First Industrial Realty Trust (FR) Citi’s 2026 Global Property CEO Conference presentation summary

Strategy and value creation

• Focus on 15 major U.S. logistics markets with strong population, consumption, and infrastructure drivers.

• Portfolio emphasizes distribution and logistics properties essential to supply chains.

• Cash flow growth driven by leasing, rent escalations, and high occupancy.

• Disciplined development pipeline supported by a land bank for up to 16 MSF of future projects.

• Strong balance sheet and risk management enable investment through cycles.

Recent performance highlights

• NAREIT FFO/share grew 11.7% in 2025; cash same store NOI up 7.1%.

• 2025 year-end in-service occupancy at 94.4%.

• Cash rental rates increased 32% on 2025 leases and 35% on signed 2026 leases.

• No debt maturities before 2027; recent acquisitions and dispositions in key markets.

Portfolio composition and tenant base

• 97% of rental revenue from target markets, with 57% from coastal regions.

• Diverse tenant base of 872 tenants; top 20 account for 25.6% of net rent.

• Infill portfolio located near dense populations with above-median household income.