12 Best Warehouse and Self-Storage Stocks to Buy Now

3. First Industrial Realty Trust Inc. (NYSE:FR)

Number of Hedge Fund Holders: 37

First Industrial Realty Trust Inc. (NYSE:FR) is a real estate investment trust (REIT) that owns, operates, develops, and acquires industrial real estate and logistics properties. With a focus on supply-constrained, coastally oriented markets across the United States, the company has a strong portfolio of light industrial properties and bulk warehouse properties. Providing high-quality facilities to multinational corporations and local organizations to meet their supply chain needs, FR ranks among the best warehouse stocks to invest in.

As of September 30, 2024, the company owned or had under development around 69 million square feet of industrial space. First Industrial Realty Trust Inc. (NYSE:FR) is strategically focused on expanding and optimizing its portfolio through investments and dispositions. In Q3 2024, the company commenced the development of First Rockdale VII in Nashville. This is a new project that will cover 542,000 square feet with an estimated investment of $54 million. Additionally, First Industrial Realty Trust Inc. (NYSE:FR) acquired a four-building fully leased portfolio in Houston covering 445,000 square feet for a total of $29 million. On the other hand, during the quarter, the company sold a seven-building portfolio in New Jersey covering 445,000 square feet for $82 million.

It appears there is a strong demand for the company’s properties. First Industrial Realty Trust Inc. (NYSE:FR) reported that in-service occupancy was 95% at the end of Q3 2024. Additionally, the company has achieved strong cash rental rate increases, with a reported increase of approximately 51% on leases signed for 2024 to-date by the end of the third quarter. With regards to development leasing, First Industrial Realty Trust Inc. (NYSE:FR) leased 100% of the 461,000 square-foot First Pioneer Logistics Center in the Inland Empire shortly after starting the project in Q3 2024.