First Industrial: Favorable Supply Tailwinds Offset Interest Rate Overhang

First Industrial Realty remains a buy for value-oriented income investors, offering a compelling blend of growth and income after its recent pullback. FR benefits from limited new warehouse supply, strong leasing momentum, and improved trade conditions, supporting rising occupancy and rental rates through 2027. Despite headwinds from higher interest rates, FR's robust balance sheet (4.5x debt/EBITDA) and 3.2% secure dividend yield provide resilience and flexibility for growth.