Activist investor Litt urges changes at First Industrial Realty to boost stock, sources say

Activist investor Jonathan Litt wants warehouse operator First Industrial Realty Trust to sell assets, return capital to shareholders and refresh its board, steps that could boost the stock price by 30%, according to sources familiar with the matter and a document seen by Reuters.

Reuters • Dec 4, 2025

Land & Buildings Issues Presentation Detailing First Industrial's Underappreciated Portfolio Quality and Substantial Discount to NAV

STAMFORD, Conn.--(BUSINESS WIRE)--Today, Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings,” “L&B,” “us” or “we”), a shareholder of First Industrial Realty Trust (NYSE: FR) (“First Industrial,” “FR” or the “Company”), issued a presentation outlining the underappreciated quality of First Industrial's warehouse portfolio and the substantial discount First Industrial trades at relative to private market value and its closest public peers. Land.

Business Wire • Dec 4, 2025

First Industrial: This Undervalued Coastal Logistics REIT Is Still Crushing It

First Industrial Realty Trust offers a 3.2% yield and is a leading U.S. logistics real estate REIT with strong market exposure. FR's portfolio spans 417 properties in key metropolitan areas, maintaining high occupancy and robust rental growth, with developments fueling future upside. Trading at a 6% discount to fair value, FR presents 11% upside potential by 2026 and a projected 10% annual total return through 2030.

Seeking Alpha • Dec 3, 2025

First Industrial: Not Too Late To Get In But Bargain Window Is Closing

First Industrial Realty Trust (FR) remains an attractive buy despite recent gains, with a compelling valuation and positive risk-return profile. FR's 5.70% cap rate versus a 5.47% WACC provides a positive, though narrowing, investment spread. The stock's total return of 14.8% far exceeds its 5.74% cost of equity, reflecting strong shareholder value and management discipline.

Seeking Alpha • Dec 1, 2025

Picking A Winner In Industrial REITs

Falling Fed Funds rates and attractive REIT yields, along with technicals, make REITs increasingly appealing. Industrial REITs show robust fundamentals, with high occupancy, minimal delinquencies, excellent revenue growth, and strong leasing spreads, earning the designation as Winners of REIT Earnings Season. This article examines each company in the sector for liquidity, FFO growth, cash flow growth, and dividend growth, to single out one company as the best investment right now.

Seeking Alpha • Nov 28, 2025

First Industrial Realty Trust Declares Common Stock Dividends

CHICAGO , Oct. 29, 2025 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of industrial real estate, today announced that its board of directors declared a common stock dividend of $0.445 per share/unit for the quarter ending December 31, 2025 payable on January 20, 2026 to stockholders of record on December 31, 2025. About First Industrial Realty Trust, Inc. First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties.

PRNewsWire • Oct 29, 2025

REIT Earnings Preview: Here's What We're Watching

Real estate earnings season kicks into gear this week, and over the next month, we'll hear results from 175 equity REITs, 40 mortgage REITs, and dozens of housing industry companies. One step forward, one back: Matching the stubborn performance pattern seen last year, REITs rallied ahead of the Fed's September rate cut but stumbled into the start of earnings season. In this report, we focus specifically on property-level fundamentals, previewing and forecasting REIT earnings performance based on an analysis of recent indicators across various sources.

Seeking Alpha • Oct 22, 2025

Rally In The Dark

U.S. equity markets rebounded this past week as the White House resumed negotiations with China following a major tariff threat, while investors focused on bank earnings that raised some eyebrows. Consistent with the "risk-off" theme that has prevailed amid the ongoing federal government shutdown with no resolution in sight, short-term Treasury yields receded to the lowest levels in three years. Buoyed by a dip in benchmark rates, real estate equities led the rebound this week after REIT earnings season began on a positive note with surprisingly strong industrial REIT results.

Seeking Alpha • Oct 19, 2025

First Industrial Realty Trust, Inc. (FR) Q3 2025 Earnings Call Transcript

First Industrial Realty Trust, Inc. (NYSE:FR ) Q3 2025 Earnings Call October 16, 2025 11:00 AM EDT Company Participants Art Harmon - Senior Vice President of Investor Relations & Marketing Peter Baccile - President, CEO & Director Scott Musil - CFO, Senior VP, Treasurer & Assistant Secretary Johannson Yap - Co-Founder, Chief Investment Officer & Executive VP of West Region Christopher Schneider - Executive VP of Operations & Chief Information Officer Peter Schultz - Executive Vice President of East Region Conference Call Participants Robert Stevenson - Janney Montgomery Scott LLC, Research Division Nicholas Thillman - Robert W. Baird & Co. Incorporated, Research Division Todd Thomas - KeyBanc Capital Markets Inc., Research Division Craig Mailman - Citigroup Inc., Research Division Viktor Fediv - Scotiabank Global Banking and Markets, Research Division Blaine Heck - Wells Fargo Securities, LLC, Research Division Vikram Malhotra - Mizuho Securities USA LLC, Research Division Richard Anderson - Cantor Fitzgerald & Co., Research Division Caitlin Burrows - Goldman Sachs Group, Inc., Research Division Vince Tibone - Green Street Advisors, LLC, Research Division Michael Mueller - JPMorgan Chase & Co, Research Division Michael Carroll - RBC Capital Markets, Research Division Jonathan Petersen - Jefferies LLC, Research Division Brendan Lynch - Barclays Bank PLC, Research Division Presentation Operator Good day, and welcome to the First Industrial Realty Trust, Inc. Third Quarter 2025 Results Call.

Seeking Alpha • Oct 16, 2025

FIRST INDUSTRIAL REALTY TRUST REPORTS THIRD QUARTER 2025 RESULTS

Signed 772,000 SF of New Leases for Development Projects in the Third Quarter and Fourth Quarter To-Date Remaining 501,000 SF at Building C at Our Camelback 303 JV in Phoenix in 3Q25 56,000 SF at First Park Miami Building 3 in South Florida in 3Q25 159,000 SF at First Harley Knox Logistics Center in the Inland Empire in 4Q25 57,000 SF at First Park Miami Building 12 in South Florida in 4Q25 32% Cash Rental Rate Increase on Leases Signed To-Date Commencing in 2025; 37% Increase Excluding 1.3 MSF Fixed-Rate Renewal 31% Cash Rental Rate Increase on Leases Signed To-Date Commencing in 2026 2025 NAREIT FFO Guidance Increased $0.04 at the Midpoint to $2.94 to $2.98 Per Share/Unit CHICAGO , Oct. 15, 2025 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, today announced results for the third quarter of 2025. First Industrial's diluted net income available to common stockholders per share (EPS) was $0.49 in the third quarter, compared to $0.75 a year ago and third quarter funds from operations (FFO) was $0.76 per share/unit on a diluted basis, compared to $0.68 per share/unit a year ago.

PRNewsWire • Oct 15, 2025