First Industrial Realty Trust
Owner and developer of industrial and logistics buildings leased to supply-chain tenants in targeted U.S. markets.
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Profile
Owns, develops, and acquires industrial and logistics real estate leased to supply-chain tenants across a focused set of coastal-leaning U.S. metro markets, having narrowed its footprint and rebuilt an investment-grade balance sheet after a near-collapse during the housing-era credit crisis.
Owns, develops, and acquires industrial and logistics buildings leased to multinational and regional supply-chain tenants, concentrated in a focused set of coastal-leaning U.S. metro markets known for constrained land supply.
Grew out of a 1994 roll-up of Midwestern industrial holdings from several regional developers into one of the first publicly listed industrial REITs. A severe capital-markets shock later forced new leadership, a multi-year dividend suspension, and a sweeping cost-cutting turnaround before the common dividend was reinstated.
The portfolio is now concentrated across 15 target metropolitan markets, with California and Pennsylvania the largest sources of operating income. As a REIT, taxable income must be distributed to shareholders each year, and continuous disposition of older assets funds redevelopment of the rest of the portfolio.
Company facts
Categories
Key statistics
Year to date +7.0% · Average volume (30d) 892.4K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 12, 2026 | Scotiabank | Reiterate | Sector Perform | $62 | $66 |
| Aug 3, 2026 | RBC Capital | Reiterate | Outperform | $66 | $75 |
| Jul 29, 2026 | Robert W. Baird | Target | $68 | $74 | |
| Jul 27, 2026 | Truist Financial | Target | $67 | $73 | |
| Jul 27, 2026 | Cantor Fitzgerald | Reiterate | Neutral | $65 | $71 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 22, 2026Q2 FY26 | $0.44 | $0.58 | +31.0% | $195.8M | $194.9M | −0.4% | −2.04% |
| Apr 22, 2026Q1 FY26 | $0.33 | $1.08 | +228.8% | $191.0M | $194.8M | +2.0% | −0.79% |
| Feb 4, 2026Q4 FY25 | $0.42 | $0.77 | +83.3% | $186.2M | $188.4M | +1.2% | +2.24% |
| Oct 15, 2025Q3 FY25 | $0.74 | $0.76 | +2.7% | $186.2M | $181.4M | −2.6% | +1.40% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $177.2M | $179.8M | $181.4M | $188.4M | $194.8M | $194.9M | |
| Gross profit | $128.7M | $134.3M | $135.2M | $39.6M | $41.1M | $146.8M | |
| Operating income | $55.3M | $57.0M | $80.8M | $79.1M | $68.1M | $87.9M | |
| Net income | $48.1M | $55.1M | $65.3M | $78.8M | $143.1M | $77.1M | |
| Diluted EPS | $0.36 | $0.42 | $0.49 | $0.59 | $1.08 | $0.58 | |
| Gross margin | 72.6% | 74.7% | 74.5% | 21.0% | 21.1% | 75.3% | |
| Operating margin | 31.2% | 31.7% | 44.5% | 42.0% | 35.0% | 45.1% |
Fiscal years (4-quarter sums)FY21 $476.1M · FY22 $539.8M · FY23 $618.2M · FY24 $672.2M · FY25 $726.9M
Balance sheet, Jun 30, 2026Cash & short-term investments $37.1M · Total debt $2.57B · Total assets $5.78B · Shareholders' equity $2.78B
Dividends
Raised for 12 straight years — most recently to $0.50 from $0.445 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 20 | $0.50 | |
| Mar 31, 2026 | Mar 31 | Apr 20 | $0.50 | raised from $0.445 |
| Dec 31, 2025 | Dec 31 | Jan 20 | $0.445 | |
| Sep 30, 2025 | Sep 30 | Oct 20 | $0.445 | |
| Jun 30, 2025 | Jun 30 | Jul 21 | $0.445 | |
| Mar 31, 2025 | Mar 31 | Apr 21 | $0.445 | raised from $0.37 |
| Dec 31, 2024 | Dec 31 | Jan 21 | $0.37 | |
| Sep 30, 2024 | Sep 30 | Oct 21 | $0.37 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 132.57M · Float 131.69M · 99.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 16.66M | 12.57% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 12.72M | 9.59% | 13F | Aug 13, 2026 |
| State Street Corp | 6.33M | 4.77% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 5.98M | 4.51% | 13F | Aug 13, 2026 |
| Norges Bank | 5.47M | 4.13% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Dec 17, 2025 | Johannson L. Yap | officer: Chief Investment Officer | −680 | $58.37 |
Peers
- Prologis
Global-scale logistics landlord overlapping in nearly every target market
- Rexford Industrial
Pure-play Southern California industrial REIT in the same submarkets
- Terreno Realty
Six-market coastal industrial REIT mirroring the same coastal-tilt strategy
- EastGroup Properties
Sunbelt shallow-bay multi-tenant industrial REIT across TX, FL, AZ
- STAG Industrial
National single-tenant industrial REIT sharing Chicago as top market
- LXP Industrial Trust
Sunbelt single-tenant industrial REIT overlapping in Houston and Atlanta
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| First Industrial Realty Trust | $61.94 | 0.00% | $8.21B | 22.6 | 35.3 | 10.8 | +8.2% |
| Prologis | $140.35 | −0.29% | $131.32B | 31.3 | 40.4 | 14.3 | −0.3% |
| Rexford Industrial | $37.00 | −0.39% | $8.49B | — | 33.1 | 8.6 | −2.6% |
| Terreno Realty | $66.59 | +0.02% | $7.08B | 17.9 | 36.8 | 14.1 | +11.1% |
| EastGroup Properties | $200.00 | −0.01% | $10.75B | 35.1 | 36.2 | 14.3 | +9.1% |
| STAG Industrial | $37.18 | +0.01% | $7.17B | 28.6 | 74.1 | 8.1 | +7.7% |
| LXP Industrial Trust | $60.69 | 0.00% | $3.58B | 60.7 | 538.0 | 10.3 | −0.7% |
| Median | 31.3 | 38.6 | 12.2 | +3.7% |