Company: FR
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118941
Chunk: 9

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-05-13
Form: 424B5
Chunk 9
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USIP 
 number as the notes offered hereby so long as such additional notes are fungible for U.S. federal income tax purposes with the notes offered hereby. The notes offered by this prospectus supplement and any additional notes                            |

S-7

| would rank equally and ratably in right of payment and would be treated as a single series of debt securities for all purposes under the indenture. |

| Governing Law | The indenture, the notes and the guarantees will be governed by the laws of the State of New York. |

S-8

RISK FACTORS Investing in the notes involves a high degree of risk. In addition to the other information in this prospectus supplement, you should carefully consider the information contained in this prospectus supplement, the accompanying prospectus, the documents incorporated or deemed to be incorporated by reference herein or therein and any free writing prospectus that we may provide you in connection with this offering, including, without limitation, the following risks, the risks described in our Annual Report on Form 10-Kfor the year ended December 31, 2024, as well as the other information and data set forth in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein before making an investment decision with respect to the notes. The occurrence of any of the following risks could materially and adversely affect our business, prospects, financial condition, results of operations, funds from operations and prospects, as well as the trading price of the notes, and might cause you to lose all or a part of your investment in the notes. Some statements in this prospectus supplement, including statements in the following risk factors, constitute forward-looking statements. See “Cautionary Statement Regarding Forward-Looking Statements.” Risks Related to this Offering The effective subordination of the notes may limit our ability to satisfy our obligations under the notes. The notes will be the Operating Partnership’s senior unsecured obligations and will rank equally in right of payment with all of its other existing and future senior unsecured indebtedness. The notes will be effectively subordinated in right of payment to:

| • |     | all existing and future secured indebtedness and secured guarantees of the Operating Partnership (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 Operating                     
 Partnership’s subsidiaries and of any entity the Operating Partnership accounts for using the equity method of accounting; and |

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