Company: FR
Filing Date: 2025-08-21
Form Type: 424B5
Source: 0000921825-25-000095
Chunk: 26

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-08-21
Form: 424B5
Chunk 26
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 Forward Purchaser or its affiliate to unwind the Forward Purchaser’s hedge position could cause the price of our common stock to increase above the price that would have prevailed in the absence of those purchases (or prevent a decrease in such price), thereby increasing the amount of cash (in the case of cash settlement) or the number of shares (in the case of net share settlement) that we would owe such Forward Purchaser upon settlement of the applicable forward sale agreement or decrease the amount of cash (in the case of cash settlement) or the number of shares (in the case of net share settlement) that such Forward Purchaser would owe us upon settlement of the applicable forward sale agreement.

Each Forward Purchaser will have the right to accelerate its forward sale agreement that it enters into with us and require us to physically settle such shares on a date specified by such Forward Purchaser if: (1) such Forward Purchaser or its affiliate (a) is unable, after using commercially reasonable efforts, to hedge (or maintain a hedge of) its equity price risk, (b) would incur a materially increased cost to hedge (or maintain a hedge of) its equity price risk, (c) would incur a stock borrow cost in excess of a specified threshold or (d) is unable, after using commercially reasonable efforts, to borrow (or maintain a borrowing of) shares at a rate equal to or less than a specified threshold, in each case under or in relation to such forward sale agreement; (2) we declare any dividend or distribution that constitutes an extraordinary dividend under the forward sale agreement ; (3) certain ownership thresholds applicable

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to such Forward Purchaser and its affiliates are or would be exceeded; (4) an event is announced that if consummated would result in a specified extraordinary event (including certain mergers or tender offers, as well as certain events involving our nationalization, a delisting of our common stock or change in law); or (5) certain other events of default or termination events occur (each as more fully described in the relevant forward sale agreement).

A Forward Purchaser’s decision to exercise its right to accelerate all or a portion of the settlement of any forward sale agreement and to require us to physically settle the relevant shares will be made irrespective of our interests, including our need for capital. In such cases, we could be required to issue and deliver shares of our common stock under the terms of the physical settlement provisions of the applicable forward sale agreement irrespective of our capital needs, which