First Industrial Realty Trust, Inc. : FR-US: Dividend Analysis : December 29th, 2017 (record date) : By the numbers : December 29, 2017

Our analysis is based on comparing First Industrial Realty Trust, Inc. with the following peers – Monmouth Real Estate Investment Corporation Class A, CoreSite Realty Corporation, Digital Realty Trust, Inc., EastGroup Properties, Inc., Rexford Industrial Realty, Inc., STAG Industrial, Inc., Prologis, Inc., DCT Industrial Trust Inc. and QTS Realty Trust, Inc. Class A (MNR-US, COR-US, DLR-US, EGP-US, REXR-US, STAG-US, PLD-US, DCT-US and QTS-US).

First Industrial Realty Trust, Inc.’s dividend yield is 3.27 percent and its dividend payout is 76.64 percent. This compares to a peer median dividend yield of 3.06 percent and a payout level of 157.27 percent. This relatively higher dividend yield and lower payout ratio makes the company a good candidate for dividend investors looking at this peer group. The downside is the company’s relatively low dividend quality score of 25 out of a possible score of 100.

Dividend Yield
Dividend Quality Score

Dividend Quality Overview

  • Over the last twelve months (prior to September 30, 2017), FR-US paid a low quality dividend, which represents a yield of 2.61% at the current price.
  • Dividend quality trend has not been consistent over the last five years. Dividends were paid during 4 of these years — of these 1 was high quality, 2 were medium quality and 1 was low quality.
  • The ending cash balance is less than the last full year dividend payment and cannot be relied on to cushion any significant reduction of cash flows in the future.
Dividend Quality Score Vs Dividend Yield

Quadrant label definitions. Hover to know more

High Score;High Yield, High Score;Low Yield, Low Score;Low Yield, Low Score;High Yield

Dividend Coverage

Over the last twelve months (prior to September 30, 2017), FR-US paid a low quality dividend.

The source of the company’s cash to support the dividend paid over the last twelve months is operating cash flow (coverage of 1.98x), investing cash flow (coverage of -2.15x), issuance cash flow (coverage of 1.17x) and twelve-month prior cash (coverage of 0.22x), for a total dividend coverage of 1.15x.

Dividend Coverage by Cash Flow (TTM)

These coverage ratio factors imply that the firm had to dip into the beginning cash balance to pay the dividend, which suggests a low dividend quality.

Dividend History

Item 2012-12-31 2013-12-31 2014-12-31 2015-12-31 2016-12-31 Latest
Dividend Yield (%) 0 1.51 1.99 2.27 2.52 3.27
Dividend Payout (%) 0 -375.28 220.08 77.27 72.57 76.64

A complete list of metrics and analysis is available on the company page.

Company Profile

First Industrial Realty Trust, Inc. is a self-administered and fully integrated real estate investment trust. It engages in the ownership, management, acquisition, sale, development, and redevelopment of industrial real estate. The company was founded by Johannson L. Yap and Jay H. Shidler on August 10, 1993 and is headquartered in Chicago, IL.


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