First Industrial Realty Trust : BofA Securities 2022 Global Real Estate Conference

BofA Securities 2022 Global Real Estate Conference

September 2022

Safe Harbor

This presentation contains forward‐looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. We intend for such forward‐looking statements to be covered by the safe harbor provisions for forward‐looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward‐looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan, "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward‐looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors which could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically; changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; the uncertainty and economic impact of pandemics, epidemics or other public health emergencies or fear of such events, such as the coronavirus disease 2019 (COVID‐ 19); our ability to qualify and maintain our status as a real estate investment trust; the availability and attractiveness of financing (including both public and private capital) and changes in interest rates; the availability and attractiveness of terms of additional debt repurchases; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; our competitive environment; changes in supply, demand and valuation of industrial properties and land in our current and potential market areas; our ability to identify, acquire, develop and/or manage properties on favorable terms; our ability to dispose of properties on favorable terms; our ability to manage the integration of properties we acquire; potential liability relating to environmental matters; defaults on or non‐ renewal of leases by our tenants; decreased rental rates or increased vacancy rates; higher‐than‐expected real estate construction costs and delays in development or lease‐up schedules; potential natural disasters and other potentially catastrophic events such as acts of war and/or terrorism; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; risks associated with our investments in joint ventures, including our lack of sole decision‐making authority; and other risks and uncertainties described under the heading "Risk Factors" and elsewhere in our annual report on Form 10‐K for the year ended December 31, 2021, as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and in our other public filings with the SEC. We caution you not to place undue reliance on forward‐looking statements, which reflect our outlook only and speak only as of the date of this press release or the dates indicated in the statements. We assume no obligation to update or supplement forward‐ looking statements. For further information on these and other factors that could impact us and the statements contained herein, reference should be made to our filings with the SEC.

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Q2 Highlights(1)

• 2022 FFO Guidance Increased $0.04 at the midpoint to $2.19 per share
• Occupancy of 98.4%; Cash rental rates up 27.0%; Cash Same Store NOI grew 9.4%
• Leased 100% of 1.1 MSF First Logistics Center @ 283 in Central Pennsylvania and 208,000 SF First Bordentown Logistics Center in New Jersey
• Sold 391 acres at Camelback 303 joint venture in Phoenix for $255M; FR's share of gain and promote before tax of $104M
• Started four developments in Q2 totaling 875,000 SF, estimated investment of $154M
• Closed $425M unsecured term loan which refinanced the prior $260M term loan
• Paid off $68M mortgage loan at an interest rate of 4.03%; portfolio now 99.3% unencumbered
• Subsequent to Q2, closed on a $300M delayed‐draw term loan with a 3+1+1 maturity structure

(1) Per the Company's results press release dated July 20, 2022 and press release regarding term loan dated August 15, 2022.	| 3

Company Overview

Strategy

U.S. industrial platform	Distribution and other
focused on 15 key logistics markets	critical supply chain
with a Coastal orientation	properties

Drive cash flow growth by:

• increasing rents
• capturing rental rate bumps
• sustaining occupancy

New investment primarily	Strong balance sheet
via profitable development	and prudent enterprise risk
of best‐in‐class assets	management

Focused value creation strategy

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