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Industrial REIT that owns, leases and develops warehouse/distribution buildings across major US logistics markets.
Industrial REIT that owns, leases and develops warehouse/distribution buildings across major US logistics markets.
Collects rent on warehouses under multi-year leases that mostly pass property costs to tenants, and adds growth by building new warehouses on land it owns or buys near logistics hubs. Rents on expiring leases reset to market, so rent can step up when old leases roll over.
Moat: narrow (scale, installed base). Well-located logistics portfolio near population centers; industrial leasing is otherwise a commodity business.
Headquarters: Chicago, Illinois, United States · Founded: 1994 · Employees: 152
Size First Industrial Realty Trust (FR) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $7.13B, the 950th largest of 3,117 United States companies the cockpit tracks. Shares closed at $53.76 on 6 Nov 2026.
Performance Over six months the shares fell 14.3%, against +1.2% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 8.6% over the last twelve months (peer median +5.6%); the operating margin is 41.6% (peer median 40.7%).
Valuation It trades at 2.57× book value against a peer median of 1.39× (3rd most expensive of 21).
Price implies The share price implies a return on equity of about 20.9%; First Industrial Realty Trust delivers 13.2%, so the price asks more than the business earns today.
Credit First Industrial Realty Trust has 1 bond outstanding ($450M), rated BBB by the agencies and trading like BBB at a weighted spread of 97 bp.
Short interest Short interest is 4.2% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $775M | $727M | $670M | $614M | $540M |
| Revenue growth | — | +9% | +9% | +14% | — |
| Gross profit | $372M | $350M | $313M | $282M | $248M |
| EBITDA | $522M | $493M | $444M | $408M | $361M |
| Net income | $357M | $247M | $287M | $275M | $359M |
| Free cash flow | $249M | $245M | $135M | -$59.6M | -$85.0M |
| Capital expenditure | $260M | $284M | $216M | $362M | $522M |
| Total debt | $2.66B | $2.58B | $2.24B | $2.26B | $2.09B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| First Industrial Realty Trust FR | $7.13B | -14% | +9% | 13% | 2.57× | 20.9% |
| Prologis PLD | $123B | -11% | +7% | 8% | 2.16× | 20.9% |
| EastGroup Properties EGP | $10.4B | -6% | +10% | 9% | 2.92× | 22.3% |
| Rexford Industrial Realty REXR | $8.02B | +4% | -2% | -6% | 1.16× | 11.7% |
| STAG Industrial STAG | $7.06B | -6% | +9% | 8% | 1.93× | 15.5% |
| Terreno Realty TRNO | $7.24B | 0% | +18% | 9% | 1.61× | 14.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.3% | +6.4% | lowest of 21 |
| 6-month return | -14.3% | +1.2% | 2nd lowest of 21 |
| Return on equity | 13.2% | 6.5% | 2nd highest of 21 |
| Price / book | 2.57× | 1.39× | 3rd most expensive of 21 |
| Trailing P/E | 19.9× | 18.8× | 7th most expensive of 15 |
| ROE the price implies | 20.9% | 11.9% | 3rd most demanding of 21 |
| ROE delivered | 13.2% | 6.5% | 2nd highest of 21 |
| Bond spread | 97 bp | 109 bp | 4th tightest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| First Industrial Realty Trust FR | United States | $7.13B | -14% | +9% | 13% | 2.57× | 20.9% | 13.2% |
| STAG Industrial STAG | United States | $7.06B | -6% | +9% | 8% | 1.93× | 15.5% | 7.6% |
| Macerich MAC | United States | $7.04B | +14% | +9% | -14% | 2.50× | 33.9% | -14.5% |
| Terreno Realty TRNO | United States | $7.24B | 0% | +18% | 9% | 1.61× | 14.0% | 9.2% |
| Charter Hall CHC.AX | Australia | $7.26B | +14% | -19% | 37% | 18.01× | 213.5% | 36.9% |
| GPT GPT.AX | Australia | $6.88B | +11% | -8% | 10% | 0.92× | 11.0% | 10.0% |
| COPT Defense Properties CDP | United States | $7.43B | +4% | +7% | 11% | 2.42× | 17.3% | 11.2% |
| Land Securities LAND.L | United Kingdom | $7.51B | +20% | +7% | 5% | 0.77× | 11.9% | 5.3% |
| Nippon Building Fund 8951.T | Japan | $6.75B | -8% | -21% | 6% | 1.41× | 5.3% | 5.9% |
| Vornado Realty Trust VNO | United States | $6.70B | +11% | +2% | 0% | 1.44× | 17.3% | 0.2% |
| Stockland SGP.AX | Australia | $7.74B | +15% | +15% | 10% | 1.04× | 11.7% | 9.5% |
| Alexandria Real Estate Equities ARE | United States | $7.80B | -2% | -10% | -9% | 0.52× | 7.0% | -9.1% |
| Healthcare Realty Trust HR | United States | $6.50B | -5% | -6% | -2% | 1.56× | 11.9% | -2.0% |
| NNN REIT NNN | United States | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% | 8.9% |
| Rayonier RYN | United States | $6.45B | +6% | -13% | 2% | 1.23× | 10.9% | 2.0% |
| Choice Properties Real Estate Investment Trust CHP-UN.TO | Canada | $7.95B | -1% | +4% | -2% | 2.66× | 14.7% | -1.7% |
| Vicinity Centres VCX.AX | Australia | $8.01B | 0% | +3% | 12% | 0.94× | 9.7% | 12.0% |
| Rexford Industrial Realty REXR | United States | $8.02B | +4% | -2% | -6% | 1.16× | 11.7% | -5.9% |
| MERLIN Properties SOCIMI MRL.MC | Spain | $8.05B | -23% | +13% | 10% | 0.77× | 8.0% | 9.9% |
| Essential Properties Realty Trust EPRT | United States | $6.21B | -11% | +21% | 6% | 1.36× | 11.1% | 6.3% |
| LondonMetric Property LMP.L | United Kingdom | $6.16B | +2% | +17% | 7% | 0.93× | 12.6% | 6.7% |
First Industrial Realty Trust has 1 bond outstanding with $450M face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.55%, a spread of 97 bp over government bonds.