HIGHBuilt-inProperty_type
industrial
“10-K Item 1A: 'Our investments in real estate assets are concentrated in the industrial sector'”
FR · Concentration risk · 10-K extracted
First Industrial Realty Trust, (FR) concentration risks
Updated
The most significant concentration First Industrial Realty Trust, discloses is industrial, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: First Industrial Realty Trust,’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM1
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inGeographic
26.3%
California
“10-K Item 1A: 'operating properties located in California (Northern California and Southern California markets) ... represented 26.3% ... of our consolidated net operating income'”
LOWBuilt-inGeographic
11.4%
Pennsylvania
“10-K Item 1A: 'and Pennsylvania, our two largest regions ... represented 26.3% and 11.4%, respectively, of our consolidated net operating income'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile reflects two structural features of an industrial-focused REIT: a property-type specialization and a sub-geographic skew within the U.S. industrial corridor. The most prominent exposure is the high-share property-type concentration in the industrial sector — the portfolio consists entirely of industrial real estate assets, which is a defining feature of the strategy rather than an incidental result. This structural concentration means the investment performance is fully correlated with industrial property fundamentals: demand for logistics, last-mile distribution, and manufacturing space; industrial vacancy rates; rent growth in warehouse and distribution markets; and any policy or trade-flow changes that affect supply chain configuration. There is no diversification across other property types to buffer a sector-level downturn. Within the industrial portfolio, California — spanning both Northern and Southern California markets — represented 26.3% of consolidated net operating income, a medium share by disclosed size and structural in character. California industrial markets are among the highest-demand and highest-rent markets nationally, which is why the concentration exists, but they also carry state-specific regulatory, entitlement, and cost pressures. Pennsylvania represented 11.4% of consolidated net operating income, a small share by disclosed size and structural. Together, California and Pennsylvania are the two largest regional exposures, and California's medium-share weighting means any sustained softening in West Coast industrial demand — driven by port activity, e-commerce logistics changes, or onshoring shifts — would register visibly in the operating income profile.
For the engine’s reasoning on FR’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Industrial
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| COLD | Americold Realty Trust, Inc. | 2 | 0 | 0 | 2 |
| FR● | First Industrial Realty Trust, | 1 | 1 | 1 | 3 |
| LINE | Lineage, Inc. | 1 | 1 | 1 | 3 |
| EGP | EastGroup Properties, Inc. | 0 | 1 | 2 | 3 |
| CUBE | CubeSmart | 0 | 0 | 4 | 4 |
| EXR | Extra Space Storage Inc | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.