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First Industrial Realty Trust FR

First Industrial Realty Trust scores average on business quality (5.7 of 10). Here is why, in plain words, and what our sealed record shows.

Last price$59.43Oct 9, 2026
Business qualityAverage
Next earningsOct 21, 2026, after the close
Insiders, 90 daysQuiet

Why it matters

  1. What First Industrial Realty Trust does

    First Industrial Realty Trust owns, manages, and develops industrial properties and logistics facilities across major supply chain markets in the United States, collecting rent from distribution and e-commerce tenants.

  2. What it does best

    First Industrial excels at developing logistics properties in high-barrier urban markets, delivering an operating margin of 41.6% that outperforms peer LINE at 4.3%. This geographic focus creates localized supply constraints that protect rental rates.

  3. The main risk

    Heavy capital expenditures of $530M are outpacing cash generation, driving free cash flow down to -$81M and forcing reliance on debt financing to fund ongoing development pipelines.

Quality, check by check

Scored against its own industry, from company filings.

ProfitabilityFair

Operating margins reach 41.6% and net margins hit 47.9%, supported by efficient property management, though heavy capital investments keep free cash flow margins negative and pressure overall cash conversion.

MoatFair

Its economic moat relies on irreplaceable infill industrial real estate locations that lock in enterprise distribution tenants, backed by an operating margin ranking in the top quartile of its sector at the 76th percentile.

GrowthSteady

Revenue growth stands at 8.5%, accelerating modestly from prior years as the company expands its warehouse portfolio to meet steady supply chain demand.

Financial healthFair

Total debt sits at $2.5B with an interest coverage ratio of 3.2x, leaving debt servicing manageable but vulnerable to higher borrowing costs while free cash flow remains negative at -$81M.

Insiders

Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.

No open market buys or unplanned sales by executives or directors.

Our sealed record on FR

Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.

The first sealed verdicts appear here on Oct 11, 2026.

Questions

Is FR a good business?

First Industrial Realty Trust scores average on the Cluenex quality check (5.7 of 10), measured against its own industry. Profitability is fair, moat fair, growth steady and financial health fair.

Are insiders buying FR?

In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.

When does FR report earnings?

Oct 21, 2026, after the close.

For members

See FR today

  • Today's verdict on FR, and why
  • Fair value with cautious, base and optimistic cases
  • The exact price that would change the verdict
  • Which stocks each signal names, the night it fires
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Cite this page: Cluenex, “First Industrial Realty Trust (FR)”, https://cluenex.com/stocks/fr/, data as of Oct 10, 2026.