What is First Indl Rlty Tr Inc's earnings per share (EPS)?

First Indl Rlty Tr Inc (FR) reported diluted earnings per share of $1.87 for fiscal year 2025. This represents a -13.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

First Indl Rlty Tr Inc Financials

FY2025 annual

Revenue $727.1M +8.6% YoY

Net Income $247.4M -13.9% YoY

EPS (Diluted) $1.87 -13.8% YoY

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

First Indl Rlty Tr Inc (FR) reported $727.1M in revenue for fiscal year 2025, up 8.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FR FY2025 2026-04-24

Cash generation is strengthening faster than reported profit as asset expansion increasingly leans on reinvestment and financing.

From FY2023 to FY2025, operating cash flow moved from $305M to $461M even as net margin moved the other way. With depreciation reaching $185M in FY2025, the earnings slowdown looks more non-cash than cash-driven, which helps explain why dividends of $231M were still funded from operations.

FY2025 showed a sharper investment pace: $524M went out through investing activities against $461M of operating cash flow, so growth was no longer fully self-funded. That gap coincided with financing inflows and a debt-to-equity ratio moving above 1.0x, meaning leverage became a more active part of how expansion was financed.

The company also shows overhead discipline: revenue rose from $614M to $727M over the last three years while SG&A stayed relatively contained against that larger base. Even without gross-margin data, that pattern implies more new revenue is getting past corporate costs, which is why cash flow improved despite softer accounting profitability.

Financial Health Signals

Financial Health Score 47/100

Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of First Indl Rlty Tr Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin

FFO Growth

Leverage

Not available for First Indl Rlty Tr Inc, and counted as zero in the overall score.

Interest Cov.

Not available for First Indl Rlty Tr Inc, and counted as zero in the overall score.

AFFO Margin

Dividend Cov.

Piotroski F-Score Partial

4/6

First Indl Rlty Tr Inc passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.86x

For every $1 of reported earnings, First Indl Rlty Tr Inc generates $1.86 in operating cash flow ($461.3M OCF vs $247.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$727.1M

YoY+8.6%

5Y CAGR+10.2%

First Indl Rlty Tr Inc generated $727.1M in revenue in fiscal year 2025. This represents an increase of 8.6% from the prior year.

Net Income

$247.4M

YoY-13.9%

5Y CAGR+4.8%

10Y CAGR+12.9%

First Indl Rlty Tr Inc reported $247.4M in net income in fiscal year 2025. This represents a decrease of 13.9% from the prior year.

EPS (Diluted)

$1.87

YoY-13.8%

5Y CAGR+4.1%

10Y CAGR+11.0%

First Indl Rlty Tr Inc earned $1.87 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 13.8% from the prior year.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$78.0M

YoY+75.3%

5Y CAGR-13.6%

10Y CAGR+34.6%

First Indl Rlty Tr Inc held $78.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Dividends Per Share

$1.78

YoY+20.3%

5Y CAGR+12.2%

10Y CAGR+13.3%

First Indl Rlty Tr Inc paid $1.78 per share in dividends in fiscal year 2025. This represents an increase of 20.3% from the prior year.

Shares Outstanding

133M

YoY+0.1%

5Y CAGR+0.5%

10Y CAGR+1.8%

First Indl Rlty Tr Inc had 133M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Margins & Returns

Net Margin

34.0%

YoY-8.9pp

5Y CAGR-9.7pp

First Indl Rlty Tr Inc's net profit margin was 34.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 8.9 percentage points from the prior year.

Return on Equity

9.3%

YoY-1.5pp

5Y CAGR-1.0pp

10Y CAGR+2.4pp

First Indl Rlty Tr Inc's ROE was 9.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.5 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

FR Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FR annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$759.6M	$727.1M+8.6%	$669.6M+9.1%	$614.0M+13.7%	$539.9M+13.4%	$476.3M+6.3%	$448.0M+5.2%	$426.0M+5.5%	$404.0M+1.9%	$396.4M+4.9%	$378.0M	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$49.4M	$41.9M+2.5%	$40.9M+10.3%	$37.1M+9.3%	$34.0M-1.8%	$34.6M+5.4%	$32.8M+15.0%	$28.6M+3.0%	$27.7M-1.2%	$28.1M+5.2%	$26.7M+5.3%	$25.4M+8.3%	$23.4M+2.6%	$22.8M-8.9%	$25.1M+21.4%	$20.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$50.3M-1.0%	$50.8M-11.2%	$57.2M-3.8%	$59.4M-11.9%	$67.4M-6.6%	$72.2M-1.9%	$73.6M-11.9%	$83.5M-16.6%	$100.1M
Income Tax	$12.1M	$15.3M+151.6%	$6.1M-30.1%	$8.7M-62.8%	$23.4M+378.8%	$4.9M+102.6%	$2.4M-29.3%	$3.4M+3802.2%	-$92K-107.7%	$1.2M+9.6%	$1.1M+830.8%	$117K-50.8%	$238K+8033.3%	-$3K-100.1%	$5.5M+1127.1%	$450K
Net Income	$364.4M	$247.4M-13.9%	$287.6M+4.6%	$274.8M-23.5%	$359.1M+32.5%	$271.0M+38.3%	$196.0M-17.9%	$238.8M+46.3%	$163.2M-19.0%	$201.5M+66.2%	$121.2M+64.3%	$73.8M+50.3%	$49.1M+21.8%	$40.3M+3158.2%	-$1.3M+82.3%	-$7.4M
EPS (Diluted)	—	$1.87-13.8%	$2.17+4.8%	$2.07-23.9%	$2.72+30.1%	$2.09+36.6%	$1.53-18.6%	$1.88+43.5%	$1.31-22.5%	$1.69+61.0%	$1.05+59.1%	$0.66+57.1%	$0.42+75.0%	$0.24	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$194.9M+0.1%	$194.8M+3.4%	$188.4M+3.8%	$181.4M+0.7%	$180.2M+1.7%	$177.1M+0.8%	$175.6M+4.7%	$167.6M
SG&A Expenses	$8.9M-61.5%	$23.0M+153.5%	$9.1M+6.0%	$8.6M+1.4%	$8.4M-46.9%	$15.9M+54.3%	$10.3M+11.6%	$9.2M
Income Tax	-$1.2M-129.3%	$4.0M-56.0%	$9.1M+4645.3%	$192K+143.0%	$79K-98.7%	$5.9M+404.7%	$1.2M-64.6%	$3.3M
Net Income	$77.1M-46.1%	$143.1M+81.5%	$78.8M+20.7%	$65.3M+18.3%	$55.2M+14.7%	$48.1M-29.7%	$68.4M-31.1%	$99.4M
EPS (Diluted)	$0.58-46.3%	$1.08	N/A	$0.49+16.7%	$0.42+16.7%	$0.36	N/A	$0.75

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

FR Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FR annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$5.7B+8.1%	$5.3B+1.7%	$5.2B+4.5%	$5.0B+18.6%	$4.2B+10.2%	$3.8B+7.8%	$3.5B+12.0%	$3.1B+6.9%	$2.9B+5.3%	$2.8B+3.1%	$2.7B+5.0%	$2.6B-0.6%	$2.6B-0.4%	$2.6B-2.2%	$2.7B
Cash & Equivalents	$78.0M+75.3%	$44.5M+1.5%	$43.8M-67.1%	$133.2M+127.4%	$58.6M-63.9%	$162.1M+667.5%	$21.1M-51.0%	$43.1M+103.8%	$21.1M+114.5%	$9.9M+147.3%	$4.0M-58.0%	$9.5M+25.4%	$7.6M+53.4%	$4.9M-51.4%	$10.2M
Accounts Receivable	$11.9M+62.2%	$7.3M-33.5%	$11.0M+54.1%	$7.1M+39.8%	$5.1M-10.7%	$5.7M-33.0%	$8.5M+64.5%	$5.2M+6.4%	$4.9M+2.4%	$4.8M-15.2%	$5.6M-23.7%	$7.4M+28.9%	$5.7M+24.1%	$4.6M+50.1%	$3.1M
Total Liabilities	$2.9B+16.4%	$2.5B-1.0%	$2.5B+4.8%	$2.4B+25.5%	$1.9B+4.7%	$1.8B+7.2%	$1.7B+17.6%	$1.5B-0.2%	$1.5B-2.9%	$1.5B-5.4%	$1.6B+6.9%	$1.5B+4.5%	$1.4B-2.5%	$1.5B-8.2%	$1.6B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$1.3B-3.6%	$1.4B-6.2%	$1.4B+6.9%	$1.3B+4.1%	$1.3B-3.1%	$1.3B-9.8%	$1.5B
Total Equity	$2.7B+0.2%	$2.7B+4.0%	$2.6B+4.2%	$2.5B+12.0%	$2.2B+15.4%	$1.9B+7.8%	$1.8B+7.2%	$1.6B+15.2%	$1.4B+15.0%	$1.2B+15.7%	$1.1B+2.3%	$1.0B-6.9%	$1.1B+2.1%	$1.1B+7.5%	$1.0B
Retained Earnings	$230.7M+5.3%	$219.1M+71.6%	$127.7M+452.1%	$23.1M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$5.8B+0.1%	$5.8B+1.5%	$5.7B+3.3%	$5.5B+1.0%	$5.5B+0.1%	$5.4B+3.5%	$5.3B+1.2%	$5.2B
Cash & Equivalents	$46.1M+24.0%	$37.1M-52.4%	$78.0M+132.9%	$33.5M-4.1%	$34.9M-2.2%	$35.7M-19.7%	$44.5M-5.5%	$47.1M
Accounts Receivable	$8.8M-32.9%	$13.1M+10.5%	$11.9M+39.9%	$8.5M+9.9%	$7.7M-13.7%	$8.9M+22.3%	$7.3M+32.3%	$5.5M
Total Liabilities	$2.9B-0.3%	$2.9B-0.3%	$2.9B+5.9%	$2.8B+1.8%	$2.7B+0.5%	$2.7B+7.5%	$2.5B+1.1%	$2.5B
Total Equity	$2.8B+0.6%	$2.8B+3.2%	$2.7B+0.8%	$2.7B+0.2%	$2.6B-0.2%	$2.7B-0.5%	$2.7B+1.3%	$2.6B
Retained Earnings	$317.5M+3.5%	$306.7M+33.0%	$230.7M+9.3%	$211.0M+3.1%	$204.7M-1.8%	$208.4M-4.9%	$219.1M+9.7%	$199.7M

Not reported in any period shown, so not listed: Current Assets, Inventory, Goodwill, Current Liabilities.

FR Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FR annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$449.5M	$461.3M+30.9%	$352.5M+15.6%	$304.8M-25.8%	$410.9M+54.0%	$266.9M+11.0%	$240.4M-2.1%	$245.5M+16.6%	$210.5M+9.3%	$192.6M+10.7%	$173.9M+7.2%	$162.1M+18.2%	$137.2M+9.1%	$125.8M-7.8%	$136.4M+55.9%	$87.5M
Investing Cash Flow	-$274.2M	-$524.2M-298.3%	-$131.6M+65.2%	-$378.3M+39.9%	-$629.1M-50.9%	-$416.8M-65.6%	-$251.7M-22.6%	-$205.4M+8.1%	-$223.4M-170.8%	-$82.5M+32.6%	-$122.4M+37.9%	-$197.1M-185.3%	-$69.1M-12.6%	-$61.3M-45.2%	-$42.2M-1017.6%	-$3.8M
Financing Cash Flow	-$96.1M	$89.3M+141.9%	-$213.0M-666.8%	-$27.8M-109.1%	$304.5M+3264.7%	$9.1M-84.5%	$58.2M-6.4%	$62.2M+270.4%	$16.8M+119.7%	-$85.0M-49.1%	-$57.0M-293.8%	$29.4M+144.5%	-$66.2M-7.2%	-$61.7M+37.9%	-$99.4M+0.1%	-$99.5M
Dividends Paid	$249.2M	$231.2M+19.5%	$193.5M+14.2%	$169.4M+9.0%	$155.3M+11.2%	$139.7M+9.7%	$127.3M+8.6%	$117.2M+6.9%	$109.6M+9.1%	$100.5M+21.6%	$82.7M+48.2%	$55.8M+23.6%	$45.2M+55.6%	$29.0M	$0	$0

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$114.0M+28.2%	$88.9M-27.2%	$122.0M-2.1%	$124.6M-1.1%	$126.1M+42.3%	$88.6M+15.4%	$76.8M-27.2%	$105.5M
Investing Cash Flow	$32.4M+144.8%	-$72.5M+55.6%	-$163.2M-130.2%	-$70.9M+7.6%	-$76.7M+64.0%	-$213.3M-232.8%	-$64.1M-1565.8%	$4.4M
Financing Cash Flow	-$69.4M-21.1%	-$57.3M-169.5%	$82.4M+259.0%	-$51.9M-0.1%	-$51.8M-146.9%	$110.5M+783.3%	-$16.2M+84.0%	-$101.2M
Dividends Paid	$68.1M+12.7%	$60.4M0.0%	$60.4M0.0%	$60.4M0.0%	$60.4M+20.5%	$50.1M0.0%	$50.1M0.0%	$50.1M

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.

FR Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

FR annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Net Margin	34.0%-8.9pp	42.9%-1.8pp	44.8%-21.8pp	66.5%+9.6pp	56.9%+13.2pp	43.7%-12.3pp	56.0%+15.6pp	40.4%-10.4pp	50.8%+18.8pp	32.1%	N/A	N/A	N/A	N/A	N/A
Return on Equity	9.3%-1.5pp	10.8%+0.1pp	10.7%-3.9pp	14.6%+2.2pp	12.3%+2.1pp	10.3%-3.2pp	13.5%+3.6pp	9.9%-4.2pp	14.1%+4.3pp	9.8%+2.9pp	6.9%+2.2pp	4.7%+1.1pp	3.6%+3.7pp	-0.1%+0.6pp	-0.7%
Return on Assets	4.3%-1.1pp	5.5%+0.2pp	5.3%-1.9pp	7.2%+0.8pp	6.5%+1.3pp	5.2%-1.6pp	6.8%+1.6pp	5.2%-1.7pp	6.9%+2.5pp	4.3%+1.6pp	2.7%+0.8pp	1.9%+0.3pp	1.6%+1.6pp	-0.1%+0.2pp	-0.3%
Debt-to-Equity	1.10+0.2x	0.940.0x	0.990.0x	0.99+0.1x	0.88-0.1x	0.970.0x	0.98+0.1x	0.890.0x	0.91-0.2x	1.09-0.3x	1.34+0.1x	1.29+0.1x	1.15-0.1x	1.21-0.2x	1.45

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Net Margin	39.6%-33.9pp	73.5%+31.6pp	41.9%+5.8pp	36.0%+5.4pp	30.6%+3.5pp	27.2%-11.8pp	39.0%-20.3pp	59.3%
Return on Equity	2.8%-2.4pp	5.2%+2.2pp	2.9%+0.5pp	2.5%+0.4pp	2.1%+0.3pp	1.8%-0.8pp	2.6%-1.2pp	3.8%
Return on Assets	1.3%-1.1pp	2.5%+1.1pp	1.4%+0.2pp	1.2%+0.2pp	1.0%+0.1pp	0.9%-0.4pp	1.3%-0.6pp	1.9%
Debt-to-Equity	1.050.0x	1.060.0x	1.10+0.1x	1.040.0x	1.030.0x	1.02+0.1x	0.940.0x	0.95

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.

Similar Companies

Stag Indl Inc STAG

$7.1B

Eastgroup Pptys Inc EGP

$10.9B

Terreno Realty TRNO

$7.5B

CubeSmart CUBE

$9.2B

National Storage Affiliates Tr NSA

$3.4B

Where First Indl Rlty Tr Inc Ranks

Frequently Asked Questions

What is First Indl Rlty Tr Inc's annual revenue?

First Indl Rlty Tr Inc (FR) reported $727.1M in total revenue for fiscal year 2025. This represents a 8.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is First Indl Rlty Tr Inc's revenue growing?

First Indl Rlty Tr Inc (FR) revenue grew by 8.6% year-over-year, from $669.6M to $727.1M in fiscal year 2025.

Is First Indl Rlty Tr Inc profitable?

Yes, First Indl Rlty Tr Inc (FR) reported a net income of $247.4M in fiscal year 2025, with a net profit margin of 34.0%.

What is First Indl Rlty Tr Inc's net profit margin?

First Indl Rlty Tr Inc (FR) had a net profit margin of 34.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does First Indl Rlty Tr Inc pay dividends?

Yes, First Indl Rlty Tr Inc (FR) paid $1.78 per share in dividends during fiscal year 2025.

What is First Indl Rlty Tr Inc's return on equity (ROE)?

First Indl Rlty Tr Inc (FR) has a return on equity of 9.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is First Indl Rlty Tr Inc's operating cash flow?

First Indl Rlty Tr Inc (FR) generated $461.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are First Indl Rlty Tr Inc's total assets?

First Indl Rlty Tr Inc (FR) had $5.7B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does First Indl Rlty Tr Inc have outstanding?

First Indl Rlty Tr Inc (FR) had 133M shares outstanding as of fiscal year 2025.

What is First Indl Rlty Tr Inc's debt-to-equity ratio?

First Indl Rlty Tr Inc (FR) had a debt-to-equity ratio of 1.10 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is First Indl Rlty Tr Inc's return on assets (ROA)?

First Indl Rlty Tr Inc (FR) had a return on assets of 4.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is First Indl Rlty Tr Inc's Piotroski F-Score?

First Indl Rlty Tr Inc (FR) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are First Indl Rlty Tr Inc's earnings high quality?

First Indl Rlty Tr Inc (FR) has an earnings quality ratio of 1.86x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is First Indl Rlty Tr Inc?

First Indl Rlty Tr Inc (FR) scores 47 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.