First Industrial Realty Trust
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First Industrial Realty Trust, Inc. (NYSE: FR) is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. The last earnings update was 30 days ago. More info.
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FR Share Price and Events
7 Day Returns
1 Year Returns
FR Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| First Industrial Realty Trust (FR) | -1.6% | -1.9% | 1.6% | 7.7% | 38.9% | 86.7% |
| US REITs | 0.1% | 1.9% | 3.8% | 13.9% | 11.3% | 25.5% |
| US Market | -1.4% | -3.9% | 0.1% | 1.6% | 33.2% | 38.2% |
1 Year Return vs Industry and Market
- FR underperformed the REITs industry which returned 13.9% over the past year.
- FR outperformed the Market in United States of America which returned 1.6% over the past year.
Price Volatility
Related Companies
Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
First Industrial Realty Trust
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for First Industrial Realty Trust.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 5 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 7.5% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.53 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (30%)) |
0.768 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%) |
7.5% |
Discounted Cash Flow Calculation for NYSE:FR using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for First Industrial Realty Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
First Industrial Realty Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| Adjusted Funds From Operations (AFFO) (USD, Millions) | Source |
Present Value Discounted (@ 7.5%) |
|
|---|---|---|---|
| 2019 | 181.54 | Analyst x6 | 168.87 |
| 2020 | 195.33 | Analyst x6 | 169.03 |
| 2021 | 219.46 | Analyst x3 | 176.66 |
| 2022 | 229.90 | Analyst x1 | 172.16 |
| 2023 | 245.80 | Analyst x1 | 171.23 |
| 2024 | 260.33 | Est @ 5.91% | 168.70 |
| 2025 | 273.24 | Est @ 4.96% | 164.72 |
| 2026 | 284.96 | Est @ 4.29% | 159.80 |
| 2027 | 295.85 | Est @ 3.82% | 154.33 |
| 2028 | 306.18 | Est @ 3.49% | 148.59 |
| Present value of next 10 years cash flows | $1,654.10 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $306.18 × (1 + 2.73%) ÷ (7.5% – 2.73%) |
$6,596.91 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $6,596.91 ÷ (1 + 7.5%)10 |
$3,201.38 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $1,654.10 + $3,201.38 |
$4,855.48 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $4,855.48 / 129.39 |
$37.53 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $37.53 |
| Current discount | Discount to share price of
$34.62
= -1 x ($34.62 - $37.53) / $37.53 |
7.7% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- First Industrial Realty Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
- First Industrial Realty Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for First Industrial Realty Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
First Industrial Realty Trust's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $1.20 |
| NYSE:FR Share Price ** | NYSE (2019-05-24) in USD | $34.62 |
| United States of America REITs Industry PE Ratio | Median Figure of 155 Publicly-Listed REITs Companies | 32.61x |
| United States of America Market PE Ratio | Median Figure of 3,086 Publicly-Listed Companies | 17.45x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of First Industrial Realty Trust.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:FR Share Price ÷ EPS (both in USD) = 34.62 ÷ 1.20 |
28.89x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- First Industrial Realty Trust is good value based on earnings compared to the US REITs industry average.
- First Industrial Realty Trust is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does
First Industrial Realty Trust's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 28.89x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts |
0.7%per year |
| United States of America REITs Industry PEG Ratio | Median Figure of 141 Publicly-Listed REITs Companies | 2.41x |
| United States of America Market PEG Ratio | Median Figure of 2,121 Publicly-Listed Companies | 1.51x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 28.89x ÷ 0.7% |
43.96x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- First Industrial Realty Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
First Industrial Realty Trust's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $12.87 |
| NYSE:FR Share Price * | NYSE (2019-05-24) in USD | $34.62 |
| United States of America REITs Industry PB Ratio | Median Figure of 191 Publicly-Listed REITs Companies | 1.89x |
| United States of America Market PB Ratio | Median Figure of 5,208 Publicly-Listed Companies | 1.8x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:FR Share Price ÷ Book Value per Share (both in USD) = 34.62 ÷ 12.87 |
2.69x |
* Primary Listing of First Industrial Realty Trust.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- First Industrial Realty Trust is overvalued based on assets compared to the US REITs industry average.
Value checks
We assess First Industrial Realty Trust's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) First Industrial Realty Trust has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- First Industrial Realty Trust's earnings growth is positive but not above the low risk savings rate of 2.7%.
Growth vs Market Checks
- First Industrial Realty Trust's earnings growth is positive but not above the United States of America market average.
- First Industrial Realty Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:FR Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts | 0.7% |
| NYSE:FR Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts | 6.5% |
| United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 5.8% |
| United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 4.4% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.7% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.3% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 552 | 113 | 1 | |
| 2022-12-31 | 519 | 109 | 1 | |
| 2021-12-31 | 490 | 120 | 4 | |
| 2020-12-31 | 453 | 119 | 5 | |
| 2019-12-31 | 426 | 98 | 5 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 409 | 215 | 150 |
| 2018-12-31 | 404 | 210 | 163 |
| 2018-09-30 | 401 | 195 | 210 |
| 2018-06-30 | 400 | 192 | 222 |
| 2018-03-31 | 399 | 189 | 214 |
| 2017-12-31 | 396 | 193 | 201 |
| 2017-09-30 | 392 | 194 | 127 |
| 2017-06-30 | 387 | 193 | 115 |
| 2017-03-31 | 382 | 187 | 128 |
| 2016-12-31 | 378 | 174 | 121 |
| 2016-09-30 | 373 | 169 | 141 |
| 2016-06-30 | 372 | 162 | 123 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
All data from First Industrial Realty Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 0.86 | 0.86 | 0.86 | 1.00 |
| 2022-12-31 | 0.83 | 0.83 | 0.83 | 1.00 |
| 2021-12-31 | 0.83 | 0.83 | 0.83 | 1.00 |
| 2020-12-31 | 0.95 | 1.20 | 0.80 | 3.00 |
| 2019-12-31 | 0.76 | 0.78 | 0.75 | 3.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-03-31 | 1.20 |
| 2018-12-31 | 1.31 |
| 2018-09-30 | 1.72 |
| 2018-06-30 | 1.84 |
| 2018-03-31 | 1.80 |
| 2017-12-31 | 1.70 |
| 2017-09-30 | 1.08 |
| 2017-06-30 | 0.99 |
| 2017-03-31 | 1.10 |
| 2016-12-31 | 1.05 |
| 2016-09-30 | 1.24 |
| 2016-06-30 | 1.10 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Unable to establish if First Industrial Realty Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Future performance checks
We assess First Industrial Realty Trust's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
First Industrial Realty Trust has a total score of 0/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has First Industrial Realty Trust performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- First Industrial Realty Trust has delivered over 20% year on year earnings growth in the past 5 years.
- First Industrial Realty Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- First Industrial Realty Trust's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
All data from First Industrial Realty Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 409.29 | 150.27 | 26.41 | |
| 2018-12-31 | 403.68 | 162.73 | 26.45 | |
| 2018-09-30 | 400.80 | 209.73 | 26.94 | |
| 2018-06-30 | 400.05 | 221.99 | 26.85 | |
| 2018-03-31 | 398.79 | 214.36 | 26.89 | |
| 2017-12-31 | 396.40 | 200.81 | 28.08 | |
| 2017-09-30 | 392.25 | 126.86 | 27.92 | |
| 2017-06-30 | 386.50 | 115.20 | 27.41 | |
| 2017-03-31 | 381.94 | 127.84 | 27.06 | |
| 2016-12-31 | 378.02 | 120.82 | 26.70 | |
| 2016-09-30 | 373.18 | 140.50 | 26.43 | |
| 2016-06-30 | 371.78 | 122.96 | 26.34 | |
| 2016-03-31 | 369.25 | 86.85 | 26.07 | |
| 2015-12-31 | 365.82 | 73.55 | 25.36 | |
| 2015-09-30 | 363.00 | 37.19 | 24.50 | |
| 2015-06-30 | 357.19 | 30.67 | 23.99 | |
| 2015-03-31 | 351.31 | 19.65 | 24.86 | |
| 2014-12-31 | 346.86 | 18.63 | 23.42 | |
| 2014-09-30 | 337.51 | 12.69 | 23.76 | |
| 2014-06-30 | 330.95 | 4.14 | 23.51 | |
| 2014-03-31 | 324.77 | -6.99 | 21.88 | |
| 2013-12-31 | 318.59 | -10.82 | 22.82 | |
| 2013-09-30 | 315.56 | -22.77 | 25.69 | |
| 2013-06-30 | 314.42 | -22.79 | 25.40 | |
| 2013-03-31 | 316.24 | -31.18 | 25.95 | |
| 2012-12-31 | 306.08 | -40.84 | 25.06 | |
| 2012-09-30 | 315.29 | -41.36 | 22.74 | |
| 2012-06-30 | 316.68 | -55.15 | 22.92 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- First Industrial Realty Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- First Industrial Realty Trust used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
- First Industrial Realty Trust has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess First Industrial Realty Trust's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
First Industrial Realty Trust has a total score of 3/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is First Industrial Realty Trust's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up First Industrial Realty Trust's finances.
The net worth of a company is the difference between its assets and liabilities.
- First Industrial Realty Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- First Industrial Realty Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from First Industrial Realty Trust Company Filings, last reported 1 month ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 1,665.96 | 1,343.87 | 23.59 |
| 2018-12-31 | 1,679.91 | 1,299.95 | 49.75 |
| 2018-09-30 | 1,663.03 | 1,299.13 | 66.04 |
| 2018-06-30 | 1,655.81 | 1,300.55 | 73.47 |
| 2018-03-31 | 1,487.46 | 1,401.88 | 28.69 |
| 2017-12-31 | 1,475.88 | 1,297.00 | 21.15 |
| 2017-09-30 | 1,394.27 | 1,371.70 | 12.52 |
| 2017-06-30 | 1,373.28 | 1,344.49 | 12.70 |
| 2017-03-31 | 1,285.53 | 1,375.06 | 19.00 |
| 2016-12-31 | 1,284.63 | 1,347.09 | 9.86 |
| 2016-09-30 | 1,262.84 | 1,347.38 | 8.07 |
| 2016-06-30 | 1,247.99 | 1,338.09 | 4.38 |
| 2016-03-31 | 1,097.94 | 1,500.87 | 3.18 |
| 2015-12-31 | 1,115.14 | 1,434.17 | 3.99 |
| 2015-09-30 | 1,079.73 | 1,485.31 | 66.94 |
| 2015-06-30 | 1,086.83 | 1,355.96 | 5.13 |
| 2015-03-31 | 1,082.69 | 1,351.61 | 3.56 |
| 2014-12-31 | 1,090.83 | 1,349.85 | 9.50 |
| 2014-09-30 | 1,093.04 | 1,346.91 | 14.26 |
| 2014-06-30 | 1,077.62 | 1,387.45 | 4.83 |
| 2014-03-31 | 1,087.50 | 1,374.62 | 3.91 |
| 2013-12-31 | 1,171.22 | 1,296.81 | 7.58 |
| 2013-09-30 | 1,157.46 | 1,329.53 | 7.34 |
| 2013-06-30 | 1,207.75 | 1,284.56 | 4.73 |
| 2013-03-31 | 1,264.69 | 1,234.90 | 23.32 |
| 2012-12-31 | 1,145.65 | 1,336.59 | 4.94 |
| 2012-09-30 | 1,199.87 | 1,297.99 | 2.81 |
| 2012-06-30 | 1,076.81 | 1,483.75 | 5.14 |
- First Industrial Realty Trust's level of debt (80.7%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (126.4% vs 80.7% today).
- Debt is not well covered by operating cash flow (16%, less than 20% of total debt).
- Interest payments on debt are not well covered by earnings (EBIT is 2.7x annual interest expense, ideally 3x coverage).
Financial health checks
We assess First Industrial Realty Trust's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) First Industrial Realty Trust has a total score of 2/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is First Industrial Realty Trust's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
First Industrial Realty Trust
shares you are expected to receive
$53
in your first year as a dividend.
Dividend Amount
- First Industrial Realty Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
- First Industrial Realty Trust's dividend is below the markets top 25% of dividend payers in United States of America (3.75%).
Upcoming dividend payment
Purchase First Industrial Realty Trust before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
| United States of America REITs Industry Average Dividend Yield | Market Cap Weighted Average of 184 Stocks | 3.8% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2007 Stocks | 2.5% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.5% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.8% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 1.19 | 2.00 |
| 2022-12-31 | 1.12 | 2.00 |
| 2021-12-31 | 1.04 | 4.00 |
| 2020-12-31 | 0.99 | 7.00 |
| 2019-12-31 | 0.92 | 7.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-05-08 | 0.920 | 2.648 |
| 2019-04-26 | 0.920 | 2.627 |
| 2019-04-23 | 0.920 | 2.615 |
| 2019-02-20 | 0.920 | 2.647 |
| 2019-02-13 | 0.920 | 2.716 |
| 2018-11-06 | 0.870 | 2.796 |
| 2018-08-07 | 0.870 | 2.755 |
| 2018-05-10 | 0.870 | 2.659 |
| 2018-04-26 | 0.870 | 2.781 |
| 2018-04-24 | 0.870 | 2.915 |
| 2018-02-26 | 0.870 | 2.988 |
| 2018-02-21 | 0.870 | 3.046 |
| 2017-08-02 | 0.840 | 2.725 |
| 2017-05-11 | 0.840 | 2.883 |
| 2017-04-28 | 0.840 | 3.004 |
| 2017-04-25 | 0.840 | 2.975 |
| 2017-02-24 | 0.840 | 3.115 |
| 2017-02-22 | 0.840 | 3.153 |
| 2016-11-08 | 0.760 | 2.831 |
| 2016-08-02 | 0.760 | 2.745 |
| 2016-05-11 | 0.760 | 2.856 |
| 2016-04-29 | 0.760 | 3.192 |
| 2016-04-28 | 0.760 | 3.297 |
| 2016-02-25 | 0.760 | 3.399 |
| 2016-02-18 | 0.760 | 3.625 |
| 2015-11-11 | 0.510 | 2.405 |
| 2015-08-06 | 0.510 | 2.440 |
| 2015-05-07 | 0.510 | 2.572 |
| 2015-02-23 | 0.510 | 2.463 |
| 2015-02-19 | 0.510 | 2.347 |
| 2014-11-11 | 0.410 | 1.971 |
| 2014-08-05 | 0.410 | 2.271 |
| 2014-05-07 | 0.410 | 2.197 |
| 2014-02-27 | 0.410 | 2.164 |
| 2013-11-12 | 0.340 | 1.959 |
| 2013-08-07 | 0.340 | 2.052 |
| 2013-05-09 | 0.340 | 2.046 |
| 2013-02-20 | 0.340 | 2.025 |
| 2010-11-04 | 0.000 | 0.000 |
| 2010-10-26 | 0.000 | 0.000 |
| 2010-08-06 | 0.000 | 0.000 |
| 2010-08-02 | 0.000 | 0.000 |
| 2010-05-04 | 0.000 | 0.000 |
| 2010-03-03 | 0.000 | 0.000 |
| 2010-02-24 | 0.000 | 0.000 |
| 2009-11-09 | 0.000 | 0.000 |
| 2009-11-04 | 0.000 | 0.000 |
| 2009-08-07 | 0.000 | 0.000 |
| 2009-08-04 | 0.000 | 0.000 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Whilst dividend payments have been stable, First Industrial Realty Trust has been paying a dividend for less than 10 years.
- Dividend payments have increased, but First Industrial Realty Trust only paid a dividend in the past 6 years.
Income/ dividend checks
We assess First Industrial Realty Trust's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can First Industrial Realty Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) First Industrial Realty Trust has a total score of 3/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | $4,044,762 |
| AGE | 56 |
| TENURE AS CEO | 2.4 years |
CEO Bio
Mr. Peter E. Baccile serves as President of First Industrial Realty Trust, Inc since September 2016 and its Chief Executive Officer since December 2016 and Director since 2016. Mr. Baccile serves as President, Chief Executive Officer and Director of First Industrial, L.P. He served as Joint Global Head of the Real Estate, Lodging and Leisure Group within UBS Securities, LLC’s investment banking division from June 2012 to September 2016. Prior to that, Mr. Baccile served in various senior leadership roles during his 26-year tenure at J.P. Morgan. Most recently, he was Vice Chairman of J.P. Morgan Securities Inc. He also served as Co-Head of the General Industries Investment Banking Coverage Group which encompassed Real Estate, Lodging, Gaming, Diversified Industrials, Paper Packing and Building Products, and Transportation. Before that he served as Global Head of J.P. Morgan’s Real Estate, Lodging and Gaming Investment Banking group for 10 years. Mr. Baccile is a Member of the National Association of Real Estate Investment Trusts (NAREIT) and The Real Estate Roundtable and he was past Chairman of the Real Estate Capital Policy advisory committee. He is a past Trustee of the International Council of Shopping Centers (ICSC) and the Urban Land Institute (ULI).
CEO Compensation
- Peter's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
- Peter's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the First Industrial Realty Trust management team in years:
- The average tenure for the First Industrial Realty Trust management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Peter Baccile
President
$4M
56
2.4 yrs
Jojo Yap
Co-Founder
$2M
55
Scott Musil
CFO, Senior VP
$1M
50
10.4 yrs
David Harker
Executive Vice President of Central Region
$1M
59
10.2 yrs
Peter Schultz
Executive Vice President of East Region
$1M
55
10.2 yrs
Chris Schneider
Senior VP of Operations & Chief Information Officer
Sara Niemiec
Chief Accounting Officer
2.3 yrs
Art Harmon
Vice President of Investor Relations & Marketing
Dan Hemmer
General Counsel & Secretary
Don Stoffle
Executive Director of Dispositions
Board of Directors Tenure
Average tenure and age of the First Industrial Realty Trust board of directors in years:
- The tenure for the First Industrial Realty Trust board of directors is about average.
Board of Directors
Bruce Duncan
Chairman of the Board
$190K
66
3.3 yrs
Peter Baccile
President
$4M
56
2.7 yrs
John Rau
Lead Independent Director
$189K
69
3.3 yrs
Pat Hackett
Director
$184K
66
9.4 yrs
Peter Sharpe
Director
$169K
71
8.5 yrs
Ed Tyler
Director
$148K
65
19.2 yrs
Matt Dominski
Director
$154K
63
9.2 yrs
Denise Olsen
Director
$155K
52
1.5 yrs
Who owns this company?
Recent Insider Trading
- First Industrial Realty Trust insiders have only sold shares in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 06. Mar 19 | Sell | Peter Schultz | Individual | 05. Mar 19 | 05. Mar 19 | -15,000 | $34.11 | $-511,650 | ||
| 05. Mar 19 | Sell | Johannson Yap | Individual | 04. Mar 19 | 04. Mar 19 | -15,000 | $34.02 | $-510,300 | ||
| 26. Feb 19 | Sell | Johannson Yap | Individual | 22. Feb 19 | 25. Feb 19 | -15,000 | $34.25 | $-513,750 | ||
| 22. Feb 19 | Sell | Scott Musil | Individual | 20. Feb 19 | 21. Feb 19 | -13,000 | $34.00 | $-440,661 | ||
| 01. Nov 18 | Sell | H. Hackett | Individual | 30. Oct 18 | 30. Oct 18 | -15,000 | $31.38 | $-470,700 | ||
| 30. Jul 18 | Sell | H. Hackett | Individual | 30. Jul 18 | 30. Jul 18 | -15,000 | $31.93 | $-478,950 | ||
| 01. Jun 18 | Sell | Peter Schultz | Individual | 31. May 18 | 31. May 18 | -10,000 | $32.91 | $-329,100 | ||
Management checks
We assess First Industrial Realty Trust's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) First Industrial Realty Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
Does First Industrial Realty Trust, Inc. (NYSE:FR) Have A Place In Your Dividend Portfolio?
A dividend paying company with growing earnings can be rewarding in the long term. … Unfortunately, one common occurrence with dividend companies is for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments. … Investors might not know much about First Industrial Realty Trust's dividend prospects, even though it has been paying dividends for the last six years and offers a 2.6% yield.
Simply Wall St - – Full articleFirst Industrial Realty Trust (NYSE:FR) Shareholders Booked A 86% Gain In The Last Five Years
To wit, the First Industrial Realty Trust share price has climbed 86% in five years, easily topping the market return of 51% (ignoring dividends). … Indeed, the First Industrial Realty Trust share price has gained 57% in three years. … Dive deeper into the earnings by checking this interactive graph of First Industrial Realty Trust's earnings, revenue and cash flow.
Simply Wall St - – Full articleIs There Now An Opportunity In First Industrial Realty Trust, Inc. (NYSE:FR)?
First Industrial Realty Trust, Inc. … As a mid-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Let’s examine First Industrial Realty Trust’s valuation and outlook in more detail to determine if there’s still a bargain opportunity.
Simply Wall St - – Full articleCan First Industrial Realty Trust, Inc.'s (NYSE:FR) ROE Continue To Surpass The Industry Average?
This article is for those who would like to learn about Return On Equity (ROE). … Our data shows First Industrial Realty Trust has a return on equity of 13% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleHow Much Are First Industrial Realty Trust Inc (NYSE:FR) Insiders Taking Off The Table?
So shareholders might well want to know whether insiders have been buying or selling shares in First Industrial Realty Trust Inc (NYSE:FR). … The Last 12 Months Of Insider Transactions At First Industrial Realty Trust. … In total, First Industrial Realty Trust insiders sold more than they bought over the last year
Simply Wall St - – Full articleYou May Have Been Looking At First Industrial Realty Trust Inc (NYSE:FR) All Wrong
First Industrial Realty Trust Inc is a US$4.0b. … Check out our latest analysis for First Industrial Realty Trust … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent
Simply Wall St - – Full articleFirst Industrial Realty Trust Inc (NYSE:FR) Delivered A Better ROE Than The Industry, Here’s Why
and want to begin learning the link between company’s fundamentals and stock market performance. … First Industrial Realty Trust Inc (NYSE:FR) delivered an ROE of 13.9% over the past 12 months, which is an impressive feat relative to its industry average of 6.6% during the same period. … Check out our latest analysis for First Industrial Realty Trust
Simply Wall St - – Full articleWhy Are Insiders Pessimistic About First Industrial Realty Trust Inc's (NYSE:FR) Stock?
some insider selling over the past three months, with insiders divesting from. … Generally, insiders selling shares in their own firm sends a bearish signal. … A research published in The MIT Press (1998) concluded that stocks following insider selling fell 2.7% compared to the market
Simply Wall St - – Full articleIs First Industrial Realty Trust Inc (NYSE:FR) Undervalued?
First Industrial Realty Trust Inc (NYSE:FR), a reits company based in United States,. … As a mid-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Let’s take a look at First Industrial Realty Trust’s outlook and value based on the most recent financial data to see if the opportunity still exists
Simply Wall St - – Full articleOne Metric To Rule Them All: First Industrial Realty Trust Inc (NYSE:FR)
First Industrial Realty Trust Inc is a US$3.63B mid-cap real estate investment trust (REIT) based in Chicago, United States. … Check out our latest analysis for First Industrial Realty Trust REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities. … First Industrial Realty Trust can bring about diversification for your portfolio, but before you decide to invest, take a look at the other aspects you must consider before investing: Future Outlook: What are well-informed industry analysts predicting for FR’s future growth?
Simply Wall St - – Full articleCompany Info
Description
First Industrial Realty Trust, Inc. (NYSE: FR) is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. Across major markets in the United States, our local market experts manage, lease, buy, (re)develop, and sell bulk and regional distribution centers, light industrial, and other industrial facility types. In total, we own and have under development approximately 67.1 million square feet of industrial space as of March 31, 2019.
Details
| Name: | First Industrial Realty Trust, Inc. |
| FR | |
| Exchange: | NYSE |
| Founded: | 1993 |
| $4,479,513,650 | |
| $4,378,900,140 | |
| 129,390,920 | |
| Website: | http://www.firstindustrial.com |
| Address: |
First Industrial Realty Trust, Inc. One North Wacker Drive, Suite 4200, Chicago, Illinois, 60606, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | FR | Common Stock | New York Stock Exchange | US | USD | 24. Jun 1994 | |
| DB | F5W | Common Stock | Deutsche Boerse AG | DE | EUR | 24. Jun 1994 | |
| NYSE | FR PRKCL | PFD K 7.25% | New York Stock Exchange | US | USD | 21. Aug 2006 |
Number of employees
Current staff
Industry
| Industrial REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/26 23:36 |
| End of day share price update: | 2019/05/24 00:00 |
| Last estimates confirmation: | 2019/05/23 |
| Last earnings filing: | 2019/04/26 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
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.
