First Industrial Realty (FR) vs NNN REIT (NNN)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
First Industrial Realty (FR) has outperformed NNN REIT (NNN) over the past year, gaining 12.6% versus a loss of 4.1%. Over five years, FR leads with a +2.7% price change compared with -12.4% for NNN. First Industrial Realty is the larger company by market cap ($8.13 billion vs $7.66 billion), about 1.1 times the size.
On valuation, NNN REIT trades at a lower forward P/E (19.2x vs 31.5x for First Industrial Realty). NNN REIT offers the higher dividend yield (5.96% vs 3.19%). NNN REIT converts more of its revenue into profit, with a net margin of 42.1% versus 34.0%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | FR | NNN |
|---|---|---|
| Share price | $59.30 | $40.27 |
| Market cap | $8.13B | $7.66B |
| 1-day change | +1.93% | +1.08% |
| YTD return | +1.59% | +1.61% |
| 1-year return | +12.62% | -4.14% |
| 5-year return | +2.72% | -12.40% |
| P/E ratio (TTM) | 21.56 | 19.94 |
| Forward P/E | 31.46 | 19.22 |
| EPS (TTM) | $2.75 | $2.02 |
| Dividend yield | 3.19% | 5.96% |
| Annual dividend | $1.89 | $2.40 |
| Revenue (latest FY) | $727.08M | $926.21M |
| Revenue growth (YoY) | +8.58% | +6.55% |
| Net income (latest FY) | $247.44M | $389.78M |
| Operating margin | — | 63.64% |
| Net margin | 34.03% | 42.08% |
| 52-week high | $69.88 | $50.00 |
| 52-week low | $50.24 | $38.90 |
| Distance from 52-week high | -15.14% | -19.46% |
| Analyst consensus | buy | hold |
| Avg. price target upside | +21.84% | +17.33% |
| Average volume | 1.03M | 1.70M |
| Shares outstanding | 132.57M | 190.25M |
| Employees | 151 | 85 |
| Sector | Real Estate | Real Estate |
| Industry | Real Estate Investment Trusts | Real Estate Investment Trusts |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- FR has outperformed NNN by 16.8 percentage points over the past year.
- NNN REIT offers a meaningfully higher dividend yield (5.96% vs 3.19%).
- NNN REIT is more profitable, keeping 42.1 cents of every revenue dollar as net income versus 34.0 cents for First Industrial Realty.
About First Industrial Realty
FR stock →First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer and acquirer of logistics properties.
Real Estate · Real Estate Investment Trusts · 151 employees
About NNN REIT
NNN stock →NNN REIT, Inc. is a REIT that invests in high-quality properties subjected generally to long-term, net leases with minimal ongoing capital expenditures.
Real Estate · Real Estate Investment Trusts · 85 employees
FR vs NNN FAQ
Which is bigger, First Industrial Realty or NNN REIT?
First Industrial Realty (FR) is larger, with a market capitalization of $8.13B compared with $7.66B for NNN REIT (NNN).
Which stock has performed better over the past year, FR or NNN?
FR returned +12.62% over the past 12 months, compared with -4.14% for NNN (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, FR or NNN?
NNN has the lower trailing P/E at 19.9, versus 21.6 for FR. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, First Industrial Realty or NNN REIT?
NNN REIT has the higher yield at 5.96%, compared with 3.19% for First Industrial Realty.
Are First Industrial Realty and NNN REIT in the same industry?
Yes. Both are classified in the Real Estate Investment Trusts industry within the Real Estate sector.