FIRST INDUSTRIAL REALTY TRUST INC FR
First Industrial Realty Trust, Inc. is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). As of December 31, 2025, our in-service portfolio consisted of 414 industrial properties, located in 19 states, containing an aggregate of approximately 69.9 million square feet of gross leasable area ("GLA").
We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, a Delaware limited partnership formed on November 23, 1993 of which the Company is the sole general partner (the "General Partner"), with an approximate 97.0% ownership interest ("General Partner Units") at December 31, 2025. The Operating Partnership also conducts operations through several other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. The noncontrolling interest in the Operating Partnership of approximately 3.0% at December 31, 2025, represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $727.1M | $669.6M | $614.0M | $539.9M | $476.3M | $448.0M | $426.0M | $404.0M | $396.4M | $378.0M |
| SG&A | $41.9M | $40.9M | $37.1M | $34.0M | $34.6M | $32.8M | $28.6M | $27.7M | $28.1M | $26.7M |
| Total operating expenses | $419.4M | $397.2M | $369.4M | $326.0M | $296.9M | $281.7M | $266.4M | $263.8M | $257.9M | $256.8M |
| Interest expense | — | — | — | — | — | — | $50.3M | $50.8M | $57.2M | $59.4M |
| Pre-tax income | $244.7M | $297.8M | $262.3M | $290.0M | $282.2M | $198.4M | $231.1M | $167.5M | $209.5M | $126.8M |
| Income tax | $15.3M | $6.1M | $8.7M | $23.4M | $4.9M | $2.4M | $3.4M | $92.0K | $1.2M | $1.1M |
| Net income | $247.4M | $287.6M | $274.8M | $359.1M | $271.0M | $196.0M | $238.8M | $163.2M | $201.5M | $121.2M |
| EPS, basic | 1.87 | 2.17 | 2.08 | 2.72 | 2.09 | 1.53 | 1.89 | 1.31 | 1.70 | 1.05 |
| EPS, diluted | 1.87 | 2.17 | 2.07 | 2.72 | 2.09 | 1.53 | 1.88 | 1.31 | 1.69 | 1.05 |
| Shares, diluted (wtd. avg.) | 132.5M | 132.4M | 132.3M | 132.1M | 129.8M | 127.9M | 126.7M | 124.2M | 118.8M | 115.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $78.0M | $44.5M | $43.8M | $145.1M | $58.8M | $199.7M | $152.7M | $50.4M | $46.5M | $21.5M |
| Other intangibles | $32.1M | $19.3M | $21.5M | $24.1M | $21.3M | $25.2M | $28.5M | $29.7M | $30.5M | $29.5M |
| Total assets | $5.69B | $5.26B | $5.18B | $4.95B | $4.18B | $3.79B | $3.52B | $3.14B | $2.94B | $2.79B |
| Long-term debt | — | — | — | — | — | — | — | — | $1.30B | $1.35B |
| Total liabilities | $2.93B | $2.52B | $2.54B | $2.42B | $1.93B | $1.84B | $1.72B | $1.46B | $1.47B | $1.51B |
| Retained earnings | $230.7M | $219.1M | $127.7M | $23.1M | — | — | — | — | — | — |
| Total equity | $2.67B | $2.67B | $2.64B | $2.53B | $2.25B | $1.95B | $1.80B | $1.68B | $1.48B | $1.28B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $461.3M | $352.5M | $304.8M | $410.9M | $266.9M | $240.4M | $245.5M | $210.5M | $192.6M | $173.9M |
| Depreciation and amortisation | $148.9M | $139.2M | $130.4M | $119.5M | $107.9M | $102.5M | $98.3M | $94.6M | $94.1M | $95.5M |
| Investing cash flow | -$524.2M | -$131.6M | -$378.3M | -$629.1M | -$416.8M | -$251.7M | -$205.4M | -$223.4M | -$82.5M | -$122.4M |
| Financing cash flow | $89.3M | -$213.0M | -$27.8M | $304.5M | $9.1M | $58.2M | $62.2M | $16.8M | -$85.0M | -$57.0M |
| Dividends paid | $231.2M | $193.5M | $169.4M | $155.3M | $139.7M | $127.3M | $117.2M | $109.6M | $100.5M | $82.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000921825-26-000012.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $378.0M | $396.4M | $404.0M | $426.0M | $448.0M | $476.3M | $539.9M | $614.0M | $669.6M | $727.1M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $121.2M | $201.5M | $163.2M | $238.8M | $196.0M | $271.0M | $359.1M | $274.8M | $287.6M | $247.4M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced Item 2.02
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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