# FIRST INDUSTRIAL REALTY TRUST INC

Summary updated: 2026-10-02T15:56:17.425506Z
Canonical: https://finbar.com/research/companies/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](https://app.finbar.com/go?id=P71095728)[2](https://app.finbar.com/go?id=P84068223) The company’s website reported approximately 80 million square feet of properties owned or under construction as of June 30, 2026. [3](https://firstindustrial.com/)

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](https://firstindustrial.com/sites/default/files/2023-09/2022-CSR-Report-First-Industrial.pdf) For fiscal 2025, First Industrial reported total revenue of approximately $727.1 million and 152 employees at December 31, 2025. [5](https://app.finbar.com/go?id=T296954)[6](https://app.finbar.com/go?id=P104561552)
[1](https://app.finbar.com/go?id=P71095728)[2](https://app.finbar.com/go?id=P84068223)[3](https://firstindustrial.com/)[4](https://firstindustrial.com/sites/default/files/2023-09/2022-CSR-Report-First-Industrial.pdf)[5](https://app.finbar.com/go?id=T296954)[6](https://app.finbar.com/go?id=P104561552)[3](https://firstindustrial.com/)[4](https://firstindustrial.com/sites/default/files/2023-09/2022-CSR-Report-First-Industrial.pdf)

## 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](https://app.finbar.com/go?id=P61238568)[8](https://firstindustrial.com/about)[9](https://firstindustrial.com/properties)

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](https://app.finbar.com/go?id=P80760333)[11](https://firstindustrial.com/tenants)[12](https://app.finbar.com/go?id=P74067197) 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](https://firstindustrial.com/node/316)

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](https://app.finbar.com/go?id=P104774027)[15](https://app.finbar.com/go?id=P118291104)[7](https://app.finbar.com/go?id=P61238568)
[7](https://app.finbar.com/go?id=P61238568)[14](https://app.finbar.com/go?id=P104774027)[10](https://app.finbar.com/go?id=P80760333)[12](https://app.finbar.com/go?id=P74067197)[15](https://app.finbar.com/go?id=P118291104)[8](https://firstindustrial.com/about)[9](https://firstindustrial.com/properties)[11](https://firstindustrial.com/tenants)[13](https://firstindustrial.com/node/316)

## 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](https://app.finbar.com/go?id=P142657782)[17](https://app.finbar.com/go?id=T6372040) 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](https://app.finbar.com/go?id=T6372040)

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](https://app.finbar.com/go?id=P92119742) The available disclosures do not provide a geographic revenue breakdown, and the company reports one business segment. [19](https://app.finbar.com/go?id=P142657626)

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](https://app.finbar.com/go?id=P104561552)[20](https://firstindustrial.com/contact)
[16](https://app.finbar.com/go?id=P142657782)[17](https://app.finbar.com/go?id=T6372040)[17](https://app.finbar.com/go?id=T6372040)[17](https://app.finbar.com/go?id=T6372040)[17](https://app.finbar.com/go?id=T6372040)[17](https://app.finbar.com/go?id=T6372040)[17](https://app.finbar.com/go?id=T6372040)[17](https://app.finbar.com/go?id=T6372040)[18](https://app.finbar.com/go?id=P92119742)[19](https://app.finbar.com/go?id=P142657626)[6](https://app.finbar.com/go?id=P104561552)[20](https://firstindustrial.com/contact)[20](https://firstindustrial.com/contact)

## 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](https://app.finbar.com/go?id=P142657626)[16](https://app.finbar.com/go?id=P142657782)[12](https://app.finbar.com/go?id=P74067197)

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](https://app.finbar.com/go?id=P142657626)[5](https://app.finbar.com/go?id=T296954) The company does not report segment assets because the information is not used by management to assess performance or allocate resources. [15](https://app.finbar.com/go?id=P118291104)
[19](https://app.finbar.com/go?id=P142657626)[16](https://app.finbar.com/go?id=P142657782)[12](https://app.finbar.com/go?id=P74067197)[5](https://app.finbar.com/go?id=T296954)[15](https://app.finbar.com/go?id=P118291104)

## 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](https://firstindustrial.com/about)[21](https://www.shidler.com/companies)[22](https://investor.firstindustrial.com/static-files/fb3943cc-9e49-4593-a867-f9b2eb668f93) 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](https://investor.firstindustrial.com/news-releases/news-release-details/first-industrial-realty-trust-and-california-state-teachers)[24](https://investor.firstindustrial.com/news-releases/news-release-details/first-industrial-forms-new-950-million-strategic-land-and)

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](https://investor.firstindustrial.com/static-files/34fd6301-7704-4b84-80ae-591a0be3cfd2)[26](https://www.reit.com/news/videos/duncan-looks-back-first-industrials-20-years-nyse) In 2016, Peter E. Baccile became president and then CEO, succeeding Duncan, who remained chairman. [27](https://www.prnewswire.com/news-releases/first-industrial-names-peter-e-baccile-president-assumes-ceo-position-december-1st-2016-300307886.html) The company marked 20 years as a NYSE-listed company in 2014. [26](https://www.reit.com/news/videos/duncan-looks-back-first-industrials-20-years-nyse)

The company continued expanding through property acquisitions: in 2017 it reported acquiring eight buildings and seven land parcels for $174.2 million. [28](https://investor.firstindustrial.com/node/17346/pdf) 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](https://www.firstindustrial.com/node/291)[30](https://investor.firstindustrial.com/news-releases/news-release-details/first-industrial-realty-trust-reports-fourth-quarter-and-full-22)

## Sources

1. [FIRST INDUSTRIAL REALTY TRUST INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P71095728)
2. [FIRST INDUSTRIAL REALTY TRUST INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P84068223)
3. [firstindustrial.com](https://firstindustrial.com/)
4. [firstindustrial.com](https://firstindustrial.com/sites/default/files/2023-09/2022-CSR-Report-First-Industrial.pdf)
5. [FIRST INDUSTRIAL REALTY TRUST INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=T296954)
6. [FIRST INDUSTRIAL REALTY TRUST INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P104561552)
7. [FIRST INDUSTRIAL REALTY TRUST INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P61238568)
8. [firstindustrial.com](https://firstindustrial.com/about)
9. [firstindustrial.com](https://firstindustrial.com/properties)
10. [FIRST INDUSTRIAL REALTY TRUST INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P80760333)
11. [firstindustrial.com](https://firstindustrial.com/tenants)
12. [FIRST INDUSTRIAL REALTY TRUST INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P74067197)
13. [firstindustrial.com](https://firstindustrial.com/node/316)
14. [FIRST INDUSTRIAL REALTY TRUST INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P104774027)
15. [FIRST INDUSTRIAL REALTY TRUST INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P118291104)
16. [FIRST INDUSTRIAL REALTY TRUST INC — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P142657782)
17. [FIRST INDUSTRIAL REALTY TRUST INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=T6372040)
18. [FIRST INDUSTRIAL REALTY TRUST INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P92119742)
19. [FIRST INDUSTRIAL REALTY TRUST INC — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P142657626)
20. [firstindustrial.com](https://firstindustrial.com/contact)
21. [www.shidler.com](https://www.shidler.com/companies)
22. [investor.firstindustrial.com](https://investor.firstindustrial.com/static-files/fb3943cc-9e49-4593-a867-f9b2eb668f93)
23. [investor.firstindustrial.com](https://investor.firstindustrial.com/news-releases/news-release-details/first-industrial-realty-trust-and-california-state-teachers)
24. [investor.firstindustrial.com](https://investor.firstindustrial.com/news-releases/news-release-details/first-industrial-forms-new-950-million-strategic-land-and)
25. [investor.firstindustrial.com](https://investor.firstindustrial.com/static-files/34fd6301-7704-4b84-80ae-591a0be3cfd2)
26. [www.reit.com](https://www.reit.com/news/videos/duncan-looks-back-first-industrials-20-years-nyse)
27. [www.prnewswire.com](https://www.prnewswire.com/news-releases/first-industrial-names-peter-e-baccile-president-assumes-ceo-position-december-1st-2016-300307886.html)
28. [investor.firstindustrial.com](https://investor.firstindustrial.com/node/17346/pdf)
29. [www.firstindustrial.com](https://www.firstindustrial.com/node/291)
30. [investor.firstindustrial.com](https://investor.firstindustrial.com/news-releases/news-release-details/first-industrial-realty-trust-reports-fourth-quarter-and-full-22)

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