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First Industrial Realty
(NYSE:FR)
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Rating:69Neutral
Price Target:
$61.00
â–¼(-2.23% Downside)
Action:Reiterated
Date:10/23/26
FR scores as moderately attractive, led by solid underlying profitability/cash generation and a constructive earnings-call outlook with improved guidance and strong leasing/NOI trends. The score is held back by weak technicals (below major moving averages with negative MACD) and only fair valuation (P/E ~26 despite a ~3.27% yield), plus added caution from leverage-data inconsistency in the latest TTM balance-sheet snapshot.
Positive Factors
Strong leasing spreads and retention
High leasing spreads and substantial rollover completion support durable rental income growth across the portfolio. They demonstrate pricing power on renewals and new leases, while reducing near-term vacancy risk and providing visibility into same-store NOI expansion over the next several quarters.
Negative Factors
Moderating future rent growth
A normalization in market rents could reduce the pace of lease mark-to-market gains after unusually strong increases in recent years. Slower rent growth would make future NOI expansion more dependent on occupancy, development execution, acquisitions, and contractual escalations.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong leasing spreads and retention
High leasing spreads and substantial rollover completion support durable rental income growth across the portfolio. They demonstrate pricing power on renewals and new leases, while reducing near-term vacancy risk and providing visibility into same-store NOI expansion over the next several quarters.
Read all positive factors
First Industrial Realty (FR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.46B
Dividend Yield3.57%
Average Volume (3M)1.35M
Price to Earnings (P/E)20.2
Beta (1Y)0.59
Revenue Growth8.55%
EPS Growth50.73%
CountryUS
Employees152
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)2.70
Shares Outstanding132,572,950
10 Day Avg. Volume1,556,971
30 Day Avg. Volume1,346,943
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 Cap1.42
Enterprise Value/Revenue13.69
Enterprise Value/Gross Profit28.36
Enterprise Value/Ebitda15.18
Forecast
1Y Price Target
$70.40Price Target Upside12.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
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
64
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 775.29M | 727.08M | 669.64M | 614.03M | 539.93M | 476.29M |
| Gross Profit | 374.17M | 164.34M | 486.82M | 448.37M | 396.27M | 344.99M |
| EBITDA | 699.27M | 578.60M | 557.03M | 501.17M | 491.37M | 465.37M |
| Net Income | 357.60M | 247.44M | 287.34M | 274.82M | 359.13M | 271.00M |
Balance Sheet | ||||||
| Total Assets | 5.87B | 5.69B | 5.26B | 5.18B | 4.95B | 4.18B |
| Cash, Cash Equivalents and Short-Term Investments | 42.43M | 78.03M | 44.51M | 43.84M | 133.24M | 58.59M |
| Total Debt | 2.66B | 2.57B | 2.23B | 2.25B | 2.09B | 1.64B |
| Total Liabilities | 3.00B | 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 | 325.47M | 114.89M | 134.85M | -59.62M | -111.47M | 33.85M |
| Operating Cash Flow | 441.03M | 461.34M | 350.42M | 302.31M | 410.90M | 267.03M |
| Investing Cash Flow | -397.89M | -524.18M | -131.62M | -378.31M | -629.11M | -416.82M |
| Financing Cash Flow | -37.51M | 89.19M | -210.96M | -25.27M | 304.50M | 8.91M |
First Industrial Realty Technical Analysis
Negative
62.39
Price Trends
60.46
Negative
61.95
Negative
60.58
Negative
Market Momentum
-1.11
Positive
25.18
Positive
18.70
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR, the sentiment is Negative. The current price of 62.39 is above the 20-day moving average (MA) of 58.87, above the 50-day MA of 60.46, and above the 200-day MA of 60.58, indicating a bearish trend. The MACD of -1.11 indicates Positive momentum. The RSI at 25.18 is Positive, neither overbought nor oversold. The STOCH value of 18.70 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $10.70B | 33.68 | 8.90% | 3.22% | 10.40% | 23.75% | |
73 Outperform | $7.10B | 17.51 | 9.21% | 3.27% | 18.05% | 47.75% | |
71 Outperform | $7.02B | 28.02 | 6.94% | 4.21% | 9.63% | 3.17% | |
69 Neutral | $7.46B | 20.16 | 13.03% | 3.57% | 8.55% | 50.73% | |
69 Neutral | $31.64B | 31.66 | 7.14% | 4.52% | 4.16% | -1.68% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $8.63B | -18.35 | -5.90% | 4.48% | -1.91% | -248.68% |
* Real Estate Sector Average
FR
First Industrial Realty
54.44
-0.32
-0.58%
EGP
Eastgroup Properties
199.02
25.96
15.00%
EXR
Extra Space Storage
143.41
0.64
0.45%
STAG
Stag Industrial
36.43
-0.56
-1.51%
TRNO
Terreno Realty
65.15
6.06
10.25%
REXR
Rexford Industrial Realty
38.71
-1.79
-4.43%
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.