Company: FR
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118941
Chunk: 33

Company: FIRST INDUSTRIAL REALTY TRUST INC
Filing Date: 2025-05-13
Form: 424B5
Chunk 33
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 the Company and will rank equally in right of payment with all other existing and future senior unsecured indebtedness and senior unsecured guarantees of the Company. The Company’s guarantee of the notes will be effectively subordinated in right of payment to:

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

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

The covenants in the indenture that will limit the ability of the Operating Partnership and its subsidiaries to incur indebtedness will not apply to the Company. The Company has no significant operations, other than as the Operating Partnership’s general partner, and no material assets, other than its investment in the Operating Partnership. Accordingly, if the Operating Partnership fails to make a payment on the notes when due, there can be no assurance that the Company would have funds to pay that amount pursuant to its guarantee. See “Risk Factors—The Company has no significant operations, other than as the Operating Partnership’s general partner, and no material assets, other than its investment in the Operating Partnership.” For additional information, see “Risk Factors—The effective subordination of the notes may limit our ability to satisfy our obligations under the notes.” Merger, consolidation or sale The indenture will provide that the Operating Partnership and the Company may consolidate with, or sell, lease or convey all or substantially all of our or its assets to, or merge with or into, any other entity, provided that the following conditions are met:

| • |     | the Operating Partnership or the Company, as the case may be, shall be the continuing entity, or the successor                                                                                                                                            
 entity (if other than the Operating Partnership or the Company, as the case may be) formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall be domiciled in the United States, any state        
 thereof or the District of Columbia and in the case of the Operating Partnership shall expressly assume by supplemental indenture payment of the principal of and interest on all of the notes and the