First Industrial Realty Trust, Inc.
- Open
- 68.97
- Day high
- 69.06
- Day low
- 67.97
- Prev close
- 68.86
- Volume
- 964K
- Mkt cap
- $9.0B
- P/E (TTM)
- 26.3
- EPS (TTM)
- $2.59
- P/B
- 3.3
- P/S
- 12.1
- Yield
- 2.77%
- Per share
- $1.89
First Industrial Realty Trust, Inc. (FR) is a Real Estate company listed on NYSE. The stock is up 37% over the past year.
First Industrial Realty Trust, Inc. (FR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.33 | $0.68 | +103.8% | $195M | +6.8% |
| Feb 4, 2026 | $0.76 | $0.77 | +1.3% | $188M | -0.2% |
| Oct 15, 2025 | $0.74 | $0.76 | +2.7% | $181M | -2.6% |
| Jul 16, 2025 | $0.72 | $0.76 | +5.6% | $180M | +1.9% |
| Apr 16, 2025 | $0.70 | $0.68 | -2.9% | $177M | +0.8% |
| Feb 5, 2025 | $0.35 | $0.71 | +102.9% | $176M | +2.8% |
| Oct 16, 2024 | $0.38 | $0.75 | +97.4% | $168M | -1.9% |
| Jul 17, 2024 | $0.64 | $0.66 | +3.1% | $164M | -3.8% |
| Apr 17, 2024 | $0.31 | $0.52 | +67.7% | $162M | -1.7% |
| Feb 7, 2024 | $0.31 | $0.67 | +116.1% | $157M | -1.5% |
| Oct 18, 2023 | $0.30 | $0.57 | +90.0% | $155M | -0.5% |
| Jul 19, 2023 | $0.60 | $0.61 | +1.7% | $152M | +2.3% |
FR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 2, 2026 | Schmitz Frank E.director | Grant | 2,293 | — |
| May 1, 2026 | BAZEMORE TERESA BRYCEdirector | Grant | 2,419 | — |
| May 1, 2026 | Olsen Denisedirector | Grant | 2,419 | — |
| May 1, 2026 | DOMINSKI MATTHEWdirector | Grant | 2,419 | — |
| May 1, 2026 | Smith Marcus L.director | Grant | 2,419 | — |
| May 1, 2026 | HACKETT H PATRICK JRdirector | Grant | 2,419 | — |
| Jan 5, 2026 | YAP JOHANNSON Lofficer: Chief Investment Officer | Grant | 10,896 | — |
| Jan 5, 2026 | MUSIL SCOTT Aofficer: Chief Financial Officer | Grant | 6,834 | — |
| Jan 5, 2026 | MUSIL SCOTT Aofficer: Chief Financial Officer | Grant | 23,570 | — |
| Jan 5, 2026 | Schultz Peterofficer: EVP - East Region | Grant | 24,341 | — |
| Jan 5, 2026 | YAP JOHANNSON Lofficer: Chief Investment Officer | Grant | 40,446 | — |
| Jan 5, 2026 | Schultz Peterofficer: EVP - East Region | Grant | 8,226 | — |
| Jan 5, 2026 | Baccile Peter E.director, officer: President and CEO | Grant | 97,329 | — |
| Jan 5, 2026 | Baccile Peter E.director, officer: President and CEO | Grant | 28,407 | — |
| Jan 5, 2026 | Matthews Rice Jenniferofficer: General Counsel | Grant | 3,240 | — |
Source: FR SEC Form 4 filings, latest Jun 2, 2026. For informational purposes only — not investment advice.
See the full FR insider & 13F page →First Industrial Realty Trust, Inc. company profile
Overview
First Industrial Realty Trust, Inc. (NYSE:FR) is a leading industrial real estate investment trust founded in 1994 and headquartered in Chicago, Illinois. The company has established itself as one of the premier owners, operators, and developers of industrial properties across major U.S. markets over its three-decade history. First Industrial focuses on bulk distribution centers, light industrial facilities, and other industrial property types that serve the logistics and supply chain needs of both multinational corporations and regional businesses. The REIT has built a portfolio of approximately 64 million square feet of industrial space and maintains a strategic focus on high-barrier, coastal markets and key logistics hubs throughout the United States.
Business
First Industrial operates in the industrial real estate sector, specifically focusing on properties that support modern logistics and supply chain operations. The company's core business involves owning, managing, leasing, developing, and selling industrial properties that serve as critical infrastructure for goods movement and storage. The company's primary property types include bulk distribution centers - large warehouse facilities typically ranging from 100,000 to over 1 million square feet that serve as regional distribution hubs for major retailers and logistics companies. These facilities are designed with high ceiling heights, multiple dock doors, and large truck courts to accommodate modern logistics operations. First Industrial also owns light industrial properties, which are smaller facilities used for manufacturing, assembly, research and development, and last-mile delivery operations. Industrial real estate has become increasingly important due to the growth of e-commerce, which requires extensive warehouse networks to store inventory closer to consumers and facilitate rapid delivery. These properties serve as the backbone of supply chains, enabling companies to receive goods from manufacturers, store inventory, and distribute products to retail locations or directly to consumers. The facilities are typically leased to tenants on multi-year terms, providing stable rental income streams. First Industrial strategically concentrates its portfolio in approximately 15 key logistics markets, with particular emphasis on coastal and high-barrier markets where land availability is constrained and demand is strong. The company targets having 95% of its rental income derived from these prime markets, recognizing that these locations command higher rents and experience stronger demand fundamentals due to their proximity to major population centers and transportation infrastructure.
Risks & safety
First Industrial demonstrates moderate financial safety with manageable debt levels but some liquidity constraints typical of REITs. • Debt and Solvency: Debt-to-equity ratio of 0.90, indicating moderate leverage within acceptable ranges for REITs. The company maintains investment-grade credit metrics and recently renewed its $850 million credit facility with extended maturity to March 2030. • Liquidity Position: Current ratio of 0.70 indicates working capital constraints, though this is common for REITs given their structure. Cash and short-term investments of $36 million provide limited cushion, but the company has access to its credit facility for additional liquidity. • Cash Generation: Strong operating cash flow of $89 million in Q1 2025 and positive free cash flow generation. EBITDA of $113 million provides adequate debt service coverage. • Valuation Metrics: Trading at 37x P/E ratio and 21x EV/EBITDA, indicating relatively expensive valuation levels. Price-to-book ratio of 2.70 suggests shares trade at a premium to net asset value. • Other Considerations: REIT structure requires distribution of most taxable income, limiting retained earnings for growth. Property values sensitive to interest rate changes and industrial real estate cycle fluctuations.
Recent development
Over the past few years, First Industrial has executed a strategic transformation focused on geographic concentration and development capabilities. The company has systematically divested properties in secondary markets while concentrating its portfolio in approximately 15 key logistics markets, targeting 95% of rental income from these prime locations by focusing on coastal and high-barrier markets where supply constraints support higher rents. The company has significantly expanded its development pipeline and capabilities, completing 4.1 million square feet of development in 2022 at attractive yields and signing 4.7 million square feet of development leases in 2024 - the second-highest volume since 2012. Recent development starts include projects in Nashville, Houston, South Florida, and the Lehigh Valley, with the company maintaining a land bank capable of supporting $1.9 billion in future development at projected yields exceeding 7%. First Industrial has demonstrated strong leasing execution and rent growth capture, achieving cash rental rate increases of 26.7% in 2022, 63% for 2023 lease expirations, and 51% for 2024 expirations. The company has maintained high occupancy levels around 95-98% while capturing substantial rent growth as leases roll to current market rates. Capital allocation strategy has evolved to focus on recycling capital from non-core assets to fund development and acquisitions in target markets. The company disposed of $163 million in assets in 2024, including a strategic exit from New Jersey, while making selective acquisitions like the Houston four-building park and Phoenix developments. Management has also increased the dividend by 20.3% to 44.5 cents per share, reflecting confidence in cash flow growth, and renewed key credit facilities with extended maturities to provide financial flexibility for future growth initiatives.
FR company profile · for informational purposes only — not investment advice.
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