Here are 1-3 brief analogies for First Industrial Realty Trust (FR):

• First Industrial Realty Trust (FR) is like the "landlord to Amazon", owning and renting out the vast network of warehouses and distribution centers that power e-commerce and modern supply chains.
• First Industrial Realty Trust (FR) is like American Tower (AMT), but instead of owning and leasing cell towers for mobile communication, they own and lease large industrial warehouses and distribution facilities for goods.
• First Industrial Realty Trust (FR) is like Equinix (EQIX), but they provide critical physical storage and distribution space for goods rather than secure data centers for digital information.

• Industrial Property Leasing: Providing businesses with a wide range of industrial spaces, including warehouses, distribution centers, and light manufacturing facilities, under lease agreements.
• Property Management: Offering ongoing operational and maintenance services for their leased properties, ensuring a functional and well-maintained environment for tenants.

First Industrial Realty Trust (symbol: FR) is an industrial Real Estate Investment Trust (REIT). As such, it leases industrial properties (such as warehouses, distribution centers, and light manufacturing facilities) to other companies. Therefore, its customers are primarily businesses, not individuals.

FR maintains a highly diversified tenant base, which is a common strategy for REITs to mitigate risk. According to their latest financial filings (e.g., 2023 10-K and Q4 2023 Supplemental Information), no single tenant accounts for a major portion of their total revenue. For instance, their largest single tenant represented approximately 1.4% of annualized base rent, and their top 10 tenants collectively accounted for about 11.5% of annualized base rent. This significant diversification means there isn't one "major customer" dominating their business.

Due to the proprietary nature of tenant agreements and their diversified portfolio across hundreds of tenants, First Industrial Realty Trust does not publicly disclose the names of its individual customer companies. Consequently, specific customer company names and their public symbols cannot be provided.

However, FR does categorize its tenant base by industry. The types of companies that are customers of First Industrial Realty Trust, leasing their industrial spaces, include those operating in sectors such as:

• Logistics and Supply Chain
• E-commerce and Retail Distribution
• Manufacturing

Other notable customer segments include companies in Food & Beverage, Building Materials, and Third-Party Logistics (3PL).

Peter E. Baccile President and Chief Executive Officer

Peter E. Baccile joined First Industrial as President in September 2016 and assumed the role of Chief Executive Officer in December 2016. He brings over 30 years of management, real estate, and financial expertise to the company. Prior to First Industrial, Mr. Baccile served as Joint Global Head of the Real Estate, Lodging and Leisure Group within UBS Securities, LLC's investment banking division from June 2012 to September 2016. Before UBS, he spent 26 years at J.P. Morgan in various senior leadership roles, including Vice Chairman of J.P. Morgan Securities Inc. and Co-Head of the General Industries Investment Banking Coverage Group, which encompassed real estate, lodging, gaming, diversified industrials, paper packing and building products, and transportation. He also previously served as Global Head of J.P. Morgan's Real Estate, Lodging and Gaming Investment Banking group for 10 years.

Scott A. Musil Chief Financial Officer, Senior Vice President, Treasurer and Assistant Secretary

Scott A. Musil has been the Chief Financial Officer of First Industrial Realty Trust since March 2011, having served as acting CFO since December 2008. He joined the company in 1995 and has played a pivotal role in its growth, bringing over three decades of experience in the real estate and accounting sectors. Mr. Musil leads all aspects of the company's finance function, including capital markets, treasury, financial planning and reporting, tax, risk management, and investor relations. Before joining First Industrial, he served in various capacities with Arthur Andersen & Company, specializing in the real estate and finance industries, culminating as an audit manager. He is a non-practicing certified public accountant.

Johannson L. Yap Chief Investment Officer and Executive Vice President, West Region

Johannson L. Yap is a co-founder of First Industrial Realty Trust and has served as its Chief Investment Officer since 1997. He is responsible for directing the overall investment and disposition strategy of the company, including the approval process for both on-balance sheet and joint venture transactions. During his tenure with First Industrial, Mr. Yap has overseen the underwriting and execution of more than $15 billion in industrial real estate transactions and led the sourcing and structuring of over $1 billion of UPREIT investments that established the company’s national platform. He also manages the company's West Region portfolio and personnel. Prior to First Industrial, Mr. Yap worked for The Shidler Group, where his responsibilities included financing, construction management, leasing, asset and property management, and sales.

Peter O. Schultz Executive Vice President, East Region

Peter O. Schultz serves as the Executive Vice President for First Industrial Realty Trust's East Region.

Jennifer Matthews Rice General Counsel & Secretary

Jennifer Matthews Rice joined First Industrial as General Counsel in 2019, where she oversees all legal affairs for the company. With more than 20 years of legal experience, Ms. Matthews Rice previously held positions as Senior Vice President, General Counsel, and Secretary of Brandywine Realty Trust, Fund Real Estate Counsel for Exeter Property Group, and General Counsel for Preferred Real Estate Investments. She also worked as an associate attorney with Ballard Spahr LLP.

The key risks to First Industrial Realty Trust's business include the impact of elevated interest rates, the potential normalization of the industrial real estate market, and broader economic conditions.

1. Elevated Interest Rates and Cost of Capital: First Industrial Realty Trust faces significant risk from rising or sustained high interest rates. A rising rate environment can increase borrowing costs, impacting the company's financial position and potentially compressing future profit margins. Analysts have noted that while the company benefits from access to low-cost funding, ongoing rate hikes could offset this advantage over time. Higher interest rates also cap upside potential for the company.
2. Normalization of Industrial Real Estate Market and Occupancy Trends: The exceptional rental growth and strong occupancy rates that First Industrial Realty Trust has experienced may not be sustainable as market dynamics normalize. There are concerns that persistent double-digit rent spreads and above-average occupancy expectations could overstate future revenue and earnings potential. Any shift in tenant demand or market supply could reduce margins and challenge the bullish outlook. Additionally, the company has seen some weakness in occupancy, struggling to sign tenants for new facilities, which is a departure from its historical performance.
3. General Economic Conditions: As a real estate investment trust, First Industrial Realty Trust's operations and future prospects are significantly influenced by national, international, regional, and local economic conditions, particularly within real estate markets. Economic downturns can lead to decreased demand for industrial space, lower rental rates, and increased vacancy rates, all of which could adversely affect the company's financial condition and results of operations.

Clear Emerging Threats for First Industrial Realty Trust (FR):

1. Impact of Automation and Robotics on Industrial Space Demand: The increasing adoption of advanced automation and robotics in warehousing and manufacturing processes poses a clear emerging threat. While automation enhances efficiency, it can lead to a reduction in the physical footprint required per unit of output. Highly automated facilities may require fewer, more specialized structures with different specifications (e.g., higher clear heights, reinforced floors, enhanced power infrastructure) than traditional industrial properties. This shift could potentially reduce the aggregate demand for conventional industrial square footage or render existing, less adaptable properties less competitive and valuable over time.

2. Geographic Reconfiguration of Global Supply Chains: Driven by geopolitical instability, trade policies, and the desire for supply chain resilience, companies are actively exploring nearshoring, reshoring, and regionalization strategies. This emerging trend could fundamentally alter traditional logistics and distribution patterns within the U.S. A significant shift in manufacturing and sourcing locations (e.g., increased reliance on production from Mexico instead of Asia) could diminish demand for industrial space in established port-adjacent distribution hubs, while simultaneously increasing demand in new or different regions (e.g., U.S.-Mexico border areas, inland logistics centers). Such a reconfiguration could negatively impact occupancy rates and property values in regions where First Industrial Realty Trust's portfolio is concentrated, if those areas become less central to evolving supply chain paradigms.

First Industrial Realty Trust (FR) specializes in the ownership, operation, and development of industrial properties, including distribution centers, warehouse facilities, flex properties, light industrial properties, and manufacturing facilities. The company's operations are exclusively focused on major industrial markets across the United States.

The addressable market for First Industrial Realty Trust's services is the industrial real estate market in North America, with a primary focus on the United States. The North American industrial real estate market was valued at an estimated USD 265.85 billion in 2024 and is projected to grow to approximately USD 279.43 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 5.1%. This market is expected to reach USD 342.39 billion by 2029 with a CAGR of 5.2%. The United States holds a dominant position within the North American industrial real estate market, accounting for over 70% of the market share.

First Industrial Realty Trust (FR) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Strong Rental Rate Growth: The company has demonstrated significant increases in cash rental rates on new and renewal leases. For example, cash rental rates on leases signed to date commencing in 2025 increased approximately 32% (37% excluding a large fixed-rate renewal), and those commencing in 2026 saw an increase of approximately 31%. This trend of higher rents on new and renewed leases is a primary contributor to revenue growth.
2. Strategic Development and Lease-Up of New Properties: First Industrial is actively expanding its portfolio through strategic development projects, particularly in high-growth markets such as South Florida, Philadelphia, and Dallas. The company has reported success in leasing new development projects, such as securing 772,000 square feet across new development projects in Q3 and Q4 2025. The lease-up of these newly completed or under-construction developments is a direct driver of increased rental income.
3. High Occupancy Rates and Lease-Up of In-Service Developments: Maintaining high in-service occupancy, which is projected to be between 94% and 96% for Q4 2025, is crucial for consistent revenue. The company also expects to lease an additional 300,000 square feet of its in-service developments by December 31st, 2025, further contributing to revenue.
4. Underlying Demand from E-commerce and Supply Chain Modernization: The broader industrial real estate sector continues to benefit from strong demand driven by the growth of e-commerce and the ongoing need for supply chain modernization. This sustained market demand underpins First Industrial's ability to achieve higher rental rates and maintain high occupancy for its logistics properties.

Share Issuance

• In the third quarter of 2021, First Industrial Realty Trust raised $59 million of net proceeds through an At-The-Market Equity Offering Program.

Capital Expenditures

• As of September 30, 2025, the company had six development projects underway, totaling 0.9 million square feet of gross leasable area, with an estimated total investment of approximately $152.8 million.
• During the nine months ended September 30, 2025, First Industrial acquired two industrial properties in the Phoenix market (approximately 0.8 million square feet), an income-producing land parcel in Northern California for $10.6 million, and approximately 61.4 acres of land for development in the Philadelphia market for $15.7 million.
• The company plans to capitalize an estimated $0.09 per share of interest in 2025, which includes incremental costs for completed and under-construction developments.