KeyBanc Capital Market analyst Todd M. Thomas has downgraded First Industrial Realty Trust, Inc. (NYSE:FR) to Underweight from Sector Weight with a price target of $42. The downgrade is due to risks to FY24 FFO estimates because of longer leasing timelines for new development projects. The analyst also notes that about $346 million of development is expected to be placed in service in the next four quarters, with minimal pre-leasing completed to date. As a result, FR's shares are down 3.54% at $45.42.