First Industrial Realty Trust, Inc.
FRReal Estate · Stock · quarterly payer
Forward Yield
3.24%
Annual Dividend
$2.00
Payout Ratio
69%
5-Yr Growth
12.2%
Ex-Date
Sep 30, 2026
Frequency
Quarterly
Summary
As of September 2026, First Industrial Realty Trust, Inc. (FR) yields 3.24% ($2.00 per share annually), with a blended fair-value estimate of $28.63 — -54% downside, so it screens as overvalued. Dividend safety grade: B (75/100). 12 years of dividend growth.
Is FR a good dividend stock?
YesFirst Industrial Realty Trust, Inc. (FR) pays a quarterly dividend yielding 3.24% ($2.00/yr), with 12 years of growth and a dividend-safety grade of B. It scores well across payout coverage, growth history and safety — a dependable income holding.
Advantages
- 12 consecutive years of dividend growth
- Strong 12.2% 5-yr dividend growth
Risks
- Cut its dividend in 2013
Key Data
- Dividend Yield
- 3.24%
- Payout Ratio
- 69%
- Annual Dividend
- $2.00
- 5-Yr Avg Growth
- 12.2%
- Ex-Dividend Date
- Sep 30, 2026
- Years of Growth
- 12
- Frequency
- quarterly
- Beta
- 1.04
- Market Cap
- $8.5B
- P/E Ratio
- 22.5
- 5-Yr Total Return
- 6%
- 52-Week Range
- $50.24 – $69.88
- Dividend Safety
- B · 75/100
- Ever Cut?
- Yes (2013)
Frequently Asked Questions
FR Price — Last 12 Months
Daily close
Price Return
1 Year
+12%
3 Years
+46%
5 Years
+6%
52-Week Range
$50.24 – $69.88
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is FR worth?
Overvaluedlow confidenceOur blended fair-value estimate for First Industrial Realty Trust, Inc. is $28.63 per share, versus a market price of $61.80. That implies 54% of downside.
Fair Value
$28.63
Current Price
$61.80
Downside
-54%
Margin of Safety
-116%
How we get there
Dividend discount
Discounts the future dividend stream back to today.
Assumptions: 9.5% discount rate (CAPM), 2.0% stage-1 growth, 2.5% terminal growth, $2.75 EPS, $2.00 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
FR Dividend Safety Score
Safe
SmarterDividends' proprietary score, backtested against which dividends were actually cut over 15+ years (0.78 AUC). It blends a validated cut-risk model (growth streak, cut history) with current payout, cash-flow and debt. Higher is safer · not investment advice.
Dividend Growth
Total dividends per share by year
Dividend History
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Jun 30, 2026 | — | $0.5000 | regular |
| Mar 31, 2026 | — | $0.5000 | regular |
| Dec 31, 2025 | — | $0.4450 | regular |
| Sep 30, 2025 | — | $0.4450 | regular |
| Jun 30, 2025 | — | $0.4450 | regular |
| Mar 31, 2025 | — | $0.4450 | regular |
| Dec 31, 2024 | — | $0.3700 | regular |
| Sep 30, 2024 | — | $0.3700 | regular |
| Jun 28, 2024 | — | $0.3700 | regular |
| Mar 27, 2024 | — | $0.3700 | regular |
| Dec 28, 2023 | — | $0.3200 | regular |
| Sep 28, 2023 | — | $0.3200 | regular |
| Jun 29, 2023 | — | $0.3200 | regular |
| Mar 30, 2023 | — | $0.3200 | regular |
Income Calculator
At $2.00 / yr per share
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