Valyte Research
First Industrial Realty (FR): REIT rating and valuation
First Industrial Realty (FR) has a Valyte REIT rating of 59/100, calculated Oct 8, 2026, 09:36 AM UTC. Compare valuation, operating quality, financial periods, and source documents.
Published by Valyte using the ratings-2026-09-10 methodology. These quantitative summaries are generated from the published ratings data.
Ratings calculated . Financial data year: 2025. Reporting periods and price dates can differ by company.
What is First Industrial Realty's current Valyte rating?
As of Oct 8, 2026, 09:36 AM UTC, Valyte rates First Industrial Realty (FR) 59 out of 100. Its valuation subscore is 54/100; its operating-quality subscore is 66/100. The rating measures quantitative valuation and quality, not expected returns or creditworthiness.
Valyte Rating
Neutral
Fairly valued, strong operations
Valuation · 55% of the blend
Sector-relative and absolute valuation, with a bounded growth adjustment.
Operating quality · 45% of the blend
Available operating, leverage, cost, and governance components.
Selected inputs
| Metric | Value | Interpretation |
|---|---|---|
| Same-store NOI growth | 6.10% | Mean of up to four published quarters |
| G&A burden | 0.30% | Lower costs contribute positively to quality |
| Leverage | 24.50% | Lower leverage contributes positively to quality |
Data basis and sources
Published financial periods available in the selected year: 2025-12-31, 2025-09-30, 2025-06-30, 2025-03-31. Individual factors may use different periods; NOI growth also uses trailing published quarters. Price observation: 2026-10-06. A current calculation does not imply that every input was updated today.
- First Industrial Realty: SEC filing archive
- Company investor relations
- Rating methodology and factor definitions
Source links above are issuer document directories, not citations to a specific metric's filing page. Full input lineage is available in the product. This summary is generated directly from the published snapshot; it is not a newly authored analyst report.
What to investigate next
Check the cap-rate assumptions behind estimated NAV, whether operating trends are improving or deteriorating, and the timing of debt maturities. Changes to those inputs can change the investment case even when the score is similar.