NYSE : FR
First Industrial Realty Trust, Inc. — Financial statements
Real Estate · REIT - Industrial · United States
Last price 54.41 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 7.46B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 771.09M | 719.22M | 660.97M | 602.29M | 532.24M | 473.24M |
| Other Revenue | 4.79M | 8.34M | 11.21M | 15.91M | 122.63M | 2.89M |
| Total Revenue | 775.88M | 727.56M | 672.18M | 618.20M | 654.87M | 476.13M |
| Property Expenses | 203.63M | 192.11M | 184.35M | 169.32M | 144.57M | 131.30M |
| Selling, General & Administrative | 49.49M | 41.95M | 40.94M | 37.12M | 33.97M | 34.61M |
| Depreciation & Amortization | 199.90M | 185.32M | 171.94M | 162.95M | 147.42M | 130.95M |
| Total Operating Expenses | 453.03M | 419.37M | 397.22M | 369.39M | 325.96M | 296.86M |
| Operating Income | 322.85M | 308.19M | 274.96M | 248.81M | 328.91M | 179.27M |
| Interest Expense | -101.06M | -89.92M | -86.62M | -77.96M | -52.20M | -47.53M |
| EBT Excluding Unusual Items | 221.79M | 218.27M | 188.34M | 170.84M | 276.71M | 131.74M |
| Gain (Loss) on Sale of Investments | 30.53M | 34.18M | 1.76M | 28.03M | ||
| Gain (Loss) on Sale of Assets | 135.03M | 26.91M | 111.97M | 95.65M | 128.27M | 150.31M |
| Pretax Income | 387.34M | 279.36M | 302.06M | 294.53M | 404.98M | 282.05M |
| Income Tax Expense | 12.26M | 15.28M | 6.08M | 8.69M | 23.36M | 4.88M |
| Earnings From Continuing Operations | 375.09M | 264.08M | 295.99M | 285.84M | 381.61M | 277.17M |
| Minority Interest in Earnings | -17.49M | -16.64M | -8.43M | -11.02M | -22.48M | -6.17M |
| Net Income | 357.60M | 247.44M | 287.55M | 274.82M | 359.13M | 271.00M |
| Preferred Dividends & Other Adjustments | 172.00K | 146.00K | 211.00K | 232.00K | 348.00K | 299.00K |
| Net Income to Common | 357.42M | 247.30M | 287.34M | 274.58M | 358.79M | 270.70M |
| Basic Shares Outstanding | 132.57M | 132.45M | 132.37M | 132.26M | 132.02M | 129.69M |
| Diluted Shares Outstanding | 132.64M | 132.51M | 132.42M | 132.34M | 132.10M | 129.78M |
| EPS (Basic) | 2.70 | 1.87 | 2.17 | 2.08 | 2.72 | 2.09 |
| EPS (Diluted) | 2.70 | 1.87 | 2.17 | 2.07 | 2.72 | 2.09 |
| Dividend Per Share | 1.95 | 1.78 | 1.48 | 1.28 | 1.18 | 1.08 |
| Operating Margin | 41.61% | 42.36% | 40.91% | 40.25% | 50.22% | 37.65% |
| Profit Margin | 46.07% | 33.99% | 42.75% | 44.42% | 54.79% | 56.85% |
| EBITDA | 532.00M | 503.27M | 451.25M | 413.32M | 481.23M | 318.32M |
| EBITDA Margin | 68.57% | 69.17% | 67.13% | 66.86% | 73.48% | 66.86% |
| D&A For Ebitda | 209.14M | 195.08M | 176.29M | 164.51M | 152.32M | 139.06M |
| EBIT | 322.85M | 308.19M | 274.96M | 248.81M | 328.91M | 179.27M |
| EBIT Margin | 41.61% | 42.36% | 40.91% | 40.25% | 50.22% | 37.65% |
| Funds From Operations (FFO) | 419.94M | 403.82M | 360.13M | 322.67M | 301.17M | 255.96M |
| FFO Per Share | 3.08 | 2.96 | 2.65 | |||
| Adjusted Funds From Operations (AFFO) | 334.87M | 333.47M | 294.49M | 322.67M | 301.17M | 255.96M |
| AFFO Per Share | 2.47 | 2.45 | 2.17 | |||
| FFO Payout Ratio | 61.17% | 57.26% | 53.73% | 52.49% | 51.58% | 54.58% |
| Effective Tax Rate | 3.16% | 5.47% | 2.01% | 2.95% | 5.77% | 1.73% |
| Revenue as Reported | 775.29M | 727.08M | 669.64M | 614.03M | 539.93M | 476.29M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 5.38B | 5.20B | 4.78B | 4.73B | 4.45B | 3.80B |
| Cash & Equivalents | 42.43M | 78.03M | 44.51M | 43.84M | 133.24M | 58.59M |
| Accounts Receivable | 200.94M | 192.94M | 170.19M | 155.03M | 130.05M | 103.83M |
| Other Intangible Assets | 32.08M | 19.31M | 21.52M | 24.09M | 21.32M | |
| Restricted Cash | 7.17M | 11.87M | 189.00K | |||
| Other Current Assets | 19.20M | 5.93M | 26.89M | 25.80M | 37.03M | 151.47M |
| Deferred Long-Term Charges | 5.64M | 7.36M | 713.00K | 2.04M | 3.29M | 4.58M |
| Other Long-Term Assets | 225.13M | 176.24M | 212.09M | 198.58M | 168.60M | 36.05M |
| Total Assets | 5.87B | 5.69B | 5.26B | 5.18B | 4.95B | 4.18B |
| Current Portion of Long-Term Debt | 92.00K | 301.09M | 776.00K | 253.00K | 2.67M | |
| Current Portion of Leases | 2.37M | |||||
| Long-Term Debt | 2.64B | 2.25B | 2.21B | 2.22B | 2.07B | 1.61B |
| Long-Term Leases | 19.04M | 17.08M | 17.61M | 21.99M | 22.27M | 22.59M |
| Accounts Payable | 158.59M | 171.85M | 123.88M | 130.80M | 178.63M | 150.43M |
| Other Current Liabilities | 70.12M | 62.66M | 51.19M | 44.20M | 41.26M | 37.18M |
| Long-Term Unearned Revenue | 113.10M | 114.77M | 104.56M | 106.73M | 100.17M | 98.59M |
| Other Long-Term Liabilities | 5.94M | 8.86M | 11.85M | 15.15M | 9.25M | |
| Total Liabilities | 3.00B | 2.93B | 2.52B | 2.54B | 2.42B | 1.93B |
| Common Stock | 1.33M | 1.32M | 1.32M | 1.32M | 1.32M | 1.32M |
| Additional Paid-In Capital | 2.45B | 2.44B | 2.43B | 2.41B | 2.40B | 2.38B |
| Distributions in Excess of Earnings | 309.59M | 230.67M | 219.09M | 127.71M | 23.13M | -178.29M |
| Comprehensive Income & Other | 17.38M | 3.16M | 19.94M | 22.27M | 33.41M | -4.24M |
| Total Common Equity | 2.78B | 2.67B | 2.67B | 2.56B | 2.46B | 2.19B |
| Minority Interest | 94.06M | 87.54M | 80.42M | 72.13M | 71.10M | 53.56M |
| Shareholders' Equity | 2.87B | 2.76B | 2.75B | 2.64B | 2.53B | 2.25B |
| Total Liabilities & Equity | 5.87B | 5.69B | 5.26B | 5.18B | 4.95B | 4.18B |
| Total Debt | 2.66B | 2.57B | 2.23B | 2.25B | 2.09B | 1.64B |
| Net Cash (Debt) | -2.62B | -2.50B | -2.18B | -2.20B | -1.96B | -1.58B |
| Net Cash Per Share | -19.74 | -18.84 | -16.48 | -16.65 | -14.80 | -12.15 |
| Filing Date Shares Outstanding | 132.58M | 132.52M | 132.39M | 132.34M | 132.21M | 131.78M |
| Total Common Shares Outstanding | 132.58M | 132.47M | 132.35M | 132.29M | 132.14M | 131.75M |
| Book Value Per Share | 20.94 | 20.17 | 20.14 | 19.37 | 18.61 | 16.66 |
| Tangible Book Value | 2.78B | 2.64B | 2.65B | 2.54B | 2.44B | 2.17B |
| Tangible Book Value Per Share | 20.94 | 19.92 | 19.99 | 19.21 | 18.43 | 16.50 |
| Land | 1.93B | 1.87B | 1.80B | 1.76B | 1.65B | 1.39B |
| Buildings | 4.48B | 4.27B | 3.90B | 3.71B | 3.44B | 3.02B |
| Construction In Progress | 230.37M | 221.05M | 153.97M | 245.39M | 253.90M | 239.03M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 357.60M | 247.44M | 287.55M | 274.82M | 359.13M | 271.00M |
| Depreciation & Amortization | 209.14M | 195.08M | 176.29M | 164.51M | 152.32M | 139.06M |
| Other Amortization | 6.02M | 5.03M | 3.65M | 3.63M | 3.19M | 3.42M |
| Gain (Loss) on Sale of Assets | -135.03M | -26.91M | -111.97M | -95.65M | -128.27M | -150.31M |
| Income (Loss) on Equity Investments | 3.64M | 22.91M | -1.35M | -24.81M | 3.09M | 161.00K |
| Change in Accounts Receivable | -10.43M | -11.31M | -710.00K | -2.36M | -4.85M | -472.00K |
| Change in Accounts Payable | 10.31M | 28.98M | 11.39M | -4.42M | 31.31M | 13.95M |
| Other Operating Activities | -334.00K | 26.00K | -12.37M | -10.90M | -4.98M | -9.91M |
| Operating Cash Flow | 440.93M | 461.26M | 352.49M | 304.81M | 410.94M | 266.89M |
| Acquisition of Real Estate Assets | -635.70M | -630.29M | -289.43M | -492.98M | -827.69M | -667.01M |
| Sale of Real Estate Assets | 171.32M | 40.05M | 158.92M | 120.41M | 175.41M | 234.73M |
| Net Sale / Acq. of Real Estate Assets | -464.38M | -590.25M | -130.50M | -372.57M | -652.28M | -432.28M |
| Investment in Marketable & Equity Securities | 71.05M | 65.13M | -5.73M | -12.35M | 23.74M | 19.86M |
| Other Investing Activities | -4.56M | 937.00K | 4.61M | 6.62M | -563.00K | -4.40M |
| Investing Cash Flow | -397.89M | -524.18M | -131.62M | -378.31M | -629.11M | -416.82M |
| Long-Term Debt Issued | 1.22B | 321.00M | 374.00M | 1.19B | 289.00M | |
| Long-Term Debt Repaid | -874.35M | -338.33M | -218.32M | -725.47M | -274.45M | |
| Net Debt Issued (Repaid) | 239.64M | 344.42M | -17.34M | 155.68M | 459.54M | 14.55M |
| Issuance of Common Stock | 12.82M | 145.76M | ||||
| Repurchase of Common Stock | -2.27M | -1.61M | -2.07M | -2.51M | -2.94M | -5.13M |
| Common Dividends Paid | -256.90M | -231.22M | -193.48M | -169.37M | -155.33M | -139.71M |
| Other Financing Activities | -17.89M | -22.32M | -143.00K | -11.58M | -9.58M | -6.42M |
| Net Cash Flow | 5.62M | 26.35M | 7.84M | -101.27M | 86.34M | -140.88M |
| Levered Free Cash Flow | 338.72M | 421.64M | 294.38M | 244.84M | 452.98M | 308.10M |
| Unlevered Free Cash Flow | 395.86M | 472.81M | 344.87M | 289.94M | 482.42M | 334.38M |
| Cash Interest Paid | 69.04M | 69.04M | 82.87M | 72.88M | 46.45M | 44.18M |
| Cash Income Tax Paid | 5.89M | 5.89M | 5.30M | 27.75M | 3.76M | 3.37M |
| Change in Working Capital | -118.00K | 17.67M | 10.68M | -6.78M | 26.45M | 13.47M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.51B | 7.58B | 6.63B | 6.97B | 6.38B | 8.63B |
| Enterprise Value | 10.13B | 10.06B | 8.86B | 9.21B | 8.30B | 10.26B |
| Last Close Price | 54.80 | 55.86 | 47.27 | 48.24 | 43.10 | 57.75 |
| Price/FFO Ratio | 19.34 | 18.87 | 17.84 | |||
| Price/AFFO Ratio | 24.11 | 22.79 | 21.74 | |||
| PE Ratio | 20.33 | 30.67 | 23.09 | 25.37 | 17.77 | 31.86 |
| PS Ratio | 9.68 | 10.42 | 9.87 | 11.27 | 9.74 | 18.11 |
| PB Ratio | 2.62 | 2.75 | 2.42 | 2.64 | 2.52 | 3.84 |
| P/OCF Ratio | 17.03 | 16.44 | 18.82 | 22.86 | 15.52 | 32.32 |
| EV/Sales Ratio | 13.05 | 13.83 | 13.18 | 14.89 | 12.68 | 21.55 |
| EV/EBITDA Ratio | 19.04 | 20.00 | 19.64 | 22.27 | 17.25 | 32.23 |
| EV/EBIT Ratio | 31.37 | 32.65 | 32.23 | 37.00 | 25.24 | 57.23 |
| Debt / Equity Ratio | 0.93 | 0.93 | 0.81 | 0.85 | 0.83 | 0.73 |
| Debt / EBITDA Ratio | 4.97 | 5.08 | 4.90 | 5.39 | 4.31 | 5.09 |
| Net Debt / Equity Ratio | 0.91 | 0.91 | 0.80 | 0.84 | 0.77 | 0.70 |
| Net Debt / EBITDA Ratio | 4.92 | 4.96 | 4.84 | 5.33 | 4.06 | 4.95 |
| Asset Turnover | 0.14 | 0.13 | 0.13 | 0.12 | 0.14 | 0.12 |
| Quick Ratio | 1.06 | 0.50 | 1.23 | 1.13 | 1.20 | 0.85 |
| Current Ratio | 1.15 | 0.52 | 1.42 | 1.28 | 1.42 | 1.65 |
| Return on Equity (ROE) | 13.37% | 9.59% | 11.00% | 11.07% | 15.97% | 13.21% |
| Return on Assets (ROA) | 3.55% | 3.52% | 3.29% | 3.07% | 4.50% | 2.81% |
| Return on Invested Capital (ROIC) | 5.69% | 5.65% | 5.47% | 5.08% | 7.29% | 4.72% |
| Earnings Yield | 4.92% | 3.26% | 4.33% | 3.94% | 5.63% | 3.14% |
| Dividend Yield | 3.65% | 3.11% | 2.95% | 2.43% | 2.44% | 1.65% |
| Payout Ratio | 74.18% | 93.44% | 67.28% | 61.63% | 43.25% | 51.55% |
| Buyback Yield / Dilution | -0.12% | -0.07% | -0.06% | -0.18% | -1.79% | -1.46% |
| Total Shareholder Return | 3.52% | 3.03% | 2.90% | 2.25% | 0.65% | 0.19% |