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FR 
First Industrial Realty Trust Inc (FR)
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Upturn Advisory Summary
12/31/2025: FR (2-star) has a low Upturn Star Rating. Not recommended to BUY.
Upturn Star Rating
Below Average Performance
These Stocks/ETFs, based on Upturn Advisory, often underperform the market, warranting careful consideration before investing.
Number of Analysts
18 Analysts rated it
Moderately tracked stock, growing coverage, gaining market and investor attention.
1 Year Target Price $60
1 Year Target Price $60
| 6 | Strong Buy |
| 3 | Buy |
| 9 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 14.86% | Avg. Invested days 50 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  2.0 |
| Profits based on simulation | Last Close 12/31/2025 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 7.82B USD | Price to earnings Ratio 31.99 | 1Y Target Price 60 |
Price to earnings Ratio 31.99 | 1Y Target Price 60 | ||
Volume (30-day avg) 18 | Beta 1.14 | 52 Weeks Range 39.30 - 58.98 | Updated Date 12/31/2025 |
52 Weeks Range 39.30 - 58.98 | Updated Date 12/31/2025 | ||
Dividends yield (FY) 2.96% | Basic EPS (TTM) 1.79 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 33.19% | Operating Margin (TTM) 44.58% |
Management Effectiveness
Return on Assets (TTM) 3.52% | Return on Equity (TTM) 9.08% |
Valuation
Trailing PE 31.99 | Forward PE 36.76 | Enterprise Value 10087876196 | Price to Sales(TTM) 10.95 |
Enterprise Value 10087876196 | Price to Sales(TTM) 10.95 | ||
Enterprise Value to Revenue 14.12 | Enterprise Value to EBITDA 19.23 | Shares Outstanding 132422260 | Shares Floating 131560191 |
Shares Outstanding 132422260 | Shares Floating 131560191 | ||
Percent Insiders 0.38 | Percent Institutions 103.19 |
Upturn AI SWOT
First Industrial Realty Trust Inc
Company Overview
History and Background
First Industrial Realty Trust Inc. (NYSE: FR) was founded in 1994 and is a leading real estate investment trust (REIT) focused on industrial properties. It has grown significantly over the years through strategic acquisitions and development, establishing a strong portfolio of well-located industrial assets across major U.S. markets. The company has evolved from a diversified industrial REIT to a more specialized entity, focusing on properties that support distribution, logistics, and light manufacturing.
Core Business Areas
- Industrial Properties: Owns, operates, and develops a portfolio of industrial properties, primarily for lease to third-party tenants. These properties include distribution centers, warehouses, logistics facilities, and light industrial buildings.
- Development and Redevelopment: Engages in the development of new industrial properties and the redevelopment of existing ones to meet current market demands and tenant needs.
- Property Management and Leasing: Provides comprehensive property management services to its portfolio, including leasing, tenant relations, and property maintenance.
Leadership and Structure
First Industrial Realty Trust Inc. is led by a management team with extensive experience in real estate, finance, and operations. The company is structured as a publicly traded REIT, overseen by a Board of Trustees responsible for corporate governance and strategic direction. The operational structure is organized to manage its extensive portfolio of industrial properties across various geographic markets.
Top Products and Market Share
Key Offerings
- Industrial Space Leasing: The primary offering is the leasing of industrial real estate space. This includes a variety of property types catering to diverse tenant needs in the logistics and manufacturing sectors. Market share data for specific product types within the industrial REIT sector is complex to isolate, but FR competes with numerous national and regional industrial property owners and developers. Key competitors include Prologis (PLD), Duke Realty (DRE - now part of Prologis), and Blackstone Real Estate's industrial holdings.
- Build-to-Suit Development: Offers build-to-suit development services, where the company constructs facilities specifically tailored to a tenant's requirements. This is a niche offering, and direct market share is difficult to quantify, but it is a competitive space involving specialized developers.
Market Dynamics
Industry Overview
The industrial real estate sector is currently experiencing strong demand driven by e-commerce growth, supply chain optimization, and reshoring trends. This has led to low vacancy rates and rising rental rates in many key U.S. markets. The industry is characterized by significant capital investment, technological advancements in logistics, and a focus on sustainability.
Positioning
First Industrial Realty Trust Inc. is well-positioned as a leading owner and operator of industrial real estate in the U.S. Its portfolio is concentrated in strategically located, high-growth markets, with a focus on modern, functional assets that attract a diverse tenant base. Its competitive advantages include its extensive network, experience in development and redevelopment, and strong tenant relationships.
Total Addressable Market (TAM)
The total addressable market for industrial real estate in the U.S. is vast, estimated to be in the trillions of dollars in terms of property value and annual rental income. First Industrial Realty Trust Inc., as a publicly traded REIT, operates within a significant segment of this market, focusing on institutional-quality industrial properties. Its positioning is within this large TAM, aiming to capture a meaningful share of demand for well-located, functional industrial space.
Upturn SWOT Analysis
Strengths
- Strong portfolio of well-located industrial assets in key U.S. markets.
- Experienced management team with deep industry expertise.
- Proven track record in property development and redevelopment.
- Diversified tenant base reducing reliance on any single customer.
- Solid financial position and access to capital.
Weaknesses
- Concentration in the industrial sector, which can be cyclical.
- Reliance on external capital for growth and acquisitions.
- Potential for higher operating costs in certain markets.
- Limited geographical diversification outside the U.S.
Opportunities
- Continued growth in e-commerce driving demand for logistics and distribution space.
- Reshoring and nearshoring trends increasing demand for manufacturing and industrial facilities.
- Acquisition opportunities in under-penetrated or growing industrial markets.
- Development of specialized logistics facilities (e.g., cold storage, last-mile delivery centers).
- Leveraging technology for operational efficiencies and tenant services.
Threats
- Economic downturns impacting tenant demand and rental rates.
- Rising interest rates increasing borrowing costs.
- Increased competition from other REITs, private equity firms, and institutional investors.
- Changes in trade policies or global supply chain disruptions.
- Increasing construction costs and labor shortages.
Competitors and Market Share
Key Competitors
- Prologis Inc. (PLD)
- Duke Realty Corporation (DRE) - acquired by Prologis
- Industrial Logistics Properties Trust (ILPT)
- Rexford Industrial Realty, Inc. (REXR)
- Blackstone Real Estate (private)
Competitive Landscape
First Industrial Realty Trust Inc. operates in a highly competitive industrial real estate market. Its advantages include its established presence, experienced management, and focus on key growth markets. However, it faces intense competition from larger players like Prologis with greater scale, and numerous private equity firms and institutional investors with significant capital. Its ability to acquire and develop well-located assets and maintain strong tenant relationships is crucial for maintaining its competitive position.
Major Acquisitions
Various smaller industrial properties and portfolios
- Year: 2023
- Acquisition Price (USD millions):
- Strategic Rationale: Continual portfolio enhancement and expansion in key growth markets to meet increasing tenant demand.
Strategic dispositions of non-core assets
- Year: 2023
- Acquisition Price (USD millions):
- Strategic Rationale: To streamline the portfolio and redeploy capital into higher-growth, more modern industrial assets.
Growth Trajectory and Initiatives
Historical Growth: First Industrial Realty Trust Inc. has demonstrated historical growth through strategic acquisitions, development projects, and effective asset management, leading to an expanding portfolio and increased rental income. The company has focused on optimizing its portfolio by divesting non-core assets and investing in high-demand industrial properties.
Future Projections: Future growth projections for First Industrial Realty Trust Inc. are typically driven by anticipated increases in rental income from its existing portfolio, new development projects, and potential strategic acquisitions. Analyst estimates often forecast FFO per share growth and dividend increases. Specific projections would be available in analyst reports and company guidance.
Recent Initiatives: Recent initiatives may include portfolio enhancements through acquisitions or dispositions, strategic development projects to meet specific market demands, investments in technology to improve operational efficiency, and efforts to enhance sustainability across its portfolio.
Summary
First Industrial Realty Trust Inc. is a well-established player in the booming industrial real estate sector, benefiting from strong e-commerce and supply chain trends. Its strengths lie in its prime asset locations, experienced management, and a portfolio focused on demand-driven segments. However, it faces significant competition and the inherent cyclicality of the real estate market. Continued strategic acquisitions, development, and efficient operations will be key to its sustained success.
Similar Stocks
Sources and Disclaimers
Data Sources:
- First Industrial Realty Trust Inc. Official Investor Relations Website
- SEC Filings (10-K, 10-Q)
- Financial Data Aggregators (e.g., Refinitiv, Bloomberg, Yahoo Finance)
- Industry Research Reports
Disclaimers:
This analysis is based on publicly available information and may not be exhaustive. Financial data and market share figures are estimates and subject to change. This information is for informational purposes only and should not be construed as financial advice. Investors should conduct their own due diligence before making any investment decisions.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About First Industrial Realty Trust Inc
Exchange NYSE | Headquaters Chicago, IL, United States | ||
IPO Launch date 1994-06-23 | President, CEO & Director Mr. Peter E. Baccile | ||
Sector Real Estate | Industry REIT - Industrial | Full time employees 151 | Website https://www.firstindustrial.com |
Full time employees 151 | Website https://www.firstindustrial.com | ||
First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. Our portfolio and new investments are concentrated in 15 target MSAs with an emphasis on supply-constrained, coastally oriented markets. In total, we own and have under development approximately 70.4 million square feet of industrial space as of September 30, 2025.
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