# First Industrial Realty Trust, Inc. (FR)

> Source: Nexqual · https://nexqual.com/FR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, First Industrial Realty Trust, Inc. (FR), nexqual.com/FR" · informational, not investment advice.

**Price:** USD 55.29 (-6.92% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 59.4 · day 55.03–57.55 · 52w 54.23–69.88 · market cap $7.58B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $775M, net income $358M (46.1% margin) (SEC filings).
- Valuation: P/E 21.2x (avg 26.4x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold FR (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.24 on a 1–5 scale) (17 analysts), mean target USD 70.31 (range 62–86).
- Total return with dividends: 1Y +2.5% vs S&P 500 +14.9%; 5Y +9.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 0.44, revenue estimate $201M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $476M | $540M | $614M | $670M | $727M | $775M |
| Net income | $271M | $359M | $275M | $288M | $247M | $358M |
| EPS (diluted) | $2.09 | $2.72 | $2.07 | $2.17 | $1.87 | — |
| Net margin | 56.9% | 66.5% | 44.8% | 42.9% | 34.0% | 46.1% |
| Revenue growth | +6.3% | +13.4% | +13.7% | +9.1% | +8.6% | — |
| Cash + short-term investments | $58.6M | $133M | $43.8M | $44.5M | $78.0M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 21.2x · P/S 9.8x · P/B 2.7x · Earnings yield 4.72% · Dividend yield (paid, TTM) 3.39%
P/E at fiscal year-ends: Dec 2025 30.7x, Dec 2024 23.1x, Dec 2023 25.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold FR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Third Avenue Management |  | 0.76% | $4.8M | Reduced -4.3% |

## Analysts
Consensus Buy (mean 2.24 on a 1–5 scale), 17 analysts; mean target USD 70.31 (low 62, high 86).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-23 | Raymond James | Downgrade | Strong Buy → Outperform | $86 → $71 |
| 2026-09-01 | Wells Fargo | Target raised | Equal-Weight | $61 → $66 |
| 2026-08-12 | Scotiabank | Target raised | Sector Perform | $63 → $66 |
| 2026-08-03 | RBC Capital | Target raised | Outperform | $68 → $75 |
| 2026-07-29 | Baird | Target raised | Outperform | $71 → $74 |
| 2026-07-28 | Citigroup | Target raised | Neutral | $63 → $72 |
| 2026-07-28 | Truist Securities | Target raised | Buy | $67 → $73 |
| 2026-07-16 | Barclays | Target raised | Equal-Weight | $64 → $69 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +2.5% | +9.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +2.5% | +1.8% |
| Volatility (annualized) | 19.8% | 23.5% |
| Max drawdown | -19.0% (Jul 2026→Oct 2026) | -35.9% (Dec 2021→Oct 2023) |

## Peers (REIT - Industrial)
STAG (Stag Industrial, Inc.) USD 36.51 +0.14% · TRNO (Terreno Realty Corporation) USD 65.64 +0.12% · REXR (Rexford Industrial Realty, Inc.) USD 36.28 -1.41% · LINE (Lineage, Inc.) USD 35.09 +2.42% · CUBE (CubeSmart) USD 40.15 +3.05% · EGP (EastGroup Properties, Inc.) USD 202.7 -0.30%

## More
Full page: https://nexqual.com/FR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-10-21)

- "Increased $0.01 at the Midpoint • 2026 Cash Same Store NOI Growth Guidance Increased 75 Basis Points at the Midpoint to 6.5% CHICAGO, October 21, 2026 – First Industrial Realty Trust, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.44 | $0.45 | -2.7% | $200.8M | 3 |
| Next quarter (ends 2027-03-31) | $0.38 | $0.40 | -4.4% | $206.0M | 3 |
| Current fiscal year (ends 2026-12-31) | $2.52 | $1.76 | +42.6% | $790.2M | 2 |
| Next fiscal year (ends 2027-12-31) | $1.82 | $1.89 | -3.6% | $836.6M | 3 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 23.8% | ±5.4% |
| 2026-12-18 | 56 | 22.2% | ±7.1% |
| 2027-03-19 | 147 | 25.2% | ±12.8% |
| 2027-06-17 | 237 | 22.9% | ±15.1% |