Company: FR
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118941
Chunk: 48

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-05-13
Form: 424B5
Chunk 48
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ization of deferred charges; |

| • |     | gains or losses on early extinguishment of Debt; |

| • |     | gains or losses on derivative financial instruments; |

| • |     | acquisition expenses; and |

| • |     | with regard to unconsolidated real estate joint ventures, plus amounts which have been deducted and minus amounts                                                
 which have been added for the activity types referred to above (excluding interest expense) included in arriving at equity in income of unconsolidated entities; |

all determined on a consolidated basis in accordance with United States generally accepted accounting principles. “Consolidated Net Income” for any period means the amount of net income (or loss) of the Operating Partnership and its Subsidiaries for such period determined on a consolidated basis in accordance with United States generally accepted accounting principles. “Debt” means, without duplication, with respect to any person, any indebtedness of such person in respect of:

| • |     | borrowed money or evidenced by bonds, notes, debentures or similar instruments; |

| • |     | indebtedness secured by any Lien on any property or asset owned by such person, but only to the extent of the                                                                                                                              
 lesser of (a) the amount of indebtedness so secured and (b) the fair market value (determined in good faith by the board of directors of such person or, in the case of the Operating Partnership and a subsidiary, by the Company’s board 
 of directors or a duly authorized committee thereof) of the property subject to such Lien;                                                                                                                                                 |

| • |     | reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or                                                             
 amounts representing the balance deferred and unpaid of the purchase price of any property except any such balance that constitutes an accrued expense or trade payable; or |

| • |     | any lease of property by such person as lessee which is required to be reflected on such person’s balance                                                                                            
 sheet as a finance lease in accordance with GAAP; provided, however, that in the case of this clause, Debt excludes operating lease liabilities on a person’s balance sheet in accordance with GAAP. |

S-34

Debt also includes, to the extent not otherwise included, any non-contingentobligation of such person to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Debt of the types referred to above of another person (