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FRFirst Industrial Realty Trust, Inc.
$63.04$8.4B
Overview & Verdict
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FR logoFirst Industrial Realty Trust, Inc.(FR)Earnings, Financials & Key Ratios

FR•NYSE•REIT / Real Estate
$63.04
33.7× P/E·Price updated Jul 6, 2026
SectorReal EstateIndustryIndustrial REITsSub-IndustryIndustrial Logistics Warehouse REITs
AboutFirst 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.Show more
  • Revenue$727M+8.6%
  • FFO$433M-6.7%
  • FFO/Share3.27-6.7%
  • FFO Payout53.43%+28.0%
  • FFO per Share3.27-6.7%
  • NOI Margin22.6%-68.9%
  • FFO Margin59.52%-14.0%
  • ROE8.99%-15.8%
  • ROA4.52%-17.9%

FR Price & Volume

First Industrial Realty Trust, Inc. (FR) stock price & volume — 10-year historical chart

Loading chart...

Development Pipeline Volatility Masks Underlying Asset Growth

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Expanding
Profitability:Moderate
Financial:Healthy
Cash Flow:Mixed
Primary Risk:Development pipeline execution risk

Key Thesis Takeaways

  • First Industrial Realty Trust demonstrates robust top-line momentum with 9.9% YoY revenue growth in 2026Q1, yet institutional investors should remain cautious regarding the sustainability of earnings quality.
  • The company's aggressive shift toward ground-up development, evidenced by a $5.8B asset base, introduces significant execution risk and capital intensity that periodically compresses free cash flow.
  • Furthermore, the anomalous transition to zero total debt in 2026Q1 necessitates rigorous scrutiny to determine if this reflects a permanent capital structure shift or temporary accounting distortion.

Verdict Logic

while the company achieved an 89.5% FFO growth rate in 2026Q1, the extreme volatility in quarterly margins and the unexplained elimination of $2.6B in debt suggest that investors should wait for greater transparency before committing capital.

FR Growth Metrics

First Industrial Realty Trust, Inc. (FR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years7.11%
5 Years10.18%
3 Years10.43%
TTM8.54%

Profit CAGR

10 Years12.86%
5 Years4.18%
3 Years-11.68%
TTM28.15%

EPS CAGR

10 Years10.98%
5 Years4.1%
3 Years-11.74%
TTM27.72%

Return on Capital

10 Years6.63%
5 Years5.26%
3 Years5.57%
Last Year6.07%

FR Recent Earnings

First Industrial Realty Trust, Inc. (FR) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
Apr 22, 2026
Metric
Actual
Est
EPS
$1.08+228.8%
$0.33
Rev
$195M+2.0%
$191M
Q1 2026
Feb 4, 2026
Metric
Actual
Est
EPS
$0.77+83.3%
$0.42
Rev
$188M+1.2%
$186M
Q4 2025
Oct 15, 2025
Metric
Actual
Est
EPS
$0.76+2.7%
$0.74
Rev
$181M-2.6%
$186M
Q3 2025
Jul 16, 2025
Metric
Actual
Est
EPS
$0.76+5.6%
$0.72
Rev
$180M+1.9%
$177M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 22, 2026
$1.08vs $0.33+228.8%
$195Mvs $191M+2.0%
Q1 2026Feb 4, 2026
$0.77vs $0.42+83.3%
$188Mvs $186M+1.2%
Q4 2025Oct 15, 2025
$0.76vs $0.74+2.7%
$181Mvs $186M-2.6%
Q3 2025Jul 16, 2025
$0.76vs $0.72+5.6%
$180Mvs $177M+1.9%
Based on last 12 quarters of dataView full earnings history →

Latest FR News

Recent stock market news and headlines for First Industrial Realty Trust, Inc. (FR)

GuruFocus·Jun 17, 2026
A Look at First Industrial Realty Trust Inc (FR) After 3.4% Decline -- GF Value $61.79 vs Price $60.70

On June 17, 2026, First Industrial Realty Trust Inc (FR) shares fell 3.4%, bringing the current price to $60.70. The stock has seen a 52-week range between $47.

Peers Comparison

Key metrics vs top competitors for First Industrial Realty Trust, Inc. (FR)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
FR logoFRFirst Industrial Realty Trust, Inc.Current
$63.04$8.36B33.718.58%34.03%8.99%2.77%
PLD logoPLDPrologis, Inc.
$140.20$130.71B39.607.18%41.54%6.46%—
EGP logoEGPEastGroup Properties, Inc.
$212.24$11.41B43.5812.97%39.7%8.37%—
REXR logoREXRRexford Industrial Realty, Inc.
$34.26$7.93B39.847.13%23.47%2.6%—
STAG logoSTAGSTAG Industrial, Inc.
$39.10$7.48B26.7810.14%28.26%6.8%—
LXP logoLXPLXP Industrial Trust
$55.64$3.28B30.57-2.3%27.02%4.57%—

Compare FR vs Peers

First Industrial Realty Trust, Inc. (FR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PLD

Most directly comparable listed peer for FR.

Scale Benchmark

vs AMZN

Larger-name benchmark to compare FR against a more recognizable public peer.

Peer Set

Compare Top 5

vs PLD, EGP, REXR, STAG

FR SEC Filings & Documents

First Industrial Realty Trust, Inc. (FR) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 22, 2026·SEC

Material company update

Mar 27, 2026·SEC

Material company update

Mar 17, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 11, 2026·SEC

FY 2025

Feb 14, 2025·SEC

FY 2024

Feb 14, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 24, 2026·SEC

FY 2025

Oct 17, 2025·SEC

FY 2025

Jul 17, 2025·SEC

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FR Frequently Asked Questions

First Industrial Realty Trust, Inc. (FR) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is First Industrial Realty Trust, Inc.'s revenue?

First Industrial Realty Trust, Inc. (FR) reported $744.5M in revenue for fiscal year 2025. This represents a 432% increase from $140.1M in 1996.

How fast is First Industrial Realty Trust, Inc. growing?

First Industrial Realty Trust, Inc. (FR) grew revenue by 8.6% over the past year. This is steady growth.

Is FR profitable?

Yes, First Industrial Realty Trust, Inc. (FR) is profitable, generating $342.4M in net income for fiscal year 2025 (34.0% net margin).

Dividend & Returns
Does FR pay dividends?

Yes, First Industrial Realty Trust, Inc. (FR) pays a dividend with a yield of 2.77%. This makes it attractive for income-focused investors.

What is FR's return on equity?

First Industrial Realty Trust, Inc. (FR) has a return on equity (ROE) of 9.0%. This is below average, suggesting room for improvement.

Industry Metrics
What is First Industrial Realty Trust, Inc.'s FFO?

First Industrial Realty Trust, Inc. (FR) generated Funds From Operations (FFO) of $534.1M in the trailing twelve months. FFO is the primary profitability metric for REITs.

What if you invested $1,000 in FR back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →