First Industrial Realty Trust (FR) Investor presentation summary

Strategy and value creation

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

• Modern logistics portfolio essential to supply chains, managed by experienced professionals.

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

• New investments emphasize profitable development, supported by 16 MSF of developable land.

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

Portfolio composition and transformation

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

• Over 70% of assets built after 1999, surpassing industry peers.

• Portfolio transformed since 2010, with 44 MSF of dispositions and 44 MSF of new investments.

• In-service portfolio at YE25: 70 MSF, 1,993 tenants, 872 buildings, average building size 79 KSF.

• Weighted average property vintage improved to 2012, with clear heights rising to 31'.

Leasing, development, and cash flow metrics

• 383 KSF of new development lease signings YTD; 8.7% cash same store NOI growth.

• 41% cash rental rate increase on 2026 leases signed YTD; 94.3% in-service occupancy.

• No debt maturing before 2027; 1Q26 development starts include major projects in Miami and Dallas.

• Cash releasing spreads and same store NOI growth consistently outperform peers.

• 2026F cash same store NOI growth forecast at 7.1%.