First Industrial Realty Trust (FR) Stock Overview
A leading U.S.-only owner, operator, developer and acquirer of logistics properties. More details
| Snowflake Score | |
|---|---|
| Valuation | 3/6 |
| Future Growth | 0/6 |
| Past Performance | 4/6 |
| Financial Health | 2/6 |
| Dividends | 5/6 |
Rewards
Risk Analysis
FR Community Fair Values
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Analyst Price Targets
First Industrial Realty Trust, Inc. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$60.05 |
| 52 Week High | US$64.66 |
| 52 Week Low | US$47.36 |
| Beta | 1.08 |
| 1 Month Change | -3.36% |
| 3 Month Change | -3.84% |
| 1 Year Change | 21.66% |
| 3 Year Change | 12.88% |
| 5 Year Change | 12.64% |
| Change since IPO | 154.18% |
Recent News & Updates
Seeking Alpha • 10h
First Industrial Realty: It's Time To Put It On Hold (Rating Downgrade)
Summary First Industrial Realty Trust is downgraded from buy to hold due to less attractive valuation and limited total return potential given market conditions. FR continues to deliver double-digit CAGR in FFO and DPS, with Q1 leasing performance exceeding expectations. Industrial market fundamentals are softening, with supply outpacing demand and vacancy rates rising, impacting FR's negotiating position. Rent growth for FR remains positive but is decelerating, reflecting broader market pressures from increased completions and moderating demand. Read the full article on Seeking Alpha
Narrative Update • May 01
FR: Guidance, Buybacks And Activism Will Shape A Measured Forward Outlook
Analysts have raised their price target for First Industrial Realty Trust to about $66.93 from roughly $65.47, citing slight adjustments to discount rate assumptions, a modestly different revenue growth outlook, and a somewhat higher projected profit margin, alongside a similar future P/E expectation. What's in the News New 2026 earnings guidance points to Net Income Available to Common Stockholders and Unitholders in a range of $2.32 to $2.42 per share, providing an updated profitability reference for longer term planning (company guidance).Recent updates
Seeking Alpha • 10h
First Industrial Realty: It's Time To Put It On Hold (Rating Downgrade)
Summary First Industrial Realty Trust is downgraded from buy to hold due to less attractive valuation and limited total return potential given market conditions. FR continues to deliver double-digit CAGR in FFO and DPS, with Q1 leasing performance exceeding expectations. Industrial market fundamentals are softening, with supply outpacing demand and vacancy rates rising, impacting FR's negotiating position. Rent growth for FR remains positive but is decelerating, reflecting broader market pressures from increased completions and moderating demand. Read the full article on Seeking AlphaNarrative Update • May 01
FR: Guidance, Buybacks And Activism Will Shape A Measured Forward Outlook
Analysts have raised their price target for First Industrial Realty Trust to about $66.93 from roughly $65.47, citing slight adjustments to discount rate assumptions, a modestly different revenue growth outlook, and a somewhat higher projected profit margin, alongside a similar future P/E expectation. What's in the News New 2026 earnings guidance points to Net Income Available to Common Stockholders and Unitholders in a range of $2.32 to $2.42 per share, providing an updated profitability reference for longer term planning (company guidance).Narrative Update • Apr 10
FR: Buybacks, Higher Dividend And Activism Will Shape A Balanced Outlook
Analysts have nudged their price target for First Industrial Realty Trust slightly higher to about $65.47 from roughly $65.27, reflecting updated assumptions for the discount rate, revenue growth, profit margin, and future P/E. What's in the News Land & Buildings Investment Management has been actively urging shareholders to vote against the re-election of Chairman Matt Dominski and Director H.Narrative Update • Mar 27
FR: Share Repurchases And Higher Dividend Will Support A More Bullish Outlook
Analysts now set their price target for First Industrial Realty Trust at about $65.27, a slight move from roughly $65.07. This change reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E levels.Narrative Update • Mar 12
FR: Activist Campaign And Higher Dividend Will Shape A Balanced Outlook
Analysts have nudged their price target for First Industrial Realty Trust higher to about $65.07 from roughly $64.47. This reflects updated views on its discount rate, long term revenue growth, profit margin assumptions, and expected future P/E.Narrative Update • Feb 25
FR: Activist Pressure And Higher Dividend Will Shape A Measured Outlook
Analysts have nudged their price target on First Industrial Realty Trust higher to about $64.47, up from roughly $63.60, citing refreshed assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E that slightly adjust their long term outlook. What's in the News Issued 2026 earnings guidance, with expected net income available to common stockholders and unitholders in a range of $1.58 to $1.68 per share.Narrative Update • Feb 10
FR: Activist Pressure And Dividend Outlook Will Shape A Measured Future
Analysts have adjusted their price target on First Industrial Realty Trust to $63.60 from $62.63. This reflects updated assumptions around fair value, discount rate, revenue growth, profit margins and future P/E multiples.Narrative Update • Jan 25
FR: Activist Sale Pressure And Updated Assumptions Will Shape A Balanced Outlook
Analysts have lifted their fair value estimate for First Industrial Realty Trust to $62.63 from $61.13, citing updated assumptions for revenue growth, profit margin, and future P/E that modestly increase their long term return expectations for the business. What's in the News On December 4, 2025, Land and Buildings Investment Management LLC publicly urged First Industrial Realty Trust to divest certain assets and return capital to shareholders, and called for a review of potential options, including a possible sale of the company if other efforts do not narrow the gap between the share price and net asset value (Key Developments).Narrative Update • Jan 09
FR: Activist Sale Pressure And Stable Outlook Will Shape A Balanced Future
Analysts have nudged their price target on First Industrial Realty Trust from US$60.00 to about US$61.13, reflecting updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E levels. What's in the News Land and Buildings Investment Management LLC is pressuring First Industrial Realty Trust to divest assets and return capital to shareholders, and is urging a review of alternatives, including a potential sale, if these steps do not close the gap between the share price and net asset value (Key Developments).Narrative Update • Dec 19
FR: Activist Pressure And Raised Earnings Outlook Will Shape A Balanced Outlook
Analysts have nudged their price target for First Industrial Realty Trust slightly higher, raising fair value by 0.50 dollars to 60.00 dollars as they factor in marginally stronger revenue growth and a modestly lower discount rate, while maintaining largely stable profitability expectations. What's in the News Land and Buildings Investment Management LLC launched an activist campaign on December 4, 2025, urging First Industrial Realty Trust to sell assets and return capital to shareholders, and to consider strategic alternatives, including a potential sale, if the share price discount to net asset value persists (Key Developments).Narrative Update • Dec 05
FR: Raised Earnings Outlook Will Support Measured Fair-Value Case Going Forward
Analysts have modestly raised their price target on First Industrial Realty Trust, increasing fair value by approximately $0.38 per share to $59.50, as they factor in a slightly higher future valuation multiple that more than offsets marginally lower long term revenue growth and profit margin assumptions and a higher discount rate. What's in the News Raised 2025 earnings guidance, now expecting net income available to common stockholders and unitholders of $1.67 to $1.71 per unit, which signals improved profitability expectations (Key Developments) Valuation Changes The fair value estimate has risen slightly, moving from $59.13 to $59.50 per share, reflecting a modest uplift in intrinsic valuation.Narrative Update • Nov 21
FR: Earnings Guidance Increase And Stable Margins Signal Balanced Outlook
Analysts have maintained their price target for First Industrial Realty Trust at $59.13 per share. This reflects continued confidence in the firm’s outlook despite minor adjustments to underlying financial assumptions.Narrative Update • Nov 03
FR: 2025 Guidance And Resilient Margins Will Balance Uncertainties Ahead
Analysts have raised their price target for First Industrial Realty Trust from $56.94 to $59.13, citing improved profit margins and continued financial resilience as reasons for this upward revision. What's in the News The company has revised its 2025 earnings guidance to a range of $1.67 to $1.71 per unit (Key Developments).Narrative Update • Oct 20
Overvalued Industrial REIT Will Underperform In Uncertain Markets
First Industrial Realty Trust's analyst price target has been raised from $56.33 to $56.94, as analysts cite a modestly improved profit margin outlook, even though there is a slight moderation in projected revenue growth and future earnings multiples. What's in the News Revised 2025 earnings guidance: Net Income Available to Common Stockholders and Unitholders increased from $1.67 per unit to $1.71 per unit (Key Developments) Announced an $800 million follow-on equity offering of common stock with income trust features.Seeking Alpha • Mar 30
First Industrial: The Dividend Growth Giant That Doesn't Get Enough Attention
Summary First Industrial Realty Trust stands out among REITs, offering a well-supported dividend and consistent earnings increases over time. FR's portfolio focuses on industrial and commercial properties, ensuring stability and resilience, with a 96.2% occupancy rate and high-profile tenants like Amazon. Despite trading at a premium, FR's financial strength and consistent earnings growth justify its valuation, with a potential 10% price increase in the next year. The strong dividend coverage and ongoing developments support future earnings growth, making FR a reliable source of dividend income with potential for future raises. Read the full article on Seeking AlphaSeeking Alpha • Dec 09
First Industrial Realty: A Top Industrial Pick With Solid Upside Potential
Summary REITs have faced challenges but now trade at attractive valuations with solid upside potential over the next 1 to 2 years. Industrial REITs, especially in Southern California, have experienced downward pressure but maintain strong fundamentals despite market volatility. First Industrial Realty Trust is a fundamentally sound industrial REIT with significant long-term upside potential. Post-election interest rate uncertainty presents opportunities for REITs, making them appealing investments in the current market environment. Read the full article on Seeking AlphaSeeking Alpha • Nov 14
First Industrial: Still Attractive Despite Policy Risk
Summary First Industrial Realty has shown solid performance, with a 26% rise in the past year and a 12% return since my last "buy" rating. Despite strong renewal lease signings and a robust balance sheet, elevated interest rates and geopolitical risks could cap FR's upside potential. FR's 2.8% dividend yield, 7+% expected dividend growth, and strong renewal activity support a "buy" rating, targeting 10% long-term returns. Caution is warranted due to potential trade policy impacts and interest rate volatility, but FR remains positioned for solid long-term returns. Read the full article on Seeking AlphaSeeking Alpha • Sep 08
First Industrial Realty Trust: One Of My Top Industrial REIT Picks
Summary First Industrial Realty Trust is an industrial REIT with 67.9m sq. ft. of leasable area. Rising interest rates and oversupply have pressured the industrial property sector, but signs of a market shift are emerging. Demand is improving, and construction is cooling, suggesting a future undersupply that will benefit industrial REITs like FR. Read the full article on Seeking Alpha
New Narrative • Aug 27
Leasing Focus In Volatile Markets And Speculative Developments May Stifle Growth Prospects
Focusing on leasing in improving markets with rising vacancies risks occupancy rates and revenue growth if demand doesn't match new supply.Seeking Alpha • Jul 24
First Industrial Realty Trust Sets The Ground For The Upcoming Upside
Summary First Industrial Realty released strong Q2 2024 results, delivering solid FFO per share growth. FR showcased robust investment & deal activity during the recent quarter, setting the ground for the upcoming upside. The Company is likely to benefit greatly from the upcoming shift in market conditions. There's still room for upside resulting from the multiple appreciation. Read the full article on Seeking AlphaSeeking Alpha • Jul 09
First Industrial: Recent Volatility Makes Them More Attractive Compared To Peers
Summary First Industrial is a quality REIT with a long operating history, focusing on logistics properties in supply-constrained markets. Despite missing Q1 FFO estimates, they expect to FFO and revenue growth of 7.4% and 3.2% respectively in their upcoming Q2. The recent dip in share price presents a buying opportunity, with a price target of $59 and potential for 23% upside. Their balance sheet is also solid with no debt maturing until 2026, putting them in a comfortable position to continue growth. Their dividend is also well-covered with a forward FFO payout ratio of 57%. Read the full article on Seeking AlphaSeeking Alpha • Jun 20
First Industrial Looks Buyable As Market Conditions Improve
Summary Industrial REITs face challenges due to high supply and low demand, leading to increased vacancy rates and disparity between buyers' and sellers' expectations. However, the market conditions will shift due to significantly decreased new construction starts. FR is well-positioned to benefit from the improvement in market conditions, with no debt maturities until 2026, vast land bank, and solid business metrics. Moreover, the Company offers well-covered, dynamically growing dividends and has an upside potential resulting from the multiple appreciation. Read the full article on Seeking AlphaSeeking Alpha • Apr 18
First Industrial: Shares Attractive Despite Softer Q1 Results
Summary First Industrial Realty has underperformed in the past year due to higher interest rates and a slowdown in industrial leasing activity. The company reported mixed results and reduced guidance, which may put pressure on its shares. The weakness in leasing activity, particularly in Southern California, and uncertainties in US-China relations are impacting First Industrial Realty's performance. Still, its current valuation and limited long-term supply dynamics make FR stock attractive for dividend growth investors. Read the full article on Seeking AlphaShareholder Returns
| FR | US Industrial REITs | US Market | |
|---|---|---|---|
| 7D | -6.2% | -4.1% | 1.2% |
| 1Y | 21.7% | 20.6% | 27.0% |
Return vs Industry: FR underperformed the US Industrial REITs industry which returned 24.1% over the past year.
Return vs Market: FR underperformed the US Market which returned 28.2% over the past year.
Price Volatility
| FR volatility | |
|---|---|
| FR Average Weekly Movement | 2.9% |
| Industrial REITs Industry Average Movement | 3.1% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.9% |
| 10% least volatile stocks in US Market | 3.0% |
Stable Share Price: FR has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: FR's weekly volatility (3%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1993 | 152 | Peter Baccile | www.firstindustrial.com |
First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. In total, we own and have under development approximately 71.6 million square feet of industrial space concentrated in 15 target MSAs as of March 31, 2026.
First Industrial Realty Trust, Inc. Fundamentals Summary
| FR fundamental statistics | |
|---|---|
| Market cap | US$8.18b |
| Earnings (TTM) | US$342.27m |
| Revenue (TTM) | US$745.20m |
23.3x
P/E Ratio10.7x
P/S RatioIs FR overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| FR income statement (TTM) | |
|---|---|
| Revenue | US$745.20m |
| Cost of Revenue | US$197.23m |
| Gross Profit | US$547.98m |
| Other Expenses | US$205.71m |
| Earnings | US$342.27m |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 2.58 |
| Gross Margin | 73.53% |
| Net Profit Margin | 45.93% |
| Debt/Equity Ratio | 90.0% |
How did FR perform over the long term?
See historical performance and comparisonDividends
3.3%
Current Dividend Yield60%
Payout RatioDoes FR pay a reliable dividends?
See FR dividend history and benchmarks| First Industrial Realty Trust dividend dates | |
|---|---|
| Ex Dividend Date | Jun 30 2026 |
| Dividend Pay Date | Jul 20 2026 |
| Days until Ex dividend | 27 days |
| Days until Dividend pay date | 47 days |
Does FR pay a reliable dividends?
See FR dividend history and benchmarksCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/02 07:29 |
| End of Day Share Price | 2026/06/02 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
First Industrial Realty Trust, Inc. is covered by 26 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Nicholas Thillman | Baird |
| Anthony Powell | Barclays |
| Brendan Lynch | Barclays |