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First Industrial Realty Trust, Inc.

FR Real Estate Reit Industrial

First Industrial Realty Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $727.1 million, up 8.58% from fiscal 2024.

Revenue
+8.65%
EPS
−10.2%
Free cash flow
−240.7%
Total debt
+9.93%

Quarter to September 2026, against a year earlier

53.77 0.15 −0.28%
Market cap
$7.4B
P/E
20.1×
Fwd P/E
21.7×
Dividend yield
3.60%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Insider Decisions last twelve months

Sold, $m 0.04
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — — — — — — — — — —
Insider Ownership 0.98%

Capital & Financial Ratios $m

Size
Market Cap 7,390.00
Revenue ttm 775.29
Net income ttm 375.09
Free cash flow ttm (23.46)
Net debt Q 2,598.81
Valuation
P/E 20.10
Forward P/E 21.70
Price / sales 9.25
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.50
Financial health
Current ratio Q 1.06
Debt / equity Q 0.92
Interest coverage Q 3.52
Growth
Revenue growth Q +8.65% (above 0%: growing)
Operating income growth Q +7.90% (above 0%: growing)
EPS, this year +33.97% (at or above 15%: strong)
EPS, next year A −24.37% (below 0%: weak)
Revenue, next year A +8.50%
EPS, past 5 yrs +4.10%
EPS, next 5 yrs A +1.30%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 12.6×, against a ten-year median of 14.0×; over the ten years it ranged from 10.1× in 2016 to 21.3× in 2021.
P/E against its own 10 years 19.80%
10-year low 10-year high
P/S against its own 10 years 20.43%
10-year low 10-year high
P/B against its own 10 years 27.69%
10-year low 10-year high
EV/Sales against its own 10 years 19.95%
10-year low 10-year high

Dividends raised every year since 2017

Yield
3.60%
Annual rate
1.95
Payout ratio
72.3%
Growth, 2017–25
+9.84%/yr
  1. 0.84 ’17
  2. 0.87 ’18 +4
  3. 0.92 ’19 +6
  4. 1.00 ’20 +9
  5. 1.08 ’21 +8
  6. 1.18 ’22 +9
  7. 1.28 ’23 +8
  8. 1.48 ’24 +16
  9. 1.78 ’25 +20
  10. 1.99 ’26e +12
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 44 52 78 42
Receivables 155 170 193 201
Inventory — — — —
Other — — — —
199 222 271 243
2023 2024 2025 Q'26
Payables 143 133 179 159
ST’ Debt — — — —
Other — — — —
188 184 242 229

Compound Annual Growth %

10y 5y 3y
Sales 7.11% 10.17% 10.43%
Cash Flow 11.02% 13.92% 3.93%
Earnings 12.85% 4.76% (11.67%)
Book Value 9.48% 7.22% 2.93%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.82 Actual 0.81

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.76 0.77 Beat by 0.01
Q1 FY26 0.72 0.68 Miss by 0.04
Q2 FY26 0.80 0.82 Beat by 0.02
Q3 FY26 0.82 0.81 Miss by 0.01
Q4 FY26 0.83 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.08 0.58 0.44 — —
’25 0.36 0.42 0.49 0.59 1.87
’24 0.52 0.39 0.75 0.52 2.17
’23 0.42 0.41 0.57 0.67 2.07
’22 0.27 0.88 0.94 0.62 2.72
’21 0.48 0.40 0.33 0.87 2.09
’20 0.32 0.28 0.28 0.65 1.53
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 195 195 197 — —
’25 177 180 181 188 727
’24 162 164 168 176 670
’23 149 152 155 157 614
’22 126 130 140 145 540
’21 116 117 121 122 476
’20 110 109 116 112 448
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 89 114 116 — —
’25 89 126 125 122 461
’24 62 108 105 77 352
’23 70 86 84 64 305
’22 60 199 87 65 411
’21 41 77 78 70 267
’20 40 77 73 50 240
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 18 144 (74) — —
’25 (122) 51 53 (111) (129)
’24 42 56 110 14 222
’23 (30) (60) 14 7 (68)
’22 (139) (34) (15) (53) (241)
’21 21 (81) (52) (54) (165)
’20 (132) 16 80 61 26
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing 3.9% a year for ten years. It grew 16.8% a year over the last ten.

Implied
3.9%
10 years, reported
16.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 378 396 404 426 448 476 540 614 670 727 775 +7.5% 789 839 888 +6.9%
Gross margin, % 70.29 71.37 71.07 72.63 73.40 72.43 73.39 73.02 72.70 73.66 73.75 +3.4 pt
EBT 127 209 168 231 198 282 290 262 298 245 356 +7.6%
EBT margin, % 33.54 52.85 41.47 54.24 44.28 59.25 53.72 42.72 44.47 33.65 45.95 +0.1 pt
Net income 126 208 167 244 200 277 382 286 296 264 375 +8.6%
Per share, $
Per share, $ Revenue 3.29 3.35 3.26 3.37 3.51 3.67 4.09 4.64 5.06 5.49 5.85 +5.9%
Earnings 1.05 1.70 1.31 1.89 1.53 2.09 2.72 2.08 2.17 1.87 2.69 +6.6%
Cash flow 1.51 1.63 1.70 1.94 1.88 2.06 3.11 2.30 2.66 3.48 3.32 +9.7%
Capex (1.08) (0.79) (1.59) (1.53) (1.68) (3.33) (4.94) (2.82) (0.99) (4.46) (3.50) +17.1%
Free cash flow 0.43 0.84 0.11 0.42 0.20 (1.28) (1.83) (0.51) 1.68 (0.97) (0.18) n/m
Book value 11.17 12.48 13.57 14.23 15.25 17.34 19.17 19.92 20.75 20.83 21.64 +7.2%
Shares, m 115 118 124 126 128 130 132 132 132 132 133 +1.6%
Valuation, ×
Valuation, × P/E 26.99 18.44 22.20 21.96 27.54 31.83 17.65 25.59 23.00 30.79 20.10 24.6
P/S 8.54 9.30 8.85 12.32 12.01 18.03 11.74 11.41 9.91 10.43 9.25 11.3
P/B 2.51 2.50 2.13 2.92 2.76 3.82 2.50 2.66 2.42 2.75 2.50 2.7
EV/Sales 12.05 12.45 11.93 15.44 15.12 21.28 15.30 14.96 13.13 13.84 12.60 14.6
EV/FCF 91.37 49.69 370.09 125.11 264.92 (61.29) (34.22) (135.58) 39.61 (78.00) (416.51) 63.2
Cash, $m
Cash, $m Operating cash flow 174 193 210 246 240 267 411 305 352 461 441 +11.4%
Capex (124) (93) (197) (193) (215) (432) (652) (373) (131) (590) (464) +18.9%
Free cash flow 50 99 13 53 26 (165) (241) (68) 222 (129) (23) n/m
Balance, $m
Balance, $m Working capital (14) 8 19 94 136 (28) 40 11 38 29 15 n/m
Net debt 1,326 1,251 1,247 1,331 1,395 1,551 1,921 2,180 2,158 2,475 2,599 +7.2%
Shareholders’ equity 1,285 1,476 1,680 1,798 1,947 2,248 2,530 2,635 2,746 2,759 2,870 +8.9%
Returns, %
Returns, % ROA 4.41 7.03 5.35 7.15 5.36 6.79 7.86 5.42 5.51 4.52 6.28 +0.1 pt
ROIC 2.83 3.17 2.99 3.19 3.11 2.95 3.00 3.18 3.47 3.67 3.68 +0.8 pt
ROE 10.10 14.60 10.31 13.70 10.47 12.90 15.02 10.63 10.68 8.98 12.74 (1.1) pt
People
People Employees 161 160 145 155 153 162 157 156 151 152 — (0.6%)
Revenue/emp, $m 2.35 2.48 2.79 2.75 2.93 2.94 3.44 3.94 4.43 4.78 — +8.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

First Industrial Realty Trust is a real estate investment trust, or REIT, that owns and leases industrial properties. It also manages, acquires, sells, develops and redevelops industrial real estate. Its customers are tenants looking for industrial space, and its business includes both leasing existing properties and building new ones.

The company was organized in 1993 and is headquartered in Chicago, Illinois. Peter E. Baccile is president and chief executive officer. At December 31, 2025, its in-service portfolio consisted of 414 industrial properties in 19 states, with approximately 69.9 million square feet of gross leasable area. First Industrial had 152 employees at that date.

First Industrial Realty Trust, Inc. vs peers in Reit Industrial (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EGP EastGroup Properties, Inc. $10.4B 32.9× 32.7× +9.50% (above 0%: growing) +15.87% (above 0%: growing) +22.82% (above 0%: growing) 74.02% 41.57% Compare
CUBE CubeSmart $10.2B 29.8× 27.9× +3.12% (above 0%: growing) +16.11% (above 0%: growing) −5.37% (below 0%: shrinking) 67.42% 42.77% Compare
LINE Lineage, Inc. $9.0B — (loss-making) — (loss-making) +0.81% (above 0%: growing) n/m +91.92% (above 0%: growing) 31.23% 3.97% Compare
REXR Rexford Industrial Realty, Inc. $8.1B — (loss-making) — (loss-making) −5.58% (below 0%: shrinking) −81.08% (below 0%: shrinking) +58.30% (above 0%: growing) 76.16% 39.41% Compare
FR First Industrial Realty Trust, Inc. $7.4B 20.1× 21.7× +8.65% (above 0%: growing) −10.20% (below 0%: shrinking) −240.72% (below 0%: shrinking) 74.45% 44.21%
TRNO Terreno Realty Corporation $7.3B 19.9× 33.2× +13.74% (above 0%: growing) −38.00% (below 0%: shrinking) +118.95% (above 0%: growing) 75.26% 42.18% Compare
STAG Stag Industrial, Inc. $7.1B 26.1× 33.6× +9.44% (above 0%: growing) +44.00% (above 0%: growing) +2,111.22% (above 0%: growing) 79.99% 38.36% Compare
COLD Americold Realty Trust Inc. $4.5B 19.0× — (loss-making) +4.20% (above 0%: growing) n/m +237.07% (above 0%: growing) 32.79% 107.39% Compare
SMA Smartstop Self Storage REIT Inc $2.3B 75.1× 54.8× +18.65% (above 0%: growing) n/m +93.06% (above 0%: growing) 60.10% 22.55% Compare
Median of peers $7.7B 28.0× 33.2× +6.82% +15.87% +92.49% 70.72% 40.49%

All 14 Reit Industrial stocks →

From the latest earnings call

Updated

  • CEO Peter Baccile said leasing demand had improved, with occupancy ahead of the company’s prior forecast and progress on renewals for leases expiring next year.
  • CFO Scott Musil said First Industrial raised its funds-from-operations guidance midpoint and its full-year cash same-store net operating income growth assumption.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 99.71%
Held by the ten largest 50.20%
Holder Shares Stake Change
Vanguard 19.86m 14.98% +187.83k
BlackRock 16.66m 12.57% −46.72k
State Street 6.33m 4.77% −34.47k
Norges Bank 5.47m 4.13% +5.47m
CENTERSQUARE INVESTMENT MANAGEMENT LLC 4.86m 3.66% +547.73k
Geode Capital Management 2.85m 2.15% +64.11k
COHEN & STEERS, INC. 2.74m 2.07% +10.91k
PRUDENTIAL FINANCIAL INC 2.61m 1.97% −174.90k
Charles Schwab 2.59m 1.95% +22.37k
JPMorgan Chase 2.58m 1.95% +1.01m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 30 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 8.29m 14.92m 155.00
2024 6.62m 6.95m 136.60
2023 6.41m 6.47m 139.50
2022 5.68m 5.01m 124.70
2021 5.24m 10.91m 167.00

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group100 Vanguard Blvd.Malvern, PA 14.45%
BlackRock, Inc.50 Hudson YardsNew York, NY 11.30%
State Street CorporationOne Lincoln StreetBoston, MA 5.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

First Industrial Realty Trust, Inc. (FR) Latest News

23 Oct

Impact 3 · · Simply Wall St.

22 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · MarketBeat
Impact 4 · · Moby
Impact 3 · · The Motley Fool transcript

21 Oct

Impact 4 · · PR Newswire
Impact 3 · · Zacks

25 Sep

Impact 4 ·

23 Jul

Impact 3 ·
Impact 3 · · MarketBeat
Impact 3 · · Moby transcript

22 Jul

Impact 3 ·

7 Jul

Impact 3 · · 24/7 Wall St.

1 Jul

Impact 3 ·

3 May

Impact 4 · · Simply Wall St.

24 Apr

Impact 4 · · GuruFocus.com

23 Apr

Impact 4 · · MarketBeat
Impact 4 · · Moby

22 Apr

Impact 3 · · Zacks
Impact 3 · · PR Newswire

21 Apr

Impact 4 · · The Motley Fool transcript

16 Apr

Impact 4 · · Business Wire

7 Apr

Impact 4 · · Business Wire

24 Mar

Impact 4 · · PR Newswire

20 Mar

Impact 4 · · MT Newswires
Impact 4 · · Business Wire

9 Mar

Impact 4 · · Business Wire

5 Mar

Impact 4 · · Simply Wall St.

26 Feb

Impact 4 ·

12 Feb

Impact 3 · · Zacks24/7 Wall St.Motley FoolBarchartMotley Fool24/7 Wall St.

FR metrics, ten years each

stockrow.com/FR · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com