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First Industrial Realty
(NYSE:FR)
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Rating:69Neutral
Price Target:
$69.00
â–²(3.00% Upside)
Action:Downgraded
Date:08/18/26
The score is driven primarily by solid underlying financial performance and a constructive outlook from the latest earnings call (raised FFO guidance, strong same-store NOI and leasing momentum). These positives are tempered by weaker near-term technical signals and only moderate valuation support (P/E ~22.9 with a ~3.0% yield).
Positive Factors
Sustained Revenue and Profitability Growth
Consistent revenue expansion and strong net margins indicate effective leasing and portfolio management. This earnings base supports recurring rent growth and provides financial capacity to fund development, acquisitions, and shareholder distributions over the next several quarters.
Negative Factors
Meaningful Leverage
Debt financing is normal for an industrial REIT, but leverage near the upper end of the company’s historical range can reduce financial flexibility. Higher obligations may constrain acquisitions or development if operating conditions weaken or capital costs remain elevated.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue and Profitability Growth
Consistent revenue expansion and strong net margins indicate effective leasing and portfolio management. This earnings base supports recurring rent growth and provides financial capacity to fund development, acquisitions, and shareholder distributions over the next several quarters.
Read all positive factors
First Industrial Realty (FR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.58B
Dividend Yield3%
Average Volume (3M)1.27M
Price to Earnings (P/E)22.9
Beta (1Y)0.57
Revenue Growth8.44%
EPS Growth34.29%
CountryUS
Employees152
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)2.75
Shares Outstanding132,572,950
10 Day Avg. Volume1,293,397
30 Day Avg. Volume1,267,207
Financial Highlights & Ratios
PEG Ratio-2.22
Price to Book (P/B)2.84
Price to Sales (P/S)10.43
P/FCF Ratio66.03
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$72.55Price Target Upside8.29% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)2.51
Revenue Forecast (FY)$788.78M
First Industrial Realty Business Overview & Revenue Model
Company Description
First Industrial Realty Trust, Inc. (NYSE: FR) is a self-administered real estate investment trust (REIT) focused on owning, operating, acquiring, and developing industrial real estate. Its portfolio primarily consists of logistics, distribution, ...
How the Company Makes Money
First Industrial makes money primarily by leasing industrial properties to tenants under contractual lease agreements and collecting rental revenue. Key revenue streams include (1) base rent from long-term leases across its industrial portfolio; (...
First Industrial Realty Earnings Call Summary
Earnings Call Date:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 21, 2026
Earnings Call Sentiment Positive
The call was broadly constructive: management reported solid operating results (FFO up, strong same-store NOI growth), meaningful large-format leasing wins, higher rental-rate spreads (≈39%) and raised FFO guidance. Portfolio and development activity are picking up with selective acquisitions and strategic land buys. Near-term execution risks include an anticipated Q3 occupancy dip tied to development timing, modest move-outs that offset some gains, entitlement/land competition pressures (including data-center buyers), and one-time proxy-related costs that reduce reported FFO. On balance, the positives (earnings/growth, leasing momentum, strong cash leasing spreads and prudent capital/funding plan) outweigh the headwinds, supporting a favorable outlook.Positive Updates
FFO and Earnings Beat / Guidance Raise
NAREIT FFO of $0.82 per diluted share in Q2 vs. $0.76 a year ago (≈+7.9%). Management raised 2026 NAREIT FFO guidance midpoint by $0.02 to a range of $3.08–$3.16 per share (excluding $0.04 per share proxy advisory costs the adjusted range is $3.12–$3.20, also +$0.02 at midpoint).
Negative Updates
Occupancy Volatility and Near-Term Dip
Guidance anticipates an in-service occupancy dip to ~93.5% at the end of Q3 before recovering to ~95.5% year-end. Some same-store occupancy pressure in Q2 due to several move-outs (three to four ~100K sq ft move-outs), offsetting large lease gains.
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Q2-2026 Updates
Positive
Negative
FFO and Earnings Beat / Guidance Raise
NAREIT FFO of $0.82 per diluted share in Q2 vs. $0.76 a year ago (≈+7.9%). Management raised 2026 NAREIT FFO guidance midpoint by $0.02 to a range of $3.08–$3.16 per share (excluding $0.04 per share proxy advisory costs the adjusted range is $3.12–$3.20, also +$0.02 at midpoint).
Read all positive updates
Company Guidance
Management raised 2026 NAREIT FFO guidance to $3.08–$3.16 per share (midpoint +$0.02) — or $3.12–$3.20 excluding $0.04/share of proxy advisory costs — and guided average quarter‑end in‑service occupancy of 94%–95% (with a dip to ~93.5% in 3Q and an expected year‑end ~95.5%), assumes ~900k sq ft of incremental development leasing from a 1.7M sq ft opportunity set (primarily in 4Q) and noted ~80% of 2026 rollovers are addressed; same‑store cash NOI growth (before termination fees) is 5.25%–6.25% (midpoint +25 bps), cash rental rate guidance for 2026 commencements is 35%–40% (signed new/renew leases up ~39%), the company expects to capitalize ~$0.08/share of interest, and G&A is guided to $42M–$43M (excludes $5.6M proxy costs).First Industrial Realty Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 759.61M | 727.08M | 669.64M | 614.03M | 539.93M | 476.29M |
| Gross Profit | 362.67M | 164.34M | 486.82M | 448.37M | 396.27M | 344.99M |
| EBITDA | 686.28M | 568.83M | 557.03M | 501.17M | 491.37M | 465.37M |
| Net Income | 364.31M | 247.44M | 287.34M | 274.82M | 359.13M | 271.00M |
Balance Sheet | ||||||
| Total Assets | 5.78B | 5.69B | 5.26B | 5.18B | 4.95B | 4.18B |
| Cash, Cash Equivalents and Short-Term Investments | 37.15M | 78.03M | 44.51M | 43.84M | 133.24M | 58.59M |
| Total Debt | 2.57B | 2.57B | 2.23B | 2.25B | 2.09B | 1.64B |
| Total Liabilities | 2.91B | 2.93B | 2.52B | 2.54B | 2.42B | 1.93B |
| Stockholders Equity | 2.78B | 2.67B | 2.67B | 2.56B | 2.46B | 2.19B |
Cash Flow | ||||||
| Free Cash Flow | 409.84M | 114.89M | 134.85M | -59.62M | -111.47M | 33.85M |
| Operating Cash Flow | 470.86M | 461.34M | 350.42M | 302.31M | 410.90M | 267.03M |
| Investing Cash Flow | -274.17M | -524.18M | -131.62M | -378.31M | -629.11M | -416.82M |
| Financing Cash Flow | -96.21M | 89.19M | -210.96M | -25.27M | 304.50M | 8.91M |
First Industrial Realty Risk Analysis
First Industrial Realty disclosed 39 risk factors in its most recent earnings report. First Industrial Realty reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
First Industrial Realty Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $10.82B | 35.20 | 8.61% | 2.91% | 10.80% | 22.88% | |
73 Outperform | $7.45B | 18.33 | 9.21% | 2.86% | 18.05% | 47.75% | |
71 Outperform | $7.01B | 28.21 | 6.94% | 3.70% | 9.63% | 3.17% | |
71 Outperform | $3.59B | 60.78 | 3.23% | 4.56% | -4.21% | -28.11% | |
69 Neutral | $8.58B | 22.88 | 13.42% | 2.82% | 8.44% | 34.29% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $8.26B | -20.34 | -4.75% | 4.44% | 0.58% | -234.18% |
* Real Estate Sector Average
FR
First Industrial Realty
62.93
13.04
26.13%
EGP
Eastgroup Properties
201.00
37.13
22.66%
STAG
Stag Industrial
36.67
1.27
3.59%
TRNO
Terreno Realty
68.17
12.33
22.09%
LXP
LXP Industrial Trust
60.90
19.34
46.53%
REXR
Rexford Industrial Realty
37.23
-1.31
-3.41%
First Industrial Realty Corporate Events
Business Operations and StrategyExecutive/Board Changes
First Industrial Realty strengthens board governance with key appointment
Positive
Aug 18, 2026
On June 1, 2026, First Industrial Realty expanded its Board of Directors from six to seven members and elected Frank E. Schmitz to fill the newly created seat, marking a modest enhancement to its leadership structure. On August 13, 2026, the Board...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.