First Industrial Realty Trust, Inc. (FR) 10-Year Financial Performance & Capital Metrics

FR • • REIT / Real Estate

Real EstateIndustrial REITsIndustrial & Logistics REITsDiversified Industrial Operators

AboutFirst Industrial Realty Trust, Inc. (NYSE: FR) is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. Across major markets in the United States, our local market experts manage, lease, buy, (re)develop, and sell bulk and regional distribution centers, light industrial, and other industrial facility types. In total, we own and have under development approximately 64.1 million square feet of industrial space as of September 30, 2020.Show more

Revenue $672M +8.7%
FFO $464M +5.5%
FFO/Share 3.50 +5.5%
FFO Payout 41.73% +8.2%
FFO per Share 3.50 +5.5%
NOI Margin 72.57%
FFO Margin 68.97% -2.9%
ROE 10.68% +0.4%
ROA 5.51% +1.5%
Debt/Assets 42.33% -2.5%
Net Debt/EBITDA 4.60 -10.8%
Book Value/Share 20.74 +4.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Sustainable FFO payout ratio of 41.7%
✓13 consecutive years of dividend growth
✓High NOI margin of 72.6%
✓Healthy dividend yield of 2.5%
✓Trading near 52-week high

✗Weaknesses

✗FFO declining 11.1% TTM

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.84%

5Y9.58%

3Y12.18%

TTM8.89%

Profit (Net Income) CAGR

10Y19.32%

5Y3.77%

3Y1.97%

TTM-23.17%

EPS CAGR

10Y17.85%

5Y2.91%

3Y1.26%

TTM-23.18%

ROCE

10Y Avg7.41%

5Y Avg6.2%

3Y Avg5.98%

Latest5.91%

Peer Comparison

Diversified Industrial Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LXPLXP Industrial Trust	2.98B	50.38	77.51	5.27%	32.2%	5.66%	6.49%	0.69
STAGSTAG Industrial, Inc.	6.99B	37.44	36	8.41%	29.26%	6.88%	5.36%	0.87
FRFirst Industrial Realty Trust, Inc.	7.85B	59.31	27.33	8.73%	33.19%	8.64%	4.49%	0.81
ILPTIndustrial Logistics Properties Trust	401.96M	6.03	-4.13	1.14%	-19.87%	-9.69%	0.49%	4.28

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	365.81M	378.02M	396.4M	403.68M	425.5M	447.79M	476.13M	654.87M	618.2M	672.18M
Revenue Growth %	0.05%	0.03%	0.05%	0.02%	0.05%	0.05%	0.06%	0.38%	-0.06%	0.09%
Property Operating Expenses	116.03M	112.81M	113.49M	116.85M	116.58M	119.19M	131.3M	144.57M	169.32M	184.35M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	25.36M	26.7M	28.08M	27.75M	77.87M	130.21M	62.62M	220.27M	186.56M	190.06M
G&A Expenses	25.36M	26.7M	28.08M	27.75M	28.57M	32.85M	34.61M	33.97M	37.12M	40.94M
EBITDA+	345.74M	362.42M	378.16M	380.68M	358.17M	336.14M	421.27M	442.36M	426.84M	474.06M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	121.31M	123.92M	123.33M	121.6M	127.11M	137.76M	139.06M	152.32M	164.51M	176.29M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	224.42M	238.5M	254.83M	259.07M	231.05M	198.38M	282.21M	290.03M	262.32M	297.77M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	67.42M	59.43M	57.2M	50.77M	50.27M	54.72M	47.53M	52.2M	74.33M	82.97M
Interest Coverage	3.33x	4.01x	4.46x	5.10x	4.60x	3.63x	5.94x	5.56x	3.53x	3.59x
Non-Operating Income	113.81M	117.28M	116.36M	116.46M	71.93M	32.27M	102.94M	-38.87M	13.52M	22.81M
Pretax Income+	76.82M	126.77M	209.49M	167.24M	247.29M	202.58M	282.05M	404.98M	294.53M	302.06M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	117K	1.09M	1.19M	-92K	3.41M	2.41M	4.88M	23.36M	8.69M	6.08M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	73.8M	121.23M	201.46M	163.24M	238.78M	201.58M	271M	359.13M	274.82M	287.34M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.5%	0.64%	0.66%	-0.19%	0.46%	-0.16%	0.34%	0.33%	-0.23%	0.05%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.13%	0.26%	0.32%	-0.12%	0.28%	-0.07%	0.21%	0.25%	-0.14%	0.06%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.66	1.05	1.69	1.31	1.88	1.53	2.09	2.72	2.07	2.17
EPS Growth %	0.57%	0.59%	0.61%	-0.22%	0.44%	-0.19%	0.37%	0.3%	-0.24%	0.05%
EPS (Basic)	0.67	1.05	1.70	1.31	1.89	1.53	2.09	2.72	2.08	2.17
Diluted Shares Outstanding	110.78M	115.37M	118.79M	124.19M	126.69M	127.9M	129.78M	132.1M	132.34M	132.42M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	2.71B	2.79B	2.94B	3.14B	3.52B	3.79B	4.18B	4.95B	5.18B	5.26B
Asset Growth %	0.05%	0.03%	0.05%	0.07%	0.12%	0.08%	0.1%	0.19%	0.04%	0.02%
Real Estate & Other Assets+	0	2.88M	4.78M	101.19M	182.83M	1.05M	4.58M	163.07M	155.96M	161.62M
PP&E (Net)	2.5B	2.59B	2.71B	2.86B	3.05B	3.28B	3.8B	4.45B	4.73B	4.78B
Investment Securities	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	173.84M	172.47M	199.97M	126.64M	238.95M	439.54M	314.08M	312.2M	224.67M	248.77M
Cash & Equivalents	3.99M	9.86M	21.15M	43.1M	21.12M	162.09M	58.59M	133.24M	43.84M	44.51M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	101.91M	90.47M	103.7M	7.27M	131.6M	187.16M	151.66M	48.91M	25.8M	34.06M
Intangible Assets	33.33M	29.5M	30.48M	29.68M	28.53M	25.21M	21.32M	24.09M	21.52M	19.31M
Total Liabilities	1.59B	1.51B	1.47B	1.46B	1.72B	1.84B	1.93B	2.42B	2.54B	2.52B
Total Debt+	1.43B	1.35B	1.3B	1.3B	1.51B	1.63B	1.64B	2.09B	2.25B	2.23B
Net Debt	1.43B	1.34B	1.28B	1.25B	1.49B	1.47B	1.58B	1.96B	2.2B	2.18B
Long-Term Debt	1.43B	1.35B	1.3B	1.3B	1.49B	1.61B	1.61B	2.07B	2.22B	2.21B
Short-Term Borrowings	0	0	0	0	0	439K	1000K	253K	776K	0
Capital Lease Obligations	11.84M	0	0	0	22.37M	22.83M	22.59M	22.27M	21.99M	17.61M
Total Current Liabilities+	108.51M	107.85M	113.55M	107.51M	142.01M	140.43M	190.27M	220.14M	175.78M	177.71M
Accounts Payable	93.7M	84.41M	86.53M	78.67M	111.45M	106.29M	150.43M	178.63M	130.8M	123.88M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	51.99M	53.7M	54.64M	57.49M	69.43M	73.16M	107.84M	115.32M	118.58M	113.41M
Total Equity+	1.12B	1.28B	1.48B	1.68B	1.8B	1.95B	2.25B	2.53B	2.64B	2.75B
Equity Growth %	0.02%	0.15%	0.15%	0.14%	0.07%	0.08%	0.15%	0.13%	0.04%	0.04%
Shareholders Equity	1.07B	1.24B	1.43B	1.65B	1.76B	1.9B	2.19B	2.46B	2.56B	2.67B
Minority Interest	42.03M	43.18M	48.08M	34.4M	33.86M	44.59M	53.56M	71.1M	72.13M	80.42M
Common Stock	1.11M	1.17M	1.2M	1.26M	1.27M	1.29M	1.32M	1.32M	1.32M	1.32M
Additional Paid-in Capital	1.76B	1.89B	1.97B	2.13B	2.14B	2.22B	2.38B	2.4B	2.41B	2.43B
Retained Earnings	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.03%	0.04%	0.07%	0.05%	0.07%	0.06%	0.07%	0.08%	0.05%	0.06%
Return on Equity (ROE)	0.07%	0.1%	0.15%	0.1%	0.14%	0.11%	0.13%	0.15%	0.11%	0.11%
Debt / Assets	0.53%	0.48%	0.44%	0.41%	0.43%	0.43%	0.39%	0.42%	0.43%	0.42%
Debt / Equity	1.29x	1.05x	0.88x	0.77x	0.84x	0.84x	0.73x	0.83x	0.85x	0.81x
Net Debt / EBITDA	4.14x	3.69x	3.37x	3.30x	4.15x	4.37x	3.74x	4.42x	5.16x	4.60x
Book Value per Share	10.07	11.13	12.42	13.53	14.19	15.22	17.33	19.15	19.91	20.74

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	162.15M	173.34M	191.43M	210.5M	245.62M	241.08M	267.03M	410.9M	304.81M	352.49M
Operating CF Growth %	0.18%	0.07%	0.1%	0.1%	0.17%	-0.02%	0.11%	0.54%	-0.26%	0.16%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	45.21M	121.23M	201.46M	163.24M	238.78M	85.51M	271M	359.13M	285.84M	295.99M
Depreciation & Amortization	121.31M	123.92M	126.49M	125.01M	97.14M	141.19M	107.88M	119.48M	164.51M	176.29M
Stock-Based Compensation	0	28.4M	29.25M	26.98M	0	12.93M	0	0	0	0
Other Non-Cash Items	-32.68M	2.67M	388K	3.01M	-136.03M	261K	-94.27M	-94.12M	-138.76M	-130.47M
Working Capital Changes	-3.19M	-11.29M	-11.27M	-3.26M	10.66M	1.84M	13.61M	26.41M	-6.78M	10.68M
Cash from Investing+	-197.07M	-110.99M	-96.23M	-223.4M	-205.39M	-251.74M	-416.82M	-629.11M	-378.31M	-131.62M
Acquisitions (Net)	-200K	0	0	-25.19M	-210K	-42.74M	-1.55M	-5.62M	-12.35M	-5.73M
Purchase of Investments	-11.55M	-107.48M	-188.47M	-25.19M	-210K	-42.74M	-1.55M	-5.62M	0	-5.73M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K
Other Investing	-21.28M	-274.43M	-324.33M	-2.57M	-205.18M	-208.99M	-415.27M	-270.92M	-365.96M	-279.09M
Cash from Financing+	29.43M	-56.47M	-85.05M	16.78M	62.11M	57.6M	8.91M	304.5M	-27.78M	-213.03M
Dividends Paid	-55.81M	-82.7M	-100.52M	-109.65M	-117.21M	-127.34M	-139.71M	-155.33M	-169.37M	-193.48M
Common Dividends	-55.81M	-82.7M	-100.52M	-109.65M	-117.21M	-127.34M	-139.71M	-155.33M	-169.37M	-193.48M
Debt Issuance (Net)	1000K	-1000K	-1000K	-1000K	1000K	1000K	1000K	1000K	1000K	-1000K
Share Repurchases	-2.1M	-5.24M	-2.4M	-6.02M	-4.38M	0	0	0	-2.51M	-2.07M
Other Financing	-5.16M	-375K	-9.27M	142.61M	-5.42M	-5.64M	-11.69M	-12.52M	-11.58M	-143K
Net Change in Cash+	-5.51M	5.87M	11.29M	3.89M	102.34M	46.94M	-140.88M	86.34M	-101.27M	7.84M
Exchange Rate Effect	-14K	0	0	0	0	0	0	0	0	0
Cash at Beginning	9.5M	3.99M	9.86M	46.48M	50.37M	152.72M	199.66M	58.78M	145.12M	43.84M
Cash at End	3.99M	9.86M	21.15M	50.37M	152.72M	199.66M	58.78M	145.12M	43.84M	51.68M
Free Cash Flow+	-155.93M	-6.66M	45.42M	-144.73M	-8.59M	79.96M	33.85M	-111.47M	304.81M	352.49M
FCF Growth %	-0.96%	0.96%	7.82%	-4.19%	0.94%	10.31%	-0.58%	-4.29%	3.73%	0.16%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.76	2.12	2.73	2.29	2.89	2.65	3.16	3.87	3.32	3.5
FFO Payout Ratio	28.6%	33.73%	30.95%	38.49%	32.04%	37.52%	34.07%	30.37%	38.55%	41.73%
NOI Margin	68.28%	70.16%	71.37%	71.05%	72.6%	73.38%	72.42%	77.92%	72.61%	72.57%
Net Debt / EBITDA	4.14x	3.69x	3.37x	3.30x	4.15x	4.37x	3.74x	4.42x	5.16x	4.60x
Debt / Assets	52.93%	48.23%	44.1%	41.3%	42.89%	43.02%	39.13%	42.16%	43.42%	42.33%
Interest Coverage	3.33x	4.01x	4.46x	5.10x	4.60x	3.63x	5.94x	5.56x	3.53x	3.59x
Book Value / Share	10.07	11.13	12.42	13.53	14.19	15.22	17.33	19.15	19.91	20.74
Revenue Growth	5.46%	3.34%	4.86%	1.84%	5.41%	5.24%	6.33%	37.54%	-5.6%	8.73%

Frequently Asked Questions

Valuation & Price

First Industrial Realty Trust, Inc. (FR) has a price-to-earnings (P/E) ratio of 27.3x. This suggests investors expect higher future growth.

Growth & Financials

First Industrial Realty Trust, Inc. (FR) reported $713.8M in revenue for fiscal year 2024. This represents a 125% increase from $317.8M in 2011.

First Industrial Realty Trust, Inc. (FR) grew revenue by 8.7% over the past year. This is steady growth.

Yes, First Industrial Realty Trust, Inc. (FR) is profitable, generating $236.9M in net income for fiscal year 2024 (42.7% net margin).

Dividend & Returns

Yes, First Industrial Realty Trust, Inc. (FR) pays a dividend with a yield of 2.46%. This makes it attractive for income-focused investors.

First Industrial Realty Trust, Inc. (FR) has a return on equity (ROE) of 10.7%. This is reasonable for most industries.

Industry Metrics

First Industrial Realty Trust, Inc. (FR) generated Funds From Operations (FFO) of $428.6M in the trailing twelve months. FFO is the primary profitability metric for REITs.

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