AlphaMadera's AlphaVal page classifies First Industrial Realty Trust, Inc. as a Real Estate Investment Trust business and values it using P/FFO × Industrial REIT Multiple, then compares the result to the current market price to flag FR as undervalued, fairly valued, or overvalued.

What is First Industrial Realty Trust, Inc.'s fair value?

Fair value for FR comes from a P/FFO × Industrial REIT Multiple model -- the approach AlphaVal selected for this company's Real Estate Investment Trust classification. The live AlphaVal page shows bear, base, and bull scenarios alongside the key assumption behind each.

How does AlphaMadera value FR?

AlphaVal routes each company to one of ten valuation archetypes based on its business model. FR was classified as Real Estate Investment Trust and is valued using P/FFO × Industrial REIT Multiple, built from FR's most recent reported fundamentals.

FR - First Industrial Realty Trust, Inc.

Price: -- -- | CONSENSUS: Buy DETAILS | PRICE TARGET: $73.00 DETAILS

AlphaVal

Deterministic, archetype-aware fair value

Real Estate Investment Trust 85% confidence

Primary model: P/FFO × Industrial REIT Multiple

Valuation Signal Fair Value Moderate

Trading 23.7% below fair value

Current Price $62.99

Bear Case $67.50 7.2% upside ($67.50 - $62.99) / $62.99 = 7.2% $3.26 FFO × 21x

Fair Value $82.50 31.0% upside ($82.50 - $62.99) / $62.99 = 31.0% $3.26 FFO × 25x

Bull Case $97.50 54.8% upside ($97.50 - $62.99) / $62.99 = 54.8% $3.26 FFO × 30x

Adjust Assumptions

P/FFO Multiple

25.3x

FFO per Share

3.26$

Key Value Driver

FFO/share ($3.26) × industrial P/FFO multiple

Terminal Value % of EV

Implied Market Multiple 19.3x

Market is pricing in (growth)

Plain-Language Summary

At $3.26 FFO/share with a 25x industrial REIT multiple, the base-case value is $82.50 per share. Dividend yield: 3.1%.

Analyst Consensus (External Reference)

Never blended into the bear/base/bull estimates above -- shown only as an outside comparison.

Average Target (29 analysts) $73.00

Analyst Range $66.00 – $83.00

Divergence from AlphaVal 13%

Warnings

⚠ Standard profit figures are misleading for real estate companies — large non-cash accounting charges make profits look artificially low. Dividend yield and funds from operations are better measures.

Key Risks

P/E and EV/EBITDA are structurally wrong for REITs — use P/FFO and NAV
Interest rate sensitivity: REIT multiples compress when rates rise
FFO approximation (NI + D&A) may include gains on property sales — verify