Company: FR
Filing Date: 2025-05-08
Form Type: S-3ASR
Source: 0001193125-25-115162
Chunk: 50

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-05-08
Form: S-3ASR
Chunk 50
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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 allow us to satisfy the requirement set forth in the
fifth condition above (the “100 holder” requirement). For purposes of determining ongoing compliance with the 100 holder requirement, Treasury regulations require us to issue letters to some stockholders demanding information regarding the
amount of shares each such stockholder actually or constructively owns. Although any failure by us to comply with the stockholder demand letters requirement should not jeopardize our REIT status, such failure would subject us to financial penalties.
A list of those stockholders failing or refusing to comply with this demand must be maintained as part of our records. A stockholder who fails or refuses to comply with the demand must submit a statement with its tax return disclosing the actual
ownership of the shares and other information.

As set forth in the sixth condition above, to qualify as a REIT, we must also satisfy the
requirement set forth in Section 856(a)(6) of the Code that we not be closely held. We will not be closely held so long as at all times during the last half of any of our taxable years (other than the first taxable year for which the REIT
election is made) not more than 50% in value of our outstanding shares of beneficial interest is owned, directly or constructively under the applicable attribution rules of