First Industrial Realty Trust — Apr 16, 2025 release

The agreement provides for interest-only payments currently at an interest rate of SOFR plus 85 basis points based on the Company's current credit ratings and consolidated leverage ratio plus a SOFR adjustment of 10 basis points. Common Stock Dividend As previously disclosed, the board of directors declared a common dividend of $0.445 per share/unit for the quarter ending March 31, 2025 payable on April 21, 2025 to stockholders of record on March 31, 2025. The new dividend rate represents a 20.3% increase from the prior rate of $0.37 per share/unit. < more > Outlook for 2025 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 $ 1.52  $ 1.62  Add: Depreciation and Other Amortization of Real Estate (1) 1.37  1.37  Less: Gain on Sale of Real Estate Through April 16, 2025 (1) (0.02) (0.02) 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 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 developments as of March 31, 2025 and the aforementioned planned second qua