First Indl Rlty Tr Stock Price, News & Analysis

First Industrial Realty Trust, Inc. (NYSE: FR) is a real estate investment trust (REIT) focused on industrial and logistics real estate in the United States. The company describes itself as a U.S.-only owner, operator, developer and acquirer of logistics properties, with a fully integrated operating and investing platform. Its business centers on owning, managing, developing and acquiring industrial facilities that support the supply chains of multinational corporations and regional firms.

According to company disclosures, First Industrial’s portfolio and new investments are concentrated in 15 target metropolitan statistical areas (MSAs), with an emphasis on supply-constrained, coastally oriented markets. Across these target markets, the company reports that it owns and has under development roughly 70 million square feet of industrial space. This footprint reflects a focus on logistics and warehouse properties that are important to tenants involved in distribution and related activities.

Business model and operations

First Industrial operates as a REIT, with activities that include owning, operating, developing, acquiring, selling and redeveloping industrial real estate. Through its integrated platform, the company provides facilities and customer service to a tenant base that it characterizes as essential to supply chains. Public descriptions of its tenant base reference multinational corporations and regional firms across a variety of sectors, including e-commerce, logistics, transportation, manufacturing, retail, consumer services, food and beverage, building materials, wholesale goods, health services and government.

The company highlights its role as an owner, operator, developer and acquirer of logistics properties. This encompasses development of new industrial buildings, leasing of existing and newly developed space, and selective acquisitions and dispositions of properties and land. In its public materials, First Industrial also notes that it engages in joint ventures for certain development projects and manages the integration of properties it acquires.

Geographic focus and portfolio characteristics

First Industrial states that its portfolio and new investments are concentrated in 15 target MSAs within the United States. It further notes an emphasis on supply-constrained, coastally oriented markets. Within these markets, the company reports owning and having under development approximately 70.2 to 70.5 million square feet of industrial space at various reporting dates in 2025, and approximately 70.4 million square feet as of September 30, 2025.

Company press releases describe a portfolio of logistics and warehouse properties, including developments such as First Loop Logistics Park in Orlando, First Park Miami buildings in South Florida, First Harley Knox Logistics Center in the Inland Empire and the Camelback 303 joint venture in Phoenix. These examples illustrate the type of industrial assets the company develops and leases within its target markets.

Tenant base and supply chain role

First Industrial states that it serves a diverse tenant base across multiple sectors. Public descriptions indicate that tenants include companies involved in e-commerce, logistics, transportation, manufacturing, retail, consumer services, food and beverage, building materials, wholesale goods, health services and government. The company characterizes these tenants as essential for supply chains, and emphasizes that its facilities and customer service are designed to support their operational needs.

In its own materials, First Industrial also emphasizes the importance of leasing activity to its growth and value creation, highlighting rental rate increases on new and renewal leases and occupancy metrics across its in-service portfolio. The company reports cash rental rate increases on leases commencing in future years and same store net operating income (NOI) growth, reflecting changes in rental rates, occupancy and contractual escalations.

Capital markets and financing

First Industrial’s disclosures show active use of capital markets and financing tools. In 2025, the company reported issuing senior unsecured notes due 2031 through its operating partnership, First Industrial, L.P., and noted that these notes are fully and unconditionally guaranteed by the company. It also disclosed the establishment of an at-the-market equity offering program through multiple equity distribution agreements and related master forward confirmations, allowing the company to sell shares of common stock or enter into forward sale agreements up to a specified maximum amount.

The company further reports the use of interest rate swaps to manage interest costs on unsecured term loans, and highlights credit ratings assigned to its unsecured debt. These activities, as described in press releases and Form 8-K filings, illustrate how First Industrial manages its capital structure, debt maturities and access to public capital markets.

Industrial REIT focus

First Industrial is classified in the finance and insurance sector under other financial vehicles, reflecting its status as a REIT. Its business is centered on industrial and logistics properties rather than diversified property types. Company communications repeatedly describe it as a fully integrated owner, operator, developer and acquirer of logistics properties, with an exclusive focus on the U.S. market.

In addition to owning and operating properties, the company reports activities such as starting new development projects, acquiring income-producing land sites and selling selected buildings and land. These investment and disposition decisions are described in quarterly results releases and reflect ongoing portfolio management within its industrial real estate strategy.

Risk factors and regulatory reporting

First Industrial’s public statements reference a range of risks that could affect its operations and prospects. These include economic conditions at various geographic levels, real estate market dynamics, changes in legislation and regulation (including REIT tax rules), financing availability and interest rates, competitive environment, changes in supply, demand and valuation of industrial properties and land, environmental liabilities, tenant defaults or non-renewals, rental rate changes, construction costs and development timelines, public health emergencies, cybersecurity risks, natural disasters, acts of war or terrorism, technological developments affecting supply chains and logistics, litigation and risks associated with joint ventures.

The company files periodic reports with the U.S. Securities and Exchange Commission (SEC), including annual reports on Form 10-K and current reports on Form 8-K. These filings provide additional detail on its financial condition, results of operations, risk factors, capital structure and material agreements.

Stock information

First Industrial Realty Trust, Inc. trades on the New York Stock Exchange under the ticker symbol FR. As a REIT, it has disclosed regular common stock dividends declared by its board of directors, with dividend amounts and record and payment dates announced in press releases. The company also provides supplemental information and hosts quarterly conference calls and webcasts to discuss financial results and portfolio performance.