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Friday 6 November 2026 Export FR’s income statement to Excel — free account

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

54.12 0.20 +0.37%
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

First Industrial Realty Trust, Inc. (FR) valuation and DCF model

What the price implies · reverse DCF

At $54.12 the price implies FFO a share growing 3.9% a year for ten years.

FFO a share grew 16.8% a year over the last ten years. The price asks for less than its ten-year rate. The industry’s median company is priced for 4.7%.

Q3 2026’s FFO a share is the $0.81 First Industrial Realty Trust, Inc. reported, in its results release. Ours, from its filings, came out 7.6% lower.

Price implies
3.9%
Last 10 years, reported
16.8%
Industry median implies
4.7%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
3.9% a year for ten years
$54.12
today’s price
Its base case
16.8% a year for five years, then 10.1%
$113.61
109.9% above today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record First Industrial Realty Trust, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 3.9% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against First Industrial Realty Trust, Inc.’s own cost of capital: risk-free 4.3% + beta 1.04 × equity premium 4.5% = 9.0% cost of equity; weighted, 9.0%.

Use 9.0%
Base case value per share $113.61 ten years discounted, and what follows
Current price $54.12 market price per share
Above today’s price 109.9% upside at the base case’s assumptions

How we got there$41.47 10 years of FFO+$72.14 terminal value=$113.61 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Industrial).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 20.10× 23.43× 23.91× 16% below 29.08× 31% below
P/FCF — 130.30× 119.38× — 27.37× —
P/B 2.50× 2.57× 2.70× 7% below 1.88× 33% above
EV/EBITDA 18.18× 20.41× 21.51× 15% below 19.77× 8% below
EV/Sales 12.60× 13.97× 14.61× 14% below 11.83× 7% above
P/FFO 17.57× 23.59× 25.53× 31% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
18.38×22.68×26.97×31.27×10Y avg 23.91×2017201820192020202120222023202420252026

FR trades at 20.10× P/E, against a 10-year average of 23.91× (range 17.65×–31.83×). That is cheaper than 78% of the last 9 year-end readings; re-rating to the average implies $64.36 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.