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

• Like the Simon Property Group, but for industrial warehouses and distribution centers.
• Like Public Storage, but for large businesses needing extensive warehouse and logistics facilities.

• Industrial Real Estate Ownership and Development: First Industrial Realty Trust owns, develops, redevelops, buys, and sells a diverse portfolio of industrial properties, including bulk and regional distribution centers and light industrial facilities, across major U.S. markets.
• Industrial Real Estate Leasing and Management: The company leases its industrial properties to multinational corporations and regional customers and provides ongoing property management services for these facilities.

First Industrial Realty Trust (FR) primarily serves other companies as its customers, leasing industrial real estate properties to them.

Due to the highly diversified nature of its tenant base, FR does not have any single customer that accounts for a significant portion of its total rental revenue. Consequently, the company does not disclose specific "major customers" by name in its public filings, as no single tenant typically represents more than a small percentage of its total revenue (e.g., often less than 2% of total rental revenue).

FR's broad customer base consists of tenants requiring industrial space for various operational needs, encompassing the following categories:

• Multinational Corporations: Large companies with extensive supply chains, often requiring bulk and regional distribution centers for their global operations.
• Regional Customers: Small to medium-sized businesses operating within specific geographic areas, utilizing a range of industrial facility types including light industrial, manufacturing, and distribution centers.
• Logistics and E-commerce Companies: Businesses heavily reliant on warehousing, distribution, and fulfillment services, encompassing third-party logistics (3PL) providers and online retailers, who lease space for their supply chain and order fulfillment operations.

Peter E. Baccile President and Chief Executive Officer

Mr. Baccile was appointed President and Chief Executive Officer in September 2016. He brings a background in investment banking to the role and focuses on delivering long-term cash flow growth and value creation for investors.

Scott Musil Chief Financial Officer

Mr. Musil was promoted to Chief Financial Officer in March 2011, having served as acting CFO since December 2008. He joined First Industrial in 1995 and has held various financial roles within the company, including chief accounting officer, treasurer, and assistant secretary. Prior to First Industrial, Mr. Musil specialized in the real estate and finance industries at Arthur Andersen & Company.

Johannson Yap Chief Investment Officer and Executive Vice President - West Region

Mr. Yap brings more than three decades of commercial real estate investment experience to his role.

Jennifer Matthews Rice General Counsel and Secretary

Ms. Matthews Rice joined First Industrial as General Counsel in 2019, overseeing legal affairs with over 20 years of legal experience. Her previous roles include 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.

Peter Schultz Executive Vice President - East Region

Mr. Schultz earned his B.A. in business administration from Gettysburg College.

1. Economic Downturn and Weakening Demand for Industrial Real Estate: A significant contraction in economic activity could lead larger businesses to reduce their multi-year supply chain developments, directly impacting demand for industrial real estate. Evidence of this risk includes negative rent growth observed in some markets and projected declines in cash lease spreads for First Industrial, indicating softening market fundamentals. Additionally, this could result in defaults on or non-renewal of leases by tenants, along with decreases in rental rates or increases in vacancy rates.

2. Sensitivity to Interest Rates and Capital Markets: As a Real Estate Investment Trust (REIT), First Industrial is significantly dependent on financial markets for capital to fund its growth, given its requirement to distribute at least 90% of its taxable income as dividends. A thin spread between the company's cap rate and its weighted average cost of capital (WACC) poses a risk. Rising interest costs could pressure profit margins, and the company's ability to raise equity capital on attractive terms, retain its credit agency ratings, and comply with financial covenants are all susceptible to fluctuations in capital markets and interest rates.

3. Real Estate Market and Development Risks: First Industrial engages in speculative development, undertaking projects without a tenant secured in advance, which carries inherent risks if demand does not materialize as expected. The company also has a notable geographic concentration, with approximately 25% of its rental revenue originating from Southern California, making it vulnerable to regional economic shifts or oversupply. Other related risks include higher-than-expected real estate construction costs, delays in development or lease-up timelines, and changes in the competitive landscape impacting the supply, demand, and valuation of industrial properties and land.

The addressable market for First Industrial Realty Trust (FR) is the industrial real estate market within the United States.

The U.S. industrial real estate market is substantial. In terms of total inventory, the United States accounted for nearly 4.7 billion square feet of industrial space in 2024.

In terms of market value, the U.S. industrial real estate market size was approximately $279.43 billion in 2025. This market is projected to grow to $294.12 billion in 2026 and reach an estimated $359.68 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 5.2% from 2025 to 2030. North America was identified as the largest region in the industrial real estate market in 2025.

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

1. Strong Cash Rental Rate Increases: The company has demonstrated significant pricing power, reporting a 32% cash rental rate increase on new and renewal leasing for 2025, with an even higher 37% increase when excluding a large fixed-rate renewal. First Industrial Realty Trust anticipates a 35% cash rental rate increase for leases signed to date that are set to commence in 2026.
2. Active Development and Redevelopment Pipeline: First Industrial is actively expanding its portfolio through development and redevelopment projects. In the fourth quarter of 2025, approximately 500,000 square feet of developments and acquisitions with lease-up commenced. Furthermore, in the first quarter of 2026, the company initiated two new developments totaling 305,000 square feet in Miami and Dallas, and signed 447,000 square feet of new leases for development projects in Q4 2025. This ongoing activity is a direct contributor to future revenue streams.
3. Strategic Acquisitions: The acquisition of income-producing properties is another driver. In the fourth quarter of 2025, First Industrial acquired a 100% leased 968,000 square foot building in Phoenix and a newly constructed 117,000 square foot facility in Baltimore, with a combined stabilized cash yield of 6.3%.
4. High Occupancy Rates and Robust Leasing Activity: Maintaining high occupancy rates and engaging in consistent leasing activity across its existing portfolio are crucial for revenue growth. The company concluded the fourth quarter of 2025 with in-service occupancy at 94.4%, an increase of 40 basis points from the previous quarter. The broader leasing market also showed considerable activity in Q4 2025.
5. Positive Outlook and Analyst Confidence: The company's own forward guidance and favorable analyst sentiment indicate expected revenue growth. First Industrial has provided a full-year 2026 Funds From Operations (FFO) guidance ranging from $3.09 to $3.19 per share, representing an approximate 6% growth at the midpoint. Analysts covering the company have a "Moderate Buy" consensus rating, with several firms recently increasing their price targets for the stock.

Outbound Investments

• In 2025, First Industrial Realty Trust acquired three 100% leased buildings totaling 1.8 million square feet from its Camelback 303 joint venture in Phoenix for $245 million.
• In 2025, the company acquired a 117,000 square-foot building in Baltimore for $31 million and a 61-acre land site in Philadelphia for $16 million, intended for a two-phase project developable to 837,000 square feet.
• In 2021, First Industrial commenced development of four projects totaling 2.7 million square feet with an estimated total investment of $266.0 million, including significant investments in Central Pennsylvania, Nashville, Dallas, and Denver.

Capital Expenditures

• In the first quarter of 2026, the company commenced development of two projects totaling 305,000 square feet, representing an estimated total investment of $70 million, focused on logistics facilities in South Florida and Dallas.
• For the full year 2025, First Industrial expected to capitalize approximately $0.09 per share of interest related to its developments.
• In the fourth quarter of 2024, the company started two developments totaling 679,000 square feet in Nashville and Lehigh Valley, with an estimated total investment of $96 million.