First Industrial Realty Trust Inc

First Industrial Realty Trust is a real estate investment trust (REIT). A REIT is a company that owns property and must pay out most of its taxable income as dividends. Based in Chicago, First Industrial owns, develops, buys and sells industrial buildings used for logistics, distribution and storage. As of December 31, 2025, its in-service portfolio held 414 industrial properties in 19 states, with about 69.9 million square feet of leasable space.

It makes money by renting that space to businesses. Most leases are net leases, meaning tenants generally cover property expenses, such as maintenance, in addition to rent. The company aims to grow by renewing expiring leases at higher rents, using built-in rent increases in long-term leases and filling vacant space. It also develops and buys properties in 15 key logistics markets where land for new building is relatively scarce. It sells buildings with weaker rent growth to pay for new ones. Revenue was $727.1 million in fiscal 2025, up 8.6% from the year before.

Measured by net operating income (rental income minus property operating costs), its two largest regions in 2025 were California, at 26.3%, and Pennsylvania, at 11.4%. Some properties sit near ports, so demand for them partly depends on trade. The company had 152 employees as of December 31, 2025.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $197.1M, up 8.6% from a year earlier, and net income was $58.5M (-10.3%).
• For fiscal 2025, revenue was $727.1M (+8.6% year over year; +10.2% a year from FY2020 to FY2025) with a 34% net margin.

• Over FY2021–FY2025: $0.00 in buybacks and $889.1M in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +12.2% a year over 5 years (FY2020–FY2025).
• Dividends took 93.4% of earnings in the latest fiscal year.
• Shares outstanding changed +0.6% from Feb 17, 2022 to Oct 22, 2026.

Rank among 1514 US companies

Market value at each year end

First Industrial Realty Trust’s market value went from $3.28B at the end of 2016 to $7.20B on Oct 28, 2026, about 2.2 times as much; since the end of 2025 it is down 5%.

Form 4 filings from 2025-10-29 to 2026-10-29 (15 read): 0 open-market purchases and 2 sales ($40K).

Large shareholders (13G filings)

ETFs with the most weight in FR

1. Heavy exposure to California and Pennsylvania. California and Pennsylvania produced 26.3% and 11.4% of net operating income in 2025. Oversupply, layoffs or tax changes in either state could hurt rents, occupancy and property values.
2. Tariffs and trade disputes near ports. Some properties sit near ports and store imported goods. Tariffs could cut that demand, squeeze tenants who rely on imports, and raise the cost of construction materials for new buildings.
3. An oversupply of logistics space. Demand for industrial space follows the level of economic output. If too much new logistics space is built in its markets, or the economy slows, occupancy and rents could fall.
4. Leases may not renew at higher rents. Growth depends on re-leasing space at higher rents. Competition may force rent discounts or costly upgrades for tenants, and a tenant that fails or goes bankrupt can leave space empty.
5. New developments may cost more than planned. The company builds new properties as well as buying them. Rising labor and material costs, delays or weak leasing demand could make projects less profitable than expected.
6. Debt, interest rates and REIT payout rules. REITs must pay out most taxable income, so growth relies on debt or new shares. Total debt was about $1.65 billion as of September 30, 2026; higher rates could cut cash flow.

• Oct 21, 2026 Quarterly results released
• Aug 18, 2026 Executive or board change
• Jul 22, 2026 Quarterly results released
• Apr 30, 2026 Shareholder vote results; Investor presentation or announcement
• Apr 22, 2026 Quarterly results released
• Mar 27, 2026 Executive or board change
• Mar 17, 2026 Executive or board change; Investor presentation or announcement; Other company announcement
• Feb 4, 2026 Quarterly results released
• Jan 23, 2026 Major agreement signed; New debt or financial obligation; Investor presentation or announcement

Dividends per share rose in every fiscal year from 2016 through 2025. That is at least nine straight increases, and the true streak may be longer. They grew from $1.00 in 2020 to $1.78 in 2025, about 12.2% a year on average. The 2025 payout equaled 93.4% of net income. That is high but common for REITs, because depreciation on their buildings reduces their reported earnings. The company bought back no shares from 2021 through 2025. The dividend yield was 3.59% as of October 28, 2026.

The shares have fallen hard in downturns. In the 2008 financial crisis the price dropped about 95% and did not regain its October 2007 peak until November 2017. It fell about 41% in the 2020 COVID crash and recovered within about 12 months of the low. In the 2022 bear market it fell 32% and took about 39 months to recover. A single stock carries more risk than a diversified fund.