First Industrial Realty Trust — Apr 16, 2025 release

< 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 quarter starts of First Park 121 Building F and First Park New Castle Building B. In total, the Company expects to capitalize $0.09 per share of interest in 2025. • General and administrative expense ("G&A") of $40.5 million to $41.5 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, April 17, 2025 at 10:00 a.m. CDT (11:00 a.m. EDT). The conference