olivlawolivlaw

olivLaw · US equity research

First Industrial Realty Trust, Inc. FR

Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)

53.92USD−2.86% · 1 dayClose 05 Nov 2026

First Industrial Realty Trust is a REIT that owns, develops and manages logistics industrial properties across the United States, concentrated in 15 key markets. As demand for industrial space appears to be recovering, the sharp rise in rents on new and renewal leases in the third quarter of 2026 shows how much portfolio quality could matter.

At the close of 05 Nov 2026, First Industrial Realty Trust, Inc. (FR) stock was 53.92 USD (−2.86% on the day), with market capitalisation 7.1 bn USD, P/E 19.6 on diluted EPS of 2.74 USD over the last 12 months, dividend yield 3.51%, beta 0.70, 52-week range 53.92–68.86 USD. Latest reported quarter (Q2 2026): revenue of 194.9 m USD (+8.2% YoY), net income of 77.1 m USD (+39.7% YoY), diluted EPS 0.58 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
7.1 bn USD
shares as of 23 Jul 2026
P/E (TTM)
19.6
Diluted EPS TTM 2.74 · TTM to 30 Jun 2026
E/P (TTM)
5.09%
TTM to 30 Jun 2026
Dividend yield
3.51%
DPS 12m 1.89
Beta (2y)
0.70
Volatility (1y) 20%
52-week range
53.9268.86

Price history

Loading chart…

Technical reading

RSI (14)
32.4
weak (30–45)
Bollinger (20, 2)
52.33 – 61.21
in the lower half of the band · %B 0.18 · band width 15.6%
SMA 50 / 200
59.32 / 61.26
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-1.52 / -1.45
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−9.0%−5.9%−3.1 pp—
3 months−14.9%−4.6%−10.3 pp—
6 months−13.6%+0.2%−13.8 pp—
Year to date−5.8%+7.4%−13.3 pp—
1 year−2.5%+8.2%−10.7 pp+3.3%
3 years+24.6%+68.4%−43.8 pp+10.3%
5 years−9.8%+56.5%−66.3 pp—
Max drawdown (1y)
−21.7%
17 Jul 2026 → 05 Nov 2026
Max drawdown (5y)
−38.9%
29 Dec 2021 → 27 Oct 2023
Compound annual growth (5y)
−2.0%
S&P 500 +9.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
194.9 m USD
+8.2% YoY
Net income
77.1 m USD
+39.7% YoY
Diluted EPS
0.58
+38.1% YoY
net / operating
39.5% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue167.6 m175.6 m177.1 m180.2 m181.4 m188.4 m194.8 m194.9 m
Depreciation & amortisation43.5 m43.6 m43.8 m47.2 m45.7 m48.6 m50.1 m50.2 m
Pre-tax income104.9 m70.5 m55.3 m57.0 m67.2 m65.2 m151.8 m78.4 m
Income tax3.3 m1.2 m5.9 m79.0 k192.0 k9.1 m4.0 m-1.2 m
Net income99.4 m68.4 m48.1 m55.2 m65.3 m78.8 m143.1 m77.1 m
Diluted EPS0.750.52 ≈0.360.420.490.59 ≈1.080.58
Operating cash flow105.5 m ≈76.8 m88.6 m126.1 m ≈124.6 m ≈122.0 m88.9 m114.0 m ≈
Dividends paid50.1 m ≈50.1 m50.1 m60.4 m ≈60.4 m ≈60.4 m60.4 m68.1 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 23 percentile of its own 39-quarter history (min 15.1, median 24.0, max 33.0; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue404.0 m426.0 m448.0 m476.3 m539.9 m614.0 m669.6 m727.1 m
Revenue YoY+1.9%+5.5%+5.2%+6.3%+13.4%+13.7%+9.1%+8.6%
Net income163.2 m238.8 m196.0 m271.0 m359.1 m274.8 m287.6 m247.4 m
Net income YoY−19.0%+46.3%−17.9%+38.3%+32.5%−23.5%+4.6%−13.9%
Diluted EPS1.311.881.532.092.722.072.171.87
Diluted EPS YoY−22.5%+43.5%−18.6%+36.6%+30.1%−23.9%+4.8%−13.8%
net %40.4%56.1%43.7%56.9%66.5%44.8%42.9%34.0%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
78.0 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
2.8 bn USD
Total assets
5.7 bn USD
Debt / equity
unavailable
Current ratio
unavailable
ROE
9.0%
ROA
4.5%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
614.0 m
2024
669.6 m
2025
727.1 m

SEC (XBRL)· 11 Feb 2026verified

Depreciation & amortisation
2023
163.0 m
2024
171.9 m
2025
185.3 m

SEC (XBRL)· 11 Feb 2026verified

Pre-tax income
2023
262.3 m
2024
297.8 m
2025
244.7 m

SEC (XBRL)· 11 Feb 2026verified

Income tax
2023
8.7 m
2024
6.1 m
2025
15.3 m

SEC (XBRL)· 11 Feb 2026verified

Net income
2023
274.8 m
2024
287.6 m
2025
247.4 m

SEC (XBRL)· 11 Feb 2026verified

Diluted EPS
2023
2.07
2024
2.17
2025
1.87

SEC (XBRL)· 11 Feb 2026verified

Weighted average diluted shares
2023
132.3 m
2024
132.4 m
2025
132.5 m

SEC (XBRL)· 11 Feb 2026verified

Dividend per share
2023
1.28
2024
1.48
2025
1.78

SEC (XBRL)· 11 Feb 2026verified

Balance sheet · USD

Cash
2023
43.8 m
2024
44.5 m
2025
78.0 m

SEC (XBRL)· 11 Feb 2026verified

Intangibles (excl. goodwill)
2023
21.5 m
2024
19.3 m
2025
32.1 m

SEC (XBRL)· 11 Feb 2026verified

Total assets
2023
5.2 bn
2024
5.3 bn
2025
5.7 bn

SEC (XBRL)· 11 Feb 2026verified

Total liabilities
2023
2.5 bn
2024
2.5 bn
2025
2.9 bn

SEC (XBRL)· 11 Feb 2026verified

Equity
2023
2.6 bn
2024
2.7 bn
2025
2.8 bn

SEC (XBRL)· 11 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
304.8 m
2024
352.5 m
2025
461.3 m

SEC (XBRL)· 11 Feb 2026verified

Investing cash flow
2023
-378.3 m
2024
-131.6 m
2025
-524.2 m

SEC (XBRL)· 11 Feb 2026verified

Financing cash flow
2023
-27.8 m
2024
-213.0 m
2025
89.3 m

SEC (XBRL)· 11 Feb 2026verified

Dividends paid
2023
169.4 m
2024
193.5 m
2025
231.2 m

SEC (XBRL)· 11 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
8.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
10.4%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
10.2%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
-13.9%
computed by olivLawFY 2025
Net income CAGR 3Y
-11.7%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
4.8%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-13.8%
computed by olivLawFY 2025
EPS CAGR 3Y
-11.7%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
4.1%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
48.0%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
13.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
6.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
68.9%
computed by olivLawTTM to 30 Jun 2026
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
449.5 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
Cash conversion
unavailable
input data missing

Market and valuation

Market capitalisation
7.1 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
19.6x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
19.6x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
5.1%
computed by olivLawTTM to 30 Jun 2026
P/B
2.6x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
9.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
Dividend yield
3.5%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
3.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

9 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 57 / 100

A scoring methodology on indicators and valuation, not investment advice.

(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])

Closing price

53.92 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 7.1 bn USD

Key indicators

Market capitalisation
7.1 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
19.6x
computed by olivLawTTM to 30 Jun 2026
P/B
2.6x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
13.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
48.0%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
8.6%
computed by olivLawFY 2025
Dividend yield
3.5%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

17/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 23 Jul 2026
Source: SEC (XBRL)published 23 Jul 2026
verified 1648derived 131

Score by group

  • Quality78
  • Returns40
  • Growth100
  • Valuation50

Estimated value range

Low
20.89
USD per share
Mid
29.84
USD per share
High
43.09
USD per share
Price: 53.92 USD
The price is above the range
Potential to the central value: -44.7% (value / price − 1)
Margin of safety: -80.7% (1 − price / value)
Agreement between methods: high · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 18.40 – 54.73 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Net asset value (NAV)unavailable · input data missing
  • Dividend discount (DDM)23.39 – 31.46 (Mid 26.83)
  • Peers: P/B18.40 – 54.73 (Mid 32.85)
    27 companies used · median multiple 1.6x · quartiles 0.9x – 2.6x
    ALX, APLE, CMCT, CTO, DLR, ESS, EXR, HR, HST, ICR-PA, KIM, KRC, LTC, NNN, O, PLD, PSA, REXR, RITM, SEVN, SLG, STWD, VICI, VMRK, VTR, WELL, WHLR
Multiple comparisons use the SIC vertical: Real Estate Investment Trusts (SIC 6798)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Unattractive profile · Score 57/100

FactorValueScoreWeight used
ROE · Quality13.4%78 (vs peers)10%
EBITDA margin · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth10.4%100 (on a fixed band)14%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
P/B · Valuation2.6x39 (vs peers)31%
P/E (TTM) · Valuation19.6x74 (vs peers)14%
Dividend yield · Returns3.5%31 (vs peers)24%
Payout ratio (EPS) · Returns68.9%73 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/2 factors with a value
  • Growth100/100 · 1/1 factors with a value
  • Quality· partial78/100 · 1/2 factors with a value
  • Returns40/100 · 2/2 factors with a value
  • Valuation50/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

FIRST INDUSTRIAL REALTY TRUST, INC. (FR). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 727.1 m USD in 2025; YoY growth 8.6%; net margin 48.0%; ROE 13.4%.

The estimated value range is 20.89–43.09 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 29.84 USD, the price of 53.92 USD leaves a potential of -44.7% (value / price − 1) and a margin of safety of -80.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 57/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, quality. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROE: 13.4%
  • Revenue CAGR 3Y: 10.4%
  • P/E (TTM): 19.6x
  • Payout ratio (EPS): 68.9%

What contradicts it

  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, Interest coverage.

Versus the vertical median

Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
19.6x
vertical median 28.3x
below median (−30.6%)
EV/EBITDA
—
vertical median 15.2x
P/S
9.4x
vertical median 6.2x
above median (+53.0%)
P/B
2.6x
vertical median 1.7x
above median (+53.8%)
ROE
13.4%
vertical median 6.6%
above median (+102.6%)
Net margin
48.0%
vertical median 16.4%
above median (+192.8%)
EBIT margin
—
vertical median 32.5%
Revenue YoY
8.6%
vertical median 4.1%
above median (+110.4%)
Net debt/EBITDA
—
vertical median 4.6x
Dividend yield
3.5%
vertical median 4.0%
below median (−13.4%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
WELLWelltower Inc.180.0 bn105.14.0%12.7%+35.6%+18% / +175%
PLDPrologis, Inc.119.9 bn32.47.1%42.5%+7.2%+0% / +12%
EQIXEquinix Inc98.7 bn59.911.5%16.4%+5.4%+32% / +22%
AMTAmerican Tower Corporation90.0 bn27.290.6%30.7%+5.1%+7% / −7%
PSAPublic Storage63.6 bn34.616.0%37.8%+2.7%+24% / +32%
DLRDigital Realty Trust, Inc.61.4 bn45.66.2%21.7%+10.0%+9% / +26%
ORealty Income Corporation56.6 bn41.03.6%22.9%+9.1%+3% / +10%
VTRVentas, Inc.47.1 bn167.51.9%4.0%+18.5%+10% / +94%
CCICrown Castle Inc.38.7 bn47.9—20.1%−4.4%−0% / −22%
EXRExtra Space Storage Inc.33.4 bn32.67.9%29.9%+3.7%+20% / +23%
IRMIron Mountain Inc31.4 bn68.4—6.1%+12.2%+22% / +64%
VICIVICI Properties Inc.27.8 bn11.68.3%56.5%+4.1%−13% / −16%
VMRKVivmark Residential24.5 bn28.68.1%—+4.8%+6% / +15%
SBACSba Communications Corporation20.2 bn20.8—34.5%+5.1%−1% / −22%
ESSEssex Property Trust, Inc.17.4 bn41.78.0%22.7%+6.4%+3% / +27%
KIMKimco Realty Corporation17.2 bn28.35.8%27.8%+5.1%+24% / +33%
HSTHost Hotels & Resorts, Inc.16.9 bn16.515.8%16.5%+7.6%+40% / +41%
RHPRyman Hospitality Properties, Inc.9.1 bn31.926.0%9.9%+10.2%+38% / +31%
REXRRexford Industrial Realty, Inc.8.1 bn—-5.8%-47.1%+7.1%−8% / −22%
NNNNnn REIT, Inc.8.0 bn20.28.9%40.9%+6.6%+0% / +2%
FRFirst Industrial Realty Trust, Inc.7.1 bn19.613.4%48.0%+8.6%−3% / +25%
HRHealthcare Realty Trust Incorporated6.5 bn—-1.0%-4.0%−6.9%+5% / +25%
OUTOUTFRONT Media Inc.5.6 bn22.839.7%12.7%+0.0%+36% / +155%
RITMRithm Capital Corp.5.3 bn13.75.8%8.7%−6.7%−18% / −9%
STWDStarwood Property Trust, Inc.4.8 bn21.73.5%11.4%−5.3%−30% / −35%

1- and 3-year price returns: for FR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
33.81
Total return -34% · Per year -34%
59.62
Total return 14% · Per year 14%
89.59
Total return 71% · Per year 71%
3 years
36.84
Total return -22% · Per year -8%
72.70
Total return 48% · Per year 14%
119.36
Total return 138% · Per year 33%
5 years
40.15
Total return -10% · Per year -2%
88.66
Total return 88% · Per year 13%
159.03
Total return 227% · Per year 27%
What moves the 3-year price the most
  • Exit P/E± 18.18
  • Net margin± 12.72
  • Annual revenue growth± 9.88
  • Annual dilution± 1.07

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

First Industrial Realty Trust is a REIT that owns, develops and manages logistics industrial properties across the United States, concentrated in 15 key markets. As demand for industrial space appears to be recovering, the sharp rise in rents on new and renewal leases in the third quarter of 2026 shows how much portfolio quality could matter.13

SWOT

Strengths

  • A portfolio concentrated in key logistics markets with high occupancy and the ability to achieve much higher rents on new leases.
  • A diversified financing structure with an available credit line and bond market access, and a credit rating upgraded by Fitch in 2025.
  • An experienced management team with a clear strategy of internal and external growth.

Weaknesses

  • High exposure to a few states, particularly California and Pennsylvania, which makes results sensitive to local economies.
  • Many real estate costs are fixed, so lower revenue can quickly weigh on margins.
  • Reliance on externally financed development and acquisitions may limit flexibility when credit is tight.

Opportunities

  • A recovery in demand for logistics space could allow higher rents on 2027 renewals and in later years.
  • Acquisitions of assets with tenants already in place could add stable income if prices remain reasonable.
  • Development in markets with limited land could create value if projects are completed on budget.

Threats

  • Tariffs and trade disputes can affect tenants that import goods and raise construction costs.
  • Excess supply of logistics space in some markets could pressure rents and raise vacancy.
  • High or prolonged interest rates could make refinancing more costly and slow acquisitions.

Risks

  • Geographic concentrationhigh

    An economic downturn in California or Pennsylvania could directly affect a significant share of net operating income.

  • Trade policymedium

    Tariffs and retaliatory measures could reduce demand from tenants that depend on imports and could slow projects.

  • Refinancing and interest ratesmedium

    Debt maturing soon could become more expensive to refinance if capital markets weaken.

  • Lease renewalsmedium

    If expiring leases are not renewed or space is not relet on favorable terms, revenue could decline.

  • Environmental liabilitylow

    The company may be held liable for cleaning up hazardous materials, and some properties may contain asbestos-containing materials.

Investment thesis

What would need to be true (bull case)

  • Strong rent increases on new leases and early renewals suggest the company's negotiating position could persist if demand stays solid.
  • Same store NOI growth guidance was raised for 2026, indicating quarterly performance has run ahead of earlier expectations.
  • A portfolio in logistics markets with scarce land provides a natural barrier to new supply, which could support long-term rents.

What would break the thesis

  • High exposure to a few states could make results vulnerable if local economies weaken.
  • Tariffs and trade uncertainty could affect tenants and raise project costs.
  • Part of revenue growth depends on externally financed acquisitions and developments, and credit conditions could become harder.

What to watch

  • Year-end occupancy and the updated same store NOI guidanceQ4 2026
  • Renewal outcomes for 2027 lease expirations2027
  • General and administrative expense trends and proxy campaign costsQ4 2026
  • Effect of tariffs on tenants and development costsnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

The company is a self-administered, fully integrated REIT that owns, manages, acquires, sells, develops and redevelops industrial real estate. Operations are conducted mainly through the Operating Partnership, of which the company is the sole general partner, and at the end of 2025 the in-service portfolio comprised 414 properties in 19 states, with approximately 69.9 million square feet of gross leasable area.1

Growth strategy has two parts. Internal growth aims to renew leases at higher rents, add contractual rent escalations and control operating costs. External growth targets development of best-in-class properties and acquisitions in the 15 key logistics markets, where developable land is relatively scarce.1

Financing combines property sales, unsecured debt, term loans and an $850.0 million unsecured revolving credit facility, with approximately $726.9 million available for additional borrowings as of February 11, 2026.1

Segments

Industrial property leasing

The main segment is leasing of industrial and logistics space, largely under net lease arrangements where tenants usually bear maintenance. Total revenues in fiscal 2025 were $727.1 million, up 8.6%, supported by rental rate increases and tenant recoveries.1

Development and redevelopment

Development and redevelopment projects generated revenue of $42.4 million in fiscal 2025, compared with $18.3 million in 2024, as more projects reached high occupancy.1

Market context

Industrial market fundamentals improved in the third quarter of 2026, according to the company, with strong net absorption. In-service occupancy was 94.1% at the end of the third quarter of 2026, and the company raised its 2026 cash same store NOI growth guidance to 6.5%.3

Geographic exposure matters: California and Pennsylvania represented 26.3% and 11.4% of consolidated net operating income in 2025, so developments in those markets carry significant weight for results.1

Trends

  • Rent recoverytailwind

    Cash rental rates on new and renewal leases rose 52% in the third quarter of 2026, and the company reported about a 38% increase on leases signed for 2026 commencements. If this pattern holds, it could support revenue growth in later years.3

  • Tenant demandtailwind

    Management describes broad tenant demand, with many early renewals for 2027 expirations, which suggests stability in the portfolio.3

  • Tariffs and trade policyheadwind

    Tariffs and trade disputes could raise costs for tenants that rely on imported goods and could slow development by increasing material costs, while port-adjacent properties may see lower storage demand.1

  • Cost of financingmixed

    The weighted average interest rate was 4.08% in fiscal 2025, similar to the prior year, but higher rates could make refinancing and development more expensive.1

Competitive position

The company competes with other publicly traded industrial REITs, income-oriented non-traded REITs, private real estate funds and other investors and developers. Some competitors have greater financial resources or other advantages, which can raise acquisition prices or cause investments to be forgone.1

In leasing, competition for tenants may require rent concessions, tenant improvements or other inducements that could affect results, and the pressure is greater in crowded markets.1

  • Other publicly traded industrial REITs

    The sources refer generally to listed industrial REITs competing for acquisitions and tenants, without naming them.

  • Income-oriented non-traded REITs

    Competitors that pursue industrial assets for steady yield and compete for acquisitions.

  • Private real estate funds

    Private investors that may have large capital and could pay high prices for industrial assets.

  • Other investors and developers

    Players competing for development land, where supply is limited in key markets.

News & filings

In the press

The latest news item in our archive is from 02 Jul 2026; the newest SEC filing is from 22 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / First Industrial Realty Trust, Inc. · 11 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-09-30 · SEC / First Industrial Realty Trust, Inc. · 22 Oct 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / First Industrial Realty Trust, Inc. · 21 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.