First Industrial Realty Tr (FR) — Smart Money Tracker (13F, Q2 2026)

FR ranks #1207 out of 37501 tracked stocks by institutional interest — one of the most closely watched names in our coverage.

FR is a top-conviction position for Starwood Capital Group Management, L.L.C. — at 16.6% of their entire disclosed 13F portfolio, it's one of their largest single bets, not just a passing allocation.

The largest dollar stake in FR belongs to BlackRock, Inc., but the position matters far more to Starwood Capital Group Management, L.L.C., who has 16.6% of their own portfolio riding on it — a reminder that the biggest holder by size and the holder with the biggest bet aren't always the same fund.

California State Teachers Retirement System has added to its FR position for two straight quarters, increasing it by $146.9M to reach $154.1M today.

Invesco Ltd. has trimmed its FR position for two straight quarters, cutting it by $89.1M while still holding $146.7M.

FR is down 1% today, but institutions show net buying of $1.1B this quarter — a divergence between today's price move and the underlying institutional flow.

FR posted net income of $364.4M over the trailing twelve months, and currently trades at a P/E of 22.9.

• Profitable — net income of $364.4M over the trailing twelve months
• Revenue grew 8.4% year over year
• Net income improved year over year, from $271.1M to $364.4M
• Generated $461.3M in positive operating cash flow
• Liabilities run 1.10x equity — within a conventional range