Company: FR
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118941
Chunk: 106

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-05-13
Form: 424B5
Chunk 106
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 tax purposes; and |

| • |     | potential changes in the applicable tax laws. |

Taxation of the Company as a REIT For purposes of this discussion, references to “us,” “our” or “we,” and any similar terms, refer to First Industrial Realty Trust, Inc. This section is a summary of the material U.S. federal income tax matters of general application pertaining to REITs under the Code. This discussion is based upon current law, which is subject to change, possibly on a retroactive basis. The provisions of the Code pertaining to REITs are highly technical and complex and sometimes involve mixed questions of fact and law. In the opinion of Barack Ferrazzano Kirschbaum & Nagelberg LLP:

| • |     | our current and proposed method of operation (as represented by us to Barack Ferrazzano Kirschbaum &                                                 
 Nagelberg LLP in a written certificate) will enable us to continue to meet the requirements for qualification and taxation as a REIT under the Code. |

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Barack Ferrazzano Kirschbaum & Nagelberg LLP’s opinion is based on various
assumptions and is conditioned upon certain representations made by us as to factual matters with respect to us and certain partnerships, limited liability companies and corporations through which we hold substantially all of our assets. Moreover,
our qualification and taxation as a REIT depends upon our ability to meet, as a matter of fact, through actual annual operating results, distribution levels, diversity of stock ownership and various other qualification tests imposed under the Code,
as discussed below, the results of which will not be reviewed by Barack Ferrazzano Kirschbaum & Nagelberg LLP. No assurance can be given that the actual results of our operations for any particular taxable year will satisfy those
requirements.

So long as we qualify for taxation as a REIT, we generally will not be subject to U.S. federal corporate income tax on our
net ordinary taxable income that we distribute currently to our stockholders. This treatment substantially eliminates “double taxation” (that is, taxation at both the corporate and stockholder levels) that generally results from an
investment in a corporation. However, we will be subject to U.S. federal income tax as follows:

1. We will be taxed at
regular U.S. federal corporate income tax rates on any undistributed “REIT taxable income.” REIT taxable income is the taxable income of the REIT subject to specified adjustments, including a deduction for dividends paid;

2. If we have