FRNYSEReal Estate Investment TrustsUS GAAP · USD

First Industrial Realty Trust, Inc

First Industrial Realty Trust, Inc. is a self-administered REIT that owns, manages, acquires, develops, redevelops and sells industrial real estate in the United States. Its portfolio is concentrated in logistics-oriented warehouse and distribution properties across 15 key U.S. markets, with a particular emphasis on coastal locations and land-constrained markets.

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Revenue727m USD
+8.6 %y/y
Net income247m USD
−13.9 %y/y
Free cash flow461m USD
+30.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

0200400600800m USD2020: 448 m USD20202021: 476 m USD20212022: 540 m USD20222023: 614 m USD20232024: 670 m USD20242025: 727 m USD2025727
RevenueOperating profit (EBIT)
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Business

Share of revenue
Industrial property leasing70 %

Leasing of warehouse, distribution and logistics space to tenants across the portfolio.

Property management10 %

Ongoing management of owned industrial assets, including tenant relations and operations.

Development and redevelopment10 %

Build-to-suit, speculative development and redevelopment of industrial properties.

Acquisition and disposition10 %

Buying and selling industrial properties to upgrade portfolio quality and growth potential.

Customers

The company serves tenants that need industrial space for storage, distribution, fulfillment and light logistics operations. Its marketing and leasing efforts target both local and national brokerage communities, as well as multinational tenants, reflecting a customer base that values location, functionality and lease flexibility.

Logistics and distribution operators

Companies leasing warehouse and distribution space for inventory storage, fulfillment and regional delivery networks.

Multinational tenants

Large tenants that need space in major U.S. logistics markets and are targeted through national marketing programs.

Brokerage and intermediary channels

Real estate brokers and brokerage communities that help source tenants and lease transactions.

Existing tenants renewing leases

Current occupants renewing at higher rents or on improved terms, which supports occupancy and cash flow.

Strategy

The company’s strategy is to grow through industrial property development, acquisitions and selective redevelopment in its target logistics markets. It also seeks to improve portfolio quality by selling lower-growth assets and reinvesting capital into better-located, more functional properties.

External growth through acquisitions and developmentMedium term

Expands the portfolio in markets with favorable industrial demand and long-term rent growth potential.

Portfolio enhancement and capital recyclingMedium term

Improves portfolio quality by exiting assets with weaker growth prospects and redeploying capital.

Leasing optimizationShort term

Higher renewal rents and lower re-leasing costs support cash flow and occupancy.

Geography

First Industrial operates entirely in the United States, with 414 industrial properties in 19 states as of year-end 2025. Its investment focus is on 15 key logistics markets, with a primary emphasis on coastal markets where land scarcity and strong demand can support rent growth and asset liquidity.

Risks

The business is exposed to industrial real estate cycles, tenant demand shifts and local supply conditions, all of which can affect occupancy, rents and property values. It also faces financing, interest rate, cybersecurity and covenant risks, while its REIT structure depends on stable cash flow and access to capital markets.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Industrial real estate market cyclicality1Interest rate and financing risk2Tenant credit and lease rollover risk3Asset impairment risk4Cybersecurity and systems disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Industrial real estate market cyclicalityImpact: HighLikelihood: Medium

    Revenue and asset values depend on local and national demand, supply and economic conditions.

    ExposureOccupancyRental ratesProperty valuations
  2. Interest rate and financing riskImpact: HighLikelihood: Medium

    The company uses debt financing and is exposed to changes in borrowing costs and covenant compliance.

    ExposureUnsecured credit facilityTerm loanSenior notes
  3. Tenant credit and lease rollover riskImpact: MediumLikelihood: Medium

    Cash flow depends on timely rent collection and successful lease renewals at acceptable terms.

    Exposure: Lease expirations and tenant defaults

  4. Asset impairment riskImpact: MediumLikelihood: Medium

    Property carrying values may need to be written down if expected cash flows or market values decline.

    Exposure: Long-lived real estate assets

  5. Cybersecurity and systems disruptionImpact: MediumLikelihood: Medium

    Operations rely on IT systems for property management, reporting and tenant-related data.

    Exposure: Internal systems and third-party service providers

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Accounting

Judgemental items
Impairment of real estate assets

Management estimates future cash flows, discount rates and cap rates to test recoverability.

Impact: Can trigger write-downs and affect net income and asset values

Straight-line rent and lease intangibles

Rental revenue is recognized over lease terms and adjusted for market-rate differences.

Impact: Affects revenue timing, NOI and comparability across periods

Gain on sale of real estate

Asset dispositions can materially affect earnings in periods with active recycling.

Impact: Creates volatility in net income and FFO bridge items

Joint venture accounting

Equity in income and noncontrolling interests depend on JV performance and ownership structure.

Impact: Can materially change reported earnings and cash flow attribution

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Last updated: 24/09/2026

First Industrial Realty Trust, Inc (FR) Revenue, Earnings & Financials 2025 – Clarifo