First Industrial Realty Trust combines best-in-class margins, a Piotroski score of 8 out of 9, and four consecutive large earnings beats, but with the stock having reached the analyst consensus target and a leadership transition underway, the setup favors patience over adding to positions.
Thesis pillars
- Best In Class Margin Quality→Stable
- Sustained Earnings Outperformance↑Improving
- Stock At Analyst Target→Stable
- +1 more pillar — see the Why tab for full reasoning
First Industrial Realty Trust, (FR) Stock Analysis
Range Bound setup
Real Estate · REIT - Industrial
Wait for pullback to $63.98. Weak momentum; also recent C-suite change — blocks BUY_NOW at $65.98. Engine's entry $63.98 (Ma50 Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: Concentration risk — Property Type: industrial; Analyst target reached - limited upside remaining.
First Industrial Realty Trust is a self-administered REIT owning, managing, and developing industrial properties across 19 states, with 414 in-service properties totaling approximately 69.9 million square feet of GLA as of December 31, 2025. Revenue comes from leasing under... Read more
Wait for pullback to $63.98. Weak momentum; also recent C-suite change — blocks BUY_NOW at $65.98. Engine's entry $63.98 (Ma50 Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: Concentration risk — Property Type: industrial; Analyst target reached - limited upside remaining. Chart setup: RSI 55 mid-range, Bollinger mid-band. Maintain position. Not compelling to add more. | News modifier +2 (HOLD_IF_HOLDING → STRONG_BUY_WAIT) Score 6.0/10, moderate confidence.
Passes 5/8 gates (clean insider activity, news boost analyst 0.50, earnings proximity 83d clear, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and favorable risk/reward ratio. Suitability: moderate.
About First Industrial Realty Trust,
About First Industrial Realty Trust,
First Industrial Realty Trust's in-service portfolio at December 31, 2025 comprised 414 industrial properties totaling approximately 69.9 million square feet of GLA across 19 states and 15 key logistics markets. California (Northern California and Southern California markets combined) contributed 26.3% of 2025 consolidated NOI and Pennsylvania contributed 11.4%, together representing more than a third of the NOI base. The company employs 152 people and had approximately $726.9 million available under its $850.0 million unsecured revolving credit facility as of February 11, 2026.
First Industrial generates revenue primarily from leases, the majority under net lease terms that pass property operating expenses through to tenants in distribution, logistics, and light-manufacturing facilities. The company targets 15 key logistics markets selected for favorable industrial demand, constrained future supply, and barriers to entry from scarce developable land — factors the 10-K cites as key to long-term rent growth. The leasing strategy pursues renewal at higher rents while minimizing re-leasing costs. The $850.0 million unsecured revolving credit facility supports acquisitions and developments. Competitors include other publicly-traded industrial REITs and private investors. Coastal-market exposure — specifically Southern California, Northern California, Houston, Seattle, and South Florida — subjects properties to catastrophic weather risk from storms, earthquakes, and wildfires that the 10-K identifies as a distinct risk factor for port-adjacent holdings.
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California and Pennsylvania together accounted for 37.7% of 2025 consolidated NOI. The 10-K explicitly flags state income and property tax law changes in California as a potential adverse factor, noting that unfavorable changes in the real estate market dynamics, including changes to state income tax and property tax laws, could adversely affect the company. Many California properties are situated near ports where trade-policy disruptions — including tariffs and retaliatory actions already in effect at the filing date — could reduce tenant demand for storage of imported goods, generating higher vacancies and downward pressure on rental rates.
See also: Real Estate · REIT - Industrial
From First Industrial Realty Trust, 's most recent 10-K filing, extracted June 10, 2026.
Recent developments
updated 2026-07-30Recent Developments — First Industrial Realty Trust,
Latest news
- NEWS Should I Buy FR (First Industrial Realty Trust, Inc.) | AI Analysis, Technical & News Insights - Kavout | AI — Kavout | AI neutral
- NEWS First Industrial Realty Trust (NYSE:FR) Price Target Raised to $74.00 at Robert W. Baird - MarketBeat — MarketBeat positive
- NEWS Analysts Conflicted on These Real Estate Names: First Industrial Realty (FR) and Hang Lung Properties (OtherHLPPF) - The — The Globe and Mail neutral
- NEWS Is First Industrial Realty Trust Stock Worth Watching Now - Kalkine Media — Kalkine Media positive
- NEWS M&T Bank Corp Makes New Investment in First Industrial Realty Trust, Inc. $FR - MarketBeat — MarketBeat positive
Generated 2026-07-31T02:43:37Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHPropertyindustrial10-K Item 1A: 'Our investments in real estate assets are concentrated in the industrial sector'
- MEDIUMGeographicCalifornia26%10-K Item 1A: 'operating properties located in California (Northern California and Southern California markets) ... represented 26.3% ... of our consolidated net operating income'
- LOWGeographicPennsylvania11%10-K Item 1A: 'and Pennsylvania, our two largest regions ... represented 26.3% and 11.4%, respectively, of our consolidated net operating income'
Material Events(8-K, last 90d)
- 2026-03-27Item 5.02LOWBoard ratified 2026 Employee Bonus Plan criteria on March 25, 2026, covering CEO and senior executives. Awards based on FFO per share, same-store NOI growth, and discretionary objectives. Routine compensatory arrangement; no officer departure.SEC filing →
- 2026-03-17Item 5.02LOWBoard elected Frank E. Schmitz as director effective June 1, 2026, expanding board from 6 to 7 members. Schmitz to serve until 2027 annual meeting at standard non-employee director compensation. No reason for expansion cited beyond board size increase.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
2 floor-breakers
Priced at a premium — multiples above sector norms. Needs delivery on growth + margins to justify.static
Momentum below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Wait for pullback to $63.98. Weak momentum; also recent C-suite change — blocks BUY_NOW at $65.98. Engine's entry $63.98 (Ma50 Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: Concentration risk — Property Type: industrial; Analyst target reached - limited upside remaining. Chart setup: RSI 55 mid-range, Bollinger mid-band. Maintain position. Not compelling to add more. | News modifier +2 (HOLD_IF_HOLDING → STRONG_BUY_WAIT) Target $68.48 (+3.8%), stop $61.04 (−8.1%), A.R:R -0.6:1. Score 6.0/10, moderate confidence.
Take-profit target: $68.48 (-3.5% upside). Target $68.48 (+3.8%), stop $61.04 (−8.1%), A.R:R -0.6:1. Stop-loss: $61.04.
Concentration risk — Property Type: industrial; Analyst target reached - limited upside remaining; Expensive valuation.
First Industrial Realty Trust, trades at a P/E of 24.0 (forward 34.7). TrendMatrix value score: 3.4/10. Verdict: Buy (Wait for Entry).
26 analysts cover FR with a consensus score of 3.8/5. Average price target: $71.
What does First Industrial Realty Trust, do?First Industrial Realty Trust is a self-administered REIT owning, managing, and developing industrial properties across...
First Industrial Realty Trust is a self-administered REIT owning, managing, and developing industrial properties across 19 states, with 414 in-service properties totaling approximately 69.9 million square feet of GLA as of December 31, 2025. Revenue comes from leasing under primarily net lease arrangements; California and Pennsylvania are the two largest NOI regions at 26.3% and 11.4% of 2025 consolidated NOI.