First Industrial Realty Trust (FR) Proxy filing summary

Executive summary

• Strategic transformation since 2010 has upgraded asset quality, increased average rents, and improved portfolio metrics, positioning for continued growth.

• Delivered superior total stockholder returns versus industrial and proxy peers, as well as the broader REIT universe, across multiple timeframes.

• Achieved 11.7% year-over-year growth in Funds From Operations per share to $2.96 in 2025, with peer-leading growth in cash rental rates and same-store NOI.

• Maintained strong balance sheet with extended maturities, improved pricing, and authorized a $250 million share repurchase program.

• Dividend increased by 15.6% for 2024, 20.3% for 2025, and 12.4% for 2026, reflecting strong cash flow growth and commitment to returning value.

Voting matters and shareholder proposals

• Shareholders are urged to vote for all director nominees at the 2026 Annual Meeting on April 30, 2026.

• ISS, a leading proxy advisory firm, recommends voting for all director nominees and proposals.

Board of directors and corporate governance

• Frank E. Schmitz will join the Board effective June 1, 2026, bringing nearly four decades of real estate industry experience.

• The Board engaged with Land & Buildings regarding its nominee, Jonathan Litt, who later withdrew his nomination; Litt is now pursuing a withhold campaign.

• The Board emphasizes a deliberate approach to assembling directors with relevant skills and experience, highlighting the value of long-serving members.