First Industrial Realty Trust (FR) investor relations material

Portfolio transformation and investment strategy

• Mid-Atlantic sales since 2010 totaled $337M, with a 5.4% cap rate and $18.1M TTM NOI, focusing on light industrial and flex assets.

• Nearly 9 MSF added through acquisitions and development, with $689M invested in development/CIP and $221M in acquisitions.

• Land bank can support an additional 1.0 MSF of new development, with $41M invested and $65M estimated market value.

• Mid-Atlantic share of rental income increased from 15.9% in 2009 to 18.9% in 2026.

Market and demand dynamics

• Major Mid-Atlantic and Northeast ports benefit from diversification away from West Coast congestion.

• Region allows access to 48% of the U.S. and 60% of the Canadian population within a day's drive.

• Tenant base is diverse, including 3PL, retail, food & beverage, e-commerce, and government sectors.

• Personal consumption expenditures per capita in the region exceed the U.S. average.

Supply, constraints, and trends

• Zoned land is scarce and often limited by topography, wetlands, and infrastructure gaps.

• Entitlement processes are lengthy and uncertain, with high construction costs and limited debt availability.

• Rents, escalations, and concessions remain consistent; tenant activity and decision timelines are improving.

• Forward supply has moderated, and competition for investment opportunities remains strong.