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First Industrial

Chicago, IL Founded 1993 Warehousing & Industrial REITs

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Latest analysis

Updated Aug 18, 2026

Frank E. Schmitz appointed to Nominating/Corporate Governance and Compensation Committees.

First Industrial expanded its Board from six to seven members in June 2026 and elected Frank E. Schmitz to fill the vacancy. This amendment discloses Schmitz's assignment to the Nominating/Corporate Governance Committee and Compensation Committee, effective August 13, 2026. The filing contains no material business, financial, or operational disclosures.

Tone: neutral

Revenue

$727.1M

FR 10-K · FY 2025

Employees

152

Revenue FY2024

$669.6M

Founded

1993

Profile

FR 10-K Item 1 · Feb 11, 2026

First Industrial Realty Trust is a self-administered, fully integrated industrial REIT that owns, manages, acquires, develops, and redevelops industrial properties across 15 key U.S. logistics markets. As of December 31, 2025, its in-service portfolio comprised 414 properties totaling approximately 69.9 million square feet of gross leasable area across 19 states. The company operates through a Delaware limited partnership structure and pursues growth through internal rent escalation, selective development, portfolio-enhancing acquisitions, and disciplined asset sales.

Read filing description ↓

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 ('REIT') as defined in the Internal Revenue Code of 1986 (the 'Code'). As of December 31, 2025, our in-service portfolio consisted of 414 industrial properties, located in 19 states, containing an aggregate of approximately 69.9 million square feet of gross leasable area ('GLA'). Our fundamental business objective is to maximize the total return to the Company's stockholders and the Operating Partnership's partners by increasing our cash flow and property values. Our long-term business growth plans include internal growth through increasing revenues by renewing or re-leasing expiring leases at higher rental levels, obtaining contractual rent escalations on long-term leases, and increasing occupancy. We seek to grow externally through development of best-in-class industrial properties and acquisition of individual assets, portfolios of industrial properties and leased land sites within our 15 key logistics markets. Our market strategy focuses on 15 key logistics markets in the United States exhibiting favorable industrial real estate fundamentals, constrained future supply, natural barriers to entry, and scarcity of land. We employ a decentralized property operations strategy through experienced regional management teams and local property managers, with headquarters in Chicago providing acquisition, development, financing assistance, asset management oversight and financial reporting functions.

Primary products

Industrial property ownership and leasing
Industrial property development
Industrial property redevelopment
Industrial property acquisition
Joint venture real estate services

End markets

e-commerce third-party logistics and transportation consumer and other manufactured products retail and consumer services food and beverage lumber and building materials wholesale goods health services governmental and other

Geographies

Atlanta, GA Baltimore, MD / D.C. Central Florida Central/Eastern Pennsylvania Chicago, IL Cincinnati, OH Dallas/Ft. Worth, TX Denver, CO Detroit, MI Houston, TX Minneapolis/St. Paul, MN Nashville, TN New Jersey Northern California Phoenix, AZ Seattle, WA South Florida Southern California

“In connection with the acquisition of industrial properties and land for development, we compete with other publicly traded industrial REITs, income-oriented non-traded REITs, private real estate funds and other real estate investors and developers, some of which have greater financial resources or other competitive advantages.” Competitive position, as stated in the filing

Revenue commentary · FY 2025

Total revenues increased $57.4 million or 8.6% year-over-year, driven by same-store rental rate increases and tenant recoveries, growth in (re)development revenues, and acquired property contributions, partially offset by lower sold-property and other revenues.

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