First Industrial Realty Trust, (FR) Stock Price & How to Invest
Short answer
You can invest in First Industrial Realty Trust (FR) by buying shares or fractional shares at any major broker, through an industrial or REIT ETF that holds it, or as one holding in a thematic basket. First Industrial is a US-focused industrial REIT that owns bulk and regional warehouses and light-industrial buildings concentrated in 15 major logistics markets, and it earns rental income that it passes through to shareholders as dividends. The picture rests on steady demand for logistics space, rising rents on lease renewals, and development gains, against the interest-rate sensitivity and cyclicality that affect all REITs.
FR stock price
As of 2026-07-08, First Industrial Realty Trust, (FR) last closed at $64.64, up 33.9% over the past year. Over the past 52 weeks it has traded between $47.58 and $64.64.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or First Industrial Realty Trust, 's investor relations page. Walnut is informational, not investment advice.
What does First Industrial Realty Trust, (FR) do?
First Industrial Realty Trust is a real estate investment trust that owns, develops, and manages industrial properties, mostly bulk and regional distribution warehouses plus lighter industrial and flex buildings. As of early 2026 it owned or had under development roughly 71.6 million square feet concentrated in 15 target US markets such as Southern California, Phoenix, Dallas, Chicago, Pennsylvania, and South Florida. As a REIT it leases space to logistics, e-commerce, manufacturing, and distribution tenants, collects rent, and is required to distribute most of its taxable income to shareholders, which is why the dividend is central to the investment case.
The business grows in three main ways: leasing vacant space and pushing rents higher when older leases roll to current market rates, developing new buildings on land it owns and leasing them up, and occasionally selling mature or non-core assets at a gain to recycle capital. In full-year 2025 First Industrial reported revenue of about $727.6 million, up roughly 8% year over year, and NAREIT funds from operations (FFO) of about $2.96 per share, up about 12%, with in-service occupancy of 94.4% at year-end. It raised its dividend about 12% to $0.50 per share quarterly and guided 2026 FFO to roughly $3.09 to $3.19 per share, reflecting continued rent growth on renewals.
What's driving First Industrial Realty Trust, (FR)?
1. Rent growth on lease renewals.
First Industrial's biggest near-term lever is re-leasing older space at much higher current market rents, a dynamic called mark-to-market. Because many in-place leases were signed years ago below today's rates, each renewal can lift cash rents meaningfully. Management pointed to strong 2025 leasing and guided cash same-store net operating income growth of 5 to 6% in 2026 on the strength of this repricing.
2. Development and land pipeline.
The company builds new warehouses on land it already controls and leases them up, adding income without buying at full market prices. It also monetizes land, for example a roughly $131 million Phoenix land sale at a premium in early 2026. This development and capital-recycling engine can add FFO per share over time, though it depends on tenant demand and construction costs.
3. Concentrated logistics footprint.
First Industrial focuses on 15 target US markets with supply constraints and strong logistics demand, including coastal and Sun Belt metros. Concentrating in fewer, deeper markets is meant to give it pricing power and operating efficiency. In-service occupancy of 94.4% at the end of 2025 reflects generally healthy demand for well-located warehouse space.
4. Rising dividend backed by FFO.
The company raised its dividend about 12% to $0.50 per share quarterly (roughly $2.00 annualized) alongside its 2025 results, supported by growing funds from operations of about $403.8 million. As a REIT it must distribute most of its taxable income, so the payout is a core part of total return. Dividend growth depends on continued FFO growth from rents and development.
What are the risks to First Industrial Realty Trust, (FR)?
Like all REITs, First Industrial is sensitive to interest rates: higher rates raise its borrowing costs, can pressure property values, and make its dividend yield less attractive versus bonds. Industrial demand is cyclical and tied to consumer spending, e-commerce, trade flows, and supply-chain trends, so a slowdown or a wave of new warehouse construction could soften occupancy and rent growth. The portfolio is concentrated in a limited number of markets and property types, which adds regional and sector exposure, and tenant defaults, longer lease-up times on new developments, or rising construction and financing costs could weigh on results. FFO guidance is management's estimate and actual results can differ.
How is First Industrial Realty Trust, (FR) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see First Industrial Realty Trust, 's investor relations page or your broker.
- Revenue (FY2025): ~$727.6 million
- NAREIT FFO per share (FY2025): ~$2.96 (up ~12%)
- FFO (FY2025): ~$403.8 million
- In-service occupancy (YE2025): ~94.4%
- Dividend: ~$2.00/yr (~$0.50/qtr), yield ~3%
- 2026 FFO guidance: ~$3.09-$3.19 per share
- Market cap: ~$8.6 billion
- Price / FFO (approx): ~21x
First Industrial trades on funds from operations (FFO) rather than standard earnings per share, because depreciation makes GAAP net income a poor proxy for a property company's cash generation. At roughly 21 times 2025 FFO the stock is valued as a growth-oriented industrial REIT, richer than diversified or slower-growth REITs but below sector leader Prologis. Figures are approximate and as of July 2026; verify current numbers before acting.
Who competes with First Industrial Realty Trust, (FR)?
Large industrial and logistics REITs
Prologis (PLD) is the dominant global warehouse REIT and First Industrial's primary comparison, with over a billion square feet worldwide versus First Industrial's US-only, more concentrated footprint. Prologis has greater scale, global reach, and a development platform, while First Industrial is a smaller, pure-play domestic operator.
Mid-cap and specialized industrial REITs
EastGroup Properties (EGP), STAG Industrial (STAG), Rexford Industrial (REXR), and Terreno Realty (TRNO) compete for tenants and capital in US industrial real estate. Each emphasizes different niches, from Sun Belt shallow-bay parks to Southern California infill or coastal markets, overlapping with parts of First Industrial's strategy.
Broader REIT and income alternatives
For income-focused investors, First Industrial also competes with diversified and net-lease REITs like Realty Income (O) and with broad REIT and industrial ETFs. These offer different mixes of yield, growth, and property-type exposure, so the choice depends on how much logistics-specific growth versus stable diversified income an investor wants.
How to invest in First Industrial Realty Trust, (FR)
There are three common ways to get FR exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so FR sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where FR fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on First Industrial Realty Trust, (FR)
First Industrial is a pure-play US industrial REIT whose returns come from warehouse rents, rent growth on renewals, and a rising dividend, so it tends to behave as a rate-sensitive income and growth vehicle tied to the health of logistics and supply-chain demand.
More on First Industrial Realty Trust, (FR)
Whether FR is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is FR a buy?, and where the stock could go from here in the FR stock forecast.
For income investors, whether FR pays a dividend and how the payout looks is covered in does FR pay a dividend?
Build a basket around FR with Walnut
Use First Industrial Realty Trust, as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does First Industrial Realty Trust do?
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It is a real estate investment trust that owns, develops, and manages industrial properties, mainly bulk and regional distribution warehouses plus lighter industrial buildings, in 15 major US logistics markets. It leases space to tenants and passes most of the rental income to shareholders as dividends.
Is FR a REIT, and what does that mean for investors?
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Yes. As a REIT, First Industrial must distribute most of its taxable income to shareholders, which supports a meaningful dividend. REIT dividends are often taxed as ordinary income rather than at qualified-dividend rates, so many investors hold them in tax-advantaged accounts.
How does First Industrial make money?
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It collects rent from warehouse and industrial tenants, raises rents when older leases renew at higher current market rates, develops new buildings on land it owns and leases them up, and sometimes sells mature properties at a gain to recycle capital into new investments.
What were First Industrial's 2025 results?
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For full-year 2025 the company reported revenue of about $727.6 million (up roughly 8%) and NAREIT FFO of about $2.96 per share (up about 12%), with in-service occupancy of 94.4% at year-end. These figures are approximate and as of July 2026.
Does FR pay a dividend?
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Yes. Alongside its 2025 results, First Industrial raised its dividend about 12% to roughly $0.50 per share quarterly, about $2.00 per share annualized, for a yield near 3%. As a REIT it is required to distribute most of its taxable income.
Why is FFO used instead of earnings for FR?
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Funds from operations (FFO) adds back real estate depreciation to net income, giving a clearer picture of a property company's recurring cash generation. Standard GAAP earnings per share understate a REIT's cash flow because large non-cash depreciation charges reduce reported profit.
How does First Industrial compare to Prologis?
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Prologis is the much larger, globally diversified warehouse REIT, while First Industrial is a smaller, US-only, more concentrated operator focused on 15 target markets. First Industrial offers a more focused domestic play, whereas Prologis provides greater scale and global reach.
What are the main risks of owning FR?
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The main risks are interest-rate sensitivity (higher rates raise borrowing costs and pressure valuations), the cyclicality of industrial demand tied to e-commerce and supply chains, oversupply from new warehouse construction, and concentration in a limited set of markets and property types. Guidance is an estimate and results can differ.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with First Industrial Realty Trust, 's investor relations page or your broker before making investment decisions.