54.93
+2.18%
Close of 9 Nov 2026, in USD
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About First Industrial Realty Trust
From its filings with the US Securities and Exchange Commission
First Industrial Realty Trust is based in Chicago, Illinois and is incorporated in Maryland. Its shares trade on NYSE under the ticker FR. The SEC classifies its business as real estate investment trusts. In the fiscal year to 31 December 2025, it reported revenue of $727.1m and net income of $247.4m. At that date it held total assets of $5.69bn and shareholders' equity of $2.67bn.
First Industrial Realty Trust, Inc. is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). As of December 31, 2025, our in-service portfolio consisted of 414 industrial properties, located in 19 states, containing an aggregate of approximately 69.9 million square feet of gross leasable area ("GLA").
We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, a Delaware limited partnership formed on November 23, 1993 of which the Company is the sole general partner (the "General Partner"), with an approximate 97.0% ownership interest ("General Partner Units") at December 31, 2025. The Operating Partnership also conducts operations through several other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships.
Quoted from its 10-K, filed 11 Feb 2026. Read the filing on SEC.gov ↗
Company facts
- Sector
- Real Estate
- Industry
- Equity Real Estate Investment Trusts (REITs)
- Listed since
- 24 Jun 1994
- Employees
- 151
- Website
- firstindustrial.com ↗
- Head office
- 1 NORTH WACKER DRIVE, CHICAGO, IL, 60606
- Incorporated in
- MD
- Classification
- Real Estate Investment Trusts
- Filer status
- Large accelerated filer
Leadership
Pay as last reported
- Mr. Matthew DominskiNon-Executive Independent Chairman of the Board$265,000
- Mr. Peter BaccilePresident, Chief Executive Officer, Director, since 2016$6.6m
- Mr. Scott MusilChief Financial Officer$2.0m
- Mr. Peter SchultzExecutive Vice President - East Region$2.4m
- Mr. Johannson YapExecutive Vice President - West Region, Chief Investment Officer$3.3m
- Ms. Jennifer Matthews RiceGeneral Counsel, Secretary$1.3m
- Mr. John RauLead Independent Director$241,250
- Ms. Teresa BazemoreIndependent Director$230,000
- Mr. H. Patrick HackettIndependent Director$235,000
- Ms. Denise OlsenIndependent Director$216,251
- Mr. Marcus SmithIndependent Director$216,251
- Mr. Art HarmonSenior Vice President - Investor Relations and Marketing
Environmental, social and governance
Scores out of 100, from our data supplier
- Overall
- 53
- Environment
- 34
- Social
- 50
- Governance
- 76
- Women in the workforce
- 40%
- Carbon reduction policy
- No
- Human rights policy
- Yes
SWOT analysis
AI-generated by our data supplier. Not written or checked by our editors.
Strengths
- First Industrial Realty Trust Inc possesses several strengths that contribute to its success and competitive advantage in the market:
- Diverse and quality portfolio: First Industrial Realty Trust Inc manages a diversified portfolio of industrial real estate properties, including warehouses, distribution centers, and manufacturing facilities. This diversity helps mitigate risk and capture opportunities in different sectors.
- Strong financial position: The company has a solid financial position, with stable cash flows and a healthy balance sheet. This allows for strategic investments, acquisitions, and development projects.
- Strong market presence: First Industrial Realty Trust Inc has established a strong presence in key industrial markets across the United States. This enables the company to attract a wide range of tenants and benefit from high occupancy rates.
Weaknesses
- Despite its strengths, First Industrial Realty Trust Inc also faces certain weaknesses that could impede its growth and performance:
- Dependence on economic conditions: The company's performance is closely tied to the overall economic conditions. During economic downturns, demand for industrial real estate may decrease, leading to potential vacancies and lower rental rates.
- Geographic concentration risk: While the company has a strong market presence, it also faces the risk of concentration in specific geographic areas. Any adverse economic or regulatory changes in these markets could significantly impact First Industrial Realty Trust Inc.
- Depreciation and maintenance costs: As an owner and operator of real estate properties, the company incurs expenses related to property depreciation and ongoing maintenance. These costs can affect profitability and cash flow.
Opportunities
- First Industrial Realty Trust Inc can leverage various opportunities to enhance its position and generate growth:
- Increasing e-commerce demand: With the rise of e-commerce, there is a growing demand for industrial properties, especially logistics and distribution centers. First Industrial Realty Trust Inc can capitalize on this trend by targeting strategic acquisitions and development projects in this sector.
- Technological advancements: Advancements in technology, such as automation and robotics, are changing the industrial real estate landscape. First Industrial Realty Trust Inc can explore partnerships and investments in innovative companies to stay at the forefront of these developments.
- Sustainable and green initiatives: There is a growing emphasis on sustainability and environmentally-friendly practices in the real estate industry. First Industrial Realty Trust Inc can differentiate itself by incorporating sustainable features in its properties and attracting environmentally-conscious tenants.
Threats
- First Industrial Realty Trust Inc faces several threats that could negatively impact its business:
- Economic downturns: Any economic downturn or recession can lead to decreased demand for industrial properties, lower rental rates, and increased vacancies, posing a significant threat to the company's financial performance.
- Competition: The industrial real estate market is highly competitive, with numerous players vying for tenants and market share. First Industrial Realty Trust Inc faces the risk of losing tenants or facing downward pressure on rental rates due to intense competition.
- Regulatory changes: Changes in zoning regulations, environmental policies, or tax laws can impact the feasibility and profitability of real estate developments. First Industrial Realty Trust Inc needs to closely monitor and adapt to any regulatory changes that could affect its operations.
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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