First Industrial Realty Trust (FR) discloses EVP LP Unit grants and vesting

Rhea-AI Filing Summary

First Industrial Realty Trust Inc. reported an insider equity transaction for its EVP - East Region on January 1, 2026. The executive received 24,341 common units of limited partnership interest (LP Units) in First Industrial, L.P. upon vesting of performance units that were originally granted on January 1, 2023 under the company’s 2014 Stock Incentive Plan. Each LP Unit may be converted into one share of the company’s common stock.

On the same date, the executive was also granted 8,226 LP Units under the 2024 Stock Incentive Plan, which are scheduled to vest in three equal installments on January 1, 2027, 2028 and 2029. These LP Units can ultimately convert into common stock on a one-for-one basis after vesting and required allocations.

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^*

Schultz Peter

(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)
	EVP - East Region

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		24,341		(1)	(1)	Common Stock	24,341	$0	136,217	D
LP Units	(2)	01/01/2026		A		8,226		(3)	(4)	Common Stock	8,226	$0	144,443	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).
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FAQ

What insider transaction did FIRST INDUSTRIAL REALTY TRUST INC (FR) report?

The company reported that its EVP - East Region received and was granted limited partnership units (LP Units) in First Industrial, L.P. on January 1, 2026, in connection with its equity incentive plans.

How many LP Units vested for the FR executive on January 1, 2026?

The executive received 24,341 LP Units upon the vesting of performance units that were originally issued on January 1, 2023 under the 2014 Stock Incentive Plan.

What new equity award did FIRST INDUSTRIAL REALTY TRUST INC (FR) grant on January 1, 2026?

The executive was granted 8,226 LP Units in First Industrial, L.P. under the company’s 2024 Stock Incentive Plan, with future vesting and conversion rights into common stock.

How can the LP Units reported by FR’s executive convert into common stock?

Each LP Unit in First Industrial, L.P. may be converted into a common unit of limited partnership interest on a one-for-one basis and then into one share of First Industrial Realty Trust Inc. common stock on a one-for-one basis.

When do the newly granted LP Units for FR’s executive vest?

The 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.

What were the beneficial ownership levels after the reported FR transactions?

After the LP Unit transactions reported on January 1, 2026, the form shows 136,217 and 144,443 derivative securities beneficially owned directly by the executive in the respective LP Unit lines.