First Industrial Realty Trust, Inc. (FR) Stock

First Industrial Realty Trust, Inc. (FR) is a Real Estate stock trading at $62.93 (as of 2026-08-21), with a market capitalization of $8.34B and a trailing P/E of 19.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

First Industrial Realty Trust, Inc. (FR) owns, operates, and develops industrial real estate across major U.S. markets. The company manages, leases, buys, (re)develops, and sells industrial facilities such as distribution centers and light industrial properties, serving multinational corporations and regional customers.

Understand First Industrial Realty Trust, Inc.: how it makes money

First Industrial Realty Trust owns, operates, and develops industrial real estate, earning money by leasing and managing industrial facilities and by buying, (re)developing, and selling properties for multinational and regional customers.

The company monetizes industrial properties through multiple stages, leasing and managing what it owns, while also generating value through buying and (re)development, plus selling bulk and regional distribution centers and other industrial facility types.

Business quality (Strong): Strong integrated owner, operator, and developer model across major U.S. markets, but the provided dataset does not include reportable segment revenue detail or operating KPIs, limiting how directly you can track the profit drivers beyond overall operating performance.

Valuation: At 24× earnings, FR trades 29% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

  • Fully integrated model: The company is an owner, operator, and developer of industrial real estate, handling leasing and customer service along with buying, (re)development, and selling.
  • Broad industrial focus: It manages, leases, buy(s), (re)develop(s), and sell(s) multiple industrial facility types, including bulk and regional distribution centers and light industrial.

Bear case

  • Real estate cycle exposure: Because it owns and develops industrial properties, results can be affected by changes in industrial real estate market conditions.
  • Execution risk across development and sales: The business includes development and selling activities, which can introduce timing and execution risk compared with a pure leasing model.
Valuation — source: SEC EDGAR (first-party)
Price$62.93
Market Cap$8.34B
P/E Ratio19.2
EV / EBITDA12.8
Price / Book2.91
Price / Sales10.89
DCF Value (model)$130.17
DCF Upside vs Price106.8%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$727.08M
Net Margin34.0%
Revenue Growth (YoY)8.6%
EPS Growth (YoY)-13.8%
Valuation vs Sector & Industry
Stock P/E19.2
Sector P/E (Real Estate)27.2
Industry P/E (Trading)35.3
vs Sector-29.2%
vs Industry-45.5%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($1.11B)
Institutional Holders Tracked10
Congressional Trades (recent)2
Company
SectorReal Estate
IndustryTrading
CEOArthur J. Harmon
Employees151
CountryUS
IPO Date1994-06-24

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

  • Alexandria Real Estate Equities, Inc. (ARE)
  • CubeSmart (CUBE)
  • Brixmor Property Group Inc. (BRX)
  • Agree Realty Corporation (ADC)
  • NNN REIT, Inc. (NNN)
  • JanOne Inc. (JAN)
  • Rexford Industrial Realty, Inc. (REXR)
  • Ryman Hospitality Properties, Inc. (RHP)
FR earnings history · FR institutional & insider holders · FR KPIs & operating metrics · FR financials · FR investor presentations & press releases · FR SEC filings · FR peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.