Company: FR
Filing Date: 2025-08-21
Form Type: 424B5
Source: 0000921825-25-000095
Chunk: 5

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-08-21
Form: 424B5
Chunk 5
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 read the “Risk factors” section on page S-4of 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-K for the year ended December 31, 2024, to determine whether an investment in the Company’s common stock 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 “Code”). We are a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. As of June 30, 2025, we owned 415 industrial properties located in 19 states, containing an aggregate of approximately 68.2 million square feet of gross leasable area. Of the 415 properties owned on a consolidated basis, none of them are directly owned by the Company. Through a wholly-owned taxable REIT subsidiary (“TRS”) of the Operating Partnership, we also own, as of June 30, 2025, an approximate 43% equity interest in and provide services to a joint venture that was formed for the purpose of developing, leasing, operating and selling land located in the Phoenix, Arizona metropolitan area and, as of June 30, 2025, owns one building comprising 1.0 million square feet and a land parcel. We began operations on July 1, 1994. The Company’s operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner, with an approximate 97.0% ownership interest (represented as “General Partner Units”) at June 30, 2025. The Company's noncontrolling interest in the Operating Partnership of approximately 3.0% at June 30, 2025 represents the aggregate partnership interests held by the limited partners thereof (represented as “Limited Partner Units”). The limited partners of the Operating Partnership are outside investors, including certain members of the management of the Company, who contributed their direct or indirect interests in properties to the Operating Partnership in exchange for common Limited Partner Units and/or recipients of restricted Limited Partner Units (“RLP Units”) pursuant to the Company’s stock incentive plan. Each Limited Partner Unit, other than RLP Units that have not yet vested and/or met certain other criteria, may be exchanged for cash or,