FIRST INDUSTRIAL REALTY TRUST INC

Overview

First Industrial Realty Trust, Inc. is a self-administered, fully integrated real estate investment trust focused on industrial property. It owns, manages, acquires, sells, develops and redevelops logistics-oriented facilities serving industrial and distribution uses. Its portfolio is concentrated in the United States, with a strategy centered on 15 logistics markets; at year-end 2025, it reported 414 in-service properties across 19 states, totaling approximately 69.9 million square feet.[1][2] The company’s website reported approximately 80 million square feet of properties owned or under construction as of June 30, 2026.[3]

The company’s stated mission is to create long-term shareholder value by providing industrial real estate solutions that benefit both customers and stockholders.[4] For fiscal 2025, First Industrial reported total revenue of approximately $727.1 million and 152 employees at December 31, 2025.[5][6] [1]+7

Products & services

First Industrial Realty Trust’s products are industrial properties offered for lease, including bulk and regional distribution centers and other logistics facilities. Its offerings also include move-in-ready space, build-to-suit sites and newly constructed facilities for logistics users.[7]+2

The company also provides leasing and property operations, including lease renewals, tenant facility support from in-house property managers and maintenance technicians, and development or acquisition of properties selected for location, functionality, tenant demand and expansion potential.[10]+2 Specifications vary by property; for example, a 612,554-square-foot building announced at First Park New Castle featured 40-foot clear heights, ESFR sprinklers and a multiple-tenant design.[13]

Its FY2025 report describes a portfolio of approximately 69.9 million square feet, but does not provide revenue percentages by property subtype or product. Lease revenue includes minimum rent and tenant recoveries for property expenses.[14]+2 [7]+8

Geographic presence

First Industrial Realty Trust focuses on 15 U.S. logistics markets. At December 31, 2025, its portfolio comprised 414 in-service properties totaling approximately 69.9 million square feet, with 94.4% occupancy, across 18 metropolitan-area categories.[16][17] The largest concentrations included Southern California (86 properties; 11.54 million sq. ft.), Central/Eastern Pennsylvania (24; 8.66 million sq. ft.) and Dallas–Fort Worth (53; 7.39 million sq. ft.).[17]

In 2025, California—Northern and Southern California combined—accounted for 26.3% of consolidated net operating income, and Pennsylvania accounted for 11.4%; the company identified these as its two largest regions.[18] The available disclosures do not provide a geographic revenue breakdown, and the company reports one business segment.[19]

The company’s corporate office is in Chicago, Illinois. It reported 152 employees at year-end 2025, including 151 full-time employees, but did not disclose their geographic distribution.[6][20] [16]+12

Business segments

First Industrial Realty Trust reports one operating segment: its industrial real estate business. The company’s strategy centers on owning, managing, acquiring and developing industrial properties in U.S. logistics markets; its markets and activities are not reported as separate operating segments.[19]+2

For 2025, the single segment accounted for 100% of consolidated revenue—$727.076 million—because it is the company’s only reported operating segment; this is not a separate, company-reported subsegment allocation.[19][5] The company does not report segment assets because the information is not used by management to assess performance or allocate resources.[15] [19]+4

Company history

First Industrial Realty Trust was founded in 1994 and went public that June in a $389.5 million IPO. Its initial portfolio comprised 226 industrial properties totaling 17.4 million square feet.[8]+2 In 2005 and 2006, it established successive investment and development joint ventures with the California State Teachers’ Retirement System, each announced with approximately $950 million of investment capacity.[23][24]

During the 2009 downturn, Bruce W. Duncan became president and CEO; a later retrospective described the company’s response as involving organizational right-sizing, a simpler business model, and restored leverage.[25][26] In 2016, Peter E. Baccile became president and then CEO, succeeding Duncan, who remained chairman.[27] The company marked 20 years as a NYSE-listed company in 2014.[26]

The company continued expanding through property acquisitions: in 2017 it reported acquiring eight buildings and seven land parcels for $174.2 million.[28] In 2025, it acquired three fully leased Phoenix-area buildings totaling about 1.8 million square feet from its Camelback 303 joint venture, in two transactions.[29][30]

Sources

• FIRST INDUSTRIAL REALTY TRUST INC — Full financial report (2025 Y)
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• FIRST INDUSTRIAL REALTY TRUST INC — Full financial report (2026 Q 2)[16][19]
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