First Industrial Realty Trust (FR)
NYSE:FR
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First Industrial Realty
(NYSE:FR)
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Rating:71Outperform
Price Target:
$67.00
â–²(10.80% Upside)
Action:UpgradedDate:03/18/26
The score is driven primarily by strong financial performance (high profitability and improving cash generation) and a constructive earnings outlook supported by solid leasing metrics and a dividend increase. These positives are tempered by rising leverage, execution risk embedded in 2026 lease-up assumptions, and a valuation that is fair rather than clearly discounted; technicals are neutral-to-mildly positive.
Positive Factors
Revenue & Margin Strength
Sustained multi-year revenue growth alongside consistently high gross margins indicates durable demand for First Industrial’s logistics assets and structural pricing power. This supports persistent net operating income, underwriting for development economics, and capacity to fund distributions over multiple market cycles.
Negative Factors
Rising Leverage
An upward trend in debt increases interest and refinancing exposure, narrowing financial flexibility. Higher leverage reduces the cushion for cyclical rent or occupancy shocks, constrains the pace of opportunistic capital deployment, and raises the cost of adverse funding scenarios over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Margin Strength
Sustained multi-year revenue growth alongside consistently high gross margins indicates durable demand for First Industrial’s logistics assets and structural pricing power. This supports persistent net operating income, underwriting for development economics, and capacity to fund distributions over multiple market cycles.
Read all positive factors
First Industrial Realty (FR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.26B
Dividend Yield2.98%
Average Volume (3M)1.14M
Price to Earnings (P/E)24.1
Beta (1Y)0.65
Revenue Growth9.66%
EPS Growth-23.17%
CountryUS
Employees151
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.59
Shares Outstanding132,524,260
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 Cap1.27
Enterprise Value/Revenue14.46
Enterprise Value/Gross Profit24.00
Enterprise Value/Ebitda19.04
Forecast
1Y Price Target
$64.33Price Target Upside6.38% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)1.68
Revenue Forecast (FY)$748.11M
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:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 22, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial performance: FFO grew 12% year-over-year, cash rental rates and same-store NOI showed strong increases, occupancy ticks higher and the company executed accretive acquisitions, development starts, and debt refinancings while raising the dividend. Key risks noted were execution-dependent assumptions for 2026 (notably lease-up of 1.7M sq ft and a 708k sq ft Central PA asset), modestly rising concessions/TI, and limited downside buffer in occupancy. Overall, management's achievements and conservative-sounding guidance outweigh the execution and market risks.Positive Updates
Strong Top-Line Leasing Market Activity
CBRE reported record 226 million sq ft of leasing in Q4, up 22% year-over-year, and total leasing of 941 million sq ft for 2025 (the second-highest year on record), more than 12% higher than 2024. Net absorption in Q4 was 58 million sq ft and vacancy in Q4 was 6.7%.
Negative Updates
Reliance on Back-Half 2026 Development Lease-Up
2026 guidance assumes lease-up of 1.7 million sq ft of development and a 708,000 sq ft Central PA building in the second half; these are key assumptions and underperformance would pressure occupancy and FFO despite management noting they'd still be within guidance if some lease-up didn’t occur.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Top-Line Leasing Market Activity
CBRE reported record 226 million sq ft of leasing in Q4, up 22% year-over-year, and total leasing of 941 million sq ft for 2025 (the second-highest year on record), more than 12% higher than 2024. Net absorption in Q4 was 58 million sq ft and vacancy in Q4 was 6.7%.
Read all positive updates
Company Guidance
Management's initial 2026 guidance calls for NAREIT FFO of $3.14 per diluted share at the midpoint (range $3.09–$3.19), assumes average quarter‑end in‑service occupancy of 94%–95%, and includes 1.7 million square feet of development lease‑up (including a 708,000‑sf Central Pennsylvania building) assumed to occur in the second half of the year. Additional assumptions and targets: full‑year cash same‑store NOI growth of 5%–6%; expect to capitalize about $0.08 of interest per share; G&A of $42–$43 million with Q1 representing roughly 40% of annual G&A; bad‑debt expense of $1.0 million; company-wide cash rental rate growth expected 30%–40% for the year (YTD new/renewal cash rent up ~35%, portfolio annual escalators ~3.4%); management has already addressed ~45% of 2026 rollovers by square footage and noted that not leasing the 1.7M sf would still leave them within the FFO guidance range; the Board declared a Q1 dividend of $0.50 per share (+12.4%).First Industrial Realty Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
73
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 727.08M | 669.64M | 614.03M | 539.93M | 476.29M |
| Gross Profit | 164.34M | 486.82M | 448.37M | 396.27M | 344.99M |
| EBITDA | 568.83M | 557.03M | 501.17M | 491.37M | 465.37M |
| Net Income | 247.44M | 287.34M | 274.82M | 359.13M | 271.00M |
Balance Sheet | |||||
| Total Assets | 5.69B | 5.26B | 5.18B | 4.95B | 4.18B |
| Cash, Cash Equivalents and Short-Term Investments | 78.03M | 44.51M | 43.84M | 133.24M | 58.59M |
| Total Debt | 2.57B | 2.23B | 2.25B | 2.09B | 1.64B |
| Total Liabilities | 2.93B | 2.52B | 2.54B | 2.42B | 1.93B |
| Stockholders Equity | 2.67B | 2.67B | 2.56B | 2.46B | 2.19B |
Cash Flow | |||||
| Free Cash Flow | 114.89M | 134.85M | -59.62M | -111.47M | 33.85M |
| Operating Cash Flow | 461.34M | 350.42M | 302.31M | 410.90M | 267.03M |
| Investing Cash Flow | -524.18M | -131.62M | -378.31M | -629.11M | -416.82M |
| Financing Cash Flow | 89.19M | -210.96M | -25.27M | 304.50M | 8.91M |
First Industrial Realty Technical Analysis
Positive
60.47
Price Trends
59.35
Positive
58.11
Positive
54.20
Positive
Market Momentum
-0.05
Negative
59.33
Neutral
90.30
Negative
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 60.47 is above the 20-day moving average (MA) of 58.57, above the 50-day MA of 59.35, and above the 200-day MA of 54.20, indicating a bullish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 59.33 is Neutral, neither overbought nor oversold. The STOCH value of 90.30 is Negative, 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $6.94B | 14.93 | 10.09% | 3.38% | 21.13% | 74.37% | |
74 Outperform | $10.28B | 36.86 | 7.48% | 3.15% | 11.10% | -1.65% | |
71 Outperform | $8.26B | 24.05 | 9.32% | 2.98% | 9.66% | -23.17% | |
71 Outperform | $7.25B | 25.24 | 7.85% | 4.02% | 9.62% | 31.08% | |
68 Neutral | $2.93B | 25.58 | 5.49% | 5.33% | 6.98% | 465.32% | |
66 Neutral | $7.95B | 42.45 | 2.44% | 4.30% | 10.27% | 15.25% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
FR
First Industrial Realty
60.47
17.26
39.93%
EGP
Eastgroup Properties
192.73
45.73
31.11%
STAG
Stag Industrial
37.90
8.26
27.88%
TRNO
Terreno Realty
65.29
13.17
25.27%
LXP
LXP Industrial Trust
49.62
14.65
41.88%
REXR
Rexford Industrial Realty
34.28
3.80
12.45%
First Industrial Realty Corporate Events
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...
Business Operations and StrategyPrivate Placements and Financing
First Industrial Realty Strengthens Capital Structure With Loan Refinancing
Positive
Jan 23, 2026
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,...
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.