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 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.

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 September 30, 2026, we owned 420 industrial properties located in 19 states, containing an aggregate of approximately 72.0 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 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").

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 September 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 3.2% at September 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

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.

Current wording

Our operating results were strong for the nine months ended September 30, 2026, highlighted by a robust 40.5% average increase in cash rental rates on new and renewal commenced leases, same store cash net operating income growth of 7.0% and quarter-end in-service occupancy of 94.1%, demonstrating healthy demand.

Previous wording

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

Current wording

During the nine months ended September 30, 2026, we completed the following significant real estate transactions:

Previous wording

•We acquired one industrial building totaling approximately 0.2 million square feet of GLA in our Dallas market for a purchase price of $25.6 million, excluding transaction costs.

Current wording

•We acquired two industrial properties totaling approximately 0.9 million square feet of GLA in our Dallas and Central Pennsylvania markets for an aggregate purchase price of $145.5 million, excluding transaction costs.

Previous wording

•We acquired 58 gross acres of developable land in our Baltimore market for a purchase price of $38.6 million, excluding transaction costs.

Current wording

•We acquired 90 gross acres of developable land in our Baltimore and Dallas markets for an aggregate purchase price of $51.9 million, excluding transaction costs.

Previous wording

•We commenced development of one industrial building totaling 0.6 million square feet of GLA in our Philadelphia market.

Current wording

•We commenced development of one industrial property totaling 0.6 million square feet of GLA in our Philadelphia market.

Previous wording

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

Current wording

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

Previous wording

•We sold four industrial buildings totaling approximately 0.3 million square feet of GLA in our Detroit market and 100 acres of land in Phoenix for aggregate gross proceeds of $160.5 million.

Current wording

•We sold four industrial properties totaling approximately 0.3 million square feet of GLA in our Detroit market and 100 acres of land in Phoenix for aggregate gross proceeds of $160.5 million.

Previous wording

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

Current wording

During the nine months ended September 30, 2026, our key financing activities included:

Previous 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.

Current wording

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

Previous 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.

Current wording

•As of September 30, 2026, we had $648.4 million of available borrowing capacity under our Unsecured Credit Facility and held $42.4 million in cash and cash equivalents, 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 and six months ended June 30, 2026 and 2025.

Current 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, 2026 and 2025.

Previous 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.

Current wording

During the nine months ended September 30, 2026 and the year ended December 31, 2025, one industrial property totaling approximately 0.2 million square feet of GLA, and one industrial property totaling approximately 0.1 million square feet of GLA, respectively, were taken out of service for future redevelopment. As a result of taking these industrial properties out of service, the results of operations associated with these properties were reclassified from the same store property classification to the other classification.

Previous wording

Our net income was $227.6 million and $109.8 million for the six months ended June 30, 2026 and 2025, respectively.

Current wording

Our net income was $288.1 million and $177.1 million for the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

For the six months ended June 30, 2026 and 2025, the average daily occupancy rate of our same store properties was 94.3% and 95.2%, respectively.

Current wording

For the nine months ended September 30, 2026 and 2025, the average daily occupancy rate of our same store properties was 94.4% and 95.0%, respectively.

Previous 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.

Current wording

Revenues from same store properties increased $27.4 million primarily due to increases in rental rates and tenant recoveries, partially offset by a slight decrease in occupancy. Revenues from acquired properties increased $12.0 million due to the six industrial properties acquired subsequent to December 31, 2024 totaling approximately 2.8 million square feet of GLA. Revenues from sold properties decreased $2.6 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 $14.9 million primarily due to an increase in occupancy. Revenues from other decreased $3.5 million primarily due to legal settlement proceeds received during the nine months ended September 30, 2025, lower joint venture income, and decreased revenues from income-producing land parcels and out of service properties.

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 $5.4 million due to increases in real estate taxes, repairs and maintenance, partially offset by a decrease in insurance expense. Property expenses from acquired properties increased $1.6 million due to properties acquired subsequent to December 31, 2024. Property expenses from sold properties decreased $0.3 million due to properties sold subsequent to December 31, 2024. Property expenses from (re)developments increased $2.1 million primarily due to the substantial completion of developments. Property expenses from other decreased $1.0 million due to a decrease in real estate taxes on certain income-producing land parcels as well as certain miscellaneous expenses.

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 $8.2 million due to increases in real estate taxes and repairs and maintenance expense, partially offset by a decrease in insurance expense. Property expenses from acquired properties increased $2.5 million due to properties acquired subsequent to December 31, 2024. Property expenses from sold properties decreased $0.5 million due to properties sold subsequent to December 31, 2024. Property expenses from (re)developments increased $2.8 million primarily due to the substantial completion of developments. Property expenses from other decreased $1.1 million due to a decrease in certain miscellaneous expenses.

Previous 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.

Current wording

General and administrative expense increased by $7.5 million, or 23.0%, 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 nine months ended September 30, 2026.

Previous wording

Joint Venture development services expense, representing payments made to a third party for property development assistance within the Joint Venture for both six-month periods was not significant.

Current wording

Joint Venture development services expense, representing payments made to a third party for property development assistance within the Joint Venture, for both nine-month periods was not significant.

Previous wording

Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $7.2 million due to properties acquired subsequent to December 31, 2024. Depreciation and other amortization from sold properties decreased $0.3 million due to properties sold subsequent to December 31, 2024. Depreciation and other amortization from (re)developments increased $3.3 million primarily due to an increase in depreciation and amortization related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other remained relatively unchanged.

Current wording

Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $10.8 million due to properties acquired subsequent to December 31, 2024. Depreciation and other amortization from sold properties decreased $0.5 million due to properties sold subsequent to December 31, 2024. Depreciation and other amortization from (re)developments increased $5.3 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 nine-month period.

Previous 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.

Current wording

For the nine months ended September 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 nine months ended September 30, 2025, we recognized $17.5 million of gain on sale of real estate related to the sale of four industrial properties totaling approximately 0.2 million square feet of GLA and a land site.

Previous wording

Interest expense increased by $7.1 million, or 17.2%, primarily due to a higher weighted average debt balance of $2,599.3 million for the six months ended June 30, 2026 as compared to $2,334.8 million for the six months ended June 30, 2025 as well as an increase in the weighted average interest rate to 4.22% for the six months ended June 30, 2026 as compared to 4.07% for the six months ended June 30, 2025 offset by an increase in capitalized interest of $0.2 million during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.

Current wording

Interest expense increased $10.2 million, or 16.1%, primarily due to a higher weighted average debt balance of $2,591.8 million for the nine months ended September 30, 2026 as compared to $2,368.8 million for the nine months ended September 30, 2025, an increase in the weighted average interest rate to 4.22% for the nine months ended September 30, 2026 from 4.08% for the nine months ended September 30, 2025 and a decrease in capitalized interest of $0.7 million during the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025.

Previous wording

Amortization of debt issuance costs increased by $0.8 million, or 35.4%, primarily due to financing costs incurred related to the amendment and restatement of the Unsecured Credit Facility in March 2025, 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.

Current wording

Amortization of debt issuance costs increased by $1.0 million, or 26.8%, primarily due to financing costs incurred related to the issuance of $450.0 million of senior notes in May 2025, the amendment and restatement of our $425.0 million term loan in January 2026 and the amendment and restatement of the Unsecured Credit Facility in March 2025.

Previous 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.

Current wording

Equity in income of joint venture decreased by $3.6 million, or 93.6%, primarily due to a decrease in gain on sale and incentive fees associated with the Joint Venture's sale of two properties during the nine months ended September 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. 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

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.

Current wording

Income tax provision decreased $3.0 million, or 49.0%, 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 nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. Our equity interest in the Joint Venture is held through a wholly-owned TRS.

Previous wording

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

Current wording

Our net income was $60.5 million and $67.4 million for the three months ended September 30, 2026 and 2025, respectively.

Previous 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.

Current wording

For the three months ended September 30, 2026 and 2025, the average daily occupancy rate of our same store properties was 94.5% and 94.7%, respectively.

Previous wording

Revenues from same store properties increased $8.4 million primarily due to increases in rental rates and tenant recoveries, partially offset by a slight decrease in occupancy. Revenues from acquired properties increased $3.1 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 $0.8 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 $5.3 million primarily due to an increase in occupancy. Revenues from other decreased by $1.2 million, primarily due to legal settlement proceeds received during the three months ended June 30, 2025, partially offset by an increase in revenues from income-producing land parcels.

Current wording

Revenues from same store properties increased $9.9 million primarily due to increases in rental rates and tenant recoveries, partially offset by a slight decrease in occupancy. Revenues from acquired properties increased $3.9 million due to the six industrial properties acquired subsequent to December 31, 2024 totaling approximately 2.8 million square feet of GLA. Revenues from sold properties decreased $1.2 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 $5.6 million primarily due to an increase in occupancy. Revenues from other decreased $2.4 million, primarily due to decreases in revenues from income-producing land parcels and joint venture fees.

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 $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.

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 $2.8 million primarily due to increases in real estate taxes and repairs and maintenance expense, partially offset by a decrease in insurance expense. Property expenses from acquired properties increased $1.0 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 $0.7 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 $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.

Current wording

Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $3.7 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 $2.0 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 June 30, 2026, we recognized $16.6 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. For the three months ended June 30, 2025, we recognized $1.1 million of gain on sale of real estate related to the sale of one industrial property totaling approximately 0.02 million square feet of GLA.

Current 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 a land site.

Previous 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.

Current wording

Interest expense increased $3.1 million, or 14.1%, primarily due to a higher weighted average debt balance of $2,576.9 million for the three months ended September 30, 2026 as compared to $2,435.7 million for the three months ended September 30, 2025, an increase in the weighted average interest rate to 4.21% for the three months ended September 30, 2026 from 4.11% for the three months ended September 30, 2025, and a decrease in capitalized interest of $1.0 million during the three months ended September 30, 2026 as compared to the three months ended September 30, 2025.

Previous 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.

Current wording

Amortization of debt issuance costs increased $0.2 million, or 12.8%, primarily due to financing costs incurred related to the amendment and restatement of our $425.0 million term loan in January 2026.

Previous wording

Equity in income (loss) of joint venture and income tax benefit (provision) for both three-month periods was not significant.

Current wording

Equity in income of joint venture and income tax provision for both three-month periods was not significant.

Previous 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.

Current wording

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

Previous wording

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

Current wording

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

Previous wording

(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.

Current wording

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

Previous wording

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

Current wording

(C)Lease term is expressed in years and excludes any renewal or extension options.

Previous wording

(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.

Current wording

(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. Properties with no associated square footage, such as income-producing land, are excluded.