FR Stock Forecast & Price Target

First Industrial Realty is projected to have a 2027 FFO of $3.51 per share, a 2.9% increase from the consensus estimate. The company has an attractive cash yield profile and growth trajectory, a strong management team, and favorable external growth prospects that make it a buy. Additionally, with below-average financial leverage and a higher-than-expected FFO estimate, the stock presents an opportunity for a potential 13% total return in the next 12 months. However, risks to the outlook include potential market downturns, weaker rent growth, and increased supply in First Industrial Realty's markets, which could impact their ability to meet growth projections.

First Industrial Realty is projected to have a strong FFO of $3.18 per share in 2026, higher than the consensus of $3.13 per share, and has an attractive growth trajectory with its Buy rating. Additionally, the company has excellent management who are efficiently allocating equity capital, promising external growth prospects, and a solid balance sheet. A discounted cash flow, 4Q25 NAV, and 2027E FFOps estimate led to a $66 price target as per a 9.6% discount rate, 3.0% terminal growth rate, and 5.55% cap rate assumptions.