First Industrial Realty upgraded to Sector Weight from Underweight at KeyBanc

KeyBanc upgraded First Industrial Realty (FR) to Sector Weight from Underweight without a price target The firm sees a “new era” of real estate investment trust investing heading into 2025, saying lower supply growth creates a favorable backdrop for commercial real estate fundamentals. External growth may surprise to the upside but borrowing costs remains elevated and inflation may remain higher for longer, the analyst tells investors in a research note. While it is too early to assess the impact of new policies from the Trump administration, lower corporate tax rates would make REITs less alluring versus non-REIT equities, KeyBanc contends. The firm shuffled ratings as part of its 2025 outlook.