First Industrial Realty Trust combines best-in-class margins, a Piotroski score of 8 out of 9, and four consecutive large earnings beats, but with the stock having reached the analyst consensus target and a leadership transition underway, the setup favors patience over adding to positions.
Thesis pillars
- Best In Class Margin Quality→Stable
- Sustained Earnings Outperformance↓Deteriorating
- Stock At Analyst Target→Stable
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 11, 2026· older than 90 days
First Industrial Realty Trust, (FR) Stock Analysis
Real Estate · REIT - Industrial
Sell if holding. At $55.51, A.R:R 1.2:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Thin upside margin: 6.2%; Concentration risk — Property Type: industrial.
First Industrial Realty Trust is a self-administered REIT owning, managing, and developing industrial properties across 19 states, with 414 in-service properties totaling approximately 69.9 million square feet of GLA as of December 31, 2025. Revenue comes from leasing under... Read more
Sell if holding. At $55.51, A.R:R 1.2:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Thin upside margin: 6.2%; Concentration risk — Property Type: industrial. Chart setup: No clear chart pattern; technical signals are mixed. Score 5.4/10, moderate confidence.
Passes 5/8 gates (clean insider activity, news events none recent, earnings proximity 97d clear, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and favorable risk/reward ratio. Suitability: moderate.
About First Industrial Realty Trust,
About First Industrial Realty Trust,
First Industrial Realty Trust's in-service portfolio at December 31, 2025 comprised 414 industrial properties totaling approximately 69.9 million square feet of GLA across 19 states and 15 key logistics markets. California (Northern California and Southern California markets combined) contributed 26.3% of 2025 consolidated NOI and Pennsylvania contributed 11.4%, together representing more than a third of the NOI base. The company employs 152 people and had approximately $726.9 million available under its $850.0 million unsecured revolving credit facility as of February 11, 2026.
First Industrial generates revenue primarily from leases, the majority under net lease terms that pass property operating expenses through to tenants in distribution, logistics, and light-manufacturing facilities. The company targets 15 key logistics markets selected for favorable industrial demand, constrained future supply, and barriers to entry from scarce developable land — factors the 10-K cites as key to long-term rent growth. The leasing strategy pursues renewal at higher rents while minimizing re-leasing costs. The $850.0 million unsecured revolving credit facility supports acquisitions and developments. Competitors include other publicly-traded industrial REITs and private investors. Coastal-market exposure — specifically Southern California, Northern California, Houston, Seattle, and South Florida — subjects properties to catastrophic weather risk from storms, earthquakes, and wildfires that the 10-K identifies as a distinct risk factor for port-adjacent holdings.
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California and Pennsylvania together accounted for 37.7% of 2025 consolidated NOI. The 10-K explicitly flags state income and property tax law changes in California as a potential adverse factor, noting that unfavorable changes in the real estate market dynamics, including changes to state income tax and property tax laws, could adversely affect the company. Many California properties are situated near ports where trade-policy disruptions — including tariffs and retaliatory actions already in effect at the filing date — could reduce tenant demand for storage of imported goods, generating higher vacancies and downward pressure on rental rates.
See also: Real Estate · REIT - Industrial
From First Industrial Realty Trust, 's most recent 10-K filing, extracted June 10, 2026.
Recent developments
updated Nov 3, 2026Recent Developments — First Industrial Realty Trust,
Latest news
- NEWS First Industrial Realty Trust, Inc. Declares Quarterly Dividend — fiscal.ai Nov 3, 2026 positive
- NEWS First Industrial Realty Trust (FR) Reports Q3 Revenues Above Exp - GuruFocus — GuruFocus Oct 21, 2026 positive
- NEWS First Industrial Realty Trust (NYSE:FR) Posts Quarterly Earnings Results, Beats Estimates By $0.34 EPS - MarketBeat — MarketBeat Oct 21, 2026 positive
- NEWS Earnings Flash (FR) First Industrial Realty Trust Posts Q3 FFO Per Share $0.81, vs. FactSet Est of $0.82 - www.marketscr — www.marketscreener.com Oct 21, 2026 negative
- NEWS First Industrial Realty Trust (FR) Q3 FFO Miss Estimates - Yahoo Finance — Yahoo Finance Oct 21, 2026 negative
Latest item Nov 3, 2026 · Generated 2026-11-05T11:54:12Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHPropertyindustrial10-K Item 1A: 'Our investments in real estate assets are concentrated in the industrial sector'
- MEDIUMGeographicCalifornia26%10-K Item 1A: 'operating properties located in California (Northern California and Southern California markets) ... represented 26.3% ... of our consolidated net operating income'
- LOWGeographicPennsylvania11%10-K Item 1A: 'and Pennsylvania, our two largest regions ... represented 26.3% and 11.4%, respectively, of our consolidated net operating income'
Material Events(8-K, last 90d)
- 2026-03-27Item 5.02LOWBoard ratified 2026 Employee Bonus Plan criteria on March 25, 2026, covering CEO and senior executives. Awards based on FFO per share, same-store NOI growth, and discretionary objectives. Routine compensatory arrangement; no officer departure.SEC filing →
- 2026-03-17Item 5.02LOWBoard elected Frank E. Schmitz as director effective June 1, 2026, expanding board from 6 to 7 members. Schmitz to serve until 2027 annual meeting at standard non-employee director compensation. No reason for expansion cited beyond board size increase.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
1 floor-breaker
Growth below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. At $55.51, A.R:R 1.2:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Thin upside margin: 6.2%; Concentration risk — Property Type: industrial. Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $53.05. Score 5.4/10, moderate confidence.
Analyst target: $58.95 (+6.2% upside). Prior stop was $53.05. Stop-loss: $53.05.
Concentration risk — Property Type: industrial; Thin upside margin: 6.2%; Sector modifier (Real Estate): -1.2.
First Industrial Realty Trust, trades at a P/E of 20.6 (forward 30.8). TrendMatrix value score: 5.0/10. Verdict: Sell.
26 analysts rate FR, with a consensus score of 3.8/5. 16 analysts publish price targets averaging $66.
What does First Industrial Realty Trust, do?First Industrial Realty Trust is a self-administered REIT owning, managing, and developing industrial properties across...
First Industrial Realty Trust is a self-administered REIT owning, managing, and developing industrial properties across 19 states, with 414 in-service properties totaling approximately 69.9 million square feet of GLA as of December 31, 2025. Revenue comes from leasing under primarily net lease arrangements; California and Pennsylvania are the two largest NOI regions at 26.3% and 11.4% of 2025 consolidated NOI.