First Industrial Realty Trust, Inc.
FR · Price history
Price at last available close
$54.99
−$4.55 (-7.64%) 1M
2026-10-29
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Company & revenue
About First Industrial Realty Trust, Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
First Industrial Realty Trust, Inc. is a leading U. S. -only owner, operator, developer and acquirer of logistics properties.
How they make money
First Industrial Realty Trust, Inc. is a real estate investment trust that generates revenue primarily through the leasing of industrial properties to a diverse base of tenants. The company manages its portfolio by acquiring, developing, and operating logistics real estate, collecting rental income under long-term lease agreements, and managing property-level operating expenses.
Products & services
The company provides logistics real estate solutions, including the ownership, management, development, and acquisition of industrial properties such as distribution centers, warehouses, and light industrial facilities.
Brands & revenue mix
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
Customer concentration
As of December 31, 2025, the company's portfolio is diversified across a wide range of tenants, with no single tenant accounting for a material percentage of total rental revenue.
Suppliers, materials & equipment
- Property Management and Maintenance Services — Various third-party contractors and service providers for property maintenance, landscaping, and security services.Source
- Construction and Development Contractors — General contractors and engineering firms engaged for the development and redevelopment of industrial properties.Source
Competitors
- Prologis, Inc. — A global leader in logistics real estate that competes for property acquisitions and tenant leases in major industrial markets.Source
- Rexford Industrial Realty, Inc. — An industrial REIT focused on infill Southern California markets, competing for similar industrial property assets.Source
Strengths
Sources
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
41
Weak
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
57
Fair
Financial Strength
56
Business Quality / Moat
58
Management
61
Growth Quality
40
Risk / Durability
71
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
67
Fully Valued
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
63/100
Building Historical Record
Model Score 63/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as moderate rather than unusually attractive.
The model outlook is currently moderate.
- •Recent buyback activity is present
- •Revenue fundamentals are weak
- •Debt / balance-sheet profile needs attention
- •Asset quality is a weaker factor
Company-specific research
Questions worth answering for FR
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can FR maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •Is FR's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
- •Is FR's debt load manageable relative to cash generation, interest costs and upcoming maturities?
Essential Investment Snapshot
Wall Street Score
41
Opportunity Score
67
Market Cap
$7.29B
P/E Ratio
21.5
EPS
$2.75
52-Week High
$69.88
52-Week Low
$54.23
Beta
1.04
Intrinsic Value
$80.73
Analyst Target
$72.00
Shares Outstanding
132.5M
Total Revenue
$759.6M
Total Debt
$2.57B
Dividend Yield (TTM)
3.54%
Liquidation Value / Share
$21.66
Dividend / Share (TTM)
$1.95
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Strong downward momentum
Normal movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for FR
Detected from reported data — verify before acting.Dividend history reported
Dividend payments are recorded. Review the dates and regular/special classification below; past payments do not guarantee future dividends.
Historical repurchase activity
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
Community Sentiment
0 active · 0 total callsNo personal call yet on FR.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +High-quality, modern logistics portfolio concentrated in key U.S. industrial markets.
- +Strong balance sheet and disciplined capital allocation strategy.
- +Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the REIT - Industrial industry.
- −Sensitivity to economic downturns affecting tenant demand for industrial space.
- −Risks associated with property development, including construction delays and cost overruns.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
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Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
7 historical score records availablePrevious Score
41
Oct 1, 2026
Change
+0.2
points
Current Score
41
Oct 21, 2026
Category Changes
FR increased 0.2 points because overall fundamentals improved.
Projected Score
Projected Score
46
Projected Change
+4.2 points
Preliminary comparable-period financial changes suggest improvement of approximately 4.2 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
UndervaluedCurrent Price
$54.99
Model Intrinsic Value
$80.73
Difference
−$25.74
-31.9% vs IV
Margin of Safety
31.9%
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $759.6M | $727.1M | $669.6M | $614.0M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $396.9M | $562.7M | $182.8M | $165.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $362.7M | $164.3M | $486.8M | $448.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $0.00 | $0.00 | $1.5M | $3.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $49.4M | $41.9M | $40.9M | $37.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $46.9M | -$143.4M | $214.4M | $203.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | $696.1M | $578.6M | $557.0M | $501.2M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | $315.9M | $307.7M | $272.4M | $244.6M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $96.4M | $89.9M | $83.0M | $74.3M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | $393.9M | $279.4M | $302.1M | $294.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $11.9M | $15.3M | $6.1M | $8.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | $364.3M | $247.4M | $287.3M | $274.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $2.75 | $1.87 | $2.17 | $2.08 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 132M | 132M | 132M | 132M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 133M | 133M | 132M | 132M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$194.9M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
$0.58
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+6.8%
Cash Change
+6.3%
Margin Change
+8.9 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Margins expanded
- Cash position grew
What Weakened
- Debt increased
Potential Score Impact
Positive indicators included revenue growth, EPS growth, cash levels, net income margin. Pressure indicators included debt levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 8.4%. EPS increased 38.1%. Cash increased 6.3%. Total debt increased 6.8%. Net income margin improved by 8.9 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
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Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
7 historical recordsHistorical Score Chart
3 of 7 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
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Rumor Mill · FR
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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