Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.02, read 2026-11-02
Ethical does not pass the values gate
Price53.76 USD
Fair value45.59
Ethical score70.0/100
Value readOvervaluedas of 6 Nov 2026
Our investment reviews on this name
2026-10-28Read Distribution58.19-7.6% to today ✓Markdown gives way to Distribution after an 8% slide in 9 weeks
2026-08-29Read Markdown63.49-15.3% to today ✓Markup gives way to Markdown after an 8% slide in 4 weeks
2026-07-30Read Markup68.86-21.9% to today Accumulation gives way to Markup after an 8% rise in 4 weeks
2026-07-02Read Accumulation63.57-15.4% to today First review on file: Accumulation
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
First Industrial Realty Trust, Inc. holds its Distribution at $53.76. Elevated stress, defensive posture warranted, held for 6 days.
As held on the ledger · 2026-11-06
Phase
Distribution · caution
Quantitative state
Elevated stress, defensive posture warranted, held for 6 days
Price at the screen
$53.76
Valuation
20.56 trailing · 30.76 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.03
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
45.23%
Below 33%
Interest-bearing debt is 45.2% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
4.76%
Below 49%
Money owed to the company is 4.8% of assets, under the 49% limit.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
First Industrial Realty Trust,'s business is in a permissible area, but its interest-bearing debt is about 45% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Overvalued vs our fair value, as of 6 Nov 2026: it trades above our $45.59 fair value estimate, 8.50% revenue growth.
Fair value range in USD, drawn from the 2026-11-06 screen. The gold marker is the market price at the same screen. The price runs 17.9% above the base estimate.
Third-party analyst targets: 16 covering, consensus Buy. The average target sits +23% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Where our models see it going: fair-value estimate $45.59, with a range of $45.59 to $52.42, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Logistics warehouses priced for perfection
Every parcel that lands in a Midwest shed or a California distribution centre has to sit somewhere, and First Industrial owns plenty of those sheds. The business is growing revenue at 10 percent with a 46 percent profit margin and a clean ethical screen, yet the shares sit at 68.86 against a fair value of 48.43.
That leaves a 30 percent gap and a forward multiple of 36.4 times earnings. The market is paying up for steady industrial demand while ignoring how quickly rates or leasing cycles can shift the picture. We therefore pass.
The main risk is simple valuation pressure. A high multiple on 13 percent ROE offers little cushion if occupancy or rent growth slows, and the consensus target of 68 merely ratifies the current price rather than signalling value. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
FR trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-04Distribution$54.90-5.7%Entry 16
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 5.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 10% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $67.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 10% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $67.
2026-10-21Markdown$58.19+0.0%Entry 14
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $67. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-20Markdown$58.19-2.8%Entry 13
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 2.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $67. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-19Markdown$59.86+0.0%Entry 12
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $67. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-18Markdown$59.86+0.0%Entry 11
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 10% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $67. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-17Markdown$59.86+0.0%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 10% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $67. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-16Markdown$59.86+0.7%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 0.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 10% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $67. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-15Markdown$59.43+0.0%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 10% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $67. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-14Markdown$59.43+1.0%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 1.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 10% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $67. It reported earnings in this window, a natural checkpoint for the thesis.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
