FIRST INDUSTRIAL LP

General

At December 31, 2025, we owned 418 industrial properties of which 414 were classified as in-service. Of the 418 properties owned on a consolidated basis, none of them are directly owned by the Company. The 414 in-service industrial properties contained an aggregate of approximately 69.9 million square feet of GLA in 19 states. Our in-service portfolio includes all properties that have reached stabilized occupancy (defined as properties that are 90% leased), (re)developed properties upon the earlier of reaching 90% occupancy or one year from the date construction is completed and acquired properties that are at least 75% occupied at acquisition or one year from the acquisition date, unless we anticipate tenant move-outs within two years of ownership would drop occupancy below 75%. Acquired properties with tenants that we anticipate will move out within the first two years of ownership are placed in service upon the earlier of reaching 90% occupancy or one year after move out. The average annual base rent per square foot for our in-service portfolio, calculated at December 31, 2025, was $8.41. The properties are generally located in business parks that have convenient access to interstate highways and/or rail and air transportation. We maintain insurance on our properties that we believe is adequate.

The following tables summarize, by market, certain information as of December 31, 2025, with respect to the in-service properties.

In-Service Property Summary Totals

(A)Central/Eastern Pennsylvania includes the markets of Central Pennsylvania and Philadelphia. Denver includes one property in Salt Lake City. New Jersey includes the markets of Northern and Central New Jersey. Southern California includes the markets of Los Angeles, the Inland Empire and San Diego.

Indebtedness

As of December 31, 2025, three of our 414 in-service industrial properties, with a net carrying value of $29.4 million, are pledged as collateral under a mortgage financing, totaling $9.3 million. See Note 4 to the Consolidated Financial Statements and the accompanying Schedule III for additional information.

Development Activity

During the year ended December 31, 2025, we transferred seven development properties totaling approximately 1.9 million square feet of GLA to our in-service portfolio at a total estimated cost of approximately $249.8 million. Included in the estimated total cost is $8.6 million of leasing commissions. The capitalization rate for these development projects, calculated using the estimated stabilized net operating income (excluding straight-line rent adjustments) divided by the total investment in the developed property is 6.8%. The placed in-service development projects have the following characteristics:

As of December 31, 2025, we substantially completed three developments totaling approximately 0.6 million square feet of GLA. The estimated total investment for these developments is approximately $97.4 million, of which $84.7 million has been funded as of December 31, 2025. There can be no assurance that the actual completion cost for these developments will not exceed the estimated completion cost. The substantially completed developments have the following characteristics:

As of December 31, 2025, we have six projects classified as under development totaling approximately 1.1 million square feet of GLA. This total includes two projects for which vertical construction commenced in the first quarter of 2026. The estimated total investment for these development projects under construction is $187.1 million, of which $100.1 million has been funded as of December 31, 2025. There can be no assurance that the actual completion cost for these developments will not exceed the estimated completion cost. The development projects under construction have the following characteristics:

Property Acquisitions

During the year ended December 31, 2025, we acquired four industrial properties and one income-producing land parcel in our Baltimore, Northern California and Phoenix markets, as well as approximately 61 acres of land for development in the Philadelphia market, for an aggregate purchase price of approximately $303.0 million. The industrial properties and the income-producing land parcel were acquired at an expected stabilized capitalization rate of approximately 6.4%. This capitalization rate was calculated using the estimated stabilized net operating income (excluding straight-line rent adjustments and above and below market lease amortization), divided by the sum of the purchase price, closing costs and estimated stabilization costs. For properties acquired from the Joint Venture located in Phoenix, the purchase price used in this calculation was reduced by our proportionate share of the Joint Venture's gain on sale and incentive fees. The acquired industrial properties have the following characteristics:

Property Sales

During the year ended December 31, 2025, we sold seven industrial properties totaling approximately 0.3 million square feet of GLA, at a weighted average capitalization rate of 6.9%, and one land parcel for total gross sales proceeds of approximately $42.3 million. The capitalization rate for these sales was calculated using the properties' revenues (excluding straight-line rent adjustments, lease inducement amortization and above and below market lease amortization) less operating expenses for the twelve full months preceding the sale, divided by the sales price. The sold industrial properties have the following characteristics:

Tenant and Lease Information

We have a diverse base of approximately 900 tenants engaged in a wide variety of businesses including e-commerce, third-party logistics and transportation, consumer and other manufactured products, retail and consumer services, food and beverage, lumber and building materials, wholesale goods, health services, governmental and other. At December 31, 2025, our leases have a weighted average lease length of 7.7 years from inception and the majority provide for periodic rent increases that are either fixed or based on changes in the Consumer Price Index. Industrial tenants typically have net or semi-net leases and pay as additional rent their percentage of the property's operating costs, including the costs of common area maintenance, insurance, property taxes and utilities. As of December 31, 2025, approximately 94.4% of the GLA of our in-service properties was leased, and no single tenant or group of related tenants accounted for more than 6.4% of our rent revenues, nor did any single tenant or group of related tenants occupy more than 6.5% of the total GLA of our in-service properties.

Leasing Activity

The following table provides a summary of our leasing activity for the year ended December 31, 2025. The table does not include month-to-month leases or leases with terms less than twelve months.

(A)Net rent is the average base rent, calculated in accordance with GAAP, over the term of the lease.

(B)Straight line basis rent growth is calculated as the percentage change in net rent (including straight line rent adjustments) on a new or renewal lease compared to the net rent (also including straight line rent adjustments) of the expiring comparable lease. New leases without a prior comparable lease are excluded from this metric.

(C)The lease term is expressed in years and assumes no exercise of any renewal or extension options.

(D)Lease costs include all costs incurred or capitalized for improvements related to vacant and renewal spaces, along with leasing commissions and other capitalized transaction-related costs. Lease costs per square foot represent the total expected turnover costs for leases that commenced during the period and may not reflect actual expenditures for the period. Excludes properties with zero square footage, such as income producing land.

(E)Represents the weighted average square footage of tenants that renewed their respective leases.

The following table provides a summary of our leases that commenced during the year ended December 31, 2025, which included rent concessions (abated rent) during the lease term.

Lease Expirations

Fundamentals for the United States industrial real estate market demonstrated modest improvement overall in 2025. Demand for new industrial space increased compared to 2024. New industrial space was delivered throughout 2025 at a slower pace than the prior year. The volume of new construction starts remained low relative to the recent peak of 2023 given the pace of demand. In 2025, new supply outpaced incremental demand, leading to an increase in national vacancy levels. Market-level rental rate growth was flat to slightly positive in virtually all of the markets in which we own and operate properties. Southern California experienced lower rental rates but at a reduced pace compared to 2024. Looking ahead, based on our recent experience, modest levels of vacancy generally across our markets, and the 2026 forecast of a leading national research company, we expect higher average net rental rates for renewal leases on a cash basis compared to expiring rates. Similarly, for 2026, net rental rates for new leases on a cash basis on average are expected to exceed prior lease rates, driven primarily by market rent growth since the original leases were signed. The following table shows scheduled lease expirations for our in-service properties as of December 31, 2025:

(A)Includes leases that expire on or after January 1, 2026 and assumes tenants do not exercise existing renewal, termination or purchase options. Reflects the impact of renewals signed prior to January 1, 2026 which are now reflected in the new year of expiration.

(B)Does not include existing vacancies of 3,892,990 aggregate square feet and December 31, 2025 move outs of 130,376 aggregate square feet.

(C)Annualized base rent is calculated as monthly contractual base rent per the terms of the lease, as of December 31, 2025, multiplied by 12. If free rent is granted, then the first positive rent value is used.