First Industrial Realty Trust (NYSE: FR) is a U.S.-focused industrial real estate investment trust that owns, operates, develops, and acquires logistics properties. The company was organized in 1993 and completed its initial public offering in June 1994, when it owned 226 industrial properties containing 17.4 million square feet across nine cities. Headquartered in Chicago, the REIT provides facilities and customer service to multinational corporations and regional firms through a fully integrated operating and investing platform. The company operates a portfolio concentrated in 15 target metropolitan statistical areas with an emphasis on supply-constrained, coastally-oriented markets. As of March 31, 2026, First Industrial owns and has under development approximately 71.6 million square feet of industrial space. The REIT pursues value creation through market selection, disciplined development, leasing execution, and capital recycling rather than broad geographic diversification. In 2024, the company achieved cash rental rate increases of 50.8%, the second highest annual increase in company history, and signed 4.7 million square feet of development leases.