Loading...

First Industrial Realty Trust

NYSE:FR
Snowflake Description

Acceptable track record second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FR
NYSE
$4B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company 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. The last earnings update was 30 days ago. More info.


Add to Portfolio Compare Print
FR Share Price and Events
7 Day Returns
-1.6%
NYSE:FR
0.1%
US REITs
-1.4%
US Market
1 Year Returns
7.7%
NYSE:FR
13.9%
US REITs
1.6%
US Market
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
FR
Industry
5yr Volatility vs Market

Value

 Is First Industrial Realty Trust undervalued based on future cash flows and its price relative to the stock market?

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.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for First Industrial Realty Trust.

NYSE:FR Discounted Cash Flow Data Sources
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.

Calculation of Discount Rate/ Cost of Equity for NYSE:FR
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.

NYSE:FR DCF 1st Stage: Next 10 year cash flow forecast
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
NYSE:FR DCF 2nd Stage: Terminal Value
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
NYSE:FR Total Equity Value
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
NYSE:FR Discount to Share Price
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
Amount off the current price First Industrial Realty Trust is available for.
Intrinsic value
8%
Share price is $34.62 vs Future cash flow value of $37.53
Current Discount Checks
For First Industrial Realty Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • 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?
Raw Data
NYSE:FR PE (Price to Earnings) Ratio Data Sources
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.

NYSE:FR PE (Price to Earnings) Ratio Calculation
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?
Raw Data
NYSE:FR PEG (Price to Earnings to Growth) Ratio Data Sources
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 .

NYSE:FR PEG (Price to Earnings to Growth) Ratio Calculation
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?
Raw Data
NYSE:FR PB (Price to Book) Ratio Data Sources
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
NYSE:FR PB (Price to Book) Ratio Calculation
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.
X
Value checks
We assess First Industrial Realty Trust's value by looking at:
  1. 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. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. 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

 How is First Industrial Realty Trust expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

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!
Annual Growth Rate
0.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is First Industrial Realty Trust expected to grow at an attractive rate?
  • 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
Raw Data
NYSE:FR Future Growth Rates Data Sources
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
Raw Data
NYSE:FR Analysts Growth Expectations Data Sources
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 numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:FR Future Estimates Data
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
NYSE:FR Past Financials Data
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.

Super high growth metrics
High Growth Checks
  • First Industrial Realty Trust's earnings are expected to grow by 0.7% yearly, however this is not considered high growth (20% yearly).
  • First Industrial Realty Trust's revenue is expected to grow by 6.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:FR 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.

NYSE:FR Future Estimates Data
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
NYSE:FR Past Financials Data
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.
X
Future performance checks
We assess First Industrial Realty Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
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
Below we compare First Industrial Realty Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • 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
First Industrial Realty Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

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.

NYSE:FR Past Revenue, Cash Flow and Net Income Data
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).
X
Past performance checks
We assess First Industrial Realty Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
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.
Net Worth
  • 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
This treemap shows a more detailed breakdown of First Industrial Realty Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • 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.
Raw Data

All data from First Industrial Realty Trust Company Filings, last reported 1 month ago.

NYSE:FR Past Debt and Equity Data
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).
X
Financial health checks
We assess First Industrial Realty Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. First Industrial Realty Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. 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
Dividend payments
2.66%
Current annual income from First Industrial Realty Trust dividends. Estimated to be 2.91% next year.
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
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • 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.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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.
Raw Data
NYSE:FR Annualized Past and Future Dividends
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.

NYSE:FR Future Dividends Estimate Data
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
NYSE:FR Past Annualized Dividends Data
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.
Current Payout to shareholders
What portion of First Industrial Realty Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (245.1x coverage).
X
Income/ dividend checks
We assess First Industrial Realty Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. 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)
  7. 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

 What is the CEO of First Industrial Realty Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Peter Baccile
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:

10.2
Average Tenure
55
Average Age
  • 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

TITLE
President
COMPENSATION
$4M
AGE
56
TENURE
2.4 yrs

Jojo Yap

TITLE
Co-Founder
COMPENSATION
$2M
AGE
55

Scott Musil

TITLE
CFO, Senior VP
COMPENSATION
$1M
AGE
50
TENURE
10.4 yrs

David Harker

TITLE
Executive Vice President of Central Region
COMPENSATION
$1M
AGE
59
TENURE
10.2 yrs

Peter Schultz

TITLE
Executive Vice President of East Region
COMPENSATION
$1M
AGE
55
TENURE
10.2 yrs

Chris Schneider

TITLE
Senior VP of Operations & Chief Information Officer

Sara Niemiec

TITLE
Chief Accounting Officer
TENURE
2.3 yrs

Art Harmon

TITLE
Vice President of Investor Relations & Marketing

Dan Hemmer

TITLE
General Counsel & Secretary

Don Stoffle

TITLE
Executive Director of Dispositions
Board of Directors Tenure

Average tenure and age of the First Industrial Realty Trust board of directors in years:

5.9
Average Tenure
65.5
Average Age
  • The tenure for the First Industrial Realty Trust board of directors is about average.
Board of Directors

Bruce Duncan

TITLE
Chairman of the Board
COMPENSATION
$190K
AGE
66
TENURE
3.3 yrs

Peter Baccile

TITLE
President
COMPENSATION
$4M
AGE
56
TENURE
2.7 yrs

John Rau

TITLE
Lead Independent Director
COMPENSATION
$189K
AGE
69
TENURE
3.3 yrs

Pat Hackett

TITLE
Director
COMPENSATION
$184K
AGE
66
TENURE
9.4 yrs

Peter Sharpe

TITLE
Director
COMPENSATION
$169K
AGE
71
TENURE
8.5 yrs

Ed Tyler

TITLE
Director
COMPENSATION
$148K
AGE
65
TENURE
19.2 yrs

Matt Dominski

TITLE
Director
COMPENSATION
$154K
AGE
63
TENURE
9.2 yrs

Denise Olsen

TITLE
Director
COMPENSATION
$155K
AGE
52
TENURE
1.5 yrs
Who owns this company?
Recent Insider Trading
  • First Industrial Realty Trust insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) 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
X
Management checks
We assess First Industrial Realty Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. 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 -

First 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 -

Is 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 -

Can 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 -

How 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 -

You 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 -

First 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 -

Why 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 -

Is 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 -

One 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 -

Company 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
Staff numbers
145
First Industrial Realty Trust employees.
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.