Company: FR
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118941
Chunk: 10

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-05-13
Form: 424B5
Chunk 10
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 • |     | all existing and future preferred equity not owned by the Operating Partnership in the Operating                           
 Partnership’s subsidiaries and in any entity the Operating Partnership accounts for using the equity method of accounting. |

Similarly, the Company’s guarantee of the notes will be its senior unsecured obligation and will rank equally in right of payment with all of its other existing and future senior unsecured indebtedness and senior unsecured guarantees. The Company’s guarantee of the notes 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 and 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. |

The indenture that will govern the notes will not prohibit the Operating Partnership, the Company or any of their respective subsidiaries from incurring secured or unsecured indebtedness in the future and, although the indenture will contain covenants that will limit the ability of the Operating Partnership and its subsidiaries to incur secured and unsecured indebtedness, those covenants are subject to significant exceptions and limitations, and in any event the Operating Partnership and its subsidiaries may be able, without taking advantage of any such S-9

exceptions and limitations, to incur substantial amounts of additional secured and unsecured indebtedness without violating those covenants. Moreover, these covenants limiting the incurrence of
indebtedness will not apply to the Company. For additional information, see “Description of Notes—Certain covenants.”

In the event of the
bankruptcy, liquidation, reorganization or other winding up of the Operating Partnership or the Company, assets that secure any of their respective secured indebtedness, secured guarantees and other secured obligations will be available to pay their
respective obligations under the notes or the guarantee of the notes, as applicable, and their other respective unsecured indebtedness, unsecured guarantees and other unsecured obligations only after all of their respective indebtedness, guarantees
and other obligations secured by those assets have been repaid in full, and we caution you that there may