First Industrial Realty Trust Inc (FR) Fair Value & Analysis
Real Estate · US · Market cap $8.5B · ISIN US32054K1034
What is First Industrial Realty Trust Inc really worth?
First Industrial Realty Trust Inc
FR · US
A solid business, but trading 198% above our fair value of $20.72.
Strengths
Risks
For context
Fair value as of: Aug 29, 2026
From 16 valuation models · updated 6 days ago
Share price −3.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case ($22.51). The favourable scenario is already priced in.
- Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.
How to read this chart
60‑month range $37.60 – $68.86 · fair‑value band $17.08 – $22.51 · the $61.71 price screens above the $20.72 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 29, 2026.
Analysis
First Industrial Realty Trust Inc (FR) currently trades at $61.71, while our model-based Fair Value estimate is $20.72, implying the stock looks roughly 197.8% overvalued today. The Quality Score stands at 54/100 (solid quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of $31.73 per share, and 0 of the 14 models we run sit above the $61.71 price. Bear case: the Growth DCF group reads lowest at $9.36, and 14 of the 14 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, First Industrial Realty Trust Inc generated revenue of $745M at a net margin of 46.0%. Revenue grew 10.0% year over year. It earns a return on equity of 12.8%. Net debt stands at $2.5B. Fundamentals as of Aug 29, 2026
Our scenario range runs from $17.08 (bear case) to $22.51 (bull case); at $61.71, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 5% below its 52-week high and 34% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −43% fair-value upside, at −66%, FR screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $0.5109 per share, which is 2.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 16 models by family
Widest divergence: Multiples ($31.73) versus Growth DCF ($9.36). Highest evidence: FCF DCF (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 49 · Market factors (momentum, volatility) 63
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains.
Full company description
First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. In total, we own and have under development approximately 71.6 million square feet of industrial space concentrated in 15 target MSAs as of March 31, 2026. First Industrial Realty Trust, Inc. was established on August 10, 1993 and is based in Chicago, United States.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
First Industrial Realty Trust Inc reported revenue of $727M in FY2025 versus $476M in FY2021, a compound +11.2%/yr. Reported net income was $247M in FY2025, compounding −2.2%/yr from FY2021.
of which total revenue +7.0 % · buybacks/dilution −1.8 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
FR screens 198% overvalued. Compare with Prologis, Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- First Industrial Realty Trust (FR) Upgraded to Buy: Here's What You Should Know
- Is Valeo (ENXTPA:FR) Cheap After Its €750,000,000 Bond Redemption?
- First Industrial Realty Trust (FR) Stock Still Looks Discounted On Rental Cash Flow
- First Industrial Declares Common Stock Dividends
Peer Group
REIT - Industrial · 56 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Industrial median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more REIT - Industrial stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Prologis, Inc PLD | $140.70 | $61.28 | −56% |
| Public Storage, a member of the S&P 500, PSA | $311.20 | $162.43 | −48% |
| Extra Space Storage Inc EXR | $140.12 | $78.38 | −44% |
| EastGroup Properties, Inc EGP | $198.47 | $81.41 | −59% |
| Lineage, Inc LINE | $39.32 | $47.91 | +22% |
| CapitaLand Ascendas REIT (CLAR) A17U | 2.44 SGD | 2.00 SGD | −18% |
| CubeSmart CUBE | $39.73 | $25.06 | −37% |
| Rexford Industrial Realty, Inc REXR | $36.39 | $20.69 | −43% |
| STAG Industrial, Inc STAG | $37.18 | $21.64 | −42% |
| Terreno Realty Corporation TRNO | $66.59 | $36.59 | −45% |
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