First Industrial Realty Trust (FR) reports CIO LP unit and stock-linked awards

Rhea-AI Filing Summary

First Industrial Realty Trust Inc. reported an insider equity award for its Chief Investment Officer on a Form 4. The officer received 40,446 common units of limited partnership interest (LP Units) in First Industrial, L.P. upon vesting of Performance Units that were originally issued on January 1, 2023 under the company’s 2014 Stock Incentive Plan. Each LP Unit in First Industrial, L.P. may be converted into one share of the company’s common stock.

The officer was also granted 10,896 additional LP Units under the company’s 2024 Stock Incentive Plan. These LP Units vest in three equal installments on January 1, 2027, 2028 and 2029, and, after vesting and certain allocations, can convert into common units of First Industrial, L.P., which may then convert into common stock on a one-for-one basis. The derivative securities are shown with a $0 exercise price, indicating they were granted as equity compensation rather than bought in the open market.

SEC Form 4

FORM 4

UNITED 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

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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^*

YAP JOHANNSON L

(Last) (First) (Middle)

ONE N. WACKER DRIVE

SUITE 4200

(Street)

CHICAGO IL 60606

(City) (State) (Zip)

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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Investment Officer

3. Date of Earliest Transaction (Month/Day/Year)
01/01/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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)
			Code	V	Amount	(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
LP Units	(1)	01/01/2026		A		40,446		(1)	(1)	Common Stock	40,446	$0	225,406	D
LP Units	(2)	01/01/2026		A		10,896		(3)	(4)	Common Stock	10,896	$0	236,302	D

Explanation of Responses:

1. Represents the receipt of common units of limited partnership interest ("LP Units") in First Industrial, L.P., of which the Company is the general partner, upon the vesting of Performance Units issued on January 1, 2023 under the Company's 2014 Stock Incentive Plan. An LP Unit in First Industrial, L.P. may be converted into a share of Common Stock of the Company on a one-for-one basis.

2. Represents 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.

3. Not applicable. The LP Units vest in three equal installments on January 1, 2027, 2028 and 2029.

4. Not applicable.

Remarks:

	/s/ Jennifer Matthews Rice, attorney-in-fact	01/05/2026
	** Signature of Reporting Person	Date
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).
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FAQ

What insider transaction did First Industrial Realty Trust (FR) report on this Form 4?

The filing reports equity compensation for the Chief Investment Officer of First Industrial Realty Trust Inc., including vested and newly granted LP Units in First Industrial, L.P. that are ultimately convertible into shares of the company’s common stock.

How many LP Units did the Chief Investment Officer of FR receive or have reported?

The Chief Investment Officer received 40,446 LP Units upon vesting of Performance Units issued on January 1, 2023, and was granted an additional 10,896 LP Units under the company’s 2024 Stock Incentive Plan.

What are LP Units in First Industrial, L.P. and how do they relate to FR common stock?

LP Units are common units of limited partnership interest in First Industrial, L.P. According to the filing, an LP Unit may be converted into a common unit of limited partnership interest in First Industrial, L.P. on a one-for-one basis, and that common unit may then be converted into one share of First Industrial Realty Trust Inc. common stock.

What is the vesting schedule for the new LP Units granted under FR’s 2024 Stock Incentive Plan?

The 10,896 LP Units granted under the 2024 Stock Incentive Plan vest in three equal installments on January 1, 2027, January 1, 2028, and January 1, 2029, as disclosed in the explanation of responses.

Did the FR officer pay anything for the LP Units reported in this Form 4?

No purchase price is shown. The derivative securities table lists a $0 price for the LP Units, indicating they were granted as equity awards rather than bought in an open-market transaction.

Whose transactions are reported in this FR Form 4 filing?

The Form 4 is marked as “Form filed by One Reporting Person”, and identifies the reporting person as an Officer of First Industrial Realty Trust Inc. with the title Chief Investment Officer.