First Industrial Realty Trust, Inc. (FR) AI Stock Analysis

First Industrial Realty Trust, Inc. is a fully integrated industrial real estate company that operates across key regions in the United States. The trust manages, leases, acquires, develops, and sells a diverse portfolio that includes bulk and regional distribution centers, light industrial facilities, and related industrial property types. As of September 30, 2020, its portfolio and development pipeline encompassed approximately 64.1 million square feet of industrial space. The company relies on local market experts to navigate regional market dynamics and deliver customized real estate solutions to multinational corporations and regional tenants.

Revenue increased from $476.3M in FY2021 to $727.1M in FY2025, delivering a 5-year compound annual growth rate of 10.2%. Net income reached $247.4M in FY2025, down from $287.3M in FY2024 and $359.1M in FY2022. Gross margin dropped to 22.6% in FY2025 from 72.7% in FY2024, while operating margin expanded to 42.3%. Diluted earnings per share were $1.86 in FY2025. In the latest quarter ending June 30, 2026, quarterly revenue grew 8.4% year-over-year, and quarterly earnings grew 39.3% year-over-year.

As of June 30, 2026, First Industrial held $37.1M in cash and short-term investments against total debt of $2.57B, leading to net debt of $2.54B. Shareholders' equity stood at $2.78B, with a debt-to-equity ratio of 0.93 and a current ratio of 0.69. For FY2025, operating cash flow was $461.3M and free cash flow was $114.9M. Capital allocation in FY2025 included $346.5M in capital expenditures, $231.2M in dividends paid, and $1.6M in share buybacks.

FR closed at $58.76 on October 16, 2026, giving it a market capitalization of $8.05B and an enterprise value of $10.63B. Its trailing P/E of 21.4x aligns closely with the 21.6x median of its US-listed Real Estate peers. However, its forward P/E of 36.8x trades at a premium to the peer median of 23.5x, and its price-to-sales of 10.6x exceeds the peer median of 3.7x. Over the past year, the stock returned 11.6% compared to 16.8% for the S&P 500, while its 5-year return of 19.4% trails the benchmark's 83.0%.

First Industrial pays an annualized forward dividend of $2.00 per share, representing a 3.40% dividend yield at a payout ratio of 65.3%. Distributions are paid on a quarterly schedule, with 14 consecutive years of dividend payments. Over the past 5 years, the dividend has grown at an annualized rate of 12.2%, with the most recent ex-dividend date occurring on September 30, 2026.

Wall Street coverage includes 7 Strong Buy, 3 Buy, and 7 Hold recommendations, with zero Sell ratings. The mean price target is $71.50, representing 21.7% upside relative to the last close of $58.76. For the fiscal year ending December 31, 2026, analysts estimate EPS of $2.14, representing 14.3% growth. For FY2027, EPS is estimated to fall 10.6% to $1.91. The company has beaten EPS expectations in each of the last 4 quarters, and its next earnings date is October 21, 2026.

This page is an AI-written research summary of First Industrial Realty Trust, Inc. (FR). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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