First Industrial Realty Trust (FR) Q3 2026 earnings — TrendMatrix coverage
Reported
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Full disclosure · Editorial policy
Key numbers
- Adjusted EPS
- $0.44
- Estimate
- $0.43
- Surprise
- +1.8%
- Score at report (before → after)
- 6.0 → 6.1/10
Revenue for this quarter isn’t shown: the reported figure hasn’t cleared TrendMatrix’s freshness and sanity checks yet, and consensus revenue isn’t tracked. EPS above is the available figure.
How the report landed
First Industrial Realty Trust (FR) beat the $0.43 estimate with adjusted EPS of $0.44 — a modest 1.8% upside surprise. TrendMatrix's engine moved from Buy (Wait) (6.0/10) to Sell at 6.1/10 after the report.
Coverage in the report window
- First Industrial Realty Q3 FFO $0.81 Misses $0.82 Estimate, Sales $197.115M Beat $195.848M Estimate — benzinga, 2026-10-21
Where TrendMatrix's rating stands now
TrendMatrix currently rates FR Sell at 6.1/10.
4 of the last 4 quarters beat the estimate; this quarter's +1.8% surprise compares with a +75.3% four-quarter average.
What supports the rating
- V7 quality resilience bonus: +0.2 (Q=7.0 in RISK_OFF)
- Strong earnings beat streak (4/4)
What argues against it
- Concentration risk — Property Type: industrial
- Thin upside margin: 8.2%
- Sector modifier (Real Estate): -1.2
This section and the ones below it reflect TrendMatrix’s latest engine read — they update after the report date and are not frozen to it.
The levels TrendMatrix's engine tracks
- Current price
- $59.40
- Price target
- $64.29
- Stop
- $56.80
- Upside to target
- +8.2%
- Reward-to-risk
- 1.6:1
Forward estimates sit below the trailing run-rate (32.6× forward vs 21.5× trailing) — consensus expects earnings to decline from here.
Model outputs from TrendMatrix’s engine as of 2026-10-22 — shown for context, not personalized investment advice.
FR at TrendMatrix's latest read
REIT quarters hinge on occupancy, rate exposure, and FFO rather than headline EPS, which mechanically distorts under depreciation.
- Industry
- REIT - Industrial
- Market cap
- $8.14B
- P/E (fwd)
- 32.6
- P/E (ttm)
- 21.5
- 52-week range
- $54.23–$69.88
- Off 52-week high
- 15.0%
- RSI (14)
- 54
- Volume vs avg
- 1.04×
- Score today
- 6.1/10