NYSE: FR · Industrial REITs

First Industrial Realty Trust (FR) fair value: undervalued or overvalued?

As of 31 Oct 2026, Faircurve's model values First Industrial Realty Trust (FR) at $54.27 a share. The stock last closed at $54.90, which puts the model's fair value 1.1% below the price. On the model's bands that reads as Fairly valued.

Revalued . Price is the close of 3 Nov 2026. First Industrial Realty Trust, Inc.

The report adds the live price, the price chart and the next earnings date. No account needed.

Model fair value$54.27blend of three valuation methods
Last close$54.90NYSE: FR
Gap to fair value-1.1%fair value against price
Model verdictFairly valuedevidence grade: High

This week, in three parts

What happenedThe run of 31 Oct 2026 held the fair value at $54.27, within 1% of the run of 24 Oct 2026.

What the model makes of itThe price of $54.90 is 1.1% above it: Fairly valued, on a high evidence grade.

What's nextNext report on 3 Feb 2027. The next weekly run is on Saturday 7 Nov 2026.

What price range does the model give FR?

The calibrated range for FR over 63 trading days is $43.96 to $64.83. There is no live options data for this stock, so the range is built from the fair value and calibrated weekly against realised prices (n = 10,454 past valuations, refreshed 31 Oct 2026). Ranges built this way held the price 60% of the time at this horizon.

The model's own range is $49.46 to $59.37.

$42.56$69.84
The shape of the range around the fair value, from 2,000 simulations of the dividend model. Solid line: the fair value, $54.27. Dashed line: the last close, $54.90.

Faircurve Insights · 31 Oct 2026

First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. It is listed under Real Estate, in Industrial REITs.

The model's fair value is $54.27 a share, set on 31 Oct 2026. The previous run, on 24 Oct 2026, gave $54.13, so the fair value moved +0.3%. The sheet gives no reason for the move. The fair value blends three methods: a cash-flow multiple against comparable companies, a dividend model, and the value of the properties. The calibrated range over 63 trading days runs from $43.96 to $64.83. With no live options data for the stock, the range is built from the fair value and calibrated weekly against realised prices across 10,454 past valuations. Ranges built this way held the price 60% of the time at this horizon. Faircurve's model grades the evidence High. For REITs that grade looks at the dividend record: at least three years of paid dividends with no cut. It does not say whether the fair value is right.

The sheet gives no quality score for the business, so this note cannot compare it with peers on quality. The model compares it with Terreno Realty Corporation (TRNO), STAG Industrial, Inc. (STAG), Rexford Industrial Realty, Inc. (REXR), CubeSmart (CUBE), EastGroup Properties, Inc. (EGP), LXP Industrial Trust (LXP), Extra Space Storage Inc. (EXR) and Innovative Industrial Properties, Inc. (IIPR). Each of these has a fair value of its own on the site. Faircurve first valued the company on 11 Jul 2026.

Written from the figures on this page for the 31 Oct 2026 valuation and checked by rule before publishing: every number is one printed here, no forecast, no instruction. The price, the gap and the verdict are the page's own and change daily. Not a recommendation.

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When does FR report earnings, and how has the stock reacted?

First Industrial Realty Trust's next earnings report is scheduled for 3 Feb 2027. Companies can move their dates.

Around its last 8 reports: what the options market priced, and what followed

Each move runs from the last close before the report to the first close after it, so it covers companies that report before the open and after the close. The median size across FR's last 8 reports, ignoring direction, was 2.6%.

0%5%10%no quote0.9%16 Oct '24no quote2.6%5 Feb '25no quote0.7%16 Jul '25no quote4.8%15 Oct '25no quote2.5%4 Feb '26no quote0.6%22 Apr '26no quote3.1%22 Jul '26no quote6.6%21 Oct '26priced before the reportthe move that followed
What the options market priced for each report, against the size of the move that followed. Priced: the move implied by options expiring after the report, on the last quote before it. Followed: the close before the report to the close after. Sizes only, no direction.

How does FR compare with similar companies?

The companies in industrial reits closest to First Industrial Realty Trust in market value, each on the same model and the same date.

CompanyLast closeModel fair valueGapModel verdict
TRNO Terreno Realty Corporation$66.66$60.00-10.0%Overvalued
STAG STAG Industrial, Inc.$37.38$34.66-7.3%Overvalued
REXR Rexford Industrial Realty, Inc.$38.28$42.81+11.8%Undervalued
CUBE CubeSmart$44.26$47.20+6.6%Fairly valued
EGP EastGroup Properties, Inc.$200.22$147.94-26.1%Overvalued
LXP LXP Industrial Trust$61.18$63.44+3.7%Fairly valued
EXR Extra Space Storage Inc.$156.23$138.48-11.4%Overvalued
IIPR Innovative Industrial Properties, Inc.$55.00$63.55+15.5%Undervalued

All industrial reit stocks ranked by gap to fair value

First Industrial Realty Trust at a glance

First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer and acquirer of logistics properties.

Market value
$7.2B
Sector
Real Estate
Industry
Industrial REITs
Beta to the US market
0.38
First valued by Faircurve
11 Jul 2026

At the close of 3 Nov 2026, 52.1% of the 1,081 graded US stocks the model covers traded below the model's fair value. FR was not among them.

How the fair value is worked out: the model values First Industrial Realty Trust three ways and blends them; the range around the fair value comes from 2,000 simulations of the dividend model. The full method is documented here.

What changed in the latest valuation?

On 24 Oct 2026 the model's fair value for FR was $54.13. As of 31 Oct 2026 it is $54.27, a change of +0.3%. The model revalues every stock it covers each week, and again after an earnings report.

Questions about First Industrial Realty Trust's valuation

Is First Industrial Realty Trust stock undervalued or overvalued?

On Faircurve's model, FR reads as Fairly valued as of 31 Oct 2026. The model's fair value is $54.27 a share against a last close of $54.90, a gap of -1.1%.

What is FR's fair value?

$54.27 a share as of 31 Oct 2026. The fair value blends three methods: a cash-flow multiple against comparable companies, a dividend model, and the value of the properties. The model's own range is $49.46 to $59.37.

What price range does the model give FR?

$43.96 to $64.83 over 63 trading days. Ranges built this way held the price 60% of the time across 10,454 past valuations, refreshed 31 Oct 2026.

When does First Industrial Realty Trust report earnings next?

The next report is scheduled for 3 Feb 2027. Companies can move their dates.

How much has FR moved on past earnings reports?

Across its last 8 reports the median two session move was 2.6%, ignoring direction. The largest was -6.6% around the report of 21 Oct 2026.

How confident is the model in this valuation?

The model's evidence grade for FR is high. For real estate investment trusts (REITs) the grade looks at the dividend record: at least three years of paid dividends with no cut. It is not a probability that the fair value is right, or that the price reaches it.

The model's own ideas on FR

The model holds no idea open on FR today. Signed-in readers see the rule each idea runs on, the floor and the exit level the model set and its time limit, and the model's closed ideas on FR with their outcomes. A free account is enough.

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