FRFirst Industrial Realty Trust, Inc.REIT
Yield
3.67%
$0.50/qtr at $54.44
Dividend
$0.50/qtr
Raised Feb. 2026, from $0.445
Payout ratio
~73%
Trailing earnings basis
Pays
Quarterly
12 years of growth
House verdict
Well covered — logistics rent, still compounding. A 3.67% yield on a $0.50 quarterly dividend, raised in February 2026 from $0.445, is the 12th consecutive year of increases on a roughly 73% trailing payout. About 72.1 million square feet of logistics space across 15 target markets pays this dividend from tenant rent.
Key risk: Logistics demand — if industrial leasing softens, rent growth on rollover fades and FFO growth slows with it.
Changes if: The payout pushes well past ~73%, or occupancy slips materially.
- ✓Payout-coverage check: About 73% trailing payout — covered, with retained earnings funding development.
- ✓Yield check: 3.67% indicated — $0.50/qtr × 4 at the $54.44 close on Oct. 23, 2026. Earned rent income, not a special or return of capital.
- ✓Dividend growth check: 12 consecutive years of increases; latest raise February 2026 from $0.445 to $0.50.
What this grade doesn't say: It screens the dividend only — covered, real, compounding. It says nothing about valuation or price: a well-covered payer can still be overpriced, and its price can still fall.