First Industrial Realty (FR) AI Stock Analysis

• Market Cap: $7.84B
• Dividend Yield: 2.98%
• Average Volume (3M): 834.82K
• Price to Earnings (P/E): 32.1
• Beta (1Y): 0.61
• Revenue Growth: 9.66%
• EPS Growth: -23.17%
• Country: US
• Employees: 151
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Industrial
• EPS (TTM): 0.49
• Shares Outstanding: 132,422,260
• 10 Day Avg. Volume: 951,866
• 30 Day Avg. Volume: 834,824
• PEG Ratio: 5.34
• Price to Book (P/B): 2.49
• Price to Sales (P/S): 9.87
• P/FCF Ratio: 18.83
• Enterprise Value/Market Cap: 1.35
• Enterprise Value/Revenue: 14.82
• Enterprise Value/Gross Profit: 20.14
• Enterprise Value/Ebitda: 21.08
• 1Y Price Target: $62.78
• Price Target Upside: 9.33% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: $63.00 ▲(9.72% Upside)

The score is driven primarily by solid financial performance and a strong earnings-call update (raised FFO guidance, healthy NOI growth, and strong leasing spreads). These positives are moderated by mixed technicals (soft RSI/price below short-term moving averages) and a somewhat rich P/E despite an attractive dividend yield.

Positive Factors

Cash generation

Sustained FCF growth (10.18% TTM) and a strong operating cash flow-to-net income profile indicate durable cash generation. This underpins dividend coverage, funding of development projects and debt service, providing financial flexibility over the next several quarters.

Leasing spreads and NOI growth

Robust same-store NOI expansion and large cash rental rate increases on new and renewal leases show structural pricing power in target markets. High rental spreads and addressed rollovers support sustainable organic cash-flow growth and margin resilience into 2026.

Refinancing strengthens capital structure

Extending maturities, securing interest-only structures and removing spread adjustments reduces near-term refinancing risk and lowers effective funding costs. This structural funding improvement supports development and leasing execution without immediate liquidity strain.

Negative Factors

Rising leverage risk

While current debt-to-equity (~0.83) is moderate, the trend of rising total debt increases financial leverage and interest-rate exposure. Higher leverage can constrain capital allocation, reduce optionality for growth or buybacks, and heighten refinancing risk if market conditions tighten.

EBIT/EBITDA margin pressure

Declining EBIT and EBITDA margins suggest operational or cost pressures despite healthy gross and net margins. If margin compression continues it could limit FFO upside from higher rents and development, making earnings and free cash flow less resilient over the medium term.

Development timing and tenant caution

Significant development lease-up timing shifts and deliberate tenant decision-making (tariff uncertainty) push expected cash flow and occupancy gains into 2026. These execution and timing risks can delay ROI on development capital and compress near-term growth visibility.

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 generates revenue primarily through leasing its industrial properties to tenants on long-term leases, which provides a stable and predictable income stream. The company earns rental income from its portfolio of properties, which includes both existing assets and newly developed facilities. Additionally, First Industrial may benefit from property appreciation and increased rental rates over time. The company also engages in development projects, which can yield significant profits upon completion and lease-up phases. Key partnerships with logistics companies, manufacturers, and e-commerce firms enhance the demand for its properties, contributing to its revenue growth. Furthermore, strategic acquisitions of well-located industrial properties bolster its portfolio and revenue potential.

First Industrial Realty Financial Statement Overview

Summary

Overall fundamentals are solid: strong profitability (TTM net margin 33.17%) and particularly strong cash generation (free cash flow growth 10.18% and healthy cash conversion). Balance sheet leverage is moderate (debt-to-equity 0.83), but rising debt and some EBIT/EBITDA margin pressure temper the score.

Income Statement

First Industrial Realty shows a solid income statement with consistent revenue growth and strong profitability metrics. The TTM data indicates a gross profit margin of 73.70% and a net profit margin of 33.17%, which are healthy figures for the industry. However, there is a noticeable decline in EBIT and EBITDA margins compared to previous years, suggesting some pressure on operational efficiency.

Balance Sheet

The balance sheet reflects a stable financial position with a debt-to-equity ratio of 0.83, indicating moderate leverage. The return on equity is 8.85% for the TTM, showing a slight decrease from previous years. The equity ratio remains strong at around 48%, suggesting a solid capital structure. However, the increase in total debt over the years could pose a risk if not managed carefully.

Cash Flow

The cash flow statement is robust, with a significant improvement in free cash flow growth rate at 10.18% in the TTM. The operating cash flow to net income ratio is strong, indicating efficient cash generation relative to earnings. The free cash flow to net income ratio is consistently at 1.0, reflecting effective cash management. Overall, the company demonstrates strong cash flow health.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	713.81M	672.18M	618.20M	654.87M	476.13M	447.79M
Gross Profit	525.13M	487.83M	448.88M	510.30M	344.83M	328.59M
EBITDA	501.74M	451.25M	413.32M	481.23M	318.32M	303.87M
Net Income	236.90M	287.34M	274.82M	359.13M	271.00M	201.58M
Balance Sheet
Total Assets	5.51B	5.26B	5.18B	4.95B	4.18B	3.79B
Cash, Cash Equivalents and Short-Term Investments	33.51M	44.51M	43.84M	133.24M	58.59M	162.09M
Total Debt	3.01B	2.23B	2.25B	2.09B	1.64B	1.63B
Total Liabilities	2.77B	2.52B	2.54B	2.42B	1.93B	1.84B
Stockholders Equity	2.65B	2.67B	2.56B	2.46B	2.19B	1.90B
Cash Flow
Free Cash Flow	437.29M	352.49M	304.81M	-111.47M	33.85M	79.96M
Operating Cash Flow	437.29M	352.49M	304.81M	410.90M	267.03M	241.08M
Investing Cash Flow	-425.06M	-131.62M	-378.31M	-629.11M	-416.82M	-251.74M
Financing Cash Flow	-9.35M	-213.03M	-27.78M	304.50M	8.91M	57.60M

First Industrial Realty Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 57.42
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• 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 Neutral. The current price of 57.42 is below the 20-day moving average (MA) of 58.45, below the 50-day MA of 57.62, and above the 200-day MA of 51.80, indicating a neutral trend. The MACD of 0.18 indicates Positive momentum. The RSI at 44.05 is Neutral, neither overbought nor oversold. The STOCH value of 18.29 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FR.

First Industrial Realty Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EGP	78 Outperform	$9.66B	38.00	7.83%	3.15%	11.10%	-1.65%
STAG	75 Outperform	$6.84B	28.30	7.17%	4.02%	9.62%	31.08%
TRNO	74 Outperform	$6.46B	19.93	8.38%	3.38%	21.13%	74.37%
LXP	74 Outperform	$2.92B	26.00	5.62%	5.33%	6.98%	465.32%
REXR	74 Outperform	$9.30B	28.14	4.03%	4.30%	10.27%	15.25%
FR	71 Outperform	$7.84B	32.12	8.97%	2.98%	9.66%	-23.17%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%

First Industrial Realty Corporate Events

First Industrial Realty Strengthens Capital Structure With Loan Refinancing

On January 22, 2026, First Industrial Realty Trust refinanced its $425 million unsecured term loan, setting an initial maturity of January 22, 2030 with a one-year extension option and interest-only payments at a rate of SOFR plus 85 basis points, while removing a prior 10-basis-point SOFR adjustment. The company also refinanced and upsized a separate term loan from $300 million to $375 million with an initial maturity of January 22, 2029 and two one-year extension options, on the same SOFR plus 85-basis-point, interest-only structure and with the SOFR adjustment similarly eliminated, and amended an additional $200 million unsecured term loan to remove its 10-basis-point SOFR adjustment, collectively strengthening its capital structure and securing longer-term, more cost-effective funding support for its growth strategy.

The most recent analyst rating on (FR) stock is a Buy with a $65.00 price target. To see the full list of analyst forecasts on First Industrial Realty stock, see the FR Stock Forecast page.