One-glance verdict
Within fair range
$59.03 our estimate vs market $61.17
Wall Street consensus: $72.25 (22.4% higher than our fair-value estimate)
4% above our estimate
Fundamentals snapshot
First Industrial Realty Trust, Inc.
FR · NYQ · Real Estate · REIT - Industrial
Current price
$61.17
52-week range
$50.24 - $69.88
Market cap
$8.38B
Balance sheet
Stretched
3.62x Stretched
Net debt $2.54B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 4.5% last year.
- Reward Returns 13.6% on equity, ahead of 83% of its peers.
- Risk Forward P/E (32.4x) is higher than trailing (22.2x) - earnings are expected to drop.
- Risk Net debt grew 27.6% over 3 years.
What this company does
First Industrial Realty Trust, Inc.
First Industrial Realty Trust owns and operates a large portfolio of warehouses and distribution centers across the United States. They make money by renting these properties to other companies, which use them as essential hubs for their supply chain (the process of getting products from the manufacturer to the final customer). This business model relies on collecting steady rental income from tenants who need space to store and ship their goods.
How the company got here
First Industrial was started in 1993 and became a public company in 1994. [1, 5] It was set up as a Real Estate Investment Trust, or REIT (a special type of company that owns and operates properties, allowing people to invest in real estate like they would in a mutual fund). [8] In its early days, the company grew quickly by buying entire portfolios of industrial buildings, often using its own stock as a form of payment. [8] Around 1999, management saw the rise of e-commerce and focused the company on owning warehouses in the most important transportation hubs across the United States, becoming a key landlord for the growing digital economy. [8]
What it actually does
First Industrial is a landlord for large businesses. [1] It owns, operates, and builds logistics properties (big buildings like warehouses and distribution centers) exclusively in the U.S. [3, 6] Companies like manufacturers, retailers, and e-commerce giants rent these spaces to store and move their products as part of their supply chain (the journey a product takes from the factory to your doorstep). [3, 9] Essentially, First Industrial provides the critical physical space that makes modern commerce and package delivery possible. [1]
Integrated Logistics Real Estate
The company operates as one main business focused on industrial buildings, rather than having many separate divisions. [1] It makes money through the entire life cycle of a property: it acquires land and buildings, develops new state-of-the-art facilities, leases them out to tenants to collect rent, manages the properties, and sometimes sells buildings to reinvest the money elsewhere. [2, 13] Renting out space in its portfolio of hundreds of properties is the primary way it generates revenue. [1]
What management is betting on now
The company's current strategy is focused on increasing the rental income from its existing properties and building new warehouses. [4] Management believes that constructing new, modern logistics centers from the ground up often provides a better return than just buying existing ones. [7] They are concentrating on key transportation hubs and coastal markets where demand for warehouse space is high, partly due to growth in manufacturing and e-commerce. [7, 16] With land for new industrial buildings becoming scarcer, in part due to demand from data centers, the company's existing properties and land for future projects are becoming more valuable. [7]
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
Revenue
$194.94M
Net income
$77.10M
Diluted EPS
0.58
Operating cash flow
$113.96M
Free cash flow
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Sources
Revenue
$194.83M
Net income
$143.10M
Diluted EPS
1.08
Operating cash flow
$88.89M
Free cash flow
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Sources
Revenue
$188.41M
Net income
$78.85M
Diluted EPS
0.60
Operating cash flow
$122.03M
Free cash flow
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Sources
Revenue
$181.43M
Net income
$65.31M
Diluted EPS
0.49
Operating cash flow
$124.61M
Free cash flow
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Sources
Revenue
$180.16M
Net income
$55.19M
Diluted EPS
0.42
Operating cash flow
$126.05M
Free cash flow
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Sources
Revenue
$177.07M
Net income
$48.10M
Diluted EPS
0.36
Operating cash flow
$88.57M
Free cash flow
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Sources
Revenue
$175.59M
Net income
$68.42M
Diluted EPS
0.51
Operating cash flow
$76.78M
Free cash flow
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Sources
Revenue
$167.65M
Net income
$99.36M
Diluted EPS
0.75
Operating cash flow
$105.47M
Free cash flow
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Sources
Is it cheap or expensive?
Fair value $59.03 vs current price $61.17
Wall Street consensus is the average analyst price target: $72.25 (22.4% higher than our fair-value estimate).
Our most-likely fair value is $59.03 a share — about 3.5% away from today's price of $61.17, so the stock currently looks fairly priced.
Is it drowning in debt?
Stretched
Net debt $2.5B. Interest coverage 3.6x.
Net debt
$2.54B
Interest coverage
3.62x
First Industrial Realty Trust, Inc.'s profit covers its interest bill about 3.6 times over. which is stronger than most peers shown here.
Stretched
Worse cushion
Baseline
Better cushion
FR
BASELINE
First Industrial Realty Trust, Inc.
Total debt $2.58B Interest coverage 3.62x This is the baseline the peer rows are being compared against.
Total debt $37.09B Interest coverage 3.51x -3% vs FR Has roughly the same debt cushion as FR.
Total debt $1.65B Interest coverage 9.82x +171% vs FR Carries about 2.7x more debt cushion than FR.
Total debt $3.27B Interest coverage 3.63x +0% vs FR Has roughly the same debt cushion as FR.
Total debt $3.48B Interest coverage 2.42x -33% vs FR Carries about 1.5x less debt cushion than FR.
Total debt $948.29M Interest coverage 5.86x +62% vs FR Carries about 1.6x more debt cushion than FR.
What you should know
The case for and against FR
3 Rewards
3 Risks
Rewards
-
Revenue grew 4.5% last year.
-
Returns 13.6% on equity, ahead of 83% of its peers.
-
Free cash flow was positive in 4/10 years.
Risks
-
Forward P/E (32.4x) is higher than trailing (22.2x) - earnings are expected to drop.
-
Net debt grew 27.6% over 3 years.
-
Insider ownership is only 0.4% (peer median: 0.4%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
22.24x
Forward P/E
32.45x
P/B
2.92x
P/S
11.02x
EV/EBITDA
20.64x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
73.7%
Operating margin
45.1%
Net margin
47.9%
ROE
13.6%
ROA
3.5%
Health
Liquidity and balance-sheet strength
Debt / equity
0.90x
Current ratio
1.50x
Quick ratio
1.12x
Total debt
$2.58B
Total cash
$46.05M
Growth
How the business has been compounding
Revenue TTM
$759.61M
Revenue 5Y CAGR
11.2%
EPS TTM
2.75
EPS 5Y CAGR
-11.7%
Cash flow
How much cash the business throws off
Operating CF TTM
$449.49M
Free CF TTM
$461.34M
FCF margin
60.7%
Dividend
Shareholder payout
Yield
3.3%
Payout ratio
68.7%
Last ex-div date
2026-09-30