A Business at a Glance
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FIRST INDUSTRIAL REALTY TRUST INC
FR
$8.9B
Mkt Cap
$66.99
+1.00%
FIRST INDUSTRIAL REALTY TRUST INC (FR) has a current P/E ratio of 35.8, compared to its historical median P/E of 21.4. The stock is currently considered Expensive based on its historical valuation range.
FIRST INDUSTRIAL REALTY TRUST INC (FR) has a 5-year average return on invested capital (ROIC) of 10.8%. This indicates solid capital allocation.
FIRST INDUSTRIAL REALTY TRUST INC (FR) has a market capitalization of $8.9B. It is classified as a mid-cap stock.
Yes, FIRST INDUSTRIAL REALTY TRUST INC (FR) pays a dividend with a trailing twelve-month yield of 2.72%.
Based on historical P/E analysis, FIRST INDUSTRIAL REALTY TRUST INC (FR) appears expensive. The current P/E of 35.8 is 68% above its historical median of 21.4. The estimated fair value CAGR (P/E method) is 5.4%.
FIRST INDUSTRIAL REALTY TRUST INC (FR) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
FIRST INDUSTRIAL REALTY TRUST INC (FR) reported annual revenue of $727 million in its most recent fiscal year, based on SEC EDGAR filings.
First Industrial Realty Trust is a self-administered and fully integrated REIT that owns, manages, acquires, develops, and redevelops industrial real estate across 19 states. As of December 31, 2025, the company's in-service portfolio comprised 414 industrial properties containing approximately 69.9 million square feet of gross leasable area, with operations conducted primarily through a Delaware limited partnership in which the company holds a 97% ownership interest. The company pursues internal growth through lease renewals at higher rental rates, contractual rent escalations, occupancy optimization, expense control, and selective property renovations, while pursuing external growth through development and acquisition of industrial properties and portfolios within 15 key logistics markets characterized by favorable fundamentals, constrained supply, population growth, and land scarcity. The company employs a decentralized property operations strategy with experienced regional management teams supported by a Chicago headquarters that provides acquisition, development, financing, and asset management functions, enabling operating efficiencies through overhead cost spreading and favorable vendor negotiations. Revenue is generated through long-term industrial leases with contractual rent escalations, and the company focuses on markets exhibiting desirable long-term growth characteristics, diversified economic environments benefiting from global trade and local consumption growth, and favorable regulatory and tax environments.
【Steady leasing momentum continuing】 Management expects cash rental rate growth to range from 30%-40% for 2026, with in-service occupancy guidance of 94%-95% on a quarter-end average basis. The company has achieved significant progress on 2026 lease rollovers, including a major 556,000 square foot Southern California building renewal that exceeded the top end of the annual guidance range at over 40% cash rental rate growth. Development leasing activity is expected to contribute to results, with approximately 1.7 million square feet of development pipeline potential, though management notes that even without full lease-up of this development space, 2026 FFO guidance would remain within the stated range, reflecting confidence in core portfolio performance and operational execution.
| Metric | Target | Period |
|---|---|---|
| FFO per share (NAREIT) | $3.09–$3.19 | FY2026 |
| Average quarter-end in-service occupancy | 94%–95% | FY2026 |
| Cash rental rate growth | 30%–40% | FY2026 |
| Capitalized interest | $0.08 per share | FY2026 |
| Cash same-store NOI growth | 5%–6% | FY2026 |
FFO per share (NAREIT) (FY2026): “2026 FFO guidance range, absent these advisory costs, is $3.09-$3.19 per share”
Average quarter-end in-service occupancy (FY2026): “Average quarter-end in-service occupancy of 94%-95%”
Cash rental rate growth (FY2026): “For the full year, we expect cash rental rate growth to range from 30%-40%”
Capitalized interest (FY2026): “For the full year of 2026, we expect to capitalize about $0.08 per share of interest”
Cash same-store NOI growth (FY2026): “2026 full-year average cash same-store NOI growth, 5%-6%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 745M | 727M | 670M | 614M | 540M | 476M |
| Net Income | 342M | 247M | 287M | 275M | 359M | 271M |
| EPS | $2.58 | $1.87 | $2.17 | $2.07 | $2.72 | $2.09 |
| Free Cash Flow | 395M | 115M | 306M | 249M | 106M | -86M |
| ROIC | 9.1% | 8.7% | 9.7% | 9.7% | 13.1% | 12.9% |
| Gross Margin | - | 48.2% | 47.0% | 46.5% | 46.1% | 44.9% |
| Debt/Equity | 0.40 | 0.41 | 0.45 | 0.48 | 0.43 | 0.24 |
| Dividends/Share | $1.82 | $1.78 | $1.48 | $1.28 | $1.18 | $1.08 |
| Operating Income | 6.1M | 347M | 376M | 358M | 431M | 320M |
| Operating Margin | 0.8% | 47.8% | 56.2% | 58.2% | 79.9% | 67.1% |
| ROE | 12.4% | 9.3% | 11.0% | 10.9% | 15.4% | 13.2% |
| Shares Outstanding | 133M | 132M | 132M | 133M | 132M | 130M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 347M | 366M | 378M | 396M | 404M | 426M | 448M | 476M | 540M | 614M | 670M | 727M | 745M |
| Gross Margin | 34.7% | 37.6% | 39.3% | 42.0% | 42.2% | 44.2% | 44.5% | 44.9% | 46.1% | 46.5% | 47.0% | 48.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 23M | 25M | 27M | 28M | 28M | 29M | 33M | 35M | 34M | 37M | 41M | 42M | 49M |
| EBIT | 119M | 141M | 181M | 259M | 213M | 292M | 249M | 320M | 431M | 358M | 376M | 347M | 6.1M |
| Op. Margin | 34.3% | 38.6% | 48.0% | 65.4% | 52.8% | 68.5% | 55.7% | 67.1% | 79.9% | 58.2% | 56.2% | 47.8% | 0.8% |
| Net Income | 47M | 74M | 121M | 201M | 163M | 238M | 196M | 271M | 359M | 275M | 287M | 247M | 342M |
| Net Margin | 13.4% | 20.1% | 32.0% | 50.7% | 40.3% | 55.9% | 43.7% | 56.8% | 66.5% | 44.7% | 42.9% | 34.0% | 46.0% |
| Non-Recurring | 0 | 626K | 0 | 0 | 2.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 4.6% | 5.5% | 6.7% | 9.2% | 8.7% | 13.0% | 10.8% | 12.9% | 13.1% | 9.7% | 9.7% | 8.7% | 9.1% |
| ROE | 4.3% | 6.9% | 10.4% | 15.0% | 10.6% | 14.0% | 10.7% | 13.2% | 15.4% | 10.9% | 11.0% | 9.3% | 12.4% |
| ROA | 1.8% | 2.8% | 4.4% | 7.0% | 5.3% | 7.2% | 5.4% | 6.8% | 7.9% | 5.4% | 5.5% | 4.5% | 5.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 137M | 162M | 174M | 193M | 210M | 246M | 240M | 267M | 411M | 305M | 352M | 461M | 462M |
| Free Cash Flow | 41M | -6.0M | 66M | 17M | 53M | 194M | 20M | -86M | 106M | 249M | 306M | 115M | 395M |
| Owner Earnings | 21M | 41M | 51M | 68M | 88M | 120M | 105M | 131M | 248M | 125M | 160M | 256M | 267M |
| CapEx | 96M | 168M | 107M | 175M | 158M | 51M | 220M | 353M | 305M | 56M | 46M | 346M | 66M |
| Maint. CapEx | 112M | 114M | 117M | 116M | 116M | 121M | 130M | 131M | 147M | 163M | 172M | 185M | 192M |
| Growth CapEx | 0 | 54M | 0 | 59M | 41M | 0 | 91M | 222M | 158M | 0 | 0 | 161M | 0 |
| D&A | 112M | 114M | 117M | 116M | 116M | 121M | 130M | 131M | 147M | 163M | 172M | 185M | 192M |
| CapEx/OCF | 10.9% | 15.9% | 18.9% | 20.0% | 15.0% | 20.8% | 14.1% | 30.9% | 21.0% | 18.3% | 13.1% | 15.2% | 14.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 45M | 56M | 83M | 101M | 110M | 117M | 127M | 140M | 155M | 169M | 193M | 231M | 242M |
| Dividend Yield | 3.0% | 3.2% | 3.7% | 3.6% | 3.5% | 3.0% | 2.9% | 2.4% | 2.4% | 2.7% | 3.0% | 3.4% | 2.7% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 4.7M | 7.2M | 5.2M | 8.6M | 6.0M | 4.4M | 5.9M | 5.1M | 16M | 17M | 20M | 20M | 2.6M |
| Debt Repayment | 344M | 454M | 305M | 474M | 382M | 257M | 405M | 210M | 656M | 218M | 338M | 874M | 874M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.5B | 1.5B | 1.5B | 1.4B | 414M | 595M | 296M | 479M | 929M | 1.2B | 1.2B | 1.0B | 1.1B |
| Cash & Equiv. | 9.5M | 4.0M | 9.9M | 21M | 43M | 21M | 162M | 59M | 133M | 44M | 45M | 78M | 37M |
| Long-Term Debt | 1.3B | 1.4B | 1.4B | 1.3B | 457M | 458M | 458M | 458M | 919M | 921M | 922M | 922M | 993M |
| Debt/Equity | 1.46 | 1.39 | 1.24 | 1.02 | 0.28 | 0.35 | 0.24 | 0.24 | 0.43 | 0.48 | 0.45 | 0.41 | 0.40 |
| Interest Coverage | 1.6 | 2.1 | 3.1 | 4.5 | 4.2 | 5.8 | 4.9 | 7.2 | 8.8 | 4.8 | 4.5 | 4.1 | 0.1 |
| Equity | 1.0B | 1.1B | 1.2B | 1.4B | 1.6B | 1.8B | 1.9B | 2.2B | 2.5B | 2.6B | 2.7B | 2.7B | 2.8B |
| Total Assets | 2.6B | 2.7B | 2.8B | 2.9B | 3.1B | 3.5B | 3.8B | 4.2B | 5.0B | 5.2B | 5.3B | 5.7B | 5.8B |
| Total Liabilities | 1.5B | 1.6B | 1.5B | 1.5B | 1.5B | 1.7B | 1.8B | 1.9B | 2.4B | 2.5B | 2.5B | 2.9B | 2.9B |
| Intangibles | 34M | 33M | 29M | 30M | 30M | 29M | 25M | 21M | 24M | 22M | 19M | 32M | 32M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 23M | 128M | 219M | 231M | 307M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | 80M | 94M | 84M | 87M | 79M | 115M | 120M | 153M | 194M | 143M | 133M | 179M | 155M |
| Per Share Data | |||||||||||||
| EPS | 0.42 | 0.66 | 1.05 | 1.69 | 1.31 | 1.88 | 1.53 | 2.09 | 2.72 | 2.07 | 2.17 | 1.87 | 2.58 |
| Owner EPS | 0.19 | 0.37 | 0.45 | 0.57 | 0.71 | 0.95 | 0.82 | 1.01 | 1.88 | 0.94 | 1.21 | 1.93 | 2.02 |
| Book Value | 9.45 | 9.63 | 10.79 | 12.02 | 13.25 | 13.92 | 14.88 | 16.95 | 18.64 | 19.32 | 20.13 | 20.20 | 20.80 |
| Cash Flow/Share | 1.24 | 1.45 | 1.51 | 1.62 | 1.69 | 1.94 | 1.88 | 2.06 | 3.12 | 2.30 | 2.66 | 3.49 | 4.03 |
| Dividends/Share | 0.41 | 0.51 | 0.76 | 0.84 | 0.87 | 0.92 | 1.00 | 1.08 | 1.18 | 1.28 | 1.48 | 1.78 | 1.82 |
| Shares Out. | 111.0M | 111.4M | 115.1M | 118.8M | 124.2M | 126.7M | 127.9M | 129.5M | 131.9M | 132.6M | 132.4M | 132.2M | 132.6M |
| Valuation | |||||||||||||
| P/E Ratio | 37.2 | 25.7 | 20.5 | 15.1 | 18.0 | 18.7 | 23.8 | 27.9 | 15.9 | 24.2 | 22.3 | 30.9 | 25.9 |
| P/FCF | 42.1 | N/A | 37.2 | 175.3 | 55.7 | 22.9 | 230.6 | N/A | 54.2 | 26.7 | 20.9 | 66.6 | 22.5 |
| EV/EBIT | N/A | N/A | 17.1 | 50.6 | 15.5 | 17.2 | 458.0 | 25.0 | 15.1 | 21.7 | 20.0 | 24.7 | N/A |
| Price/Book | 1.7 | 1.8 | 2.0 | 2.1 | 1.8 | 2.5 | 2.5 | 3.5 | 2.3 | 2.6 | 2.4 | 2.9 | 3.2 |
| Price/Sales | 4.4 | 4.8 | 5.9 | 7.0 | 7.9 | 9.3 | 9.8 | 12.5 | 11.8 | 10.1 | 9.8 | 9.3 | 11.9 |
| FCF Yield | 2.4% | -0.3% | 2.7% | 0.6% | 1.8% | 4.4% | 0.4% | -1.1% | 1.8% | 3.8% | 4.8% | 1.5% | 4.4% |
| Market Cap | 1.7B | 1.9B | 2.5B | 3.0B | 2.9B | 4.5B | 4.7B | 7.6B | 5.7B | 6.6B | 6.4B | 7.6B | 8.9B |
| Avg. Price | 13.62 | 15.70 | 19.46 | 23.27 | 25.45 | 31.10 | 34.40 | 45.81 | 48.15 | 46.72 | 49.32 | 51.07 | 66.99 |
| Year-End Price | 15.61 | 16.96 | 21.49 | 25.46 | 23.61 | 35.07 | 36.44 | 58.41 | 43.37 | 50.04 | 48.34 | 57.83 | 66.99 |
FIRST INDUSTRIAL REALTY TRUST INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
FIRST INDUSTRIAL REALTY TRUST INC trades at 35.8x trailing earnings, compared to its 15-year median P/E of 21.4x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 22.7x vs a median of 37.2x. The company's 5-year average ROIC is 10.8% with a gross margin of 46.5%. Total shareholder yield (dividends) is 2.7%. At current prices, the estimated annualized return to fair value is +9.0%.
FIRST INDUSTRIAL REALTY TRUST INC (FR) has a net profit margin of 34.0%. This is a strong margin indicating high profitability.
FIRST INDUSTRIAL REALTY TRUST INC (FR) generated $115 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FIRST INDUSTRIAL REALTY TRUST INC (FR) has a debt-to-equity ratio of 0.41. This indicates a conservatively financed balance sheet.
FIRST INDUSTRIAL REALTY TRUST INC (FR) reported earnings per share (EPS) of $1.87 in its most recent fiscal year.
FIRST INDUSTRIAL REALTY TRUST INC (FR) has a return on equity (ROE) of 9.3%. This indicates moderate shareholder returns.
FIRST INDUSTRIAL REALTY TRUST INC (FR) has a 5-year average gross margin of 46.5%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for FIRST INDUSTRIAL REALTY TRUST INC (FR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FIRST INDUSTRIAL REALTY TRUST INC (FR) has a book value per share of $20.20, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects cash rental rate growth to range from 30%-40% for 2026, with in-service occupancy guidance of 94%-95% on a quarter-end average basis. The company has achieved significant progress on 2026 lease rollovers, including a major 556,000 square foot Southern California building renewal that exceeded the top end of the annual guidance range at over 40% cash rental rate growth. Development leasing activity is expected to contribute to results, with approximately 1.7 million square feet of development pipeline potential, though management notes that even without full lease-up of this development space, 2026 FFO guidance would remain within the stated range, reflecting confidence in core portfolio performance and operational execution.
Based on recent SEC filings and earnings calls, FIRST INDUSTRIAL REALTY TRUST INC (FR) has provided the following forward guidance: FFO per share (NAREIT): $3.09–$3.19 (FY2026); Average quarter-end in-service occupancy: 94%–95% (FY2026); Cash rental rate growth: 30%–40% (FY2026); Capitalized interest: $0.08 per share (FY2026); Cash same-store NOI growth: 5%–6% (FY2026).