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 72.1 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.
- Symbol
- FR
- Exchange
- NYSE
- Sector
- Real Estate
- Industry
- REIT - Industrial
- Market cap
- $8.10B
- 52 week range
- 50.24 - 69.88
Valuation
- Share price
- $61.07 (close of 2026-09-23)
- P/E (TTM)
- 22.21x
- Price to book
- 2.82x
- Price to free cash flow
- 18.01x
- Enterprise value
- $10.63B
- Book value per share
- $21.65
Price performance
| Period | Change |
|---|
| 1 day | -1.50% |
| 5 days | -0.49% |
| 1 month | -2.96% |
| 3 months | -4.02% |
| 6 months | +5.18% |
| Year to date | +6.64% |
| 1 year | +17.78% |
| 3 years | +24.51% |
| 5 years | +13.94% |
| 10 years | +112.94% |
| All time | +158.44% |
Profitability and growth
- Return on equity
- 8.97%
- Return on assets
- 4.35%
- Net margin
- 34.03%
- EBITDA margin
- 61.62%
- 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)
- 5.55%
- Net debt to EBITDA
- 3.84x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $727.08M
- EBITDA
- $448.04M
- 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
- 2026-06-30
- Paid in the last twelve months
- $1.89
| Payment date | Dividend per share |
|---|
| 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 |
| 2024-09-30 | $0.37 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-10-21
- Consensus EPS estimate
- $0.82
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-22 | Jun/2026 | $0.80 |
| 2026-04-22 | - | - |
| 2026-02-04 | - | - |
| 2025-10-15 | - | - |
| 2025-07-16 | - | - |
| 2025-04-16 | - | - |
| 2025-02-05 | - | - |
| 2024-10-16 | - | - |
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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