First Industrial Realty Trust, Inc. · NYSE:FR
First Industrial Realty Trust — Citi's 2026 Global Property CEO Conference
27 slides from First Industrial Realty Trust's conference presentation, 2026
Slide 1: Citi's 2026 Global Property CEO Conference
Citi’s 2026 Global Property CEO Conference
Slide 2: Safe Harbor
SAFE HARBOR This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). We intend for such forward-looking statements to be covered by the safe harbor provisions
Slide 3: Company Overview
COMPANY OVERVIEW First Pine Hills BTS – Orlando FIRST INDUSTRIAL REALTY TRUST, INC. 112,000 SF | Built |in 2025 3
Slide 4: Strategy to Create Value
STRATEGY TO CREATE VALUE TOP U.S. SUPPLY CASH DISCIPLINED FINANCIAL STRENGTH LOGISTICS CHAIN FLOW DEVELOPMENT & RISK MARKETS SOLUTIONS GROWTH PIPELINE MANAGEMENT U.S. industrial platform Portfolio focused on Drive incremental cash flow New investment through the Strong balance sheet and concentrated
Slide 5: Recent Highlights
RECENT HIGHLIGHTS 11.7% 7.1% LEASING & PORTFOLIO MANAGEMENT HIGHLIGHTS NAREIT FFO/SHARE 2025 CASH SAME 4Q25 DEVELOPMENT LEASING (1) • 212 KSF, First Liberty Logistics Center, Houston GROWTH IN 2025 STORE NOI GROWTH • 19 KSF, First Loop Logistics Park Building 4, Orlando • 159 KSF, First Harley Knox
Slide 6: Portfolio Composition
PORTFOLIO COMPOSITION (1) % of Rental Revenue as of December 31, 2025 (2) DIVERSE TENANT BASE 872 Tenants Top 20 = 25.6% by net rent INFILL PORTFOLIO Within 30 miles of 3.8M avg. population, household income ≈ 12.5% greater than US median (1) Map excludes the markets of Minneapolis/St. Paul (2.4%),
Slide 7: Development Impact: Modern, High Quality Portfolio
DEVELOPMENT IMPACT Modern, High Quality Portfolio 69.9 MSF In-Service Portfolio as of December 31, 2025 33 MSF Legacy Portfolio 47% Developed 47% of In-Service Portfolio 2012 - Present Developed Since 2012 15% Acquired since 1/1/2010 • Modern specifications aligned with today’s logistics and distrib
Slide 8: Key Portfolio Cash Flow Metrics
KEY PORTFOLIO CASH FLOW METRICS As of December 31, 2025 CASH RENTAL RATES CASH SAME STORE NOI (4) OCCUPANCY (period average) (full year) 100% 60% 58.3% 12% 98.8% 50.8% 98.1% 10.1% 98% 50% 10% 96.2% 8.4% 8.1% 40% ±35.0% 96% 95.5% 32.2% 8% 7.1% 94.4% ±94.5% 30% 26.7% 94% 6% 5.3% ±5.5% 20% 16.2% 92% 10
Slide 9: U.S. Industrial Market Landscape
U.S. INDUSTRIAL MARKET LANDSCAPE INDUSTRIAL SUPPLY & DEMAND (MSF) • National Market Metrics – 4Q25 − Vacancy 6.7% − Net Absorption 141 MSF in 2025 624 619 − Completions 282 MSF in 2025 − Under Construction 221 MSF 516 504 − 38% pre-leased 427 − 11-12 months-to-lease (1) assuming 381 376 2025’s pace
Slide 10: Construction Starts Decline; Pipelines Shrink
CONSTRUCTION STARTS DECLINE; PIPELINES SHRINK CONSTRUCTION STARTS (MSF) CONSTRUCTION PIPELINE (MSF) Construction Construction Starts Starts 47% 41% 36% 34% 32% 32% 32% 31% 29% 29% 29% 28% 26% 410504 569 636 623 689 680 744 738 668825 630891 867 832 326794 291703 252597 540 489 456 221404 24% 24% 25%
Slide 11: Financial Performance
FINANCIAL PERFORMANCE (1) FFO PER SHARE DIVIDEND PER SHARE $2.00 (2) $3.20 $3.14 $2.00 CAGR = 10% $2.96 $1.78 $3.00 $1.85 CAGR = 13% $2.80 $2.65 $1.70 $2.60 $1.55 $1.48 $2.42 $2.40 $2.27 $1.40 $1.28 $2.20 $1.25 $1.18 $1.97 $1.08 $2.00 $1.10 $1.80 $0.95 '21 '22 '23 '24 '25 '26F '21 '22 '23 '24 '25 '2
Slide 12: Corporate Responsibility
CORPORATE RESPONSIBILITY Responsible Development Environmentally-friendly features; 7.7 MSF LEED certified; committed to certifying all future developments Improving Energy Efficiency Efficient lighting: 95% of total SF, 66% LED Water Conservation Increasing use of sensors, drought-resistant landsca
Slide 13: Investment Activity
INVESTMENT ACTIVITY FIRST INDUSTRIAL REALTY TRUST, INC. | 13
Slide 14: Development: Strategy & Value Creation
DEVELOPMENT Strategy & Value Creation • Emphasis on land-constrained markets • Primarily speculative development with select build-to-suits • Best-in-class buildings with flexibility to serve single or multiple tenants • Platform to execute: source, entitle, develop, lease • Risk management via self
Slide 15: 1Q26 Development Start: First Arlington Commerce Center III
1Q26 DEVELOPMENT START First Arlington Commerce Center III Square Feet 84,360 Market Dallas • Third FR project in highly Est. Investment $12.8M sought-after GSW submarket $/SF $152 % Leased 0% Est. Cash Yield ≈ 7% Est. Completion 4Q26 FIRST INDUSTRIAL REALTY TRUST, INC. | 15
Slide 16: 1Q26 Development Start: First Park Miami Building
1Q26 DEVELOPMENT START First Park Miami – Building 4 Square Feet 220,310 • 9th Building at infill, highly Market Miami leased park Est. Investment $56.9M • 1.4 MSF developed methodically to date $/SF $258 % Leased 0% • Another 859 KSF developable Est. Cash Yield ≈ 7% • 5 miles from Miami Intl. Est.
Slide 17: Developments Under Construction
DEVELOPMENTS UNDER CONSTRUCTION As of December 31, 2025 Estimated % Estimated Property Market SF $/SF Investment ($M) Leased (1) Completion Central/ First Park 33 – Buildings I & II 361,800 62.9 174 0% 1Q26 Eastern PA 7.2% First Park 121 – Building F Dallas 176,182 23.3 132 0% 2Q26 Est. Cash Yield (
Slide 18: Developments Completed – Not In Service
DEVELOPMENTS COMPLETED – NOT IN SERVICE As of December 31, 2025 Estimated % Property Market SF Investment ($M) $/SF Leased (1) Completion 7.3% Est. Cash First Park Miami – Building 3 South Florida 198,112 49.7 251 28% 2Q25 Yield (2) First Rockdale VI Nashville 317,117 33.0 104 0% 3Q25 First Pompano
Slide 19: 2025 Developments Placed In Service
2025 DEVELOPMENTS PLACED IN SERVICE As of December 31, 2025 Estimated % Placed In Property Market SF $/SF Investment ($M) Leased (1) Service First Wilson Logistics Center II Inland Empire 154,559 29.3 190 0% 1Q25 First Rider Logistics Center Inland Empire 324,379 44.2 136 0% 1Q25 6.8% Est. Cash Firs
Slide 20: South Florida Value Creation
SOUTH FLORIDA VALUE CREATION First Park Miami | Medley Submarket Bldg. Size Leased % GAAP Investment Est. Cash Yield Complete 1 219,040 100% $42.1 2 258,925 100% $42.2 9 132,751 100% $21.8 10 198,108 100% $38.0 Additional Owned Land 11 200,264 100% $32.8 859 KSF Developable 13 56,404 100% $15.0 12 1
Slide 21: Phoenix Value Creation
PHOENIX VALUE CREATION Camelback 303 JV | Loop 303 Corridor • FR platform at work - Follow-up to our successful PV 303 JV • CB 303 established in 3Q20, concluded in 1Q26; FR interest 43% • 71-acre land sale to data center user in 4Q25: $58M gross proceeds • Development and lease-up of three high qua
Slide 22: Strategically Located Land to Drive Growth
STRATEGICALLY LOCATED LAND TO DRIVE GROWTH As of December 31, 2025 16 MSF ≈$872M >$2B (1) DEVELOPABLE ON FAIR VALUE, TOTAL POTENTIAL BALANCE SHEET ≈1.6X BOOK VALUE INVESTMENT 27 KSF Market Acres Chicago 137 Dallas 26 2.6 0.4 0.6 Denver 55 MSF MSF MSF Inland Empire 351 0.2 0.7 MSF Lehigh Valley 35 MS
Slide 23: Balance Sheet Strength
BALANCE SHEET STRENGTH FIRST INDUSTRIAL REALTY TRUST, INC. | 23
Slide 24: Strong Balance Sheet
STRONG BALANCE SHEET TOTAL LEVERAGE (1) (DEBT + PREFERRED) TO EBITDA FIXED CHARGE COVERAGE (1) 6.0 (annualized) 6.0 40% 5.5 5.0 5.4x 35% 5.2x 5.1x 5.1x 5.0x 4.9x 4.7x 4.7x 30% 27.6% 5.0 4.8x 4.8x 4.0 4.5x 26.1% 25.8% 4.6x 24.2% 24.6% 24.6% 25% 4.5 3.0 20% 4.0 2.0 2020 2021 2022 2023 2024 2025 2020 2
Slide 25: Manageable Maturity Schedule
MANAGEABLE MATURITY SCHEDULE As of December 31, 2025 900 No Maturities Until 2027 (Only $131M) Weighted Avg. Maturity = 4.5 yrs. (1) 800 Weighted Avg. Interest Rate = 4.0% (3) 700 Refinanced 2027 Maturities 300 Line of Credit = only floating rate debt In January, closed on $425M and 600 $375M unsecu
Slide 26: Conclusion
CONCLUSION First Rockdale – Nashville FIRST INDUSTRIAL REALTY TRUST, INC. 2.8 MSF | Built in 2008-2025 | 26
Slide 27: First Industrial's Investment Strengths
FIRST INDUSTRIAL’S INVESTMENT STRENGTHS Future Cash Flow Growth Ability to grow cash flow and dividends through portfolio rent growth opportunities, development lease-up that is largely funded, and rental rate escalators embedded in our leases Growth from New Investment Well-positioned to capitalize
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