First Industrial Realty Trust (NYSE: FR) is a large warehouse real estate investment trust (REIT). Since hitting a high point in early 2022, investors have pushed shares lower by around 20%. The thing is, this landlord continues to operate at a high level and has pretty much locked in better results for 2023. What were investors thinking?

First Industrial's stock took off like a rocket following the brief pandemic-related bear market in 2020. The coronavirus led to countries asking citizens to socially distance themselves, which included temporary shutdowns of many non-essential facilities (including many retail outlets) as well as a shift toward working from home. With more people spending more time at home, retailers had to find alternatives, because U.S. consumers still wanted to shop. That alternative was e-commerce. 

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Source Fool.com