First Industrial Realty Trust (FR)
NYSE:FR
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First Industrial Realty
(NYSE:FR)
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Rating:78Outperform
Price Target:
$70.00
â–²(9.80% Upside)
Action:Reiterated
Date:05/01/26
The score is driven primarily by strong underlying fundamentals (profitability and improving revenue/earnings with solid operating cash generation), reinforced by favorable earnings-call operating trends and a reasonable valuation (moderate P/E with a near-3% yield). Offsetting factors include historical free-cash-flow and margin volatility and only moderate technical momentum.
Positive Factors
Multi-year Revenue Growth
Multi-year revenue uptrend shows durable demand for logistics space and growing portfolio cash flow. The rebound after 2023 demonstrates resilience, supporting recurring rental income, dividend coverage and capacity to fund development and reinvestment over the next several quarters.
Negative Factors
Gross Margin Volatility
Sharp gross‑margin swings reduce earnings quality and make NAREIT FFO and NOI less predictable quarter‑to‑quarter. Margin volatility complicates forecasting, obscures trend assessment and raises the risk that short‑term results misstate sustainable operating performance.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year Revenue Growth
Multi-year revenue uptrend shows durable demand for logistics space and growing portfolio cash flow. The rebound after 2023 demonstrates resilience, supporting recurring rental income, dividend coverage and capacity to fund development and reinvestment over the next several quarters.
Read all positive factors
First Industrial Realty (FR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.53B
Dividend Yield2.98%
Average Volume (3M)1.14M
Price to Earnings (P/E)13.4
Beta (1Y)0.62
Revenue Growth8.82%
EPS Growth28.07%
CountryUS
Employees151
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)2.59
Shares Outstanding132,570,420
10 Day Avg. Volume944,135
30 Day Avg. Volume1,139,588
Financial Highlights & Ratios
PEG Ratio-2.22
Price to Book (P/B)2.84
Price to Sales (P/S)10.43
P/FCF Ratio66.03
Enterprise Value/Market Cap0.96
Enterprise Value/Revenue11.04
Enterprise Value/Gross Profit23.47
Enterprise Value/Ebitda12.52
Forecast
1Y Price Target
$66.89Price Target Upside4.92% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)2.09
Revenue Forecast (FY)$756.02M
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 cus...
How the Company Makes Money
First Industrial primarily makes money by leasing industrial properties to tenants and collecting contractual rental income. Its core revenue stream is base rent from long-term leases on warehouse, distribution, and other industrial facilities; th...
First Industrial Realty Earnings Call Summary
Earnings Call Date:Apr 22, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 22, 2026
Earnings Call Sentiment Positive
The call presented a list of strong operational wins — robust Q1 cash same‑store NOI growth (8.7%), solid development leasing (383k sq ft), meaningful rental rate increases (~41% cash run‑rate change on new/renewal deals), high‑value land sale ($131M) and stable occupancy (94.3%). Offsetting items included $5.6M of incremental advisory costs tied to a contested proxy campaign that reduced FFO by $0.04 per share, elevated G&A from one‑time accounting expense, modestly higher concessions in some markets and slower decision‑making for very large users in select markets. Management maintained full‑year guidance (adjusted only for the proxy advisory drag) and emphasized a disciplined development and capital allocation strategy. On balance, the operational positives and strong leasing/NOI trends outweigh the discrete costs and localized challenges.Positive Updates
Stable Occupancy and Leasing Momentum
In‑service occupancy was 94.3% at quarter end and touring activity increased, with decision‑making accelerating for spaces under 200,000 sq ft; approximately 2.4 million sq ft of leases commenced during the quarter.
Negative Updates
Advisory Costs from Contested Proxy Campaign
Incremental advisory costs related to the Land & Buildings contested proxy campaign totaled $5.6 million and reduced FFO by $0.04 per share in Q1; G&A guidance excludes these costs.
Read all updates
Q1-2026 Updates
Positive
Negative
Stable Occupancy and Leasing Momentum
In‑service occupancy was 94.3% at quarter end and touring activity increased, with decision‑making accelerating for spaces under 200,000 sq ft; approximately 2.4 million sq ft of leases commenced during the quarter.
Read all positive updates
Company Guidance
Management maintained 2026 NAREIT FFO guidance of $3.05–$3.15 per share (which reflects $0.04 per share of incremental advisory costs tied to the contested proxy campaign) — or $3.09–$3.19 per share excluding those advisory costs (unchanged from the prior update); Q1 NAREIT FFO was $0.68 per share ($0.72 excluding the $0.04 advisory charge). Key operating assumptions: average quarter‑end in‑service occupancy of 94.0%–95.0% (Q1 was 94.3%); cash same‑store NOI growth before termination fees of 5%–6% (Q1 cash same‑store NOI growth was 8.7%); about $0.08 per share of interest to be capitalized for the year; G&A guidance of $42–$43 million (excludes $5.6 million of incremental advisory costs); bad‑debt guidance ~$250k per quarter (Q1 was $100k); guidance reflects ~1.3M SF of incremental development leasing (and the 708k SF Central PA building) expected in H2 and assumes the ~$131M Phoenix land sale (≈5.3% cap rate) will close in June.First Industrial Realty Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
76
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 744.49M | 727.08M | 669.64M | 614.03M | 539.93M | 476.29M |
| Gross Profit | 350.13M | 164.34M | 486.82M | 448.37M | 396.27M | 344.99M |
| EBITDA | 656.25M | 568.83M | 557.03M | 501.17M | 491.37M | 465.37M |
| Net Income | 342.37M | 247.44M | 287.34M | 274.82M | 359.13M | 271.00M |
Balance Sheet | ||||||
| Total Assets | 5.77B | 5.69B | 5.26B | 5.18B | 4.95B | 4.18B |
| Cash, Cash Equivalents and Short-Term Investments | 37.15M | 78.03M | 44.51M | 43.84M | 133.24M | 58.59M |
| Total Debt | 0.00 | 2.57B | 2.23B | 2.25B | 2.09B | 1.64B |
| Total Liabilities | 2.92B | 2.93B | 2.52B | 2.54B | 2.42B | 1.93B |
| Stockholders Equity | 2.76B | 2.67B | 2.67B | 2.56B | 2.46B | 2.19B |
Cash Flow | ||||||
| Free Cash Flow | 482.96M | 114.89M | 134.85M | -59.62M | -111.47M | 33.85M |
| Operating Cash Flow | 482.96M | 461.34M | 350.42M | 302.31M | 410.90M | 267.03M |
| Investing Cash Flow | -383.31M | -524.18M | -131.62M | -378.31M | -629.11M | -416.82M |
| Financing Cash Flow | -78.65M | 89.19M | -210.96M | -25.27M | 304.50M | 8.91M |
First Industrial Realty Technical Analysis
Positive
63.75
Price Trends
60.63
Positive
59.80
Positive
56.24
Positive
Market Momentum
0.19
Positive
54.57
Neutral
49.68
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 63.75 is above the 20-day moving average (MA) of 61.95, above the 50-day MA of 60.63, and above the 200-day MA of 56.24, indicating a bullish trend. The MACD of 0.19 indicates Positive momentum. The RSI at 54.57 is Neutral, neither overbought nor oversold. The STOCH value of 49.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR.
First Industrial Realty Risk Analysis
First Industrial Realty disclosed 39 risk factors in its most recent earnings report. First Industrial Realty reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
First Industrial Realty Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $8.53B | 13.39 | 12.77% | 2.98% | 8.82% | 28.07% | |
77 Outperform | $7.03B | 23.20 | 10.36% | 3.38% | 20.19% | 105.93% | |
75 Outperform | $11.02B | 26.14 | 8.37% | 3.15% | 11.31% | 20.09% | |
71 Outperform | $7.32B | 27.77 | 6.95% | 4.02% | 9.98% | -2.19% | |
66 Neutral | $3.08B | -2,814.46 | 4.61% | 5.33% | -3.81% | 52.53% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $8.13B | 20.49 | 2.71% | 4.30% | 2.02% | -23.68% |
* Real Estate Sector Average
FR
First Industrial Realty
62.27
15.20
32.30%
EGP
Eastgroup Properties
205.04
44.27
27.53%
STAG
Stag Industrial
38.30
5.18
15.64%
TRNO
Terreno Realty
66.17
12.42
23.11%
LXP
LXP Industrial Trust
52.22
13.29
34.15%
REXR
Rexford Industrial Realty
36.03
3.56
10.97%
First Industrial Realty Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
First Industrial Realty Shareholders Strongly Back Board, Governance
Positive
Apr 30, 2026
On April 30, 2026, First Industrial Realty Trust shareholders re-elected all incumbent directors, each receiving support from more than 93% of votes cast, underscoring strong investor confidence in the company’s strategy and leadership. The ...
Business Operations and StrategyExecutive/Board Changes
First Industrial Realty Adopts 2026 Executive Bonus Plan
Neutral
Mar 27, 2026
On March 25, 2026, First Industrial Realty’s board ratified the criteria for its 2026 Employee Bonus Plan, setting a structured incentive pool for eligible staff, including the chief executive and senior executives. The plan bases awards on ...
Business Operations and StrategyExecutive/Board ChangesStock Buyback
First Industrial Realty Announces New Director and Buyback
Positive
Mar 17, 2026
On March 13, 2026, First Industrial Realty Trust’s board approved expanding its board from six to seven members and elected veteran real estate and capital markets executive Frank E. Schmitz as a director, effective June 1, 2026, with his te...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.