Company: FR
Filing Date: 2025-05-08
Form Type: S-3ASR
Source: 0001193125-25-115162
Chunk: 49

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-05-08
Form: S-3ASR
Chunk 49
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 in such asset as of the beginning of such recognition period; 11. We may elect to retain and pay income tax on our net long-term capital gain. In that case, a stockholder would: (1) include its proportionate share of our undistributed long-term capital gain (to the extent we make a timely designation of such gain to the stockholder) in its income, (2) be deemed to have paid the tax that we paid on such gain and (3) be allowed a credit for its proportionate share of the tax deemed to have been paid with an adjustment made to increase the stockholders’ basis in our stock; and 12. We may have subsidiaries or own interests in other lower-tier entities that are “C” corporations that will jointly elect, with us, to be treated as a taxable REIT subsidiary, the earnings of which would be subject to U.S. federal corporate income tax. No assurance can be given that the amount of any such U.S. federal income taxes will not be substantial. In addition, we and our subsidiaries may be subject to a variety of taxes other than U.S. federal income tax, including payroll taxes and state, local, and foreign income, franchise, property and other taxes on assets and operations. We could also be subject to tax in situations and on transactions not presently contemplated. Requirements for Qualification as a REIT To qualify as a REIT, we must have met and continue to meet the requirements, discussed below, relating to our organization, the sources of our gross income, the nature of our assets, and the level of distributions to our stockholders. The Code requires that a REIT be a corporation, trust, or association:

| 1. | which is managed by one or more trustees or directors; |

| 2. | the beneficial ownership of which is evidenced by transferable shares or by transferable certificates of 
 beneficial interest;                                                                                     |

| 3. | which would be taxable as a domestic corporation but for compliance with the REIT requirements; |

| 4. | which is neither a financial institution nor an insurance company under the Code; |

| 5. | the beneficial ownership of which is held by 100 or more persons; |

| 6. | at any time during the last half of each taxable year not more than 50% in value of the outstanding stock or                                                                                                     
 shares of beneficial interest of which is owned, directly or indirectly through the application of attribution rules, by or for five or fewer individuals (