FR
FIRST INDUSTRIAL REALTY TRUST INC
Next earnings Jul 14, 2026 (after close) · consensus $0.45 EPS, $200M rev
Last earnings +0.2% on 2026-04-22
$63.58
▲ +0.70%$63.58▲ +33.89%
over 1Y
L $46.40EODHDH $64.40
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.7%
1W+0.7%
1M+0.8%
3M+12.2%
YTD+10.8%
1Y+33.9%
Hold
Conviction
Horizon
Long (>12mo)
Street · 25 analysts
Buy
Quality industrial REIT with rising rents and cash flow (+31%), but GAAP earnings dipped and tariff/oversupply risks loom.
The read
Middling fundamentals and a rich price (~74% above fair value) leave little margin of safety — a wait-and-see.
First Industrial Realty Trust is a focused industrial/logistics REIT benefiting from secular demand for warehouse space. FY2025 revenue grew 8.6% to $727M — extending a steady multi-year climb from $476M in FY2021 — and, importantly for a REIT, operating cash flow surged 30.9% to $461M, comfortably covering the $231M dividend (up 19.5%). The growing, well-covered distribution and the rising rental-revenue base are the heart of the income case.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $476M | $540M | $614M | $670M | $727M |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $271M | $359M | $275M | $288M | $247M |
| Diluted EPS | $2.09 | $2.72 | $2.07 | $2.17 | $1.87 |
| Net margin | 56.9% | 66.5% | 44.8% | 42.9% | 34.0% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield2.9%
FCF yield—
Quality & risk
ROIC (est.)—
Free cash flow—
Total debt$1.30B
Net cash-$1.23B
Piotroski F-Score5/7
Capital returns
Buyback yield—
Dividend yield (est.)2.7%
Shareholder yield2.7%
Shares Δ YoY+0.1%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗4Period ending 2026-06-012026-06-02open ↗3Period ending 2026-06-012026-06-02open ↗4Period ending 2026-04-302026-05-01open ↗4Period ending 2026-04-302026-05-01open ↗4Period ending 2026-04-302026-05-01open ↗4Period ending 2026-04-302026-05-01open ↗4Period ending 2026-04-302026-05-01open ↗8-KPeriod ending 2026-04-302026-04-30open ↗SCHEDULE 13GFiling2026-04-29open ↗SCHEDULE 13GFiling2026-04-29open ↗10-QPeriod ending 2026-03-312026-04-24open ↗8-KPeriod ending 2026-04-222026-04-22open ↗
Frequently asked
- Is FIRST INDUSTRIAL REALTY TRUST INC (FR) a buy?
- FR currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Quality industrial REIT with rising rents and cash flow (+31%), but GAAP earnings dipped and tariff/oversupply risks loom.
- What is FR's fair value?
- A Modified-Graham model based on FR's SEC fundamentals estimates a fair value of about $16.69. It is an estimate from reported earnings, not a price target.
- Is FR overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, FR currently appears overvalued relative to its SEC-grounded earnings power.
- What is FIRST INDUSTRIAL REALTY TRUST INC's quality score?
- FR scores 62.70588235294117/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000921825, latest 10-Q filed 2026-04-24) · EODHD · analysis by claude-code · as of 6/21/2026, 8:51:59 PM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.