FR on NYSE
First Industrial Realty Trust, Inc.
Logo: firstindustrial.com3
Industrial real estate company1
In its 2021 annual report the company says: “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 as defined in the Internal Revenue Code of 1986.”54 It is headquartered in Chicago, Illinois.1 Its shares trade on NYSE under the symbol FR.1
Price unavailable
Last updated Oct 21, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs64¢$464.4M
- Income tax2¢$15.3M
- Profit34¢$247.4M
Out of $727.1M in revenue.5
Where each dollar of operating cash went, fiscal 2025
- Dividends paid50¢$231.2M
- Kept or used elsewhere50¢$230.0M
Out of $461.3M of cash from operations.5
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Lease Revenue | $719.2M | $661.0M | $602.3M |
| Joint Venture Fees | $1.4M | $2.5M | $5.2M |
| Other Revenue | $6.5M | $6.1M | $6.6M |
| Total Revenues | $727.1M | $669.6M | $614.0M |
| Property Expenses | $191.5M | $182.8M | $165.7M |
| General and Administrative | $41.9M | $40.9M | $37.1M |
| Joint Venture Development Services Expense | $629.0K | $1.5M | $3.7M |
| Depreciation and Other Amortization | $185.3M | $171.9M | $163.0M |
| Total Expenses | $419.4M | $397.2M | $369.4M |
| Gain on Sale of Real Estate | $26.9M | $112.0M | $95.7M |
| Interest Expense | -$84.9M | -$83.0M | -$74.3M |
| Amortization of Debt Issuance Costs | -$5.0M | -$3.6M | -$3.6M |
| Total Other Income (Expense) | -$63.0M | $25.4M | $17.7M |
| Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision | $244.7M | $297.8M | $262.3M |
| Equity in Income of Joint Venture | $34.7M | $4.3M | $32.2M |
| Income Tax Provision | -$15.3M | -$6.1M | -$8.7M |
| Net Income | $264.1M | $296.0M | $285.8M |
| Less: Net Income Attributable to the Noncontrolling Interests | -$16.6M | -$8.4M | -$11.0M |
| Net Income Available to Common Stockholders / Unitholders and Participating Securities | $247.4M | $287.6M | $274.8M |
| Net Income Allocable to Participating Securities | -$146.0K | -$211.0K | -$232.0K |
| Net Income Available to Common Stockholders / Unitholders | $247.3M | $287.3M | $274.6M |
| Net Income Available to Common Stockholders/Unitholders | $1.87 | $2.17 | $2.08 |
| Net Income Available to Common Stockholders/Unitholders | $1.87 | $2.17 | $2.07 |
| Weighted Average Shares/Units Outstanding - Basic | 132.4M shares | 132.4M shares | 132.3M shares |
| Weighted Average Shares / Units Outstanding - Diluted | 132.5M shares | 132.4M shares | 132.3M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Land | $1.9B | $1.8B | ||
| Buildings and Improvements | $4.3B | $3.9B | ||
| Construction in Progress | $221.1M | $154.0M | ||
| Less: Accumulated Depreciation | -$1.2B | -$1.1B | -$1.0B | |
| Net Investment in Real Estate | $5.2B | $4.8B | ||
| Real Estate, Held-for-Sale | $0 | $4.6M | ||
| Operating Lease Right-of-Use Assets | $19.6M | $19.9M | ||
| Cash and Cash Equivalents | $78.0M | $44.5M | ||
| Restricted Cash | $0 | $7.2M | ||
| Tenant Accounts Receivable | $11.9M | $7.3M | ||
| Investment in Joint Venture | $5.7M | $51.2M | ||
| Deferred Rent Receivable | $181.1M | $162.9M | ||
| Prepaid Expenses and Other Assets, Net | $215.9M | $203.2M | ||
| Total Assets | $5.7B | $5.3B | ||
| Mortgage Loan Payable | $9.3M | $9.6M | ||
| Senior Unsecured Notes, Net | $1.4B | $995.2M | ||
| Unsecured Term Loans, Net | $922.5M | $922.5M | ||
| Unsecured Credit Facility | $183.0M | $282.0M | ||
| Accounts Payable, Accrued Expenses and Other Liabilities | $178.9M | $132.7M | ||
| Operating Lease Liabilities | $19.4M | $17.6M | ||
| Rents Received in Advance and Security Deposits | $114.8M | $104.6M | ||
| Dividends and Distributions Payable | $62.7M | $51.2M | $44.2M | |
| Total Liabilities | $2.9B | $2.5B | ||
| Common Stock ($0.01 par value, 225,000,000 shares authorized and 132,470,326 and 132,349,119 shares issued and outstanding) | $1.3M | $1.3M | ||
| Additional Paid-in Capital | $2.4B | $2.4B | ||
| Retained Earnings | $230.7M | $219.1M | ||
| Accumulated Other Comprehensive Income | $3.2M | $19.9M | ||
| Total First Industrial Realty Trust, Inc.'s Equity | $2.7B | $2.7B | ||
| Noncontrolling Interests | $87.5M | $80.4M | ||
| Total Equity | $2.8B | $2.7B | $2.6B | $2.5B |
| Total Liabilities and Equity/Partners' Capital | $5.7B | $5.3B | ||
| Real Estate Held For Sale Accumulated Depreciation And Amortization | $0 | $4.1M | ||
| Common Stock, par value | $0.01 | $0.01 | ||
| Common Stock, shares authorized | 225.0M shares | 225.0M shares | ||
| Common Stock, shares issued | 132.5M shares | 132.3M shares | ||
| Common Stock, shares outstanding | 132.5M shares | 132.3M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Land | $1.9B | $1.8B | ||
| Buildings and Improvements | $4.3B | $3.9B | ||
| Construction in Progress | $221.1M | $154.0M | ||
| Less: Accumulated Depreciation | -$1.2B | -$1.1B | -$1.0B | |
| Net Investment in Real Estate | $5.2B | $4.8B | ||
| Real Estate, Held-for-Sale | $0 | $4.6M | ||
| Operating Lease Right-of-Use Assets | $19.6M | $19.9M | ||
| Cash and Cash Equivalents | $78.0M | $44.5M | ||
| Restricted Cash | $0 | $7.2M | ||
| Tenant Accounts Receivable | $11.9M | $7.3M | ||
| Investment in Joint Venture | $5.7M | $51.2M | ||
| Deferred Rent Receivable | $181.1M | $162.9M | ||
| Prepaid Expenses and Other Assets, Net | $215.9M | $203.2M | ||
| Total Assets | $5.7B | $5.3B | ||
| Mortgage Loan Payable | $9.3M | $9.6M | ||
| Senior Unsecured Notes, Net | $1.4B | $995.2M | ||
| Unsecured Term Loans, Net | $922.5M | $922.5M | ||
| Unsecured Credit Facility | $183.0M | $282.0M | ||
| Accounts Payable, Accrued Expenses and Other Liabilities | $178.9M | $132.7M | ||
| Operating Lease Liabilities | $19.4M | $17.6M | ||
| Rents Received in Advance and Security Deposits | $114.8M | $104.6M | ||
| Dividends and Distributions Payable | $62.7M | $51.2M | $44.2M | |
| Total Liabilities | $2.9B | $2.5B | ||
| Common Stock ($0.01 par value, 225,000,000 shares authorized and 132,470,326 and 132,349,119 shares issued and outstanding) | $1.3M | $1.3M | ||
| Additional Paid-in Capital | $2.4B | $2.4B | ||
| Retained Earnings | $230.7M | $219.1M | ||
| Accumulated Other Comprehensive Income | $3.2M | $19.9M | ||
| Total First Industrial Realty Trust, Inc.'s Equity | $2.7B | $2.7B | ||
| Noncontrolling Interests | $87.5M | $80.4M | ||
| Total Equity | $2.8B | $2.7B | $2.6B | $2.5B |
| Total Liabilities and Equity/Partners' Capital | $5.7B | $5.3B | ||
| Real Estate Held For Sale Accumulated Depreciation And Amortization | $0 | $4.1M | ||
| Common Stock, par value | $0.01 | $0.01 | ||
| Common Stock, shares authorized | 225.0M shares | 225.0M shares | ||
| Common Stock, shares issued | 132.5M shares | 132.3M shares | ||
| Common Stock, shares outstanding | 132.5M shares | 132.3M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net Income | $264.1M | $296.0M | $285.8M |
| Depreciation | $148.9M | $139.2M | $130.4M |
| Amortization of Debt Issuance Costs | $5.0M | $3.6M | $3.6M |
| Other Amortization, Including Equity Based Compensation | $46.1M | $37.1M | $34.1M |
| Equity in Income of Joint Venture | -$34.7M | -$4.3M | -$32.2M |
| Distributions from the Joint Venture | $57.6M | $2.9M | $7.4M |
| Gain on Sale of Real Estate | -$26.9M | -$112.0M | -$95.7M |
| Payments to Settle Derivative Instruments | -$250.0K | $0 | $0 |
| Straight-line Rental Income and Expense, Net | -$16.4M | -$20.8M | -$21.9M |
| Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | -$11.3M | -$710.0K | -$2.4M |
| Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | $29.0M | $11.4M | -$4.4M |
| Net Cash Provided by Operating Activities | $461.3M | $352.5M | $304.8M |
| Acquisitions of Real Estate | -$346.5M | -$73.9M | -$131.1M |
| Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | -$283.8M | -$215.6M | -$361.9M |
| Net Proceeds from Sales of Investments in Real Estate | $40.0M | $158.9M | $120.4M |
| (Increase) Decrease in Escrow Deposits | -$659.0K | -$150.0K | $3.9M |
| Contributions to and Investments in Joint Venture | -$4.4M | -$5.7M | -$12.3M |
| Distributions from the Joint Venture | $69.5M | $0 | $0 |
| Other Investing Activity | $1.6M | $4.8M | $2.7M |
| Net Cash Used in Investing Activities | -$524.2M | -$131.6M | -$378.3M |
| Financing Issuance Costs | -$12.4M | $0 | -$61.0K |
| Income Taxes Paid on Vested Equity Compensation | -$1.6M | -$2.1M | -$2.5M |
| Common Stock Dividends and Unit Distributions Paid | -$231.2M | -$193.5M | -$169.4M |
| Distributions to Noncontrolling Interests | -$9.9M | -$143.0K | -$11.5M |
| Repayments on Mortgage Loan Payable | -$348.0K | -$335.0K | -$321.0K |
| Proceeds from the Issuance of Senior Unsecured Notes, Net of Underwriter's Discount | $443.8M | $0 | $0 |
| Proceeds from Unsecured Credit Facility | $775.0M | $321.0M | $374.0M |
| Repayments on Unsecured Credit Facility | -$874.0M | -$338.0M | -$218.0M |
| Net Cash Provided by (Used in) Financing Activities | $89.3M | -$213.0M | -$27.8M |
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | $26.4M | $7.8M | -$101.3M |
| Interest Paid, Net of Interest Expense Capitalized | $69.0M | $82.9M | $72.9M |
| Interest Expense Capitalized in Connection with Development Activity | $12.8M | $8.3M | $13.8M |
| Cash Paid for Operating Lease Liabilities | $3.3M | $3.5M | $3.3M |
| Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | $3.2M | $658.0K | $941.0K |
| Conversion of Limited Partner Units to Common Stock / General Partner Units | $0 | $0 | $0 |
| Assumption of Liabilities in Connection with the Acquisition of Real Estate | $2.2M | $682.0K | $528.0K |
| Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $70.0M | $46.3M | $55.9M |
| Improvements Funded by Tenant | $9.3M | $1.1M | $3.9M |
| Write-off of Fully Depreciated Assets | -$52.9M | -$33.9M | -$33.5M |
No quarter-by-quarter statement was filed.
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Corporate structure
First Industrial Realty Trust, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of First Industrial Realty Trust, Inc.
- VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on First Industrial Realty Trust, Inc., latest Apr 29, 2026
- VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G on First Industrial Realty Trust, Inc., latest Apr 29, 2026
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on First Industrial Realty Trust, Inc., latest Mar 26, 2026 (4 filings since Feb 10, 2022)
- State Street Corporation Filed SCHEDULE 13G on First Industrial Realty Trust, Inc., latest Nov 10, 2025 (5 filings since Feb 1, 2023)
- BlackRock Filed SCHEDULE 13G/A on First Industrial Realty Trust, Inc., latest Apr 30, 2025 (7 filings since Jan 25, 2022)
- PRINCIPAL REAL ESTATE INVESTORS LLC Filed SC 13G/A on First Industrial Realty Trust, Inc., latest Feb 13, 2024 (3 filings since Feb 15, 2022)
- First Industrial Realty Trust, Inc. Chicago, Illinois
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What First Industrial Realty Trust, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Land | $1.9B5 Dec 31, 2025 | $1.8B5 Dec 31, 2024 | +4.3% |
| Operating-lease assets (leased space) | $19.6M5 Dec 31, 2025 | $19.9M5 Dec 31, 2024 | −1.4% |
Real estate and locations
| Item | Latest | A year before | Change |
|---|---|---|---|
| Real estate investments, net | $5.2B5 Dec 31, 2025 | $4.8B5 Dec 31, 2024 | +8.7% |
| Real estate investments, at cost | $6.4B5 Dec 31, 2025 | $5.9B5 Dec 31, 2024 | +8.8% |
| Real estate accumulated depreciation | $1.2B5 Dec 31, 2025 | $1.1B5 Dec 31, 2024 | +9.8% |
| Real estate properties | 4185 Dec 31, 2025 | 4169 Dec 31, 2024 | +0.5% |
| Area of real estate | 70.6 million sq ft5 Dec 31, 2025 | 67.5 million sq ft9 Dec 31, 2024 | +4.6% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $78.0M5 Dec 31, 2025 | $44.5M5 Dec 31, 2024 | +75.3% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Accumulated amortization | $25.8M5 Dec 31, 2025 | $25.2M5 Dec 31, 2024 | +2.2% |
| Finite-lived intangibles, net | $32.1M5 Dec 31, 2025 | $19.3M5 Dec 31, 2024 | +66.1% |
Properties, in its own words
General
At December 31, 2025, we owned 418 industrial properties of which 414 were classified as in-service. Of the 418 properties owned on a consolidated basis, none of them are directly owned by the Company. The 414 in-service industrial properties contained an aggregate of approximately 69.9 million square feet of GLA in 19 states. Our in-service portfolio includes all properties that have reached stabilized occupancy (defined as properties that are 90% leased), (re)developed properties upon the earlier of reaching 90% occupancy or one year from the date construction is completed and acquired properties that are at least 75% occupied at acquisition or one year from the acquisition date, unless we anticipate tenant move-outs within two years of ownership would drop occupancy below 75%. Acquired properties with tenants that we anticipate will move out within the first two years of ownership are placed in service upon the earlier of reaching 90% occupancy or one year after move out. The average annual base rent per square foot for our in-service portfolio, calculated at December 31, 2025, was $8.41. The properties are generally located in business parks that have convenient access to interstate highways and/or rail and air transportation. We maintain insurance on our properties that we believe is adequate.
The rest of Item 2
The following tables summarize, by market, certain information as of December 31, 2025, with respect to the in-service properties.
In-Service Property Summary Totals
Metropolitan Area · GLA · Number ofProperties · Occupancyat 12/31/25
Atlanta, GA · 5,249,774 · 23 · 96.4%
Baltimore, MD / D.C. · 3,416,464 · 14 · 84.3%
Central Florida · 1,279,412 · 13 · 92.0%
Central/Eastern Pennsylvania (A) · 8,656,434 · 24 · 91.0%
Chicago, IL · 6,169,821 · 25 · 96.9%
Cincinnati, OH · 467,320 · 3 · 100.0%
Dallas/Ft. Worth, TX · 7,390,236 · 53 · 98.3%
Denver, CO (A) · 3,742,551 · 36 · 82.3%
Detroit, MI · 326,035 · 5 · 100.0%
Houston, TX · 4,114,475 · 34 · 99.8%
Minneapolis/St. Paul, MN · 2,136,628 · 12 · 98.9%
Nashville, TN · 2,876,579 · 8 · 100.0%
New Jersey (A) · 2,074,153 · 17 · 99.8%
Northern California · 1,300,236 · 9 · 100.0%
Phoenix, AZ · 5,916,701 · 20 · 100.0%
Seattle, WA · 552,163 · 9 · 100.0%
South Florida · 2,677,491 · 23 · 97.0%
Southern California (A) · 11,538,294 · 86 · 89.7%
Total · 69,884,767 · 414 · 94.4%
(A)Central/Eastern Pennsylvania includes the markets of Central Pennsylvania and Philadelphia. Denver includes one property in Salt Lake City. New Jersey includes the markets of Northern and Central New Jersey. Southern California includes the markets of Los Angeles, the Inland Empire and San Diego.
Indebtedness
As of December 31, 2025, three of our 414 in-service industrial properties, with a net carrying value of $29.4 million, are pledged as collateral under a mortgage financing, totaling $9.3 million. See Note 4 to the Consolidated Financial Statements and the accompanying Schedule III for additional information.
Development Activity
During the year ended December 31, 2025, we transferred seven development properties totaling approximately 1.9 million square feet of GLA to our in-service portfolio at a total estimated cost of approximately $249.8 million. Included in the estimated total cost is $8.6 million of leasing commissions. The capitalization rate for these development projects, calculated using the estimated stabilized net operating income (excluding straight-line rent adjustments) divided by the total investment in the developed property is 6.8%. The placed in-service development projects have the following characteristics:
Central Florida · 1 · 112,000 · 100%
Houston, TX · 1 · 424,560 · 100%
Nashville, TN · 1 · 541,500 · 100%
Southern California · 3 · 637,668 · 25%
South Florida · 1 · 135,707 · 76%
Total · 7 · 1,851,435
As of December 31, 2025, we substantially completed three developments totaling approximately 0.6 million square feet of GLA. The estimated total investment for these developments is approximately $97.4 million, of which $84.7 million has been funded as of December 31, 2025. There can be no assurance that the actual completion cost for these developments will not exceed the estimated completion cost. The substantially completed developments have the following characteristics:
Nashville, TN · 1 · 317,117 · 0%
South Florida · 2 · 258,024 · 22%
Total · 3 · 575,141
As of December 31, 2025, we have six projects classified as under development totaling approximately 1.1 million square feet of GLA. This total includes two projects for which vertical construction commenced in the first quarter of 2026. The estimated total investment for these development projects under construction is $187.1 million, of which $100.1 million has been funded as of December 31, 2025. There can be no assurance that the actual completion cost for these developments will not exceed the estimated completion cost. The development projects under construction have the following characteristics:
Metropolitan Area · Number ofProperties · GLA · Anticipated Quarter of Building Completion
Central/Eastern Pennsylvania · 2 · 361,800 · Q1 2026
Central/Eastern Pennsylvania · 1 · 225,680 · Q2 2026
Dallas/Ft. Worth, TX · 1 · 176,182 · Q2 2026
Dallas/Ft. Worth, TX · 1 · 84,360 · Q4 2026
South Florida · 1 · 220,310 · Q1 2027
Total · 6 · 1,068,332
Property Acquisitions
Item 2 of the 10-K filed Feb 11, 2026.13
Leadership
Who has led First Industrial Realty Trust, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
- Chief executive officerPeter E. Baccile Feb 16, 2017 to now14
- Chief executive officerBruce W. Duncan Jan 14, 2009 to Mar 9, 201615
- Chief executive officerW. Edwin Tyler Oct 27, 2008 to Dec 3, 200816
- Chief executive officerMichael W. Brennan Jan 4, 2006 to Aug 25, 200817
- PresidentPeter E. Baccile Oct 4, 2016 to now18
- PresidentBruce W. Duncan Jan 14, 2009 to Mar 9, 201615
- Chief financial officerScott A. Musil Jan 5, 2009 to now19
- Chief financial officerMichael J. Havala Jan 4, 2006 to May 15, 200820
Board members and other officers (29)
- Exec. Director - InvestmentsDavid Harker Mar 9, 2009 to Jan 12, 202221
- Managing Director - EuropeJan E. Scheers Jul 25, 2007 to Jul 25, 200722
- Managing DirectorArne M. Cook Jan 4, 2006 to Mar 13, 200723
- Exec VP - OperationsDavid P. Draft Jan 4, 2006 to Mar 7, 200824
- Managing DirectorGregory S. Downs Jan 4, 2006 to Mar 13, 200725
- Chief Investment OfficerJohannson L. Yap Jan 4, 2006 to now26
- Director of Strategic PlanningMichael G. Damone Jan 4, 2006 to Jan 4, 201127
- Sr VP, Controller, Treas.Scott A. Musil Jan 4, 2006 to Mar 7, 200828
- Managing DirectorRobert G. Cutlip Mar 16, 2006 to Nov 25, 200829
- Board memberFrank E. Schmitz Jun 2, 2026 to now30
- Board memberMarcus L. Smith Mar 2, 2021 to now31
- Board memberTeresa Bryce Bazemore May 11, 2020 to now32
- Board memberDenise Olsen Nov 16, 2017 to now33
- Board memberPeter E. Baccile Oct 4, 2016 to now18
- Board memberMatthew Dominski Mar 4, 2010 to now34
- Board memberLeonard Peter Sharpe Nov 9, 2010 to May 8, 202035
- Board memberBruce W. Duncan Jan 14, 2009 to May 8, 202015
- Board memberH. Patrick Hackett Jr. Dec 3, 2009 to now36
- Board memberJohn W. M. Brenninkmeijer Aug 6, 2007 to Apr 9, 200937
- Board memberMichael G. Damone Jan 4, 2006 to Jan 4, 201127
- Board memberMichael W. Brennan Jan 4, 2006 to Aug 25, 200817
- Board memberJames F. Millar Jan 10, 2006 to Jan 9, 200738
- Board memberJay H. Shidler Jan 10, 2006 to Jan 11, 201039
- Board memberJohn Rau Jan 10, 2006 to May 2, 202440
- Board memberKevin W. Lynch Jan 10, 2006 to Jan 11, 201041
- Board memberRobert J. Slater Jan 10, 2006 to Jan 11, 201042
- Board memberW. Edwin Tyler Jan 10, 2006 to May 10, 201943
- Board memberRobert D. Newman Jul 20, 2006 to Jan 12, 200944
- General counselRice Jennifer Matthews May 7, 2021 to now45
Timeline
Calendar
Coming up
- Oct 21, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.76 a share, on Oct 15, 2025.46
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
135 filings to the SEC since October 2021: 81 insider forms, 21 large holders, 33 other. The latest 20:
- Jul 27, 20264 EDGAR
- Jun 2, 20264 EDGAR
- Jun 2, 20263 EDGAR
- May 1, 20264 EDGAR
- May 1, 20264 EDGAR
- May 1, 20264 EDGAR
- May 1, 20264 EDGAR
- May 1, 20264 EDGAR
- Apr 29, 2026SCHEDULE 13G EDGAR
- Apr 29, 2026SCHEDULE 13G EDGAR
- Apr 16, 2026PX14A6G EDGAR
- Apr 13, 2026DEFA14A EDGAR
- Apr 7, 2026PX14A6G EDGAR
- Mar 31, 2026DEFA14A EDGAR
- Mar 31, 2026ARS EDGAR
- Mar 30, 2026DEF 14A EDGAR
- Mar 26, 2026SCHEDULE 13G/A EDGAR
- Mar 20, 2026PX14A6G EDGAR
- Mar 20, 2026DEFA14A EDGAR
- Mar 17, 2026DEFA14A EDGAR
The 135 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
3 open-market trades by officers, directors and large owners since October 2021: 0 buys and 3 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Dec 17, 2025 | YAP JOHANNSON LChief Investment Officer | Sale | 680 | $58.37 | $39.7K | Form 4 |
| Apr 28, 2023 | MUSIL SCOTT AChief Financial Officer | Sale | 7,600 | $52.28 | $397.3K | Form 4 |
| Dec 17, 2021 | YAP JOHANNSON LChief Investment Officer | Sale | 10,000 | $64.12 | $641.2K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 29, 202647
- VANGUARD PORTFOLIO MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 29, 202648
- VANGUARD GROUP INCSCHEDULE 13G/A, 4 filings Feb 10, 2022 to Mar 26, 202649
- State Street CorporationSCHEDULE 13G, 5 filings Feb 1, 2023 to Nov 10, 202550
- BlackRockSCHEDULE 13G/A, 7 filings Jan 25, 2022 to Apr 30, 202551
- PRINCIPAL REAL ESTATE INVESTORS LLCSC 13G/A, 3 filings Feb 15, 2022 to Feb 13, 202452
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Peter E. BaccilePresident and Chief Executive Officer | 64 | $935.0K | $8.3M53 |
| 2025 | Johannson L. YapChief Investment Officer and Executive Vice President — West Region | 63 | $586.0K | $3.9M53 |
| 2025 | Peter O. SchultzExecutive Vice President — East Region | 63 | $488.0K | $3.1M53 |
| 2025 | Scott A. MusilChief Financial Officer | 58 | $428.0K | $2.4M53 |
| 2025 | Jennifer E. Matthews RiceGeneral Counsel and Secretary | 55 | $353.0K | $1.6M53 |
| 2024 | Peter E. BaccilePresident and Chief Executive Officer | 64 | $865.5K | $6.6M53 |
| 2024 | Johannson L. YapChief Investment Officer and Executive Vice President — West Region | 63 | $543.0K | $3.3M53 |
| 2024 | Peter O. SchultzExecutive Vice President — East Region | 63 | $451.5K | $2.4M53 |
| 2024 | Scott A. MusilChief Financial Officer | 58 | $396.5K | $2.0M53 |
| 2024 | Jennifer E. Matthews RiceGeneral Counsel and Secretary | 55 | $326.5K | $1.3M53 |
| 2023 | Peter E. BaccilePresident and Chief Executive Officer | 64 | $836.0K | $6.4M53 |
| 2023 | Johannson L. YapChief Investment Officer and Executive Vice President — West Region | 63 | $522.0K | $3.2M53 |
| 2023 | Peter O. SchultzExecutive Vice President — East Region | 63 | $434.0K | $2.3M53 |
| 2023 | Scott A. MusilChief Financial Officer | 58 | $376.0K | $1.9M53 |
| 2023 | Jennifer E. Matthews RiceGeneral Counsel and Secretary | 55 | $314.0K | $1.3M53 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 16,661,052 | $1.0B | 0.0% | −46,716 |
| Vanguard Portfolio Management LLC | 12,719,991 | $779.9M | 0.0% | +102,161 |
| State Street Corp | 6,328,788 | $391.1M | 0.0% | −34,474 |
| Vanguard Capital Management LLC | 5,982,850 | $366.8M | 0.0% | +53,568 |
| Norges Bank | 5,470,630 | $335.4M | 0.0% | New |
| Centersquare Investment Management LLC | 4,855,292 | $297.7M | 2.5% | +547,725 |
| Geode Capital Management, LLC | 2,851,824 | $174.9M | 0.0% | +64,113 |
| Jpmorgan Chase & Co | 2,581,701 | $163.9M | 0.0% | +1,010,176 |
| Prudential Financial Inc | 2,613,042 | $160.2M | 0.2% | −174,896 |
| Charles Schwab Investment Management Inc | 2,587,326 | $158.6M | 0.0% | +22,368 |
| Duff & Phelps Investment Management Co | 2,469,752 | $151.4M | 1.4% | +274,144 |
| Invesco Ltd. | 2,393,504 | $146.7M | 0.0% | −1,049,954 |
| Morgan Stanley | 2,186,787 | $134.1M | 0.0% | +83,567 |
| Dimensional Fund Advisors LP | 2,010,476 | $123.3M | 0.0% | −15,008 |
| Aqr Capital Management LLC | 1,752,307 | $107.4M | 0.0% | −112,403 |
| Nuveen, LLC | 1,683,994 | $103.2M | 0.0% | −203,220 |
| Cbre Investment Management Listed Real Assets LLC | 1,679,978 | $103.0M | 1.4% | −548,598 |
| Ameriprise Financial Inc | 1,658,792 | $101.1M | 0.0% | +74,242 |
| Quantinno Capital Management LP | 1,523,901 | $93.4M | 0.1% | +306,180 |
| Northern Trust Corp | 1,521,640 | $93.3M | 0.0% | +209,779 |
| Alyeska Investment Group, L.P. | 1,448,712 | $88.8M | 0.2% | −574,695 |
| Deutsche Bank Ag\ | 1,300,439 | $79.7M | 0.0% | −571,752 |
| Rush Island Management, LP | 1,282,572 | $78.6M | 5.2% | −471,772 |
| Artemis Investment Management LLP | 1,237,486 | $75.9M | 0.7% | +51,192 |
| Nomura Asset Management International Inc. | 1,127,045 | $69.1M | 0.1% | +31,515 |
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Aug 4, 2025 | Lisa C. McClainRepublican, House | Sale | $1,001 - $15,000 | +0.2% | Report |
| Jun 17, 2025 | Lisa C. McClainRepublican, House | Buy | $1,001 - $15,000 | −8.6% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How First Industrial Realty Trust, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARFIRST INDUSTRIAL REALTY TRUST INC2
- CIK0000921825
- Employer ID (EIN)36-393511613
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company13
- Incorporated inMaryland13
- Fiscal year endsDecember 312
- Industry code (SIC)6798 Real Estate Investment Trusts2
- SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance2
- Business address1 North Wacker Drive, Suite 4200, Chicago, IL 606062
- Phone31234443002
- Shares outstanding132,572,946 as of Jul 23, 202611
- Public float$6.3B as of Jun 30, 202513
- AuditorPricewaterhouseCoopers LLP, Chicago, Illinois PCAOB ID 238; it also attests to the company’s internal control over financial reporting13
- On EDGAR sinceMay 15, 19962
- Filings1,738 in all: 4 (855), 8-K (272), SC 13G/A (106), 10-Q (92), 424B3 (50), 424B5 (34), SC 13G (33), 10-K (30)2
All 45 form types
DEF 14A (30), 3 (18), S-3/A (18), 5 (17), UPLOAD (17), S-3 (15), ARS (13), 424B2 (12), 11-K (10), 8-K/A (10), S-3ASR (10), CORRESP (9), S-8 (9), DEFA14A (8), 8-A12B (7), EFFECT (6), POS AM (6), 10-Q/A (4), 424B7 (4), S-8 POS (4), SCHEDULE 13G (4), 25-NSE (3), 4/A (3), FWP (3), PRE 14A (3), PX14A6G (3), SC 13D/A (3), SCHEDULE 13G/A (3), 10-K/A (2), 144 (2), 25 (2), CERTNYS (2), DFAN14A (2), DEFR14A (1), NT 10-K (1), PREC14A (1), SC 13D (1)
- Latest filingsAnnual report (10-K) Feb 11, 2026
Quarterly report (10-Q) Jul 23, 2026
Proxy statement (DEF 14A) Mar 30, 2026
Latest 8-K (8-K) Aug 18, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $.01 per share | FR | New York Stock Exchange |
| FRFI |
From the cover page of the 10-K filed Feb 11, 2026 (Section 12(b) of the Exchange Act).13
Risk factors and legal proceedings
The risks First Industrial Realty Trust, Inc. names in Item 1A of its 10-K filed Feb 11, 2026: 39 risks under these headings, as written.13
- Real estate investments fluctuate in value depending on conditions in the general economy and the real estate industry. These conditions may limit our revenues and available cash.
- General economic conditions and other events or occurrences that affect areas in which our properties are geographically concentrated may impact financial results.
- International trade disputes, including U.S. trade tariffs and retaliatory tariffs, could adversely impact our business.
- Many real estate costs are fixed, even if income from properties decreases.
- We may be unable to renew leases or find other tenants on advantageous terms or at all.
- We may be unable to acquire real estate on advantageous terms or acquisitions may not perform as we expect.
- We may be unable to sell properties when appropriate or at all because real estate investments are not as liquid as certain other types of assets.
- We may be unable to sell properties on advantageous terms.
- We may be unable to complete development and re-development projects on advantageous terms.
- We may incur unanticipated costs and liabilities due to environmental problems.
- We may incur significant costs to comply with various federal, state and local laws and regulations applicable to our properties.
- Adverse market and economic conditions could result in impairment charges.
The other 27 risks
- We may be subject to risks and liabilities in connection with joint venture arrangements.
- We own certain properties subject to ground leases that expose us to risks.
- We are exposed to the impacts of adverse weather events and natural disasters.
- Our insurance coverage may not cover all potential losses.
- Disruptions in the financial markets could affect our ability to obtain financing and may negatively impact our liquidity, financial condition and operating results.
- Debt financing, the degree of leverage and rising interest rates could reduce our cash flow.
- Covenants in our debt agreements could limit our flexibility and adversely affect our financial condition.
- Adverse changes in our credit ratings could negatively impact our liquidity and business operations.
- The REIT distribution requirements may limit our ability to retain capital and require us to turn to external financing sources.
- We may have to make lump-sum payments on our existing indebtedness.
- Failure to hedge effectively against interest rate changes may adversely affect our results of operations.
- Our mortgages may impact our ability to sell encumbered properties on advantageous terms or at all.
- Earnings and cash dividends, asset value and market interest rates affect the price of the Company's common stock.
- Future sales or issuances of our common stock may cause the market price of our common stock to decline.
- The market price of our common stock may fluctuate significantly.
- The Company's ability to issue preferred stock could adversely affect holders of the Company's common stock.
- The Company's Board of Directors may change its strategies, policies or procedures without stockholder approval, which may subject us to different and more significant risks in the future.
- Certain provisions of our charter and bylaws could hinder, delay or prevent a change in control of our company.
- The Company might fail to qualify as a REIT under existing laws and/or federal income tax laws could change.
- Certain property transfers may generate prohibited transaction income, resulting in a penalty tax on the gain attributable to the transaction.
- Even if we maintain our qualification as a REIT for federal income tax purposes, we may be subject to other tax liabilities that reduce our cash flow and our ability to make distributions to stockholders.
- A future contagious disease outbreak or pandemic may adversely affect our business.
- We face risks relating to cybersecurity attacks and other disruptions to our computer systems.
- We may become subject to litigation.
- Terrorist attacks, acts of violence or war may affect the market for the Company's common stock, the industry in which we conduct our operations and our profitability.
- Deficiencies in our disclosure controls and procedures or internal control over financial reporting could adversely impact our business and financial performance.
- We may be unable to retain and attract key management personnel.
Legal proceedings
We are involved in legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are not expected to have a material impact on our results of operations, financial position or liquidity.
The opening of Item 3, Legal Proceedings.13
Links
- Websitewww.firstindustrial.com1
- WikidataQ106309542
- SEC EDGARCIK 921825
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 3Company websiteFirst Industrial Realty Trust, Inc. logo
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- 18SEC EDGARPeter E. Baccile, President
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- 23SEC EDGARArne M. Cook, Managing Director
- 24SEC EDGARDavid P. Draft, Exec VP - Operations
- 25SEC EDGARGregory S. Downs, Managing Director
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- 29SEC EDGARRobert G. Cutlip, Managing Director
- 30SEC EDGARFrank E. Schmitz, Board member
- 31SEC EDGARMarcus L. Smith, Board member
- 32SEC EDGARTeresa Bryce Bazemore, Board member
- 33SEC EDGARDenise Olsen, Board member
- 34SEC EDGARMatthew Dominski, Board member
- 35SEC EDGARLeonard Peter Sharpe, Board member
- 36SEC EDGARH. Patrick Hackett Jr., Board member
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- 38SEC EDGARJames F. Millar, Board member
- 39SEC EDGARJay H. Shidler, Board member
- 40SEC EDGARJohn Rau, Board member
- 41SEC EDGARKevin W. Lynch, Board member
- 42SEC EDGARRobert J. Slater, Board member
- 43SEC EDGARW. Edwin Tyler, Board member
- 44SEC EDGARRobert D. Newman, Board member
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- 46NasdaqNasdaq calendar
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