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    The Bull Case For First Industrial Realty Trust (FR) Could Change Following Double-Digit Dividend Hike Amid EPS Decline

    Simply Wall St·02/18/2026 18:25:56
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    • In early February 2026, First Industrial Realty Trust reported higher fourth-quarter 2025 revenue of US$188.41 million and net income of US$78.85 million, issued 2026 net income guidance of US$1.58–US$1.68 per share, and approved a quarterly dividend increase to US$0.50 per share.
    • While full-year 2025 sales rose to US$727.08 million, net income and earnings per share declined versus 2024, making the double-digit dividend hike a particularly important signal about management’s confidence in future cash generation.
    • With this backdrop, we’ll examine how the double-digit dividend increase shapes First Industrial Realty Trust’s existing investment narrative and risk profile.

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    First Industrial Realty Trust Investment Narrative Recap

    To own First Industrial Realty Trust, you need to believe in continued demand for its industrial properties and in management’s ability to translate that into steady cash generation. The latest results show higher quarterly revenue and net income but lower full year profit, so the immediate catalyst remains how effectively it can sustain rent growth and occupancy. The biggest current risk, in my view, is that weaker earnings alongside higher payouts could pressure financial flexibility if conditions soften.

    The 12.4% dividend increase to US$0.50 per share stands out as the announcement most connected to this earnings release. It directly ties into the near term catalyst of income visibility, while also sharpening the risk that slower earnings growth and historically lower net margins leave less room to absorb higher interest costs or any pullback in tenant demand.

    Yet investors should also be aware that if earnings stay under pressure while dividends keep rising, the strain on the balance sheet...

    Read the full narrative on First Industrial Realty Trust (it's free!)

    First Industrial Realty Trust's narrative projects $866.2 million revenue and $270.0 million earnings by 2028.

    Uncover how First Industrial Realty Trust's forecasts yield a $63.60 fair value, a 6% upside to its current price.

    Exploring Other Perspectives

    FR 1-Year Stock Price Chart
    FR 1-Year Stock Price Chart

    Two Simply Wall St Community fair value estimates for First Industrial Realty Trust span a wide range, from US$47.88 to US$63.60, underscoring how differently private investors see the stock. Against that backdrop, the recent double digit dividend hike alongside lower full year earnings invites you to weigh how payout growth and earnings pressure together might shape the trust’s future performance.

    Explore 2 other fair value estimates on First Industrial Realty Trust - why the stock might be worth 20% less than the current price!

    Reach Your Own Conclusion

    Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.