Go Pro
→ Why major institutions are piling into this digital asset now (From Awesomely) (Ad)tc pixel Free FR Stock Alerts

First Industrial Realty Trust (FR) Financials

First Industrial Realty Trust logo
$61.93 -0.46 (-0.74%)
As of 08/28/2026 03:58 PM Eastern
Compare
Annual Income Statements for First Industrial Realty Trust

Annual Income Statements for First Industrial Realty Trust

This table shows First Industrial Realty Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 74 121 201 163 239 196 542 718 549 575 495
Consolidated Net Income / (Loss)		 77 126 208 167 244 200 277 382 286 296 264
Net Income / (Loss) Continuing Operations		 77 126 -146 167 244 200 277 382 286 296 264
Total Pre-Tax Income 		77 127 209 168 231 198 282 290 262 298 245
Total Operating Income		 110 121 -144 140 156 166 176 211 241 269 303
Total Gross Profit		 366 378 0.00 404 426 448 345 540 614 670 727
Total Revenue		 366 378 0.00 404 426 448 476 540 614 670 727
Operating Revenue		 366 378 - 404 426 448 476 540 614 670 727
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 131 0.00 0.00 0.00 0.00
Total Operating Expenses		 256 257 144 264 270 282 169 329 373 401 424
Selling, General & Admin Expense		 25 27 - 28 29 33 35 34 37 41 42
Depreciation Expense		 114 117 116 116 121 130 131 147 163 172 185
Amortization Expense		 - - - - 3.22 - 3.42 3.19 3.63 3.65 5.03
Other Operating Expenses / (Income)		 115 112 28 117 117 119 0.00 145 169 184 192
Total Other Income / (Expense), net		 -33 5.55 0.00 27 75 32 103 79 21 29 -58
Interest Expense		 67 59 - 51 50 51 44 49 74 83 85
Other Income / (Expense), net		 34 65 - 78 125 83 150 128 96 112 27
Income Tax Expense		 0.12 1.09 1.19 -0.09 3.41 2.41 4.88 23 8.69 6.08 15
Other Gains / (Losses), net		 0.06 0.00 0.00 -0.28 16 4.20 -0.16 115 32 4.30 35
Net Income / (Loss) Attributable to Noncontrolling Interest		 2.90 4.45 6.85 4.10 5.11 4.18 6.47 22 11 8.43 17
Basic Earnings per Share		 $0.67 $1.05 $1.70 $1.31 $1.89 $1.53 $2.09 $2.72 $2.08 $2.17 $1.87
Weighted Average Basic Shares Outstanding		 110.35M 115.03M 118.27M 123.80M 126.39M 127.71M 129.69M 132.02M 132.26M 132.37M 132.45M
Diluted Earnings per Share		 $0.66 $1.05 $1.69 $1.31 $1.88 $1.53 $2.09 $2.72 $2.07 $2.17 $1.87
Weighted Average Diluted Shares Outstanding		 110.78M 115.37M 118.27M 124.19M 126.69M 127.90M 129.78M 132.10M 132.34M 132.42M 132.51M
Weighted Average Basic & Diluted Shares Outstanding		 111.24M 117.27M 118.27M 126.59M 127.04M 258.25M 263.56M 264.42M 529.36M 132.39M 132.52M
Cash Dividends to Common per Share		 $0.51 $0.76 $0.84 $0.87 $0.92 $1.00 $1.08 $1.18 $1.28 $1.48 $1.78

Quarterly Income Statements for First Industrial Realty Trust

This table shows First Industrial Realty Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 178 137 103 199 137 96 110 131 158 286 154
Consolidated Net Income / (Loss)		 92 70 53 102 70 53 57 67 87 148 80
Net Income / (Loss) Continuing Operations		 92 70 53 102 70 53 57 67 87 148 80
Total Pre-Tax Income 		91 70 52 105 70 55 57 67 65 152 78
Total Operating Income		 63 61 67 70 72 68 78 81 74 67 86
Total Gross Profit		 199 162 164 168 223 177 180 181 188 195 195
Total Revenue		 157 162 164 168 176 177 180 181 188 195 195
Operating Revenue		 157 162 164 168 176 177 180 181 188 195 195
Total Cost of Revenue		 -42 0.00 0.00 0.00 -47 0.00 0.00 0.00 - 0.00 0.00
Total Operating Expenses		 136 101 97 98 150 109 103 101 114 128 109
Selling, General & Admin Expense		 9.79 12 9.62 9.23 10 16 8.43 8.55 9.06 23 8.85
Depreciation Expense		 41 42 43 44 44 44 47 46 49 50 50
Amortization Expense		 0.91 - 0.91 - 0.91 0.96 1.33 - - 1.53 1.57
Other Operating Expenses / (Income)		 84 47 43 45 95 49 46 46 52 54 48
Total Other Income / (Expense), net		 28 9.04 -15 35 -1.95 -13 -21 -14 -8.88 85 -7.88
Interest Expense		 20 21 21 21 20 19 22 22 22 24 24
Other Income / (Expense), net		 48 30 6.14 56 18 6.84 1.12 8.15 13 109 17
Income Tax Expense		 0.73 1.18 0.43 3.30 1.17 5.90 0.08 0.19 9.11 4.01 -1.18
Other Gains / (Losses), net		 1.61 1.40 1.16 0.60 1.13 3.48 -0.06 0.39 31 0.11 0.08
Net Income / (Loss) Attributable to Noncontrolling Interest		 2.44 2.05 1.56 2.81 1.98 4.78 1.69 2.10 8.07 4.82 2.60
Basic Earnings per Share		 $0.68 $0.52 $0.39 $0.75 $0.51 $0.36 $0.42 $0.49 $0.60 $1.08 $0.58
Weighted Average Basic Shares Outstanding		 132.26M 132.36M 132.37M 132.37M 132.37M 132.42M 132.43M 132.45M 132.45M 132.57M 132.61M
Diluted Earnings per Share		 $0.67 $0.52 $0.39 $0.75 $0.51 $0.36 $0.42 $0.49 $0.60 $1.08 $0.58
Weighted Average Diluted Shares Outstanding		 132.34M 132.41M 132.40M 132.42M 132.42M 132.49M 132.48M 132.50M 132.51M 132.64M 132.67M
Weighted Average Basic & Diluted Shares Outstanding		 529.36M 264.68M 264.69M 132.35M 132.39M 132.40M 132.41M 132.42M 132.52M 132.57M 132.57M

Annual Cash Flow Statements for First Industrial Realty Trust

This table details how cash moves in and out of First Industrial Realty Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -5.50 -5.53 25 3.89 91 46 -141 86 -101 7.84 26
Net Cash From Operating Activities		 162 174 193 210 246 240 267 411 305 352 461
Net Cash From Continuing Operating Activities		 253 174 193 210 235 240 267 411 305 352 461
Net Income / (Loss) Continuing Operations		 77 126 208 167 244 200 277 382 286 296 264
Consolidated Net Income / (Loss)		 77 126 208 167 244 200 277 382 286 296 264
Depreciation Expense		 121 124 123 122 127 138 139 152 165 176 195
Amortization Expense		 3.16 3.22 3.16 3.40 3.22 3.43 3.42 3.19 3.63 3.65 5.03
Non-Cash Adjustments To Reconcile Net Income		 -42 -74 -136 -81 -150 -102 -166 -153 -142 -134 -21
Changes in Operating Assets and Liabilities, net		 2.93 -4.69 -6.29 -1.11 11 1.19 13 26 -6.78 11 18
Net Cash From Investing Activities		 -197 -122 -82 -223 -205 -252 -417 -629 -378 -132 -524
Net Cash From Continuing Investing Activities		 -197 -122 -82 -223 -205 -252 -417 -629 -378 -132 -524
Purchase of Property, Plant & Equipment		 -318 -107 -175 -382 -447 -419 -353 -305 -493 -289 -630
Acquisitions		 - 0.00 0.00 -25 -23 -58 -1.55 -5.62 -8.47 -5.88 -5.03
Sale of Property, Plant & Equipment		 154 163 228 185 254 204 235 175 120 159 40
Sale and/or Maturity of Investments		 - 0.00 0.00 1.83 8.71 20 21 29 0.00 0.00 69
Other Investing Activities, net		 -21 -178 -135 -2.57 2.19 0.87 -318 -523 2.74 4.76 1.60
Net Cash From Financing Activities		 29 -57 -85 17 62 58 9.05 305 -28 -213 89
Net Cash From Continuing Financing Activities		 29 -57 -85 17 62 58 9.02 305 -28 -213 89
Repayment of Debt		 -489 -536 -679 -547 -380 -435 -274 -725 -218 -338 -874
Repurchase of Common Equity		 -5.16 -0.38 -6.86 -2.98 -0.95 -3.36 -6.45 -5.27 -0.06 0.00 -12
Payment of Dividends		 -56 -83 -100 -110 -117 -128 -140 -160 -181 -194 -241
Issuance of Debt		 582 442 629 537 565 547 289 1,185 374 321 1,219
Issuance of Common Equity		 0.07 125 75 146 0.03 83 146 13 0.03 0.04 0.03
Other Financing Activities, net		 -2.10 -5.24 -2.40 -6.02 -4.38 -5.94 -5.13 -2.94 -2.51 -2.07 -1.62
Cash Interest Paid		 69 64 57 47 54 49 44 46 73 91 69

Quarterly Cash Flow Statements for First Industrial Realty Trust

This table details how cash moves in and out of First Industrial Realty Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -10 5.04 -2.34 8.64 -3.51 -14 -2.46 1.86 41 -41 77
Net Cash From Operating Activities		 64 62 108 105 77 89 126 125 122 89 114
Net Cash From Continuing Operating Activities		 64 62 108 105 77 89 126 125 122 89 114
Net Income / (Loss) Continuing Operations		 92 70 53 102 70 53 57 67 87 148 80
Consolidated Net Income / (Loss)		 92 70 53 102 70 53 57 67 87 148 80
Depreciation Expense		 43 47 44 40 45 54 47 46 48 61 49
Amortization Expense		 0.91 0.91 0.91 0.91 0.91 0.96 1.33 1.39 1.35 1.53 1.57
Non-Cash Adjustments To Reconcile Net Income		 -55 -36 -12 -60 -27 -16 18 -11 -11 -112 -20
Changes in Operating Assets and Liabilities, net		 -16 -20 21 22 -12 -2.79 2.62 21 -3.50 -9.44 4.15
Net Cash From Investing Activities		 -55 -19 -53 4.37 -64 -213 -77 -71 -163 -72 32
Net Cash From Continuing Investing Activities		 -55 -19 -53 4.37 -64 -213 -77 -71 -163 -72 32
Purchase of Property, Plant & Equipment		 243 -68 -59 -76 130 -222 -77 -84 -247 0.00 -198
Sale of Property, Plant & Equipment		 62 48 7.58 80 23 11 1.55 12 15 0.00 157
Sale and/or Maturity of Investments		 - 0.00 - - - 0.00 - - 69 0.00 1.61
Other Investing Activities, net		 -358 4.17 -0.85 0.99 -215 -0.34 -0.01 1.39 0.55 -72 72
Net Cash From Financing Activities		 -19 -38 -57 -101 -16 111 -52 -52 82 -57 -69
Net Cash From Continuing Financing Activities		 -19 -38 -57 -101 -16 110 -52 -52 82 -57 -69
Repayment of Debt		 -72 -95 -74 -118 -51 -89 -528 -115 -143 -175 -7.09
Payment of Dividends		 -43 -43 -50 -50 -50 -50 -63 -60 -68 -66 -68
Issuance of Debt		 96 102 67 67 85 261 541 124 293 191 6.00
Issuance of Common Equity		 0.00 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.00 0.00 0.00

Annual Balance Sheets for First Industrial Realty Trust

This table presents First Industrial Realty Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 2,710 2,793 2,941 3,143 3,519 3,792 4,179 4,954 10,361 10,532 11,385
Total Current Assets		 80 89 135 144 344 340 220 376 526 534 621
Cash & Equivalents		 3.99 9.86 21 43 21 162 59 133 88 89 156
Restricted Cash		 - - 25 - 132 38 0.19 12 0.00 14 0.00
Accounts Receivable		 - - 4.87 - 8.53 5.71 5.10 7.14 22 15 24
Prepaid Expenses		 76 79 83 101 183 135 156 224 416 416 441
Plant, Property, & Equipment, net		 2,466 2,521 2,596 2,802 2,935 3,178 3,539 4,168 8,919 9,213 9,910
Plant, Property & Equipment, gross		 3,258 3,318 3,386 3,614 3,740 4,010 4,407 5,089 10,937 11,385 12,293
Accumulated Depreciation		 791 796 790 812 805 832 868 921 2,019 2,171 2,384
Total Noncurrent Assets		 163 183 210 196 240 274 420 410 10,326 10,306 11,207
Long-Term Investments		 - - 0.00 23 18 46 36 8.82 89 102 11
Other Noncurrent Operating Assets		 130 153 180 143 193 203 363 401 10,237 10,204 11,195
Total Liabilities & Shareholders' Equity		 2,710 2,793 2,941 3,143 3,519 3,792 4,179 4,954 10,361 10,532 11,385
Total Liabilities		 1,595 1,509 1,465 1,463 1,721 1,845 1,931 2,424 5,081 5,031 5,858
Total Current Liabilities		 134 151 158 155 203 216 289 335 589 577 713
Accounts Payable		 94 84 87 79 115 120 153 194 287 265 358
Customer Deposits		 40 43 44 48 58 62 99 100 213 209 230
Dividends Payable		 - 23 27 29 31 34 37 41 88 102 125
Total Noncurrent Liabilities		 1,461 1,357 1,307 1,307 1,518 1,629 1,642 2,089 4,493 4,454 5,146
Long-Term Debt		 1,434 1,347 1,297 1,298 1,484 1,595 1,610 2,066 4,449 4,419 5,107
Other Noncurrent Operating Liabilities		 27 10 10 9.56 34 34 32 22 44 35 39
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,115 1,285 1,476 1,680 1,798 1,947 2,248 2,530 5,279 5,501 5,527
Total Preferred & Common Equity		 1,073 1,241 1,428 1,646 1,764 1,903 2,195 2,459 2,563 2,666 2,671
Total Common Equity		 1,073 1,241 1,428 1,646 1,764 1,903 2,195 2,436 2,637 2,747 2,761
Common Stock		 1,758 1,888 1,968 2,133 2,142 2,226 2,377 2,403 5,027 5,153 5,195
Retained Earnings		 - - - - - - - - 128 219 231
Accumulated Other Comprehensive Income / (Loss)		 -9.67 -4.64 1.34 3.50 -6.88 -17 -4.24 33 45 40 6.42
Other Equity Adjustments		 -675 -642 -542 -491 -371 -306 -178 - - - 0.00
Noncontrolling Interest		 42 43 48 34 34 45 54 71 80 88 95

Quarterly Balance Sheets for First Industrial Realty Trust

This table presents First Industrial Realty Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 4,951 10,188 10,410 10,421 10,410 10,905 10,913 11,024 11,554 11,570
Total Current Assets		 309 609 585 563 543 538 506 511 814 699
Cash & Equivalents		 66 136 98 77 94 71 70 67 74 92
Restricted Cash		 5.86 0.00 0.00 16 16 3.34 0.00 6.60 0.00 136
Accounts Receivable		 9.19 13 25 11 11 18 15 17 26 18
Prepaid Expenses		 228 459 463 458 422 445 420 420 714 453
Plant, Property, & Equipment, net		 4,190 8,738 8,951 9,158 9,174 9,427 9,434 9,585 9,907 10,052
Plant, Property & Equipment, gross		 5,136 10,683 11,002 11,227 11,298 11,660 11,721 11,924 12,354 12,538
Accumulated Depreciation		 947 1,945 2,051 2,068 2,125 2,233 2,287 2,339 2,447 2,485
Total Noncurrent Assets		 452 10,029 10,260 10,063 10,104 10,765 10,876 10,928 11,154 11,270
Long-Term Investments		 34 75 95 97 98 164 121 122 12 8.11
Other Noncurrent Operating Assets		 418 9,954 10,165 9,966 10,006 10,601 10,755 10,805 11,143 11,262
Total Liabilities & Shareholders' Equity		 4,951 10,188 10,410 10,421 10,410 10,905 10,913 11,024 11,554 11,570
Total Liabilities		 2,423 5,055 5,054 5,054 4,977 5,410 5,435 5,534 5,842 5,822
Total Current Liabilities		 320 646 547 567 593 614 615 689 673 654
Accounts Payable		 174 349 232 249 286 287 293 363 309 292
Customer Deposits		 102 208 213 207 205 204 200 203 225 223
Dividends Payable		 44 89 101 101 102 123 123 123 139 139
Total Noncurrent Liabilities		 2,103 4,409 4,507 4,486 4,385 4,796 4,820 4,845 5,169 5,168
Long-Term Debt		 2,081 4,365 4,464 4,451 4,350 4,761 4,786 4,805 5,130 5,130
Other Noncurrent Operating Liabilities		 22 44 44 36 35 35 34 40 38 38
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,528 5,133 5,356 5,368 5,433 5,496 5,478 5,491 5,712 5,748
Total Preferred & Common Equity		 2,458 2,491 2,595 2,601 2,632 2,651 2,645 2,651 2,758 2,775
Total Common Equity		 2,422 2,564 2,675 2,681 2,713 2,741 2,735 2,741 2,859 2,877
Common Stock		 2,402 4,930 5,057 5,068 5,126 5,159 5,160 5,171 5,295 5,312
Retained Earnings		 - 48 147 149 200 208 205 211 307 317
Accumulated Other Comprehensive Income / (Loss)		 21 77 66 64 20 25 15 11 14 23
Other Equity Adjustments		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Noncontrolling Interest		 70 78 86 86 87 103 98 98 95 96

Annual Metrics And Ratios for First Industrial Realty Trust

This table displays calculated financial ratios and metrics derived from First Industrial Realty Trust's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.51% 3.33% -100.00% 0.00% 5.45% 5.17% 6.31% 13.36% 13.72% 9.06% 8.58%
EBITDA Growth		 22.38% 16.63% -105.73% 2,012.64% 19.90% -5.05% 19.94% 5.50% 2.07% 11.07% -5.53%
EBIT Growth		 55.46% 29.14% -177.57% 251.15% 28.85% -11.25% 30.70% 3.90% -0.70% 13.09% -13.44%
NOPAT Growth		 15.86% 9.43% -184.13% 238.67% 9.89% 6.65% 5.25% 12.05% 20.24% 12.99% 7.78%
Net Income Growth		 50.39% 63.85% 0.00% 0.00% 45.75% -17.92% 38.47% 37.68% -25.10% 3.55% -10.78%
EPS Growth		 57.14% 59.09% 0.00% 0.00% 43.51% -18.62% 36.60% 30.14% -23.90% 4.83% -13.82%
Operating Cash Flow Growth		 18.21% 7.24% 10.74% 9.31% 16.65% -2.08% 11.01% 53.97% -25.83% 15.64% 30.86%
Free Cash Flow Firm Growth		 -93.21% 167.32% -1,135.63% 77.78% -1.70% 48.16% -1,113.56% -64.51% -2,828.62% 99.82% -5,054.22%
Invested Capital Growth		 4.19% 3.93% 4.09% 6.78% 6.85% 6.01% 14.13% 17.97% 324.83% 1.52% 8.30%
Revenue Q/Q Growth		 0.21% 1.28% -100.00% 528.62% -17.95% 0.34% 1.98% 0.00% 0.00% 2.81% 1.80%
EBITDA Q/Q Growth		 15.81% -7.12% -105.63% 480.86% 15.95% -3.23% 7.55% 0.00% 0.00% -3.18% 0.08%
EBIT Q/Q Growth		 33.41% -11.12% -174.77% 202.02% 24.60% -5.60% 11.11% 0.00% 0.00% -5.14% -1.03%
NOPAT Q/Q Growth		 0.59% 3.62% -176.12% 193.59% -2.51% 0.16% 1.39% 0.00% 0.00% 3.35% -2.29%
Net Income Q/Q Growth		 50.29% -14.08% 0.00% 0.00% 0.00% -6.24% 12.82% 0.00% 0.00% -6.70% 6.67%
EPS Q/Q Growth		 46.67% -13.93% 0.00% 0.00% 0.00% -6.71% 12.37% 0.00% 0.00% -6.87% 5.06%
Operating Cash Flow Q/Q Growth		 0.09% 3.09% -1.18% 7.72% -1.64% -2.06% 8.17% 0.00% 0.00% 3.65% 10.88%
Free Cash Flow Firm Q/Q Growth		 100.29% -99.23% -377.00% -101.93% 98.28% -95.53% -82.04% 0.00% 0.00% 0.00% -56.46%
Invested Capital Q/Q Growth		 -50.23% 1.62% -0.95% 1,260.41% 0.70% 1.04% 4.70% 0.00% 0.00% 1.32% 3.57%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 0.00% 100.00% 100.00% 100.00% 72.43% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 73.44% 82.89% 0.00% 84.99% 96.64% 87.24% 98.43% 91.60% 82.21% 83.73% 72.85%
Operating Margin		 30.07% 32.07% 0.00% 34.69% 36.71% 37.13% 36.95% 39.04% 39.25% 40.14% 41.63%
EBIT Margin		 39.42% 49.26% 0.00% 54.05% 66.04% 55.73% 68.51% 62.79% 54.83% 56.86% 45.33%
Profit (Net Income) Margin		 20.97% 33.25% 0.00% 41.42% 57.25% 44.68% 58.19% 70.68% 46.55% 44.20% 36.32%
Tax Burden Percent		 99.92% 99.14% 0.00% 99.89% 105.55% 100.90% 98.21% 131.58% 108.96% 99.40% 107.92%
Interest Burden Percent		 53.24% 68.08% 0.00% 76.73% 82.13% 79.46% 86.48% 85.54% 77.92% 78.21% 74.24%
Effective Tax Rate		 0.15% 0.86% 0.00% -0.05% 1.47% 1.21% 1.73% 8.06% 3.31% 2.04% 6.25%
Return on Invested Capital (ROIC)		 4.40% 4.63% 0.00% 4.93% 5.07% 5.08% 4.85% 4.68% 1.98% 1.37% 1.41%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.02% 5.03% 0.00% 7.06% 11.97% 7.71% 11.95% 15.39% 2.65% 1.61% 1.27%
Return on Net Nonoperating Assets (RNNOA)		 2.55% 5.84% 0.00% 5.68% 8.96% 5.61% 8.36% 11.29% 5.34% 4.12% 3.38%
Return on Equity (ROE)		 6.95% 10.47% 0.00% 10.60% 14.02% 10.69% 13.21% 15.97% 7.32% 5.49% 4.79%
Cash Return on Invested Capital (CROIC)		 0.30% 0.78% -7.75% -1.63% -1.55% -0.76% -8.34% -11.81% -121.80% -0.13% -6.56%
Operating Return on Assets (OROA)		 5.45% 6.77% 0.00% 7.18% 8.45% 6.83% 8.19% 7.42% 4.40% 3.64% 3.01%
Return on Assets (ROA)		 2.90% 4.57% 0.00% 5.50% 7.32% 5.48% 6.95% 8.36% 3.73% 2.83% 2.41%
Return on Common Equity (ROCE)		 6.85% 10.10% 0.00% 10.33% 13.75% 10.46% 12.90% 15.48% 4.75% 2.74% 2.39%
Return on Equity Simple (ROE_SIMPLE)		 7.15% 10.12% 14.59% 10.17% 13.82% 10.52% 12.63% 15.52% 11.15% 11.10% 0.00%
Net Operating Profit after Tax (NOPAT)		 110 120 -101 140 154 164 173 194 233 263 284
NOPAT Margin		 30.02% 31.79% 0.00% 34.71% 36.17% 36.68% 36.31% 35.89% 37.95% 39.32% 39.03%
Net Nonoperating Expense Percent (NNEP)		 2.38% -0.39% -7.67% -2.14% -6.90% -2.63% -7.10% -10.71% -0.67% -0.24% 0.13%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 4.22% 2.40% 2.65% 2.67%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 27.57% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 6.93% 7.06% 0.00% 6.87% 6.71% 7.33% 7.27% 6.29% 6.05% 6.11% 5.77%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 69.93% 67.93% 0.00% 65.31% 63.29% 62.87% 35.48% 60.96% 60.75% 59.86% 58.37%
Earnings before Interest and Taxes (EBIT)		 144 186 -144 218 281 250 326 339 337 381 330
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 269 313 -18 343 412 391 469 495 505 561 530
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.83 2.18 2.24 1.94 2.67 2.63 3.69 2.47 2.57 2.41 2.75
Price to Tangible Book Value (P/TBV)		 1.89 2.23 2.29 1.97 2.72 2.66 3.72 2.47 2.57 2.41 2.75
Price to Revenue (P/Rev)		 5.37 7.15 0.00 7.89 11.08 11.16 16.99 11.16 11.02 9.91 10.43
Price to Earnings (P/E)		 26.60 22.31 0.00 19.51 19.76 25.51 14.94 8.39 12.31 11.54 15.33
Dividend Yield		 2.88% 3.29% 3.14% 3.45% 2.48% 2.58% 1.74% 2.58% 2.50% 2.95% 3.11%
Earnings Yield		 3.76% 4.48% 0.00% 5.12% 5.06% 3.92% 6.69% 11.92% 8.12% 8.67% 6.52%
Enterprise Value to Invested Capital (EV/IC)		 1.35 1.54 1.63 1.51 1.93 1.92 2.54 1.79 0.58 0.57 0.60
Enterprise Value to Revenue (EV/Rev)		 9.39 10.81 0.00 11.02 14.24 14.27 20.28 14.83 18.10 16.33 17.35
Enterprise Value to EBITDA (EV/EBITDA)		 12.79 13.04 0.00 12.96 14.73 16.36 20.61 16.19 22.02 19.50 23.82
Enterprise Value to EBIT (EV/EBIT)		 23.82 21.94 0.00 20.39 21.56 25.61 29.61 23.62 33.02 28.72 38.29
Enterprise Value to NOPAT (EV/NOPAT)		 31.28 33.99 0.00 31.74 39.36 38.91 55.86 41.32 47.70 41.54 44.47
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.19 23.49 23.37 21.15 24.70 26.59 36.20 19.49 36.47 31.02 27.36
Enterprise Value to Free Cash Flow (EV/FCFF)		 454.55 202.19 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.29 1.05 0.88 0.77 0.83 0.82 0.72 0.82 0.84 0.80 0.92
Long-Term Debt to Equity		 1.29 1.05 0.88 0.77 0.83 0.82 0.72 0.82 0.84 0.80 0.92
Financial Leverage		 1.26 1.16 0.96 0.80 0.75 0.73 0.70 0.73 2.01 2.56 2.65
Leverage Ratio		 2.40 2.29 2.08 1.93 1.92 1.95 1.90 1.91 1.96 1.94 1.99
Compound Leverage Factor		 1.28 1.56 0.00 1.48 1.57 1.55 1.64 1.64 1.53 1.52 1.48
Debt to Total Capital		 56.26% 51.19% 46.77% 43.58% 45.21% 45.02% 41.73% 44.95% 45.73% 44.54% 48.02%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 56.26% 51.19% 46.77% 43.58% 45.21% 45.02% 41.73% 44.95% 45.73% 44.54% 48.02%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 1.65% 1.64% 1.73% 1.16% 1.03% 1.26% 1.39% 1.55% 0.82% 0.89% 0.89%
Common Equity to Total Capital		 42.09% 47.17% 51.49% 55.26% 53.76% 53.72% 56.88% 53.00% 27.11% 27.70% 25.96%
Debt to EBITDA		 5.34 4.30 -72.25 3.78 3.60 4.08 3.43 4.18 8.81 7.88 9.64
Net Debt to EBITDA		 5.32 4.27 -69.66 3.59 3.19 3.45 3.23 3.87 8.46 7.51 9.33
Long-Term Debt to EBITDA		 5.34 4.30 -72.25 3.78 3.60 4.08 3.43 4.18 8.81 7.88 9.64
Debt to NOPAT		 13.06 11.21 -12.83 9.26 9.63 9.70 9.31 10.66 19.09 16.78 18.00
Net Debt to NOPAT		 13.02 11.13 -12.37 8.78 8.52 8.21 8.76 9.87 18.33 16.00 17.41
Long-Term Debt to NOPAT		 13.06 11.21 -12.83 9.26 9.63 9.70 9.31 10.66 19.09 16.78 18.00
Altman Z-Score		 1.03 1.40 1.14 1.66 2.08 2.00 2.87 1.84 0.98 1.00 0.95
Noncontrolling Interest Sharing Ratio		 1.47% 3.55% 3.31% 2.61% 1.96% 2.09% 2.34% 3.09% 35.04% 50.06% 50.05%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.60 0.59 0.85 0.93 1.70 1.58 0.76 1.12 0.89 0.92 0.87
Quick Ratio		 0.03 0.07 0.16 0.28 0.15 0.78 0.22 0.42 0.19 0.18 0.25
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 7.56 20 -209 -46 -47 -25 -297 -489 -14,332 -26 -1,322
Operating Cash Flow to CapEx		 98.76% 0.00% 0.00% 106.60% 127.24% 111.90% 225.81% 316.31% 2,863.19% 0.00% 78.15%
Free Cash Flow to Firm to Interest Expense		 0.11 0.34 0.00 -0.91 -0.94 -0.48 -6.74 -9.98 -192.80 -0.31 -15.57
Operating Cash Flow to Interest Expense		 2.40 2.93 0.00 4.14 4.88 4.69 6.05 8.38 4.10 4.25 5.43
Operating Cash Flow Less CapEx to Interest Expense		 -0.03 3.87 0.00 0.26 1.05 0.50 3.37 5.73 3.96 5.27 -1.52
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.14 0.14 0.00 0.13 0.13 0.12 0.12 0.12 0.08 0.06 0.07
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 62.91 88.06 88.23 42.17 36.58 37.93
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.15 0.15 0.00 0.15 0.15 0.15 0.14 0.14 0.09 0.07 0.08
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.96 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 5.80 4.15 4.14 8.66 9.98 9.62
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 379.99 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 5.80 -375.85 4.14 8.66 9.98 9.62
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,545 2,645 2,753 2,940 3,141 3,330 3,801 4,484 19,049 19,338 20,944
Invested Capital Turnover		 0.15 0.15 0.00 0.14 0.14 0.14 0.13 0.13 0.05 0.03 0.04
Increase / (Decrease) in Invested Capital		 102 100 108 187 201 189 470 683 14,565 289 1,606
Enterprise Value (EV)		 3,435 4,085 4,500 4,451 6,065 6,393 9,661 8,007 11,116 10,936 12,618
Market Capitalization		 1,963 2,704 3,202 3,185 4,718 4,999 8,093 6,024 6,765 6,635 7,584
Book Value per Share		 $9.69 $10.62 $11.91 $13.03 $13.90 $14.74 $16.85 $18.49 $19.94 $20.76 $20.85
Tangible Book Value per Share		 $9.39 $10.37 $11.66 $12.79 $13.67 $14.55 $16.68 $18.49 $19.94 $20.76 $20.85
Total Capital		 2,549 2,632 2,773 2,978 3,282 3,542 3,858 4,597 9,728 9,920 10,634
Total Debt		 1,434 1,347 1,297 1,298 1,484 1,595 1,610 2,066 4,449 4,419 5,107
Total Long-Term Debt		 1,434 1,347 1,297 1,298 1,484 1,595 1,610 2,066 4,449 4,419 5,107
Net Debt		 1,430 1,337 1,251 1,231 1,313 1,349 1,515 1,912 4,272 4,213 4,939
Capital Expenditures (CapEx)		 164 -56 -53 197 193 215 118 130 11 -85 590
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -57 -72 -70 -54 -11 -75 -128 -104 -151 -147 -248
Debt-free Net Working Capital (DFNWC)		 -53 -62 -23 -11 141 124 -69 41 -63 -43 -92
Net Working Capital (NWC)		 -53 -62 -23 -11 141 124 -69 41 -63 -43 -92
Net Nonoperating Expense (NNE)		 33 -5.51 -101 -27 -90 -36 -104 -188 -53 -33 20
Net Nonoperating Obligations (NNO)		 1,430 1,361 1,278 1,260 1,343 1,383 1,552 1,954 13,769 13,837 15,417
Total Depreciation and Amortization (D&A)		 124 127 126 125 130 141 142 156 168 180 200
Debt-free, Cash-free Net Working Capital to Revenue		 -15.71% -18.98% 0.00% -13.43% -2.67% -16.83% -26.81% -19.29% -24.58% -21.91% -34.09%
Debt-free Net Working Capital to Revenue		 -14.62% -16.37% 0.00% -2.76% 33.18% 27.74% -14.47% 7.59% -10.30% -6.48% -12.62%
Net Working Capital to Revenue		 -14.62% -16.37% 0.00% -2.76% 33.18% 27.74% -14.47% 7.59% -10.30% -6.48% -12.62%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.67 $1.05 $1.70 $1.31 $1.89 $1.53 $2.09 $2.72 $2.08 $2.17 $1.87
Adjusted Weighted Average Basic Shares Outstanding		 110.35M 115.03M 118.27M 123.80M 126.39M 127.71M 129.69M 132.02M 132.26M 132.37M 132.45M
Adjusted Diluted Earnings per Share		 $0.66 $1.05 $1.69 $1.31 $1.88 $1.53 $2.09 $2.72 $2.07 $2.17 $1.87
Adjusted Weighted Average Diluted Shares Outstanding		 110.78M 115.37M 118.79M 124.19M 126.69M 127.90M 129.78M 132.10M 132.34M 132.42M 132.51M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 111.24M 117.27M 120.17M 126.59M 127.04M 258.25M 263.56M 264.42M 529.36M 132.39M 132.52M
Normalized Net Operating Profit after Tax (NOPAT)		 112 121 -101 100 154 164 173 194 233 263 284
Normalized NOPAT Margin		 30.57% 31.92% 0.00% 24.76% 36.17% 36.68% 36.31% 35.89% 37.95% 39.32% 39.03%
Pre Tax Income Margin		 20.98% 33.54% 0.00% 41.47% 54.24% 44.28% 59.25% 53.72% 42.72% 44.47% 33.65%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.14 3.13 0.00 4.30 5.60 4.87 7.40 6.92 4.53 4.59 3.88
NOPAT to Interest Expense		 1.63 2.02 0.00 2.76 3.06 3.20 3.92 3.95 3.13 3.17 3.34
EBIT Less CapEx to Interest Expense		 -0.30 4.07 0.00 0.41 1.76 0.68 4.72 4.27 4.39 5.61 -3.07
NOPAT Less CapEx to Interest Expense		 -0.81 2.96 0.00 -1.13 -0.77 -0.99 1.24 1.30 2.99 4.20 -3.61
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 73.01% 66.12% 0.00% 65.53% 48.11% 63.98% 50.41% 41.86% 63.28% 65.42% 91.31%
Augmented Payout Ratio		 79.73% 66.41% 0.00% 67.30% 48.50% 65.66% 52.73% 43.24% 63.31% 65.42% 96.01%

Quarterly Metrics And Ratios for First Industrial Realty Trust

This table displays calculated financial ratios and metrics derived from First Industrial Realty Trust's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 132,524,261.00 132,570,424.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 132,524,261.00 132,570,424.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 2.16 1.16
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 8.60% 7.83% 8.08% 11.64% 9.12% 9.76% 8.22% 7.30% 10.03% 8.20%
EBITDA Growth		 0.00% 43.98% 2.71% 20.77% -11.89% -6.68% 7.48% -18.56% 0.32% 83.82% 20.42%
EBIT Growth		 0.00% 61.58% 0.15% 31.16% -18.55% -17.98% 7.47% -29.28% -3.79% 134.89% 30.68%
NOPAT Growth		 0.00% 27.84% 11.71% 9.01% 13.97% 2.23% 18.41% 19.10% -8.22% 6.86% 13.02%
Net Income Growth		 0.00% 16.00% -5.97% 32.45% -23.17% -24.99% 7.57% -34.07% 23.44% 179.70% 40.11%
EPS Growth		 0.00% 23.81% -4.88% 31.58% -23.88% -30.77% 7.69% -34.67% 17.65% 200.00% 38.10%
Operating Cash Flow Growth		 0.00% -11.12% 25.58% 25.07% 19.28% 41.71% 17.00% 18.14% 58.94% 0.37% -9.60%
Free Cash Flow Firm Growth		 0.00% -222.32% 0.00% 0.00% 0.00% 94.55% 95.17% 94.45% -602.45% -49.92% -13.61%
Invested Capital Growth		 0.00% 320.34% 0.00% 0.00% 1.52% 4.46% 5.22% 5.95% 8.30% 6.27% 5.64%
Revenue Q/Q Growth		 1.40% 0.00% 1.15% 2.14% 4.74% 0.85% 1.74% 0.70% 3.85% 3.41% 0.06%
EBITDA Q/Q Growth		 11.90% 0.00% -14.71% 40.92% -18.36% -4.90% -1.77% 6.78% 0.57% 74.26% -35.65%
EBIT Q/Q Growth		 16.04% 0.00% -19.64% 71.58% -27.94% -17.46% 5.31% 12.90% -1.96% 101.52% -41.41%
NOPAT Q/Q Growth		 2.09% 0.00% 12.27% 0.22% 6.73% -13.58% 28.10% 2.13% -20.87% 1.77% 35.09%
Net Income Q/Q Growth		 18.86% 0.00% -25.00% 93.23% -31.06% -24.92% 7.55% 18.43% 29.08% 70.11% -46.12%
EPS Q/Q Growth		 17.54% 0.00% -25.00% 92.31% -32.00% -29.41% 16.67% 16.67% 22.45% 80.00% -46.30%
Operating Cash Flow Q/Q Growth		 -23.67% 0.00% 72.38% -2.10% -27.20% 15.35% 42.33% -1.15% -2.06% -27.16% 28.20%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -31.21% 0.08% 98.86% -263.10% -16.22% -14.80% -46.19% 23.05% 11.89%
Invested Capital Q/Q Growth		 0.00% 0.00% -0.06% -0.08% 1.32% 3.25% 0.67% 0.61% 3.57% 1.31% 0.07%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 126.82% 71.03% 100.00% 100.00% 126.78% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 98.37% 85.61% 72.19% 99.60% 77.63% 73.21% 70.68% 74.95% 72.58% 122.31% 78.66%
Operating Margin		 40.05% 37.17% 40.90% 41.10% 41.24% 38.91% 43.82% 44.51% 39.31% 34.19% 44.28%
EBIT Margin		 70.72% 56.18% 44.64% 74.99% 51.59% 42.23% 43.71% 49.00% 46.26% 90.15% 52.79%
Profit (Net Income) Margin		 58.30% 43.44% 32.21% 60.95% 40.12% 29.87% 31.57% 37.13% 46.15% 75.92% 40.88%
Tax Burden Percent		 100.96% 100.32% 101.41% 97.42% 99.95% 95.62% 99.75% 100.29% 133.37% 97.43% 101.61%
Interest Burden Percent		 81.65% 77.08% 71.17% 83.43% 77.80% 73.96% 72.41% 75.56% 74.80% 86.44% 76.22%
Effective Tax Rate		 0.81% 1.68% 0.82% 3.15% 1.66% 10.67% 0.14% 0.29% 13.98% 2.64% -1.50%
Return on Invested Capital (ROIC)		 1.28% 1.94% 2.71% 2.72% 1.42% 1.22% 1.56% 1.61% 1.22% 1.20% 1.65%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.49% 2.08% 2.51% 3.24% 1.41% 1.16% 1.41% 1.52% 1.38% 1.76% 1.60%
Return on Net Nonoperating Assets (RNNOA)		 3.89% 4.16% 6.43% 8.13% 3.61% 3.01% 3.68% 3.95% 3.66% 4.70% 4.29%
Return on Equity (ROE)		 5.17% 6.10% 9.14% 10.85% 5.02% 4.22% 5.25% 5.56% 4.88% 5.91% 5.94%
Cash Return on Invested Capital (CROIC)		 -75.24% -121.08% 0.00% 0.00% -0.13% -3.00% -3.67% -4.30% -6.56% -4.67% -4.03%
Operating Return on Assets (OROA)		 5.67% 4.59% 2.74% 4.69% 3.31% 2.71% 2.87% 3.27% 3.07% 5.98% 3.57%
Return on Assets (ROA)		 4.67% 3.55% 1.97% 3.81% 2.57% 1.92% 2.07% 2.47% 3.06% 5.04% 2.76%
Return on Common Equity (ROCE)		 3.36% 3.94% 4.57% 5.42% 2.51% 2.11% 2.62% 2.78% 2.44% 2.95% 2.97%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 11.39% 11.24% 12.05% 0.00% 10.50% 10.68% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 62 59 67 67 71 62 79 81 64 65 88
NOPAT Margin		 39.73% 36.55% 40.57% 39.80% 40.56% 34.76% 43.76% 44.38% 33.82% 33.29% 44.94%
Net Nonoperating Expense Percent (NNEP)		 -0.21% -0.14% 0.20% -0.52% 0.01% 0.06% 0.15% 0.09% -0.16% -0.55% 0.05%
Return On Investment Capital (ROIC_SIMPLE)		 0.64% - - - 0.72% 0.60% 0.77% 0.78% 0.60% 0.60% 0.81%
Cost of Revenue to Revenue		 -26.82% 28.97% 0.00% 0.00% -26.78% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 6.23% 7.26% 5.86% 5.51% 5.87% 8.98% 4.68% 4.71% 4.81% 11.79% 4.54%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 86.77% 33.86% 59.10% 58.90% 85.53% 61.09% 56.18% 55.49% 60.69% 65.81% 55.72%
Earnings before Interest and Taxes (EBIT)		 111 91 73 126 91 75 79 89 87 176 103
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 155 139 118 167 136 130 127 136 137 238 153
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.57 2.58 2.35 2.73 2.41 2.61 2.33 2.49 2.75 2.68 2.83
Price to Tangible Book Value (P/TBV)		 2.57 2.58 2.35 2.73 2.41 2.61 2.33 2.49 2.75 2.68 2.83
Price to Revenue (P/Rev)		 11.02 11.00 9.84 11.37 9.91 10.44 9.10 9.54 10.43 10.29 10.70
Price to Earnings (P/E)		 12.31 12.00 11.07 12.02 11.54 13.37 11.76 14.38 15.33 11.20 11.16
Dividend Yield		 2.50% 2.55% 2.90% 2.55% 2.95% 2.88% 3.39% 3.31% 3.11% 3.17% 3.08%
Earnings Yield		 8.12% 8.33% 9.03% 8.32% 8.67% 7.48% 8.50% 6.95% 6.52% 8.93% 8.96%
Enterprise Value to Invested Capital (EV/IC)		 0.58 0.59 0.56 0.61 0.57 0.59 0.55 0.57 0.60 0.60 0.62
Enterprise Value to Revenue (EV/Rev)		 18.10 17.95 16.65 17.87 16.33 17.20 15.80 16.13 17.35 17.19 17.27
Enterprise Value to EBITDA (EV/EBITDA)		 22.02 20.56 19.32 20.10 19.50 21.34 19.75 21.77 23.82 20.06 19.74
Enterprise Value to EBIT (EV/EBIT)		 33.02 30.29 28.62 28.99 28.72 32.30 29.92 34.60 38.29 29.75 28.86
Enterprise Value to NOPAT (EV/NOPAT)		 47.70 46.36 42.60 45.68 41.54 44.27 39.84 39.67 44.47 44.23 43.77
Enterprise Value to Operating Cash Flow (EV/OCF)		 36.47 37.88 33.34 34.22 31.02 31.09 27.88 27.70 27.36 27.74 29.18
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.84 0.83 0.83 0.80 0.80 0.87 0.87 0.88 0.92 0.90 0.89
Long-Term Debt to Equity		 0.84 0.83 0.83 0.80 0.80 0.87 0.87 0.88 0.92 0.90 0.89
Financial Leverage		 2.61 2.00 2.56 2.51 2.56 2.60 2.61 2.60 2.65 2.67 2.68
Leverage Ratio		 1.96 1.95 1.94 1.92 1.94 1.96 1.97 1.96 1.99 2.00 2.00
Compound Leverage Factor		 1.60 1.50 1.38 1.60 1.51 1.45 1.42 1.48 1.49 1.73 1.53
Debt to Total Capital		 45.73% 45.46% 45.33% 44.46% 44.54% 46.42% 46.63% 46.67% 48.02% 47.32% 47.16%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 45.73% 45.46% 45.33% 44.46% 44.54% 46.42% 46.63% 46.67% 48.02% 47.32% 47.16%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.82% 0.87% 0.88% 0.89% 0.89% 1.01% 0.95% 0.95% 0.89% 0.88% 0.88%
Common Equity to Total Capital		 27.11% 27.24% 27.30% 27.74% 27.70% 26.73% 26.65% 26.63% 25.96% 26.37% 26.45%
Debt to EBITDA		 8.81 8.16 8.09 7.51 7.88 8.63 8.54 9.08 9.64 8.04 7.72
Net Debt to EBITDA		 8.46 7.80 7.74 7.15 7.51 8.20 8.20 8.71 9.33 7.90 7.37
Long-Term Debt to EBITDA		 8.81 8.16 8.09 7.51 7.88 8.63 8.54 9.08 9.64 8.04 7.72
Debt to NOPAT		 19.09 18.40 17.83 17.07 16.78 17.91 17.23 16.55 18.00 17.72 17.12
Net Debt to NOPAT		 18.33 17.60 17.07 16.26 16.00 17.01 16.54 15.87 17.41 17.42 16.33
Long-Term Debt to NOPAT		 19.09 18.40 17.83 17.07 16.78 17.91 17.23 16.55 18.00 17.72 17.12
Altman Z-Score		 0.90 0.93 0.85 1.02 0.91 0.90 0.81 0.84 0.88 0.95 0.98
Noncontrolling Interest Sharing Ratio		 35.04% 35.34% 50.06% 50.06% 50.06% 50.09% 50.06% 50.07% 50.05% 50.04% 50.01%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.89 1.07 0.99 0.92 0.92 0.88 0.82 0.74 0.87 1.21 1.07
Quick Ratio		 0.19 0.22 0.16 0.18 0.18 0.15 0.14 0.12 0.25 0.15 0.17
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -14,507 -19,035 -19,020 -218 -791 -919 -1,055 -1,542 -1,186 -1,045
Operating Cash Flow to CapEx		 0.00% 303.56% 209.85% 0.00% 0.00% 42.07% 167.50% 173.43% 52.46% 0.00% 274.75%
Free Cash Flow to Firm to Interest Expense		 0.00 -694.22 -901.01 -912.85 -10.82 -40.60 -42.30 -48.54 -70.20 -49.81 -42.72
Operating Cash Flow to Interest Expense		 3.15 2.99 5.10 5.06 3.82 4.55 5.80 5.73 5.56 3.73 4.66
Operating Cash Flow Less CapEx to Interest Expense		 18.09 2.01 2.67 5.26 11.42 -6.26 2.34 2.43 -5.04 3.73 2.96
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.08 0.08 0.06 0.06 0.06 0.06 0.07 0.07 0.07 0.07 0.07
Accounts Receivable Turnover		 42.17 36.75 56.22 58.93 36.58 31.98 52.29 51.01 37.93 33.79 46.03
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.09 0.10 0.07 0.07 0.07 0.07 0.08 0.08 0.08 0.08 0.08
Accounts Payable Turnover		 0.00 0.84 0.68 0.60 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 8.66 9.93 6.49 6.19 9.98 11.41 6.98 7.16 9.62 10.80 7.93
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 435.19 533.99 611.77 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 8.66 -425.26 -527.50 -605.58 9.98 11.41 6.98 7.16 9.62 10.80 7.93
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 19,049 19,114 19,101 19,087 19,338 19,966 20,099 20,222 20,944 21,217 21,232
Invested Capital Turnover		 0.03 0.05 0.07 0.07 0.03 0.04 0.04 0.04 0.04 0.04 0.04
Increase / (Decrease) in Invested Capital		 0.00 14,566 19,101 19,087 289 852 998 1,135 1,606 1,251 1,133
Enterprise Value (EV)		 11,116 11,249 10,634 11,637 10,936 11,769 11,066 11,522 12,618 12,806 13,118
Market Capitalization		 6,765 6,894 6,288 7,409 6,635 7,144 6,372 6,815 7,584 7,667 8,128
Book Value per Share		 $19.94 $20.21 $20.26 $20.50 $20.76 $20.70 $20.66 $20.70 $20.85 $21.57 $21.70
Tangible Book Value per Share		 $19.94 $20.21 $20.26 $20.50 $20.76 $20.70 $20.66 $20.70 $20.85 $21.57 $21.70
Total Capital		 9,728 9,819 9,818 9,782 9,920 10,257 10,264 10,296 10,634 10,842 10,879
Total Debt		 4,449 4,464 4,451 4,350 4,419 4,761 4,786 4,805 5,107 5,130 5,130
Total Long-Term Debt		 4,449 4,464 4,451 4,350 4,419 4,761 4,786 4,805 5,107 5,130 5,130
Net Debt		 4,272 4,270 4,260 4,141 4,213 4,522 4,595 4,609 4,939 5,044 4,894
Capital Expenditures (CapEx)		 -305 21 51 -4.05 -153 211 75 72 233 0.00 41
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -151 -59 -98 -160 -147 -151 -179 -252 -248 67 -183
Debt-free Net Working Capital (DFNWC)		 -63 38 -4.43 -49 -43 -76 -109 -178 -92 141 45
Net Working Capital (NWC)		 -63 38 -4.43 -49 -43 -76 -109 -178 -92 141 45
Net Nonoperating Expense (NNE)		 -29 -11 14 -35 0.78 8.66 22 13 -23 -83 7.91
Net Nonoperating Obligations (NNO)		 13,769 13,758 13,734 13,654 13,837 14,470 14,621 14,731 15,417 15,505 15,484
Total Depreciation and Amortization (D&A)		 43 48 45 41 46 55 49 47 50 63 50
Debt-free, Cash-free Net Working Capital to Revenue		 -24.58% -9.47% -15.27% -24.50% -21.91% -22.02% -25.60% -35.23% -34.09% 8.93% -24.11%
Debt-free Net Working Capital to Revenue		 -10.30% 6.12% -0.69% -7.56% -6.48% -11.09% -15.62% -24.92% -12.62% 18.90% 5.95%
Net Working Capital to Revenue		 -10.30% 6.12% -0.69% -7.56% -6.48% -11.09% -15.62% -24.92% -12.62% 18.90% 5.95%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.68 $0.52 $0.39 $0.75 $0.51 $0.36 $0.42 $0.49 $0.60 $1.08 $0.58
Adjusted Weighted Average Basic Shares Outstanding		 132.26M 132.36M 132.37M 132.37M 132.37M 132.42M 132.43M 132.45M 132.45M 132.57M 132.61M
Adjusted Diluted Earnings per Share		 $0.67 $0.52 $0.39 $0.75 $0.51 $0.36 $0.42 $0.49 $0.60 $1.08 $0.58
Adjusted Weighted Average Diluted Shares Outstanding		 132.34M 132.41M 132.40M 132.42M 132.42M 132.49M 132.48M 132.50M 132.51M 132.64M 132.67M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 529.36M 264.68M 264.69M 132.35M 132.39M 132.40M 132.41M 132.42M 132.52M 132.57M 132.57M
Normalized Net Operating Profit after Tax (NOPAT)		 62 59 67 67 71 62 79 81 64 65 60
Normalized NOPAT Margin		 39.73% 36.55% 40.57% 39.80% 40.56% 34.76% 43.76% 44.38% 33.82% 33.29% 30.99%
Pre Tax Income Margin		 57.74% 43.31% 31.77% 62.56% 40.14% 31.23% 31.65% 37.02% 34.60% 77.93% 40.24%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 5.45 4.36 3.47 6.03 4.50 3.84 3.63 4.09 3.97 7.37 4.21
NOPAT to Interest Expense		 3.06 2.84 3.15 3.20 3.54 3.16 3.63 3.71 2.90 2.72 3.58
EBIT Less CapEx to Interest Expense		 20.39 3.38 1.04 6.23 12.11 -6.97 0.16 0.78 -6.62 7.37 2.51
NOPAT Less CapEx to Interest Expense		 18.00 1.85 0.72 3.40 11.14 -7.65 0.17 0.40 -7.69 2.72 1.89
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 63.28% 58.58% 61.60% 58.87% 65.42% 72.00% 75.55% 90.33% 91.31% 71.47% 68.57%
Augmented Payout Ratio		 63.31% 58.58% 61.62% 58.89% 65.42% 75.59% 79.94% 95.38% 96.01% 73.62% 69.97%

Financials Breakdown Chart

Key Financial Trends

First Industrial Realty Trust (NYSE: FR) shows solid long-term growth in its property base and rental revenue, although recent cash flow and financing trends warrant attention. The company’s Q2 2026 operating revenue reached $194.9 million, up 8.2% from the restated $180.2 million reported in Q2 2025 and approximately 24% above Q2 2024. Revenue has increased in nearly every comparable quarter provided, indicating continued expansion of the operating portfolio and rental income base.

Operating performance also improved year over year. Q2 2026 operating income rose to $86.3 million from $77.6 million in Q2 2025, while operating expenses declined to 55.7% of revenue from 56.9%. Selling, general and administrative expense fell sharply to $8.9 million from $23.0 million in the prior-year quarter. However, Q2 consolidated net income of $79.7 million was lower than Q1’s $147.9 million because Q1 benefited from unusually high other income. The company’s income data also contains reconciliation inconsistencies between consolidated net income and net income attributable to common shareholders, so consolidated net income and operating results are more useful for trend analysis.

First Industrial continues to generate meaningful operating cash flow. Q2 2026 operating cash flow was $114.0 million, compared with $126.1 million in Q2 2025 and $107.7 million in Q2 2024. The year-over-year decline occurred despite higher revenue and net income, reflecting less favorable noncash adjustments and working-capital movements. Operating cash flow still covered quarterly interest expense by approximately 4.7 times, providing a reasonable cushion for debt service.

The balance sheet has expanded considerably. Total assets increased to $11.57 billion in Q2 2026 from $10.42 billion in Q2 2024, while net property and equipment rose to $10.05 billion from $9.16 billion. This growth reflects continued investment in the industrial real estate portfolio. Total equity and noncontrolling interests also increased to $5.75 billion from $5.37 billion over the same period.

  • Revenue growth remains consistent: Q2 2026 operating revenue increased 8.2% year over year and approximately 24% from Q2 2024, supporting a positive long-term growth trend.
  • Improved operating profitability: Q2 2026 operating income increased 11.2% year over year, and the operating expense ratio improved compared with Q2 2025.
  • Expanding property base: Net property and equipment grew to $10.05 billion in Q2 2026, up roughly 9.4% from Q2 2025 and nearly 10% from Q2 2024.
  • Positive operating cash generation: First Industrial produced $114.0 million of operating cash flow in Q2 2026, continuing a multiyear pattern of positive quarterly operating cash flow.
  • Asset sales helped fund investment: Q2 2026 property sales generated $156.6 million against $198.1 million of property purchases, helping limit the net cash impact of portfolio investment.
  • Higher liquidity balances: Cash and equivalents rose to $92.1 million from $69.9 million in Q2 2025. Including restricted cash, reported cash balances totaled approximately $228.3 million.
  • Dividend funding remains dependent on cash flow and financing: The company paid $68.3 million in dividends during Q2 2026, while operating cash flow was $114.0 million. The dividend was covered by operating cash flow in the quarter, but capital spending and debt obligations reduce excess cash available for other uses.
  • Quarterly earnings are volatile: Consolidated net income declined substantially from Q1 2026 because of a sharp reduction in other income. This suggests reported earnings may be affected by property sales, valuation items or other nonrecurring factors.
  • Leverage has increased: Long-term debt reached $5.13 billion in Q2 2026, up from $4.79 billion in Q2 2024 and approximately 15% above Q2 2024 levels. Debt growth has outpaced equity growth over that period.
  • Capital spending continues to pressure free cash flow: Q2 2026 property purchases totaled $198.1 million, substantially more than operating cash flow. Although property sales and other investing inflows offset much of the spending this quarter, continued investment may require additional borrowing or asset sales.

Overall, the statements point to a growing industrial real estate platform with rising revenue, improving operating margins and a larger asset base. The main risks are higher debt, ongoing capital requirements and variability in reported earnings and cash flow. Investors should monitor whether operating cash flow can consistently cover dividends, interest and recurring property investment without relying heavily on new debt or asset dispositions.

08/30/26 11:11 AM ETAI Generated. May Contain Errors.

First Industrial Realty Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, First Industrial Realty Trust's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

First Industrial Realty Trust's net income appears to be on an upward trend, with a most recent value of $264.08 million in 2025, rising from $76.71 million in 2015. The previous period was $295.99 million in 2024. Check out First Industrial Realty Trust's forecast to explore projected trends and price targets.

First Industrial Realty Trust's total operating income in 2025 was $302.67 million, based on the following breakdown:
  • Total Gross Profit: $727.08 million
  • Total Operating Expenses: $424.40 million

Over the last 10 years, First Industrial Realty Trust's total revenue changed from $365.82 million in 2015 to $727.08 million in 2025, a change of 98.8%.

First Industrial Realty Trust's total liabilities were at $5.86 billion at the end of 2025, a 16.4% increase from 2024, and a 267.4% increase since 2015.

In the past 10 years, First Industrial Realty Trust's cash and equivalents has ranged from $3.99 million in 2015 to $162.09 million in 2020, and is currently $156.06 million as of their latest financial filing in 2025.

Over the last 10 years, First Industrial Realty Trust's book value per share changed from 9.69 in 2015 to 20.85 in 2025, a change of 115.2%.


Related Companies

Financial statements for NYSE:FR last updated on 7/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners
Hormuz tanker traffic collapses as the oil crisis deepens
Tanker traffic through Hormuz has plunged from 110-130 daily transits to near zero, while 17% of Qatar's LNG c...
Golden Portfolio | Sponsoredtc pixel
The retirement stock I'd buy before Nvidia today
In 2014, Marc Chaikin pointed readers toward Nvidia. Now the 60-year Wall Street veteran and creator of the Ch...
Chaikin Analytics | Sponsoredtc pixel
The REAL Reason Trump is Invading Iran
For a moment… Forget about Trump’s ties to Israel. Forget about reports of Iran’s nuclear program. Be...
Banyan Hill Publishing | Sponsoredtc pixel
Look at this $5 stock’s address
A small public company trading under $5 a share operates inside the secure perimeter of Kennedy Space Center, ...
Freedom Financial | Sponsoredtc pixel
A $382 trillion migration and the position no one is talking about
Trump just signed a law requiring America's entire $382 trillion financial system to migrate to a new money ne...
Awesomely | Sponsoredtc pixel
Bank of America: 'Digital Dollar Inevitable'
Bank of America just revealed your expiration date. In their Bloomberg interview, they didn't just predict the...
Decentralized Masters | Sponsoredtc pixel
Tim Plaehn's rule-breaking approach to weekly gold income
For 20 years, Chief Income Strategist Tim Plaehn refused to own anything that didn't pay income, including gol...
Investors Alley | Sponsoredtc pixel
A Worldwide Gold Lockdown Is Now Underway
Gold has spiked above $4,400 an ounce as central bankers stockpile at one of the fastest paces in decades, acc...
Stansberry Research | Sponsoredtc pixel