First Industrial Realty Trust Inc. Common Stock (FR)

FairStock Score: 54/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach First Industrial as a landlord of logistics warehouses, not a technology story. It owns or is developing about 72.1 million square feet across 15 U.S. markets with only 151 employees, so the model is focused and lean. The moat is modest: a concentrated portfolio in target MSAs and a lean platform, but the data do not prove strong pricing power. Revenue has marched up—$614.0M in fiscal 2023, $669.6M in fiscal 2024, and $727.1M in fiscal 2025. Profit has not: net income was $274.8M, then $287.6M, then $247.4M in those same years. The latest filed quarter, fiscal Q2 2026 ended 2026-06-30, showed $194.9M revenue and $77.1M net income, versus $180.2M and $55.2M in the fiscal Q2 2025 period. That rebound is encouraging. For a REIT, P/E is distorted by depreciation, and FFO/AFFO are not in this data. At the 2026-10-13 close, FairStock shows P/B of 2.86, dividend yield of 3.24%, FCF yield of 5.7%, D/E of 0.90, Altman Z of 1.79, ROE of 13.63%, and ROCE of 3.52%. FairStock also calls it a slow grower, with 4.8% annual profit growth over five years. The price reflects a fair amount of quality, and leverage plus uneven profit growth keep me cautious. I would want FFO/AFFO and balance-sheet detail before calling it a bargain.

In plain English: First Industrial owns warehouses and logistics buildings in the U.S. The business looks reasonably strong: revenue has grown and the latest quarter's profit rose a lot, but profit dropped in fiscal 2025 and the company uses meaningful debt. At $59.86, the price looks fair to somewhat expensive compared with its accounting value and earnings, though the dividend offers some income.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer