Duff & Phelps Loads Up on First Industrial Realty Trust With 735K Shares
Key Points
Duff & Phelps purchased 735,333 shares of First Industrial Realty Trust (FR) with an estimated trade value of $41.04 million.
The transaction represented 0.47% of Duff & Phelps' 13F AUM.
What happened
According to a SEC filing dated Jan. 26, 2026, Duff & Phelps Investment Management Co. increased its holding in First Industrial Realty Trust (NYSE:FR)by 735,333 shares during the fourth quarter. The estimated transaction value is $41.04 million, based on the average unadjusted closing price for the quarter. The fund's stake ended the period at 2,184,408 shares, valued at $125.10 million.
What else to know
- First Industrial Realty Trust now represents 1.42% of the fund's 13F U.S. equity holdings.
- Top holdings after the filing:
- NYSE: WELL: $484.38 million (5.52% of AUM)
- NYSE: PLD: $402.94 million (4.59% of AUM)
- NASDAQ: EQIX: $366.48 million (4.18% of AUM)
- NYSE: DLR: $238.67 million (2.72% of AUM)
- NYSE: VTR: $199.35 million (2.27% of AUM)
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $714 million |
| Net Income (TTM) | $236.90 million |
| Dividend Yield | 3.07% |
| Price (as of market close 1/31/26) | $58.03 |
Company snapshot
First Industrial Realty Trust, Inc. is a leading U.S. industrial REIT, with operations that include developing and acquiring logistics properties. It offers commercial facilities to corporations around the U.S., and the company claims to own and have under development at least 70.4 million square feet of industrial space as of Sep. 30, 2025.
What this transaction means for investors
While Duff & Phelps did buy a significant amount of FR shares, the REIT doesn’t rank among the firm’s top 15 holdings. However, D&F is still dedicated to the REIT industry, as its top five holdings are all REITs, each with a different real estate focus, including facilities in the healthcare and industrial sectors, along with investing in data centers, displaying diversity across the real estate industry.
The real estate industry is currently dealing with limited supply, slower construction, and lower demand for property purchases, yet First Industrial is still trying to stay afloat. It had negative year-over-year net income growth in its previous Q3 2025, but revenue has continued to grow each quarter.
FR share prices rose approximately 14% in 2025, but growth has slowed in recent months. The company announced on Jan. 22, 2026, that it refinanced a $425 million loan as well as another $300 million loan, where it only has to pay interest-only payments, and the maturity date is extended, giving First Industrial more flexibility with its money, especially if it wants to invest it in more properties. The real estate market is a bit underwhelming right now, but FR is one of the top REITs if investors are looking to invest in industrial real estate.
Adé Hennis has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Digital Realty Trust, Equinix, and Prologis. The Motley Fool has a disclosure policy.