First Industrial rents out industrial buildings across the United States, and its rental income kept rising in the third quarter of 2026. The question is whether that growth can outpace higher interest and depreciation and reach owners per share.
Many goods may pass through a large, plain building near a highway before they reach a shop or a front door. First Industrial Realty Trust owns this kind of property. At September 30, 2026, it held 420 industrial properties in 19 US states, with about 72 million square feet of space to lease. It does not run the businesses inside. It is a landlord: companies pay to use the space, and almost all of its revenue is rent.
When a lease ends, the space is let again, to the same tenant or a new one, at whatever rent the market then supports. Revenue therefore moves in two ways: with rents reset on renewal, and with new buildings, bought or built, once they are leased. What the company keeps depends on four costs: running the properties, interest on the money borrowed to buy and build them, depreciation (the accounting charge that spreads a building's cost over its useful life), and head-office overhead. Each new building brings its own depreciation and financing cost, so it must earn enough rent to cover both before it adds anything for owners. Management plans to fund purchases, construction, debt payments and required dividends mainly from the cash its day-to-day renting brings in and from selected property sales, with borrowing as an extra source.
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