First Industrial Realty Trust (FR)
NYSEReal EstateReit - IndustrialSnapshot 2026-09-04
$61.85+0.23%
Close 2026-09-04 · 1-day change
NYSEReal EstateReit - IndustrialSnapshot 2026-09-04
Broken: Recent financial performance freshly dropped to the bottom half of its industry.
First Industrial Realty Trust grows revenue about 10% yearly by acquiring properties. Profit from operations rose sharply from $55M to $152M in one year. Dividends per share increased from $0.445 to $0.50, showing steady capital return. The company has a strong track record of beating earnings estimates.
Revenue growth could slow if property acquisitions stall. Profit margins may shrink if costs rise or demand weakens. Dividend growth might pause if cash flow tightens. A recent rating downgrade signals some analyst concerns about future revenue.
The stock price is about 31% above our model's valuation and 27% below the median analyst price target. Analysts expect roughly 9% revenue growth. Our view is more cautious on valuation but aligned on growth prospects.
Breaks if: Dividend per share falls below $0.45 next year
Sustain and increase quarterly dividends to shareholders reflecting confidence in financial strength.
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment is in the real estate sector, which is facing headwinds. The current thesis state is weakened due to declining financial performance and a recent drop in company quality.
The market appears to have priced in a neutral valuation, reflecting low expectations for execution quality. There is a slight premium compared to peers, indicating that investors are cautious but not overly pessimistic.
Management is focused on increasing revenue through property acquisitions and development, which has shown some success. However, the recent financial performance has slipped, and the company has a low probability of missing earnings expectations.
The future of FR hinges on its ability to maintain guidance without cuts, the potential for the Federal Reserve to lower interest rates, and the performance of sector leaders like PLD, PSA, and EXR.
The most important moves since the prior daily snapshot.
Yes, our read has weakened. Recent financial performance dropped from the top half to the bottom half of its industry. This change indicates a weakened reason to own the company. However, there is potential for increased revenue through property acquisitions and development.
as of 2026-09-04
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Breaks if: Operating income falls below $100M next year
Breaks if: YoY revenue growth falls below 6% next year
In the next 1 to 3 years, FR's outlook will depend on its execution and external economic factors. Not investment advice.