First Industrial Realty (FR) AI Stock Analysis

• Market Cap: $6.54B
• Dividend Yield: 3.4%
• Average Volume (3M): 1.49M
• Price to Earnings (P/E): 23.4
• Beta (1Y): 0.78
• Revenue Growth: 9.66%
• EPS Growth: -4.60%
• Country: US
• Employees: 151
• Sector: Real Estate
• Sector Strength: 58
• Industry: REIT - Industrial
• EPS (TTM): 0.42
• Shares Outstanding: 132,405,000
• 10 Day Avg. Volume: 1,054,725
• 30 Day Avg. Volume: 1,487,062
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.35
• Enterprise Value/Revenue: 12.62
• Enterprise Value/Gross Profit: 17.21
• Enterprise Value/Ebitda: 15.97
• 1Y Price Target: $57.00
• Price Target Upside: 19.05% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9

• Rating: 75 Outperform
• Price Target: $55.00 ▲(14.87%Upside)

The overall score reflects strong financial performance and successful strategic initiatives, tempered by valuation concerns and potential occupancy challenges. The company's solid financial health and positive earnings call highlights are key strengths, while the valuation and technical indicators suggest cautious optimism.

Positive Factors

Earnings Performance

FR reported 2Q25 FFO/sh. of $0.76, which was above consensus and analyst's estimate.

Growth Potential

FR is maintaining one of the best growth rates among industrial REITs.

Negative Factors

Leasing Activity

New leasing activity was less robust this quarter compared to previous quarters.

Occupancy Challenges

There was a decline in average occupancy, dropping by 110 basis points compared to the previous quarter.

First Industrial Realty Business Overview & Revenue Model

Company Description

First Industrial Realty Trust, Inc. (NYSE: FR) is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. Across major markets in the United States, our local market experts manage, lease, buy, (re)develop, and sell bulk and regional distribution centers, light industrial, and other industrial facility types. In total, we own and have under development approximately 64.1 million square feet of industrial space as of September 30, 2020.

How the Company Makes Money

First Industrial Realty Trust generates revenue primarily through leasing its industrial properties to a diverse tenant base. The company's primary revenue stream comes from rental income, which includes base rent and any additional charges for property management services. Additionally, First Industrial may generate income through property development and sales, where it engages in building new facilities or redeveloping existing ones to meet tenant needs. The company also benefits from strategic partnerships and joint ventures, which may enhance its ability to acquire or develop new properties and expand its market presence. Market demand for logistics and distribution facilities, driven by the growth of e-commerce and global trade, significantly contributes to the company's earnings. Furthermore, First Industrial's focus on prime locations ensures high occupancy rates and stable cash flows from its property portfolio.

First Industrial Realty Financial Statement Overview

Summary

First Industrial Realty has shown a strong financial performance with increasing revenues, solid profitability margins, and efficient cash flow management. However, there is a concern about the increasing debt levels, which might pose future risks.

Income Statement

First Industrial Realty has demonstrated a solid financial performance with increasing total revenue over the years, reaching $684.44 million in TTM (Trailing-Twelve-Months). The gross profit margin is strong at approximately 66.7%, and the net profit margin is healthy at 39.0% for the TTM. The EBIT and EBITDA margins are impressive at 53.8% and 66.3%, respectively. However, there is a slight decline in revenue growth from previous periods, which should be monitored.

Balance Sheet

The balance sheet shows a stable financial position with a debt-to-equity ratio of 0.90, indicating manageable leverage. The equity ratio is strong at 48.7%, signifying a robust equity base relative to total assets. Return on equity (ROE) is respectable at 10.1% for the TTM. Nonetheless, the increase in total debt over time is a point of concern that may pose future risks if not managed.

Cash Flow

Cash flow analysis reveals a positive trajectory with operating cash flow at $378.57 million, demonstrating strong cash generation capability. The free cash flow growth is notable, and the free cash flow to net income ratio is healthy at 1.25. The operating cash flow to net income ratio is strong at 1.42, indicating efficient cash flow management. Continued positive cash flow trends strengthen the company's ability to meet obligations.

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
EBITDA	557.03M	413.32M	358.20M	306.96M	292.56M
Net Income	287.34M	274.82M	266.67M	271.00M	195.99M
Balance Sheet
Total Assets	5.26B	5.18B	4.95B	4.18B	3.79B
Cash, Cash Equivalents and Short-Term Investments	44.51M	43.84M	133.24M	58.59M	162.09M
Total Debt	2.23B	2.25B	2.09B	1.63B	1.62B
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: 47.88
• 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 47.88 is below the 20-day moving average (MA) of 49.38, below the 50-day MA of 49.03, and below the 200-day MA of 50.77, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 40.95 is Neutral, neither overbought nor oversold. The STOCH value of 13.12 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
TRNO	76 Outperform	$5.61B	27.42	5.33%	3.61%	22.17%	4.34%
FR	75 Outperform	$6.54B	23.41	10.33%	3.40%	9.66%	-4.60%
REXR	74 Outperform	$8.50B	26.72	3.74%	4.72%	13.66%	11.34%
STAG	71 Outperform	$6.56B	27.22	6.89%	4.32%	8.56%	22.20%
LXP	64 Neutral	$2.29B	28.01	4.15%	6.90%	6.64%	210.89%
Sector *	63 Neutral	$6.73B	14.24	-1.44%	7.30%	4.75%	-35.88%
COLD	49 Neutral	$4.47B	―	-3.56%	5.73%	-1.18%	62.96%

First Industrial Realty Corporate Events

First Industrial Realty Completes $450M Senior Notes Offering

On May 14, 2025, First Industrial, L.P., a subsidiary of First Industrial Realty Trust, Inc., completed an underwritten public offering of $450 million in 5.250% Senior Notes due 2031. The Notes, fully guaranteed by the parent company, are senior unsecured obligations and are subject to various restrictive covenants. This financial move is expected to strengthen the company’s capital structure and support its strategic growth initiatives in the industrial real estate market.

The most recent analyst rating on (FR) stock is a Hold with a $50.00 price target. To see the full list of analyst forecasts on First Industrial Realty stock, see the FR Stock Forecast page.