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FIRST INDUSTRIAL REALTY TRUST, INC.
CIK 0000921825 ยท EDGAR โ†—
cleanelevatedtriggeredno dataplanned
78.9
composite ยท 3 signals ยท TRIGGERED

Every card below shows the score and the exact filing data it was computed from โ€” no unexplained numbers. Some signals (P-02, P-03, P-08, P-09, P-10, P-11) pull live documents from SEC EDGAR the first time you view this company; a few of those (P-03, P-10, P-11) use AI to read the filing text, but every AI claim must quote the actual document verbatim or it's discarded โ€” never a guess.

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Signals

P-05 ยท FY 2025-12-31 ยท TRIGGERED98.5

Tax arbitrage

ETR 6.2% vs 21% statutory โ€” gap persistent across 3 of 3 years
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-11) โ†—
Evidence โ€” inputs and thresholds
{
  "etr_by_year": {
    "2025-12-31": 0.0625,
    "2024-12-31": 0.0204,
    "2023-12-31": 0.0331
  },
  "statutory_rate": 0.21,
  "gap_by_year": {
    "2025-12-31": 0.1475,
    "2024-12-31": 0.1896,
    "2023-12-31": 0.1769
  },
  "note": "Low ETR can be fully legitimate; this flags persistence + magnitude for review.",
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/921825/000092182526000012/0000921825-26-000012-index.htm",
    "form": "10-K",
    "filed": "2026-02-11"
  }
}
P-01 ยท FY 2025-12-31 ยท CLEAN26.3

Earnings quality

Beneish M-Score -2.58 โ€” no manipulation profile
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-11) โ†—
Evidence โ€” inputs and thresholds
{
  "m_score": -2.579,
  "threshold": -1.78,
  "ratios": {
    "DSRI": 1,
    "GMI": 1,
    "AQI": 1,
    "SGI": 1.086,
    "DEPI": 1,
    "SGAI": 1,
    "LVGI": 1,
    "TATA": -0.038
  },
  "defaulted_to_neutral": [
    "DSRI",
    "GMI",
    "AQI",
    "DEPI",
    "SGAI",
    "LVGI"
  ],
  "sloan_accruals": -0.0391,
  "inputs": {
    "revenue_t": 727076000,
    "revenue_t1": 669641000,
    "total_assets_t": 5688081000,
    "net_income_t": 247443000,
    "cfo_t": 461263000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/921825/000092182526000012/0000921825-26-000012-index.htm",
    "form": "10-K",
    "filed": "2026-02-11"
  }
}
P-12 ยท FY 2025-12-31 ยท CLEAN23.5

Restatement predictor

F-Score 0.70 โ€” at or below the population base rate
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-11) โ†—
Evidence โ€” inputs and thresholds
{
  "f_score": 0.705,
  "probability": 0.00261,
  "components": {
    "rsst": -0.0391,
    "drec": null,
    "dinv": null,
    "soft": 0.9863,
    "dcs": 0.0858,
    "droa": -0.0112,
    "issue": 0
  },
  "model": "Dechow et al. 2011, Model 1 (simplified RSST)",
  "thresholds": {
    "elevated": 1,
    "triggered": 1.85
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/921825/000092182526000012/0000921825-26-000012-index.htm",
    "form": "10-K",
    "filed": "2026-02-11"
  }
}