FIRST INDUSTRIAL REALTY TR (FR)

US32054K1034 - REIT

54.74  +0.41 (+0.75%)

After market: 54.74 0 (0%)

Fundamental Rating

5

Overall FR gets a fundamental rating of 5 out of 10. We evaluated FR against 128 industry peers in the Diversified REITs industry. FR has an excellent profitability rating, but there are some minor concerns on its financial health. FR is quite expensive at the moment. It does show a decent growth rate.



7

1. Profitability

1.1 Basic Checks

In the past year FR was profitable.
FR had a positive operating cash flow in the past year.
Each year in the past 5 years FR has been profitable.
Of the past 5 years FR 4 years had a positive operating cash flow.

1.2 Ratios

The Return On Assets of FR (5.19%) is better than 95.16% of its industry peers.
FR has a better Return On Equity (10.54%) than 91.94% of its industry peers.
FR's Return On Invested Capital of 3.91% is fine compared to the rest of the industry. FR outperforms 79.84% of its industry peers.
Industry RankSector Rank
ROA 5.19%
ROE 10.54%
ROIC 3.91%
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A

1.3 Margins

The Profit Margin of FR (44.45%) is better than 93.55% of its industry peers.
In the last couple of years the Profit Margin of FR has grown nicely.
The Operating Margin of FR (40.40%) is better than 85.48% of its industry peers.
FR's Operating Margin has improved in the last couple of years.
FR has a Gross Margin of 73.04%. This is in the better half of the industry: FR outperforms 66.13% of its industry peers.
In the last couple of years the Gross Margin of FR has remained more or less at the same level.
Industry RankSector Rank
OM 40.4%
PM (TTM) 44.45%
GM 73.04%
OM growth 3Y2.71%
OM growth 5Y2.71%
PM growth 3Y0.78%
PM growth 5Y2.12%
GM growth 3Y-0.17%
GM growth 5Y0.54%

4

2. Health

2.1 Basic Checks

FR has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
FR has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.

2.2 Solvency

An Altman-Z score of 2.00 indicates that FR is not a great score, but indicates only limited risk for bankruptcy at the moment.
FR has a Altman-Z score of 2.00. This is amongst the best in the industry. FR outperforms 93.55% of its industry peers.
FR has a Debt/Equity ratio of 0.87. This is a neutral value indicating FR is somewhat dependend on debt financing.
FR's Debt to Equity ratio of 0.87 is fine compared to the rest of the industry. FR outperforms 62.90% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.87
Debt/FCF N/A
Altman-Z 2
ROIC/WACC0.52
WACC7.53%

2.3 Liquidity

A Current Ratio of 1.77 indicates that FR should not have too much problems paying its short term obligations.
FR's Current ratio of 1.77 is fine compared to the rest of the industry. FR outperforms 68.55% of its industry peers.
FR has a Quick Ratio of 1.77. This is a normal value and indicates that FR is financially healthy and should not expect problems in meeting its short term obligations.
FR's Quick ratio of 1.77 is fine compared to the rest of the industry. FR outperforms 70.97% of its industry peers.
Industry RankSector Rank
Current Ratio 1.77
Quick Ratio 1.77

5

3. Growth

3.1 Past

FR shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -31.76%.
Measured over the past years, FR shows a quite strong growth in Earnings Per Share. The EPS has been growing by 9.75% on average per year.
Looking at the last year, FR shows a quite strong growth in Revenue. The Revenue has grown by 16.33% in the last year.
Measured over the past years, FR shows a quite strong growth in Revenue. The Revenue has been growing by 8.73% on average per year.
EPS 1Y (TTM)-31.76%
EPS 3Y10.6%
EPS 5Y9.75%
EPS growth Q2Q-39.36%
Revenue 1Y (TTM)16.33%
Revenue growth 3Y11.08%
Revenue growth 5Y8.73%
Revenue growth Q2Q10.94%

3.2 Future

FR is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 0.88% yearly.
The Revenue is expected to grow by 9.34% on average over the next years. This is quite good.
EPS Next Y-30.01%
EPS Next 2Y-11.67%
EPS Next 3Y-3.07%
EPS Next 5Y0.88%
Revenue Next Year8.17%
Revenue Next 2Y8.61%
Revenue Next 3Y9.49%
Revenue Next 5Y9.34%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.

2

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 27.10 indicates a quite expensive valuation of FR.
66.94% of the companies in the same industry are more expensive than FR, based on the Price/Earnings ratio.
Compared to an average S&P500 Price/Earnings ratio of 26.17, FR is valued at the same level.
Based on the Price/Forward Earnings ratio of 37.78, the valuation of FR can be described as expensive.
Based on the Price/Forward Earnings ratio, FR is valued a bit cheaper than 70.97% of the companies in the same industry.
FR's Price/Forward Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 21.51.
Industry RankSector Rank
PE 27.1
Fwd PE 37.78

4.2 Price Multiples

85.48% of the companies in the same industry are cheaper than FR, based on the Enterprise Value to EBITDA ratio.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 24.09

4.3 Compensation for Growth

FR has a very decent profitability rating, which may justify a higher PE ratio.
A cheap valuation may be justified as FR's earnings are expected to decrease with -3.07% in the coming years.
PEG (NY)N/A
PEG (5Y)2.78
EPS Next 2Y-11.67%
EPS Next 3Y-3.07%

5

5. Dividend

5.1 Amount

FR has a Yearly Dividend Yield of 2.72%. Purely for dividend investing, there may be better candidates out there.
FR's Dividend Yield is slightly below the industry average, which is at 5.87.
FR's Dividend Yield is comparable with the S&P500 average which is at 2.48.
Industry RankSector Rank
Dividend Yield 2.72%

5.2 History

On average, the dividend of FR grows each year by 6.78%, which is quite nice.
FR has paid a dividend for at least 10 years, which is a reliable track record.
FR has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)6.78%
Div Incr Years10
Div Non Decr Years10

5.3 Sustainability

62.03% of the earnings are spent on dividend by FR. This is not a sustainable payout ratio.
FR's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP62.03%
EPS Next 2Y-11.67%
EPS Next 3Y-3.07%

FIRST INDUSTRIAL REALTY TR

NYSE:FR (2/16/2024, 7:04:00 PM)

After market: 54.74 0 (0%)

54.74

+0.41 (+0.75%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners
Inst Owner Change
Ins Owners
Ins Owner Change
Market Cap7.24B
Analysts
Price Target
Dividend
Industry RankSector Rank
Dividend Yield 2.72%
Dividend Growth(5Y)
DP
Div Incr Years
Div Non Decr Years
Ex-Date
Surprises & Revisions
EPS beat(2)
Avg EPS beat(2)
Min EPS beat(2)
Max EPS beat(2)
EPS beat(4)
Avg EPS beat(4)
Min EPS beat(4)
Max EPS beat(4)
EPS beat(8)
Avg EPS beat(8)
EPS beat(12)
Avg EPS beat(12)
EPS beat(16)
Avg EPS beat(16)
Revenue beat(2)
Avg Revenue beat(2)
Min Revenue beat(2)
Max Revenue beat(2)
Revenue beat(4)
Avg Revenue beat(4)
Min Revenue beat(4)
Max Revenue beat(4)
Revenue beat(8)
Avg Revenue beat(8)
Revenue beat(12)
Avg Revenue beat(12)
Revenue beat(16)
Avg Revenue beat(16)
PT rev (1m)
PT rev (3m)
EPS NQ rev (1m)
EPS NQ rev (3m)
EPS NY rev (1m)
EPS NY rev (3m)
Revenue NQ rev (1m)
Revenue NQ rev (3m)
Revenue NY rev (1m)
Revenue NY rev (3m)
Valuation
Industry RankSector Rank
PE 27.1
Fwd PE 37.78
P/S
P/FCF
P/OCF
P/B
P/tB
EV/EBITDA
EPS(TTM)
EY
EPS(NY)
Fwd EY
FCF(TTM)
FCFY
OCF(TTM)
OCFY
SpS
BVpS
TBVpS
PEG (NY)N/A
PEG (5Y)2.78
Profitability
Industry RankSector Rank
ROA 5.19%
ROE 10.54%
ROCE
ROIC
ROICexc
ROICexgc
OM 40.4%
PM (TTM) 44.45%
GM 73.04%
FCFM
ROA(3y)
ROA(5y)
ROE(3y)
ROE(5y)
ROIC(3y)
ROIC(5y)
ROICexc(3y)
ROICexc(5y)
ROICexgc(3y)
ROICexgc(5y)
ROCE(3y)
ROCE(5y)
ROICexcg growth 3Y
ROICexcg growth 5Y
ROICexc growth 3Y
ROICexc growth 5Y
OM growth 3Y
OM growth 5Y
PM growth 3Y
PM growth 5Y
GM growth 3Y
GM growth 5Y
F-Score
Asset Turnover0.12
Health
Industry RankSector Rank
Debt/Equity 0.87
Debt/FCF
Debt/EBITDA
Cap/Depr
Cap/Sales
Interest Coverage
Cash Conversion
Profit Quality
Current Ratio 1.77
Quick Ratio 1.77
Altman-Z
F-Score
WACC
ROIC/WACC
Cap/Depr(3y)
Cap/Depr(5y)
Cap/Sales(3y)
Cap/Sales(5y)
Profit Quality(3y)
Profit Quality(5y)
Growth
EPS 1Y (TTM)-31.76%
EPS 3Y10.6%
EPS 5Y
EPS growth Q2Q
EPS Next Y-30.01%
EPS Next 2Y
EPS Next 3Y
EPS Next 5Y
Revenue 1Y (TTM)16.33%
Revenue growth 3Y11.08%
Revenue growth 5Y
Revenue growth Q2Q
Revenue Next Year
Revenue Next 2Y
Revenue Next 3Y
Revenue Next 5Y
EBIT growth 1Y
EBIT growth 3Y
EBIT growth 5Y
EBIT Next Year
EBIT Next 3Y
EBIT Next 5Y
FCF growth 1Y
FCF growth 3Y
FCF growth 5Y
OCF growth 1Y
OCF growth 3Y
OCF growth 5Y