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First Industrial Realty Trust, Inc.

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First Industrial Realty Trust, Inc. • NYSE
$57.24 ▼ -0.49% (-0.28)
Market Cap $7.58 B
52w High $58.17
52w Low $40.31
Dividend Yield 1.71%
P/E 31.98
Volume 387.41K
Outstanding Shares 132.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $181.43M ▲ $54.49M ▼ $65.269M ▲ 35.975% ▲ $0.49 ▲ $135.035M ▲
Q2-2025 $179.824M ▲ $77.231M ▲ $55.146M ▲ 30.667% ▲ $0.42 ▲ $125.883M ▲
Q1-2025 $177.246M ▲ $73.411M ▲ $48.067M ▼ 27.119% ▼ $0.36 ▼ $122.959M ▲
Q4-2024 $175.308M ▲ $56.436M ▲ $68.421M ▼ 39.029% ▼ $0.52 ▼ $117.864M ▲
Q3-2024 $168.156M $18.189M $99.363M 59.09% $0.75 $110.666M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $33.506M ▼ $5.508B ▲ $2.767B ▲ $2.651B ▲
Q2-2025 $34.949M ▼ $5.452B ▲ $2.718B ▲ $2.645B ▼
Q1-2025 $35.738M ▼ $5.448B ▲ $2.705B ▲ $2.651B ▼
Q4-2024 $44.512M ▼ $5.261B ▲ $2.515B ▲ $2.666B ▲
Q3-2024 $47.123M $5.201B $2.489B $2.632B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $67.364M ▲ $145.863M ▲ $-70.896M ▲ $-51.869M ▼ $1.857M ▲ $145.863M ▲
Q2-2025 $56.879M ▲ $126.054M ▲ $-76.7M ▲ $-51.815M ▼ $-2.461M ▲ $126.076M ▲
Q1-2025 $52.884M ▼ $88.566M ▲ $-213.348M ▼ $110.51M ▲ $-14.272M ▼ $88.566M ▲
Q4-2024 $70.441M ▼ $76.78M ▼ $-64.115M ▼ $-16.172M ▲ $-3.507M ▼ $76.78M ▼
Q3-2024 $102.173M $105.474M $4.374M $-101.207M $8.641M $105.474M

Five-Year Company Overview

Income Statement

Income Statement First Industrial’s income statement shows a business that has grown steadily while keeping profitability healthy. Rental income has trended upward over the past five years, with a brief dip and then a new high more recently. Profit margins look solid for an industrial REIT, suggesting good pricing power and cost control. Net income has generally improved over time, with one year standing out as unusually strong, likely helped by one‑off gains or especially favorable conditions. Overall, earnings appear consistent rather than volatile, which fits the profile of a well-managed, income-focused real estate platform.

Balance Sheet

Balance Sheet The balance sheet looks reasonably strong for a REIT that actively develops and owns properties. Total assets have grown steadily, reflecting ongoing investment in industrial real estate. Debt has increased but at a slower pace than assets and equity, which implies leverage is being managed in a disciplined way rather than stretched aggressively. Equity has risen meaningfully over time, pointing to accumulated retained value. Cash on hand is small, which is common for REITs that prefer to keep capital deployed in properties, but it does mean the company relies on access to capital markets and credit lines to fund growth.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive and has grown in line with the business, which is important for a REIT that must pay out a large portion of earnings as dividends. Free cash flow was pressured in the past by heavy development spending, but more recently it has turned clearly positive as capital spending has eased. This shift suggests a phase where the company is harvesting cash from prior investments rather than aggressively expanding the development pipeline. The main watchpoint is how future development cycles might again increase spending and temporarily compress free cash flow.

Competitive Edge

Competitive Edge First Industrial occupies a strong niche in U.S. logistics and industrial real estate, especially in high-demand, supply-constrained markets near major population and transport hubs. These locations are hard for new entrants to replicate and generally support high occupancy and solid rent growth. The company’s regional, on-the-ground management structure and focus on tenant service help deepen relationships and reduce turnover, which supports stable long-term cash flows. Its reputation in logistics properties and tenant satisfaction rankings indicate a solid, defensible position, though it still faces the usual risks of economic cycles, interest rate environments, and changing industrial space needs.

Innovation and R&D

Innovation and R&D Although not a technology company, First Industrial is leaning into innovation where it matters most for logistics real estate: sustainable, efficient, and increasingly smart buildings. Its emphasis on green, energy-efficient, often LEED-certified facilities can lower tenants’ operating costs and align with growing ESG expectations. The company is also building internal capabilities around data, analytics, and potentially AI to improve site selection, leasing strategy, and property management. Future upside could come from deeper adoption of smart-building systems, sensor technology, and automation-ready designs, but much of this remains in early stages and should be watched over time rather than assumed.

Summary

First Industrial Realty Trust appears to be a disciplined industrial REIT with a clear strategy: own and develop modern logistics properties in hard-to-enter, high-demand markets, with a strong tilt toward sustainability and tenant service. Financially, it shows steady revenue growth, solid profitability, and a balance sheet that reflects controlled use of debt alongside growing equity. Cash generation is healthy, particularly now that heavy development spending has moderated, though future growth phases could again increase investment needs. Its competitive strength rests on location quality, operational execution, and a tenant-centric culture, with sustainability and emerging data-driven tools adding to its long-term appeal. Key uncertainties revolve around the economic cycle, interest rate conditions, the pace of e-commerce and logistics trends, and how effectively the company turns its innovation ambitions into concrete financial benefits.

NEWS

October 29, 2025 · 4:20 PM UTC

First Industrial Realty Trust Declares Common Stock Dividends

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October 15, 2025 · 4:31 PM UTC

FIRST INDUSTRIAL REALTY TRUST REPORTS THIRD QUARTER 2025 RESULTS

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September 23, 2025 · 11:01 AM UTC

First Industrial Realty Trust To Host Third Quarter 2025 Results Conference Call On October 16

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