First Industrial Realty (FR) AI Stock Analysis

• Market Cap: $7.60B
• Dividend Yield: 3.06%
• Average Volume (3M): 1.07M
• Price to Earnings (P/E): 31.4
• Beta (1Y): 0.75
• 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: 1,351,226
• 30 Day Avg. Volume: 1,066,813
• PEG Ratio: 5.34
• Price to Book (P/B): 2.49
• Price to Sales (P/S): 9.91
• P/FCF Ratio: 18.83
• Enterprise Value/Market Cap: 1.22
• Enterprise Value/Revenue: 13.02
• Enterprise Value/Gross Profit: 17.70
• Enterprise Value/Ebitda: 18.85
• 1Y Price Target: $57.90
• Price Target Upside: 4.01% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 12

• Rating: 68 Neutral
• Price Target: $61.00 ▲(9.57% Upside)

First Industrial Realty's strong financial performance and effective cash management are key strengths, supporting a solid overall score. However, technical indicators suggest overbought conditions, and the high P/E ratio raises valuation concerns. The earnings call provided a balanced outlook, with significant positive achievements tempered by some operational challenges.

Positive Factors

Strong Cash Flow Management

Effective cash management ensures the company can meet obligations and invest in growth opportunities, supporting long-term stability.

High Same-Store NOI Growth

Strong NOI growth indicates effective property management and pricing power, enhancing profitability and competitive positioning.

Successful Leasing Activity

High leasing activity reflects strong demand for industrial properties, securing long-term revenue streams and occupancy rates.

Negative Factors

Occupancy Decline

A decline in occupancy can impact revenue stability and indicates potential challenges in tenant retention or property demand.

Rising Interest Expenses

Higher interest expenses can reduce net income and cash flow, limiting financial flexibility and growth investment capacity.

Tariff Uncertainty Impact

Tariff uncertainties can disrupt supply chains and tenant operations, potentially affecting leasing demand and rental income.

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 a diverse range of tenants, including e-commerce companies, third-party logistics providers, and manufacturers. The company earns rental income from long-term lease agreements, which typically provide stable cash flows. Additionally, First Industrial may realize income from property management fees and development projects. Significant revenue streams include upfront lease payments and ongoing rent escalations tied to inflation or market rates. The company also engages in opportunistic acquisitions of industrial properties, enhancing its portfolio and income potential. Strategic partnerships with logistics firms and key industry players further support its earnings by ensuring high occupancy rates and demand for its properties.

First Industrial Realty Financial Statement Overview

Summary

First Industrial Realty exhibits strong financial health across income, balance sheet, and cash flow metrics. While income growth and profitability are commendable, attention should be given to debt management and cash flow stability to sustain long-term financial performance.

Income Statement

First Industrial Realty has shown a consistent revenue growth trajectory with a robust gross profit margin and stable net profit margins. The EBIT and EBITDA margins are strong, indicating efficient operations. However, the slight decrease in net income from the previous year suggests a need to monitor future profitability closely.

Balance Sheet

The company's balance sheet reflects a healthy equity ratio, indicating strong capitalization. The debt-to-equity ratio is moderate, suggesting manageable leverage levels, but an increase in total debt warrants cautious observation. Return on equity remains strong, showcasing effective use of shareholder funds.

Cash Flow

The cash flow statement reveals a solid operating cash flow to net income ratio, indicating efficient cash generation from operations. Free cash flow growth is positive, enhancing financial flexibility, though fluctuations in investing and financing activities should be monitored to ensure sustainable cash flow management.

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	493.21M	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: Positive
• Last Price: 55.67
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR, the sentiment is Positive. The current price of 55.67 is above the 20-day moving average (MA) of 53.69, above the 50-day MA of 52.22, and above the 200-day MA of 50.54, indicating a bullish trend. The MACD of 1.32 indicates Negative momentum. The RSI at 64.88 is Neutral, neither overbought nor oversold. The STOCH value of 77.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR.

First Industrial Realty Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EGP	―	$9.28B	37.14	7.83%	3.30%	11.10%	-1.65%
REXR	―	$9.65B	29.95	4.03%	4.12%	10.27%	15.25%
LXP	―	$2.82B	34.41	4.15%	5.67%	6.64%	210.89%
TRNO	―	$6.02B	24.01	6.85%	3.41%	22.17%	40.80%
STAG	―	$7.03B	30.17	6.89%	3.95%	8.56%	22.20%
FR	―	$7.60B	31.41	8.97%	3.06%	9.66%	-23.17%
Sector *	―	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%

First Industrial Realty Corporate Events

First Industrial Realty Trust Reports Strong Q3 2025 Results

First Industrial Realty Trust, Inc. is a U.S.-based company specializing in the ownership, operation, and development of logistics properties, focusing on supply-constrained, coastally oriented markets. In its third quarter of 2025, the company reported significant achievements, including the signing of 772,000 square feet of new leases for development projects and a notable increase in cash rental rates. The company’s diluted net income per share was $0.49, down from $0.75 a year ago, while funds from operations (FFO) per share increased to $0.76 from $0.68. The company also reported a 32% cash rental rate increase on leases commencing in 2025 and a 31% increase for 2026. Additionally, First Industrial Realty Trust raised its 2025 NAREIT FFO guidance midpoint by $0.04 to a range of $2.94 to $2.98 per share/unit. The company maintained a strong portfolio performance with an in-service occupancy of 94.0% at the end of the third quarter. Looking ahead, First Industrial Realty Trust remains focused on capturing growth opportunities within its development and portfolio, with expectations of continued rent growth on future lease signings.

First Industrial Realty Announces New Equity Offering

On August 21, 2025, First Industrial Realty Trust, Inc. announced the initiation of a new equity offering, allowing for the sale of up to $800 million or 16 million shares of common stock through various transactions, including ‘at-the-market’ offerings. This move follows the termination of previous distribution agreements and is aimed at raising capital for general corporate purposes such as property acquisition and debt repayment, potentially impacting the company’s financial flexibility and market positioning.

The most recent analyst rating on (FR) stock is a Buy with a $57.00 price target. To see the full list of analyst forecasts on First Industrial Realty stock, see the FR Stock Forecast page.