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FR logoFirst Industrial Realty Trust, Inc.(FR)Earnings, Financials & Key Ratios

FR•NYSE•REIT / Real Estate
$61.73
$8.18B mkt cap·33.0× P/E·Price updated May 6, 2026
SectorReal EstateIndustryIndustrial REITsSub-IndustryIndustrial Logistics Warehouse REITs
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$727M+8.6%
  • FFO$433M-6.7%
  • FFO/Share3.27-6.7%
  • FFO Payout53.43%+28.0%
  • FFO per Share3.27-6.7%
  • NOI Margin22.6%-68.9%
  • FFO Margin59.52%-14.0%
  • ROE8.99%-15.8%
  • ROA4.52%-17.9%
  • Debt/Assets45.23%+6.9%
  • Net Debt/EBITDA5.06+4.0%
  • Book Value/Share20.82+0.4%
Technical→

FR Key Insights

First Industrial Realty Trust, Inc. (FR) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓FFO growing 18.5% TTM
  • ✓Sustainable FFO payout ratio of 53.4%
  • ✓14 consecutive years of dividend growth
  • ✓Healthy dividend yield of 2.8%
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗Low NOI margin of 22.6%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

FR Price & Volume

First Industrial Realty Trust, Inc. (FR) stock price & volume — 10-year historical chart

Loading chart...

FR Growth Metrics

First Industrial Realty Trust, Inc. (FR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years7.11%
5 Years10.18%
3 Years10.43%
TTM8.54%

Profit CAGR

10 Years12.86%
5 Years4.18%
3 Years-11.68%
TTM28.15%

EPS CAGR

10 Years10.98%
5 Years4.1%
3 Years-11.74%
TTM27.72%

Return on Capital

10 Years6.63%
5 Years5.26%
3 Years5.57%
Last Year6.07%

FR Recent Earnings

First Industrial Realty Trust, Inc. (FR) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
Apr 22, 2026
EPS
$0.68
Est $0.33
+103.8%
Revenue
$195M
Est $182M
+6.8%
Q1 2026
Feb 4, 2026
EPS
$0.77
Est $0.42
+83.3%
Revenue
$188M
Est $186M
+1.2%
Q4 2025
Oct 15, 2025
EPS
$0.76
Est $0.74
+2.7%
Revenue
$181M
Est $186M
-2.6%
Q3 2025
Jul 16, 2025
EPS
$0.76
Est $0.72
+5.6%
Revenue
$180M
Est $177M
+1.9%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 22, 2026
$0.68vs $0.33+103.8%
$195Mvs $182M+6.8%
Q1 2026Feb 4, 2026
$0.77vs $0.42+83.3%
$188Mvs $186M+1.2%
Q4 2025Oct 15, 2025
$0.76vs $0.74+2.7%
$181Mvs $186M-2.6%
Q3 2025Jul 16, 2025
$0.76vs $0.72+5.6%
$180Mvs $177M+1.9%
Based on last 12 quarters of dataView full earnings history →

FR Peer Comparison

First Industrial Realty Trust, Inc. (FR) competitors in Industrial Logistics Warehouse REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
PLD logoPLDPrologis, Inc.Direct Competitor130.26B140.2734.982.22%36.7%5.61%3.77%0.54
EGP logoEGPEastGroup Properties, Inc.Direct Competitor10.77B200.4041.1512.97%39.7%8.37%3.76%0.50
REXR logoREXRRexford Industrial Realty, Inc.Direct Competitor8.44B35.5541.347.13%21.29%2.34%2.47%0.40
STAG logoSTAGSTAG Industrial, Inc.Direct Competitor7.28B38.0526.0610.14%28.26%6.8%5.52%0.90
LXP logoLXPLXP Industrial TrustDirect Competitor3.05B51.7628.44-2.3%27.02%4.57%5.37%0.67
TRNO logoTRNOTerreno Realty CorporationProduct Competitor6.74B65.0016.5824.51%84.44%9.7%3.09%0.29
ILPT logoILPTIndustrial Logistics Properties TrustProduct Competitor496.66M7.45-7.451.48%-11.93%-5.93%12.22%4.69
GTY logoGTYGetty Realty Corp.Product Competitor1.99B32.9724.429.02%40.06%8.76%6.37%0.98

Compare FR vs Peers

First Industrial Realty Trust, Inc. (FR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PLD

Most directly comparable listed peer for FR.

Scale Benchmark

vs AMZN

Larger-name benchmark to compare FR against a more recognizable public peer.

Peer Set

Compare Top 5

vs PLD, EGP, REXR, STAG

FR Income Statement

First Industrial Realty Trust, Inc. (FR) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue396.4M403.68M425.5M447.79M476.29M539.93M614.03M669.64M727.08M744.49M
Revenue Growth %4.86%1.84%5.41%5.24%6.37%13.36%13.72%9.06%8.58%8.54%
Property Operating Expenses113.49M116.85M116.58M119.19M131.3M143.66M165.66M182.82M562.74M394.36M
Net Operating Income (NOI)
282.91M▲ 0%
286.82M▲ 1.4%
308.92M▲ 7.7%
328.59M▲ 6.4%
344.99M▲ 5.0%
396.27M▲ 14.9%
448.37M▲ 13.1%
486.82M▲ 8.6%
164.34M▼ 66.2%
350.13M▲ 0%
NOI Margin %71.37%71.05%72.6%73.38%72.43%73.39%73.02%72.7%22.6%47.03%
Operating Expenses28.08M27.75M77.87M130.21M165.56M182.3M203.74M214.4M-143.37M65.22M
G&A Expenses28.08M27.75M28.57M32.85M34.61M33.97M37.12M40.94M41.95M49.02M
EBITDA378.16M380.68M358.17M336.14M318.48M366.29M409.15M448.71M493.02M476.72M
EBITDA Margin %95.4%94.3%84.17%75.07%66.87%67.84%66.63%67.01%67.81%64.03%
Depreciation & Amortization123.33M121.6M127.11M137.76M139.06M152.32M164.51M176.29M185.32M191.69M
D&A / Revenue %31.11%30.12%29.87%30.77%29.2%28.21%26.79%26.33%25.49%25.75%
Operating Income
254.83M▲ 0%
259.07M▲ 1.7%
231.05M▼ 10.8%
198.38M▼ 14.1%
179.43M▼ 9.6%
213.97M▲ 19.2%
244.63M▲ 14.3%
272.42M▲ 11.4%
307.71M▲ 13.0%
285.02M▲ 0%
Operating Margin %64.29%64.18%54.3%44.3%37.67%39.63%39.84%40.68%42.32%38.28%
Interest Expense57.2M50.77M50.27M54.72M47.53M49.01M74.33M82.97M89.92M4M
Interest Coverage2.42x2.81x3.17x3.04x6.87x6.92x4.53x4.59x4.27x-
Non-Operating Income116.36M116.46M71.93M32.27M-146.89M-125.08M-92.02M-108.32M-75.81M-179.53M
Pretax Income
209.49M▲ 0%
167.24M▼ 20.2%
247.29M▲ 47.9%
202.58M▼ 18.1%
282.05M▲ 39.2%
404.98M▲ 43.6%
294.53M▼ 27.3%
302.06M▲ 2.6%
279.36M▼ 7.5%
372.4M▲ 0%
Pretax Margin %52.85%41.43%58.12%45.24%59.22%75.01%47.97%45.11%38.42%50.02%
Income Tax1.19M-92K3.41M2.41M4.88M23.36M8.69M6.08M15.28M13.39M
Effective Tax Rate %0.57%-0.06%1.38%1.19%1.73%5.77%2.95%2.01%5.47%3.6%
Net Income
201.46M▲ 0%
163.24M▼ 19.0%
238.78M▲ 46.3%
201.58M▼ 15.6%
271M▲ 34.4%
359.13M▲ 32.5%
274.82M▼ 23.5%
287.34M▲ 4.6%
247.44M▼ 13.9%
342.37M▲ 0%
Net Margin %50.82%40.44%56.12%45.02%56.9%66.52%44.76%42.91%34.03%45.99%
Net Income Growth %66.17%-18.97%46.27%-15.58%34.44%32.52%-23.48%4.56%-13.89%28.15%
Funds From Operations (FFO)
324.79M▲ 0%
284.84M▼ 12.3%
365.89M▲ 28.5%
339.35M▼ 7.3%
410.05M▲ 20.8%
511.46M▲ 24.7%
439.33M▼ 14.1%
463.64M▲ 5.5%
432.76M▼ 6.7%
534.06M▲ 0%
FFO Margin %81.93%70.56%85.99%75.78%86.09%94.73%71.55%69.24%59.52%71.73%
FFO Growth %32.49%-12.3%28.45%-7.25%20.84%24.73%-14.1%5.53%-6.66%88.59%
FFO per Share2.732.292.892.653.163.873.323.503.274.03
FFO Payout Ratio %30.95%38.49%32.04%37.52%34.07%30.37%38.55%41.73%53.43%43.29%
EPS (Diluted)
1.69▲ 0%
1.31▼ 22.5%
1.88▲ 43.5%
1.53▼ 18.6%
2.09▲ 36.6%
2.72▲ 30.1%
2.07▼ 23.9%
2.17▲ 4.8%
1.87▼ 13.8%
2.58▲ 0%
EPS Growth %60.95%-22.49%43.51%-18.62%36.6%30.14%-23.9%4.83%-13.82%27.72%
EPS (Basic)1.701.311.891.532.092.722.082.171.87-
Diluted Shares Outstanding118.79M124.19M126.69M127.9M129.78M132.1M132.34M132.42M132.5M132.5M

FR Balance Sheet

First Industrial Realty Trust, Inc. (FR) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets2.94B3.14B3.52B3.79B4.18B4.95B5.18B5.26B5.69B5.77B
Asset Growth %5.29%6.86%11.97%7.76%10.21%18.55%4.47%1.65%8.11%24.69%
Real Estate & Other Assets4.78M101.19M182.83M1.05M4.58M163.07M155.96M161.62M5.35B0
PP&E (Net)2.71B2.86B3.05B3.28B3.8B4.45B4.73B4.78B19.59M19.34M
Investment Securities01000K1000K1000K1000K1000K1000K1000K1000K0
Total Current Assets199.97M126.64M238.95M439.54M314.08M312.2M224.67M248.77M276.91M233.87M
Cash & Equivalents21.15M43.1M21.12M162.09M58.59M133.24M43.84M44.51M78.03M37.15M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets103.7M7.27M131.6M187.16M151.66M48.91M25.8M34.06M5.93M0
Intangible Assets30.48M29.68M28.53M25.21M21.32M24.09M21.52M19.31M32.08M0
Total Liabilities1.47B1.46B1.72B1.84B1.93B2.42B2.54B2.52B2.93B2.92B
Total Debt1.3B1.3B1.51B1.63B1.64B2.09B2.25B2.23B2.57B0
Net Debt1.28B1.25B1.49B1.47B1.58B1.96B2.2B2.18B2.49B-37.15M
Long-Term Debt1.3B1.3B1.49B1.61B1.61B2.07B2.22B1.93B2.55B0
Short-Term Borrowings000439K2.67M253K776K282M364K0
Capital Lease Obligations0022.37M22.83M22.59M22.27M21.99M17.61M19.45M336.23M
Total Current Liabilities113.55M107.51M142.01M140.43M190.27M220.14M175.78M570.49M241.9M0
Accounts Payable86.53M78.67M111.45M106.29M150.43M178.63M130.8M132.74M178.88M0
Deferred Revenue0000000104.56M114.77M0
Other Liabilities54.64M57.49M69.43M73.16M107.84M115.32M118.58M0114.77M2.92B
Total Equity
1.48B▲ 0%
1.68B▲ 13.8%
1.8B▲ 7.0%
1.95B▲ 8.3%
2.25B▲ 15.5%
2.53B▲ 12.5%
2.64B▲ 4.1%
2.75B▲ 4.2%
2.76B▲ 0.5%
2.85B▲ 0%
Equity Growth %14.89%13.82%7.05%8.29%15.46%12.54%4.14%4.21%0.47%7.54%
Shareholders Equity1.43B1.65B1.76B1.9B2.19B2.46B2.56B2.67B2.67B2.76B
Minority Interest48.08M34.4M33.86M44.59M53.56M71.1M72.13M80.42M87.54M93.5M
Common Stock1.2M1.26M1.27M1.29M1.32M1.32M1.32M1.32M1.32M1.33M
Additional Paid-in Capital1.97B2.13B2.14B2.22B2.38B2.4B2.41B2.43B2.44B0
Retained Earnings0000023.13M127.71M219.09M230.67M306.73M
Preferred Stock0000000000
Return on Assets (ROA)7.03%5.37%7.17%5.51%6.8%7.86%5.43%5.51%4.52%6.11%
Return on Equity (ROE)14.6%10.35%13.73%10.76%12.92%15.03%10.64%10.68%8.99%12.35%
Debt / Assets44.1%41.3%42.89%43.02%39.13%42.16%43.42%42.33%45.23%0%
Debt / Equity0.88x0.77x0.84x0.84x0.73x0.83x0.85x0.81x0.93x0.93x
Net Debt / EBITDA3.37x3.30x4.15x4.37x4.95x5.34x5.38x4.86x5.06x5.06x
Book Value per Share12.4213.5314.1915.2217.3319.1519.9120.7420.8221.52

FR Cash Flow Statement

First Industrial Realty Trust, Inc. (FR) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations191.43M210.5M245.62M241.08M267.03M410.9M302.31M350.42M461.34M461.34M
Operating CF Growth %10.44%9.97%16.68%-1.85%10.76%53.88%-26.43%15.92%31.65%114.73%
Operating CF / Revenue %48.29%52.15%57.72%53.84%56.06%76.1%49.23%52.33%63.45%61.97%
Net Income201.46M163.24M238.78M85.51M271M359.13M274.58M287.34M264.08M342.37M
Depreciation & Amortization126.49M125.01M97.14M141.19M107.88M119.48M162.95M171.94M195.08M144.91M
Stock-Based Compensation29.25M26.98M012.93M0000057.77M
Other Non-Cash Items388K3.01M-136.03M-390K-94.27M-94.12M-128.45M-119.55M-15.57M-86.52M
Working Capital Changes-11.27M-3.26M10.66M1.84M13.61M26.41M-6.78M10.68M17.75M20.59M
Cash from Investing-96.23M-223.4M-205.39M-251.74M-416.82M-629.11M-378.31M-131.62M-524.18M-383.31M
Acquisitions (Net)0-25.19M-210K-42.74M-1.55M-5.62M-12.35M-5.73M-4.37M0
Purchase of Investments-188.47M-25.19M-210K-42.74M-1.55M-5.62M0-5.73M0-1.88M
Sale of Investments228.1M184.78M254.42M203.86M234.73M175.41M0158.92M013.87M
Other Investing-324.33M-2.57M-205.18M-208.99M-415.27M-270.92M-365.96M-279.09M-519.81M-395.3M
Cash from Financing-85.05M16.78M62.11M57.6M8.91M304.5M-25.27M-210.96M89.19M-78.65M
Dividends Paid-100.52M-109.65M-117.21M-127.34M-139.71M-155.33M-169.37M-193.48M-231.22M-231.22M
Common Dividends-100.52M-109.65M-117.21M-127.34M-139.71M-155.33M-169.37M-193.48M-231.22M-231.22M
Debt Issuance (Net)-1000K-1000K1000K1000K1000K1000K1000K-1000K1000K3M
Share Repurchases-2.4M-6.02M-4.38M00000-1.61M0
Other Financing-9.27M142.61M-5.42M-5.64M-11.69M-12.52M-11.58M-143K-22.39M-19.94M
Net Change in Cash
11.29M▲ 0%
3.89M▼ 65.5%
102.34M▲ 2530.3%
46.94M▼ 54.1%
-140.88M▼ 400.1%
86.34M▲ 161.3%
-101.27M▼ 217.3%
7.84M▲ 107.7%
26.35M▲ 236.2%
-263K▲ 0%
Exchange Rate Effect000000000-21.24M
Cash at Beginning9.86M46.48M50.37M152.72M199.66M58.78M145.12M43.84M51.68M78.03M
Cash at End21.15M50.37M152.72M199.66M58.78M145.12M43.84M51.68M78.03M37.15M
Free Cash Flow
45.42M▲ 0%
-144.73M▼ 418.6%
-8.59M▲ 94.1%
79.96M▲ 1031.3%
33.85M▼ 57.7%
-111.47M▼ 429.3%
-59.62M▲ 46.5%
134.85M▲ 326.2%
114.89M▼ 14.8%
482.96M▲ 0%
FCF Growth %782.16%-418.61%94.07%1031.3%-57.66%-429.27%46.51%326.18%-14.81%43.98%
FCF / Revenue %11.46%-35.85%-2.02%17.86%7.11%-20.65%-9.71%20.14%15.8%64.87%

FR Key Ratios

First Industrial Realty Trust, Inc. (FR) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share2.732.292.892.653.163.873.323.53.274.03
FFO Payout Ratio30.95%38.49%32.04%37.52%34.07%30.37%38.55%41.73%53.43%43.29%
NOI Margin71.37%71.05%72.6%73.38%72.43%73.39%73.02%72.7%22.6%47.03%
Net Debt / EBITDA3.37x3.30x4.15x4.37x4.95x5.34x5.38x4.86x5.06x5.06x
Debt / Assets44.1%41.3%42.89%43.02%39.13%42.16%43.42%42.33%45.23%0%
Interest Coverage2.42x2.81x3.17x3.04x6.87x6.92x4.53x4.59x4.27x-
Book Value / Share12.4213.5314.1915.2217.3319.1519.9120.7420.8221.52
Revenue Growth4.86%1.84%5.41%5.24%6.37%13.36%13.72%9.06%8.58%8.54%

FR SEC Filings & Documents

First Industrial Realty Trust, Inc. (FR) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 22, 2026·SEC

Material company update

Mar 27, 2026·SEC

Material company update

Mar 17, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 11, 2026·SEC

FY 2025

Feb 14, 2025·SEC

FY 2024

Feb 14, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 24, 2026·SEC

FY 2025

Oct 17, 2025·SEC

FY 2025

Jul 17, 2025·SEC

FR Frequently Asked Questions

First Industrial Realty Trust, Inc. (FR) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

First Industrial Realty Trust, Inc. (FR) reported $744.5M in revenue for fiscal year 2025. This represents a 432% increase from $140.1M in 1996.

First Industrial Realty Trust, Inc. (FR) grew revenue by 8.6% over the past year. This is steady growth.

Yes, First Industrial Realty Trust, Inc. (FR) is profitable, generating $342.4M in net income for fiscal year 2025 (34.0% net margin).

Dividend & Returns

Yes, First Industrial Realty Trust, Inc. (FR) pays a dividend with a yield of 2.83%. This makes it attractive for income-focused investors.

First Industrial Realty Trust, Inc. (FR) has a return on equity (ROE) of 9.0%. This is below average, suggesting room for improvement.

Industry Metrics

First Industrial Realty Trust, Inc. (FR) generated Funds From Operations (FFO) of $534.1M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Explore More FR

First Industrial Realty Trust, Inc. (FR) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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