FIRST INDUSTRIAL LP

Previous wording

•changes in national, international, regional and local economic conditions generally and real estate markets specifically;

Current wording

•changes in national, international, regional and local economic conditions generally, and real estate markets specifically, including impacts and uncertainties arising from trade disputes and tariffs on goods imported to or exported from the United States;

Previous wording

•changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities;

Current wording

•changes in legislation/regulation (including laws governing the taxation of real estate investment trusts) and actions of regulatory authorities;

Previous wording

•the availability and attractiveness of financing (including both public and private capital) and changes in interest rates;

Current wording

•the availability, cost and attractiveness of financing (including both public and private capital), increases in or prolonged periods of elevated interest rates, and our ability to raise equity capital on attractive terms;

Previous wording

•the availability and attractiveness of terms of additional debt repurchases;

Current wording

•the availability and attractiveness of terms of debt repurchases;

Previous wording

•changes in supply, demand and valuation of industrial properties and land in our current and potential market areas;

Current wording

•changes in the competitive environment in which we operate, including changes in supply, demand and valuation of industrial properties and land in our current and potential markets;

Previous wording

•higher-than-expected real estate construction costs and delays in development or lease-up schedules;

Current wording

•higher-than-expected real estate construction costs and delays in development or lease-up timelines;

Previous wording

•the uncertainty and economic impact of pandemics, epidemics or other public health emergencies or fear of such events;

Current wording

•uncertainty and economic impacts of pandemics, epidemics or other public health emergencies or fear of such events;

Previous wording

•risks associated with security breaches through cyber attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology networks and related systems;

Current wording

•risks associated with cybersecurity breaches, cyberattacks, intrusions or other significant disruptions of our information technology networks or systems;

Previous wording

•potential natural disasters and other potentially catastrophic events such as acts of war and/or terrorism;

Current wording

•potential natural disasters and other catastrophic events, including acts of war or terrorism;

Previous wording

•litigation, including costs associated with prosecuting or defending claims and any adverse outcomes;

Current wording

•litigation risks, including costs associated with prosecuting or defending claims and potential adverse outcomes;

Previous wording

•other risks and uncertainties described in this report, in Item 1A, "Risk Factors" and elsewhere in our annual report on Form 10-K for the year ended December 31, 2024 as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and in our other public filings with the Securities and Exchange Commission (the "SEC").

Current wording

•other risks and uncertainties described in Item 1A, "Risk Factors" and elsewhere in our annual report on Form 10-K for the year ended December 31, 2025 as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and in our other public filings with the Securities and Exchange Commission (the "SEC").

Previous wording

We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this report. We assume no obligation to update or supplement forward-looking statements.

Current wording

We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this report. We assume no obligation to update or supplement forward-looking statements except as may be required by law.

Previous wording

The Company is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). As of September 30, 2025, we owned 417 industrial properties located in 19 states, containing an aggregate of approximately 69.5 million square feet of gross leasable area ("GLA"). Of the 417 properties owned on a consolidated basis, none of them are directly owned by the Company.

Current wording

The Company is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). As of March 31, 2026, we owned 420 industrial properties located in 19 states, containing an aggregate of approximately 70.9 million square feet of gross leasable area ("GLA"). Of the 420 properties owned on a consolidated basis, none of them are directly owned by the Company.

Previous wording

We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 97.0% ownership interest ("General Partner Units") at September 30, 2025. The Operating Partnership also conducts operations through several other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. The noncontrolling interest in the Operating Partnership of approximately 3.0% at September 30, 2025 represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units").

Current wording

We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 96.8% ownership interest ("General Partner Units") at March 31, 2026. The Operating Partnership also conducts operations through several other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. The noncontrolling interest in the Operating Partnership of approximately 3.2% at March 31, 2026 represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units").

Previous wording

Through a wholly-owned TRS of the Operating Partnership, we own an equity interest in a joint venture (the "Joint Venture"). We also provide various services to the Joint Venture. The Joint Venture is accounted for under the equity method of accounting. The operating data of the Joint Venture is not consolidated with that of the Operating Partnership or the Company as presented herein.

Current wording

Through a wholly-owned TRS of the Operating Partnership, we own an equity interest in a joint venture (the "Joint Venture"). We also provide various services to the Joint Venture. The Joint Venture is accounted for under the equity method of accounting. The operating data of the Joint Venture is not consolidated with that of the Operating Partnership or the Company as presented herein. During the year ended December 31, 2025, the Joint Venture sold its remaining real estate assets.

Previous wording

•Internal Growth. We seek to grow internally by: (i) increasing revenues by renewing or re-leasing spaces subject to expiring leases at higher rental levels; (ii) obtaining contractual rent escalations on our long-term leases; (iii) increasing occupancy levels at properties where vacancies exist and maintaining occupancy elsewhere; (iv) controlling and minimizing property operating expenses, general and administrative expenses and releasing costs; and (v) renovating existing properties.

Current wording

•Internal Growth. We seek to grow internally by: (i) increasing revenues by renewing or re-leasing expiring leases at higher rental levels; (ii) obtaining contractual rent escalations on our long-term leases; (iii) increasing occupancy at properties with existing vacancies while maintaining high occupancy across the remainder of the portfolio; (iv) controlling and minimizing property operating expenses, general and administrative expenses and releasing costs; and (v) selectively renovating existing properties.

Previous wording

•External Growth. We seek to grow externally through: (i) the development of best-in-class industrial properties and the acquisition of individual and portfolios of industrial properties, which meet our investment parameters within our 15 key logistics markets, with a primary emphasis on coastal markets; and (ii) the expansion of our existing properties.

Current wording

•External Growth. We seek to grow externally through: (i) the development of best-in-class industrial properties and the acquisition of individual assets, portfolios of industrial properties and leased land sites that meet our investment parameters within our 15 key logistics markets; and (ii) the expansion and redevelopment of our existing properties.

Previous wording

•Portfolio Enhancement. We continually seek to upgrade our overall portfolio by making new investments and selling assets that lack strong long-term cash flow growth potential. Our focus is on 15 key logistics markets, with a primary emphasis on coastal markets, which exhibit desirable long-term growth characteristics and where developable land is relatively scarce.

Current wording

•Portfolio Enhancement. We continually seek to upgrade our overall portfolio by making new investments and selling assets that lack strong long-term cash flow growth potential. Our investment focus is on 15 key logistics markets which exhibit desirable long-term growth characteristics and where developable land is relatively scarce.

Previous wording

•Organizational Strategy. We implement a decentralized property operations strategy through the deployment of experienced regional management teams and local property managers. We provide acquisition, development and financing assistance, asset management oversight and financial reporting functions from our headquarters in Chicago, Illinois to support our regional operations. We believe the size of our portfolio enables us to realize operating efficiencies by spreading overhead among many properties and by negotiating purchasing discounts.

Current wording

•Organizational Strategy. We employ a decentralized property operations strategy through the deployment of experienced regional management teams and local property managers. Our headquarters in Chicago, Illinois provides acquisition, development and financing assistance, asset management oversight and financial reporting functions to our regional operations. We believe the size of our portfolio enables us to realize operating efficiencies by spreading overhead costs among many properties and by negotiating favorable terms and purchasing discounts.

Previous wording

•Market Strategy. Our market strategy is to concentrate on 15 key logistics markets in the United States, with a primary emphasis on coastal markets. These markets have one or more of the following characteristics: (i) favorable industrial real estate fundamentals, including improving industrial demand and constrained future supply that can lead to long-term rent growth; (ii) favorable and diversified economic and business environments that should benefit from increases in distribution activity driven by growth in global trade and local consumption; (iii) population growth as it generally drives industrial demand; (iv) natural barriers to entry and scarcity of land which are key elements in delivering future rent growth; (v) sufficient size to provide ample opportunity for growth through incremental investments and support asset liquidity; and (vi) favorable governmental, regulatory and tax environments.

Current wording

•Market Strategy. Our market strategy focuses on 15 key logistics markets in the United States. These markets exhibit one or more of the following characteristics: (i) favorable industrial real estate fundamentals, including improving industrial demand and constrained future supply that can lead to long-term rent growth; (ii) favorable and diversified economic and business environments that should benefit from increases in distribution activity driven by growth in global trade and local consumption; (iii) population growth, which generally drives industrial demand; (iv) natural barriers to entry and scarcity of land which are key elements in delivering future rent growth; (v) sufficient market size to provide ample opportunity for growth through incremental investments and support asset liquidity; and (vi) favorable governmental, regulatory and tax environment.

Previous wording

•Leasing and Marketing Strategy. We have an operational management strategy designed to enhance tenant satisfaction and portfolio performance. We pursue an active leasing strategy that includes broadly marketing available space, seeking to renew existing leases at higher rents while minimizing re-leasing costs and seeking leases which provide for the pass-through of property-related expenses to the tenant. Additionally, we have both local and national marketing programs that target the business and real estate brokerage communities, as well as multi-national tenants.

Current wording

•Leasing and Marketing Strategy. We utilize an operational management strategy designed to enhance tenant satisfaction and portfolio performance. We pursue an active leasing strategy that includes broadly marketing available space, seeking to renew existing leases at higher rents while minimizing re-leasing costs and seeking leases which provide for the pass-through of property-related expenses to the tenant. Additionally, we have both local and national marketing programs that target the business and real estate brokerage communities, as well as multi-national tenants.

Previous wording

•Acquisition/Development Strategy. Our investment strategy is primarily focused on developing and acquiring industrial properties in 15 key logistics markets in the United States, with an emphasis on markets with a coastal orientation, through the deployment of experienced regional management teams. When evaluating potential industrial property acquisitions and developments, we consider such factors as: (i) the geographic area and type of property; (ii) the location, construction quality, functionality, condition and design of the property; (iii) the terms of tenant leases, including the potential for rent increases; (iv) the potential for economic growth and the general business, tax and regulatory environment of the area in which the property is located; (v) the occupancy and demand by tenants for properties of a similar type in the vicinity; (vi) competition from existing properties and the potential for the construction of new properties in the area; (vii) the potential for capital appreciation of the property; (viii) the ability to improve the property's performance through renovation; and (ix) the potential for expansion of the physical layout of the property and/or the number of sites.

Current wording

•Acquisition/Development Strategy. Our investment strategy is primarily focused on developing and acquiring industrial properties in 15 key logistics markets in the United States through the deployment of experienced regional management teams. When evaluating potential industrial property acquisitions and developments, we consider such factors as: (i) the geographic area and type of property; (ii) the location, construction quality, functionality, condition and design of the property; (iii) the terms and credit quality of tenant leases, including the potential for rent rate growth; (iv) the potential for economic growth and the general business, tax and regulatory environment of the surrounding area; (v) the occupancy and demand by tenants for properties of a similar type in the vicinity; (vi) competition from existing properties and the potential for the construction of new properties in the area; (vii) the potential for capital appreciation of the property; (viii) the ability to improve the property's performance through renovation; and (ix) the potential for physical expansion of the property and/or additional sites.

Previous wording

•Disposition Strategy. We continually evaluate local market conditions and property-related factors across all of our markets to identify assets suitable for disposition. Our focus is on selling properties with lower rent growth potential or that lack optimal functionality. The capital from these sales is generally reinvested into new assets identified, consistent with our investment strategy discussed above or otherwise used in a manner consistent with our business strategy.

Current wording

•Disposition Strategy. We continually evaluate local market conditions and property-related factors across all of our markets to identify assets suitable for disposition. Our focus is on selling properties with lower rent growth potential or that lack optimal functionality. The capital from these sales is generally reinvested in new assets consistent with our investment strategy or otherwise used in a manner consistent with our business strategy.

Previous wording

•Financing Strategy. To finance acquisitions, developments and debt maturities, as market conditions permit, we may utilize a portion of proceeds from property sales, unsecured debt offerings, term loans, mortgage financings and line of credit borrowings under our $850.0 million unsecured revolving credit agreement (the "Unsecured Credit Facility"), and proceeds from the issuance, when and as warranted, of additional equity securities. We also evaluate joint venture arrangements as another source of capital to finance acquisitions and developments as well as manage investment exposure and allocation.

Current wording

•Financing Strategy. To finance acquisitions, developments and debt maturities, as market conditions permit, we may utilize proceeds from property sales, unsecured debt offerings, unsecured term loans, mortgage financings and borrowings under our $850.0 million unsecured revolving credit agreement (the "Unsecured Credit Facility"), and proceeds from the issuance, when and as warranted, of additional equity securities. We also periodically evaluate joint venture arrangements as another source of capital to finance acquisitions and developments as well as manage investment exposure and allocation.

Previous wording

Summary of the Nine Months Ended September 30, 2025

Current wording

Summary of the Three Months Ended March 31, 2026

Previous wording

Our operating results were strong for the nine months ended September 30, 2025, highlighted by a robust 31.6% average increase in cash rental rates on new and renewal commenced leases, tenant retention of 71.5% and quarter-end occupancy of 94.0%, demonstrating healthy demand.

Current wording

Our operating results were strong for the three months ended March 31, 2026, highlighted by a robust 31.7% average increase in cash rental rates on new and renewal commenced leases, tenant retention of 85.7% and quarter-end occupancy of 94.3%, demonstrating healthy demand.

Previous wording

As of September 30, 2025, we had six development projects underway, totaling 0.9 million square feet of GLA, with an aggregate estimated investment of approximately $152.8 million.

Current wording

As of March 31, 2026, we had four development projects underway, totaling 0.7 million square feet of GLA, with an aggregate estimated investment of approximately $124.2 million.

Previous wording

During the nine months ended September 30, 2025, we completed several significant real estate transactions:

Current wording

During the three months ended March 31, 2026, we completed the following significant real estate transactions:

Previous wording

During the nine months ended September 30, 2025, our key financing activities included:

Current wording

During the three months ended March 31, 2026, our key financing activities included:

Previous wording

•We declared first, second and third quarter cash dividends of $0.445 per common share or Unit, an increase of 20.3% over the 2024 quarterly dividend rate.

Current wording

•We declared a first quarter cash dividend of $0.50 per common share or Unit, an increase of 12.4% over the 2025 quarterly dividend rate.

Previous wording

As of September 30, 2025, we had $814.8 million of available borrowing capacity under our Unsecured Credit Facility and held $36.8 million in cash and cash equivalents and restricted cash, excluding our Joint Venture partner's 6% interest, which is consolidated in our financial statements.

Current wording

•As of March 31, 2026, we had $723.9 million of available borrowing capacity under our Unsecured Credit Facility and held $37.1 million in cash and cash equivalents, excluding our Joint Venture partner's 6% interest, which is consolidated in our financial statements.

Previous wording

The tables below summarize our revenues, property expenses and depreciation and other amortization by category for the three and nine months ended September 30, 2025 and 2024.

Current wording

The tables below summarize our revenues, property expenses and depreciation and other amortization by category for the three months ended March 31, 2026 and 2025.

Previous wording

Same Store Properties: Same store properties include those that were owned and in service prior to January 1, 2024 and remained in service through September 30, 2025. Same store properties also includes developments and redevelopments placed in service prior to January 1, 2024. A property is considered placed in service when it meets one of the following criteria: (i) acquired properties with occupancy of at least 75% at acquisition, unless we anticipate tenant move-outs within two years of ownership would reduce occupancy below 75%; (ii) acquired properties with occupancy less than 75% at acquisition are placed in service upon reaching the earlier of 90% occupancy or one year subsequent to acquisition; (iii) developments, redevelopments and acquired income-producing land parcels for which our ultimate intent is to redevelop or develop on the land parcel are placed in service upon the earlier of reaching 90% occupancy or one year after construction completion; and (iv) properties acquired with occupancy greater than 75% but with anticipated move out within two years of ownership, are placed in service upon the earlier of reaching 90% occupancy or twelve months after tenant move out. Properties are moved from the same store category to the redevelopment classification when projected capital expenditures are estimated to exceed 25% of the property's undepreciated gross book value.

Current wording

Same Store Properties: Same store properties include those that were owned and in service prior to January 1, 2025 and remained in service through March 31, 2026. Same store properties also includes developments and redevelopments placed in service prior to January 1, 2025. A property is considered placed in service when it meets one of the following criteria: (i) acquired properties with occupancy of at least 75% at acquisition, unless we anticipate tenant move-outs within two years of ownership would reduce occupancy below 75%; (ii) acquired properties with occupancy less than 75% at acquisition are placed in service upon reaching the earlier of 90% occupancy or one year subsequent to acquisition; (iii) developments, redevelopments and acquired income-producing land parcels for which our ultimate intent is to redevelop or develop on the land parcel are placed in service upon the earlier of reaching 90% occupancy or one year after construction completion; and (iv) properties acquired with occupancy greater than 75% but with anticipated move out within two years of ownership, are placed in service upon the earlier of reaching 90% occupancy or twelve months after tenant move out. Properties are moved from the same store category to the redevelopment classification when projected capital expenditures are estimated to exceed 20% of the property's undepreciated gross book value.

Previous wording

During the nine months ended September 30, 2025, one industrial property, totaling approximately 0.1 million square feet of GLA, was taken out of service with the intent for future redevelopment. As a result of taking this industrial property out of service, the results of operations were reclassified from the same store property classification to the other classification.

Current wording

During the year ended December 31, 2025, one industrial property, totaling approximately 0.1 million square feet of GLA, was taken out of service with the intent for future redevelopment. As a result of taking this industrial property out of service, the results of operations associated with this property were reclassified from the same store property classification to the other classification.

Previous wording

Our net income was $67.4 million and $102.2 million for the three months ended September 30, 2025 and 2024, respectively.

Current wording

Our net income was $147.9 million and $52.9 million for the three months ended March 31, 2026 and 2025, respectively.

Previous wording

For the three months ended September 30, 2025 and 2024, the average daily occupancy rate of our same store properties was 94.6% and 95.4%, respectively.

Current wording

For the three months ended March 31, 2026 and 2025, the average daily occupancy rate of our same store properties was 94.5% and 95.7%, respectively.

Previous wording

Revenues from same store properties increased $8.0 million primarily due to increases in rental rates and tenant recoveries, partially offset by a decrease in occupancy. Revenues from acquired properties increased $3.0 million due to the seven industrial properties acquired subsequent to December 31, 2023 totaling approximately 1.1 million square feet of GLA. Revenues from sold properties decreased $0.9 million due to the 26 industrial properties sold subsequent to December 31, 2023 totaling approximately 1.4 million square feet of GLA. Revenues from (re)developments increased $4.2 million primarily due to an increase in occupancy. Revenues from other decreased by $0.6 million, primarily due to a decrease in revenues from a property that was previously occupied but has been taken out of service with the intent for future redevelopment.

Current wording

Revenues from same store properties increased $10.0 million primarily due to increases in rental rates and tenant recoveries, partially offset by a decrease in occupancy. Revenues from acquired properties increased $5.1 million due to the four industrial properties acquired subsequent to December 31, 2024 totaling approximately 1.9 million square feet of GLA. Revenues from sold properties decreased $0.7 million due to the seven industrial properties sold subsequent to December 31, 2024 totaling approximately 0.3 million square feet of GLA. Revenues from (re)developments increased $4.1 million primarily due to an increase in occupancy. Revenues from other decreased by $0.7 million, primarily due to a decrease in revenues from a previously occupied property that was taken out of service in preparation for future redevelopment as well as decreases in joint venture fees and interest income, partially offset by an increase in revenues from income-producing land parcels.

Previous wording

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties increased $4.1 million due to real estate taxes and repairs and maintenance. Property expenses from acquired properties increased $1.1 million due to properties acquired subsequent to December 31, 2023. Property expenses from sold properties decreased $1.9 million due to properties sold subsequent to December 31, 2023. Property expenses from (re)developments increased $2.3 million primarily due to the substantial completion of developments. Property expenses from other remained relatively unchanged.

Current wording

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties increased $3.9 million primarily due to increases in real estate taxes and repairs and maintenance expenses, partially offset by a decrease in insurance expenses. Property expenses from acquired properties increased $0.9 million due to properties acquired subsequent to December 31, 2024. Property expenses from sold properties decreased $0.2 million due to properties sold subsequent to December 31, 2024. Property expenses from (re)developments increased $1.2 million primarily due to the completion of developments. Property expenses from other was not significant for either three-month period.

Previous wording

Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $1.9 million due to properties acquired subsequent to December 31, 2023. Depreciation and other amortization from sold properties decreased $0.2 million due to properties sold subsequent to December 31, 2023. Depreciation and other amortization from (re)developments increased $0.4 million primarily due to an increase in depreciation and amortization related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other was not significant for either three-month period.

Current wording

Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $4.7 million due to properties acquired subsequent to December 31, 2024. Depreciation and other amortization from sold properties decreased $0.1 million due to properties sold subsequent to December 31, 2024. Depreciation and other amortization from (re)developments increased $1.8 million primarily due to an increase in depreciation and amortization related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other was not significant for either three-month period.

Previous wording

For the three months ended September 30, 2025, we recognized $9.5 million of gain on sale of real estate related to the sale of one industrial property totaling approximately 0.06 million square feet of GLA and one land parcel. For the three months ended September 30, 2024, we recognized $56.8 million of gain on sale of real estate related to the sale of seven industrial properties totaling approximately 0.4 million square feet of GLA.

Current wording

For the three months ended March 31, 2026, gain on sale of real estate included $109.0 million of gain related to the reclassification of an operating lease to a sales-type lease following the tenant's exercise of its option to purchase the land site. The sale is expected to close during the three months ended June 30, 2026. For the three months ended March 31, 2025, we recognized $6.8 million of gain on sale of real estate related to the sale of two industrial properties totaling approximately 0.1 million square feet of GLA.