Company: FR
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118941
Chunk: 4

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-05-13
Form: 424B5
Chunk 4
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 |     | the uncertainty and economic impact of pandemics, epidemics or other public health emergencies or fear of such 
 events;                                                                                                        |

| • |     | risks associated with security breaches through cyber attacks, cyber intrusions or otherwise, as well as other 
 significant disruptions of our information technology networks and related systems;                            |

| • |     | potential natural disasters and other potentially catastrophic events such as acts of war and/or terrorism; |

S-2

| • |     | technological developments, particularly those affecting supply chains and logistics; |

| • |     | litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; |

| • |     | risks associated with our investments in joint ventures, including our lack of sole decision-making authority; 
 and                                                                                                            |

| • |     | other risks and uncertainties detailed in the section entitled “Risk Factors” beginning on page S-9 of this prospectus supplement and those described in our Exchange Act reports and in our other public filings with the SEC. |

We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this prospectus supplement. We assume no obligation to update or supplement forward-looking statements. Further information concerning us and our business, including additional factors that could materially affect our financial results, is included elsewhere in this prospectus supplement and in the documents we incorporate by reference in this prospectus supplement. S-3

PROSPECTUS SUPPLEMENT SUMMARY

The information below is a summary of some of the more detailed information included elsewhere in, or incorporated by reference in, this prospectus supplement and the accompanying prospectus. You should read carefully the following summary in conjunction with the more detailed information contained in this prospectus supplement, the accompanying prospectus and the information incorporated by reference. This summary is not complete and does not contain all of the information you should consider before purchasing notes. You should carefully read the “Risk Factors” section on page S-9of this prospectus supplement, and the risks described under the caption “Item 1A. Risk Factors” included in the Company’s and the Operating Partnership’s combined Annual Report on Form 10-Kfor the year ended December 31, 2024, to determine whether an investment in the notes is appropriate for you.

First Industrial Realty Trust, Inc.

The Company is a
real estate investment trust (“REIT”), subject to Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “