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First Industrial Realty TrustFR +1.19%88 Debt-to-EBITDA is 2.73 as of Mar. 2026, which is 33% below its 10-year median of 4.09. GuruFocus rates FR with a GF Score™ of 88/100 and a GF Value™ of $62.22 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 578 REITs companies, First Industrial Realty Trust ranks better than 75.95% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for First Industrial Realty Trust's Debt-to-EBITDA or its related term are showing as below:
FR'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 3.33 Med: 4.09 Max: 4.9
Current: 4.08
During the past 13 years, the highest Debt-to-EBITDA Ratio of First Industrial Realty Trust was 4.90. The lowest was 3.33. And the median was 4.09.
FR's Debt-to-EBITDA is ranked better than 75.95% of 578
companies
in the REITs industry
Industry Median: 6.49
vs FR: 4.08
First Industrial Realty Trust (NYSE:FR) Debt-to-EBITDA Explanation
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
First Industrial Realty Trust Debt-to-EBITDA Related Terms
First Industrial Realty Trust Debt-to-EBITDA Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
First Industrial Realty Trust Debt-to-EBITDA Chart
For the REIT - Industrial subindustry, First Industrial Realty Trust's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
First Industrial Realty Trust Debt-to-EBITDA vs REITs Industry
For the REITs industry and Real Estate sector, First Industrial Realty Trust's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where First Industrial Realty Trust's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
First Industrial Realty Trust (FR) has a Debt-to-EBITDA of 2.73 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on First Industrial Realty Trust. This is 33% below median its historical median of 4.09. Over the past decade, First Industrial Realty Trust's Debt-to-EBITDA has ranged from 3.33 to 4.90. According to the industry distribution chart, First Industrial Realty Trust ranks #139 out of 578 companies in the REITs industry, placing it in the top 24%.
Is First Industrial Realty Trust's Debt-to-EBITDA too high?
First Industrial Realty Trust's current Debt-to-EBITDA of 2.73 is 33% below median its 10-year median of 4.09. Over the past 10 years, this metric has ranged from a low of 3.33 to a high of 4.90. The REITs industry median Debt-to-EBITDA is 6.49. First Industrial Realty Trust's value of 2.73 is 57.9% below this industry median. Based on the distribution chart, First Industrial Realty Trust ranks #139 out of 578 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, First Industrial Realty Trust has a GF Score™ of 88/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does First Industrial Realty Trust's Debt-to-EBITDA compare to REXR and STAG?
According to the REITs industry distribution chart, First Industrial Realty Trust ranks #139 out of 578 companies for Debt-to-EBITDA. This places First Industrial Realty Trust in the top 24% of its industry — outperforming the majority of peers. The industry median Debt-to-EBITDA is 6.49. First Industrial Realty Trust's value of 2.73 is 57.9% below this benchmark. Historically, First Industrial Realty Trust's own Debt-to-EBITDA has ranged from 3.33 to 4.90 over the past decade. While the company's 10-year median is 4.09 vs. the industry median of 6.49, First Industrial Realty Trust has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for a REITs company?
The median Debt-to-EBITDA among REITs companies is 6.49, based on 578 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. First Industrial Realty Trust's current Debt-to-EBITDA of 2.73 is 57.9% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on First Industrial Realty Trust. For the REITs industry, the median Debt-to-EBITDA is 6.49 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Industrial Realty Trust's current Debt-to-EBITDA is 2.73, which is 33% below median its own 10-year median of 4.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Industrial Realty Trust stock overvalued right now?
Based on GuruFocus' analysis, First Industrial Realty Trust (FR) is currently considered Modestly Overvalued. The stock's GF Value™ is $62.22, compared to a current price of $69.50 — trading 11.7% above its estimated fair value. The current Debt-to-EBITDA is 2.73, which is 33% below median its 10-year median of 4.09 and 57.9% below the REITs industry median of 6.49. First Industrial Realty Trust's overall GF Score™ is 88/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For First Industrial Realty Trust (FR), the current Debt-to-EBITDA is 2.73 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is First Industrial Realty Trust (FR) Overvalued in 2026?
Based on GuruFocus' analysis, First Industrial Realty Trust stock appears to be overvalued.
The current stock price of $69.50 is trading 11.7% above its estimated GF Value™ of $62.22.
GuruFocus considers First Industrial Realty Trust to be Modestly Overvalued.
Key valuation signals for FR:
Debt-to-EBITDA: 2.73 (33% below median its 10-year median of 4.09)
GF Value™: $62.22 vs. price of $69.50 (11.7% above fair value)
Industry Position: 57.9% below the REITs median (#139 of 578)
No single metric tells the full story. See the FR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
First Industrial Realty Trust Business Description
First Industrial Realty Trust Inc is a real estate investment trust that owns, manages, acquires, sells, develops, and redevelops industrial real estate. Through its fully integrated operating and investing platform, the company provides facilities and customer service to multinational corporations and regional firms that are essential for their supply chains. The company serves a diverse tenant base across various sectors, including e-commerce, logistics, transportation, manufacturing, retail, consumer services, food and beverage, building materials, wholesale goods, health services, and government.
88GF Score
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