First Industrial Realty Trust, Inc. (NYSE:FR)

CAPS Rating: 3 out of 5

The Company together with its subsidiaries is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops, and redevelops industrial real estate.

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Member Avatar asilverp (60.28) Submitted: 8/27/2014 11:27:46 PM : Underperform Start Price: $18.20 FR Score: -9.17

I have a hard time understanding why this is a five star stock. it's p/e is over 300, it's p/b is 1.94 and it has 1.39 billion dollars worth of debt and it's in the ultrahot industry of....real estate? What is it about REIT's that make people think they are worth such high valuations? the dividends?

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Member Avatar dlchase24 (87.27) Submitted: 7/17/2012 10:34:12 AM : Outperform Start Price: $12.27 FR Score: +14.06

Next year or so will still be a little slow, but industrial real estate markets are starting to see a turn.

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Member Avatar rockynicky (< 20) Submitted: 10/15/2010 2:47:14 PM : Outperform Start Price: $5.98 FR Score: +167.10

Good growth and earnings ahead.

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Member Avatar ValueDragonStyle (93.09) Submitted: 8/1/2010 3:57:53 PM : Outperform Start Price: $4.04 FR Score: +320.15

First Industrial Realty Trust, Inc. (FR)
The Company together with its subsidiaries is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops, and redevelops industrial real estate.

Currently, FR is down 55% from its 52W high (ouch!), but up 70% from its March 2009 low.
A good value play, I guess.

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Member Avatar hybridinvestor (77.09) Submitted: 5/20/2010 1:50:25 PM : Outperform Start Price: $6.23 FR Score: +139.28

Throwing darts at this point!!!

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Member Avatar Quickspick (< 20) Submitted: 5/6/2010 6:15:28 PM : Outperform Start Price: $7.42 FR Score: +92.78

Commercial Real Estate Broker. The situation is changing rapidly as the economy improves. Like the stock market we will see a quick bounce bank but slower since it RE and does not move as quickly as the stock market. FR is working reducing the debt and selling dead weight properties, that owner/user and small business will occupy. The availability of Class A real estate with good market cash flows are very hard to come by. Put me down for a strong Buy on this stock. Cheapest way for a retail investor to buy real estate and the debt at very reasonable prices.

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Member Avatar kevinottofro (97.85) Submitted: 5/1/2010 10:19:36 AM : Outperform Start Price: $7.72 FR Score: +92.46

low relative PE, good star & 2010 earnings. Bottom fishing week of 4/26

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Member Avatar JohanHansen (77.53) Submitted: 4/20/2010 11:17:57 PM : Outperform Start Price: $8.18 FR Score: +79.71

Myst 3Cmb1 A xxx

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Member Avatar Timbofittz88 (80.22) Submitted: 3/16/2010 7:36:52 PM : Outperform Start Price: $7.18 FR Score: +108.50

I am LOVING REIT's right now!

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Member Avatar woodsboss169 (< 20) Submitted: 10/30/2009 3:53:58 PM : Outperform Start Price: $4.26 FR Score: +282.24

Excessively discounted at this price. Cash flow is secured with leases. Stock price will rebound as the real estate markets and economy improve.

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Member Avatar michaeltbryant (< 20) Submitted: 9/22/2009 2:26:05 PM : Outperform Start Price: $6.29 FR Score: +133.24

Industrial real estate. Going up.

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Member Avatar hallen52 (< 20) Submitted: 7/14/2009 5:02:52 PM : Outperform Start Price: $4.28 FR Score: +252.40

Good BV. Good stock incentive for new CEO seems to favor stockholders what a refreshing idea

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Member Avatar hashhampton (36.96) Submitted: 5/16/2009 9:01:40 AM : Outperform Start Price: $4.79 FR Score: +195.34

Expect it to do well by third quarter

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Member Avatar quietstone (36.92) Submitted: 5/4/2009 4:45:25 PM : Underperform Start Price: $3.95 FR Score: -280.59

$119 million in debt coming due in June that has yet to be refinanced. I expect management to find a way to refinance that debt but the fundamentals beyond that are troubling.

Even under direct questioning during the recent conference call management was unwilling to give guidance or historic information in regards to taxable income which leads me to believe that they are losing money.

First Industrial sold off 4 revenue producing properties in an effort to meet looming debt obligations. With occupancy rates falling at a record pace and CRE valuations far below what they were a year ago I believe it is a poor time to be selling revenue producing assets. Those sales (and future sales of revenue producing property) will take a large chunk out of long-term FFO even if FR finds a way to remain solvent.

Management suggested that the total property portfolio would be valued at 8-9% cap rates which seems very unrealistic given the massive write downs on property value seen throughout the sector.

The problem here is simple. Occupancy is expected to continue falling and conservative estimates put the bottom at 80%. Rental rates are also falling. Property values are falling. FR is having difficulty meeting a $119 million debt obligation for June 2009 which makes it very unlikely that they will be able to roll over 2011 debt before that comes due in 2 years. Supposedly 96% of properties are unencumbered but that is not accurate at all if you factor in the
$2 billion in bond debt that looms over FR. Expect that 96% number to plummet as they sell off assets and secure loans with assets in an attempt to refinance debt.

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Member Avatar Ynavi (58.32) Submitted: 4/26/2009 12:12:46 PM : Outperform Start Price: $3.62 FR Score: +322.64

Really low price...great potential when we are out of the bad time..

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Member Avatar bsirola1 (96.00) Submitted: 3/24/2009 9:59:28 PM : Outperform Start Price: $2.46 FR Score: +578.00

ready to take off

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Member Avatar jpheezy (24.43) Submitted: 1/27/2009 2:37:34 PM : Outperform Start Price: $5.88 FR Score: +99.86

A good value play with a decent yield.

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Member Avatar afried7 (< 20) Submitted: 10/24/2008 1:03:01 AM : Outperform Start Price: $6.93 FR Score: +44.11

FR is selling at 20% of liqudation value. It is selling at a fraction of what you can buy in the real world said real estste.

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Member Avatar addaam78 (97.94) Submitted: 9/3/2008 6:58:35 PM : Outperform Start Price: $20.97 FR Score: -70.27

It is pretty remarkable this company is still making money in the 2nd year of the housing crisis... so they must be doing something right. Supply chain in times of crisis is important for companies so I am of the opinion that with a P/E ratio of about 5, a dividend around 12% for along term buyer... sounds pretty good.

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Member Avatar FGunawan (85.89) Submitted: 8/8/2008 10:02:23 AM : Outperform Start Price: $19.92 FR Score: -64.00

With market capitalization about 1x book value and a dividend payment that rivals junk bond yield (upwards 13%), this is a golden investment opportunity.

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