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Earnings transcript
Read the complete earnings call transcript.
FR
First Industrial Realty Trust, Inc.
$58.67
0.02
(0.03%)
[ms_data_label text=’Delayed data’]
| Exchange: | NYSE |
| Market Cap: | 7.775B |
| Shares Outstanding: | 18.627M |
About The Company
| Sector: | Real Estate | |||||
| Industry: | REIT – Industrial | |||||
| CEO: | Peter E. Baccile | |||||
| Full Time Employees: | 151 | |||||
| Address: |
| |||||
| Website: | https://www.firstindustrial.com |
First Industrial Realty Trust, Inc. (NYSE: FR) is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. Across major markets in the United States, our local market experts manage, lease, buy, (re)develop, and sell bulk and regional distribution centers, light industrial, and other industrial facility types. In total, we own and have under development approximately 64.1 million square feet of industrial space as of September 30, 2020.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 614,027 | 669,641 | 727,076 |
| Gross Profit | 448,372 | 486,820 | 164,335 |
| EBITDA | 501,172 | 557,034 | 568,829 |
| Operating Income | 244,633 | 272,417 | 307,706 |
| Net Income | 274,816 | 287,343 | 247,443 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 5,175,765 | 5,261,426 | 5,688,081 |
| Total Liabilities | 2,540,660 | 2,515,398 | 2,929,151 |
| Total Stockholders Equity | 2,562,975 | 2,665,607 | 2,758,930 |
| Total Debt | 2,246,296 | 2,226,911 | 2,572,846 |
| Cash and Cash Equivalents | 43,844 | 44,512 | 78,032 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 304,815 | 352,488 | 0 |
| Capital Expenditure | 0 | 0 | 0 |
| Free Cash Flow | 304,813 | 352,488 | 0 |
| Net Income | 285,837 | 295,988 | 247,443 |
| Net Change in Cash | -101,274 | 7,838 | -51,682 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 1,069,291.388 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 1,110,261.566 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 1,093,500 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 923,339.890 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 958,717.898 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 944,244.179 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 301,135.215 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 316,238.021 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 310,059.360 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 67,335.405 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 69,915.378 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 68,859.869 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 2.340 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 2.390 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 2.270 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 3 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 1 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Strong Financial Performance: FR reported solid results in the Q2 2025 earnings call, with key financial metrics indicating robust revenue and net income growth. This performance aligns with positive operating cash flow trends from the cash flow statements, reflecting efficient operational management.
- High Leasing Activity: The earnings call highlighted significant leasing momentum, with a high volume of new and renewal leases. This demonstrates strong demand for FR’s industrial properties and supports sustained revenue streams.
- Strategic Portfolio Positioning: As per the company profile and earnings call summary, FR benefits from a well-diversified portfolio within the industrial real estate sector, focusing on high-demand logistics and distribution centers, which positions it favorably against industry trends.
- Healthy Profit Margins: Key metrics such as gross profit margin TTM and net profit margin TTM indicate strong profitability compared to operational costs, providing a solid foundation for reinvestment and shareholder returns.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates FR intrinsic value between $39.17 – $40.71 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about FR valuation
Is First Industrial Realty Trust, Inc. (FR) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for First Industrial Realty Trust, Inc. (FR) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is FR a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether FR trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is FR’s P/E ratio?
You can see FR’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for FR?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is FR a good long-term investment?
Whether FR fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
FR
1-day price chart preview. Log in for 1W through 5Y ranges and period tabs.
[ms_data_label text="Daily snapshot"]
0.03
Trading Metrics:
| Open: | [ms_cell_or_dash table='trading_quote' column='open'] | Previous Close: | [ms_cell_or_dash table='trading_quote' column='previousClose'] | |
| Day Low: | [ms_cell_or_dash table='trading_quote' column='dayLow'] | Day High: | [ms_cell_or_dash table='trading_quote' column='dayHigh'] | |
| Year Low: | 40.31 | Year High: | 64.01 | |
| Price Avg 50: | 59.62 | Price Avg 200: | 54.87 | |
| Volume: | 751558 | Average Volume: | 1.064M |
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Login — it's freeFR full analysis
Welcome to MARKETSNAP’s SWOT analysis for First Industrial Realty Trust, Inc., also known by its ticker FR. If you’re a long-term investor looking to build wealth through smart stock picks, you’re in the right place. Today, we’re diving deep into this industrial real estate player to uncover what makes it tick, what’s holding it back, and where it could be headed. Let’s break it down with a full SWOT analysis, some recent updates, and key insights to help you decide…
