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

FR•NYSE•REIT / Real Estate

33.0× P/E·Price updated Jun 19, 2026

SectorReal Estate IndustryIndustrial REITs Sub-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%

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%
✓12 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.

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FR Price & Volume

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

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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

Metric

Actual

Est

EPS

$0.68+103.8%

$0.33

Rev

$195M+6.8%

$182M

Q1 2026

Feb 4, 2026

Metric

Actual

Est

EPS

$0.77+83.3%

$0.42

Rev

$188M+1.2%

$186M

Q4 2025

Oct 15, 2025

Metric

Actual

Est

EPS

$0.76+2.7%

$0.74

Rev

$181M-2.6%

$186M

Q3 2025

Jul 16, 2025

Metric

Actual

Est

EPS

$0.76+5.6%

$0.72

Rev

$180M+1.9%

$177M

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Apr 22, 2026	$0.68vs $0.33+103.8%	$195Mvs $182M+6.8%
Q1 2026	Feb 4, 2026	$0.77vs $0.42+83.3%	$188Mvs $186M+1.2%
Q4 2025	Oct 15, 2025	$0.76vs $0.74+2.7%	$181Mvs $186M-2.6%
Q3 2025	Jul 16, 2025	$0.76vs $0.72+5.6%	$180Mvs $177M+1.9%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
PLDPrologis, Inc.Direct Competitor	134.64B	140.54	39.70	7.18%	37.86%	5.78%	0.61
EGPEastGroup Properties, Inc.Direct Competitor	10.75B	199.97	41.06	12.97%	39.7%	8.37%	0.50
REXRRexford Industrial Realty, Inc.Direct Competitor	7.87B	33.12	38.51	7.13%	21.29%	2.34%	0.40
STAGSTAG Industrial, Inc.Direct Competitor	7.23B	37.80	25.89	10.14%	28.26%	6.8%	0.90
LXPLXP Industrial TrustDirect Competitor	3.14B	53.18	29.22	-2.3%	27.02%	4.57%	0.67
TRNOTerreno Realty CorporationProduct Competitor	6.84B	64.35	16.42	24.51%	86.52%	10.36%	0.23
ILPTIndustrial Logistics Properties TrustProduct Competitor	539.99M	8.10	-8.10	1.48%	-11.93%	-5.93%	4.69
GTYGetty Realty Corp.Product Competitor	1.98B	32.68	24.21	9.02%	40.06%	8.76%	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

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Revenue	396.4M	403.68M	425.5M	447.79M	476.29M	539.93M	614.03M	669.64M	727.08M	744.49M
Revenue Growth %	4.86%	1.84%	5.41%	5.24%	6.37%	13.36%	13.72%	9.06%	8.58%	8.54%
Property Operating Expenses	113.49M	116.85M	116.58M	119.19M	131.3M	143.66M	165.66M	182.82M	562.74M	394.36M
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 Expenses	28.08M	27.75M	77.87M	130.21M	165.56M	182.3M	203.74M	214.4M	-143.37M	65.22M
G&A Expenses	28.08M	27.75M	28.57M	32.85M	34.61M	33.97M	37.12M	40.94M	41.95M	49.02M
EBITDA	378.16M	380.68M	358.17M	336.14M	318.48M	366.29M	409.15M	448.71M	493.02M	476.72M
EBITDA Margin %	95.4%	94.3%	84.17%	75.07%	66.87%	67.84%	66.63%	67.01%	67.81%	64.03%
Depreciation & Amortization	123.33M	121.6M	127.11M	137.76M	139.06M	152.32M	164.51M	176.29M	185.32M	191.69M
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 Expense	57.2M	50.77M	50.27M	54.72M	47.53M	49.01M	74.33M	82.97M	89.92M	4M
Interest Coverage	2.42x	2.81x	3.17x	3.04x	6.87x	6.92x	4.53x	4.59x	4.27x	-
Non-Operating Income	116.36M	116.46M	71.93M	32.27M	-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 Tax	1.19M	-92K	3.41M	2.41M	4.88M	23.36M	8.69M	6.08M	15.28M	13.39M
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 Share	2.73	2.29	2.89	2.65	3.16	3.87	3.32	3.50	3.27	4.03
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)	1.70	1.31	1.89	1.53	2.09	2.72	2.08	2.17	1.87	-
Diluted Shares Outstanding	118.79M	124.19M	126.69M	127.9M	129.78M	132.1M	132.34M	132.42M	132.5M	132.5M

FR Balance Sheet

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

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Assets	2.94B	3.14B	3.52B	3.79B	4.18B	4.95B	5.18B	5.26B	5.69B	5.77B
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 Assets	4.78M	101.19M	182.83M	1.05M	4.58M	163.07M	155.96M	161.62M	5.35B	0
PP&E (Net)	2.71B	2.86B	3.05B	3.28B	3.8B	4.45B	4.73B	4.78B	19.59M	19.34M
Investment Securities	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Total Current Assets	199.97M	126.64M	238.95M	439.54M	314.08M	312.2M	224.67M	248.77M	276.91M	233.87M
Cash & Equivalents	21.15M	43.1M	21.12M	162.09M	58.59M	133.24M	43.84M	44.51M	78.03M	37.15M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	103.7M	7.27M	131.6M	187.16M	151.66M	48.91M	25.8M	34.06M	5.93M	0
Intangible Assets	30.48M	29.68M	28.53M	25.21M	21.32M	24.09M	21.52M	19.31M	32.08M	0
Total Liabilities	1.47B	1.46B	1.72B	1.84B	1.93B	2.42B	2.54B	2.52B	2.93B	2.92B
Total Debt	1.3B	1.3B	1.51B	1.63B	1.64B	2.09B	2.25B	2.23B	2.57B	0
Net Debt	1.28B	1.25B	1.49B	1.47B	1.58B	1.96B	2.2B	2.18B	2.49B	-37.15M
Long-Term Debt	1.3B	1.3B	1.49B	1.61B	1.61B	2.07B	2.22B	1.93B	2.55B	0
Short-Term Borrowings	0	0	0	439K	2.67M	253K	776K	282M	364K	0
Capital Lease Obligations	0	0	22.37M	22.83M	22.59M	22.27M	21.99M	17.61M	19.45M	336.23M
Total Current Liabilities	113.55M	107.51M	142.01M	140.43M	190.27M	220.14M	175.78M	570.49M	241.9M	0
Accounts Payable	86.53M	78.67M	111.45M	106.29M	150.43M	178.63M	130.8M	132.74M	178.88M	0
Deferred Revenue	0	0	0	0	0	0	0	104.56M	114.77M	0
Other Liabilities	54.64M	57.49M	69.43M	73.16M	107.84M	115.32M	118.58M	0	114.77M	2.92B
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 Equity	1.43B	1.65B	1.76B	1.9B	2.19B	2.46B	2.56B	2.67B	2.67B	2.76B
Minority Interest	48.08M	34.4M	33.86M	44.59M	53.56M	71.1M	72.13M	80.42M	87.54M	93.5M
Common Stock	1.2M	1.26M	1.27M	1.29M	1.32M	1.32M	1.32M	1.32M	1.32M	1.33M
Additional Paid-in Capital	1.97B	2.13B	2.14B	2.22B	2.38B	2.4B	2.41B	2.43B	2.44B	0
Retained Earnings	0	0	0	0	0	23.13M	127.71M	219.09M	230.67M	306.73M
Preferred Stock	0	0	0	0	0	0	0	0	0	0
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 / Assets	44.1%	41.3%	42.89%	43.02%	39.13%	42.16%	43.42%	42.33%	45.23%	0%
Debt / Equity	0.88x	0.77x	0.84x	0.84x	0.73x	0.83x	0.85x	0.81x	0.93x	0.00x
Net Debt / EBITDA	3.37x	3.30x	4.15x	4.37x	4.95x	5.34x	5.38x	4.86x	5.06x	-0.08x
Book Value per Share	12.42	13.53	14.19	15.22	17.33	19.15	19.91	20.74	20.82	21.52

FR Cash Flow Statement

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

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	191.43M	210.5M	245.62M	241.08M	267.03M	410.9M	302.31M	350.42M	461.34M	482.94M
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%	64.87%
Net Income	201.46M	163.24M	238.78M	85.51M	271M	359.13M	274.58M	287.34M	264.08M	342.37M
Depreciation & Amortization	126.49M	125.01M	97.14M	141.19M	107.88M	119.48M	162.95M	171.94M	195.08M	144.91M
Stock-Based Compensation	29.25M	26.98M	0	12.93M	0	0	0	0	0	57.77M
Other Non-Cash Items	388K	3.01M	-136.03M	-390K	-94.27M	-94.12M	-128.45M	-119.55M	-15.57M	-86.52M
Working Capital Changes	-11.27M	-3.26M	10.66M	1.84M	13.61M	26.41M	-6.78M	10.68M	17.75M	20.59M
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	-4.37M	0
Purchase of Investments	-188.47M	-25.19M	-210K	-42.74M	-1.55M	-5.62M	0	-5.73M	0	-1.88M
Sale of Investments	228.1M	184.78M	254.42M	203.86M	234.73M	175.41M	0	158.92M	0	13.87M
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	-85.05M	16.78M	62.11M	57.6M	8.91M	304.5M	-25.27M	-210.96M	89.19M	-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	-1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K	3M
Share Repurchases	-2.4M	-6.02M	-4.38M	0	0	0	0	0	-1.61M	0
Other Financing	-9.27M	142.61M	-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 Effect	0	0	0	0	0	0	0	0	0	-21.24M
Cash at Beginning	9.86M	46.48M	50.37M	152.72M	199.66M	58.78M	145.12M	43.84M	51.68M	78.03M
Cash at End	21.15M	50.37M	152.72M	199.66M	58.78M	145.12M	43.84M	51.68M	78.03M	37.15M
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

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
FFO per Share	2.73	2.29	2.89	2.65	3.16	3.87	3.32	3.5	3.27	4.03
FFO Payout Ratio	30.95%	38.49%	32.04%	37.52%	34.07%	30.37%	38.55%	41.73%	53.43%	43.29%
NOI Margin	71.37%	71.05%	72.6%	73.38%	72.43%	73.39%	73.02%	72.7%	22.6%	47.03%
Net Debt / EBITDA	3.37x	3.30x	4.15x	4.37x	4.95x	5.34x	5.38x	4.86x	5.06x	-0.08x
Debt / Assets	44.1%	41.3%	42.89%	43.02%	39.13%	42.16%	43.42%	42.33%	45.23%	0%
Interest Coverage	2.42x	2.81x	3.17x	3.04x	6.87x	6.92x	4.53x	4.59x	4.27x	-
Book Value / Share	12.42	13.53	14.19	15.22	17.33	19.15	19.91	20.74	20.82	21.52
Revenue Growth	4.86%	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

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

FY 2026

Feb 11, 2026·SEC

FY 2025

Feb 14, 2025·SEC

FY 2024

Feb 14, 2024·SEC

10-Q Quarterly Reports

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 2.82%. 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.

What if you invested $1,000 in FR back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

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Quarter

Date

EPS (Act vs Est)

Revenue (Act vs Est)

Q2 2026Latest

Apr 22, 2026

$0.68vs $0.33+103.8%

$195Mvs $182M+6.8%

Q1 2026

Feb 4, 2026

$0.77vs $0.42+83.3%

$188Mvs $186M+1.2%

Q4 2025

Oct 15, 2025

$0.76vs $0.74+2.7%

$181Mvs $186M-2.6%

Q3 2025

Jul 16, 2025

$0.76vs $0.72+5.6%

$180Mvs $177M+1.9%

Metric

Dec'17

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

TTM

Revenue

396.4M

403.68M

425.5M

447.79M

476.29M

539.93M

614.03M

669.64M

727.08M

744.49M

Revenue Growth %

4.86%

1.84%

5.41%

5.24%

6.37%

13.36%

13.72%

9.06%

8.58%

8.54%

Property Operating Expenses

113.49M

116.85M

116.58M

119.19M

131.3M

143.66M

165.66M

182.82M

562.74M

394.36M

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 Expenses

28.08M

27.75M

77.87M

130.21M

165.56M

182.3M

203.74M

214.4M

-143.37M

65.22M

G&A Expenses

28.08M

27.75M

28.57M

32.85M

34.61M

33.97M

37.12M

40.94M

41.95M

49.02M

EBITDA

378.16M

380.68M

358.17M

336.14M

318.48M

366.29M

409.15M

448.71M

493.02M

476.72M

EBITDA Margin %

95.4%

94.3%

84.17%

75.07%

66.87%

67.84%

66.63%

67.01%

67.81%

64.03%

Depreciation & Amortization

123.33M

121.6M

127.11M

137.76M

139.06M

152.32M

164.51M

176.29M

185.32M

191.69M

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 Expense

57.2M

50.77M

50.27M

54.72M

47.53M

49.01M

74.33M

82.97M

89.92M

Interest Coverage

2.42x

2.81x

3.17x

3.04x

6.87x

6.92x

4.53x

4.59x

4.27x

Non-Operating Income

116.36M

116.46M

71.93M

32.27M

-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 Tax

1.19M

-92K

3.41M

2.41M

4.88M

23.36M

8.69M

6.08M

15.28M

13.39M

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 Share

2.73

2.29

2.89

2.65

3.16

3.87

3.32

3.50

3.27

4.03

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)

1.70

1.31

1.89

1.53

2.09

2.72

2.08

2.17

1.87

Diluted Shares Outstanding

118.79M

124.19M

126.69M

127.9M

129.78M

132.1M

132.34M

132.42M

132.5M

Metric

Dec'17

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

TTM

Total Assets

2.94B

3.14B

3.52B

3.79B

4.18B

4.95B

5.18B

5.26B

5.69B

5.77B

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 Assets

4.78M

101.19M

182.83M

1.05M

4.58M

163.07M

155.96M

161.62M

5.35B

PP&E (Net)

2.71B

2.86B

3.05B

3.28B

3.8B

4.45B

4.73B

4.78B

19.59M

19.34M

Investment Securities

1000K

Total Current Assets

199.97M

126.64M

238.95M

439.54M

314.08M

312.2M

224.67M

248.77M

276.91M

233.87M

Cash & Equivalents

21.15M

43.1M

21.12M

162.09M

58.59M

133.24M

43.84M

44.51M

78.03M

37.15M

Receivables

1000K

Other Current Assets

103.7M

7.27M

131.6M

187.16M

151.66M

48.91M

25.8M

34.06M

5.93M

Intangible Assets

30.48M

29.68M

28.53M

25.21M

21.32M

24.09M

21.52M

19.31M

32.08M

Total Liabilities

1.47B

1.46B

1.72B

1.84B

1.93B

2.42B

2.54B

2.52B

2.93B

2.92B

Total Debt

1.3B

1.51B

1.63B

1.64B

2.09B

2.25B

2.23B

2.57B

Net Debt

1.28B

1.25B

1.49B

1.47B

1.58B

1.96B

2.2B

2.18B

2.49B

-37.15M

Long-Term Debt

1.3B

1.49B

1.61B

2.07B

2.22B

1.93B

2.55B

Short-Term Borrowings

439K

2.67M

253K

776K

282M

364K

Capital Lease Obligations

22.37M

22.83M

22.59M

22.27M

21.99M

17.61M

19.45M

336.23M

Total Current Liabilities

113.55M

107.51M

142.01M

140.43M

190.27M

220.14M

175.78M

570.49M

241.9M

Accounts Payable

86.53M

78.67M

111.45M

106.29M

150.43M

178.63M

130.8M

132.74M

178.88M

Deferred Revenue

104.56M

114.77M

Other Liabilities

54.64M

57.49M

69.43M

73.16M

107.84M

115.32M

118.58M

114.77M

2.92B

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 Equity

1.43B

1.65B

1.76B

1.9B

2.19B

2.46B

2.56B

2.67B

2.76B

Minority Interest

48.08M

34.4M

33.86M

44.59M

53.56M

71.1M

72.13M

80.42M

87.54M

93.5M

Common Stock

1.2M

1.26M

1.27M

1.29M

1.32M

1.33M

Additional Paid-in Capital

1.97B

2.13B

2.14B

2.22B

2.38B

2.4B

2.41B

2.43B

2.44B

Retained Earnings

23.13M

127.71M

219.09M

230.67M

306.73M

Preferred Stock

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 / Assets

44.1%

41.3%

42.89%

43.02%

39.13%

42.16%

43.42%

42.33%

45.23%

Debt / Equity

0.88x

0.77x

0.84x

0.73x

0.83x

0.85x

0.81x

0.93x

0.00x

Net Debt / EBITDA

3.37x

3.30x

4.15x

4.37x

4.95x

5.34x

5.38x

4.86x

5.06x

-0.08x

Book Value per Share

12.42

13.53

14.19

15.22

17.33

19.15

19.91

20.74

20.82

21.52

Metric

Dec'17

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

TTM

Cash from Operations

191.43M

210.5M

245.62M

241.08M

267.03M

410.9M

302.31M

350.42M

461.34M

482.94M

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%

64.87%

Net Income

201.46M

163.24M

238.78M

85.51M

271M

359.13M

274.58M

287.34M

264.08M

342.37M

Depreciation & Amortization

126.49M

125.01M

97.14M

141.19M

107.88M

119.48M

162.95M

171.94M

195.08M

144.91M

Stock-Based Compensation

29.25M

26.98M

12.93M

57.77M

Other Non-Cash Items

388K

3.01M

-136.03M

-390K

-94.27M

-94.12M

-128.45M

-119.55M

-15.57M

-86.52M

Working Capital Changes

-11.27M

-3.26M

10.66M

1.84M

13.61M

26.41M

-6.78M

10.68M

17.75M

20.59M

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)

-25.19M

-210K

-42.74M

-1.55M

-5.62M

-12.35M

-5.73M

-4.37M

Purchase of Investments

-188.47M

-25.19M

-210K

-42.74M

-1.55M

-5.62M

-5.73M

-1.88M

Sale of Investments

228.1M

184.78M

254.42M

203.86M

234.73M

175.41M

158.92M

13.87M

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

-85.05M

16.78M

62.11M

57.6M

8.91M

304.5M

-25.27M

-210.96M

89.19M

-78.65M

Dividends Paid

-100.52M

-109.65M

-117.21M

-127.34M

-139.71M

-155.33M

-169.37M

-193.48M

-231.22M

Common Dividends

-100.52M

-109.65M

-117.21M

-127.34M

-139.71M

-155.33M

-169.37M

-193.48M

-231.22M

Debt Issuance (Net)

-1000K

1000K

-1000K

1000K

Share Repurchases

-2.4M

-6.02M

-4.38M

-1.61M

Other Financing

-9.27M

142.61M

-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 Effect

-21.24M

Cash at Beginning

9.86M

46.48M

50.37M

152.72M

199.66M

58.78M

145.12M

43.84M

51.68M

78.03M

Cash at End

21.15M

50.37M

152.72M

199.66M

58.78M

145.12M

43.84M

51.68M

78.03M

37.15M

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%

Metric

2017

2018

2019

2020

2021

2022

2023

2024

2025

TTM

FFO per Share

2.73

2.29

2.89

2.65

3.16

3.87

3.32

3.5

3.27

4.03

FFO Payout Ratio

30.95%

38.49%

32.04%

37.52%

34.07%

30.37%

38.55%

41.73%

53.43%

43.29%

NOI Margin

71.37%

71.05%

72.6%

73.38%

72.43%

73.39%

73.02%

72.7%

22.6%

47.03%

Net Debt / EBITDA

3.37x

3.30x

4.15x

4.37x

4.95x

5.34x

5.38x

4.86x

5.06x

-0.08x

Debt / Assets

44.1%

41.3%

42.89%

43.02%

39.13%

42.16%

43.42%

42.33%

45.23%

Interest Coverage

2.42x

2.81x

3.17x

3.04x

6.87x

6.92x

4.53x

4.59x

4.27x

Book Value / Share

12.42

13.53

14.19

15.22

17.33

19.15

19.91

20.74

20.82

21.52

Revenue Growth

4.86%

1.84%

5.41%

5.24%

6.37%

13.36%

13.72%

9.06%

8.58%

8.54%

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

FR Key Insights

✓Strengths

✗Weaknesses

FR Price & Volume

FR Growth Metrics

Revenue CAGR

Profit CAGR

EPS CAGR

Return on Capital

FR Recent Earnings

FR Peer Comparison

Compare FR vs Peers

vs PLD

vs AMZN

Compare Top 5

FR Income Statement

FR Balance Sheet

FR Cash Flow Statement

FR Key Ratios

FR SEC Filings & Documents

8-K Announcements

10-K Annual Reports

10-Q Quarterly Reports

FR Frequently Asked Questions

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

FR Key Insights

✓Strengths

✗Weaknesses

FR Price & Volume

FR Growth Metrics

Revenue CAGR

Profit CAGR

EPS CAGR

Return on Capital

FR Recent Earnings

FR Peer Comparison

Compare FR vs Peers

vs PLD

vs AMZN

Compare Top 5

FR Income Statement

FR Balance Sheet

FR Cash Flow Statement

FR Key Ratios

FR SEC Filings & Documents

8-K Announcements

10-K Annual Reports

10-Q Quarterly Reports

FR Frequently Asked Questions