Company: FR
Filing Date: 2025-05-08
Form Type: S-3ASR
Source: 0001193125-25-115162
Chunk: 47

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-05-08
Form: S-3ASR
Chunk 47
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 hold substantially all of our assets. Moreover,
our qualification and taxation as a REIT depends upon our ability to meet, as a matter of fact, through actual annual operating results, distribution levels, diversity of stock ownership and various other qualification tests imposed under the Code,
as discussed below, the results of which will not be reviewed by Barack Ferrazzano Kirschbaum & Nagelberg LLP. No assurance can be given that the actual results of our operations for any particular taxable year will satisfy those
requirements.

So long as we qualify for taxation as a REIT, we generally will not be subject to U.S. federal corporate income tax on our
net ordinary taxable income that we distribute currently to our stockholders. This treatment substantially eliminates “double taxation” (that is, taxation at both the corporate and stockholder levels) that generally results from an
investment in a corporation. However, we will be subject to U.S. federal income tax as follows:

1. We will be taxed at
regular U.S. federal corporate income tax rates on any undistributed “REIT taxable income.” REIT taxable income is the taxable income of the REIT subject to specified adjustments, including a deduction for dividends paid;

2. If we have net income from the sale or other disposition of “foreclosure property” that is held primarily for sale
to customers in the ordinary course of business or other nonqualifying income from foreclosure property, we will be subject to tax at the highest corporate rate on this income (currently 21%);

3. Our net income from “prohibited transactions” will be subject to a 100% tax. In general, prohibited transactions
are sales or other dispositions of property held primarily for sale to customers in the ordinary course of business other than foreclosure property;

4. If we fail to satisfy either the 75% gross income test or the 95% gross income test discussed below, but nonetheless
maintain our qualification as a REIT because other requirements are met, we will be subject to a tax equal to the gross income attributable to the greater of either (1) the amount by which we fail the 75% gross income test for the taxable year
or (2) the amount by which we fail the 95% gross income test for the taxable year, multiplied by a fraction intended to reflect our profitability;

5. If we fail to satisfy any of the REIT asset tests, as described below, other than a failure by a de minimis amount of the 5%
or 10%