First Industrial Realty Trust Inc (FR) - Net Assets
Based on the latest financial reports, First Industrial Realty Trust Inc (FR) has net assets worth $2.85 Billion USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($5.77 Billion) and total liabilities ($2.92 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check tangible net worth ratio of First Industrial Realty Trust Inc to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $2.85 Billion |
| % of Total Assets | 49.4% |
| Annual Growth Rate | 7.24% |
| 5-Year Change | 22.71% |
| 10-Year Change | 114.77% |
| Growth Volatility | 19.98 |
First Industrial Realty Trust Inc - Net Assets Trend (1994–2025)
This chart illustrates how First Industrial Realty Trust Inc's net assets have evolved over time, based on quarterly financial data. See how many days can First Industrial Realty Trust Inc fund operations to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for First Industrial Realty Trust Inc (1994–2025)
The table below shows the annual net assets of First Industrial Realty Trust Inc from 1994 to 2025. For live valuation and market cap data, see FR market cap overview.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $2.76 Billion | +0.47% |
| 2024-12-31 | $2.75 Billion | +4.21% |
| 2023-12-31 | $2.64 Billion | +4.14% |
| 2022-12-31 | $2.53 Billion | +12.54% |
| 2021-12-31 | $2.25 Billion | +15.46% |
| 2020-12-31 | $1.95 Billion | +8.29% |
| 2019-12-31 | $1.80 Billion | +7.05% |
| 2018-12-31 | $1.68 Billion | +13.82% |
| 2017-12-31 | $1.48 Billion | +14.89% |
| 2016-12-31 | $1.28 Billion | +15.20% |
| 2015-12-31 | $1.12 Billion | +2.23% |
| 2014-12-31 | $1.09 Billion | -6.86% |
| 2013-12-31 | $1.17 Billion | +2.23% |
| 2012-12-31 | $1.15 Billion | +6.81% |
| 2011-12-31 | $1.07 Billion | +20.23% |
| 2010-12-31 | $892.14 Million | -16.95% |
| 2009-12-31 | $1.07 Billion | +8.87% |
| 2008-12-31 | $986.75 Million | -8.15% |
| 2007-12-31 | $1.07 Billion | -8.61% |
| 2006-12-31 | $1.18 Billion | -2.52% |
| 2005-12-31 | $1.21 Billion | +20.30% |
| 2004-12-31 | $1.00 Billion | -5.10% |
| 2003-12-31 | $1.06 Billion | +0.18% |
| 2002-12-31 | $1.05 Billion | -10.19% |
| 2001-12-31 | $1.17 Billion | -5.72% |
| 2000-12-31 | $1.25 Billion | -0.40% |
| 1999-12-31 | $1.25 Billion | +0.50% |
| 1998-12-31 | $1.24 Billion | +23.64% |
| 1997-12-31 | $1.01 Billion | +74.84% |
| 1996-12-31 | $575.42 Million | +76.02% |
| 1995-12-31 | $326.90 Million | +3.38% |
| 1994-12-31 | $316.20 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to First Industrial Realty Trust Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 23966800000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $230.67 Million | 8.63% |
| Common Stock | $1.32 Million | 0.05% |
| Other Comprehensive Income | $3.16 Million | 0.12% |
| Other Components | $2.44 Billion | 91.20% |
| Total Equity | $2.67 Billion | 100.00% |
First Industrial Realty Trust Inc Competitors by Market Cap
The table below lists competitors of First Industrial Realty Trust Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Mineral Resources Limited
F:F5J
|
$8.34 Billion |
|
Loongson Technology Corp. Ltd. A
SHG:688047
|
$8.34 Billion |
|
Sunway Bhd
KLSE:5211
|
$8.35 Billion |
|
Merlin Properties SOCIMI SA
LS:MRL
|
$8.35 Billion |
|
Builders FirstSource Inc
NYSE:BLDR
|
$8.33 Billion |
|
Als Ltd
AU:ALQ
|
$8.32 Billion |
|
Freedom Holding Corp
NASDAQ:FRHC
|
$8.31 Billion |
|
Birkenstock Holding plc
NYSE:BIRK
|
$8.31 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in First Industrial Realty Trust Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 2,665,607,000 to 2,671,390,000, a change of 5,783,000 (0.2%).
- Net income of 247,443,000 contributed positively to equity growth.
- Dividend payments of 231,220,000 reduced retained earnings.
- Share repurchases of 1,615,000 reduced equity.
- Other comprehensive income decreased equity by 235,871,999.
- Other factors increased equity by 227,046,999.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $247.44 Million | +9.26% |
| Dividends Paid | $231.22 Million | -8.66% |
| Share Repurchases | $1.61 Million | -0.06% |
| Other Comprehensive Income | $-235.87 Million | -8.83% |
| Other Changes | $227.05 Million | +8.5% |
| Total Change | $- | 0.22% |
Book Value vs Market Value Analysis
This analysis compares First Industrial Realty Trust Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 3.12x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 4.00x to 3.12x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1994-12-31 | $15.70 | $62.81 | x |
| 1995-12-31 | $16.34 | $62.81 | x |
| 1996-12-31 | $19.89 | $62.81 | x |
| 1997-12-31 | $26.85 | $62.81 | x |
| 1998-12-31 | $28.06 | $62.81 | x |
| 1999-12-31 | $27.78 | $62.81 | x |
| 2000-12-31 | $27.53 | $62.81 | x |
| 2001-12-31 | $25.43 | $62.81 | x |
| 2002-12-31 | $22.67 | $62.81 | x |
| 2003-12-31 | $22.62 | $62.81 | x |
| 2004-12-31 | $20.85 | $62.81 | x |
| 2005-12-31 | $24.59 | $62.81 | x |
| 2006-12-31 | $23.24 | $62.81 | x |
| 2007-12-31 | $20.96 | $62.81 | x |
| 2008-12-31 | $22.85 | $62.81 | x |
| 2009-12-31 | $20.73 | $62.81 | x |
| 2010-12-31 | $13.45 | $62.81 | x |
| 2011-12-31 | $12.74 | $62.81 | x |
| 2012-12-31 | $12.06 | $62.81 | x |
| 2013-12-31 | $10.53 | $62.81 | x |
| 2014-12-31 | $9.51 | $62.81 | x |
| 2015-12-31 | $9.69 | $62.81 | x |
| 2016-12-31 | $10.76 | $62.81 | x |
| 2017-12-31 | $12.02 | $62.81 | x |
| 2018-12-31 | $13.25 | $62.81 | x |
| 2019-12-31 | $13.93 | $62.81 | x |
| 2020-12-31 | $15.22 | $62.81 | x |
| 2021-12-31 | $16.91 | $62.81 | x |
| 2022-12-31 | $18.62 | $62.81 | x |
| 2023-12-31 | $19.37 | $62.81 | x |
| 2024-12-31 | $20.13 | $62.81 | x |
| 2025-12-31 | $20.16 | $62.81 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently First Industrial Realty Trust Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 9.26%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 34.03%
- • Asset Turnover: 0.13x
- • Equity Multiplier: 2.13x
- Recent ROE (9.26%) is above the historical average (7.68%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1994 | 3.25% | 20.39% | 0.07x | 2.36x | $-19.74 Million |
| 1995 | 4.02% | 11.55% | 0.14x | 2.46x | $-18.30 Million |
| 1996 | 6.97% | 26.49% | 0.14x | 1.92x | $-16.16 Million |
| 1997 | 6.08% | 23.27% | 0.10x | 2.66x | $-33.51 Million |
| 1998 | 7.18% | 21.65% | 0.14x | 2.42x | $-29.76 Million |
| 1999 | 11.78% | 33.34% | 0.15x | 2.39x | $18.83 Million |
| 2000 | 11.14% | 30.53% | 0.15x | 2.47x | $12.03 Million |
| 2001 | 12.29% | 31.83% | 0.15x | 2.63x | $22.80 Million |
| 2002 | 13.56% | 34.52% | 0.13x | 2.98x | $31.42 Million |
| 2003 | 12.80% | 33.33% | 0.13x | 2.98x | $24.86 Million |
| 2004 | 13.08% | 34.59% | 0.12x | 3.21x | $26.06 Million |
| 2005 | 8.35% | 26.76% | 0.10x | 3.09x | $-17.25 Million |
| 2006 | 10.96% | 28.30% | 0.12x | 3.15x | $9.78 Million |
| 2007 | 16.78% | 35.65% | 0.13x | 3.53x | $62.66 Million |
| 2008 | 4.01% | 7.52% | 0.16x | 3.27x | $-59.08 Million |
| 2009 | -1.71% | -4.18% | 0.13x | 3.17x | $-118.16 Million |
| 2010 | -23.95% | -70.29% | 0.10x | 3.25x | $-287.51 Million |
| 2011 | -0.73% | -2.34% | 0.12x | 2.60x | $-110.11 Million |
| 2012 | -0.63% | -2.25% | 0.12x | 2.36x | $-117.24 Million |
| 2013 | 3.58% | 12.65% | 0.12x | 2.31x | $-72.38 Million |
| 2014 | 4.68% | 14.16% | 0.13x | 2.46x | $-55.78 Million |
| 2015 | 6.88% | 20.17% | 0.13x | 2.53x | $-33.51 Million |
| 2016 | 9.77% | 32.07% | 0.14x | 2.25x | $-2.91 Million |
| 2017 | 14.11% | 50.82% | 0.13x | 2.06x | $58.68 Million |
| 2018 | 9.92% | 40.44% | 0.13x | 1.91x | $-1.31 Million |
| 2019 | 13.53% | 56.12% | 0.12x | 1.99x | $62.34 Million |
| 2020 | 10.35% | 45.02% | 0.12x | 1.95x | $6.85 Million |
| 2021 | 12.35% | 56.90% | 0.11x | 1.90x | $51.52 Million |
| 2022 | 14.60% | 66.52% | 0.11x | 2.01x | $113.21 Million |
| 2023 | 10.72% | 44.76% | 0.12x | 2.02x | $18.52 Million |
| 2024 | 10.78% | 42.91% | 0.13x | 1.97x | $20.78 Million |
| 2025 | 9.26% | 34.03% | 0.13x | 2.13x | $-19.70 Million |
Industry Comparison
This section compares First Industrial Realty Trust Inc's net assets metrics with peer companies in the REIT - Industrial industry.
Industry Context
- Industry: REIT - Industrial
- Average net assets among peers: $1,494,905,444
- Average return on equity (ROE) among peers: 2.76%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| First Industrial Realty Trust Inc (FR) | $2.85 Billion | 3.25% | 1.02x | $8.33 Billion |
| Americold Realty Trust (COLD) | $400.20 Million | -2.90% | 3.10x | $4.15 Billion |
| CubeSmart (CUBE) | $812.15 Million | 0.34% | 0.82x | $9.16 Billion |
| EastGroup Properties Inc (EGP) | $411.51 Million | 4.45% | 1.88x | $10.96 Billion |
| Extra Space Storage Inc (EXR) | $1.93 Billion | 8.91% | 1.06x | $30.93 Billion |
| Granite Real Estate Investment Trust (GRTUF) | $5.48 Billion | 2.84% | 0.69x | $4.09 Billion |
| Innovative Industrial Properties Inc (IIPR) | $73.55 Million | -0.10% | 0.09x | $1.43 Billion |
| Industrial Logistics Properties Trust (ILPT) | $1.31 Billion | 6.62% | 0.08x | $543.32 Million |
| Lineage, Inc. Common Stock (LINE) | $2.79 Billion | -4.10% | 1.13x | $9.78 Billion |
| LXP Industrial Trust (LXP) | $243.10 Million | 8.78% | 1.70x | $3.10 Billion |
About First Industrial Realty Trust Inc
First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. In total, we own and have under development ap… Read more