NYSE:FR

Stock Analysis Report

First Industrial Realty Trust

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.

Snowflake

Fundamentals

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

1.6%

FR

1.5%

US REITs

0.7%

US Market


1 Year Return

32.8%

FR

14.3%

US REITs

12.9%

US Market

Return vs Industry: FR exceeded the US REITs industry which returned 14.3% over the past year.

Return vs Market: FR exceeded the US Market which returned 12.9% over the past year.


Shareholder returns

FRIndustryMarket
7 Day1.6%1.5%0.7%
30 Day5.6%-1.4%4.4%
90 Day9.0%1.7%7.2%
1 Year36.4%32.8%19.1%14.3%15.4%12.9%
3 Year76.9%62.7%41.4%23.7%49.1%39.5%
5 Year148.9%117.4%57.6%24.8%62.7%44.7%

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

Valuation

Is First Industrial Realty Trust undervalued compared to its fair value and its price relative to the market?

1.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FR ($42.08) is trading below our estimate of fair value ($42.72)

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 (38.2x).

PE vs Market: FR is poor value based on its PE Ratio (27.6x) compared to the US market (18.2x).


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?

-10.3%

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 (-10.3% per year).

Earnings vs Market: FR's earnings are forecast to decline over the next 3 years (-10.3% 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 (7.3% 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 large one-off items impacting its 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 (8.7%).


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?

2.19%

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

company2.2%marketbottom25%1.4%markettop25%3.6%industryaverage3.7%forecastin3Years2.4%

Current dividend yield vs market & industry

Notable Dividend: FR's dividend (2.19%) is higher than the bottom 25% of dividend payers in the US market (1.42%).

High Dividend: FR's dividend (2.19%) is low compared to the top 25% of dividend payers in the US market (3.64%).


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?

6.8yrs

Average management tenure


CEO

Peter Baccile (57yo)

2.9yrs

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 ($USD4.04M) is below average for companies of similar size in the US market ($USD6.77M).

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

6.8yrs

Average Tenure

56yo

Average Age

Experienced Management: FR's management team is seasoned and experienced (6.8 years average tenure).


Board Age and Tenure

6.4yrs

Average Tenure

66.5yo

Average Age

Experienced Board: FR's board of directors are considered experienced (6.4 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

SellUS$504,36015 Nov 19
Peter Schultz
EntityIndividual
Role
Senior Key Executive
Executive Vice President of East Region
Shares12,000
Max PriceUS$42.03
SellUS$511,65006 Mar 19
Peter Schultz
EntityIndividual
Role
Senior Key Executive
Executive Vice President of East Region
Shares15,000
Max PriceUS$34.11
SellUS$510,30005 Mar 19
Johannson Yap
EntityIndividual
Role
Top Key Executive
Co-Founder
Shares15,000
Max PriceUS$34.02
SellUS$513,75026 Feb 19
Johannson Yap
EntityIndividual
Role
Top Key Executive
Co-Founder
Shares15,000
Max PriceUS$34.25
SellUS$440,66122 Feb 19
Scott Musil
EntityIndividual
Role
Chief Financial Officer
CFO, Senior VP
Shares13,000
Max PriceUS$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: 2.9yrs
    • Compensation: US$4.04m
  • Scott Musil (51yo)

    CFO, Senior VP

    • Tenure: 10.9yrs
    • Compensation: US$1.16m
  • David Harker (60yo)

    Executive Vice President of Central Region

    • Tenure: 10.7yrs
    • Compensation: US$1.09m
  • Art Harmon

    Vice President of Investor Relations & Marketing

    • Tenure: 0yrs
  • Peter Schultz (56yo)

    Executive Vice President of East Region

    • Tenure: 10.7yrs
    • Compensation: US$1.12m
  • Chris Schneider

    Senior VP of Operations & Chief Information Officer

    • Tenure: 0yrs
  • Adam Moore

    Senior Regional Director of Chicago - Milwaukee

    • Tenure: 2.8yrs
  • Sara Niemiec

    Chief Accounting Officer

    • Tenure: 2.8yrs
  • John Potempa

    Human Resources Manager

    • Tenure: 0yrs

Board Members

  • Bruce Duncan (67yo)

    Chairman of the Board

    • Tenure: 3.8yrs
    • Compensation: US$190.00k
  • John Rau (70yo)

    Lead Independent Director

    • Tenure: 3.8yrs
    • Compensation: US$189.00k
  • Ed Tyler (66yo)

    Independent Director

    • Tenure: 19.7yrs
    • Compensation: US$147.50k
  • Peter Baccile (57yo)

    President

    • Tenure: 2.9yrs
    • Compensation: US$4.04m
  • Matt Dominski (64yo)

    Independent Director

    • Tenure: 9.7yrs
    • Compensation: US$153.50k
  • Denise Olsen (53yo)

    Independent Director

    • Tenure: 2yrs
    • Compensation: US$155.27k
  • Pat Hackett (67yo)

    Independent Director

    • Tenure: 9.9yrs
    • Compensation: US$183.50k
  • Peter Sharpe (72yo)

    Independent Director

    • Tenure: 9yrs
    • 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$5.445b
  • Market Cap: US$5.342b
  • 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

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FRNYSE (New York Stock Exchange)YesCommon StockUSUSDJun 1994
F5WDB (Deutsche Boerse AG)YesCommon StockDEEURJun 1994
FR PRKCLNYSE (New York Stock Exchange)PFD K 7.25%USUSDAug 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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/15 23:37
End of Day Share Price2019/11/15 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.