FIRST INDUSTRIAL REALTY TRUST INCFR

FIRST INDUSTRIAL REALTY TRUST INC Earnings Per Share Disclosure

10-KFiled Feb 11, 20262 min read
Earnings Per Share and Earnings Per Unit ("EPS"/"EPU")
The computation of basic and diluted EPS of the Company is presented below: 
Year Ended December 31, 2025
Year Ended December 31, 2024
Year Ended December 31, 2023
Numerator:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders$247,297 $287,343 $274,584 
Denominator (In Thousands):
Weighted Average Shares - Basic132,446 132,369 132,264 
Effect of Dilutive Securities:
Performance Units (See Note 11)68 47 77 
Weighted Average Shares - Diluted132,514 132,416 132,341 
Basic EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
$1.87 $2.17 $2.08 
Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
$1.87 $2.17 $2.07 
The computation of basic and diluted EPU of the Operating Partnership is presented below:
Year Ended December 31, 2025
Year Ended December 31, 2024
Year Ended December 31, 2023
Numerator:
Net Income Available to Unitholders$254,550 $294,670 $281,150 
Denominator (In Thousands):
Weighted Average Units - Basic135,466 135,092 134,777 
Effect of Dilutive Securities:
Performance Units and certain Performance RLP Units (See Note 11)572 334 472 
Weighted Average Units - Diluted136,038 135,426 135,249 
Basic EPU:
Net Income Available to Unitholders
$1.88 $2.18 $2.09 
Diluted EPU:
Net Income Available to Unitholders
$1.87 $2.18 $2.08 
At December 31, 2025, 2024 and 2023, participating securities for the Company included 68,829, 92,663 and 100,795, respectively, of Service Awards (see Note 11), which participate in non-forfeitable distributions. At December 31, 2025, 2024, and 2023, participating securities for the Operating Partnership included 189,217, 259,957 and 253,955, respectively, of Service Awards and certain Performance Awards (see Note 11), which participate in non-forfeitable distributions. Under the two-class method, participating security holders are allocated income, in proportion to total weighted average shares or Units outstanding, based upon the greater of net income or common stock dividends or Unit distributions declared.

Historical Timeline

Fiscal YearFiled
2025Feb 11, 2026Showing above
2024Feb 14, 2025
2023Feb 14, 2024
2022Feb 16, 2023
2021Feb 18, 2022
2020Feb 16, 2021
2019Feb 13, 2020
2018Feb 20, 2019
2017Feb 26, 2018
2016Feb 24, 2017
2015Feb 25, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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