First Industrial Realty Trust
Market Cap
US$5.5b
Last Updated
2019/12/09 23:36 UTC
Data Sources
Company Financials +
Executive Summary
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.
Rewards
Risk Analysis
Earnings are forecast to decline by an average of -10.7% per year for the next 3 years
Snowflake Analysis
Second-rate dividend payer and slightly overvalued.
Similar Companies
Share Price & News
How has First Industrial Realty Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: FR has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-0.3%
FR
1.0%
US REITs
0.7%
US Market
1 Year Return
33.1%
FR
13.0%
US REITs
18.2%
US Market
Return vs Industry: FR exceeded the US REITs industry which returned 13% over the past year.
Return vs Market: FR exceeded the US Market which returned 18.2% over the past year.
Shareholder returns
| FR | Industry | Market | |
|---|---|---|---|
| 7 Day | -0.3% | 1.0% | 0.7% |
| 30 Day | 1.7% | 1.7% | 1.5% |
| 90 Day | 9.2% | 0.8% | 5.0% |
| 1 Year | 36.7%33.1% | 17.8%13.0% | 20.8%18.2% |
| 3 Year | 64.1%50.9% | 34.3%17.5% | 45.2%35.8% |
| 5 Year | 147.6%116.3% | 58.3%25.6% | 71.6%52.7% |
Price Volatility Vs. Market
How volatile is First Industrial Realty Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
3 weeks ago | Simply Wall St
This Insider Has Just Sold Shares In First Industrial Realty Trust, Inc. (NYSE:FR)3 weeks ago | Simply Wall St
Is First Industrial Realty Trust, Inc.'s (NYSE:FR) CEO Pay Fair?1 month ago | Simply Wall St
Results: First Industrial Realty Trust, Inc. Beat Earnings Expectations And Analysts Now Have New ForecastsValuation
Is First Industrial Realty Trust undervalued compared to its fair value and its price relative to the market?
14.2%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: FR ($42.11) is trading below our estimate of fair value ($49.06)
Significantly Below Fair Value: FR is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: FR is good value based on its PE Ratio (27.6x) compared to the REITs industry average (38.8x).
PE vs Market: FR is poor value based on its PE Ratio (27.6x) compared to the US market (18.5x).
Price to Earnings Growth Ratio
PEG Ratio: FR's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: FR is overvalued based on its PB Ratio (3.2x) compared to the US REITs industry average (2x).
Next Steps
Future Growth
How is First Industrial Realty Trust forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
-10.7%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: FR's earnings are forecast to decline over the next 3 years (-10.7% per year).
Earnings vs Market: FR's earnings are forecast to decline over the next 3 years (-10.7% per year).
High Growth Earnings: FR's earnings are forecast to decline over the next 3 years.
Revenue vs Market: FR's revenue (5.8% per year) is forecast to grow slower than the US market (7.4% per year).
High Growth Revenue: FR's revenue (5.8% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: FR's Return on Equity is forecast to be low in 3 years time (6.9%).
Next Steps
Past Performance
How has First Industrial Realty Trust performed over the past 5 years?
31.9%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: FR has a large one-off gain of $98.4M impacting its September 30 2019 financial results.
Growing Profit Margin: FR's current net profit margins (45.8%) are lower than last year (52.3%).
Past Earnings Growth Analysis
Earnings Trend: FR's earnings have grown significantly by 31.9% per year over the past 5 years.
Accelerating Growth: FR's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: FR had negative earnings growth (-8.3%) over the past year, making it difficult to compare to the REITs industry average (8.3%).
Return on Equity
High ROE: FR's Return on Equity (11.4%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is First Industrial Realty Trust's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: FR has a high level of physical assets or inventory.
Debt Coverage by Assets: FR's debt is not covered by short term assets (assets are 0.2x debt).
Financial Institutions Analysis
Asset Level: FR's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if FR has a sufficient allowance for bad loans.
Low Risk Liabilities: FR reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if FR has an acceptable proportion of non-loan assets held.
Low Risk Deposits: FR has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if FR has an appropriate level of bad loans.
Next Steps
Dividend
What is First Industrial Realty Trust's current dividend yield, its reliability and sustainability?
2.18%
Current Dividend Yield
Upcoming Dividend Payment
Purchase First Industrial Realty Trust before the 'Buy Limit' to receive their next dividend payment.
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: FR's dividend (2.18%) is higher than the bottom 25% of dividend payers in the US market (1.43%).
High Dividend: FR's dividend (2.18%) is low compared to the top 25% of dividend payers in the US market (3.7%).
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, FR has been paying a dividend for less than 10 years.
Growing Dividend: FR's dividend payments have increased, but the company has only paid a dividend for 7 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (53.2%), FR's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: FR's dividends in 3 years are forecast to be thoroughly covered by earnings (0.4% payout ratio).
Next Steps
Management
What is the CEO of First Industrial Realty Trust's salary, the management and board of directors tenure and is there insider trading?
10.8yrs
Average management tenure
CEO
Peter Baccile (57yo)
3yrs
Tenure
US$4,044,762
Compensation
Mr. Peter E. Baccile serves as President of First Industrial Realty Trust, Inc since September 2016 and its Chief Executive Officer since December 2016 and Director since 2016. Mr. Baccile serves as Presid ...
CEO Compensation Analysis
Compensation vs Market: Peter's total compensation ($USD4.04M) is below average for companies of similar size in the US market ($USD6.70M).
Compensation vs Earnings: Peter's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
Management Age and Tenure
10.8yrs
Average Tenure
56yo
Average Age
Experienced Management: FR's management team is seasoned and experienced (10.8 years average tenure).
Board Age and Tenure
6.5yrs
Average Tenure
66.5yo
Average Age
Experienced Board: FR's board of directors are considered experienced (6.5 years average tenure).
Insider Trading
Insider Buying: FR insiders have only sold shares in the past 3 months.
Recent Insider Transactions
| Entity | Individual |
| Role | Senior Key Executive Executive Vice President of East Region |
| Shares | 12,000 |
| Max Price | US$42.03 |
| Entity | Individual |
| Role | Senior Key Executive Executive Vice President of East Region |
| Shares | 15,000 |
| Max Price | US$34.11 |
| Entity | Individual |
| Role | Top Key Executive Co-Founder |
| Shares | 15,000 |
| Max Price | US$34.02 |
| Entity | Individual |
| Role | Top Key Executive Co-Founder |
| Shares | 15,000 |
| Max Price | US$34.25 |
| Entity | Individual |
| Role | Chief Financial Officer CFO, Senior VP |
| Shares | 13,000 |
| Max Price | US$34.00 |
Ownership Breakdown
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3.3%.
Management Team
Jojo Yap (56yo)
Co-Founder
- Tenure: 0yrs
- Compensation: US$1.88m
Peter Baccile (57yo)
President
- Tenure: 3yrs
- Compensation: US$4.04m
Scott Musil (51yo)
CFO, Senior VP
- Tenure: 11yrs
- Compensation: US$1.16m
David Harker (60yo)
Executive Vice President of Central Region
- Tenure: 10.8yrs
- Compensation: US$1.09m
Art Harmon
Vice President of Investor Relations & Marketing
- Tenure: 0yrs
Bob Walter
Senior Vice President of Capital Markets & Asset Management
- Tenure: 0yrs
Peter Schultz (56yo)
Executive Vice President of East Region
- Tenure: 10.8yrs
- Compensation: US$1.12m
Chris Schneider
Senior VP of Operations & Chief Information Officer
- Tenure: 0yrs
Sara Niemiec
Chief Accounting Officer
- Tenure: 2.9yrs
John Potempa
Human Resources Manager
- Tenure: 0yrs
Board Members
Bruce Duncan (67yo)
Chairman of the Board
- Tenure: 3.9yrs
- Compensation: US$190.00k
John Rau (70yo)
Lead Independent Director
- Tenure: 3.9yrs
- Compensation: US$189.00k
Ed Tyler (66yo)
Independent Director
- Tenure: 19.8yrs
- Compensation: US$147.50k
Peter Baccile (57yo)
President
- Tenure: 3yrs
- Compensation: US$4.04m
Matt Dominski (64yo)
Independent Director
- Tenure: 9.8yrs
- Compensation: US$153.50k
Denise Olsen (53yo)
Independent Director
- Tenure: 2.1yrs
- Compensation: US$155.27k
Pat Hackett (67yo)
Independent Director
- Tenure: 10yrs
- Compensation: US$183.50k
Peter Sharpe (72yo)
Independent Director
- Tenure: 9.1yrs
- Compensation: US$169.00k
Company Information
First Industrial Realty Trust, Inc.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: First Industrial Realty Trust, Inc.
- Ticker: FR
- Exchange: NYSE
- Founded: 1993
- Industry: Industrial REITs
- Sector: Real Estate
- Implied Market Cap: US$5.475b
- Market Cap: US$5.346b
- Shares outstanding: 129.40m
- Website: https://www.firstindustrial.com
Number of Employees
Location
- First Industrial Realty Trust, Inc.
- One North Wacker Drive
- Suite 4200
- Chicago
- Illinois
- 60606
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| FR | NYSE (New York Stock Exchange) | Yes | Common Stock | US | USD | Jun 1994 |
| F5W | DB (Deutsche Boerse AG) | Yes | Common Stock | DE | EUR | Jun 1994 |
| FR PRKCL | NYSE (New York Stock Exchange) | PFD K 7.25% | US | USD | Aug 2006 |
Biography
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 m ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/12/09 23:36 |
| End of Day Share Price | 2019/12/09 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
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.