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First Industrial Realty Trust, Inc. (NYSE:FR), a $6.77 billion market cap industrial REIT currently trading at $49.55, announced Thursday that it has entered into a series of agreements to launch an at-the-market equity offering of up to $800 million, or a maximum of 16 million shares of its common stock. According to InvestingPro data, the company has maintained consistent dividend payments for 13 consecutive years, with a current dividend yield of 3.56%. The agreements were executed with a group of financial institutions acting as sales agents, forward sellers, and forward purchasers.
According to a statement in the company’s SEC filing, First Industrial Realty Trust and its operating partnership, First Industrial, L.P., signed ten separate equity distribution agreements and eight master forward confirmations with firms including Wells Fargo (NYSE:WFC) Securities, BofA Securities, BTIG, Citigroup (NYSE:C) Global Markets, Fifth Third Securities, Jefferies, J.P. Morgan Securities, RBC Capital Markets, Regions Securities, and Samuel A. Ramirez & Company. Under these agreements, shares may be sold from time to time in “at-the-market” offerings or other transactions, including forward sales.
The company stated that it is not obligated to sell any shares under the program, and the timing and amount of any sales will be determined at its discretion. Proceeds from any share sales are intended for general corporate purposes, which may include property acquisitions, development, and debt repayment or repurchase. The company’s financial position appears solid, with InvestingPro analysis indicating a "GOOD" overall financial health score and revenue growth of 8.8% over the last twelve months. For deeper insights into First Industrial’s financial metrics and growth potential, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
Sales agents will receive a commission of up to 2.0% of the actual sales price for shares sold in at-the-market offerings. The agreements are set to expire on May 7, 2028, but may terminate earlier if the maximum amount is sold or by mutual agreement.
The offering allows for shares to be sold directly on the New York Stock Exchange or through negotiated transactions such as block trades. In addition to direct sales, the company may enter into forward sale agreements, where a forward purchaser borrows and sells shares, with settlement occurring at a future date as specified by the company.
The new equity program follows the termination of eleven similar agreements dated 2023, which were ended on August 19, 2025.
This information is based on a press release statement and details disclosed in the company’s Form 8-K filing with the Securities and Exchange Commission.
In other recent news, First Industrial Realty Trust reported a robust performance for the second quarter of 2025, exceeding both earnings and revenue expectations. The company’s earnings per share reached $0.42, surpassing the forecast of $0.38, while revenue totaled $180.16 million, above the anticipated $177.59 million. Additionally, First Industrial announced a new approximately 500,000 square foot lease at a joint venture-owned facility in the Phoenix metropolitan area. Jefferies raised its price target for First Industrial Realty Trust to $57 from $54, maintaining a Buy rating due to the company’s narrowed guidance range. This guidance assumes no lease commencements during the fourth quarter for its development pipeline. KeyBanc Capital Markets reiterated its Sector Weight rating on the company, following the solid second-quarter earnings results. These developments highlight recent activities and analyst perspectives on First Industrial Realty Trust.
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