First Industrial Realty (FR) AI Stock Analysis

• Market Cap: $7.06B
• Dividend Yield: 3.3%
• Average Volume (3M): 900.70K
• Price to Earnings (P/E): 25.3
• Beta (1Y): 0.75
• Revenue Growth: 9.66%
• EPS Growth: -4.60%
• Country: US
• Employees: 151
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Industrial
• EPS (TTM): 0.42
• Shares Outstanding: 132,422,260
• 10 Day Avg. Volume: 904,477
• 30 Day Avg. Volume: 900,698
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.25
• Enterprise Value/Revenue: 12.62
• Enterprise Value/Gross Profit: 17.21
• Enterprise Value/Ebitda: 15.97
• 1Y Price Target: $56.22
• Price Target Upside: 8.74% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 11

• Rating: 74 Outperform
• Price Target: $57.00 ▲(10.25% Upside)

First Industrial Realty's strong financial performance and positive earnings call highlights are significant strengths. However, the high P/E ratio and technical indicators suggest caution. The balanced outlook from the earnings call and valuation concerns slightly temper the overall score.

Positive Factors

Strong Cash Flow

Efficient cash generation from operations enhances financial flexibility, allowing the company to invest in growth opportunities and manage debt effectively.

Successful Leasing Activity

High leasing activity indicates strong demand for industrial properties, supporting revenue growth and occupancy rates, which are crucial for long-term stability.

High Same-Store NOI Growth

Strong NOI growth reflects effective property management and pricing power, contributing to sustained profitability and competitive positioning in the market.

Negative Factors

Occupancy Decline

A decline in occupancy can impact rental income and cash flow, requiring strategic efforts to maintain high occupancy levels and mitigate revenue loss.

Rising Interest Expenses

Higher interest expenses can reduce net income and cash flow, potentially limiting the company's ability to invest in growth and manage debt efficiently.

Tariff Uncertainty

Tariff uncertainties can disrupt supply chains and tenant operations, affecting leasing activity and potentially leading to lower demand for industrial space.

First Industrial Realty Business Overview & Revenue Model

Company Description

First Industrial Realty Trust, Inc. (NYSE: FR) is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. Across major markets in the United States, our local market experts manage, lease, buy, (re)develop, and sell bulk and regional distribution centers, light industrial, and other industrial facility types. In total, we own and have under development approximately 64.1 million square feet of industrial space as of September 30, 2020.

How the Company Makes Money

First Industrial Realty generates revenue primarily through leasing its industrial properties to a diverse range of tenants, including e-commerce companies, third-party logistics providers, and manufacturers. The company earns rental income from long-term lease agreements, which typically provide stable cash flows. Additionally, First Industrial may realize income from property management fees and development projects. Significant revenue streams include upfront lease payments and ongoing rent escalations tied to inflation or market rates. The company also engages in opportunistic acquisitions of industrial properties, enhancing its portfolio and income potential. Strategic partnerships with logistics firms and key industry players further support its earnings by ensuring high occupancy rates and demand for its properties.

First Industrial Realty Financial Statement Overview

Summary

First Industrial Realty exhibits strong financial health across income, balance sheet, and cash flow metrics. While income growth and profitability are commendable, attention should be given to debt management and cash flow stability to sustain long-term financial performance.

Income Statement

First Industrial Realty has shown a consistent revenue growth trajectory with a robust gross profit margin and stable net profit margins. The EBIT and EBITDA margins are strong, indicating efficient operations. However, the slight decrease in net income from the previous year suggests a need to monitor future profitability closely.

Balance Sheet

The company's balance sheet reflects a healthy equity ratio, indicating strong capitalization. The debt-to-equity ratio is moderate, suggesting manageable leverage levels, but an increase in total debt warrants cautious observation. Return on equity remains strong, showcasing effective use of shareholder funds.

Cash Flow

The cash flow statement reveals a solid operating cash flow to net income ratio, indicating efficient cash generation from operations. Free cash flow growth is positive, enhancing financial flexibility, though fluctuations in investing and financing activities should be monitored to ensure sustainable cash flow management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	700.47M	669.64M	614.03M	539.93M	476.29M	448.03M
Gross Profit	513.74M	486.82M	444.70M	396.27M	344.99M	328.83M
EBITDA	553.75M	557.03M	413.32M	358.20M	306.96M	292.56M
Net Income	271.00M	287.34M	274.82M	266.67M	271.00M	195.99M
Balance Sheet
Total Assets	5.45B	5.26B	5.18B	4.95B	4.18B	3.79B
Cash, Cash Equivalents and Short-Term Investments	34.95M	44.51M	43.84M	133.24M	58.59M	162.09M
Total Debt	2.41B	2.23B	2.25B	2.09B	1.63B	1.62B
Total Liabilities	2.72B	2.52B	2.54B	2.42B	1.93B	1.84B
Stockholders Equity	2.65B	2.67B	2.56B	2.53B	2.25B	1.95B
Cash Flow
Free Cash Flow	396.90M	352.49M	304.81M	-111.47M	33.85M	79.96M
Operating Cash Flow	396.90M	352.49M	304.81M	410.90M	267.03M	241.08M
Investing Cash Flow	-349.79M	-131.62M	-378.31M	-629.11M	-416.82M	-251.74M
Financing Cash Flow	-58.73M	-213.03M	-27.78M	304.50M	8.91M	57.60M

First Industrial Realty Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 51.70
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR, the sentiment is Positive. The current price of 51.7 is above the 20-day moving average (MA) of 51.38, above the 50-day MA of 50.21, and above the 200-day MA of 50.07, indicating a bullish trend. The MACD of 0.29 indicates Positive momentum. The RSI at 55.20 is Neutral, neither overbought nor oversold. The STOCH value of 58.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR.

First Industrial Realty Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EGP	77 Outperform	$9.13B	36.91	7.66%	3.36%	11.22%	-3.16%
TRNO	76 Outperform	$5.99B	23.10	6.85%	3.43%	22.17%	40.80%
REXR	76 Outperform	$9.86B	30.99	3.74%	4.10%	13.66%	11.34%
FR	74 Outperform	$7.06B	25.28	10.33%	3.30%	9.66%	-4.60%
STAG	73 Outperform	$6.91B	28.68	6.89%	4.10%	8.56%	22.20%
LXP	69 Neutral	$2.77B	33.83	4.15%	5.77%	6.64%	210.89%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%

First Industrial Realty Corporate Events

First Industrial Realty Announces New Equity Offering

On August 21, 2025, First Industrial Realty Trust, Inc. announced the initiation of a new equity offering, allowing for the sale of up to $800 million or 16 million shares of common stock through various transactions, including ‘at-the-market’ offerings. This move follows the termination of previous distribution agreements and is aimed at raising capital for general corporate purposes such as property acquisition and debt repayment, potentially impacting the company’s financial flexibility and market positioning.