Company: FR
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0000921825-25-000032
Chunk: 12

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 12
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 and received her Bachelor of Arts from Franklin & Marshall College. She is a member of the National Association of Industrial and Office Properties, the Corporate Governance Council of Nareit, and The Real Estate Roundtable, where she is a member of the Sustainability Policy Advisory Committee. She is barred in Illinois and Pennsylvania. |
| Jennifer E. Matthews Rice |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

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### COMPENSATION DISCUSSION AND ANALYSIS

#### 2024 ACCOMPLISHMENTS
2024 was a successful year for the Company, as we delivered strong operating results and continued our investment for future growth. We continued to execute our strategy: driving long-term cash flow growth and value for stockholders through development leasing, increasing rents on new and renewal leases, enhancing our portfolio through developing, acquiring and selling select properties and maintaining our strong balance sheet.

Decisions by the Board of Directors on executive compensation are reflective of the Company’s strong performance during the year, including:

• Growing cash rental rates on new and renewal leasing by 50.8%.

• Maintaining high levels of portfolio occupancy, closing the year at 96.2% occupied in our in-service portfolio.

• Growing cash same store NOI by 8.1% (1) .

• Growing our Common Stock dividend by 15.6% in 2024 and increasing the first quarter 2025 dividend to $0.445 per share/unit, a 20.3% increase from 2024’s quarterly rate.

• Executing 13 leases across 12 development properties, totaling 3.9 million square feet and expanding to 4.7 million square feet when including three leases executed in our joint venture, representing 10 of our 15 target markets.

• Placing seven development properties in service, totaling 2.8 million square feet, with an estimated total investment of approximately $392 million, comprised of one building in Central Florida and two buildings each in Central/Eastern Pennsylvania, Northern California and Southern California.

• Increased percentage of rental revenue from coastal markets to 59%.

• Purchasing five industrial properties totaling 0.3 million square feet for an aggregate purchase price of $45 million.

• Acquiring two development sites totaling 81 acres for a total investment of $26 million.

• Selling 22 properties totaling 1.2 million square feet for a total of $163 million.

(1) Same store NOI growth excludes $4.5 million and $2