Analysts have nudged their price target on First Industrial Realty Trust from US$60.00 to about US$61.13, reflecting updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E levels.
What's in the News
- Land and Buildings Investment Management LLC is pressuring First Industrial Realty Trust to divest assets and return capital to shareholders, and is urging a review of alternatives, including a potential sale, if these steps do not close the gap between the share price and net asset value (Key Developments).
- Land & Buildings Investment Management, LLC released a presentation highlighting what it describes as the underappreciated quality of First Industrial Realty Trust’s warehouse portfolio and the discount it sees relative to private market value and public peers, and is calling for actions to close the discount to net asset value, including evaluating alternatives if needed (Key Developments).
- First Industrial Realty Trust, Inc. revised its 2025 earnings guidance for Net Income Available to Common Stockholders and Unitholders to a range of US$1.67 to US$1.71 per unit (Key Developments).
Valuation Changes
- Fair Value: The updated fair value estimate has moved from US$60.00 to about US$61.13 per share, reflecting a modest recalibration of assumptions.
- Discount Rate: The discount rate used in the model has been adjusted from 8.86% to about 8.88%, representing a very small change in the required return assumption.
- Revenue Growth: The long-term revenue growth input is now about 6.87%, compared with 6.87% previously, indicating only a marginal tweak to the growth outlook used in the model.
- Net Profit Margin: The modelled net profit margin remains at about 32.13%, suggesting a near like-for-like view on profitability.
- Future P/E: The assumed future P/E multiple has been updated from about 36.49x to about 37.20x, indicating a slightly higher valuation multiple in the refreshed assumptions.
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