Company: FR
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118941
Chunk: 22

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-05-13
Form: 424B5
Chunk 22
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, regulation or executive order to close or to be closed.

The notes will be fully and unconditionally guaranteed by the Company on a senior unsecured basis. See “—Guarantee” below.

The terms of the notes provide that the Operating Partnership is permitted to reduce interest payments and payments upon a redemption of notes otherwise
payable to a holder for any amounts the Operating Partnership is required to withhold by law. For example, non-United States holders of the notes may, under some circumstances, be subject to U.S. federal
withholding tax with respect to payments of interest on the notes. The Operating Partnership will set-off any such withholding tax that the Operating Partnership is required to pay against payments of interest
payable on the notes and payments upon a redemption of notes.

S-17

Ranking The notes will be the Operating Partnership’s senior unsecured obligations and will rank equally in right of payment with all of the Operating Partnership’s other existing and future senior unsecured indebtedness. The notes will be effectively subordinated in right of payment to:

| • |     | all of the Operating Partnership’s existing and future mortgage indebtedness and other secured indebtedness 
 (to the extent of the value of the collateral securing such indebtedness);                                  |

| • |     | 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 |

| • |     | all existing and future preferred equity not owned by the Operating Partnership, if any, in the Operating                  
 Partnership’s subsidiaries and in any entity the Operating Partnership accounts for using the equity method of accounting. |

As of March 31, 2025, the Operating Partnership had approximately $9.6 million of secured indebtedness and $2.378 billion of senior unsecured and unsubordinated indebtedness outstanding on a consolidated basis. Of such indebtedness, all of the secured indebtedness and none of the senior unsecured and unsubordinated indebtedness was attributable to the Operating Partnership’s subsidiaries. See “—Guarantee” below for a description of the ranking of the guarantee. Except as described under “—Certain covenants” and “—Merger, consolidation or sale,” 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 or issuing preferred equity in the future and, although the indenture will contain covenants that will