First Industrial Realty Trust (FR) investor relations material

Executive summary

• Entered 2026 from a position of strength, focusing on capitalizing on portfolio and development pipeline opportunities to drive cash flow growth and stockholder value.

• Achieved strong cash rental rate increases, solid same-store NOI, and meaningful FFO growth in 2025, maintaining high occupancy and leasing momentum.

• Delivered superior total stockholder returns compared to industrial and proxy peers, as well as the broader REIT universe, across multiple time periods.

• Since 2020, NAV per share grew 61%, exceeding peers, and 2026 guidance projects 6.1% FFO per share growth over 2025.

• Portfolio transformation since 2010 upgraded asset quality, shifted focus to high-growth, land-scarce coastal markets, and improved key portfolio metrics.

Voting matters and shareholder proposals

• Stockholders are asked to vote for the company’s director nominees at the 2026 Annual Meeting.

• Land & Buildings withdrew its director nomination but is pursuing a withhold campaign against incumbent directors.

Board of directors and corporate governance

• Board emphasizes a balance of expertise, continuity, and independence to support long-term value creation.

• Announced appointment of Frank E. Schmitz as a new independent director effective June 1, 2026, bringing nearly four decades of relevant experience.

• Board refreshment and engagement with shareholders are ongoing priorities.