First Industrial Realty Trust

Provide essential industrial real estate enabling businesses to serve customers by being the indispensable partner for the modern supply chain.

First Industrial Realty Trust SWOT Analysis

Updated: October 3, 2025 • 2025-Q4 Analysis

How to Use This Analysis

This analysis for First Industrial Realty Trust was created using Alignment.io™ methodology - a proven strategic planning system trusted in over 75,000 strategic planning projects. We've designed it as a helpful companion for your team's strategic process, leveraging leading AI models to analyze publicly available data.

While this represents what AI sees from public data, you know your company's true reality. That's why we recommend using Alignment.io and The System of Alignment™ to conduct your strategic planning—using these AI-generated insights as inspiration and reference points to blend with your team's invaluable knowledge.

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This First Industrial Realty Trust SWOT analysis reveals a company expertly capitalizing on its strengths—record leasing spreads and high occupancy—to navigate a complex macroeconomic environment. The primary challenge is external: mitigating the impact of interest rate volatility and potential economic cooling. Opportunities in continued e-commerce and onshoring trends provide a clear path for growth. The core strategic imperative is to translate current operational excellence into durable, long-term value. This requires a dual focus: aggressively capturing near-term rent growth while strategically modernizing the portfolio and de-risking the balance sheet to thrive through the cycle. The conclusion correctly prioritizes profitability, modernization, and prudent financial management as the key levers for success. The company is well-positioned, but disciplined execution against these priorities is paramount.

Prologis Rexford Industrial Realty Terreno Realty Corporation EastGroup Properties STAG Industrial

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

Provide essential industrial real estate enabling businesses to serve customers by being the indispensable partner for the modern supply chain.

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Strengths

LEASING: Record cash rental rate spreads (+52.4%) drive strong NOI.
OCCUPANCY: National portfolio is functionally full at 98.1% leased.
BALANCE SHEET: Low leverage (Net Debt/EBITDA of 4.9x) provides safety.
LOCATIONS: High concentration in key coastal logistics markets.
DEVELOPMENT: Well-located land bank supports future value creation.

Weaknesses

SCALE: Smaller portfolio size compared to giant competitor Prologis.
RATE SENSITIVITY: REIT model is sensitive to interest rate increases.
TENANT CONCENTRATION: Top tenants like Amazon represent significant % of rent.
CAPEX: Some older assets in the portfolio require modernization investment.
INCOME DIVERSITY: Revenue is overwhelmingly from rental income stream.

Opportunities

RENT GROWTH: Embedded rent growth as old leases roll to market rates.
E-COMMERCE: Continued penetration drives secular demand for logistics space.
ONSHORING: Reshoring of manufacturing creates new industrial demand.
ESG: Growing tenant demand for sustainable, energy-efficient buildings.
CONSOLIDATION: Opportunity to acquire smaller portfolios in target markets.

Threats

MACROECONOMY: A significant recession could slow tenant demand and growth.
INTEREST RATES: Higher rates increase cost of capital for debt and acquisitions.
COMPETITION: Intense competition for assets and tenants from peers.
SUPPLY: New construction in some submarkets could pressure rental rates.
REGULATION: Potential for adverse zoning or environmental regulations.

Key Priorities

PROFITABILITY: Maximize NOI by capturing historic rent growth on expirations.
MODERNIZATION: Accelerate portfolio upgrade via development and dispositions.
RISK MITIGATION: Fortify balance sheet against interest rate volatility.
EXPANSION: Capitalize on reshoring by acquiring assets in emerging hubs.

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First Industrial Realty Trust OKR

Updated: October 3, 2025 • 2025-Q4 Analysis

This First Industrial Realty Trust OKR plan is a masterclass in focus and alignment. It directly translates the SWOT conclusions into clear, ambitious objectives that balance offense and defense. 'MAXIMIZE PROFITABILITY' captures the immediate revenue opportunity, while 'FUTURE-PROOF PORTFOLIO' ensures long-term relevance. 'FORTIFY FINANCES' provides the resilience needed to execute the strategy through economic cycles. Finally, 'DRIVE STRATEGIC GROWTH' sets the agenda for intelligent expansion. The key results are specific, measurable, and outcome-driven, creating a powerful roadmap for the executive team to allocate capital and drive performance. This plan provides the clarity and accountability necessary to compound the company's competitive advantages.

Prologis Rexford Industrial Realty Terreno Realty Corporation EastGroup Properties STAG Industrial

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

Provide essential industrial real estate enabling businesses to serve customers by being the indispensable partner for the modern supply chain.

MAXIMIZE PROFITABILITY

Capture historic rent growth and optimize operations.

SPREADS: Achieve average cash rental rate increases of over 45% on all new and renewal leases signed.
NOI: Increase total portfolio Same-Store Cash NOI by 8.5% year-over-year through rent growth & cost control.
OCCUPANCY: Maintain a portfolio-wide average occupancy of at least 97.5% throughout the entire year.
EXPENSES: Implement cost-saving initiatives to limit controllable property operating expense growth to 3%.

FUTURE-PROOF PORTFOLIO

Enhance asset quality via development and dispositions.

DEVELOPMENT: Commence construction on over $300M of new, state-of-the-art logistics development projects.
DISPOSITIONS: Sell at least $150M of non-strategic or older assets to fund growth in target markets.
MODERNIZATION: Increase the percentage of the portfolio consisting of assets built in the last 10 years by 200 bps.
ESG: Launch a pilot program for AI-driven energy management at 10 properties to reduce utility consumption.

FORTIFY FINANCES

De-risk the balance sheet against market volatility.

LEVERAGE: Maintain Net Debt + Preferred Equity to Adjusted EBITDA ratio below 5.5x for the full year.
DEBT: Address all near-term debt maturities, extending the average debt term to over 8 years.
LIQUIDITY: Maintain total liquidity (cash + credit facility availability) of more than $800M at all times.
FIXED-RATE: Increase the percentage of total debt that is fixed-rate to over 95% to mitigate rate risk.

DRIVE STRATEGIC GROWTH

Expand our footprint in targeted high-growth markets.

ACQUISITIONS: Acquire over $200M of high-quality industrial assets in targeted coastal-inflected markets.
PIPELINE: Increase the future development pipeline by securing control of 150 acres of developable land.
RELATIONSHIPS: Conduct strategic review meetings with our top 20 tenants to identify future needs.
DATA: Build a unified data dashboard tracking key supply/demand metrics in our top 10 target submarkets.

METRICS

Same-Store Net Operating Income (NOI) Growth: +8.5%
FFO (Funds From Operations) Per Share Growth: +9.0%
Net Debt to Adjusted EBITDA Ratio: < 5.5x

VALUES

Customer-centric
Accountable
Respectful
Ethical

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First Industrial Realty Trust Retrospective

AI-Powered Insights

Claude

Gemini

GPT

First Industrial Realty Trust Q4 2024 Earnings Release & Transcript
First Industrial Realty Trust Investor Presentations (2024-2025)
Company Website (firstindustrial.com)
SEC Filings (10-K, 10-Q)
Public financial data sources (Yahoo Finance, Bloomberg)

Prologis Rexford Industrial Realty Terreno Realty Corporation EastGroup Properties STAG Industrial

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

Provide essential industrial real estate enabling businesses to serve customers by being the indispensable partner for the modern supply chain.

Toggle Theme

What Went Well

LEASING: Executed leases with cash rental rate growth of over 50%.
OCCUPANCY: Maintained portfolio occupancy above 98%, indicating strong demand.
DEVELOPMENT: Placed several new, modern developments into service on time.
BALANCE SHEET: Successfully termed out debt, locking in favorable rates.
GUIDANCE: Met or exceeded quarterly Funds From Operations (FFO) guidance.

Not So Well

EXPENSES: Higher-than-expected property operating and G&A expenses.
TRANSACTIONS: Slower transaction market limited acquisition opportunities.
GUIDANCE: Cautious forward-looking commentary due to macro uncertainty.
CAPITAL MARKETS: Volatility in capital markets impacted stock performance.
SUPPLY: Noted pockets of new supply in certain non-coastal submarkets.

Learnings

DEMAND: Tenant demand remains solid but flight-to-quality is accelerating.
PRICING: Market rent growth is moderating from historic highs but still strong.
COSTS: Inflation continues to pressure property-level operating expenses.
DISCIPLINE: A disciplined approach to capital allocation is critical now.
TENANTS: Tenants are prioritizing modern facilities and prime locations.

Action Items

LEASING: Aggressively push rental rates on all remaining 2025 expirations.
OPERATIONS: Implement new cost-control measures to mitigate expense growth.
CAPITAL: Prioritize development funding over acquisitions in current market.
DISPOSITIONS: Accelerate dispositions of non-strategic, older assets.
COMMUNICATIONS: Clearly articulate portfolio resilience to investors.

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Organization	SWOT Analysis	OKR Plan	Top 6	Retrospective

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First Industrial Realty Trust Market

AI-Powered Insights

Claude

Gemini

GPT

First Industrial Realty Trust Q4 2024 Earnings Release & Transcript
First Industrial Realty Trust Investor Presentations (2024-2025)
Company Website (firstindustrial.com)
SEC Filings (10-K, 10-Q)
Public financial data sources (Yahoo Finance, Bloomberg)

Founded: 1994
Market Share: Top 10 US industrial REIT owner
Customer Base: E-commerce, 3PL, manufacturing, retail
Category:
Industrial REIT
SIC Code: 6798 Real Estate Investment Trusts
NAICS Code: 525930 Finance and InsuranceT
Location: Chicago, Illinois
Zip Code: 60606 Chicago, Illinois
Congressional District: IL-7 CHICAGO
Employees: 145

Competitors

Prologis Request Analysis

Rexford Industrial Realty Request Analysis

Terreno Realty Corporation Request Analysis

EastGroup Properties Request Analysis

STAG Industrial Request Analysis

Products & Services

No products or services data available

Distribution Channels

First Industrial Realty Trust Business Model Analysis

AI-Powered Insights

Claude

Gemini

GPT

First Industrial Realty Trust Q4 2024 Earnings Release & Transcript
First Industrial Realty Trust Investor Presentations (2024-2025)
Company Website (firstindustrial.com)
SEC Filings (10-K, 10-Q)
Public financial data sources (Yahoo Finance, Bloomberg)

Problem

Need for efficient supply chain nodes
Lack of modern logistics facilities
Inflexible real estate solutions

Solution

High-quality, well-located warehouses
Build-to-suit development projects
Responsive property management services

Key Metrics

Occupancy Rate & Tenant Retention
Same-Store Net Operating Income (NOI)
Funds From Operations (FFO) per share

Unique

Focus on high-barrier coastal markets
National platform with local expertise
Strong tenant relationships

Advantage

Strategic land bank for development
Investment-grade balance sheet
Experienced, cycle-tested leadership

Channels

Direct sales and leasing teams
National and local brokerage partners
Industry relationships and marketing

Customer Segments

E-commerce companies (e.g., Amazon)
Third-Party Logistics (3PL) providers
Manufacturers and distributors

Costs

Property operating expenses (tax, ins.)
Interest expense on debt
General & Administrative (G&A) overhead

First Industrial Realty Trust Product Market Fit Analysis

Updated: October 3, 2025

First Industrial Realty Trust provides modern, strategically located logistics facilities that are critical to the supply chain. By optimizing location and functionality, it helps businesses reduce transportation costs, increase operational efficiency, and gain a competitive edge in serving their customers. This is achieved through a best-in-class platform, enabling scalable growth and supply chain resilience for America's leading companies.

LOCATION: Proximity to consumers and labor reduces our customers' transportation costs, their largest supply chain expense.

MODERNIZATION: Our state-of-the-art facilities increase operational efficiency and throughput for our tenants.

PARTNERSHIP: We provide a stable, flexible real estate platform that allows our customers to grow and adapt with confidence.

Before State

Inefficient, outdated warehouse spaces
Fragmented landlord relationships
Poorly located distribution centers
Supply chain network inefficiencies

After State

Modern, high-throughput logistics hubs
Strategic, responsive RE partnership
Optimally located, efficient facilities
A resilient and scalable supply chain

Negative Impacts

Higher operational and transport costs
Slower delivery times to end customers
Inability to scale operations quickly
Risk of business disruption, downtime

Positive Outcomes

Reduced fulfillment & shipping costs
Faster, more reliable customer delivery
Improved inventory management, velocity
Competitive advantage in the market

Key Metrics

Occupancy Rate

98.1%

Cash Rental Rate Growth

+52.4%

Tenant Retention

~75-80%

G2 Reviews

N/A (B2B Real Estate)

FFO Per Share Growth

+8-10% annually

Requirements

Deep understanding of logistics trends
Access to development capital and land
Expertise in construction management
Proactive asset management capabilities

Why First Industrial Realty Trust

Acquire/develop in high-demand markets
Offer flexible, modern building specs
Provide exceptional property management
Leverage data for site selection

First Industrial Realty Trust Competitive Advantage

Superior locations in key US markets
Strong balance sheet for flexible growth
Long-standing tenant relationships
Experienced, cycle-tested management

Proof Points

Portfolio 98%+ leased to top companies
Industry-leading rent growth metrics
Successful $1B+ development pipeline
Investment-grade credit ratings

First Industrial Realty Trust Market Positioning

AI-Powered Insights

Claude

Gemini

GPT

First Industrial Realty Trust Q4 2024 Earnings Release & Transcript
First Industrial Realty Trust Investor Presentations (2024-2025)
Company Website (firstindustrial.com)
SEC Filings (10-K, 10-Q)
Public financial data sources (Yahoo Finance, Bloomberg)

Strategic pillars derived from our vision-focused SWOT analysis

COASTAL-INFLECTED EXPANSION

Target high-barrier coastal markets.

SPECULATIVE DEVELOPMENT

Build state-of-the-art logistics assets.

FORTRESS BALANCE SHEET

Maintain low leverage and high liquidity.

TENANT-CENTRIC PLATFORM

Deepen relationships with key customers.

What You Do

Own, operate, develop modern logistics RE

Target Market

Supply chain and logistics-reliant firms

Differentiation

Focus on high-barrier coastal markets
Strong balance sheet and tenant relations

Revenue Streams

Rental income from long-term leases
Development gains and asset sales

First Industrial Realty Trust Operations and Technology

AI-Powered Insights

Claude

Gemini

GPT

First Industrial Realty Trust Q4 2024 Earnings Release & Transcript
First Industrial Realty Trust Investor Presentations (2024-2025)
Company Website (firstindustrial.com)
SEC Filings (10-K, 10-Q)
Public financial data sources (Yahoo Finance, Bloomberg)

Company Operations

Organizational Structure: Centralized leadership, regional execution
Supply Chain: Partners with GCs, architects, brokers
Tech Patents: Focus on operational tech, not patents
Website: https://www.firstindustrial.com

Top Clients

Board Members

First Industrial Realty Trust Competitive Forces

Threat of New Entry

Moderate. While building a single warehouse is feasible, achieving the scale, market access, and low cost of capital of an established REIT is difficult.

Supplier Power

Moderate. Suppliers of land and construction services have pricing power in high-demand markets, but are fragmented, limiting overall power.

Buyer Power

Moderate. Large, multi-national tenants (e.g., Amazon) have significant leverage to negotiate terms, especially for large blocks of space.

Threat of Substitution

Low. The need for physical space to store and distribute goods is fundamental. Few viable substitutes for well-located logistics real estate exist.

Competitive Rivalry

High. Dominated by large public REITs like Prologis and numerous private equity funds. Competition is fierce for acquisitions and tenants.

Analysis of AI Strategy

Updated: October 3, 2025 • 2025-Q4 Analysis

The First Industrial Realty Trust AI SWOT analysis highlights a significant opportunity gap between the company's valuable data assets and its current technological capabilities. While possessing a rich, proprietary dataset—a key strength—the primary weaknesses are a lack of specialized AI talent and fragmented legacy systems. The most immediate and valuable opportunities lie in applying AI for operational efficiency, such as predictive maintenance and automated lease administration, which offer clear ROI. The long-term strategic prize is leveraging AI for predictive analytics in leasing and acquisitions to create a durable competitive advantage. The greatest threat is not internal failure but being outmaneuvered by more agile, tech-forward competitors. The key priorities must be to build a solid data foundation and launch targeted pilots to build momentum and demonstrate value.

Prologis Rexford Industrial Realty Terreno Realty Corporation EastGroup Properties STAG Industrial

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

Provide essential industrial real estate enabling businesses to serve customers by being the indispensable partner for the modern supply chain.

Strengths

DATA: Rich, proprietary dataset on leasing, tenants, and market trends.
SCALE: Large, national portfolio provides diverse data for AI models.
OPERATIONS: Existing operational teams can pilot and implement AI tools.
RELATIONSHIPS: Tenant relationships allow for feedback on AI-driven services.
CAPITAL: Financial capacity to invest in promising AI technology pilots.

Weaknesses

TALENT: Lack of in-house AI/ML engineering and data science expertise.
SYSTEMS: Disparate legacy systems may hinder centralized data aggregation.
CULTURE: Traditionally conservative industry culture may resist AI adoption.
DATA GOVERNANCE: Need for robust data governance before deploying advanced AI.
ROI UNCERTAINTY: Difficulty in quantifying the ROI of initial AI investments.

Opportunities

LEASING: AI models to predict tenant churn and optimize renewal pricing.
ACQUISITIONS: AI-powered site selection and asset underwriting.
OPERATIONS: Predictive maintenance for properties using sensor data and AI.
EFFICIENCY: Automating lease abstraction and administrative tasks with NLP.
SUSTAINABILITY: AI to optimize building energy consumption and ESG reporting.

Threats

COMPETITION: Tech-forward competitors using AI to gain underwriting edge.
DATA SECURITY: Increased cybersecurity risks associated with AI platforms.
MODEL BIAS: Risk of biased AI models leading to poor investment decisions.
IMPLEMENTATION: High cost and complexity of integrating AI into workflows.
DISRUPTION: PropTech startups could disrupt traditional leasing models with AI.

Key Priorities

FOUNDATION: Build a unified data warehouse for all property/tenant info.
PILOT: Launch AI pilot for predictive maintenance to prove ROI and value.
PRICING: Develop AI tools to optimize lease pricing and renewal strategy.
AUTOMATION: Use AI to automate manual lease administration and reporting.

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First Industrial Realty Trust Financial Performance

AI-Powered Insights

Claude

Gemini

GPT

First Industrial Realty Trust Q4 2024 Earnings Release & Transcript
First Industrial Realty Trust Investor Presentations (2024-2025)
Company Website (firstindustrial.com)
SEC Filings (10-K, 10-Q)
Public financial data sources (Yahoo Finance, Bloomberg)

Profit: Net Income (TTM): $298 Million USD

Market Cap: $7.5 Billion USD

Stock Performance

Annual Report: View Report

Debt: Total Debt: ~$2.1 Billion USD

ROI Impact: Metrics like FFO/share, dividend yield

SWOT Index

Composite strategic assessment with 10-year outlook

/ 100

Market Leader

ICM Index

STRATEGIC ADVISOR ASSESSMENT

First Industrial is a high-performing Market Leader with strong operational metrics. Its Iconic Index is anchored by solid SWOT factors and a clear, executable OKR plan. The North Star ambition is category-focused, not world-changing. Growth is constrained by the cyclical nature of real estate and a competitive TAM, but its strong balance sheet and strategic focus provide a high probability of continued outperformance versus peers. The primary lever for increasing its iconic status is embracing technology and AI.

SWOT Factors

Upside: 83.3 Risk: 76.7

OKR Impact

AI Leverage

Top 3 Strategic Levers

Accelerate portfolio modernization via development.

Build an AI/data analytics capability for underwriting.

Aggressively capture embedded mark-to-market rent growth.

AI Disclosure

This report was created using the Alignment Method—our proprietary process for guiding AI to reveal how it interprets your business and industry. These insights are for informational purposes only and do not constitute financial, legal, tax, or investment advice.

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