First Industrial Realty TrustBSP:F2RT34 18 Return-on-Tangible-Equity is 20.65% as of Mar. 2026, which is 88% above its 10-year median of 10.97. GuruFocus rates BSP:F2RT34 with a GF Score™ of 18/100 and a GF Value™ of R$39.51 (Fairly Valued). The stock has 8 warning signs investors should review. Among 938 REITs companies, First Industrial Realty Trust ranks better than 82.09% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. First Industrial Realty Trust's annualized net income for the quarter that ended in Mar. 2026 was R$2,993 Mil. First Industrial Realty Trust's average shareholder tangible equity for the quarter that ended in Mar. 2026 was R$14,498 Mil. Therefore, First Industrial Realty Trust's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 20.65%.
The historical rank and industry rank for First Industrial Realty Trust's Return-on-Tangible-Equity or its related term are showing as below:
BSP:F2RT34'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: 9.27 Med: 10.97 Max: 15.43
Current: 12.8
During the past 13 years, First Industrial Realty Trust's highest Return-on-Tangible-Equity was 15.43%. The lowest was 9.27%. And the median was 10.97%.
BSP:F2RT34's Return-on-Tangible-Equity is ranked better than 82.09% of 938
companies
in the REITs industry
Industry Median: 6.265
vs BSP:F2RT34: 12.80
First Industrial Realty Trust (BSP:F2RT34) Return-on-Tangible-Equity Explanation
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
First Industrial Realty Trust Return-on-Tangible-Equity Related Terms
First Industrial Realty Trust Return-on-Tangible-Equity 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 Return-on-Tangible-Equity Chart
BSP:F2RT34 vs REXR, CUBE, STAG: Return-on-Tangible-Equity Comparison
For the REIT - Industrial subindustry, First Industrial Realty Trust's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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 Return-on-Tangible-Equity vs REITs Industry
For the REITs industry and Real Estate sector, First Industrial Realty Trust's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where First Industrial Realty Trust's Return-on-Tangible-Equity 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 Return-on-Tangible-Equity, the net income of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 20.65% mean?
First Industrial Realty Trust (BSP:F2RT34) has a Return-on-Tangible-Equity of 20.65% as of Mar. 2026. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on First Industrial Realty Trust and its competitors. This is 88% above median its historical median of 10.97. Over the past decade, First Industrial Realty Trust's Return-on-Tangible-Equity has ranged from 9.27 to 15.43. According to the industry distribution chart, First Industrial Realty Trust ranks #168 out of 938 companies in the REITs industry, placing it in the top 17.9%.
Is First Industrial Realty Trust's Return-on-Tangible-Equity too high?
First Industrial Realty Trust's current Return-on-Tangible-Equity of 20.65% is 88% above median its 10-year median of 10.97. Over the past 10 years, this metric has ranged from a low of 9.27 to a high of 15.43. The REITs industry median Return-on-Tangible-Equity is 6.27. First Industrial Realty Trust's value of 20.65% is 229.6% above this industry median. Based on the distribution chart, First Industrial Realty Trust ranks #168 out of 938 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 18/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does First Industrial Realty Trust's Return-on-Tangible-Equity compare to REXR and CUBE?
According to the REITs industry distribution chart, First Industrial Realty Trust ranks #168 out of 938 companies for Return-on-Tangible-Equity. This places First Industrial Realty Trust in the top 18% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Equity is 6.27. First Industrial Realty Trust's value of 20.65% is 229.6% above this benchmark. Historically, First Industrial Realty Trust's own Return-on-Tangible-Equity has ranged from 9.27 to 15.43 over the past decade. While the company's 10-year median is 10.97 vs. the industry median of 6.27, First Industrial Realty Trust has consistently been above 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 Return-on-Tangible-Equity for a REITs company?
The median Return-on-Tangible-Equity among REITs companies is 6.27, based on 938 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Equity significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. First Industrial Realty Trust's current Return-on-Tangible-Equity of 20.65% is 229.6% above 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 Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on First Industrial Realty Trust and its competitors. For the REITs industry, the median Return-on-Tangible-Equity is 6.27 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Industrial Realty Trust's current Return-on-Tangible-Equity is 20.65%, which is 88% above median its own 10-year median of 10.97. 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 (BSP:F2RT34) is currently considered Fairly Valued. The stock's GF Value™ is R$39.51, compared to a current price of R$40.56 — trading 2.7% above its estimated fair value. The current Return-on-Tangible-Equity is 20.65%, which is 88% above median its 10-year median of 10.97 and 229.6% above the REITs industry median of 6.27. First Industrial Realty Trust's overall GF Score™ is 18/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For First Industrial Realty Trust (BSP:F2RT34), the current Return-on-Tangible-Equity is 20.65% 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 (BSP:F2RT34) Overvalued in 2026?
Based on GuruFocus' analysis, First Industrial Realty Trust stock appears to be overvalued.
The current stock price of R$40.56 is trading 2.7% above its estimated GF Value™ of R$39.51.
GuruFocus considers First Industrial Realty Trust to be Fairly Valued.
Key valuation signals for BSP:F2RT34:
Return-on-Tangible-Equity: 20.65% (88% above median its 10-year median of 10.97)
GF Value™: R$39.51 vs. price of R$40.56 (2.7% above fair value)
Industry Position: 229.6% above the REITs median (#168 of 938)
No single metric tells the full story. See the BSP:F2RT34 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.
18GF Score
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