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 approximately 71.6 million square feet …
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Competitive advantage assessment
Key strengths
Stable NOI PerformanceNOI stability is excellent (score 0.83), suggesting reliable rent streams.
First Industrial Realty Trust, ranks #3 of 18
scored companies in REIT - Industrial by moat score — the top 17%.
The widest moat in the group is Terreno Realty Corporation (TRNO)
at 81/100.
Moat scores for companies ranked near FR in REIT - Industrial
For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.
AFFO Strength
Score 79
· 18% of the moat score
AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.
Balance Sheet & Cost of Capital
Score 51
· 20% of the moat score
Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.
Capital Recycling & Growth
Score 89
· 16% of the moat score
REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.
Operational Efficiency
Score 72
· 14% of the moat score
Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.
Portfolio Quality & Diversification
Score 89
· 12% of the moat score
Portfolio quality is really a question about what happens when a tenant fails.
What is First Industrial Realty Trust, 's moat score?
First Industrial Realty Trust, (FR) scores 76 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as strong. It ranks #3 of 18 scored companies in REIT - Industrial, the top 17%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 23 companies in REIT - Industrial. Its strongest defense is Portfolio Quality & Diversification (89/100) and its weakest is Balance Sheet & Cost of Capital (51/100).
How does First Industrial Realty Trust, compare with other REIT - Industrial companies?
First Industrial Realty Trust, ranks #3 of 18 scored companies in REIT - Industrial by moat score. The widest moat in REIT - Industrial is Terreno Realty Corporation (TRNO) at 81/100. The companies ranked closest are Granite Real Estate Inc. (GRP-UN) at 76 just above it and Public Storage (PSA) at 72 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 23 companies in REIT - Industrial. The defenses are then weighted to produce the overall score out of 100.
Why is First Industrial Realty Trust, scored with the REIT Specialized template?
A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.
Which competitive defenses are measured for First Industrial Realty Trust, ?
The REIT Specialized template measures 6 defenses, and FR scores: Rent Pricing Power (76), AFFO Strength (79), Balance Sheet & Cost of Capital (51), Capital Recycling & Growth (89), Operational Efficiency (72), Portfolio Quality & Diversification (89). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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