Company: FR
Filing Date: 2025-08-21
Form Type: 424B5
Source: 0000921825-25-000095
Chunk: 7

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-08-21
Form: 424B5
Chunk 7
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 and 2024 Stock Incentive Plan.

<div align='center'>S-2</div>

| Manner of offering                        |     | “At-the-market” offering that may be made from time to time through Wells Fargo Securities, LLC, BofA Securities, Inc., BTIG, LLC, Citigroup Global Markets Inc., Fifth Third Securities, Inc., Jefferies LLC, J.P. Morgan Securities LLC, RBC Capital Markets, LLC, Regions Securities LLC, and Samuel A. Ramirez & Company, Inc., as Sales Agents using commercially reasonable efforts, and through forward sales agreements that may be made from time to time through Wells Fargo Bank, National Association, Bank of America, N.A., Citibank, N.A., Jefferies LLC, JPMorgan Chase Bank, National Association, Nomura Global Financial Products, Inc., Regions Securities LLC and Royal Bank of Canada, as Forward Purchasers. See “Plan of Distribution.”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Use of proceeds                           |     | We intend to contribute the net proceeds from this offering to the Operating Partnership in exchange for additional ownership interests in the Operating Partnership. We expect the Operating Partnership will subsequently use those net proceeds for general corporate purposes, which may include the acquisition and development of properties and repayments or repurchases of debt. See “Use of Proceeds.” Certain of the Sales Agents, the Forward Sellers and/or the Forward Purchasers, or their respective affiliates or agents, act as lenders under our unsecured credit facility and term loans and may receive pro rata portions of any proceeds used to repay amounts outstanding under the unsecured credit facility or term loans. See “Plan of Distribution.”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                           |     | We will not receive any proceeds from any sale of shares of our common stock borrowed by a Forward Purchaser (or its affiliate) and sold through a Forward Seller, and all of such proceeds will be paid to the relevant Forward Purchaser (or one or more of its affiliates).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Accounting treatment of any forward sales |     | In the event that we enter into any forward sale agreements, before the issuance of shares of our common stock, if any, upon settlement of such forward sale agreement, we expect that the shares issuable upon settlement of such forward sale agreement will be reflected in our diluted earnings per share, return on investment and dividends per share calculations using the treasury stock method. Under this method, the number of shares of our common stock used in calculating