First Industrial Realty Trust, Inc. (FR) Balance Sheet
FR balance sheet, 2025
December 31, 2025 · U.S. dollars$5.69B assets = $2.93B liabilities + $2.76B equity
Both columns are drawn to the same scale: what FR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FR financial health
Descriptive bands, not a rating. Fiscal 2025.
FR balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.79B2016 | $5.69B2025 | +8.2%/yr | |
| Total liabilities | $1.51B2016 | $2.93B2025 | +7.7%/yr | |
| Shareholders’ equity | $1.24B2016 | $2.67B2025 | +8.9%/yr | |
| Cash & short-term investments | $9.9M2016 | $78.0M2025 | +25.8%/yr | |
| Total debt | $1.35B2016 | $2.57B2025 | +7.5%/yr | |
| Net cash (debt) | −$1.34B2016 | −$2.49B2025 | −$1.2B | |
| Working capital | $64.6M2016 | $35.0M2025 | −$29.6M | |
| Book value per share | $10.762016 | $20.162025 | +7.2%/yr | |
| Current ratio | 1.602016 | 1.142025 | −0.45 | |
| Debt / equity | 1.092016 | 0.962025 | −0.12 | |
| Shares outstanding | 115.4M2016 | 132.5M2025 | +1.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FR assets
FR liabilities and equity
FR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $78.0M | $44.5M | $43.8M | $133.2M | $58.6M | $162.1M | $21.1M | $43.1M | $21.1M | $9.9M |
| Cash & equivalents | $78.0M | $44.5M | $43.8M | $133.2M | $58.6M | $162.1M | $21.1M | $43.1M | $21.1M | $9.9M |
| Short-term investments | — | — | — | $8.8M | $4.65B | — | — | — | $25.3M | $11.6M |
| Receivables | $192.9M | $170.2M | $155.0M | $130.1M | $103.8M | $90.3M | $86.2M | $76.3M | $75.1M | $72.1M |
| Inventory | $0 | $4.6M | $1 | $11.9M | $318.8M | $15.7M | $1 | $59.5M | $1 | $2.4M |
| Other current assets | $5.9M | $29.4M | $25.8M | $37.0M | $0 | $156.9M | $131.6M | $0 | $103.7M | $88.1M |
| Total current assets | $276.9M | $248.8M | $224.7M | $312.2M | $314.1M | $424.9M | $238.9M | $126.6M | $200.0M | $172.5M |
| Property, plant & equipment (net) | $19.6M | $4.78B | $4.73B | $4.45B | $3.80B | $25.2M | $3.05B | $2.86B | $2.71B | $2.59B |
| Goodwill & intangible assets | $32.1M | $19.3M | $21.5M | $24.1M | $21.3M | $25.2M | $28.5M | $29.7M | $30.5M | $29.5M |
| Long-term investments | $5.7M | $51.2M | $44.7M | $8.8M | $36.0M | $61.4M | $18.2M | $23.3M | $0 | $2.4M |
| Other non-current assets | $5.35B | $161.6M | $156.0M | $163.1M | $4.6M | $3.26B | $182.8M | $101.2M | $4.8M | $522,000 |
| Total assets | $5.69B | $5.26B | $5.18B | $4.95B | $4.18B | $3.79B | $3.52B | $3.14B | $2.94B | $2.79B |
| Liabilities | ||||||||||
| Accounts payable | $178.9M | $132.7M | $130.8M | $178.6M | $150.4M | $120.3M | $111.4M | $78.7M | $86.5M | $84.4M |
| Short-term debt | $364,000 | $282.0M | $776,000 | $253,000 | $2.7M | $261.9M | $158.0M | $0 | $144.5M | $189.5M |
| Deferred revenue | $114.8M | $104.6M | $106.7M | $100.2M | $98.6M | −$261.9M | — | −$1.30B | — | — |
| Total current liabilities | $241.9M | $570.5M | $175.8M | $220.1M | $190.3M | $154.0M | $142.0M | $107.5M | $113.5M | $107.8M |
| Long-term debt | $2.55B | $2.21B | $2.22B | $1.92B | $1.53B | $1.59B | $1.33B | $1.30B | $1.15B | $1.16B |
| Lease obligations | $19.4M | $17.6M | $22.0M | $22.3M | $22.6M | $22.8M | $22.4M | — | — | — |
| Other long-term liabilities | $133.9M | $0 | $140.6M | $280.6M | $209.4M | $96.0M | $253.0M | $57.5M | $199.1M | $243.2M |
| Total liabilities | $2.93B | $2.52B | $2.54B | $2.42B | $1.93B | $1.84B | $1.72B | $1.46B | $1.47B | $1.51B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.97B | $1.89B |
| Retained earnings (deficit) | $230.7M | $219.1M | $127.7M | $23.1M | −$178.3M | −$306.3M | −$370.8M | −$490.8M | −$541.8M | −$641.9M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $3.2M | $239.0M | $150.0M | $56.5M | −$182.5M | −$17.0M | −$377.7M | −$487.3M | −$540.5M | −$646.5M |
| Minority interest | $87.5M | $80.4M | $72.1M | $71.1M | $53.6M | $44.6M | $33.9M | $34.4M | $48.1M | $43.2M |
| Total shareholders' equity | $2.67B | $2.67B | $2.56B | $2.46B | $2.19B | $1.95B | $1.76B | $1.65B | $1.43B | $1.24B |
| Key figures | ||||||||||
| Total debt | $2.57B | $2.23B | $2.25B | $2.09B | $1.64B | $1.86B | $1.51B | $1.30B | $1.30B | $1.35B |
| Net cash (debt) | −$2.49B | −$2.18B | −$2.20B | −$1.96B | −$1.58B | −$1.69B | −$1.49B | −$1.25B | −$1.28B | −$1.34B |
| Working capital | $35.0M | −$321.7M | $48.9M | $92.1M | $123.8M | $270.9M | $96.9M | $19.1M | $86.4M | $64.6M |
| Tangible book value | $2.64B | $2.65B | $2.54B | $2.44B | $2.17B | $1.92B | $1.74B | $1.62B | $1.40B | $1.21B |
| Book value per share | $20.16 | $20.13 | $19.37 | $18.62 | $16.91 | $15.22 | $13.93 | $13.25 | $12.02 | $10.76 |
| Shares outstanding | 132.5M | 132.4M | 132.3M | 132.1M | 129.8M | 127.9M | 126.7M | 124.2M | 118.8M | 115.4M |
| Current ratio | 1.14 | 0.44 | 1.28 | 1.42 | 1.65 | 2.76 | 1.68 | 1.18 | 1.76 | 1.60 |
| Quick ratio | 1.12 | 0.38 | 1.13 | 1.20 | 0.85 | 1.64 | 0.76 | 1.11 | 0.85 | 0.76 |
| Debt / equity | 0.96 | 0.84 | 0.88 | 0.85 | 0.75 | 0.95 | 0.86 | 0.79 | 0.91 | 1.09 |
| Equity / assets | 47.0% | 50.7% | 49.5% | 49.6% | 52.5% | 51.4% | 50.1% | 52.4% | 48.5% | 44.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $37.1M | $37.1M | $78.0M | $33.5M | $34.9M | $35.7M | $44.5M | $47.1M | $38.5M | $48.9M | $43.8M | $54.3M |
| Cash & equivalents | $37.1M | $37.1M | $78.0M | $33.5M | $34.9M | $35.7M | $44.5M | $47.1M | $38.5M | $48.9M | $43.8M | $54.3M |
| Receivables | $196.7M | $196.7M | $192.9M | $184.5M | $180.4M | $177.8M | $170.2M | $160.0M | $157.4M | $160.0M | $155.0M | $145.3M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $426,000 | $4.6M | $4.4M | $1 | $0 | $1 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $10.4M | $16.4M | $29.4M | $22.4M | $69.7M | $35.3M | $25.8M | $0 |
| Total current assets | $233.9M | $233.9M | $271.0M | $218.0M | $225.7M | $230.4M | $248.8M | $233.9M | $265.6M | $244.2M | $224.7M | $199.6M |
| Property, plant & equipment (net) | $19.3M | $19.3M | $19.6M | $5.00B | $4.97B | $4.93B | $4.78B | $4.73B | $4.70B | $4.72B | $4.73B | $24.2M |
| Goodwill & intangible assets | $0 | $0 | $32.1M | $0 | $0 | $0 | $19.3M | $0 | $0 | $0 | $21.5M | $0 |
| Long-term investments | $4.1M | $5.8M | $5.7M | $61.2M | $60.4M | $82.2M | $51.2M | $49.1M | $48.7M | $47.7M | $44.7M | $41.9M |
| Other non-current assets | $5.52B | $5.51B | $5.36B | $228.7M | $195.3M | $203.4M | $161.6M | $192.0M | $190.1M | $191.3M | $156.0M | $4.89B |
| Total assets | $5.78B | $5.77B | $5.69B | $5.51B | $5.45B | $5.45B | $5.26B | $5.20B | $5.21B | $5.20B | $5.18B | $5.15B |
| Liabilities | ||||||||||||
| Accounts payable | $154.7M | $154.7M | $178.9M | $181.3M | $145.4M | $143.1M | $123.9M | $140.3M | $124.7M | $116.2M | $130.8M | $177.3M |
| Short-term debt | — | — | $364,000 | $88,000 | $301.2M | $442,000 | $2.6M | $2.5M | $168,000 | $252,000 | $776,000 | $275.0M |
| Deferred revenue | $112.7M | $112.7M | — | — | — | $102.0M | $104.6M | $102.4M | $103.7M | $106.6M | $106.7M | $101.5M |
| Total current liabilities | $336.7M | $336.7M | $241.9M | $242.9M | $507.9M | $205.0M | $177.7M | $193.8M | $180.0M | $166.9M | $175.8M | $496.6M |
| Long-term debt | $2.57B | $2.57B | $2.55B | $2.40B | $2.39B | $2.38B | $2.21B | $1.93B | $1.93B | $1.93B | $1.93B | $2.20B |
| Lease obligations | $19.0M | $19.2M | $19.4M | $19.8M | $17.0M | $17.3M | $17.6M | $17.7M | $17.8M | $21.9M | $22.0M | $22.0M |
| Other long-term liabilities | $9.1M | $19.2M | $133.9M | $361.2M | $0 | $119.3M | $128.4M | $368.1M | $420.5M | $434.5M | $439.6M | $0 |
| Total liabilities | $2.91B | $2.92B | $2.93B | $2.77B | $2.72B | $2.70B | $2.52B | $2.49B | $2.53B | $2.53B | $2.54B | $2.54B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M |
| Retained earnings (deficit) | $325.1M | $306.7M | $230.7M | $211.0M | $204.7M | $208.4M | $219.1M | $199.7M | $149.4M | $147.1M | $127.7M | $80.9M |
| Accumulated other comprehensive income | $7.0M | $7.0M | $3.2M | $5.3M | $7.4M | $12.2M | $239.0M | $9.6M | $181.1M | $179.5M | $150.0M | $45.7M |
| Minority interest | $94.1M | $93.5M | $87.5M | $89.4M | $89.4M | — | — | — | — | — | — | — |
| Total shareholders' equity | $2.78B | $2.76B | $2.67B | $2.65B | $2.65B | $2.65B | $2.67B | $2.63B | $2.60B | $2.60B | $2.56B | $2.54B |
| Key figures | ||||||||||||
| Total debt | $2.57B | $2.58B | $2.57B | $3.01B | $2.41B | $2.40B | $2.23B | $2.19B | $2.24B | $2.25B | $2.25B | $2.47B |
| Net cash (debt) | −$2.54B | −$2.55B | −$2.49B | −$2.97B | −$2.38B | −$2.36B | −$2.18B | −$2.15B | −$2.20B | −$2.20B | −$2.20B | −$2.42B |
| Working capital | −$102.8M | −$102.8M | $29.1M | −$24.9M | −$282.2M | $25.4M | $71.1M | $40.1M | $85.7M | $77.3M | $48.9M | −$297.0M |
| Tangible book value | $2.78B | $2.76B | $2.64B | $2.65B | $2.65B | $2.65B | $2.65B | $2.63B | $2.60B | $2.60B | $2.54B | $2.54B |
| Book value per share | $20.95 | $20.81 | $20.16 | $20.01 | $19.97 | $20.01 | $20.13 | $19.88 | $19.64 | $19.60 | $19.36 | $19.16 |
| Shares outstanding | 132.5M | 132.5M | 132.5M | 132.5M | 132.5M | 132.5M | 132.4M | 132.4M | 132.4M | 132.4M | 132.4M | 132.3M |
| Current ratio | 0.69 | 0.69 | 1.12 | 0.90 | 0.44 | 1.12 | 1.40 | 1.21 | 1.48 | 1.46 | 1.28 | 0.40 |
| Quick ratio | 0.69 | 0.69 | 1.12 | 0.90 | 0.42 | 1.04 | 1.21 | 1.07 | 1.09 | 1.25 | 1.13 | 0.40 |
| Debt / equity | 0.93 | 0.94 | 0.96 | 1.13 | 0.91 | 0.90 | 0.84 | 0.83 | 0.86 | 0.87 | 0.88 | 0.98 |
| Equity / assets | 48.0% | 47.8% | 47.0% | 48.1% | 48.5% | 48.7% | 50.7% | 50.6% | 50.0% | 49.9% | 49.5% | 49.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 11, 2026); data from EODHD.
FR financial position
At the end of fiscal 2025 (December 31, 2025), First Industrial Realty had total assets of $5.7 billion (up 8.1% from a year earlier), total liabilities of $2.9 billion and shareholders' equity of $2.7 billion. It held $78.0 million in cash and short-term investments against $2.6 billion of debt, net debt of $2.5 billion. Its current ratio was 1.14. In the latest quarter (ended June 30, 2026) total assets were $5.8 billion and equity $2.8 billion.
Related: FR income statement, FR cash flow statement, FR key metrics. See the FR stock overview for the latest quote and news.
FR balance sheet FAQ
What are First Industrial Realty's total assets?
First Industrial Realty reported total assets of $5.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.3 billion a year earlier.
How much debt does First Industrial Realty have?
First Industrial Realty had $2.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.96.
How much cash does First Industrial Realty have?
First Industrial Realty held $78.0 million in cash and short-term investments at the end of fiscal 2025; with $2.6 billion of debt that is net debt of $2.5 billion.
What is First Industrial Realty's book value?
First Industrial Realty's shareholders' equity (book value) was $2.7 billion at the end of fiscal 2025, or $20.16 per share.
What is First Industrial Realty's current ratio?
First Industrial Realty had current assets of $276.9 million and current liabilities of $241.9 million, a current ratio of 1.14 (it can cover its short-term obligations).
How much goodwill does First Industrial Realty have?
First Industrial Realty carried $32.1 million of goodwill and intangible assets, 0.6% of total assets, at the end of fiscal 2025.