's trailing 12-month revenue as of September 30, 2025, was $714M.

The geographic focus also dictates the type of customer demand they see, with about 25% of rent revenue derived from Southern California alone, and another 19.4% of revenues coming from the Central & Eastern Pennsylvania, New Jersey, and Baltimore/Washington D.C. corridor. This concentration suggests a strong segment focus on high-demand coastal and major distribution hubs.

Here's a snapshot of the scale and the types of customers First Industrial Realty Trust, Inc. supports:

Metric	Value (Late 2025 Data)
Total Industrial Properties Owned	423
Total Number of Tenants	869
In-Service Occupancy (Q3 2025)	94.0%
Average Lease Term Commitment	5 to 15 years
Trailing 12-Month Revenue (as of 9/30/2025)	$714M
Cash Rental Rate Increase on 2025 Commencing Leases (To-Date)	32%

The demand from these segments is translating into strong pricing power; the cash rental rate increase on leases signed to-date commencing in 2025 was approximately 32%. Finance: draft 13-week cash view by Friday.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Cost Structure

You're looking at the core costs First Industrial Realty Trust, Inc. (FR) faces to keep its logistics real estate platform running and growing as of late 2025. For a REIT focused on owning, operating, and developing industrial space, these costs are heavily weighted toward property maintenance and financing.

The most immediate, recurring operational cost is property operating expenses. For the first quarter of 2025, these expenses hit $48.3 million. This figure reflects the day-to-day costs of running a massive portfolio, including things like property taxes, insurance, and routine maintenance. It's up from $47.0 million in the prior year, showing that operational costs are definitely ticking up.

Next, you have the overhead required to manage the whole enterprise. First Industrial Realty Trust, Inc. has guided its General and Administrative (G&A) expenses for the full year 2025 to be in the range of $40.5 million to $41.5 million. To be fair, G&A can fluctuate; for instance, Q1 2025 G&A saw a significant jump to $15.9 million, driven by accelerated equity compensation, which isn't a recurring run-rate cost. Still, the full-year guidance gives you the baseline administrative spend.

Financing costs are a huge component for any real estate investment trust. As of the first quarter of 2025, First Industrial Realty Trust, Inc.'s total liabilities stood at $2.7 billion. Servicing that debt means significant interest expense. While the exact interest expense for Q1 2025 isn't explicitly stated as a single line item in the provided snippets, we know the debt load is substantial. Furthermore, the company expected to capitalize $0.09 per share of interest in 2025, meaning some interest costs are being added to the basis of development properties rather than being expensed immediately.

Finally, the investment in future revenue streams comes via capital expenditures for development and redevelopment projects. This is where the company spends to grow its square footage and modernize its assets. For example, in the fourth quarter of 2024, the company started two developments totaling 679,000 square feet in Nashville and Lehigh Valley, with an estimated investment of $96 million. These are the costs that drive future Net Operating Income (NOI) growth.

Here's a quick look at those key cost figures we pulled:

Cost Category	Specific Metric/Period	Amount
Property Operating Expenses	Q1 2025	$48.3 million
General and Administrative (G&A) Expense	2025 Full Year Guidance	$40.5 million to $41.5 million
Total Liabilities	Q1 2025	$2.7 billion
Capitalized Interest Expectation	Full Year 2025	$0.09 per share
Estimated Investment (Q4 2024 New Starts)	Development Projects	$96 million

When you break down the cost drivers, you see where the cash is going:

• Maintaining the existing 70.4 million square feet portfolio.
• Salaries, overhead, and administrative functions for the integrated platform.
• Interest payments on the $2.7 billion in total liabilities.
• Funding development pipeline costs, like the $96 million estimated investment for Q4 2024 starts.
• Non-incremental capital expenditures for necessary building improvements.

Finance: draft 13-week cash view by Friday.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Revenue Streams

You're analyzing the core income drivers for First Industrial Realty Trust, Inc. (FR) as of late 2025. For a logistics REIT like First Industrial Realty Trust, Inc. (FR), the revenue streams are tightly linked to the physical assets and the leasing environment. The primary engine, as you'd expect, is rent collection, but asset disposition gains also play a role.

Lease revenue is the bedrock of First Industrial Realty Trust, Inc. (FR)'s financial structure. For the first quarter of 2025, this primary stream clocked in at $175.4 million. To give you a sense of the overall top-line performance, the total revenue for the twelve months ending September 30, 2025, reached $0.714 billion. This shows consistent, high-volume revenue generation from the logistics portfolio.

We can also look at the most recent quarterly revenue reported, which was $181.43 million for the third quarter of 2025. This is a good indicator of the current run rate, showing an 8.2% year-over-year increase for that quarter.

Another component of revenue comes from gains from the sale of real estate, which reflects active asset management-selling properties that might be mature or non-core to recycle capital. In Q1 2025, First Industrial Realty Trust, Inc. (FR) realized a gain of $6.8 million from these sales. While this is a source of income, it's often more variable than the steady lease revenue.

The real story, and a defintely strong driver, is the rental rate growth from new and renewal leasing. This is where you see the immediate impact of supply-constrained markets on the income statement. Here's a quick look at how strong that leasing momentum was in the first half of 2025:

Metric	Q1 2025 Result	Q3 2025 Leases Signed To-Date Commencing In 2025
Cash Rental Rate Increase (New & Renewal)	41.7%	32% (95% of 2025 expirations by SF)
Straight-Line Rental Rate Increase (New & Renewal)	77.0%	40.6% (Commenced in Q3)
Cash Rental Rate Increase (2025 Leases, Excluding 1.3 MSF Renewal)	36%	37% (Excluding 1.3 MSF Renewal)

This sustained, double-digit rental rate growth is what fuels the Cash Same Store NOI Growth, which hit 10.1% in Q1 2025. It's clear that the pricing power on new and renewed leases is a critical component of the revenue stream.

To summarize the key revenue-related figures we're tracking for First Industrial Realty Trust, Inc. (FR) as of late 2025, consider this snapshot:

• Lease Revenue (Q1 2025): $175.4 million
• Total Revenue (TTM ending 9/30/2025): $0.714 billion
• Revenue (Q3 2025): $181.43 million
• Gain on Sale of Real Estate (Q1 2025): $6.8 million
• Cash Rental Rate Increase on 2025 Leases (as of Q3): 32%

Finance: draft 13-week cash view by Friday.