First Industrial Realty Trust, Inc.'s (NYSE:FR) Stock's On An Uptrend: Are Strong Financials Guiding The Market?
First Industrial Realty Trust, Inc.'s (NYSE:FR) Stock's On An Uptrend: Are Strong Financials Guiding The Market?
Most readers would already be aware that First Industrial Realty Trust's (NYSE:FR) stock increased significantly by 15% over the past three months. Given the company's impressive performance, we decided to study its financial indicators more closely as a company's financial health over the long-term usually dictates market outcomes. In this article, we decided to focus on First Industrial Realty Trust's ROE.
大多数读者应该已经知道，First Industrial Realty Trust(纽约证券交易所代码：FR)的股票在过去三个月里大幅上涨了15%。鉴于该公司令人印象深刻的业绩，我们决定更仔细地研究其财务指标，因为公司的长期财务健康状况通常决定着市场结果。在本文中，我们决定关注First Industrial Realty Trust的ROE。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回报率(ROE)是对一家公司增值和管理投资者资金的效率的测试。简而言之，它衡量的是一家公司相对于股东权益的盈利能力。
View our latest analysis for First Industrial Realty Trust
查看我们对第一产业地产信托的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
The formula for return on equity is:
这个股本回报率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for First Industrial Realty Trust is:
因此，根据上述公式，第一产业地产信托的净资产收益率为：
17% = US$415m ÷ US$2.5b (Based on the trailing twelve months to September 2022).
17%=4.15亿美元×25亿美元(基于截至2022年9月的12个月的往绩)。
The 'return' is the income the business earned over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.17.
“回报”指的是企业在过去一年中获得的收入。因此，这意味着股东每投资1美元，公司就会产生0.17美元的利润。
What Is The Relationship Between ROE And Earnings Growth?
净资产收益率与盈利增长之间有什么关系？
So far, we've learned that ROE is a measure of a company's profitability. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
到目前为止，我们了解到净资产收益率是衡量一家公司盈利能力的指标。根据公司将这些利润再投资或“保留”多少，以及这样做的效率如何，我们就能够评估一家公司的收益增长潜力。一般来说，在其他条件相同的情况下，股本回报率和利润留存较高的公司比不具备这些特征的公司有更高的增长率。
First Industrial Realty Trust's Earnings Growth And 17% ROE
第一产业地产信托的盈利增长和17%的净资产收益率
To start with, First Industrial Realty Trust's ROE looks acceptable. On comparing with the average industry ROE of 6.9% the company's ROE looks pretty remarkable. This certainly adds some context to First Industrial Realty Trust's decent 12% net income growth seen over the past five years.
首先，First Industrial Realty Trust的ROE看起来可以接受。与6.9%的行业平均净资产收益率相比，该公司的净资产收益率看起来相当惊人。这无疑为First Industrial Realty Trust过去五年12%的净利润增长提供了一些背景。
Next, on comparing First Industrial Realty Trust's net income growth with the industry, we found that the company's reported growth is similar to the industry average growth rate of 12% in the same period.
接下来，将第一产业地产信托的净收入增长与行业进行比较，我们发现该公司的上报增长与同期12%的行业平均增长率相似。
Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Has the market priced in the future outlook for FR? You can find out in our latest intrinsic value infographic research report.
盈利增长是评估一只股票时需要考虑的一个重要指标。对于投资者来说，重要的是知道市场是否已经消化了公司预期的收益增长(或下降)。通过这样做，他们将知道股票是将进入清澈的蓝色水域，还是等待沼泽水域。市场是否已经消化了FR的未来前景？你可以在我们最新的内在价值信息图研究报告中找到答案。
Is First Industrial Realty Trust Efficiently Re-investing Its Profits?
First Industrial Realty Trust是否有效地将其利润进行了再投资？
First Industrial Realty Trust has a high three-year median payout ratio of 53%. This means that it has only 47% of its income left to reinvest into its business. However, it's not unusual to see a REIT with such a high payout ratio mainly due to statutory requirements. Despite this, the company's earnings grew moderately as we saw above.
First Industrial Realty Trust的三年中值派息率高达53%。这意味着它只剩下47%的收入可以再投资于其业务。然而，主要由于法定要求，REIT的派息率如此之高并不少见。尽管如此，正如我们上面看到的那样，该公司的收益温和增长。
Additionally, First Industrial Realty Trust has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders. Looking at the current analyst consensus data, we can see that the company's future payout ratio is expected to rise to 100% over the next three years. Consequently, the higher expected payout ratio explains the decline in the company's expected ROE (to 7.0%) over the same period.
此外，First Industrial Realty Trust至少在十年内派发了股息，这意味着该公司非常认真地与股东分享利润。看看目前分析师的共识数据，我们可以看到，该公司未来三年的派息率有望升至100%。因此，较高的预期派息率解释了公司同期预期净资产收益率(降至7.0%)的下降。
Conclusion
结论
In total, we are pretty happy with First Industrial Realty Trust's performance. In particular, its high ROE is quite noteworthy and also the probable explanation behind its considerable earnings growth. Yet, the company is retaining a small portion of its profits. Which means that the company has been able to grow its earnings in spite of it, so that's not too bad. Having said that, on studying current analyst estimates, we were concerned to see that while the company has grown its earnings in the past, analysts expect its earnings to shrink in the future. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总体而言，我们对第一产业房地产信托的表现相当满意。特别是，其高净资产收益率相当值得注意，也是其可观收益增长背后的可能解释。然而，该公司保留了一小部分利润。这意味着，尽管如此，该公司仍能实现收益增长，所以这并不是太糟糕。话虽如此，在研究目前分析师的预测时，我们担心的是，尽管该公司过去的收益有所增长，但分析师预计其未来的收益将会萎缩。要了解更多分析师对该公司的最新预测，请查看分析师对该公司预测的可视化。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。