First Industrial Realty Trust, Inc. · NYSE:FR
First Industrial Realty Trust — Nareit REITweek 2026 Investor Conference
29 slides from First Industrial Realty Trust's conference presentation, 2026
Slide 1: Nareit REITWeek 2026 Investor Presentation
Nareit REITWeek 2026 Investor Presentation
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: 1Q Highlights
(1) 1Q HIGHLIGHTS LEASING & PORTFOLIO MANAGEMENT HIGHLIGHTS 383 KSF 8.7% NEW AND RENEWAL LEASING NEW DEVELOPMENT CASH SAME STORE NOI • Renewed 556 KSF SoCal tenant, largest ‘26 expiration LEASE SIGNINGS YTD GROWTH • 41% cash rental rate increase on YTD signed leases; reflects 61% of ‘26 expirations
Slide 6: Portfolio Composition
(1) PORTFOLIO COMPOSITION % of Rental Revenue as of March 31, 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 880 Tenants Top 20 = 25.1% by net rent INFILL LOCATIONS Within 3
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 2019 – 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 March 31, 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% 32.2% 8% 7.1% 94.4% ±94.5% 30% 26.7% 94% 6% 5.3% ±5.5% 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 – 1Q26 − Vacancy 6.7% − Net Absorption 43 MSF in 1Q26 624 624 619 619 − Completions 55 MSF in 1Q26 624 619 − Under Construction 237 MSF 516 504 516 504 516 504 − 39% pre-leased 427 427 − 9-11 months-to-lease
Slide 12: Construction Starts Decline; Pipelines Shrink
CONSTRUCTION STARTS DECLINE; PIPELINES SHRINK CONSTRUCTION STARTS (MSF) CONSTRUCTION PIPELINE (MSF) Construction Construction Starts Starts 410504 569 636 623 627680 662738 668825 630891 492867 380832 326794 291703 252597 244540 489 456 237404 117 178 100 111 100 114 67 95 86 68 3666 5148 3746 5136
Slide 13: 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 14: 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 15: Investment Activity
INVESTMENT ACTIVITY FIRST INDUSTRIAL REALTY TRUST, INC. | 15
Slide 16: Development
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: 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 ≈ 7% Est. Completion 4Q26 FIRST INDUSTRIAL REALTY TRUST, INC. | 17
Slide 18: 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% • Another 859 KSF developable Est. Cash Yield ≈ 7% • 5 miles from Miami Intl. Est.
Slide 19: Developments Under Construction
DEVELOPMENTS UNDER CONSTRUCTION As of March 31, 2026 707 KSF $124M 41-51% ≈ $9M 7.3% (1) Under Estimated Avg. Potential Expected Post 2026 Estimated Construction Investment Development Yield Annual Cash Flow Cash Yield Opportunity First Park 121 - First Park New Castle - First Arlington First Park M
Slide 20: 2025 Developments Placed in Service
2025 DEVELOPMENTS PLACED IN SERVICE As of March 31, 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 21: 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 10 198,108 100% $38.0 859 KSF Developable 11 200,264 100% $32.8 13 56,404 100% $15.0 12 1
Slide 22: 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: $58M gross proceeds • Development and lease-
Slide 23: Strategically Located Land to Drive Growth
STRATEGICALLY LOCATED LAND TO DRIVE GROWTH As of March 31, 2026 16 MSF ≈$891M >$2B (1) DEVELOPABLE ON FAIR VALUE, TOTAL POTENTIAL BALANCE SHEET ≈1.5X 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 MSF M
Slide 24: Balance Sheet Strength
BALANCE SHEET STRENGTH FIRST INDUSTRIAL REALTY TRUST, INC. | 24
Slide 25: Strong Balance Sheet
STRONG BALANCE SHEET TOTAL LEVERAGE (1) (DEBT + PREFERRED) TO EBITDA FIXED CHARGE COVERAGE (1) 6.0 (annualized) 6.0 40% 5.4x (3) 5.0 5.5 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% 24.5% 25% 4.5 3.0 20% 4.0 2.0 2021 2022 2023 2024 2025 1Q26 20
Slide 26: Manageable Maturity Schedule
MANAGEABLE MATURITY SCHEDULE As of March 31, 2026 1300 1200 Weighted Avg. Maturity = 4.3 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 800 700 425 (4) $M 600 (2) 500 124 400 (3) 200 300 200 450 182 225 250 100 2
Slide 27: Conclusion
CONCLUSION First Rockdale – Nashville FIRST INDUSTRIAL REALTY TRUST, INC. 2.8 MSF | Built in 2008-2025 | 27
Slide 28: 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 29: 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
First Industrial Realty Trust — Nareit REITweek 2026 Investor Conference on 6ix