First Industrial Realty Trust (FR) Financials

$61.66 +0.14 (+0.23%)

Closing price 05/19/2026 03:59 PM Eastern

Extended Trading

$61.26 -0.40 (-0.65%)

As of 05/19/2026 08:00 PM Eastern

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	150	178	137	103	199	137	96	110	131	158	286
Consolidated Net Income / (Loss)	77	92	70	53	102	70	53	57	67	87	148
Net Income / (Loss) Continuing Operations	77	92	70	53	102	70	53	57	67	87	148
Total Pre-Tax Income	76	91	70	52	105	70	55	57	67	65	152
Total Operating Income	61	63	61	67	70	72	68	79	81	74	67
Total Gross Profit	155	199	162	164	168	223	177	180	181	188	195
Total Revenue	155	157	162	164	168	176	177	180	181	188	195
Operating Revenue	155	157	162	164	168	176	177	180	181	188	195
Total Cost of Revenue	0.00	-42	0.00	0.00	0.00	-47	0.00	0.00	0.00	-	0.00
Total Operating Expenses	94	136	101	97	98	150	109	101	101	114	128
Selling, General & Admin Expense	8.46	9.79	12	9.62	9.23	10	16	8.43	8.55	9.06	23
Depreciation Expense	41	41	42	43	44	44	44	47	46	49	50
Amortization Expense	0.91	0.91	-	0.91	-	0.91	0.96	-	-	-	1.53
Other Operating Expenses / (Income)	43	84	47	43	45	95	49	46	46	52	54
Total Other Income / (Expense), net	14	28	9.04	-15	35	-1.95	-13	-22	-14	-8.88	85
Interest Expense	20	20	21	21	21	20	19	22	22	22	24
Other Income / (Expense), net	34	48	30	6.14	56	18	6.84	-0.21	8.15	13	109
Income Tax Expense	0.33	0.73	1.18	0.43	3.30	1.17	5.90	0.08	0.19	9.11	4.01
Other Gains / (Losses), net	1.53	1.61	1.40	1.16	0.60	1.13	3.48	-0.06	0.39	31	0.11
Net Income / (Loss) Attributable to Noncontrolling Interest	2.13	2.44	2.05	1.56	2.81	1.98	4.78	1.69	2.10	8.07	4.82
Basic Earnings per Share	$0.57	$0.68	$0.52	$0.39	$0.75	$0.51	$0.36	$0.42	$0.49	$0.60	$1.08
Weighted Average Basic Shares Outstanding	132.26M	132.26M	132.36M	132.37M	132.37M	132.37M	132.42M	132.43M	132.45M	132.45M	132.57M
Diluted Earnings per Share	$0.57	$0.67	$0.52	$0.39	$0.75	$0.51	$0.36	$0.42	$0.49	$0.60	$1.08
Weighted Average Diluted Shares Outstanding	132.34M	132.34M	132.41M	132.40M	132.42M	132.42M	132.49M	132.48M	132.50M	132.51M	132.64M
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
Cash Dividends to Common per Share	$0.32	-	$0.37	$0.37	$0.37	-	$0.45	$0.45	$0.45	-	$0.50

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	-14	-10	5.04	-2.34	8.64	-3.51	-14	-2.46	1.86	41	-41
Net Cash From Operating Activities	84	64	62	108	105	77	89	126	125	122	89
Net Cash From Continuing Operating Activities	84	64	62	108	105	77	89	126	125	122	89
Net Income / (Loss) Continuing Operations	77	92	70	53	102	70	53	57	67	87	148
Consolidated Net Income / (Loss)	77	92	70	53	102	70	53	57	67	87	148
Depreciation Expense	42	43	47	44	40	45	54	47	46	48	61
Amortization Expense	0.91	0.91	0.91	0.91	0.91	0.91	0.96	1.33	1.39	1.35	1.53
Non-Cash Adjustments To Reconcile Net Income	-40	-55	-36	-12	-60	-27	-16	18	-11	-11	-112
Changes in Operating Assets and Liabilities, net	4.72	-16	-20	21	22	-12	-2.79	2.62	21	-3.50	-9.44
Net Cash From Investing Activities	-72	-55	-19	-53	4.37	-64	-213	-77	-71	-163	-72
Net Cash From Continuing Investing Activities	-72	-55	-19	-53	4.37	-64	-213	-77	-71	-163	-72
Purchase of Property, Plant & Equipment	-112	243	-68	-59	-76	130	-222	-77	-84	-247	0.00
Acquisitions	-4.09	-2.29	-2.61	-0.66	-0.67	-1.79	-2.49	-1.44	-0.44	-0.66	0.00
Sale of Property, Plant & Equipment	42	62	48	7.58	80	23	11	1.55	12	15	0.00
Sale and/or Maturity of Investments	-	-	0.00	-	-	-	0.00	-	-	69	0.00
Other Investing Activities, net	2.53	-358	4.17	-0.85	0.99	-215	-0.34	-0.01	1.39	0.55	-72
Net Cash From Financing Activities	-26	-19	-38	-57	-101	-16	111	-52	-52	82	-57
Net Cash From Continuing Financing Activities	-26	-19	-38	-57	-101	-16	110	-52	-52	82	-57
Repayment of Debt	-65	-72	-95	-74	-118	-51	-89	-528	-115	-143	-175
Repurchase of Common Equity	-0.00	-0.05	0.00	-	-	-	-10	-2.38	-0.13	0.09	-5.29
Payment of Dividends	-43	-43	-43	-50	-50	-50	-50	-63	-60	-68	-66
Issuance of Debt	82	96	102	67	67	85	261	541	124	293	191
Issuance of Common Equity	0.02	0.00	0.01	0.01	0.02	0.01	0.01	0.01	0.01	0.00	0.00
Other Financing Activities, net	-	-	-2.03	-0.01	-0.03	-	-1.32	-0.04	-0.26	-	-2.27

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

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

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%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	132,524,261.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	132,524,261.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.16
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	8.60%	7.83%	8.08%	11.64%	9.12%	9.76%	8.22%	7.30%	10.03%
EBITDA Growth	0.00%	0.00%	43.98%	2.71%	20.77%	-11.89%	-6.68%	7.48%	-18.56%	0.32%	83.82%
EBIT Growth	0.00%	0.00%	61.58%	0.15%	31.16%	-18.55%	-17.98%	7.47%	-29.28%	-3.79%	134.89%
NOPAT Growth	0.00%	0.00%	27.84%	11.71%	9.01%	13.97%	2.23%	18.41%	19.10%	-8.22%	6.86%
Net Income Growth	0.00%	0.00%	16.00%	-5.97%	32.45%	-23.17%	-24.99%	7.57%	-34.07%	23.44%	179.70%
EPS Growth	0.00%	0.00%	23.81%	-4.88%	31.58%	-23.88%	-30.77%	7.69%	-34.67%	17.65%	200.00%
Operating Cash Flow Growth	0.00%	0.00%	-11.12%	25.58%	25.07%	19.28%	41.71%	17.00%	18.14%	58.94%	0.37%
Free Cash Flow Firm Growth	0.00%	0.00%	-222.32%	0.00%	0.00%	0.00%	94.55%	95.17%	94.45%	-602.45%	-49.92%
Invested Capital Growth	0.00%	0.00%	320.34%	0.00%	0.00%	1.52%	4.46%	5.22%	5.95%	8.30%	6.27%
Revenue Q/Q Growth	1.89%	1.40%	0.00%	1.15%	2.14%	4.74%	0.85%	1.74%	0.70%	3.85%	3.41%
EBITDA Q/Q Growth	19.85%	11.90%	0.00%	-14.71%	40.92%	-18.36%	-4.90%	-1.77%	6.78%	0.57%	74.26%
EBIT Q/Q Growth	31.02%	16.04%	0.00%	-19.64%	71.58%	-27.94%	-17.46%	5.31%	12.90%	-1.96%	101.52%
NOPAT Q/Q Growth	2.69%	2.09%	0.00%	12.27%	0.22%	6.73%	-13.58%	28.10%	2.13%	-20.87%	1.77%
Net Income Q/Q Growth	37.18%	18.86%	0.00%	-25.00%	93.23%	-31.06%	-24.92%	7.55%	18.43%	29.08%	70.11%
EPS Q/Q Growth	39.02%	17.54%	0.00%	-25.00%	92.31%	-32.00%	-29.41%	16.67%	16.67%	22.45%	80.00%
Operating Cash Flow Q/Q Growth	-1.70%	-23.67%	0.00%	72.38%	-2.10%	-27.20%	15.35%	42.33%	-1.15%	-2.06%	-27.16%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-31.21%	0.08%	98.86%	-263.10%	-16.22%	-14.80%	-46.19%	23.05%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-0.06%	-0.08%	1.32%	3.25%	0.67%	0.61%	3.57%	1.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	126.82%	71.03%	100.00%	100.00%	126.78%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	89.14%	98.37%	85.61%	72.19%	99.60%	77.63%	73.21%	70.68%	74.95%	72.58%	122.31%
Operating Margin	39.64%	40.05%	37.17%	40.90%	41.10%	41.24%	38.91%	43.82%	44.51%	39.31%	34.19%
EBIT Margin	61.80%	70.72%	56.18%	44.64%	74.99%	51.59%	42.23%	43.71%	49.00%	46.26%	90.15%
Profit (Net Income) Margin	49.73%	58.30%	43.44%	32.21%	60.95%	40.12%	29.87%	31.57%	37.13%	46.15%	75.92%
Tax Burden Percent	101.58%	100.96%	100.32%	101.41%	97.42%	99.95%	95.62%	99.75%	100.29%	133.37%	97.43%
Interest Burden Percent	79.23%	81.65%	77.08%	71.17%	83.43%	77.80%	73.96%	72.41%	75.56%	74.80%	86.44%
Effective Tax Rate	0.44%	0.81%	1.68%	0.82%	3.15%	1.66%	10.67%	0.14%	0.29%	13.98%	2.64%
Return on Invested Capital (ROIC)	0.00%	1.28%	1.94%	2.71%	2.72%	1.42%	1.22%	1.56%	1.61%	1.22%	1.20%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	1.49%	2.08%	2.51%	3.24%	1.41%	1.16%	1.41%	1.52%	1.38%	1.76%
Return on Net Nonoperating Assets (RNNOA)	0.00%	3.89%	4.16%	6.43%	8.13%	3.61%	3.01%	3.68%	3.95%	3.66%	4.70%
Return on Equity (ROE)	0.00%	5.17%	6.10%	9.14%	10.85%	5.02%	4.22%	5.25%	5.56%	4.88%	5.91%
Cash Return on Invested Capital (CROIC)	0.00%	-75.24%	-121.08%	0.00%	0.00%	-0.13%	-3.00%	-3.67%	-4.30%	-6.56%	-4.67%
Operating Return on Assets (OROA)	0.00%	5.67%	4.59%	2.74%	4.69%	3.31%	2.71%	2.87%	3.27%	3.07%	5.98%
Return on Assets (ROA)	0.00%	4.67%	3.55%	1.97%	3.81%	2.57%	1.92%	2.07%	2.47%	3.06%	5.04%
Return on Common Equity (ROCE)	0.00%	3.36%	3.94%	4.57%	5.42%	2.51%	2.11%	2.62%	2.78%	2.44%	2.95%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	11.39%	11.24%	12.05%	0.00%	10.50%	10.68%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	61	62	59	67	67	71	62	79	81	64	65
NOPAT Margin	39.46%	39.73%	36.55%	40.57%	39.80%	40.56%	34.76%	43.76%	44.38%	33.82%	33.29%
Net Nonoperating Expense Percent (NNEP)	0.00%	-0.21%	-0.14%	0.20%	-0.52%	0.01%	0.06%	0.15%	0.09%	-0.16%	-0.55%
Return On Investment Capital (ROIC_SIMPLE)	-	0.64%	-	-	-	0.72%	0.60%	0.77%	0.78%	0.60%	0.60%
Cost of Revenue to Revenue	0.00%	-26.82%	28.97%	0.00%	0.00%	-26.78%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	5.45%	6.23%	7.26%	5.86%	5.51%	5.87%	8.98%	4.68%	4.71%	4.81%	11.79%
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	60.36%	86.77%	33.86%	59.10%	58.90%	85.53%	61.09%	56.18%	55.49%	60.69%	65.81%
Earnings before Interest and Taxes (EBIT)	96	111	91	73	126	91	75	79	89	87	176
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	138	155	139	118	167	136	130	127	136	137	238
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	2.57	2.58	2.35	2.73	2.41	2.61	2.33	2.49	2.75	2.68
Price to Tangible Book Value (P/TBV)	0.00	2.57	2.58	2.35	2.73	2.41	2.61	2.33	2.49	2.75	2.68
Price to Revenue (P/Rev)	0.00	11.02	11.00	9.84	11.37	9.91	10.44	9.10	9.54	10.43	10.29
Price to Earnings (P/E)	0.00	12.31	12.00	11.07	12.02	11.54	13.37	11.76	14.38	15.33	11.20
Dividend Yield	2.71%	2.50%	2.55%	2.90%	2.55%	2.95%	2.88%	3.39%	3.31%	3.11%	3.17%
Earnings Yield	0.00%	8.12%	8.33%	9.03%	8.32%	8.67%	7.48%	8.50%	6.95%	6.52%	8.93%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.58	0.59	0.56	0.61	0.57	0.59	0.55	0.57	0.60	0.60
Enterprise Value to Revenue (EV/Rev)	0.00	18.10	17.95	16.65	17.87	16.33	17.20	15.80	16.13	17.35	17.19
Enterprise Value to EBITDA (EV/EBITDA)	0.00	22.02	20.56	19.32	20.10	19.50	21.34	19.75	21.77	23.82	20.06
Enterprise Value to EBIT (EV/EBIT)	0.00	33.02	30.29	28.62	28.99	28.72	32.30	29.92	34.60	38.29	29.75
Enterprise Value to NOPAT (EV/NOPAT)	0.00	47.70	46.36	42.60	45.68	41.54	44.27	39.84	39.67	44.47	44.23
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	36.47	37.88	33.34	34.22	31.02	31.09	27.88	27.70	27.36	27.74
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	0.00	0.84	0.83	0.83	0.80	0.80	0.87	0.87	0.88	0.92	0.90
Long-Term Debt to Equity	0.00	0.84	0.83	0.83	0.80	0.80	0.87	0.87	0.88	0.92	0.90
Financial Leverage	0.00	2.61	2.00	2.56	2.51	2.56	2.60	2.61	2.60	2.65	2.67
Leverage Ratio	0.00	1.96	1.95	1.94	1.92	1.94	1.96	1.97	1.96	1.99	2.00
Compound Leverage Factor	0.00	1.60	1.50	1.38	1.60	1.51	1.45	1.42	1.48	1.49	1.73
Debt to Total Capital	0.00%	45.73%	45.46%	45.33%	44.46%	44.54%	46.42%	46.63%	46.67%	48.02%	47.32%
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	0.00%	45.73%	45.46%	45.33%	44.46%	44.54%	46.42%	46.63%	46.67%	48.02%	47.32%
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	0.00%	0.82%	0.87%	0.88%	0.89%	0.89%	1.01%	0.95%	0.95%	0.89%	0.88%
Common Equity to Total Capital	0.00%	27.11%	27.24%	27.30%	27.74%	27.70%	26.73%	26.65%	26.63%	25.96%	26.37%
Debt to EBITDA	0.00	8.81	8.16	8.09	7.51	7.88	8.63	8.54	9.08	9.64	8.04
Net Debt to EBITDA	0.00	8.46	7.80	7.74	7.15	7.51	8.20	8.20	8.71	9.33	7.90
Long-Term Debt to EBITDA	0.00	8.81	8.16	8.09	7.51	7.88	8.63	8.54	9.08	9.64	8.04
Debt to NOPAT	0.00	19.09	18.40	17.83	17.07	16.78	17.91	17.23	16.55	18.00	17.72
Net Debt to NOPAT	0.00	18.33	17.60	17.07	16.26	16.00	17.01	16.54	15.87	17.41	17.42
Long-Term Debt to NOPAT	0.00	19.09	18.40	17.83	17.07	16.78	17.91	17.23	16.55	18.00	17.72
Altman Z-Score	0.00	0.90	0.93	0.85	1.02	0.91	0.90	0.81	0.84	0.88	0.95
Noncontrolling Interest Sharing Ratio	0.00%	35.04%	35.34%	50.06%	50.06%	50.06%	50.09%	50.06%	50.07%	50.05%	50.04%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.89	1.07	0.99	0.92	0.92	0.88	0.82	0.74	0.87	1.21
Quick Ratio	0.00	0.19	0.22	0.16	0.18	0.18	0.15	0.14	0.12	0.25	0.15
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	-14,507	-19,035	-19,020	-218	-791	-919	-1,055	-1,542	-1,186
Operating Cash Flow to CapEx	120.11%	0.00%	303.56%	209.85%	0.00%	0.00%	42.07%	167.50%	173.43%	52.46%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-694.22	-901.01	-912.85	-10.82	-40.60	-42.30	-48.54	-70.20	-49.81
Operating Cash Flow to Interest Expense	4.24	3.15	2.99	5.10	5.06	3.82	4.55	5.80	5.73	5.56	3.73
Operating Cash Flow Less CapEx to Interest Expense	0.71	18.09	2.01	2.67	5.26	11.42	-6.26	2.34	2.43	-5.04	3.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.08	0.08	0.06	0.06	0.06	0.06	0.07	0.07	0.07	0.07
Accounts Receivable Turnover	0.00	42.17	36.75	56.22	58.93	36.58	31.98	52.29	51.01	37.93	33.79
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	0.00	0.09	0.10	0.07	0.07	0.07	0.07	0.08	0.08	0.08	0.08
Accounts Payable Turnover	0.00	0.00	0.84	0.68	0.60	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	8.66	9.93	6.49	6.19	9.98	11.41	6.98	7.16	9.62	10.80
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	435.19	533.99	611.77	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	8.66	-425.26	-527.50	-605.58	9.98	11.41	6.98	7.16	9.62	10.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	19,049	19,114	19,101	19,087	19,338	19,966	20,099	20,222	20,944	21,217
Invested Capital Turnover	0.00	0.03	0.05	0.07	0.07	0.03	0.04	0.04	0.04	0.04	0.04
Increase / (Decrease) in Invested Capital	0.00	0.00	14,566	19,101	19,087	289	852	998	1,135	1,606	1,251
Enterprise Value (EV)	0.00	11,116	11,249	10,634	11,637	10,936	11,769	11,066	11,522	12,618	12,806
Market Capitalization	6,121	6,765	6,894	6,288	7,409	6,635	7,144	6,372	6,815	7,584	7,667
Book Value per Share	$0.00	$19.94	$20.21	$20.26	$20.50	$20.76	$20.70	$20.66	$20.70	$20.85	$21.57
Tangible Book Value per Share	$0.00	$19.94	$20.21	$20.26	$20.50	$20.76	$20.70	$20.66	$20.70	$20.85	$21.57
Total Capital	0.00	9,728	9,819	9,818	9,782	9,920	10,257	10,264	10,296	10,634	10,842
Total Debt	0.00	4,449	4,464	4,451	4,350	4,419	4,761	4,786	4,805	5,107	5,130
Total Long-Term Debt	0.00	4,449	4,464	4,451	4,350	4,419	4,761	4,786	4,805	5,107	5,130
Net Debt	0.00	4,272	4,270	4,260	4,141	4,213	4,522	4,595	4,609	4,939	5,044
Capital Expenditures (CapEx)	70	-305	21	51	-4.05	-153	211	75	72	233	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-151	-59	-98	-160	-147	-151	-179	-252	-248	67
Debt-free Net Working Capital (DFNWC)	0.00	-63	38	-4.43	-49	-43	-76	-109	-178	-92	141
Net Working Capital (NWC)	0.00	-63	38	-4.43	-49	-43	-76	-109	-178	-92	141
Net Nonoperating Expense (NNE)	-16	-29	-11	14	-35	0.78	8.66	22	13	-23	-83
Net Nonoperating Obligations (NNO)	0.00	13,769	13,758	13,734	13,654	13,837	14,470	14,621	14,731	15,417	15,505
Total Depreciation and Amortization (D&A)	42	43	48	45	41	46	55	49	47	50	63
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-24.58%	-9.47%	-15.27%	-24.50%	-21.91%	-22.02%	-25.60%	-35.23%	-34.09%	8.93%
Debt-free Net Working Capital to Revenue	0.00%	-10.30%	6.12%	-0.69%	-7.56%	-6.48%	-11.09%	-15.62%	-24.92%	-12.62%	18.90%
Net Working Capital to Revenue	0.00%	-10.30%	6.12%	-0.69%	-7.56%	-6.48%	-11.09%	-15.62%	-24.92%	-12.62%	18.90%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.68	$0.52	$0.39	$0.75	$0.51	$0.36	$0.42	$0.49	$0.60	$1.08
Adjusted Weighted Average Basic Shares Outstanding	0.00	132.26M	132.36M	132.37M	132.37M	132.37M	132.42M	132.43M	132.45M	132.45M	132.57M
Adjusted Diluted Earnings per Share	$0.00	$0.67	$0.52	$0.39	$0.75	$0.51	$0.36	$0.42	$0.49	$0.60	$1.08
Adjusted Weighted Average Diluted Shares Outstanding	0.00	132.34M	132.41M	132.40M	132.42M	132.42M	132.49M	132.48M	132.50M	132.51M	132.64M
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	0.00	529.36M	264.68M	264.69M	132.35M	132.39M	132.40M	132.41M	132.42M	132.52M	132.57M
Normalized Net Operating Profit after Tax (NOPAT)	61	62	59	67	67	71	62	79	81	64	65
Normalized NOPAT Margin	39.46%	39.73%	36.55%	40.57%	39.80%	40.56%	34.76%	43.76%	44.38%	33.82%	33.29%
Pre Tax Income Margin	48.96%	57.74%	43.31%	31.77%	62.56%	40.14%	31.23%	31.65%	37.02%	34.60%	77.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.82	5.45	4.36	3.47	6.03	4.50	3.84	3.63	4.09	3.97	7.37
NOPAT to Interest Expense	3.08	3.06	2.84	3.15	3.20	3.54	3.16	3.63	3.71	2.90	2.72
EBIT Less CapEx to Interest Expense	1.29	20.39	3.38	1.04	6.23	12.11	-6.97	0.16	0.78	-6.62	7.37
NOPAT Less CapEx to Interest Expense	-0.45	18.00	1.85	0.72	3.40	11.14	-7.65	0.17	0.40	-7.69	2.72
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	63.28%	58.58%	61.60%	58.87%	65.42%	72.00%	75.55%	90.33%	91.31%	71.47%
Augmented Payout Ratio	0.00%	63.31%	58.58%	61.62%	58.89%	65.42%	75.59%	79.94%	95.38%	96.01%	73.62%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, data-driven review of First Industrial Realty Trust (FR) using the latest quarterly data spanning the last four years. The focus is on trends in profitability, cash flow, leverage, and capital allocation that may affect investors differently over time.

Net income attributable to common shareholders rose from about $96.2M in Q1 2025 to about $157.7M in Q4 2025, signaling improving profitability.
Operating cash flow from continuing activities remained robust in 2025, with Q3 and Q4 cash from continuing operations around $124.6M and $122.0M, respectively, underscoring strong cash generation to support dividends.
The quarterly dividend per share has been steady at $0.445, providing a predictable income stream for investors.
Balance sheet shows a solid capital base, with total assets around $11.0B and total equity around $5.3B in 2025, suggesting a durable framework to support ongoing investments and distributions.
The company continues to invest in property, plant & equipment, leading to sizable cash outflows for investing activities (CAPEX), which is typical for a growth-focused REIT but reduces short-term free cash flow.
Debt activity is variable across quarters, with issuances and repayments indicating active refinancing and capital-structure management rather than a fixed debt path.
Recurring large investing outflows reduce free cash flow, with notable negative net cash from continuing investing activities (e.g., about -$163.2M in Q4 2025; -$70.9M in Q3 2025; -$76.7M in Q2 2025).
Leverage remains elevated, with long-term debt near $4.8B and total liabilities around $5.5B as of 2025 Q3, contributing to substantial interest costs (about $21–$22M per quarter).
Cash and equivalents were around $67M in 2025 Q3, relatively modest given the size of debt, suggesting potential refinancing or liquidity considerations if maturities cluster.

05/20/26 01:48 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. See where experts think First Industrial Realty Trust is headed by visiting First Industrial Realty Trust's forecast page.

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%.

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Financial statements for NYSE:FR last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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First Industrial Realty Trust (FR) Financials

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First Industrial Realty Trust (FR) Financials

Annual Income Statements for First Industrial Realty Trust

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Quarterly Cash Flow Statements for First Industrial Realty Trust

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Quarterly Balance Sheets for First Industrial Realty Trust

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Quarterly Metrics And Ratios for First Industrial Realty Trust

Financials Breakdown Chart

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First Industrial Realty Trust Financials - Frequently Asked Questions

When does First Industrial Realty Trust's financial year end?

How has First Industrial Realty Trust's net income changed over the last 10 years?

What is First Industrial Realty Trust's operating income?

How has First Industrial Realty Trust's revenue changed over the last 10 years?

How much debt does First Industrial Realty Trust have?

How much cash does First Industrial Realty Trust have?

How has First Industrial Realty Trust's book value per share changed over the last 10 years?

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