Company: FR
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118941
Chunk: 15

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-05-13
Form: 424B5
Chunk 15
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 operations, other than as general partner of the Operating Partnership, and no material assets, other than its investment in the Operating Partnership. Accordingly, if the Operating Partnership fails to make a payment on the notes when due, there can be no assurance that the Company would have funds to pay that amount pursuant to its guarantee. Furthermore, as described above under “—The effective subordination of the notes may limit our ability to satisfy our obligations under the notes,” the Company’s guarantee will be effectively subordinated in right of payment to:

| • |     | all existing and future secured indebtedness and secured guarantees of the Company (to the extent of the value of 
 the collateral securing such indebtedness or guarantees);                                                         |

| • |     | all existing and future indebtedness and other liabilities, whether secured or unsecured, of the Company’s                               
 subsidiaries (including the Operating Partnership) and of any entity the Company accounts for using the equity method of accounting; and |

| • |     | all existing and future preferred equity not owned by the Company in the Company’s subsidiaries (including   
 the Operating Partnership) and in any entity the Company accounts for using the equity method of accounting. |

Federal and state laws allow courts, under specific circumstances, to void guarantees and require holders of guaranteed debt to return payments received from guarantors. Under the federal bankruptcy law and comparable provisions of state fraudulent transfer laws, a court could void the guarantee of the notes provided by the Company or could subordinate the guarantee to all other debts and guarantees of the Company if, among other things, the Company, at the time it incurred or entered into its guarantee of the notes, received less than reasonably equivalent value or fair consideration for the incurrence of the guarantee and any of the following is also true:

| • |     | the Company was insolvent or rendered insolvent by reason of the incurrence of the guarantee; |

| • |     | the Company was engaged in a business or transaction for which its remaining assets constituted unreasonably 
 small capital; or                                                                                            |

| • |     | the Company intended to incur, or believed that it would incur, debts beyond its ability to pay those debts as 
 they mature.                                                                                                   |

S-12

In addition, under any of the circumstances described above, any payment by the Company pursuant to its guarantee of the notes could be voided and holders of the notes could be required to return those payments to the Company or to a fund for the benefit of the creditors of the Company. The measures of insolvency for purposes of