First Industrial Realty Trust — Feb 5, 2025 release

“On the strength of our performance and aligned with our outlook for cash flow growth, our board increased our quarterly dividend rate by 20.3% for the first quarter of 2025,” added Mr. Baccile. Outlook for 2025 “With the impact of completed and future development leasing and continuing strong operating performance, we expect to deliver growth in FFO per share of approximately 10% at the midpoint of our 2025 guidance,” stated Mr. Baccile. “Our team is focused on driving future cash flow growth from lease-up and realizing rental rate growth within our core portfolio while executing on all aspects of our development program.” Low End of High End of Guidance for 2025 Guidance for 2025 (Per share/unit) (Per share/unit) Net Income Available to Common Stockholders and Unitholders $ 1.57  $ 1.67  Add: Depreciation and Other Amortization of Real Estate (1) 1.35  1.35  Less: Gain on Sale of Real Estate Through February 5, 2025 (1) (0.05) (0.05) NAREIT Funds From Operations $ 2.87  $ 2.97  (1) Amounts include our share from a joint venture and are net of any associated income tax provision or benefit. The following assumptions were used for guidance: • Average quarter-end in service occupancy of 95.0% to 96.0%. • SS NOI growth on a cash basis before termination fees of 6.0% to 7.0%. This range assumes 2025 bad debt expense of $1.0 million and excludes $4.5 million of income related to the 3Q24 accelerated recognition of a tenant improvement reimbursement. • Includes the incremental costs expected in 2025 related to the Company’s completed and under construction devel