Is First Industrial Realty Trust, Inc. overvalued or undervalued?

As of 27 June 2025, the valuation grade for First Industrial Realty Trust, Inc. has moved from expensive to fair. The company is currently fairly valued based on its financial metrics. The P/E ratio stands at 25, while the EV to EBITDA ratio is 14.81, and the Price to Book Value is 2.55.
In comparison to its peers, First Industrial Realty has a P/E ratio of 24.92, which is lower than Healthpeak Properties, Inc. at 37.62 and higher than Annaly Capital Management, Inc. at 17.36. Additionally, the company's ROCE is 10.72% and ROE is 10.07%, indicating a reasonable return on capital and equity. Notably, the stock has underperformed relative to the S&P 500 over the past year, with a return of 3.86% compared to the index's 12.59%.