First Industrial Realty Trust (FR)
Owner and developer of industrial and logistics buildings leased to supply-chain tenants in targeted U.S. markets.
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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
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 1, 2026 | Wells Fargo | Reiterate | Rating: —Target: — | Target: $66 |
| Aug 12, 2026 | Scotiabank | Reiterate | Rating: —Target: $62 | Target: $66 |
| Aug 3, 2026 | RBC Capital | Reiterate | Rating: —Target: $66 | Target: $75 |
| Jul 29, 2026 | Robert W. Baird | Target | Target: $68 | Target: $74 |
| Jul 27, 2026 | Truist Financial | Target | Target: $67 | Target: $73 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $37.1M · Total debt $2.57B · Total assets $5.78B · Shareholders' equity $2.78B
- Revenue
- $194.9M
- Operating income
- $87.9M
- Net income
- $77.1M
HistoryDividendAnnual yieldUpcoming
| Institutions | ≈ 101.72% | 134.86M shares | |
|---|---|---|---|
| 497 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.13% | 178.3K shares | |
| 5 holders · as of Jul 27, 2026 | |||
| Adds to | 101.85% | ||
132.57M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 101.85%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 12.57% | 16.66M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 9.59% | 12.72M | as of Jun 30, 2026 |
State Street CorpInstitution | 4.77% | 6.33M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.51% | 5.98M | as of Jun 30, 2026 |
Norges BankInstitution | 4.13% | 5.47M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Dec 17, 2025 | Johannson L. Yap | officer: Chief Investment Officer | −680 | $58.37 |
- 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
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| First Industrial Realty Trust | $61.86 | −0.05% | $8.20B | 22.6 | 34.6 | 10.8 | +8.2% |
| Prologis | $135.37 | −0.38% | $126.84B | 30.3 | 38.6 | 13.8 | +7.5% |
| Rexford Industrial | $38.46 | +0.60% | $8.74B | — | 34.0 | 8.9 | +0.6% |
| Terreno Realty | $66.69 | +0.44% | $7.06B | 17.8 | 36.8 | 14.0 | +11.1% |
| EastGroup Properties | $204.46 | +0.50% | $10.94B | 35.7 | 37.0 | 14.5 | +9.1% |
| STAG Industrial | $37.36 | +0.11% | $7.20B | 28.7 | 74.5 | 8.2 | +7.8% |
| LXP Industrial Trust | $60.87 | −0.01% | $3.59B | 60.9 | 539.5 | 10.3 | +0.5% |
| Median | 30.3 | 37.8 | 12.1 | +7.6% |