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Target Price Range
Recommendation Rating
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 42.91 | 40.44 | 45.10 | 40.31 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 66.32 | 55.51 | 57.35 | 59.43 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 157 | 156 | 151 | 152 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.44 | 3.94 | 4.43 | 4.78 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 539.93 | 614.03 | 669.64 | 727.08 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 73.39% | 73.02% | 72.70% | 73.66% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 290.03 | 262.32 | 297.77 | 244.69 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 53.72% | 42.72% | 44.47% | 33.65% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 381.61 | 285.84 | 295.99 | 264.08 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 155.51 | 168.14 | 179.94 | 200.12 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.09 | 4.64 | 5.06 | 5.49 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 2.72 | 2.08 | 2.17 | 1.87 | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.11 | 2.30 | 2.66 | 3.48 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (4.94) | (2.82) | (0.99) | (4.46) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.83) | (0.51) | 1.68 | (0.97) | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 19.17 | 19.92 | 20.75 | 20.83 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 132.02 | 132.26 | 132.37 | 132.45 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17.65 | 25.59 | 23.00 | 30.79 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.74 | 11.41 | 9.91 | 10.43 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.50 | 2.66 | 2.42 | 2.75 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.33 | 14.96 | 13.13 | 13.84 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (36.52) | (135.58) | 39.61 | (78.00) | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 410.94 | 304.82 | 352.49 | 461.26 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (652.28) | (372.57) | (130.50) | (590.25) | ‡‡‡‡‡ | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (241.34) | (67.76) | 221.99 | (128.98) | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 39.88 | 11.24 | 37.95 | 29.44 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,622.30 | 2,224.30 | 2,209.30 | 2,553.40 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,477.18 | 2,180.46 | 2,157.62 | 2,475.36 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,530.30 | 2,635.11 | 2,746.03 | 2,758.93 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.86% | 5.42% | 5.51% | 4.52% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.67% | 3.18% | 3.47% | 3.67% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15.02% | 10.63% | 10.68% | 8.98% | — | — | — |
ROE
|
Analyst Commentary (Summary)
First Industrial Realty Trust, Inc. (FR) Latest News
23 Jul
First Industrial Realty Trust Inc reported strong leasing activity during its Q2 2026 earnings call. Strong leasing results point to improved occupancy and revenue for the REIT.
First Industrial Realty Trust Q2 earnings call highlights financial results, operational metrics and forward guidance for the industrial REIT. Q2 earnings call details supply updated financials and outlook that moderately shape near-term investor sentiment and valuation.
First Industrial Realty Trust, Inc. released its Q2 2026 earnings call summary covering financial results and operational updates. Q2 earnings call details typically affect near-term financial views and market sentiment without guaranteeing major long-term shifts.
22 Jul
First Industrial Realty Trust, Inc. reported second quarter 2026 results. Quarterly results release key financial figures that shape near-term investor views and valuation.
7 Jul
JP Morgan adds First Industrial Realty Trust (FR) to July US Equity Analyst Focus List as a favored dividend stock. JP Morgan focus-list addition raises FR visibility and may lift near-term sentiment without altering core operations.
1 Jul
Raymond James forecasts continued market resilience through 2H26 and designates two stocks, including First Industrial Realty Trust (FR), as Strong Buys. Positive analyst endorsement may lift near-term investor sentiment toward FR without altering core operations or strategy.
3 May
First Industrial Realty Trust (FR) reported strong Q1 results and raised its 2026 earnings guidance, positively impacting investor sentiment and future performance outlook. Strong Q1 results and higher 2026 earnings guidance represent major positive developments likely to significantly enhance FR's trajectory and market perception.
24 Apr
First Industrial Realty Trust Inc (FR) reported strong leasing activity, robust occupancy gains, and positive financial metrics in its Q1 2026 earnings call highlights. Strong leasing drives higher occupancy and revenue for FR, significantly boosting future performance and investor sentiment.
23 Apr
First Industrial Realty Trust (FR) Q1 earnings call highlights strong occupancy at 97.6%, robust leasing of 5.7 million sq ft, development starts totaling 2.0 million sq ft, and raised full-year guidance for core FFO to $2.31-$2.39 per share. Q1 earnings highlights show solid leasing, high occupancy, and upward guidance revisions signaling strong operational momentum and positive trajectory for FR.
First Industrial Realty Trust, Inc. (FR) released summary of Q1 2026 earnings call highlighting financial performance, occupancy rates, leasing activity, and future outlook. Q1 earnings call summary discloses key financial metrics, guidance, and operational updates that significantly shape investor expectations and market performance.
22 Apr
First Industrial Realty Trust (FR) reported Q1 FFO below analyst estimates. Lagging Q1 FFO estimates highlights potential financial underperformance affecting near-term market sentiment.
First Industrial Realty Trust, Inc. (FR) reported first quarter 2026 results. Quarterly results reporting influences financial performance and investor sentiment but is routine without transformative details.
21 Apr
First Industrial Realty Trust, Inc. (FR) Q4 2025 earnings call transcript released, detailing financial results, occupancy rates, leasing activity, and management outlook for industrial real estate operations. Q4 earnings transcript provides detailed financial metrics, operational updates, and future guidance that can significantly sway investor sentiment and FR's stock performance.
16 Apr
Land & Buildings responds to First Industrial Realty Trust's latest shareholder letter ahead of April 30 annual meeting in ongoing proxy contest. Activist investor's response escalates proxy battle, potentially leading to board changes and strategic shifts at First Industrial.
7 Apr
Land & Buildings sent a letter to First Industrial Realty Trust (FR) shareholders, urging them to send a clear message that further corporate change is required. Activist investor Land & Buildings' push for further changes at FR signals potential board or strategic shifts that could significantly impact company trajectory and investor sentiment.
24 Mar
Valeo breaks ground on $225 million high-tech plant in McAllen, Texas, dedicated to software-defined vehicle technology. Valeo's $225 million plant boosts FR's industrial occupancy, rental income, and market positioning in high-demand logistics hub.
20 Mar
First Industrial Realty Trust (FR) faces pressure from an activist investor alleging governance failures. Activist investor pressure over governance issues could trigger board changes, strategic shifts, and altered investor sentiment.
Land & Buildings sent a letter to First Industrial Realty Trust (FR) shareholders urging them to withhold votes for three entrenched directors due to poor performance, lack of oversight, and failure to maximize shareholder value. Activist investor push for board changes signals governance pressure that could drive strategic shifts and impact investor sentiment.
9 Mar
Land & Buildings issued a letter criticizing First Industrial Realty Trust's governance shortcomings, claiming they impose a substantial discount on the company's stock valuation compared to peers. Activist investor letter highlights governance flaws likely prompting board reforms and potential stock re-rating.
5 Mar
Activist investors are pushing for boardroom changes at First Industrial Realty Trust (FR), potentially reshaping governance, strategy, and investor returns amid concerns over performance. Activist-driven board overhauls often trigger strategic pivots, management shakeups, and volatile stock movements.
26 Feb
Land & Buildings issued a letter detailing reasons why change is urgently needed at First Industrial Realty Trust, Inc. (FR), criticizing current leadership and strategy. Activist investor letter from Land & Buildings pressures First Industrial Realty Trust for strategic and governance changes, potentially shifting investor sentiment and company trajectory.
12 Feb
First Industrial Realty Trust, Inc. (FR) is highlighted as a top-ranked dividend stock, appealing to investors looking to maximize their retirement portfolios. The company is noted for its strong financial performance and consistent dividend payments, making it an attractive option for income-focused investors. The article emphasizes the importance of selecting high-quality dividend stocks to enhance retirement savings and suggests that FR's stability and growth potential align well with these investment goals. First Industrial Realty Trust's strong financial performance and consistent dividends may moderately influence investor sentiment and financial performance.
6 Feb
First Industrial Realty Trust, Inc. reported its Q4 earnings, highlighting strong performance metrics and strategic initiatives aimed at enhancing portfolio value. The company emphasized its commitment to expanding its industrial real estate footprint and optimizing operational efficiencies. Key financial figures showcased growth in revenue and net income, reflecting robust demand in the logistics sector. Management provided insights into future growth strategies and market trends, indicating a positive outlook for the upcoming quarters. Significant strategic initiatives and strong financial performance are likely to influence future growth and investor sentiment.
5 Feb
First Industrial Realty Trust, Inc. (FR) reported strong growth in Funds From Operations (FFO) during its Q4 2025 earnings call, highlighting robust demand for industrial properties and effective management strategies. The company emphasized its commitment to expanding its portfolio and enhancing shareholder value through strategic investments and operational efficiencies. Overall, the results reflect a positive outlook for the company's future performance in the industrial real estate sector. Strong FFO growth and strategic investments indicate significant potential for future performance and market positioning.
First Industrial Realty Trust, Inc. has secured a $1.2 billion refinancing deal that includes an ESG (Environmental, Social, and Governance) component. This strategic move aims to enhance the company's financial flexibility and align with sustainable practices, potentially attracting socially conscious investors. The refinancing is expected to lower borrowing costs and improve liquidity, which could positively impact shareholder value in the long run. The refinancing and ESG option are significant strategic moves that could enhance financial performance and investor sentiment.
4 Feb
First Industrial Realty Trust, Inc. (FR) reported its Q4 results, with funds from operations (FFO) and revenues exceeding analysts' expectations. The company's strong performance reflects its effective management and strategic positioning in the industrial real estate sector, contributing to positive investor sentiment. Strong Q4 results indicate significant operational effectiveness and potential for future growth.
First Industrial Realty Trust, Inc. reported its Q4 earnings, showcasing a strong performance with increased revenue and net income compared to the previous year. The company highlighted its strategic initiatives in expanding its industrial real estate portfolio, which contributed to its growth. Management expressed optimism about future market conditions and ongoing demand for logistics and distribution facilities, positioning the company well for continued success in the upcoming quarters. The strong earnings report and strategic initiatives indicate significant potential for future growth and market performance.
First Industrial Realty Trust, Inc. reported its fourth quarter and full year 2025 results, highlighting significant growth in revenue and net income. The company experienced increased demand for industrial properties, leading to higher occupancy rates and rental income. Strategic acquisitions and developments contributed to the positive financial performance, positioning the company favorably in the market. Management expressed optimism about future growth prospects, citing ongoing trends in e-commerce and logistics as key drivers. The reported financial results and strategic developments indicate a significant positive shift in the company's market position and future growth potential.
31 Jan
First Industrial Realty Trust, Inc. has successfully refinanced its debt, extending maturities and enhancing its flexibility to meet environmental, social, and governance (ESG) criteria. This strategic move aims to improve the company's financial stability and align with growing investor demand for sustainable practices. Refinancing debt and adding ESG flexibility are significant strategic moves that could enhance financial performance and investor sentiment.
Duff & Phelps has acquired 735,000 shares of First Industrial Realty Trust, Inc. (FR), indicating a strong investment interest in the company. This significant purchase may reflect confidence in FR's market position and future growth potential. The move could influence market sentiment and investor perceptions regarding FR's performance. The acquisition of a substantial number of shares suggests a moderately noticeable influence on investor sentiment and market performance.
First Industrial Realty Trust (FR), a key industrial REIT, has thrived amid e-commerce and logistics booms, driving revenue from $378 million in 2016 to $670 million in 2024—a 77% surge—with analysts projecting 8-10% annualized growth through 2028 to $900 million. Operational efficiency shines through doubled revenue per employee and resilient 70-73% gross margins, fueled by low vacancy rates and tenants like Amazon. Yet profitability shows volatility: EPS fell 20% from 2022 peaks to $2.17, ROE dipped to 10.7%, and free cash flow swung negative due to capex spikes, highlighting the capital-intensive push in a high-rate world.
Balance sheet strength persists with 86% book value growth and manageable 80% net debt-to-equity, despite debt rising 46% to $2.21 billion. Stock performance tracks rate sensitivity—down 12% from 2021 highs but 96% above 2016—trading at reasonable 23x PE and 9.9x PS, with mean analyst targets implying 9% upside. Insider quietude and historical parallels to REIT cycles add caution amid recession risks.
FR’s resilient fundamentals position it for 10-15% returns if rates ease, echoing past recoveries but demanding vigilance on FCF volatility and debt. A hold for income seekers, with nearshoring tailwinds offering appeal—dive into the full analysis for stock correlations, forecasts, and risks.