First Industrial Realty Trust

FR • NYSE

First Industrial Realty Trust is a reit - industrial company in the real estate sector on NYSE, led by Peter E. Baccile, with a market cap of $7.7B. As of Q3 2025, 97% of shares are held by 405 institutional investors, with VANGUARD GROUP INC as the largest holder at 14.7%.

Chief Executive OfficerPeter E. Baccile

Market Cap$7.7B

REIT - Industrial

Real Estate

Employees156.0

Websitefirstindustrial.com

Country

United States of America

Overview

Overview of institutional ownership in FR as of Q3 2025 with a market cap of $6.8B

All Institutions

Institutions: 405
Value Held: $6.6B
Shares Held: 127.9M
Avg Position: $16.3M
Median Position: $1.1M

Hedge Funds

Hedge Funds: 37
Value Held: $757.7M
Shares Held: 14.7M
Avg Position: $20.5M
Median Position: $4.0M

Ownership Breakdown

Institutional (non-HF)

85.5%

$5.8B

Hedge Funds

11.12%

$757.7M

Retail & Other

3.38%

$230.2M

Based on market cap of $6.8B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in FR as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$1.0B 0.01% of portfolio	14.70% 19.5M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
B BlackRock, Inc. Institution	-	$858.5M 0.02% of portfolio	12.60% 16.7M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$341.8M 0.01% of portfolio	4.97% 6.6M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$223.6M 0.04% of portfolio	3.28% 4.3M shares	≤ Q2 2013 Held for 12y 5m+	$633.08B
PRUDENTIAL FINANCIAL INC Institution	Andrew F. Sullivan CEO	$135.7M 0.16% of portfolio	1.99% 2.6M shares	≤ Q2 2013 Held for 12y 5m+	$84.1B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$133.3M 0.01% of portfolio	1.96% 2.6M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$132.8M 0.01% of portfolio	1.95% 2.6M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	Kenneth Cordele Griffin CEO	$128.6M 0.11% of portfolio	1.89% 2.5M shares	Q2 2014 Held for 11y 5m	$122.08B
CBRE CLARION SECURITIES LLC Real Assets	Joseph Patrick Smith President	$125.5M 1.79% of portfolio	1.84% 2.4M shares	Q2 2024 Held for 1y 5m	$7.0B
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	Omar Aguilar Chavez CEO	$124.0M 0.02% of portfolio	1.82% 2.4M shares	≤ Q2 2013 Held for 12y 5m+	$620.51B

Net Capital Flow

Institutional buying and selling activity for FR in Q3 2025

Traded: +$157.3M
Buyers: 199
Sellers: 204
Total Bought: +$565.9M
Total Sold: −$408.6M
Avg Position: $14.5M

Biggest Buyers

Institution	Net Bought	Current Position
DUFF & PHELPS INVESTMENT MANAGEMENT CO Real Assets	+$74.6M +1.4M shares	$74.6M 1.4M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$54.2M +1.1M shares	$128.6M 2.5M shares
P PGGM Investments Institution	+$37.9M +736.5K shares	$120.3M 2.3M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	+$35.9M +696.6K shares	$44.1M 856.3K shares
A Alyeska Investment Group, L.P. Hedge Fund•Multi-Strategy	+$27.6M +536.5K shares	$92.0M 1.8M shares
UBS Group AG Institution	+$23.6M +458.1K shares	$35.0M 679.8K shares
B BROOKFIELD ASSET MANAGEMENT INC. RIA/Wealth	+$23.0M +447.2K shares	$23.0M 447.2K shares
Engineers Gate Manager LP Hedge Fund•Quant	+$21.4M +415.4K shares	$77.1M 1.5M shares
Quantinno Capital Management LP Hedge Fund•Market Neutral	+$20.6M +400.8K shares	$37.8M 735.1K shares
NORTHWOOD LIQUID MANAGEMENT LP Hedge Fund•Sector	+$20.3M +393.7K shares	$105.7M 2.1M shares

Biggest Sellers

Institution	Net Sold	Current Position
ALLIANCEBERNSTEIN L.P. Long Only Manager	−$59.1M −1.1M shares	$14.2M 276.5K shares
HENDERSON GROUP PLC Institution	−$38.6M −750.4K shares	$7.5M 145.6K shares
C Conversant Capital LLC Real Assets	−$18.8M −390.0K shares	Sold Off 0 shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$13.7M −265.9K shares	$81.7M 1.6M shares
M MANUFACTURERES LIFE INSURANCE CO Institution	−$13.0M −252.2K shares	$53.3M 1.0M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$12.2M −236.9K shares	$55.4M 1.1M shares
MORGAN STANLEY RIA/Wealth	−$10.1M −196.4K shares	$132.8M 2.6M shares
FMR LLC Institution	−$9.6M −186.8K shares	$23.0M 446.7K shares
D D. E. Shaw & Co., Inc. Institution	−$9.3M −181.1K shares	$6.2M 120.6K shares
FRANKLIN RESOURCES INC Institution	−$8.9M −173.0K shares	$9.0M 175.0K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited FR in Q3 2025

New Positions: 22
New Value: $83.6M
Exited Positions: 50
Exited Value: $88.5M

New Positions

Institution	Position Value
DUFF & PHELPS INVESTMENT MANAGEMENT CO Real Assets	$74.6M 1.4M shares
Castellan Group, LLC Family Office	$3.6M 70.8K shares
WORLDQUANT MILLENNIUM QUANTITATIVE STRATEGIES LLC Hedge Fund•Multi-Strategy	$1.2M 23.2K shares
B BANK OF STOCKTON RIA/Wealth	$946.1K 18.4K shares
E Erste Asset Management GmbH Institution	$896.6K 17.4K shares
Catalytic Wealth RIA, LLC RIA/Wealth	$395.5K 7.7K shares
Krilogy Financial LLC RIA/Wealth	$337.2K 6.1K shares
Optas, LLC RIA/Wealth	$300.5K 5.8K shares
C Camden Capital, LLC RIA/Wealth	$278.5K 5.4K shares
T TCG Advisory Services, LLC RIA/Wealth	$275.5K 5.4K shares

Exited Positions

Institution	Previous Position
C Conversant Capital LLC Real Assets	$18.8M 390.0K shares
C Cubist Systematic Strategies, LLC Institution	$6.8M 141.1K shares
Quantbot Technologies LLC Hedge Fund•Quant	$6.0M 124.6K shares
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	$5.8M 120.0K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	$5.5M 113.7K shares
SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC Hedge Fund•Distressed	$5.4M 111.2K shares
T TEXAS PERMANENT SCHOOL FUND Institution	$4.6M 96.4K shares
N Northwest & Ethical Investments L.P. Institution	$4.3M 90.1K shares
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	$3.0M 61.8K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	$2.9M 61.1K shares

Options Activity

Institutions with the largest Call and Put options positions in FR as of Q3 2025

Call Positions: 3
Call Value: $468.4K
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$468.4K 91.0 contracts
J JANE STREET GROUP, LLC Institution	- - contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	- - contracts

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with FR as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
S Starwood Capital Group Management, L.L.C. Institution	-	16.95% $29.9M	0.44% 581.0K shares	Q2 2024 Held for 1y 5m	$176.4M
Argosy-Lionbridge Management, LLC Hedge Fund•Long/Short	David John Butler CEO	13.68% $20.8M	0.31% 404.1K shares	Q4 2024 Held for 11 months	$152.0M
NORTHWOOD LIQUID MANAGEMENT LP Hedge Fund•Sector	Stephen Lewis Millham CIO	7.25% $105.7M	1.55% 2.1M shares	Q3 2024 Held for 1y 2m	$1.5B
Land & Buildings Investment Management, LLC Hedge Fund•Activist	Jonathan I Litt Managing Partner	6.71% $36.6M	0.54% 710.5K shares	Q1 2024 Held for 1y 8m	$544.9M
Presima Inc. Real Assets	Marc-Andre Nmn Flageole CEO	6.29% $22.9M	0.34% 444.4K shares	Q4 2023 Held for 1y 11m	$363.9M
HGI Capital Management, LLC Hedge Fund•Sector	Jordan Eric Slone CEO	5.57% $2.0M	0.03% 39.4K shares	Q3 2022 Held for 3y 2m	$36.4M
Castellan Group, LLC Family Office	Barry Charles Brauch Managing Partner	4.19% $3.6M	0.05% 70.8K shares	Q3 2025 Held for 2 months	$87.1M
Green Street Investors, LLC Real Assets	Craig Arthur Leupold CEO	4.10% $7.3M	0.11% 140.9K shares	Q4 2019 Held for 5y 11m	$177.0M
S Sophron Capital Management L.P. Hedge Fund•Long/Short	George Michael Maslovsky CEO	2.26% $7.3M	0.11% 142.5K shares	Q4 2024 Held for 11 months	$324.6M
W Waterfront Capital Partners, LLC Hedge Fund•Long/Short	Eduardo Abush Managing Partner	2.26% $3.4M	0.05% 67.0K shares	Q4 2024 Held for 11 months	$152.8M

Hedge Fund Spotlight

Discover hedge funds investing in FR

Hudson Bay Capital Management LP

Hedge Fund • Multi-Strategy

Portfolio ManagerSander Ross Gerber

Portfolio Value: $14.7B
Positions: 892
Last Reported: Q3 2025

Sector Allocation

Position in First Industrial Realty Trust

Market Value: $20.2M
Shares Held: 391.9K
Portfolio Weight: 0.14%
Owned Since: 2025-Q3

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