Rising Leverage and AFFO Compression Cloud Industrial Growth
First Industrial has delivered consistent top-line expansion, with revenue reaching $197.1M in 2026Q3 (+8.6% YoY) and normalized NOI margins holding in the 72–75% range, suggesting durable demand for its infill warehouse portfolio.
Baron Real Estate Income Fund decreased 7.58% (Institutional Shares) in the third quarter, underperforming the MSCI US REIT Index, which decreased 6.33%. Welltower is a leading owner and operator of senior housing communities across the U.S., Canada, and the U.K., and is the largest health care REIT by market capitalization. We initiated a position in AAON, Inc., following a disappointing second quarter earnings result.
Valuations seemed much more favorable for international property companies, particularly in comparison to some of the larger U.S. companies involved with senior housing and data centers. Along these lines, the Fund initiated positions in the common stock of Scentre Group and Home Depot during the quarter. Third Avenue Real Estate Value Fund trimmed back WESCO and Freddie Mac preferred, exited D.R. Horton, and extended its British Pound and Hong Kong Dollar hedges for portfolio management purposes.
A wild Thursday saw Treasury yields crater, oil surge past $111, crypto liquidations top $431 million, and Meta's cash flow surprise rattle markets. Now analysts are reshuffling their calls on some of the week's most closely watched names.
First Industrial Realty Trust, Inc. ( FR ) Q3 2026 Earnings Call October 22, 2026 11:00 AM EDT Company Participants Art Harmon - Senior VP of Investor Relations & Marketing Peter Baccile - President, CEO & Director Scott Musil - CFO, Senior VP, Treasurer & Assistant Secretary Christopher Schneider - Executive VP of Operations & Chief Information Officer Peter Schultz - Executive Vice President of East Region Johannson Yap - Chief Investment Officer & Executive VP of West Region Conference Call Participants Craig Mailman - Citigroup Inc., Research Division Viktor Fediv - Scotiabank Global Banking and Markets, Research Division Blaine Heck - Wells Fargo Securities, LLC, Research Division Nicholas Thillman - Robert W. Baird & Co. Incorporated, Research Division Todd Thomas - KeyBanc Capital Markets Inc., Research Division Caitlin Burrows - Goldman Sachs Group, Inc., Research Division Richard Anderson - Cantor Fitzgerald & Co., Research Division Vikram Malhotra - Mizuho Securities USA LLC, Research Division Jessica Zheng David Rodgers - Raymond James & Associates, Inc., Research Division Michael Lewis - Truist Securities, Inc., Research Division Jonathan Petersen - Jefferies LLC, Research Division Omotayo Okusanya - Deutsche Bank AG, Research Division Michael Mueller - JPMorgan Chase & Co, Research Division Presentation Operator Good day, and welcome to the First Industrial Realty Trust Third Quarter 2026 Results Call.
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FR Frequently Asked Questions
First Industrial Realty Trust, Inc. (FR) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is First Industrial Realty Trust, Inc.'s revenue?
First Industrial Realty Trust, Inc. (FR) reported $775.3M in revenue over the trailing twelve months. Revenue was $727.1M in fiscal year 2025. That is 419% more than the $140.1M of fiscal year 1996.
How fast is First Industrial Realty Trust, Inc. growing?
First Industrial Realty Trust, Inc. (FR) grew revenue by 8.6% over the trailing twelve months, compared with the twelve months before.
Is FR profitable?
Yes. First Industrial Realty Trust, Inc. (FR) earned $357.6M in net income over the trailing twelve months (a 46.1% net margin).
Dividend & Returns
Does FR pay dividends?
Yes. First Industrial Realty Trust, Inc. (FR) pays a dividend that yields 3.25% at the current price, a moderate yield.
What is FR's return on equity?
First Industrial Realty Trust, Inc. (FR) had a return on equity (ROE) of 12.6% over the trailing twelve months. That is in line with the market's typical 10-15%.
Industry Metrics
What is First Industrial Realty Trust, Inc.'s FFO?
First Industrial Realty Trust, Inc. (FR) generated Funds From Operations (FFO) of $567.2M in the trailing twelve months. FFO is the primary profitability metric for REITs.
Is FR a good dividend stock?
First Industrial Realty Trust, Inc. (FR) offers a 3.25% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.
