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First Industrial Realty
(NYSE:FR)
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Rating:66Neutral
Price Target:
$64.00
â–²(2.58% Upside)
Action:Reiterated
Date:10/22/26
The score is driven primarily by solid financial performance (profitability and steady growth, tempered by uneven free cash flow) and a constructive earnings update with raised guidance and strong leasing/NOI trends. These positives are offset by weaker technical momentum (below key moving averages with negative MACD) and a somewhat elevated P/E despite a moderate dividend yield.
Positive Factors
Revenue and profitability
Steady revenue expansion and consistently strong net margins indicate a resilient leasing platform with meaningful earnings capacity. This profitability can support reinvestment in properties, development and tenant retention while helping the company absorb normal fluctuations in occupancy and operating costs.
Negative Factors
Free cash flow volatility
Uneven free cash flow indicates that investment spending can materially change cash available after operations from year to year. This variability may constrain internally funded acquisitions, development and distributions during periods when capital requirements rise or project timing is unfavorable.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and profitability
Steady revenue expansion and consistently strong net margins indicate a resilient leasing platform with meaningful earnings capacity. This profitability can support reinvestment in properties, development and tenant retention while helping the company absorb normal fluctuations in occupancy and operating costs.
Read all positive factors
First Industrial Realty (FR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.11B
Dividend Yield3.27%
Average Volume (3M)1.19M
Price to Earnings (P/E)26.3
Beta (1Y)0.58
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. Volume1,237,119
30 Day Avg. Volume1,185,630
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 Cap1.30
Enterprise Value/Revenue13.88
Enterprise Value/Gross Profit29.07
Enterprise Value/Ebitda15.14
Forecast
1Y Price Target
$71.33Price Target Upside14.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)2.55
Revenue Forecast (FY)$787.44M
First Industrial Realty Business Overview & Revenue Model
Company Description
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 cust...
How the Company Makes Money
First Industrial Realty primarily makes money by leasing industrial real estate to tenants under contractual lease agreements and collecting rental income. Its key revenue streams include (1) base rent from operating leases across its industrial p...
First Industrial Realty Earnings Call Summary
Earnings Call Date:Oct 21, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 10, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. The company reported higher FFO, strong same-store NOI growth, occupancy above prior expectations, substantial leasing spreads, improved industrial market fundamentals, completed acquisitions, and continued development and data center opportunities. The principal challenges were the shift of approximately 150,000 square feet of development leasing into 2027, expected moderation in future rent growth, remaining leasing needs in select markets, higher fuel and construction costs, swap-rate exposure, and proxy campaign costs. Highlights significantly outweighed the lowlights.Positive Updates
Solid Quarterly Financial Performance
Third-quarter NAREIT funds from operations were $0.81 per fully diluted share versus $0.76 a year ago. Cash same-store NOI growth, excluding termination fees, was 5.6%, primarily driven by increases in rental rates on new and renewal leasing and contractual rent bumps.
Negative Updates
Some Development Leasing Shifted Into 2027
The development leasing assumption was reduced by approximately 150,000 square feet from the prior call, with the company indicating that this amount would be pushed into 2027. The year-end occupancy guidance midpoint remained unchanged at 95.5%, as stronger core in-service leasing offset the development leasing shift.
Read all updates
Q3-2026 Updates
Positive
Negative
Solid Quarterly Financial Performance
Third-quarter NAREIT funds from operations were $0.81 per fully diluted share versus $0.76 a year ago. Cash same-store NOI growth, excluding termination fees, was 5.6%, primarily driven by increases in rental rates on new and renewal leasing and contractual rent bumps.
Read all positive updates
Company Guidance
For 2026, NAREIT FFO guidance is $3.11 to $3.15 per share, including $0.04 per share of advisory costs related to the contested proxy campaign, or $3.15 to $3.19 per share excluding these advisory costs; end of fourth quarter in-service occupancy is expected at 94.5% to 96.5% with a midpoint of 95.5%, implying an average quarter end in-service occupancy for the year of 94.5% to 95%, with approximately 650,000 square feet of incremental development leasing assumed to occur at the end of December; fourth quarter cash same-store NOI growth before termination fees is expected at 4% to 6%, implying full year 2026 cash same-store NOI growth before termination fees of 6.25% to 6.75%, an increase of 75 basis points at the midpoint; the company expects to capitalize about $0.08 per share of interest, and G&A expense guidance remains $42 million to $43 million, excluding $5.6 million of costs related to the contested proxy campaign. For 2027, retention is expected to be 65% to 75%, and management said the full year number for cash rent increases is not expected to be meaningfully different from the 16% achieved thus far.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 | 696.06M | 578.60M | 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 Technical Analysis
Neutral
62.39
Price Trends
60.78
Negative
62.03
Negative
60.60
Negative
Market Momentum
-0.57
Negative
46.52
Neutral
34.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR, the sentiment is Neutral. The current price of 62.39 is above the 20-day moving average (MA) of 59.46, above the 50-day MA of 60.78, and above the 200-day MA of 60.60, indicating a bearish trend. The MACD of -0.57 indicates Negative momentum. The RSI at 46.52 is Neutral, neither overbought nor oversold. The STOCH value of 34.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FR.
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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $10.82B | 45.69 | 6.69% | 3.15% | 10.80% | 22.88% | |
73 Outperform | $7.11B | 17.62 | 9.21% | 3.25% | 18.05% | 47.75% | |
71 Outperform | $7.05B | 28.05 | 6.94% | 4.21% | 9.63% | 3.17% | |
69 Neutral | $31.12B | 30.88 | 7.14% | 4.63% | 4.16% | -1.68% | |
66 Neutral | $8.11B | 26.28 | 13.01% | 3.27% | 8.44% | 34.29% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $8.28B | -20.11 | -4.75% | 4.71% | 0.58% | -234.18% |
* Real Estate Sector Average
FR
First Industrial Realty
59.40
5.47
10.14%
EGP
Eastgroup Properties
203.30
29.71
17.11%
EXR
Extra Space Storage
139.87
-4.14
-2.87%
STAG
Stag Industrial
36.46
-0.63
-1.69%
TRNO
Terreno Realty
65.56
6.66
11.31%
REXR
Rexford Industrial Realty
36.80
-3.93
-9.65%
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.