FIRST INDUSTRIAL REALTY TRUST INC(FR)Stock Analysis
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Rank #459 of 2,879 stocksTOP 25%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
FR Stock Analysis & AI Quality Score
AI stock analysis and institutional research for FIRST INDUSTRIAL REALTY TRUST INC (FR), a Real Estate sector company. 13F Pro's AI-powered ranking engine scores FR at 67.5/100 on a 32-signal composite quality model, placing it at rank #459 of 2,879 stocks — the top 25% of the AI-ranked universe. FR scores in the top quartile across free cash flow (94.2), profitability (93.3). Areas of concern include institutional flow (5.8), which score below median versus the broader universe. Shareholder dilution risk is elevated at 35.1/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), FIRST INDUSTRIAL REALTY TRUST INC reports quarterly revenue of $194.8M, net income of $143.1M, free cash flow of $88.9M. Top institutional holders of FR by reported 13-F value include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, STATE STREET, based on the most recent SEC filings. FR trades on the NYSE exchange and files with the SEC under CIK 921825. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate FR daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for FIRST INDUSTRIAL REALTY TRUST INC directly from SEC EDGAR. FIRST INDUSTRIAL REALTY TRUST INC's 13F Pro composite quality score has ranged between 66 and 72 since 2026, currently 67.5 — a stable long-term trajectory across 10 quarterly and live scoring snapshots.
What's Driving FR's Business? Latest 10-Q Breakdown
AI-extracted from FIRST INDUSTRIAL REALTY TRUST INC's 10-Q filed 2026-04-24 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Q1 net income surged to $147.9M from $52.9M YoY, driven by $109M gain from Phoenix land lease reclassification; lease spreads jumped 31.7% with 94.3% occupancy.
Biggest Revenue Drivers
Total revenue: $194.8M+10.0% YoY
Increases in rental rates and tenant recoveries on same store properties, plus contributions from four acquired properties totaling 1.9M sq ft.
Decrease due to Joint Venture sale of remaining real estate assets during 2025.
Largest Expense Items
Increases in real estate taxes and repairs/maintenance on same stores; expenses from four acquired properties.
Depreciation from acquired properties and completed developments.
$5.6M of costs related to proxy contest advisory fees (financial advisors, legal counsel, consultants).
Margins: Operating margin benefited from strong same-store NOI growth of 8.7% YoY on a cash basis, reflecting 31.7% rent growth on new/renewal leases. The $109M gain on the Phoenix lease reclassification significantly boosted overall profitability; excluding this one-time item, normalized operating performance shows healthy underlying margin improvement.
Watch Items from the Filing
- $109M one-time gain from Phoenix land lease reclassification expected to close June 2026 masks underlying operational performance; investors should separate recurring vs. nonrecurring results.
- Joint Venture disposed of all remaining real estate assets in 2025; equity income declined 96.9% YoY, reducing future earnings contributions from this investment.
- Proxy contest advisory costs of $5.6M incurred in Q1 2026 related to contested campaign; contest withdrawn in March 2026 but may signal governance concerns.
- Four development projects under construction totaling 0.7M sq ft with $124.2M aggregate investment; $57.3M remains to be funded, subject to completion cost overrun risk.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$194.8M
Net Income
Q1 2026
$143.1M
Free Cash Flow
Q1 2026
$88.9M
ROIC
Q1 2026
5.5%
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+40.6% YoYNet Income
+6.1% YoYEPS (Diluted)
+3.8% YoYTotal Assets
+25.9% YoYTotal Debt
Op. Cash Flow
+32.1% YoY| Metric | FY 2024 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|
| Revenue | $669.6M +40.6% | $476.3M +6.3% | $448.0M +5.2% | $426.0M +5.5% | $404.0M +1.9% | $396.4M |
| Net Income | $287.6M +6.1% | $271.0M +38.3% | $196.0M -17.9% | $238.8M +46.3% | $163.2M -19.0% | $201.5M |
| EPS (Diluted) | $2.17 +3.8% | $2.09 +36.6% | $1.53 -18.6% | $1.88 +43.5% | $1.31 -22.5% | $1.69 |
| Total Assets | $5.26B +25.9% | $4.18B +10.2% | $3.79B +7.8% | $3.52B +12.0% | $3.14B +6.9% | $2.94B |
| Total Debt | — | — | — | — | — | $1.30B |
| Operating Cash Flow | $352.5M +32.1% | $266.9M +11.0% | $240.4M -2.1% | $245.5M +16.6% | $210.5M +9.3% | $192.6M |
AI Insight: FR Financial Trends
FR delivered steady revenue growth with quarterly revenue rising from $164M in Q2 2024 to $195M in Q1 2026, though operating cash flow remains volatile.
• Revenue grew consistently from $164M in Q2 2024 to $195M in Q1 2026, representing 19% growth over eight quarters.
• Net income surged to $143M in Q1 2026, the highest level in the data set, up from $79M in Q4 2025.
• Equity increased from $2,601M in Q2 2024 to $2,758M in Q1 2026, reflecting strengthening shareholder value.
⚠ Operating cash flow dropped to $89M in Q1 2026 from $122M in Q4 2025, showing continued volatility.
⚠ Cash flow has fluctuated widely between $77M and $126M across quarters, indicating operational inconsistency.
AI Insight: FR Ratio Trends
First Industrial's profitability surged dramatically in Q1 2026 with operating margin jumping to 77.9% from 34.6% in the prior quarter.
• Operating margin spiked to 77.9% in Q1 2026, the highest level across the dataset, up from 34.6% in Q4 2025.
• Net profit margin reached 73.5% in Q1 2026, substantially higher than the 41.9% recorded in Q4 2025.
• ROIC expanded to 22.0% in Q1 2026 from 9.8% in Q4 2025, marking the strongest return efficiency in the period.
• ROE climbed to 20.8% in Q1 2026, up from 11.8% in the previous quarter and well above historical levels.
⚠ Extreme margin volatility with operating margin ranging from 31.2% to 77.9% across quarters suggests potential one-off impacts.
⚠ TTM operating margin of 45.8% significantly trails the Q1 2026 quarterly figure of 77.9%, indicating recent performance may not be sustainable.
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Available Research
13F Pro tracks comprehensive data for FIRST INDUSTRIAL REALTY TRUST INC including:
Top Institutional Holders of FR
BlackRock, Inc.
$966.5M16,707,768 shVANGUARD PORTFOLIO MANAGEMENT LLC
$729.9M12,617,830 shSTATE STREET CORP
$371.3M6,363,262 shVANGUARD CAPITAL MANAGEMENT LLC
$343.0M5,929,282 shCENTERSQUARE INVESTMENT MANAGEMENT LLC
$249.2M4,307,567 shInvesco Ltd.
$199.2M3,443,458 shGEODE CAPITAL MANAGEMENT, LLC
$161.3M2,787,711 shPRUDENTIAL FINANCIAL INC
$161.3M2,787,938 shCHARLES SCHWAB INVESTMENT MANAGEMENT INC
$148.4M2,564,958 shCBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC
$128.9M2,228,576 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $966.5M | 16,707,768 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $729.9M | 12,617,830 |
| STATE STREET CORP | $371.3M | 6,363,262 |
| VANGUARD CAPITAL MANAGEMENT LLC | $343.0M | 5,929,282 |
| CENTERSQUARE INVESTMENT MANAGEMENT LLC | $249.2M | 4,307,567 |
| Invesco Ltd. | $199.2M | 3,443,458 |
| GEODE CAPITAL MANAGEMENT, LLC | $161.3M | 2,787,711 |
| PRUDENTIAL FINANCIAL INC | $161.3M | 2,787,938 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $148.4M | 2,564,958 |
| CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC | $128.9M | 2,228,576 |
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Popular Research
Is FR a good stock to buy?
13F Pro's AI-powered analysis of FIRST INDUSTRIAL REALTY TRUST INC (FR) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Real Estate sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for FR are available on the FR stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own FR?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling FR. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of FIRST INDUSTRIAL REALTY TRUST INC's investment landscape.