First Industrial Realty Trust, Inc. · NYSE:FR
First Industrial Realty Trust — BofA Securities Global Real Estate Conference (2026)
32 slides from First Industrial Realty Trust's conference presentation, 2026
Slide 1: BofA Securities Global Real Estate Conference
BofA Securities Global Real Estate 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 CHAIN CASH DISCIPLINED FINANCIAL STRENGTH LOGISTICS SOLUTIONS FLOW DEVELOPMENT & RISK MARKETS GROWTH PIPELINE MANAGEMENT U.S. industrial platform Modern portfolio of Drive incremental cash flow New investment primarily via Strong balance sheet and concentrate
Slide 5: 2Q26 Leasing & Portfolio Management Highlights
(1) 2Q HIGHLIGHTS 2Q26 LEASING & PORTFOLIO MANAGEMENT HIGHLIGHTS 817 KSF 6.7% PORTFOLIO LEASING • 708 KSF (100%), First Logistics Center @ I-83, Central PA NEW DEVELOPMENT CASH SAME STORE NOI LEASE SIGNINGS YTD GROWTH DEVELOPMENT LEASING • 155 KSF (100%), First Wilson Logistics Center II, Inland Emp
Slide 6: Portfolio Composition
(1) PORTFOLIO COMPOSITION % of Rental Revenue as of June 30, 2026 (2) MODERN LOGISTICS PORTFOLIO >70% of assets built after 1999 (by SF); Exceed peers and significantly better than 35% figure for all U.S. stock (3) DIVERSE TENANT BASE 874 Tenants Top 20 = 25.0% by net rent INFILL LOCATIONS Within 30
Slide 7: FR's Portfolio Transformation 2010-2025
FR’S PORTFOLIO TRANSFORMATION 2010-2025 2026 Projected In-Service Portfolio MSF SF % NOI % Developed since 1/1/10 33 47% 45% Acquired since 1/1/10 11 15% 18% Legacy 26 38% 37% In service @ 12/31/25 70 Since 1/1/2010, portfolio transformation driven by 44 MSF of dispositions and 44 MSF of new, though
Slide 8: Transformation Impact on In-Service Metrics at YE25
T RA N SFO RMAT IO N IMPAC T O N IN - SERV IC E MET RIC S AT YE2 5 SQUARE FEET (M) # OF TENANTS # OF BUILDINGS AVG. BLDG. SIZE (KSF) 100 2,000 1000 200 1,993 1,500 150 169 783 50 69 70 1,000 500 100 872 414 50 88 500 0 0 0 0 AVG. TENANT SIZE (KSF) VINTAGE (1) CLEAR HEIGHT % OFFICE 100 2025 35 40 76
Slide 9: Metrics That Drive Value Creation
TRANSFORMATION IMPACT ON KEY CASH FLOW METRICS THAT DRIVE VALUE CREATION 2021 – 2025 CASH RELEASING SPREAD PERFORMANCE (1) CASH SAME STORE NOI GROWTH FR Peer Average (2),(3) Industrial peers sorted by descending average 2021 – 2026 same store cash NOI growth FR has also been #1 in straight-line rele
Slide 10: Key Portfolio Cash Flow Metrics
KEY PORTFOLIO CASH FLOW METRICS As of June 30, 2026 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% ±95.5% 32.2% 8% 7.1% 94.4% 30% 26.7% ±5.75% 94% 6% 5.3% 20% 16.2% 92% 10% 4
Slide 11: U.S. Industrial Market Landscape
U.S. INDUSTRIAL MARKET LANDSCAPE INDUSTRIAL SUPPLY & DEMAND (MSF) • National Market Metrics – 2Q26 − Vacancy 6.5% − Net Absorption 85 MSF in 2Q26 624 619 684 − Completions 48 MSF in 2Q26 624 624 619 619 636 − Under Construction 252 MSF 516 504 516 516 504 504 − 38% pre-leased 538 508 427 485 − 7-9 m
Slide 12: 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 448569 636 623 627680 662738 668825 630891 492867 380832 291794 252703 252597 244540 249489 456 25240
Slide 13: Financial Performance
FINANCIAL PERFORMANCE (1) FFO PER SHARE DIVIDEND PER SHARE $2.00 (2) $3.20 $3.16 $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 14: Corporate Responsibility
CORPORATE RESPONSIBILITY Responsible Development Environmentally-friendly features; 8.2 MSF LEED certified; committed to certifying all future developments Improving Energy Efficiency Efficient lighting: 96% of total SF, 69% LED Water Conservation Increasing use of sensors, drought-resistant landsca
Slide 15: Investment Activity
INVESTMENT ACTIVITY FIRST INDUSTRIAL REALTY TRUST, INC. | 15
Slide 16: 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 17: Developments Under Construction
DEVELOPMENTS UNDER CONSTRUCTION As of June 30, 2026 First Arlington First Park Miami – First Park New Castle - Commerce Center III Building 4 Building A DALLAS SOUTH FLORIDA PHILADELPHIA 84,360 SF 220,310 SF 612,554 SF $12.8M ($152/SF) $56.9M ($258/SF) $76.7M ($125/SF) 0% Leased 0% Leased 0% Leased
Slide 18: 2Q26 Development Start
2Q26 DEVELOPMENT START First Park New Castle – Building A Square Feet 612,554 • Strong leasing momentum drives Market Philadelphia development of second facility Est. Investment $76.7M demisable for multiple tenants $/SF $125 • Strategically located midway along I-95 between NYC and % Leased 0% Wash
Slide 19: 1Q26 Development Start
1Q26 DEVELOPMENT START First Arlington Commerce Center III Square Feet 84,360 Market Dallas • Third FR development in highly Est. Investment $12.8M sought-after GSW submarket $/SF $152 % Leased 0% Est. Cash Yield ≈ 6.8% Est. Completion 4Q26 FIRST INDUSTRIAL REALTY TRUST, INC. | 19
Slide 20: 1Q26 Development Start
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% • Future growth: 859 KSF developable at Park Est. Cash Yield ≈ 6.9% Est. Completion
Slide 21: Developments Completed / Not in Service
DEVELOPMENTS COMPLETED / NOT IN SERVICE As of June 30, 2026 First First Park 33 – First Park 121- Rockdale VI Buildings I and II Building F NASHVILLE LEHIGH VALLEY DALLAS 317,117 SF 361,800 SF 176,182 SF $33.0M ($104/SF) $62.9M ($174/SF) $25.2M ($143/SF) 0% Leased 15% Leased 100% Leased, Commences 3
Slide 22: 2026 Developments Placed in Service
2026 DEVELOPMENTS PLACED IN SERVICE As of June 30, 2026 First Park Miami - First Park New Castle - First Pompano Building 3 Buildings B Logistics Center MIAMI PHILADELPHIA MIAMI 198,112 SF 226,074 SF 59,912 SF $49.7M ($251/SF) $29.6M ($131/SF) $15.5M ($259/SF) 56% Leased 100% Leased 100% Leased 2Q25
Slide 23: 2025 Developments Placed in Service
2025 DEVELOPMENTS PLACED IN SERVICE As of June 30, 2026 Estimated % Placed In Property Market SF $/SF Investment ($M) Leased (1) Service First Wilson Logistics Center II Inland Empire 154,559 29.2 189 100% 1Q25 First Rider Logistics Center Inland Empire 324,379 44.2 136 0% 1Q25 6.7% Est. Cash First
Slide 24: 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 Additional 9 132,751 100% $21.8 Owned Land 859 KSF Developable 10 198,108 100% $38.0 11 200,264 100% $32.8 13 56,404 100% $15.0 12 1
Slide 25: Phoenix Value Creation
PHOENIX VALUE CREATION Camelback 303 JV and $131M Land Sale | Loop 303 Corridor • Platform at work – CB 303 follow-up to 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 at a multiple of industrial land values • Dev
Slide 26: Strategically Located Land to Drive Growth
STRATEGICALLY LOCATED LAND TO DRIVE GROWTH As of June 30, 2026 16 MSF ≈$907M >$2B (1) DEVELOPABLE ON FAIR VALUE, TOTAL POTENTIAL BALANCE SHEET ≈1.5X BOOK VALUE INVESTMENT 27 KSF Market Acres Baltimore 58 Chicago 137 2.6 0.4 Dallas 26 MSF MSF 0.6 Denver 55 0.2 0.7 MSF MSF Inland Empire 351 MSF Lehigh
Slide 27: Balance Sheet Strength
BALANCE SHEET STRENGTH FIRST INDUSTRIAL REALTY TRUST, INC. | 27
Slide 28: 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 4.9x 4.7x 30% 5.0 4.8x 4.0 4.5x 26.1% 25.8% 4.6x 24.2% 24.6% 24.6% 23.9% 4.5x 25% 4.5 3.0 20% 4.0 2.0 2021 2022 2023 2024 2025 2Q26 2021 2
Slide 29: Manageable Maturity Schedule
MANAGEABLE MATURITY SCHEDULE As of June 30, 2026 1300 1200 Weighted Avg. Maturity = 4.0 yrs. (1) 1100 (3) Weighted Avg. Interest Rate = 4.2% 375 1000 Line of Credit and $75M of $375M term loan = 900 only floating rate debt 800 700 (4) 425 $M 600 (2) 500 123 400 (3) 200 300 200 450 182 225 250 100 21
Slide 30: Conclusion
First Park 121 (6 Buildings) – Dallas 1.3 MSF | Built in 2019-2026 CONCLUSION FIRST INDUSTRIAL REALTY TRUST, INC. | 30
Slide 31: Delivered Strong Returns to Our Shareholders
FR PLATFORM AND PORTFOLIO HAVE CONSISTENTLY DELIVERED STRONG RETURNS TO OUR SHAREHOLDERS TRAILING 10-YEAR RETURN PERCENTILE RANK VS. RMZ (1) Trailing FR FR percentile FR rank / # of Top ranked 10 year period TSR ranking constituents Industrial REIT 2018 345% 77% 20 / 153 2019 848% 98% 3 / 151 2020 4
Slide 32: 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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