First Industrial Realty Trust

FR

Market cap $7.48B

First Industrial Realty Trust (FR) remains an attractive buy despite recent gains, with a compelling valuation and positive risk-return profile. FR's 5.70% cap rate versus a 5.47% WACC provides a positive, though narrowing, investment spread. The stock's total return of 14.8% far exceeds its 5.74% cost of equity, reflecting strong shareholder value and management discipline.

Falling Fed Funds rates and attractive REIT yields, along with technicals, make REITs increasingly appealing. Industrial REITs show robust fundamentals, with high occupancy, minimal delinquencies, excellent revenue growth, and strong leasing spreads, earning the designation as Winners of REIT Earnings Season. This article examines each company in the sector for liquidity, FFO growth, cash flow growth, and dividend growth, to single out one company as the best investment right now.

CHICAGO , Oct. 29, 2025 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of industrial real estate, today announced that its board of directors declared a common stock dividend of $0.445 per share/unit for the quarter ending December 31, 2025 payable on January 20, 2026 to stockholders of record on December 31, 2025. About First Industrial Realty Trust, Inc. First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties.

Real estate earnings season kicks into gear this week, and over the next month, we'll hear results from 175 equity REITs, 40 mortgage REITs, and dozens of housing industry companies. One step forward, one back: Matching the stubborn performance pattern seen last year, REITs rallied ahead of the Fed's September rate cut but stumbled into the start of earnings season. In this report, we focus specifically on property-level fundamentals, previewing and forecasting REIT earnings performance based on an analysis of recent indicators across various sources.

U.S. equity markets rebounded this past week as the White House resumed negotiations with China following a major tariff threat, while investors focused on bank earnings that raised some eyebrows. Consistent with the "risk-off" theme that has prevailed amid the ongoing federal government shutdown with no resolution in sight, short-term Treasury yields receded to the lowest levels in three years. Buoyed by a dip in benchmark rates, real estate equities led the rebound this week after REIT earnings season began on a positive note with surprisingly strong industrial REIT results.

First Industrial Realty Trust, Inc. (NYSE:FR ) Q3 2025 Earnings Call October 16, 2025 11:00 AM EDT Company Participants Art Harmon - Senior Vice President of Investor Relations & Marketing Peter Baccile - President, CEO & Director Scott Musil - CFO, Senior VP, Treasurer & Assistant Secretary Johannson Yap - Co-Founder, Chief Investment Officer & Executive VP of West Region Christopher Schneider - Executive VP of Operations & Chief Information Officer Peter Schultz - Executive Vice President of East Region Conference Call Participants Robert Stevenson - Janney Montgomery Scott LLC, Research Division Nicholas Thillman - Robert W. Baird & Co. Incorporated, Research Division Todd Thomas - KeyBanc Capital Markets Inc., Research Division Craig Mailman - Citigroup Inc., Research Division Viktor Fediv - Scotiabank Global Banking and Markets, Research Division Blaine Heck - Wells Fargo Securities, LLC, Research Division Vikram Malhotra - Mizuho Securities USA LLC, Research Division Richard Anderson - Cantor Fitzgerald & Co., Research Division Caitlin Burrows - Goldman Sachs Group, Inc., Research Division Vince Tibone - Green Street Advisors, LLC, Research Division Michael Mueller - JPMorgan Chase & Co, Research Division Michael Carroll - RBC Capital Markets, Research Division Jonathan Petersen - Jefferies LLC, Research Division Brendan Lynch - Barclays Bank PLC, Research Division Presentation Operator Good day, and welcome to the First Industrial Realty Trust, Inc. Third Quarter 2025 Results Call.

First Industrial Realty Trust (FR) came out with quarterly funds from operations (FFO) of $0.76 per share, beating the Zacks Consensus Estimate of $0.74 per share. This compares to FFO of $0.68 per share a year ago.

Signed 772,000 SF of New Leases for Development Projects in the Third Quarter and Fourth Quarter To-Date Remaining 501,000 SF at Building C at Our Camelback 303 JV in Phoenix in 3Q25 56,000 SF at First Park Miami Building 3 in South Florida in 3Q25 159,000 SF at First Harley Knox Logistics Center in the Inland Empire in 4Q25 57,000 SF at First Park Miami Building 12 in South Florida in 4Q25 32% Cash Rental Rate Increase on Leases Signed To-Date Commencing in 2025; 37% Increase Excluding 1.3 MSF Fixed-Rate Renewal 31% Cash Rental Rate Increase on Leases Signed To-Date Commencing in 2026 2025 NAREIT FFO Guidance Increased $0.04 at the Midpoint to $2.94 to $2.98 Per Share/Unit CHICAGO , Oct. 15, 2025 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, today announced results for the third quarter of 2025. First Industrial's diluted net income available to common stockholders per share (EPS) was $0.49 in the third quarter, compared to $0.75 a year ago and third quarter funds from operations (FFO) was $0.76 per share/unit on a diluted basis, compared to $0.68 per share/unit a year ago.

U.S. equity markets tumbled in a sudden jolt of volatility as investors - already flying blind on key data - reacted to a surprise, massive tariff announcement on Chinese imports. The White House announced a 100% added tariff on all Chinese imports beginning next month - up from 30% currently - as retaliation to new export controls on rare minerals. The CBOE Volatility Index surged to the highest levels since mid-May in a sudden onset of angst following several months of relatively tranquil market conditions.

First Industrial Realty remains attractive despite recent underperformance, offering a 3.4% dividend yield and strong balance sheet fundamentals. FR's West Coast exposure poses risks from trade policy and tariffs, but overall import levels have held up better than feared. Occupancy has dipped due to new supply, but FR outperforms industry averages and expects stabilization as construction activity slows.