FR Stock Analysis — First Industrial Realty Trust
Sector: REITs
AI Verdict
You're paying up for a narrative that hasn't fully materialised, with a 32.8x forward P/E and only 2.3% growth expected — the premium looks fragile unless growth surprises to the upside.
Competitive Moat
First Industrial Realty Trust owns and operates a nationwide portfolio of logistics and industrial properties, benefiting from high tenant switching costs and long-term leases that create stable cash flows. Its scale and relationships with major e-commerce and distribution tenants help defend against regional competitors.
Summary
FR stands out for its focus on logistics real estate, a sector benefiting from e-commerce tailwinds but facing slowing earnings momentum.
Where It Stands
FR trades at 32.8x next year's earnings, well above the REIT sector median, while analysts expect only 2.3% EPS growth — a steep premium for minimal growth.
Key Metrics
- Trailing P/E: 33.6x
- Forward P/E: 32.8x
- PEG Ratio: 14.41
- Earnings Growth: +0.0%
- Revenue Growth: +0.1%
- Dividend Yield: 0.03%
- 52-Week High: $64.66
- 52-Week Low: $47.36
Analyst Consensus
15 Buy · 10 Hold · 0 Sell (25 analysts)
Bull Case
The trailing 8.8% revenue growth suggests FR's assets are in demand, supporting the case for continued occupancy and rent increases.
Bear Case
With a 33.6x trailing P/E and just 2.3% expected EPS growth, any P/E compression to the REIT sector median could mean a 40%+ downside.
Catalyst to Watch
Watch for quarterly leasing updates — any sign of accelerating rent growth or higher occupancy could justify the current multiple.