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First Industrial (NYSE: FR) grants director 2,293 LP Units convertible to stock

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

First Industrial Realty Trust Inc. director Frank E. Schmitz reported a compensation grant of 2,293 LP Units in First Industrial L.P. under the company’s 2024 Stock Incentive Plan. These LP Units vest at the next annual stockholder meeting where directors are elected.

Once vested and after receiving certain allocations, each LP Unit can automatically convert into a common unit of limited partnership interest in First Industrial L.P., which in turn may be converted on a one-for-one basis into shares of the company’s Common Stock. Following this grant, Schmitz holds 2,293 LP Units directly.

Positive

  • None.

Negative

  • None.
Insider Schmitz Frank E.
Role null
Type Security Shares Price Value
Grant/Award LP Units 2,293 $0.00 --
Holdings After Transaction: LP Units — 2,293 shares (Direct, null)
Footnotes (1)
  1. Represents units of limited partnership interest ("LP Units") in First Industrial L.P., of which the Company is the general partner, granted under the Company's 2024 Stock Incentive Plan. An LP Unit that has vested and received certain allocations will automatically convert into a common unit of limited partnership interest in First Industrial, L.P. on a one-for-one basis, which common unit may in turn be converted into a share of Common Stock of the Company on a one-for-one basis. Not applicable. The LP Units vest at the Company's next annual stockholder meeting following the date of grant where directors are elected. Not applicable.
LP Units granted 2,293 LP Units Grant under 2024 Stock Incentive Plan to director Frank E. Schmitz
Underlying Common Stock 2,293 shares Each LP Unit corresponds one-for-one after vesting and conversions
Exercise/Conversion Price $0.0000 per unit Grant/award acquisition, no cash exercise price shown
Holdings after transaction 2,293 LP Units Total LP Units directly owned following reported grant
LP Units financial
"Represents units of limited partnership interest ("LP Units") in First Industrial L.P."
First Industrial L.P. financial
"Represents units of limited partnership interest ("LP Units") in First Industrial L.P., of which the Company is the general partner"
2024 Stock Incentive Plan financial
"granted under the Company's 2024 Stock Incentive Plan"
common unit of limited partnership interest financial
"convert into a common unit of limited partnership interest in First Industrial, L.P."
Common Stock financial
"converted into a share of Common Stock of the Company on a one-for-one basis"
Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Schmitz Frank E.
(Last)(First)(Middle)
ONE N. WACKER DRIVE
SUITE 4200
(Street)
CHICAGO ILLINOIS 60606
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
FIRST INDUSTRIAL REALTY TRUST INC [ FR ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/01/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
LP Units(1)06/01/2026A2,293 (2) (3)Common Stock2,293$02,293D
Explanation of Responses:
1. Represents units of limited partnership interest ("LP Units") in First Industrial L.P., of which the Company is the general partner, granted under the Company's 2024 Stock Incentive Plan. An LP Unit that has vested and received certain allocations will automatically convert into a common unit of limited partnership interest in First Industrial, L.P. on a one-for-one basis, which common unit may in turn be converted into a share of Common Stock of the Company on a one-for-one basis.
2. Not applicable. The LP Units vest at the Company's next annual stockholder meeting following the date of grant where directors are elected.
3. Not applicable.
Remarks:
/s/ Jennifer Matthews Rice, attorney-in-fact06/02/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did FR director Frank E. Schmitz report on this Form 4?

Frank E. Schmitz reported receiving a grant of 2,293 LP Units in First Industrial L.P. as compensation. The units were granted under First Industrial Realty Trust’s 2024 Stock Incentive Plan and are classified as a derivative award with no cash exercise price.

How many LP Units did FR grant to director Frank E. Schmitz and what does that represent?

The company granted 2,293 LP Units to director Frank E. Schmitz. Each LP Unit corresponds to 2,293 underlying shares of Common Stock on a one-for-one basis after vesting and conversion through a common unit of limited partnership interest in First Industrial L.P.

When do the LP Units granted to FR director Frank E. Schmitz vest?

The LP Units vest at First Industrial Realty Trust’s next annual stockholder meeting following the grant date, where directors are elected. Vesting is therefore tied to the timing of that annual meeting instead of a fixed calendar date in this disclosure.

Can the LP Units granted to FR’s director be converted into Common Stock?

Yes. After vesting and receiving certain allocations, each LP Unit automatically converts into a common unit of limited partnership interest in First Industrial L.P., which may then be converted into one share of First Industrial Realty Trust Common Stock on a one-for-one basis.

Did FR’s director pay any cash exercise price for the 2,293 LP Units?

No cash exercise price is shown for this grant, with the transaction price and conversion or exercise price both listed as 0.0000. This indicates the LP Units were awarded as compensation rather than purchased in a cash transaction by the director.