Core Viewpoint - Duff & Phelps Investment Management Co. has increased its position in First Industrial Realty Trust, indicating confidence in the industrial REIT despite current market challenges [2][6]. Company Overview - First Industrial Realty Trust, Inc. is a leading U.S. industrial REIT, focusing on developing and acquiring logistics properties, with at least 70.4 million square feet of industrial space owned or under development as of September 30, 2025 [5]. - The company reported a total revenue of $714 million and a net income of $236.90 million for the trailing twelve months (TTM), with a dividend yield of 3.07% [4]. Recent Transactions - In the fourth quarter, Duff & Phelps acquired an additional 735,333 shares of First Industrial Realty Trust, valued at approximately $41.04 million, bringing their total holdings to 2,184,408 shares worth $125.10 million [2][9]. - First Industrial Realty Trust now constitutes 1.42% of Duff & Phelps' 13F U.S. equity holdings [9]. Market Context - The real estate industry is facing limited supply, slower construction, and lower demand for property purchases, yet First Industrial continues to grow its revenue despite experiencing negative year-over-year net income growth in Q3 2025 [7]. - The share prices of First Industrial Realty Trust increased by approximately 14% in 2025, although growth has slowed recently [8]. Financial Flexibility - The company refinanced a $425 million loan and a $300 million loan, allowing for interest-only payments and extended maturity dates, which provides First Industrial with more financial flexibility for potential investments [8].