How does FR's PE Ratio compare to its peers?

FR is good value based on its Price-To-Earnings Ratio (23x) compared to the peer average (36.2x).

How does FR's PE Ratio compare vs other companies in the Global Industrial REITs Industry?

FR is expensive based on its Price-To-Earnings Ratio (23x) compared to the Global Industrial REITs industry average (19.2x).

What is FR's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FR is good value based on its Price-To-Earnings Ratio (23x) compared to the estimated Fair Price-To-Earnings Ratio (30x).

What is the Fair Price of FR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

FR ($53.55) is trading below our estimate of [[fair value]] ($89.76)

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Target price is less than 20% higher than the current share price.

FR Stock Overview

First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. More details

FR fundamental analysis
Snowflake Score
Valuation	4/6
Future Growth	0/6
Past Performance	4/6
Financial Health	3/6
Dividends	5/6

Rewards

Trading at 40.3% below our estimate of its fair value

Earnings grew by 15.2% over the past year

Pays a reliable dividend of 2.76%

Risk Analysis

Debt is not well covered by operating cash flow

Earnings are forecast to decline by an average of 4.4% per year for the next 3 years

Large one-off items impacting financial results

Community Narratives

Create a narrative

Narratives bring a range of perspectives from our community.

Analyst Price Target

Consensus Narrative from 17 Analysts

Geopolitical Uncertainties May Impact Industrial Real Estate Earnings Despite Strong Lease Renewals

Key Takeaways Geopolitical uncertainties and legislative changes could stagnate revenue and impact growth, affecting investor sentiment. Lease expirations and tenant defaults may lead to increased vacancy and cost, impacting earnings stability and margins.

View narrative

US$57.06

6.1% undervalued

8.01%

Revenue growth p.a.

1 day ago

My Notes

Capture your thoughts, links and company narrative

First Industrial Realty Trust, Inc. Competitors

STAG Industrial

NYSE:STAG

US$6.2b

Terreno Realty

NYSE:TRNO

US$6.5b

EastGroup Properties

NYSE:EGP

US$8.3b

Rexford Industrial Realty

NYSE:REXR

US$9.3b

Price History & Performance

Summary of share price highs, lows and changes for First Industrial Realty Trust
Historical stock prices
Current Share Price	US$53.55
52 Week High	US$57.35
52 Week Low	US$45.10
Beta	1.1
1 Month Change	6.82%
3 Month Change	1.57%
1 Year Change	1.11%
3 Year Change	-12.24%
5 Year Change	22.85%
Change since IPO	126.67%

First Industrial Realty: A Top Industrial Pick With Solid Upside Potential

Dec 09

First Industrial: Still Attractive Despite Policy Risk

Nov 14

Recent updates

First Industrial: Recent Volatility Makes Them More Attractive Compared To Peers

Jul 09

First Industrial Looks Buyable As Market Conditions Improve

Jun 20

First Industrial: Shares Attractive Despite Softer Q1 Results

Apr 18

First Industrial Is Positioned For A Strong 2024

Jan 05

First Industrial: Embedded Growth At A Discount

Oct 25

First Industrial: Buy The Dip On This Fast-Growing REIT

Oct 07

First Industrial: Is It A Buy Following Another Quarter Of Record Rental Growth?

Jul 21

First Industrial Realty: The Speculative Exposure Still Warrants A Higher Risk Premium

Feb 15

First Industrial Realty Trust FFO of $0.59 beats by $0.03, revenue of $144.62M beats by $4.87M

Feb 08

First Industrial: Not The Best Time For Speculative Development

Dec 07

First Industrial Realty Trust Q3 2022 Earnings Preview

Oct 19

First Industrial Realty Trust: The Picture Keeps Getting Better

Aug 21

First Industrial Realty Trust declares $0.295 dividend

Aug 05

First Industrial Realty Trust FFO of $0.56 beats by $0.02, revenue of $130.05M beats by $2.5M

Jul 20

First Industrial's Growth Outpaces Its Valuation

Jun 13

Shareholder Returns

	FR	US Industrial REITs	US Market
7D	1.0%	2.4%	-0.8%
1Y	1.1%	-7.5%	25.2%

Return vs Industry: FR exceeded the US Industrial REITs industry which returned -7.5% over the past year.

Return vs Market: FR underperformed the US Market which returned 25.2% over the past year.

Price Volatility

Is FR's price volatile compared to industry and market?
FR volatility
FR Average Weekly Movement	3.1%
Industrial REITs Industry Average Movement	3.7%
Market Average Movement	6.5%
10% most volatile stocks in US Market	18.7%
10% least volatile stocks in US Market	3.3%

Stable Share Price: FR has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: FR's weekly volatility (3%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1993	156	Peter Baccile	www.firstindustrial.com

First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. Our portfolio and new investments are concentrated in 15 target MSAs with an emphasis on supply-constrained, coastally oriented markets.

First Industrial Realty Trust, Inc. Fundamentals Summary

How do First Industrial Realty Trust's earnings and revenue compare to its market cap?
FR fundamental statistics
Market cap	US$7.18b
Earnings (TTM)	US$308.11m
Revenue (TTM)	US$655.53m

23.0x

P/E Ratio

10.8x

P/S Ratio

Is FR overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
FR income statement (TTM)
Revenue	US$655.53m
Cost of Revenue	US$178.09m
Gross Profit	US$477.44m
Other Expenses	US$169.33m
Earnings	US$308.11m

Last Reported Earnings

Sep 30, 2024

Next Earnings Date

Feb 05, 2025

Earnings per share (EPS)	2.33
Gross Margin	72.83%
Net Profit Margin	47.00%
Debt/Equity Ratio	80.3%

How did FR perform over the long term?

See historical performance and comparison

Dividends

2.8%

Current Dividend Yield

55%

Payout Ratio

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/01/30 22:27
End of Day Share Price	2025/01/30 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

First Industrial Realty Trust, Inc. is covered by 33 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Nicholas Thillman	Baird
Anthony Powell	Barclays
Brendan Lynch	Barclays

FR Stock Overview

Rewards

Risk Analysis

Geopolitical Uncertainties May Impact Industrial Real Estate Earnings Despite Strong Lease Renewals

First Industrial Realty Trust, Inc. Competitors

NYSE:STAG

US$6.2b

NYSE:TRNO

US$6.5b

NYSE:EGP

US$8.3b

NYSE:REXR

US$9.3b

Price History & Performance

Recent News & Updates

First Industrial Realty Trust, Inc. to Report Fiscal Year 2024 Results on Feb 05, 2025

Upcoming dividend of US$0.37 per share

First Industrial Realty: A Top Industrial Pick With Solid Upside Potential

First Industrial: Still Attractive Despite Policy Risk

Third quarter dividend of US$0.37 announced

First Industrial Realty Trust, Inc. Declares Common Stock Dividend for the Quarter Ending December 31, 2024, Payable on January 21, 2025

Recent updates

First Industrial Realty Trust, Inc. to Report Fiscal Year 2024 Results on Feb 05, 2025

Upcoming dividend of US$0.37 per share

First Industrial Realty: A Top Industrial Pick With Solid Upside Potential

First Industrial: Still Attractive Despite Policy Risk

Third quarter dividend of US$0.37 announced

First Industrial Realty Trust, Inc. Declares Common Stock Dividend for the Quarter Ending December 31, 2024, Payable on January 21, 2025

Third quarter 2024 earnings: EPS exceeds analyst expectations

An undisclosed buyer acquired 163,000 square feet, three buildings loacted in Central Pennsylvania from First Industrial Realty Trust, Inc. (NYSE:FR) for $19 million.

First Industrial Realty Trust, Inc. to Report Q3, 2024 Results on Oct 16, 2024

Upcoming dividend of US$0.37 per share

First Industrial Realty Trust: One Of My Top Industrial REIT Picks

Second quarter dividend of US$0.37 announced

First Industrial Realty Trust, Inc. Declares Common Stock Dividends for the Quarter Ending September 30, 2024, Payable on October 21, 2024

First Industrial Realty Trust Sets The Ground For The Upcoming Upside

Second quarter 2024 earnings: EPS exceeds analyst expectations

First Industrial Realty Trust, Inc. Provides Earnings Guidance for the Year 2024

First Industrial: Recent Volatility Makes Them More Attractive Compared To Peers

First Industrial Realty Trust, Inc. to Report Q2, 2024 Results on Jul 17, 2024

First Industrial Looks Buyable As Market Conditions Improve

First quarter dividend of US$0.37 announced

First Industrial Realty Trust, Inc. Declares Common Stock Dividend for the Quarter Ending June 30, 2024, Payable on July 15, 2024

Consensus EPS estimates increase by 14%, revenue downgraded

New minor risk - Profit margin trend

First quarter 2024 earnings: EPS exceeds analyst expectations

First Industrial: Shares Attractive Despite Softer Q1 Results

First Industrial Realty Trust, Inc. Provides Earnings Guidance for the Year 2024

First Industrial Realty Trust, Inc. to Report Q1, 2024 Results on Apr 17, 2024

Upcoming dividend of US$0.37 per share

First Industrial Realty Trust, Inc., Annual General Meeting, Apr 30, 2024

Fourth quarter dividend of US$0.37 announced

Full year 2023 earnings: EPS exceeds analyst expectations

First Industrial Realty Trust, Inc. to Report Q4, 2023 Results on Feb 07, 2024

First Industrial Is Positioned For A Strong 2024

Upcoming dividend of US$0.32 per share at 2.5% yield

First Industrial Realty Trust, Inc. Declares Dividend for the Quarter Ending December 31, 2023 Payable on January 16, 2024

Price target decreased by 7.5% to US$52.54

First Industrial: Embedded Growth At A Discount

Third quarter 2023 earnings: EPS and revenues exceed analyst expectations

First Industrial Realty Trust, Inc. Provides Earnings Guidance for the Year 2023

First Industrial: Buy The Dip On This Fast-Growing REIT

First Industrial Realty Trust, Inc. to Report Q3, 2023 Results on Oct 18, 2023

Upcoming dividend of US$0.32 per share at 2.6% yield

First Industrial Realty Trust, Inc. Declares Common Stock Dividend for the Quarter Ending September 30, 2023, Payable on October 16, 2023

New major risk - Financial position

First Industrial: Is It A Buy Following Another Quarter Of Record Rental Growth?

Second quarter 2023 earnings: EPS and revenues exceed analyst expectations

First Industrial Realty Trust, Inc. to Report Q2, 2023 Results on Jul 19, 2023

Upcoming dividend of US$0.32 per share at 2.4% yield

Insufficient new directors

First Industrial Realty Trust, Inc. Declares Common Stock Dividend for the Quarter Ending June 30, 2023, Payable on July 17, 2023

CFO, Senior VP recently sold US$397k worth of stock

CFO, Senior VP notifies of intention to sell stock

First quarter 2023 earnings: EPS and revenues exceed analyst expectations

Now 20% undervalued

First Industrial Realty Trust, Inc., Annual General Meeting, May 03, 2023

First Industrial Realty: The Speculative Exposure Still Warrants A Higher Risk Premium

Full year 2022 earnings: EPS exceeds analyst expectations

First Industrial Realty Trust, Inc. Provides Earnings Guidance for the Fiscal 2023