FIRST INDUSTRIAL LP

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 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.

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 June 30, 2026, we owned 419 industrial properties located in 19 states, containing an aggregate of approximately 71.2 million square feet of gross leasable area ("GLA"). Of the 419 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 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").

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 96.7% ownership interest ("General Partner Units") at June 30, 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 3.3% at June 30, 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

•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.

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 re-leasing costs; and (v) selectively renovating existing properties.

Previous wording

Summary of the Three Months Ended March 31, 2026

Current wording

Summary of the Six Months Ended June 30, 2026

Previous 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.

Current wording

Our operating results were strong for the six months ended June 30, 2026, highlighted by a robust 35.1% average increase in cash rental rates on new and renewal commenced leases, same store cash net operating income growth of 7.7% and quarter-end in-service occupancy of 94.9%, demonstrating healthy demand.

Previous 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.

Current wording

As of June 30, 2026, we had three development projects underway, totaling 0.9 million square feet of GLA, with an aggregate estimated investment of approximately $146.4 million.

Previous wording

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

Current wording

During the six months ended June 30, 2026, we completed the following significant real estate transactions:

Previous wording

•We substantially completed development of two industrial buildings totaling 0.4 million square feet of GLA in our Philadelphia market.

Current wording

•We substantially completed development of four industrial buildings totaling 0.8 million square feet of GLA in our Dallas and Philadelphia markets.

Previous wording

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

Current wording

During the six months ended June 30, 2026, our key financing activities included:

Previous 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.

Current wording

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

Previous wording

•In January, we refinanced our $425.0 million and $300.0 million unsecured term loans, extending their maturities to January 2030 (with an additional one-year extension option) and January 2029 (with two one-year extension options), respectively. We also increased the principal balance on our $300.0 million term loan by $75.0 million, bringing it to $375.0 million. In connection with these refinancings, we amended our existing $200.0 million unsecured term loan and eliminated the 10 basis point SOFR adjustment across all unsecured term loans.

Current wording

•In January, we refinanced our $425.0 million and $300.0 million unsecured term loans, extending their maturities to January 2030 (with an additional one-year extension option) and January 2029 (with two one-year extension options), respectively. We also increased the principal balance on our $300.0 million term loan by $75.0 million, bringing it to $375.0 million. In connection with these refinancings, we amended our existing $200.0 million unsecured term loan and eliminated the 10 basis point Secured Overnight Financing Rate ("SOFR") adjustment across all unsecured term loans.

Previous 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.

Current wording

•As of June 30, 2026, we had $724.9 million of available borrowing capacity under our Unsecured Credit Facility and held $114.2 million in cash and cash equivalents and restricted cash, excluding our Joint Venture partner's 6% effective 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 months ended March 31, 2026 and 2025.

Current wording

The tables below summarize our revenues, property expenses and depreciation and other amortization by category for the three and six months ended June 30, 2026 and 2025.

Previous 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.

Current wording

Revenues from same store properties increased $18.3 million primarily due to increases in rental rates and tenant recoveries, partially offset by a slight decrease in occupancy. Revenues from acquired properties increased $8.2 million due to the five industrial properties acquired subsequent to December 31, 2024 totaling approximately 2.0 million square feet of GLA. Revenues from sold properties decreased $1.5 million due to the 11 industrial properties sold subsequent to December 31, 2024 totaling approximately 0.6 million square feet of GLA. Revenues from (re)developments increased $9.4 million primarily due to an increase in occupancy. Revenues from other decreased by $1.9 million primarily due to legal settlement proceeds received during the six months ended June 30, 2025, as well as lower joint venture income, partially offset by an increase in revenues from income-producing land parcels.

Previous wording

General and administrative expense increased by $7.1 million, or 44.5%, primarily due to $5.6 million of costs as of the date hereof related to financial advisors, legal counsel and other consultants in connection with a threatened contested proxy campaign initiated by the principal of Land & Buildings Investment Management, LLC, who nominated himself for election at the Company's annual meeting (with notice provided in November 2025) before subsequently withdrawing his nomination in March 2026.

Current wording

General and administrative expense increased by $7.5 million, or 30.8%, primarily due to $5.6 million of costs related to financial advisors, legal counsel and other consultants in connection with a contested proxy campaign initiated by the principal of Land & Buildings Investment Management, LLC, who nominated himself for election at the Company's annual meeting (with notice provided in November 2025) before subsequently withdrawing his nomination in March 2026. These expenses were incurred during the six months ended June 30, 2026.

Previous 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.

Current wording

For the six months ended June 30, 2026, we recognized $125.6 million of gain on sale of real estate related to the sale of four industrial properties totaling approximately 0.3 million square feet of GLA and a land site. For the six months ended June 30, 2025, we recognized $8.0 million of gain on sale of real estate related to the sale of three industrial properties totaling approximately 0.1 million square feet of GLA.

Previous wording

Equity in income of joint venture decreased by $3.4 million, or 96.9%, primarily due to a decrease in gain on sale and incentive fees associated with the Joint Venture's sale of two properties during the three months ended March 31, 2025. As we were the purchaser of the properties, our economic share of the gain and incentive fees was offset against the basis of the real estate acquired. The remaining portion of the gain on sale and incentive fees represents our partner’s share, which is consolidated in our financial statements. Additionally, the decrease also reflects a reduction in our pro-rata share of operating income, as the Joint Venture disposed of its final real estate assets during the year ended December 31, 2025.

Current wording

Equity in income (loss) of joint venture decreased by $3.2 million, or 94.4%, primarily due to a decrease in gain on sale and incentive fees associated with the Joint Venture's sale of two properties during the six months ended June 30, 2025. As we were the purchaser of the properties, our economic share of the gain and incentive fees was offset against the basis of the real estate acquired. The remaining portion of the gain on sale and incentive fees reflects our partner’s share, which is consolidated in our financial statements. Additionally, the decrease also reflects a reduction in our pro-rata share of operating income, as the Joint Venture disposed of its final real estate assets during the year ended December 31, 2025.

Previous wording

The income tax provision decreased by $1.9 million, or 32.0%, primarily due to a decrease in our pro-rata share of gain and incentive fees recognized from the sale of real estate by the Joint Venture during the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Current wording

Income tax benefit (provision) decreased $3.1 million, or 52.6%, primarily driven by a decrease in our pro-rata share of gain and incentive fees recognized from the sale of real estate by the Joint Venture during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Our equity interest in the Joint Venture is held through a wholly-owned TRS.

Previous wording

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

Current wording

Our net income was $79.7 million and $56.9 million for the three months ended June 30, 2026 and 2025, respectively.

Previous 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.

Current wording

For the three months ended June 30, 2026 and 2025, the average daily occupancy rate of our same store properties was 94.2% and 94.8%, respectively.

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 $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.

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 $1.6 million primarily due to an increase in real estate tax expense. Property expenses from acquired properties increased $0.7 million due to properties acquired subsequent to December 31, 2024. Property expenses from sold properties decreased $0.1 million due to properties sold subsequent to December 31, 2024. Property expenses from (re)developments increased $0.9 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 $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.

Current wording

Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $2.5 million due to properties acquired subsequent to December 31, 2024. Depreciation and other amortization from sold properties decreased $0.2 million due to properties sold subsequent to December 31, 2024. Depreciation and other amortization from (re)developments increased $1.6 million primarily due to an increase in depreciation and amortization related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other was relatively unchanged.

Previous wording

Interest expense increased $4.4 million, or 22.3%, primarily due to a higher weighted average debt balance of $2,581.9 million for the three months ended March 31, 2026 compared to $2,250.4 million for the three months ended March 31, 2025, as well as an increase in the weighted average interest rate to 4.21% for the three months ended March 31, 2026 from 4.03% for the three months ended March 31, 2025, offset by a $0.1 million increase in capitalized interest during the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Current wording

Interest expense increased $2.7 million, or 12.6%, primarily due to a higher weighted average debt balance of $2,616.6 million for the three months ended June 30, 2026 compared to $2,418.2 million for the three months ended June 30, 2025, as well as an increase in the weighted average interest rate to 4.23% for the three months ended June 30, 2026 from 4.10% for the three months ended June 30, 2025, offset by a $0.1 million increase in capitalized interest during the three months ended June 30, 2026 compared to the three months ended June 30, 2025.

Previous wording

Amortization of debt issuance costs increased $0.6 million, or 59.0%, primarily due to financing costs incurred related to the amendment and restatement of the Unsecured Credit Facility in March 2025 and the issuance of $450.0 million of senior notes in May 2025.

Current wording

Amortization of debt issuance costs increased $0.2 million, or 18.3%, primarily due to financing costs incurred related to the amendment and restatement of our $425.0 million term loan in January 2026 and the issuance of $450.0 million of senior notes in May 2025.

Previous wording

The following table provides a summary of our leasing activity for the three months ended March 31, 2026. The table does not include month-to-month leases or leases with terms less than twelve months.

Current wording

The following table provides a summary of our leasing activity for the three and six months ended June 30, 2026. The table does not include month-to-month leases or leases with terms less than twelve months.

Previous wording

The following table provides a summary of our leases that commenced during the three months ended March 31, 2026, which included rent concessions (abated rent) during the lease term.

Current wording

The following table provides a summary of our leases that commenced during the three and six months ended June 30, 2026, which included rent concessions (abated rent) during the lease term.

Previous wording

At March 31, 2026, our cash and cash equivalents were approximately $37.1 million, excluding our Joint Venture partner's share of cash and cash equivalents that we consolidate and report in our financial statements. We also had $723.9 million of availability for additional borrowings under our Unsecured Credit Facility as of March 31, 2026.

Current wording

At June 30, 2026, our cash and cash equivalents and restricted cash were approximately $114.2 million, excluding our Joint Venture partner's share of cash and cash equivalents that we consolidate and report in our financial statements. We also had $724.9 million of availability for additional borrowings under our Unsecured Credit Facility as of June 30, 2026.

Previous wording

We have considered our short-term liquidity requirements through March 31, 2027, as well as the adequacy of our estimated cash flow from operations and other expected liquidity sources to meet those requirements. As of March 31, 2026, we had no debt maturities within the next twelve months. Beyond this period, we believe that our principal short-term liquidity needs include funding normal recurring expenses, property acquisitions, developments, expansions, renovations and other nonrecurring capital improvements, debt service requirements, the minimum distributions required to maintain the Company's REIT status under the Code and distributions approved by the Company's Board of Directors. We anticipate meeting these short-term liquidity requirements primarily through cash flows generated by operating activities and proceeds from select asset dispositions. Additional sources of liquidity may include the issuance of other debt or equity securities or borrowings under our Unsecured Credit Facility, subject to market conditions.

Current wording

We have considered our short-term liquidity requirements through June 30, 2027, as well as the adequacy of our estimated cash flow from operations and other expected liquidity sources to meet those requirements. We have $125.0 million of private placement notes maturing in April 2027 and $6.1 million in public notes maturing in May 2027. We expect to satisfy these obligations on or prior to their respective maturity dates with borrowings under our Unsecured Credit Facility or the issuance of other indebtedness. We believe that our principal short-term liquidity needs include funding normal recurring expenses, property acquisitions, developments, expansions, renovations and other nonrecurring capital improvements, debt service requirements, the minimum distributions required to maintain the Company's REIT status under the Code and distributions approved by the Company's Board of Directors. We anticipate meeting these short-term liquidity requirements primarily through cash flows generated by operating activities and proceeds from select asset dispositions. Additional sources of liquidity may include the issuance of other debt or equity securities or borrowings under our Unsecured Credit Facility, subject to market conditions.

Previous wording

As of April 24, 2026, we had approximately $642.9 million available for additional borrowings under our Unsecured Credit Facility.

Current wording

As of July 23, 2026, we had approximately $742.5 million available for additional borrowings under our Unsecured Credit Facility.

Previous wording

The following table summarizes our cash flow activity for the Company for the three months ended March 31, 2026 and 2025:

Current wording

The following table summarizes our cash flow activity for the Company for the six months ended June 30, 2026 and 2025:

Previous wording

The following table summarizes our cash flow activity for the Operating Partnership for the three months ended March 31, 2026 and 2025:

Current wording

The following table summarizes our cash flow activity for the Operating Partnership for the six months ended June 30, 2026 and 2025:

Previous wording

Changes in cash flow for the three months ended March 31, 2026, compared to the prior year comparable period are described as follows:

Current wording

Changes in cash flow for the six months ended June 30, 2026, compared to the prior year comparable period are described as follows:

Previous wording

Operating Activities: Cash provided by operating activities increased $0.3 million, primarily due to the following:

Current wording

Operating Activities: Cash provided by operating activities decreased $11.8 million, primarily due to the following:

Previous wording

◦decrease in accounts payable, accrued expenses, other liabilities, rents received in advance and security deposits due to timing of cash payments.

Current wording

•decrease in accounts payable, accrued expenses, other liabilities, rents received in advance and security deposits due to timing of cash payments; and

Previous wording

•increase in net operating income ("NOI") from same store properties, acquired properties and recently developed properties of $13.2 million offset by a decrease in NOI due to the disposition of real estate of $0.5 million; and

Current wording

◦increase in net operating income ("NOI") from same store properties, acquired properties and recently developed properties of $26.7 million offset by a decrease in NOI due to the disposition of real estate of $1.2 million;

Previous wording

•decrease in tenant accounts receivable, prepaid expenses and other assets due to timing of cash receipts; offset by:

Current wording

◦decrease in tenant accounts receivable, prepaid expenses and other assets due to timing of cash receipts.

Previous wording

Investing Activities: Cash used in investing activities decreased $140.9 million, primarily due to the following:

Current wording

Investing Activities: Cash used in investing activities decreased $250.0 million, primarily due to the following:

Previous wording

◦decrease of $11.5 million in net proceeds received from the disposition of real estate in 2026 as compared to 2025.

Current wording

•increase of $143.6 million in net proceeds received from the disposition of real estate in 2026 as compared to 2025;

Previous wording

•decrease of $150.7 million related to the acquisition, development and investment in real estate activity, primarily attributed to lower acquisition-related spending during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, offset by increased development and other real estate investment spending during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025; offset by:

Current wording

•decrease of $100.7 million related to the acquisition, development and investment in real estate activity, primarily attributed to lower acquisition-related and development spending during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025; and

Previous wording

Financing Activities: Cash used in financing activities was $57.3 million for the three months ended March 31, 2026 as compared to cash provided by financing activities of $110.5 million for the three months ended March 31, 2025, resulting in a decrease of cash used in financing activities of $167.8 million, primarily due to the following:

Current wording

Financing Activities: Cash used in financing activities was $126.7 million for the six months ended June 30, 2026 as compared to cash provided by financing activities of $58.7 million for the six months ended June 30, 2025, resulting in an increase of cash used in financing activities of $185.4 million, primarily due to the following: