First Industrial Realty Trust : Janney Virtual Real Estate Conference

Janney Virtual Real Estate Conference

M a y 2 0 2 4

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 outbreak of coronavirus disease 2019 (COVID-19); risks associated with security breaches through cyber attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology networks and related systems; 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; technological developments, particularly those affecting supply chains and logistics; 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, 2023, 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.

First Lehigh Logistics Center - Central/Eastern PA 105,000 SF | Built in 2023

F I R S T I N D U S T R I A L R E A L T Y T R U S T , I N C .

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COMPANY OVERVIEW

FirstGate Logistics Center - Broward County, FL

131,683 SF | Built in 2022

Strategy to Create Value

U.S. industrial platform focused on 15 key logistics markets with a coastal orientation

Focus on distribution/logistics properties critical to customers' supply chains

Drive cash flow growth by:

• lease-upof developments
• increasing rents
• capturing rental rate escalations
• sustaining occupancy

New investment primarily in supply-constrained coastal markets via profitable development of best-in-class assets

• Land developable up to 15.7 MSF as market conditions/tenant demand warrant

Strong balance sheet, prudent enterprise risk management

First 92 - NorCal

37,056 SF | Built in 2023

F I R S T I N D U S T R I A L R E A L T Y T R U S T , I N C .

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Recent Highlights(1)

95.5%(2)	10.0%(3)
IN-SERVICE	CASH SAME STORE
OCCUPANCY	NOI GROWTH
58%	45%
CASH RENTAL RATE	CASH RENTAL RATE
INCREASE FY23	INCREASE
FR Record	Leases Signed To-Date
	Commencing in 2024 (1)
15.6%	$0
DIVIDEND	DEBT MATURING
INCREASE IN 1Q24	PRIOR TO 2026 (4)

DEVELOPMENT LEASING HIGHLIGHTS

• 100%, 1.0 MSF, First Stockton Logistics Center, Northern California
• 100%, 500 KSF, First Rockdale IV, Nashville
• 40 KSF, First 76 Logistics Center, Denver
• 100%, 376 KSF, Camelback 303 JV Building A, Phoenix

DISPOSITIONS

• 9 building portfolio, 443 KSF, $49M, Cincinnati, Detroit and Chicago

1. Per results press release/earnings call April 17/18, 2024.
2. 97.0% excluding impact of not fully leased developments placed in service in 3Q and 4Q 2023.
3. Same store revenues for the three months ended March 31, 2023 exclude $2,934 related to accelerated recognition of a tenant improvement reimbursement associated with a departing tenant in Dallas.
4. Assumes exercise of FR's extension options included in its bank loans.

F I R S T I N D U S T R I A L R E A L T Y T R U S T , I N C .

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Portfolio Composition(1)

% o f R e n t a l R e v e n u e a s o f M a r c h 3 1 , 2 0 2 4 (2)

Diverse Tenant Base

940 tenants

Top 20 = 25.7%

Infill Portfolio

Portfolio is within 30 miles of 3.9M avg.

population with household income ≈ 12% greater than US median

Development Impact

26.7 MSF added since 2012; ≈ 41% of in-service portfolio

1. Map excludes the markets of Minneapolis/St. Paul (2.5%), Detroit (1.2%) and Cincinnati (0.4%).
2. Current quarter rent revenue % excludes rent revenue from properties sold in Q1 2024.

F I R S T I N D U S T R I A L R E A L T Y T R U S T , I N C .

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U.S. Industrial Market Landscape

• National Market Metrics - 1Q24
• • Vacancy 5.3%
  • Net Absorption 231 MSF in the trailing four quarters ending 1Q24
  • Completions 614 MSF in the trailing four quarters ending 1Q24
  • Under Construction 322 MSF
  • • 29% pre-leased
    • ≈12 months-to-lease(1) assuming TTM pace of net absorption
• Demand: Tenants remain deliberate, taking more time to commit to newspace compared to 2022 pace
• Long-terme-commerce drivers intact; incremental demand from diversification and reshoring trends

INDUSTRIAL SUPPLY & DEMAND (MSF)

625

629

529 512

344	375	380
336
305

258

2019	2020	2021	2022	2023
			Net Absorption			Completions

1. Months-to-leasereflects lease-up time for the unleased portion of supply currently under construction assuming the trailing twelve month pace of net absorption. Source: CBRE‐EA Data Views as of March 31, 2024 (historical figures revised).

F I R S T I N D U S T R I A L R E A L T Y T R U S T , I N C .

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Construction Starts Decline; Pipelines Shrink

			CONSTRUCTION STARTS (MSF)							UNDER CONSTRUCTION (MSF)
													47%
														41%
															36%	34%	32%	31%						29%	29%
																			28%				26%
																				24%	24%	25%
67	95	117	100	111	100	114	86	68	66	48	46	33	376	410	449	514	545	627	662	668	630	589	492	380	322

1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24			1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24
			Pre-leased percentage of under construction square footage

• Construction starts down ≈70% from 3Q22 peak
• Projects under construction also facing delays suggesting further slowdown in deliveries
• Future new supply constrained by:
• • Lower capital availability, tighter lending standards & higher financing costs for new projects
  • Scarcity of readily developable land in coastal and infill markets

PULLBACK IN NEW CONSTRUCTION STARTS IN 2023 MAY CREATE

A SHORTAGE OF CLASS A FIRST GENERATION SPACE IN THE COMING YEARS

Source: CBRE research as of March 31, 2024.

F I R S T I N D U S T R I A L R E A L T Y T R U S T , I N C .

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Key Portfolio Cash Flow Metrics

A s o f M a r c h 3 1 , 2 0 2 4

OCCUPANCY

CASH RENTAL RATES

(period average)

CASH SAME STORE NOI (3)

(full year)

100%

98%

97.6% 98.1%

98.8%

60%	58.3%
50%	±46.0%

12%

10.1%

10%

96%

94%

92%

90%

95.7%	±96.25%
95.5%

'19

'20

'21

'22

'23

'24F (1)

PERIOD END

40%
			26.7%
30%			16.2%
20%	13.9%	13.5%
10%
0%
'19	'20	'21	'22	'23	'24F (2)

8%					8.4%	±7.75%
6%		4.4%	5.3%
4%
3.1%
2%
'19	'20	'21	'22	'23	'24F (3)

4Q23 Occupancy excluding not fully leased developments placed in service impact

= 97.9%

CAPTURING EMBEDDED RENT GROWTH TO DRIVE CASH FLOW

• OUTLOOK FOR FY24 CASH RENTAL GROWTH IS 40% - 52%
• 45% CASH INCREASE ON SIGNED LEASES TO DATE COMMENCING IN '24 (2)

1. 2024 occupancy forecast represents average quarter-end in service occupancy per press release April 17, 2024.
2. 2024 midpoint forecast figures. 2024 new and renewal lease signings to date reflect 68% of 2024 expirations by rental income, per press release/conference call April 17/18, 2024.
3. Cash same store is the annual amount for the end of the year population. Excludes lease termination fees. Excludes impact of $1.4M of income in 2022 from final settlement of insurance claims for damaged properties for 2022 and 2023 calculations. Excludes impact of $2.9M of income in 2023 related to the accelerated recognition of a tenant improvement reimbursement for 2024 calculation. 2024F reflects midpoint forecast figures per press April 17, 2024.

F I R S T I N D U S T R I A L R E A L T Y T R U S T , I N C .

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Financial Performance

FFO PER SHARE (1)

$2.80
$2.60
					$2.60
$2.40
				$2.42
$2.20
			$2.27
$2.00
		$1.97
$1.80
$1.74	$1.80
$1.60
$1.40
'19	'20	'21	'22	'23	'24F	(2)

		DIVIDEND PER SHARE
$1.50
					$1.48
$1.40
$1.30
				$1.28
$1.20
			$1.18
$1.10
		$1.08
$1.00
	$1.00
$0.90
$0.92
$0.80
'19	'20	'21	'22	'23	'24F

FLC @ 283-Bldg. A - Central/Eastern PA 1,085,280 SF | Built in 2022

1. FFO per share excludes atypical items per disclosures in earnings results calls.
2. 2024 FFO per share reflects midpoint of guidance before $0.02 of accelerated expense related to accounting rules that require the Company to fully expense the value of granted equity-based compensation for certain tenured employees per press release dated April 17, 2024.
3. AFFO as defined in our 1Q24 supplemental report.

Quarterly dividend of $0.37

annualized, 15.6% growth from prior rate; aligned with our projected AFFO growth and ≈ 70% payout ratio (3)

F I R S T I N D U S T R I A L R E A L T Y T R U S T , I N C .

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