What is the 13F Pro Quality Score for FR?

13F Pro ranks FIRST INDUSTRIAL REALTY TRUST INC (FR) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View FR's current score at https://13fpro.ai/company/FR (free sign-up required for the full ranking).

Which hedge funds own the most FR stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of FR include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, STATE STREET. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/company/FR as soon as new 13F filings post.

Where does 13F Pro source FR data?

All FIRST INDUSTRIAL REALTY TRUST INC fundamentals and ownership data come directly from SEC EDGAR. FIRST INDUSTRIAL REALTY TRUST INC files with the SEC under CIK 921825. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is FR in?

FIRST INDUSTRIAL REALTY TRUST INC (FR) is classified in the Real Estate sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/real-estate.

What drives FR's revenue?

Per FIRST INDUSTRIAL REALTY TRUST INC's latest 10-Q filed with the SEC on 2026-07-23, the biggest revenue drivers are: Same Store Properties ($179.4M, +4.9% YoY); (Re)Developments ($5.6M, +1636.3% YoY); Acquired Properties ($5.5M, +130.6% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/FR.

What are FR's largest expenses?

FIRST INDUSTRIAL REALTY TRUST INC's latest 10-Q reports these as the largest expense items: Depreciation and Other Amortization ($50.2M, +6.4% YoY); Property Expenses ($48.0M, +5.5% YoY); Interest Expense ($24.5M, +12.6% YoY). Sourced directly from SEC EDGAR filing text for Q2 FY2026 (quarter ended June 30, 2026).

How often is FR research updated on 13F Pro?

FR's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

FIRST INDUSTRIAL REALTY TRUST INC(FR)Stock Analysis

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Why FR Scores 65/100

exact factor attribution · 2026-08-29

FR's composite is driven by profitability and free cash flow, held back by earnings quality. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Profitability

+6.4 pts

92th pct

Free cash flow

+6.3 pts

92th pct

Capital efficiency

+2.3 pts

73th pct

Institutional flow

+1.1 pts

73th pct

Revenue growth

+0.9 pts

54th pct

Earnings growth

-0.1 pts

48th pct

Scale

-0.3 pts

48th pct

Shareholder dilution

-0.8 pts

34th pct

Earnings quality

-1.0 pts

40th pct

▲2

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

FR Stock Analysis & AI Quality Score

Data updated 2026-08-29

AI stock analysis and institutional research for FIRST INDUSTRIAL REALTY TRUST INC (FR), a Real Estate sector company. 13F Pro tracks FR using direct SEC EDGAR data and AI-powered research tools. Based on the latest XBRL financial filings (Q2 2026), FIRST INDUSTRIAL REALTY TRUST INC reports quarterly revenue of $194.9M, net income of $77.1M, an operating margin of 40.2%. 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 63 and 68 since 2026, currently 64.8 — a stable long-term trajectory across 45 quarterly and live scoring snapshots.

What's Driving FR's Business? Latest 10-Q Breakdown

✓ 27/27 datapoints verified

AI-extracted from FIRST INDUSTRIAL REALTY TRUST INC's 10-Q filed 2026-07-23 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Total revenue rose 8.2% YoY to $194.9M on same store growth and a 60.2% cash rent increase on new/renewal leases, while same store occupancy slipped to 94.2% from 94.8%.

Biggest Revenue Drivers

Same Store Properties$179.4M+4.9% YoY

Increases in rental rates and tenant recoveries, partially offset by a slight decrease in occupancy

(Re)Developments$5.6M+1636.3% YoY

Primarily due to an increase in occupancy

Biggest Revenue Drivers

Total revenue: $194.9M+8.2% YoY

Same Store Properties$179.4M+4.9% YoY

Increases in rental rates and tenant recoveries, partially offset by a slight decrease in occupancy

(Re)Developments$5.6M+1636.3% YoY

Primarily due to an increase in occupancy

Acquired Properties$5.5M+130.6% YoY

Five industrial properties acquired subsequent to December 31, 2024 totaling approximately 2.0 million square feet of GLA

Other$3.9M-23.2% YoY

Legal settlement proceeds received in the prior-year quarter, partially offset by higher income-producing land parcel revenue

Sold Properties$0.6M-58.6% YoY

11 industrial properties sold subsequent to December 31, 2024 totaling approximately 0.6 million square feet of GLA

Largest Expense Items

Depreciation and Other Amortization$50.2M+6.4% YoY

Higher depreciation from acquired properties ($2.5M) and (re)developments ($1.6M)

Property Expenses$48.0M+5.5% YoY

Same store expenses increased primarily due to an increase in real estate tax expense

Interest Expense$24.5M+12.6% YoY

Higher weighted average debt balance ($2,616.6M vs $2,418.2M) and higher weighted average interest rate (4.23% vs 4.10%)

General and Administrative$8.9M

Remained relatively unchanged for the quarter

Margins: Same store cash NOI grew 6.7% YoY for the quarter as rental rate gains and tenant recoveries outpaced a slight occupancy decline, while property expenses rose mainly on higher real estate taxes.

Watch Items from the Filing

Total/weighted average leases signed in Q2 2026 achieved 60.2% straight-line rent growth and 35.1% average cash rental rate growth on a six-month basis, indicating strong mark-to-market on rolling leases.
Same store average daily occupancy declined to 94.2% in Q2 2026 from 94.8% in Q2 2025.
A contested proxy campaign by Land & Buildings Investment Management drove $5.6 million of advisor, legal and consultant costs (six months ended June 30, 2026) before the nomination was withdrawn in March 2026.
$125.0 million of private placement notes and $6.1 million of public notes mature in April/May 2027, expected to be refinanced via the Unsecured Credit Facility or new debt issuance.
Company authorized a new $250 million share repurchase program on March 13, 2026 but had not repurchased any shares as of June 30, 2026.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$194.9M

Net Income

Q2 2026

$77.1M

Operating Margin

Q2 2026

40.2%

ROIC

Q2 2026

11.3%

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+8.6% YoY

$727.1MFY 2025

FY22 $539.9MFY23 $614.0MFY24 $669.6MFY25 $727.1M

Net Income

-13.9% YoY

$247.4MFY 2025

FY22 $359.1MFY23 $274.8MFY24 $287.6MFY25 $247.4M

EPS (Diluted)

-13.8% YoY

$1.87FY 2025

FY22 $2.72FY23 $2.07FY24 $2.17FY25 $1.87

Total Assets

+8.1% YoY

$5.69BFY 2025

FY22 $4.95BFY23 $5.18BFY24 $5.26BFY25 $5.69B

Op. Cash Flow

+30.9% YoY

$461.3MFY 2025

FY22 $410.9MFY23 $304.8MFY24 $352.5MFY25 $461.3M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$727.1M +8.6%	$669.6M +9.1%	$614.0M +13.7%	$539.9M +13.4%	$476.3M +6.3%	$448.0M
Net Income	$247.4M -13.9%	$287.6M +4.6%	$274.8M -23.5%	$359.1M +32.5%	$271.0M +38.3%	$196.0M
EPS (Diluted)	$1.87 -13.8%	$2.17 +4.8%	$2.07 -23.9%	$2.72 +30.1%	$2.09 +36.6%	$1.53
Total Assets	$5.69B +8.1%	$5.26B +1.7%	$5.18B +4.5%	$4.95B +18.6%	$4.18B +10.2%	$3.79B
Operating Cash Flow	$461.3M +30.9%	$352.5M +15.6%	$304.8M -25.8%	$410.9M +54.0%	$266.9M +11.0%	$240.4M

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Available Research

13F Pro tracks comprehensive data for FIRST INDUSTRIAL REALTY TRUST INC including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of FR

BlackRock, Inc.
$1.0B16,661,052 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$779.9M12,719,991 sh
STATE STREET CORP
$391.1M6,328,788 sh
VANGUARD CAPITAL MANAGEMENT LLC
$366.8M5,982,850 sh
NORGES BANK
$335.4M5,470,630 sh
CENTERSQUARE INVESTMENT MANAGEMENT LLC
$297.7M4,855,292 sh
GEODE CAPITAL MANAGEMENT, LLC
$174.9M2,851,824 sh
COHEN & STEERS, INC.
$168.0M2,740,112 sh
JPMORGAN CHASE & CO
$163.9M2,581,701 sh
PRUDENTIAL FINANCIAL INC
$160.2M2,613,042 sh

Fund	Value	Shares
BlackRock, Inc.	$1.0B	16,661,052
VANGUARD PORTFOLIO MANAGEMENT LLC	$779.9M	12,719,991
STATE STREET CORP	$391.1M	6,328,788
VANGUARD CAPITAL MANAGEMENT LLC	$366.8M	5,982,850
NORGES BANK	$335.4M	5,470,630
CENTERSQUARE INVESTMENT MANAGEMENT LLC	$297.7M	4,855,292
GEODE CAPITAL MANAGEMENT, LLC	$174.9M	2,851,824
COHEN & STEERS, INC.	$168.0M	2,740,112
JPMORGAN CHASE & CO	$163.9M	2,581,701
PRUDENTIAL FINANCIAL INC	$160.2M	2,613,042

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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. FR is classified as a mid company.

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.