First Industrial Realty Trust — Oct 16, 2024 release

“We are positioned to drive incremental FFO and cash flow growth from our portfolio and development lease-up heading into 2025.” Low End of High End of Guidance for 2024 Guidance for 2024 (Per share/unit) (Per share/unit) Net Income Available to Common Stockholders $ 2.09  $ 2.13  Add: Depreciation and Other Amortization of Real Estate (Including Joint Venture) 1.29  1.29  Less: Gain on Sale of Real Estate, Net of Allocable Income Tax Provision (Including Joint Venture) and Net of Joint Venture Noncontrolling Interest, Through October 16, 2024 (0.77) (0.77) NAREIT Funds From Operations $ 2.61  $ 2.65  The following assumptions were used for guidance: • In service occupancy at year-end fourth quarter of 95.0% to 97.0%. This implies a full year quarter-end average in service occupancy of 95.2% to 95.7%, a decrease of 80 basis points at the midpoint. The guidance reflects adjustments to lease-up timing assumptions for developments placed in service and not fully leased. • Fourth quarter SS NOI growth on a cash basis before termination fees of 8.0% to 10.0%. This implies a quarterly average SS NOI growth for the full year 2024 of 7.75% to 8.25%, an increase of 25 basis points at the midpoint. SS NOI for the full year excludes $4.5 million and $2.9 million of income related to the accelerated recognition of tenant improvement reimbursements in 3Q24 and 1Q23, respectively. < more > • Includes the incremental costs expected in 2024 related to the Company’s completed and under construction developments as of September 30, 2024. In total, the Company expects to capitalize $0.06 per share of interest in 2024. • General and administrative expense ("G&A") of $39.5 million to $40.5 million. • Guidance does not include the impact of any future investments, property sales, debt repurchases prior to maturity, debt issuances, or equity issuances post the date of this press release. Conference Call First Industrial will host its quarterly conference call on Thursday, October 17, 2024 at 10:00 a