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, Mar 2, 2026
Slide 1: Citi's 2026 Global Property CEO Conference
= FIRST eo INDUSTRIAL REALTY-TRUST Citi’s 2026 Global Property CEO Conference ca » FR “=e. 2 LISTED NYSE
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 21€ 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 > = 112,000SF | Builtin2025
Slide 4: Strategy to Create Value
STRATEGY TO CREATE VALUE od TOP U.S. LOGISTICS MARKETS U.S. industrial platform concentrated in 15 key logistics markets with significant population centers, consumption, transportation infrastructure and long- term supply chain demand. FIRST INDUSTRIAL REAL ae SUPPLY CHAIN SOLUTIONS Portfolio focus
Slide 5: Recent Highlights
RECENT HIGHLIGHTS 11.7% NAREIT FFO/SHARE GROWTH IN 2025 32% CASH RENTAL RATE INCREASE ON ‘25 COMMENCED LEASES 94.4% 2025 YE IN-SERVICE OCCUPANCY 7.1% 2025 CASH SAME STORE NOI GROWTH 35% CASH RENTAL RATE INCREASE ON SIGNED ‘26 LEASES oe DEBT MATURING PRIOR TO 2027 LEASING & PORTFOLIO MANAGEMENT HIGHL
Slide 6: Portfolio Composition
PORTFOLIO COMPOSITION” % of Rental Revenue as of December 31, 2025 (7) GB seotie \Central/Eastern PA Southern California ‘Los Angeles: Inland Empire East Inland Empire West~ 6.8% ‘San Diego -3.0% Dallas/Ft. Worth (Central Florida Say) Houston [ ) Target Markets (97%) South Florida GY 00512 Markers (
Slide 7: Development Impact
DEVELOPMENT IMPACT Modern, High Quality Portfolio 69.9 MSF In-Service Portfolio as of December 31, 2025 33 MSF Legacy 47% . ° Portfolio Developed 47% of In-Service Portfolio 2012 - Present Developed Since 2012 15% Acquired 1/1/2010 Modern specifications aligned with today’s logistics and distributio
Slide 8: Key Portfolio Cash Flow Metrics
KEY PORTFOLIO CASH FLOW METRICS As of December 31, 2025 OccUPANCY CASH RENTAL RATES CASH SAME STORE NO! “ (period average) (full year) 100% 60% 12% 98.8% 98.1% 10.1% 98% 50% 10% 96.2% 40% 8.4% 3.1% 96% 95.5% 8% 2.1% 94.4% #94.5% 30% 94% 6% 5.3% 25.5% 20% 92% 0% 4% 1 | 90% 0% . 2% ‘2102202312425 "26
Slide 9: U.S. Industrial Market Landscape
U.S. INDUSTRIAL MARKET LANDSCAPE National Market Metrics — 4Q25 Vacancy 6.7% Net Absorption 141 MSF in 2025 Completions 282 MSF in 2025 Under Construction 221 MSF — 38% pre-leased - 11-12 months-to-lease “ assuming 2025’s pace of net absorption Renewal leasing remains strong Tenants still deliberate
Slide 10: Construction Starts Decline; Pipelines Shrink
CONSTRUCTION STARTS DECLINE; PIPELINES SHRINK CONSTRUCTION STARTS (MSF) CONSTRUCTION PIPELINE (MSF) _ a = ® = } po po ne | 2 Po : ps g = # cof = # ” a nm = ps] ee Loz ico poy pe P42 “os = L238 | * Construction starts down 62% from 3Q21 peak * Future new supply constrained by: — Lower availability an
Slide 11: Financial Performance
Firét Liberty L Center —Hollston SF. Built im 2025 FINANCIAL PERFORMANCE FFO PER SHARE" $3.20 $3.00 CAGR = 10% | $2.80 $2.60 $2.40 $2.20 $1.97 $2.00 $1.80 "2100 (220123, 4) FFO per share excludes atypical items per int guidance per press release dated 2s defined in our 4025 Supplemer 240 '25 bruary
Slide 12: Corporate Responsibility
CORPORATE RESPONSIBILITY - ~ im RST INDUST 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
Slide 13: Investment Activity
INVESTMENT ACTIVITY
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-imposed s
Slide 15: 1Q26 Development Start
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
Slide 16: 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 $/SF $258 methodically to date % Leased 0% * Another 859 KSF developable Est. Cash Yield =7% * Smiles from Miami Intl. Airport
Slide 17: Developments Under Construction
DEVELOPMENTS UNDER CONSTRUCTION As of December 31, 2025 =$14M expected post 2026 annual cash flow opportunity or =$0.10 per share/unit FIRST INDUSTRIAL REALTY TRUST, INC Estimated % Estimated Marte: SF investment (sm) __*/S* teased” completion = ai Central/ ~ First Park 33 — Buildings | & II Eastern
Slide 18: Developments Completed — Not in Service
DEVELOPMENTS COMPLETED — NOT IN SERVICE As of December 31, 2025 Estimated % , Market SF Investment ($M) SISF —Leageg(t) Completion 7.3% First Park Miami — Building 3 South Florida 198,112 49.7 251 28% 2025 ae = First Rockdale VI Nashville 317,117 33.0 104 0% 3025 42 -52% lea Fist Pompano Logistics C
Slide 19: 2025 Developments Placed in Service
2025 DEVELOPMENTS PLACED IN SERVICE As of December 31, 2025 Estimated % Placed In Property, Market Se investment (sm) °/SF teased) _ 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 ‘ _. First Park
Slide 20: South Florida Value Creation
SOUTH FLORIDA VALUE CREATION First Park Miami | Medley Submarket Bid Leased GAAP Investment _Est. Cash Yi 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 11 200,264 100% $32.8 13 56,404 100% $15.0 12 135,707 76% $33.7 1,201,199 97.3% $225.6M 6.8% Complet
Slide 21: Phoenix Value Creation
PHOENIX VALUE CREATION Camelback 303 JV | Loop 303 Corridor | Fort McDowell Fountain Hills | ° 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 * Developme
Slide 22: Strategically Located Land to Drive Growth
STRATEGICALLY LOCATED LAND TO DRIVE GROWTH As of December 31, 2025 16 MSF =$872M >$2B DEVELOPABLE ON FAIR VALUE, TOTAL POTENTIAL BALANCE SHEET =1.6X BOOK VALUE INVESTMENT @ Market Acres "Chicago 137 Dallas 26 @ 0.4 0.6 Denver 55 . Inland Empire 351 @ Lehigh Valley 35 Miami 68 @ Orlando 194 Philadelp
Slide 23: Balance Sheet Strength
BALANCE SHEET STRENGTH
Slide 24: Total Leverage and Fixed Charge Coverage
TOTAL LEVERAGE () (DEBT + PREFERRED) TO EBITDA FIXED CHARGE COVERAGE (?) 40% So (annualized) 6.0 5.5 5.0 35% Six say 30% | 27.6% 5.0 - 48x 49 oe Set 4.0 24.2% 75-8% 94.6% 24.6% 25% 4s 3.0 20% + 40 + 20 + 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 « 2025) 2020 2021 2022 2023 2024 2025 Uns
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.) 800 Weighted Avg. Interest Rate = 4.0% 700 Refinanced 2027 Maturities Line of Credit = only floating rate debt In January, closed on $425M and 600 $375M unsecured term lo
Slide 26: Conclusion
CONCLUSION First Rockdale — Nashville 2.8 MSF | Built in 2008-2025
Slide 27: Forward-Looking Statements
Forward-Looking Statements This document contains 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 pr
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