Company Overview
First Industrial Realty Trust, Inc. operates as a leading owner, operator, developer, and acquirer of logistics properties exclusively within the United States, utilizing a fully integrated platform to deliver high-quality facilities and industry-leading customer service to multinational corporations. The company functions within the Real Estate sector and specifically the REIT - Industrial industry, a classification that signifies its primary asset base consists of industrial real estate used for warehousing and distribution rather than residential or office space. This entity manages a substantial asset footprint, evidenced by a market capitalization of $7.81B and an annual revenue stream of $727.56M, supported by a workforce of 151 employees. The magnitude of the $7.81B market cap places the company among the significant players in the industrial real estate landscape, while the $727.56M revenue figure indicates a mature operational scale capable of generating substantial cash flows from logistics leases.
Financial Health
The company reported a revenue of $727.56M for the trailing twelve months, with a net income of $247.30M and an EBITDA of $503.28M, illustrating a robust cost structure where operating expenses consume a significant portion of top-line growth before reaching the bottom line. The gap between the $727.56M revenue and the $247.30M net income reveals that after accounting for interest, taxes, depreciation, and amortization, the company retains a substantial portion of its earnings as profit, though the EBITDA of $503.28M suggests that non-cash charges and debt servicing are considerable. Free cash flow stands at $421.64M, which demonstrates the company's financial flexibility to fund capital expenditures, debt repayment, or potential acquisitions without relying solely on external financing. The gross margin is 73.6%, indicating high revenue retention from the primary logistics services before overhead costs. Operating margins sit at 42.1%, reflecting the efficiency of the company's core operations before interest and taxes, while the profit margin of 34.0% highlights the final profitability available to shareholders after all expenses. Regarding liquidity and leverage, the company holds $78.03M in cash against total debt of $2.57B, resulting in a debt-to-equity ratio of 93.30, which indicates a highly leveraged balance sheet typical for REITs but requiring careful management of interest rates. The current ratio is 0.52, signaling that the company's current assets are less than its current liabilities, suggesting a reliance on long-term financing or cash flow generation to meet short-term obligations rather than liquid asset reserves. Return on Equity is 9.6%, showing the percentage of shareholder equity generated as profit, while Return on Assets is 3.5%, which reveals the efficiency of the company's total asset base in generating earnings relative to the scale of its investments.
Valuation Assessment
The trailing twelve-month P/E ratio is 30.58, while the forward P/E is 30.99, implying that the market expects earnings to grow slightly to meet the higher multiple in the future rather than a contraction in valuation multiples. The price-to-book ratio stands at 2.84, indicating that the market values the company at a significant premium of nearly three times its net asset book value. Alternative valuation metrics such as the price-to-sales ratio of 10.74 and the EV/EBITDA of 20.19 suggest that investors are willing to pay a high multiple for the company's earnings power and sales volume relative to its enterprise value. The 52-week high is $64.01 and the 52-week low is $40.31, providing a range within which the stock has traded over the past year. Without a specific current price provided in the facts, the valuation context relies on these historical bounds to assess relative positioning, noting the forward P/E is slightly elevated compared to the trailing P/E. The beta value is 1.12, which means the stock's price volatility is slightly higher than the broader market, reacting with greater intensity to market movements.
Growth & Income
Revenue growth year-over-year is 7.7%, while earnings growth year-over-year is 15.2%, demonstrating that earnings are expanding at a significantly faster pace than revenue, which often implies improved operational leverage or cost efficiencies. The dividend yield is 3.5%, and the payout ratio is 95.2%, indicating that the company distributes nearly all of its earnings to shareholders, which leaves little room for error if earnings growth were to stagnate. Given the high payout ratio, the company is prioritizing income distribution for shareholders rather than retaining earnings for reinvestment into growth initiatives like property acquisition or development. The overall growth and income profile presents a company with strong earnings acceleration and a high-yield dividend, though the high payout ratio necessitates consistent earnings performance to sustain the yield.