Company: FR
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118941
Chunk: 109

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-05-13
Form: 424B5
Chunk 109
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 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 (as defined in the Code to include tax-exempt entities 
 other than, in general, qualified domestic pension funds);                                                                                                                                                       |

| 7. | which meets other tests, described below, regarding the nature of its income and assets and distribution 
 requirements; and                                                                                        |

| 8. | that makes an election to be a REIT for the current taxable year or has made such an election for a previous 
 taxable year that has not been terminated or revoked.                                                        |

The Code provides that the first four conditions above must be met during the entire taxable year and that the fifth condition must be met during at least 335 days of a taxable year of 12 months, or during a proportionate part of a taxable year of less than 12 months. A corporation may not elect to become a REIT unless its taxable year is the calendar year. 37

To qualify as a REIT, we also cannot have at the end of any taxable year any undistributed
earnings and profits that are attributable to a non-REIT taxable year. We do not believe that we have any non-REIT earnings and profits and believe that we therefore
satisfy this requirement.

We have issued sufficient shares to enough holders to