Cash conversion remains inconsistent, as evidenced by FFO/NI ratios fluctuating between 0.62 and 2.29, highlighting the impact of non-cash adjustments and heavy capital expenditure requirements on true liquidity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 482.94M | 461.34M | 350.42M | 302.31M | 410.9M | 267.03M | 241.08M | 245.62M | 210.5M | 191.43M | 173.34M | 162.15M | 137.18M | 125.75M | 136.42M | 87.53M | 83.19M | 142.18M | 71.19M | 92.74M | 59.55M | 49.35M | 77.66M | 99.56M | 131.6M | 147.09M | 160.24M | 176.9M | 149.1M | 102.64M | 62.62M |
| Operating CF Growth % | 114.73% | 31.65% | 15.92% | -26.43% | 53.88% | 10.76% | -1.85% | 16.68% | 9.97% | 10.44% | 6.9% | 18.21% | 9.09% | -7.82% | 55.85% | 5.22% | -41.49% | 99.73% | -23.24% | 55.73% | 20.67% | -36.45% | -22% | -24.34% | -10.53% | -8.21% | -9.42% | 18.65% | 45.27% | 63.9% | 62.65% |
| Operating CF / Revenue % | 64.87% | 63.45% | 52.33% | 49.23% | 76.1% | 56.06% | 53.84% | 57.72% | 52.15% | 48.29% | 45.85% | 44.33% | 39.55% | 39.47% | 44.57% | 27.54% | 28.83% | 34.51% | 13.53% | 21.32% | 15.04% | 15.16% | 24.29% | 29.16% | 37.97% | 38.26% | 41.51% | 47.28% | 42.64% | 45.98% | 44.71% |
| Net Income | 342.37M | 264.08M | 287.34M | 274.58M | 359.13M | 271M | 85.51M | 238.78M | 163.24M | 201.46M | 121.23M | 45.21M | 49.11M | 22.43M | -2.52M | -9.19M | -221.62M | 4.19M | 41.18M | 155.05M | 112.08M | 87.1M | 110.61M | 19.1M | 49.4M | 68.33M | 117.86M | 124.75M | 75.72M | 66.07M | 37.94M |
| Depreciation & Amortization | 144.91M | 195.08M | 171.94M | 162.95M | 119.48M | 107.88M | 141.19M | 97.14M | 125.01M | 126.49M | 123.92M | 121.31M | 93.46M | 121.26M | 135.17M | 132.32M | 145.2M | 164.89M | 185.38M | 176.14M | 162.31M | 133.07M | 105.3M | 91.75M | 82.82M | 81.41M | 70.54M | 68.48M | 65.64M | 39.64M | 28.05M |
| Stock-Based Compensation | 57.77M | 0 | 0 | 0 | 0 | 0 | 12.93M | 0 | 26.98M | 29.25M | 28.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -86.52M | -15.57M | -119.55M | -128.45M | -94.12M | -94.27M | -390K | -136.03M | 3.01M | 388K | 2.67M | -32.68M | -32.66M | -27.19M | -7.29M | -19.36M | 177.66M | -42.56M | -139.71M | -235.71M | -190.05M | -161.1M | -60.26M | 28.46M | 24.63M | 36.93M | -11.54M | -10.27M | -23.11M | -15.1M | -776K |
| Working Capital Changes | 20.59M | 17.75M | 10.68M | -6.78M | 26.41M | 13.61M | 1.84M | 10.66M | -3.26M | -11.27M | -11.29M | -3.19M | -4.84M | -13.39M | 11.06M | -16.23M | -18.05M | 15.67M | -15.66M | -2.75M | -24.79M | -9.72M | -77.99M | -39.74M | -25.25M | -39.58M | -16.63M | -6.06M | 30.84M | 12.03M | -2.59M |
| Cash from Investing | -383.31M | -524.18M | -131.62M | -378.31M | -629.11M | -416.82M | -251.74M | -205.39M | -223.4M | -96.23M | -110.99M | -197.07M | -69.07M | -61.31M | -42.23M | -3.78M | -9.92M | 4.78M | 6.27M | 126.91M | 129.15M | -371.65M | 9.99M | 32.63M | 34.59M | -38.76M | -87.3M | -10.04M | -535.55M | -805.5M | -240.57M |
| Acquisitions (Net) | 0 | -4.37M | -5.73M | -12.35M | -5.62M | -1.55M | -42.74M | -210K | -25.19M | 0 | 0 | -200K | -31K | -38K | -190K | 0 | 0 | 0 | 1.1B | -4.83M | -13.04M | 537.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -1.88M | 0 | -5.73M | 0 | -5.62M | -1.55M | -42.74M | -210K | -25.19M | -188.47M | -107.48M | -11.55M | -31K | -38K | -190K | -155K | -777K | -75.95M | -600.74M | -36.6M | -32.77M | -45.17M | -5.42M | -59.34M | -16.56M | -6.03M | -22.31M | 0 | -8.32M | 0 | -257.2M |
| Sale of Investments | 13.87M | 0 | 158.92M | 0 | 175.41M | 234.73M | 203.86M | 254.42M | 184.78M | 228.1M | 163.44M | 154.02M | 98.47M | 126.25M | 82.5M | 75.95M | 68.05M | 74.98M | 68.72M | 823.01M | 927.16M | 6.84M | 426.21M | 328.98M | 368.41M | 357.4M | 409.11M | 227.34M | 99.9M | 38.44M | 272.17M |
| Other Investing | -395.3M | -519.81M | -279.09M | -365.96M | -270.92M | -415.27M | -208.99M | -205.18M | -2.57M | -324.33M | -274.43M | -21.28M | 49.1M | 819K | 14.09M | 10.95M | 12.54M | 5.74M | 18.04M | 22.8M | 61.64M | 50.14M | 74.6M | 75.35M | 20.14M | 9.87M | 19.98M | -3.95M | -2.11M | -16.07M | 1.61M |
| Cash from Financing | -78.65M | 89.19M | -210.96M | -25.27M | 304.5M | 8.91M | 57.6M | 62.11M | 16.78M | -85.05M | -56.47M | 29.43M | -66.17M | -61.75M | -99.41M | -99.5M | -230.38M | 32.72M | -79.75M | -230.02M | -180.8M | 325.62M | -83.55M | -131.37M | -166.19M | -116.06M | -67.82M | -186.07M | 395.06M | 708.45M | 176.68M |
| Dividends Paid | -231.22M | -231.22M | -193.48M | -169.37M | -155.33M | -139.71M | -127.34M | -117.21M | -109.65M | -100.52M | -82.7M | -55.81M | -46.62M | -37.76M | -23.26M | -15.25M | -19.68M | -32.91M | -164.78M | -172.68M | -163.11M | -145.83M | -13.26M | -146.09M | -149.31M | -160.41M | -138.26M | -141.37M | -122.41M | -79.96M | -52.38M |
| Common Dividends | -231.22M | -231.22M | -193.48M | -169.37M | -155.33M | -139.71M | -127.34M | -117.21M | -109.65M | -100.52M | -82.7M | -55.81M | -45.15M | -29.02M | 0 | 0 | 0 | -12.61M | -145.35M | -146.66M | -143.86M | -137.67M | -130.22M | -125.92M | -125.88M | -122.2M | -113.63M | -108.53M | -91.8M | -68.11M | -47.99M |
| Debt Issuance (Net) | 3M | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K |
| Share Repurchases | 0 | -1.61M | 0 | 0 | 0 | 0 | 0 | -4.38M | -6.02M | -2.4M | -5.24M | -2.1M | -4.67M | -152.97M | -52.69M | -1M | -298K | -739K | -4.85M | -119.44M | -184.82M | 0 | -325.19M | -2.86M | -31.53M | -69.69M | -11.7M | -200K | 0 | 0 | 0 |
| Other Financing | -19.94M | -22.39M | -143K | -11.58M | -12.52M | -11.69M | -5.64M | -5.42M | 142.61M | -9.27M | -375K | -5.16M | -2.42M | -4.65M | -2.86M | -489K | -450K | -16.17M | -400K | -4.05M | -16.36M | -5.08M | -3.78M | -120K | 96.18M | -12.03M | 8.45M | -1.17M | 272.89M | -457.19M | 198.38M |
| Net Change in Cash | -263K | 26.35M | 7.84M | -101.27M | 86.34M | -140.88M | 46.94M | 102.34M | 3.89M | 11.29M | 5.87M | -5.51M | 1.92M | 2.64M | -5.21M | -15.81M | -156.98M | 179.76M | -2.58M | -10.38M | 7.9M | 3.31M | 4.1M | -131.37M | 0 | -116.06M | 5.12M | -19.21M | 8.6M | 5.58M | -1.27M |
| Exchange Rate Effect | -21.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -14K | -18K | -51K | 5K | -61K | 137K | 81K | -280K | 0 | 0 | 0 | 0 | -132.19M | 0 | -108.33M | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 78.03M | 51.68M | 43.84M | 145.12M | 58.78M | 199.66M | 152.72M | 50.37M | 46.48M | 9.86M | 3.99M | 9.5M | 7.58M | 4.94M | 10.15M | 25.96M | 182.94M | 3.18M | 5.76M | 16.14M | 8.24M | 4.92M | 821K | 132.19M | 0 | 7.73M | 2.61M | 21.82M | 13.22M | 7.65M | 8.92M |
| Cash at End | 37.15M | 78.03M | 51.68M | 43.84M | 145.12M | 58.78M | 199.66M | 152.72M | 50.37M | 21.15M | 9.86M | 3.99M | 9.5M | 7.58M | 4.94M | 10.15M | 25.96M | 182.94M | 3.18M | 5.76M | 16.14M | 8.24M | 4.92M | 821K | 0 | -108.33M | 7.73M | 2.61M | 21.82M | 13.22M | 7.65M |
| Free Cash Flow | 482.96M | 114.89M | 134.85M | -59.62M | -111.47M | 33.85M | 79.96M | -8.59M | -144.73M | 45.42M | -6.66M | -155.93M | -79.4M | -62.55M | -2.03M | -2.99M | -6.55M | 142.18M | -512.23M | -584.73M | -754.29M | -871.36M | -407.74M | -212.8M | -205.8M | -252.92M | -333.84M | -56.54M | -475.93M | -725.24M | -194.53M |
| FCF Growth % | 43.98% | -14.81% | 326.18% | 46.51% | -429.27% | -57.66% | 1031.3% | 94.07% | -418.61% | 782.16% | 95.73% | -96.38% | -26.93% | -2984.57% | 32.17% | 54.33% | -104.6% | 127.76% | 12.4% | 22.48% | 13.44% | -113.71% | -91.61% | -3.4% | 18.63% | 24.24% | -490.49% | 88.12% | 34.38% | -272.8% | -293.8% |
| FCF / Revenue % | 64.87% | 15.8% | 20.14% | -9.71% | -20.65% | 7.11% | 17.86% | -2.02% | -35.85% | 11.46% | -1.76% | -42.62% | -22.89% | -19.63% | -0.66% | -0.94% | -2.27% | 34.51% | -97.33% | -134.44% | -190.46% | -267.67% | -127.52% | -62.33% | -59.38% | -65.78% | -86.47% | -15.11% | -136.1% | -324.92% | -138.9% |
Development pipeline execution risk
As reported in financial statements, the relationship between FFO and GAAP operating cash flow remains inconsistent, with FFO/NI ratios fluctuating between 0.62 and 2.29 over the last ten quarters, suggesting that non-cash adjustments and development-related accounting treatments significantly distort the REIT's reported earnings quality.
The wide variance in FFO relative to net income indicates that investors should be cautious when relying on headline FFO as a proxy for immediate cash generation. This volatility appears to stem from the company's active development pipeline, which likely introduces non-cash items that decouple accounting earnings from the actual cash collected from property operations.
Based on the limited AFFO data provided in recent filings, the dividend payout ratio has shown significant volatility, ranging from 0.33 to 1.00, which implies that while the dividend is generally covered, the margin of safety is subject to periodic compression from recurring capital requirements.
The fluctuation in dividend coverage suggests that the company's ability to fund distributions is sensitive to the timing of leasing activity and associated tenant improvement costs. Investors should monitor whether the payout ratio stabilizes as the development pipeline matures and shifts from capital-intensive construction to income-generating operations.
According to historical data, the company incurred substantial capital expenditures, including a peak of $168.0M in 2023Q4, which highlights the significant cash requirements necessary to maintain and modernize the portfolio, often creating a drag on free cash flow during periods of aggressive development activity.
The periodic spikes in capital spending suggest that the REIT's cash flow is heavily influenced by its commitment to ground-up development and property upgrades. This capital-intensive strategy may limit short-term free cash flow availability, necessitating a disciplined approach to balancing growth investments with the maintenance of a stable dividend.
As evidenced by the discrepancy between Net Income and FFO, depreciation and amortization charges appear to be a primary driver of the gap between GAAP earnings and cash-based performance, with FFO consistently providing a more optimistic view of the company's operational profitability than net income.
The reliance on FFO to interpret performance is necessary given the heavy depreciation inherent in the industrial real estate model. However, the inconsistency in this relationship suggests that the company's earnings are sensitive to the accounting treatment of its asset base, which warrants further investigation into the sustainability of these non-cash add-backs.
Quick answers to the most common questions about buying FR stock.
First Industrial Realty Trust, Inc. (FR) generated $461.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
First Industrial Realty Trust, Inc. (FR) generated $114.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
First Industrial Realty Trust, Inc. (FR) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, First Industrial Realty Trust, Inc. (FR) returned $231.2M to shareholders via cash dividends and spent $1.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.