First Industrial Realty Trust Inc (FR)

First Industrial Realty Trust, Inc. 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. In total, we own and have under development approximately 72.9 million square feet of industrial space concentrated in 15 target MSAs as of June 30, 2026. First Industrial Realty Trust, Inc. was established on August 10, 1993 and is based in Chicago, United States.

Ticker: FR
Exchange: NYSE
Sector: Real Estate
Industry: REIT - Industrial
Market cap: $7.37B
52-week range: $53.27 - $69.88

Valuation

Share price: $53.76 (close of Nov 6, 2026)
P/E (TTM): 19.55x
Price to book: 2.57x
Price to free cash flow: 16.39x
Enterprise value: $9.90B
Book value per share: $20.94

Price performance

Period	Change
1 day	-0.30%
5 days	-1.19%
1 month	-9.28%
3 months	-15.19%
6 months	-14.01%
Year to date	-6.13%
1 year	-2.49%
3 years	+24.27%
5 years	-10.03%
10 years	+111.32%
All time	+127.56%

Short interest

As of: Oct 15, 2026
Short % of float: 5.61%
Shares short: 5.51M
Days to cover: 4.23
Change since prior report: +1.31%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: 8.97%
Return on assets: 4.35%
Net margin: 34.03%
Revenue growth: 8.58%
Net income growth: -13.95%
Free cash flow growth: 30.86%

Cash flow and balance sheet

Free cash flow yield (TTM): 6.10%
Net debt to EBITDA: 3.84x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $727.08M
Net income: $247.44M
Earnings per share: $1.87
Shares outstanding: 132.45M

Income statement by year

Period end	Revenue	Net income	EPS
2025-12-31	$727.08M	$247.44M	$1.87
2024-12-31	$669.64M	$287.55M	$2.17
2023-12-31	$614.03M	$274.82M	$2.08
2022-12-31	$539.93M	$359.13M	$2.72
2021-12-31	$476.29M	$271.00M	$2.09
2020-12-31	$448.03M	$195.99M	$1.53
2019-12-31	$425.98M	$238.78M	$1.89
2018-12-31	$403.95M	$163.24M	$1.31
2017-12-31	$396.40M	$201.46M	$1.70
2016-12-31	$378.02M	$121.23M	$1.05

Margins and returns by year

Period end	Net margin	Return on equity
2025-12-31	34.03%	8.97%
2024-12-31	42.94%	10.47%
2023-12-31	44.76%	10.43%
2022-12-31	66.52%	14.19%
2021-12-31	56.90%	12.05%
2020-12-31	43.74%	10.06%
2019-12-31	56.05%	13.28%
2018-12-31	40.41%	9.72%
2017-12-31	50.82%	13.65%
2016-12-31	32.07%	9.44%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$78.03M	$183.00M
2024-12-31	$44.51M	$282.00M
2023-12-31	$43.84M	$299.00M
2022-12-31	$133.24M	$143.00M
2021-12-31	$58.59M	$79.00M
2020-12-31	$162.09M	-
2019-12-31	$21.12M	$158.00M
2018-12-31	$43.10M	-
2017-12-31	$21.15M	$1.30B
2016-12-31	$9.86M	$1.35B

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$461.26M	$20.30M
2024-12-31	$352.49M	$20.09M
2023-12-31	$304.81M	$16.67M
2022-12-31	$410.94M	$15.72M
2021-12-31	$266.89M	$13.72M
2020-12-31	$240.43M	$12.93M
2019-12-31	$245.53M	$8.38M
2018-12-31	$210.50M	$7.59M
2017-12-31	$192.56M	$8.61M
2016-12-31	$173.89M	$7.37M

Dividend history

Most recent payment: Sep 30, 2026
Paid in the last twelve months: $1.95

Payment date	Dividend per share
2026-09-30	$0.50
2026-06-30	$0.50
2026-03-31	$0.50
2025-12-31	$0.45
2025-09-30	$0.45
2025-06-30	$0.45
2025-03-31	$0.45
2024-12-31	$0.37

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-21	Sep 2026	$0.82
2026-07-22	Jun 2026	$0.80
2026-04-22	Mar 2026	$0.72
2026-02-04	Dec 2025	$0.76
2025-10-15	Sep 2025	$0.74
2025-07-16	Jun 2025	$0.72
2025-04-16	Mar 2025	$0.70
2025-02-05	Dec 2024	$0.69

Filings and sources

Company website: firstindustrial.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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