First Industrial Realty (FR) AI Stock Analysis

• Market Cap: $6.30B
• Dividend Yield: 3.61%
• Average Volume (3M): 1.40M
• Price to Earnings (P/E): 21.4
• Beta (1Y): 0.95
• Revenue Growth: 9.06%
• EPS Growth: 4.57%
• Country: US
• Employees: 151
• Sector: Real Estate
• Sector Strength: 86
• Industry: REIT - Industrial
• EPS (TTM): 2.17
• Shares Outstanding: 132,393,220
• 10 Day Avg. Volume: 1,534,557
• 30 Day Avg. Volume: 1,396,298
• PEG Ratio: 4.68
• Price to Book (P/B): N/A
• Price to Sales (P/S): 10.58
• Price to Cash Flow (P/CF): 23.10
• P/FCF Ratio: 15.20
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $57.80
• Price Target Upside: 29.25% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 12

First Industrial Realty's strong financial performance and effective cash management are significant strengths. The new credit facility further enhances its growth prospects. However, technical indicators highlight a bearish trend, and valuation metrics suggest the stock may be fairly valued. Earnings call insights are positive but tempered by market challenges.

Positive Factors

Development and Leasing

FR has recently shown the ability to lease up speculative development projects and resume select new development starts.

Financial Performance

The company's strong initial guidance, even after adjusting for higher capitalized interest, is above the Street expectations.

Market Position

FR remains well positioned for growth over the intermediate term, with the bulk of its capital recycling program complete.

Negative Factors

Earnings Comparison

Earnings growth is below that of peer TRNO.

Macroeconomic Environment

Management blames the slower development lease up on a shaky macro environment, which is likely a short-term headwind.

First Industrial Realty Business Overview & Revenue Model

Company Description

First Industrial Realty Trust, Inc. (FR) is a publicly traded real estate investment trust (REIT) specializing in the ownership, management, acquisition, and development of industrial properties. The company focuses on properties such as warehouses, distribution centers, and other industrial facilities, primarily located in major industrial markets across the United States. First Industrial Realty serves a diverse range of clients, including manufacturers, retailers, and logistics companies, providing them with strategically located and well-maintained industrial spaces to support their operations.

How the Company Makes Money

First Industrial Realty Trust generates revenue primarily through leasing its industrial properties to a wide array of tenants. The company earns rental income from long-term lease agreements, which provide a steady and predictable cash flow. Additionally, First Industrial Realty may also engage in property sales, capitalizing on the appreciation of property values to enhance its earnings. The company invests in the development and redevelopment of industrial facilities, aiming to increase its property portfolio and attract high-quality tenants. Strategic partnerships and joint ventures can also contribute to its revenue by enabling the expansion of its property base and market reach. These activities are supported by First Industrial Realty's expertise in industrial real estate, market analysis, and property management.

First Industrial Realty Financial Statement Overview

Summary

First Industrial Realty demonstrates strong financial health, with revenue growth and high profitability margins. The balance sheet shows no debt, which is conservative but limits aggressive expansion. Cash flow is robust, with significant free cash flow growth, indicating sound capital management.

Income Statement

First Industrial Realty has shown a consistent growth in revenue, with a revenue growth rate of 9.06% from 2023 to 2024. The company maintains a strong gross profit margin of 72.7% and a healthy net profit margin of 45.37% in 2024. Both EBIT and EBITDA margins are robust at 66.6% and 57.74%, respectively, indicating efficient operations and profitability. Overall, the income statement reflects strong operational performance and profitability.

Balance Sheet

The company exhibits a solid equity position with an equity ratio of 50.65% in 2024, showing financial stability. The debt-to-equity ratio is 0, indicating no reliance on debt, which is unusual for the industry but suggests a conservative financial strategy. Return on equity stands at 11.4%, pointing to effective use of shareholders' funds, though there is room for improvement. The balance sheet is strong, but the low debt could limit growth opportunities.

Cash Flow

First Industrial Realty's free cash flow increased by 15.64% from 2023 to 2024, showing strong cash generation capability. The operating cash flow to net income ratio is 1.16, and the free cash flow to net income ratio is also 1.16, indicating solid cash flow health and the ability to cover net income with operating cash flow. The cash flow statement highlights efficient capital management and strong liquidity.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
669.64M	614.03M	539.93M	476.29M	448.03M
	Gross Profit
486.82M	444.70M	396.27M	344.99M	328.83M
	EBIT
445.88M	315.60M	210.78M	176.00M	162.92M
	EBITDA
386.73M	413.32M	358.20M	306.96M	292.56M
	Net Income Common Stockholders
287.55M	274.82M	266.67M	271.00M	195.99M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
44.51M	43.84M	133.24M	58.59M	162.09M
	Total Assets
5.26B	5.18B	4.95B	4.18B	3.79B
	Total Debt
2.23B	2.25B	2.09B	1.63B	1.62B
	Net Debt
2.18B	2.20B	1.96B	1.57B	1.46B
	Total Liabilities
2.52B	2.54B	2.42B	1.93B	1.84B
	Stockholders Equity
2.67B	2.56B	2.53B	2.25B	1.95B
Cash Flow		Free Cash Flow
352.49M	304.81M	-111.47M	33.85M	79.96M
	Operating Cash Flow
352.49M	304.81M	410.90M	267.03M	241.08M
	Investing Cash Flow
-131.62M	-378.31M	-629.11M	-416.82M	-251.74M
	Financing Cash Flow
-213.03M	-27.78M	304.50M	8.91M	57.60M

First Industrial Realty Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 44.72
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR, the sentiment is Negative. The current price of 44.72 is below the 20-day moving average (MA) of 52.17, below the 50-day MA of 53.98, and below the 200-day MA of 52.53, indicating a bearish trend. The MACD of -0.34 indicates Positive momentum. The RSI at 45.84 is Neutral, neither overbought nor oversold. The STOCH value of 19.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR.

First Industrial Realty Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
REXR	76 Outperform	$7.74B	28.22	3.38%	5.33%	17.48%	7.45%
STAG	75 Outperform	$6.12B	31.02	5.53%	4.93%	8.41%	-2.96%
LXP	72 Outperform	$2.27B	59.11	2.04%	7.34%	5.27%	58.15%
FR	71 Outperform	$6.30B	21.35	10.99%	3.61%	9.06%	4.57%
TRNO	66 Neutral	$5.75B	29.13	5.59%	3.75%	18.24%	6.95%
Sector *	61 Neutral	$4.31B	16.14	-3.60%	11.88%	6.17%	-20.99%
COLD	52 Neutral	$5.55B	―	-2.73%	5.08%	-0.25%	72.06%

First Industrial Realty Corporate Events

First Industrial Realty Sets 2025 Employee Bonus Criteria

On March 19, 2025, First Industrial Realty’s Board approved the criteria for its 2025 Employee Bonus Plan, which will reward eligible employees based on performance in three categories: NAREIT funds from operations per share, same store net operating income growth, and discretionary objectives. The plan assigns different weightings to these categories and caps the overall payout at 115%, with the aim of aligning employee incentives with company performance.

First Industrial Realty Secures $1.05 Billion Credit Facility

On March 18, 2025, First Industrial Realty Trust announced the closure of an $850 million unsecured revolving credit facility and a $200 million unsecured term loan. These financial arrangements, which extend maturity dates and offer favorable interest rates, are expected to support the company’s long-term growth and enhance its operational capacity. The transactions reflect the company’s strong credit metrics and strategic positioning in the logistics real estate market.