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

As of 26 September 2025, the valuation grade for First Industrial Realty Trust, Inc. moved from expensive to fair. The company appears fairly valued based on its current metrics. Key ratios include a P/E ratio of 25, a Price to Book Value of 2.55, and an EV to EBITDA of 14.81, which suggest that the company is reasonably priced relative to its earnings and asset value.
In comparison to its peers, First Industrial Realty Trust has a P/E ratio of 26.28, which is slightly higher than Annaly Capital Management's 19.50 but lower than Omega Healthcare Investors' 26.03. The industry average for EV to EBITDA is notably lower at 15.10 for First Industrial Realty Trust compared to Healthpeak Properties' 7.58, indicating a competitive valuation landscape. Over the last year, First Industrial Realty Trust has underperformed the S&P 500, returning -7.41% compared to the index's 15.64%, which may reflect market sentiment but does not necessarily indicate overvaluation.