FR shorts at a one-month high as peers trade lighter

First Industrial Realty Trust carries more short interest than most of its closest industrial REIT peers right now. Short interest stands at 4.2% of free float, the highest level since late September, after climbing 11.2% in the past week.

Where FR sits in the peer group

Among the most correlated names, short positioning is notably lighter. PLD and EGP have not generated comparable short-interest pulses over the same window. STAG and TRNO gained ground last week, up 1.2% and 0.6% respectively, while FR slipped 0.1%. The stock has fallen 11% over the past month.

FR's own short-interest trend

The current 5.55 million shares short is up 24.8% from a month ago. The move gathered pace around October 23, when short shares jumped from roughly 5.0 million to 5.5 million in a single session. That step-change has not reversed.

The borrow market remains very loose. Availability sits at 7,828%, meaning there are far more shares available to lend than are currently being borrowed. Cost to borrow is 0.52%, up 55% in a week but still low in absolute terms. The lending market is not placing any constraint on additional short-selling.

Analyst cuts add context

Seven price-target reductions have landed since October 23. JP Morgan downgraded to Neutral from Overweight, cutting its target from $74 to $60. Wells Fargo, Scotiabank, RBC Capital, Goldman Sachs, Citigroup and Cantor Fitzgerald all lowered targets, with the consensus mean now at $65.44. The bear case centres on softer-than-expected cash lease spreads in the third quarter and slower development leasing, with only 45% of 2027 expirations addressed.

The options market is pointing the other way. The put/call ratio is 0.12, nearly two standard deviations below its 20-day mean of 0.38, sustained at these levels since October 27. Call buyers have been active since the post-earnings drop.

Data summary

• Short interest: 4.2% of free float, highest since late September, up 11.2% in one week
• Shares short: 5.55 million, up 24.8% over one month
• Availability: 7,828%, lending market very loose
• Cost to borrow: 0.52%, up 55% in one week, level classified as low
• Put/call ratio: 0.12, approximately 1.9 standard deviations below the 20-day mean of 0.38
• Analyst consensus: hold, mean target $65.44 against a close of $54.41 on October 30
• The level to watch: a sustained move in short interest above the September 30 peak of 5.16 million shares would mark the highest reading in the available history