Analyst Ki Bin Kim of Truist Financial maintained a Buy rating on First Industrial Realty (FR – Research Report), retaining the price target of $60.00.
Ki Bin Kim’s rating is based on several compelling factors that highlight the strong performance and potential of First Industrial Realty. Despite the broader economic uncertainties, the company has maintained its 2025 Funds From Operations (FFO) guidance, which is slightly above consensus estimates. This stability is noteworthy given the company’s attractive implied capitalization rate of 6.8%.
Furthermore, First Industrial Realty is demonstrating impressive growth metrics, with a 10% year-over-year increase in FFO per share, marking one of the highest growth rates in the Real Estate Investment Trust (REIT) sector. The company’s same-store net operating income (SSNOI) also showed robust growth, with cash SSNOI increasing by 10.1% and GAAP SSNOI by 8.3%. The occupancy rate remains strong at 95.7%, and while there was a slight dip due to leasing activities at a development project, the overall leasing and development pipeline remains healthy and manageable, supporting the Buy rating.
In another report released on April 11, Mizuho Securities also maintained a Buy rating on the stock with a $53.00 price target.