Director at First Industrial (NYSE: FR) receives 2,419 LP units award

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

FIRST INDUSTRIAL REALTY TRUST INC director Denise Olsen reported receiving an award of 2,419 LP Units of First Industrial L.P. under the company’s 2024 Stock Incentive Plan. These units were granted at no cash cost and increase her direct LP Unit holdings to 16,572.

Each vested LP Unit can automatically convert one-for-one into a common unit of limited partnership interest in First Industrial L.P., which in turn may be converted into one share of the company’s Common Stock on a one-for-one basis. The LP Units vest upon the earlier of the first anniversary of the grant date or the company’s next annual stockholder meeting at which directors are elected.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Olsen Denise

Role null

Type	Security	Shares	Price	Value
Grant/Award	LP Units	2,419	$0.00	--

Holdings After Transaction: LP Units — 16,572 shares (Direct, null)

Footnotes (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 upon the earlier of (i) the first anniversary of grant or (ii) the Company's next annual stockholder meeting following the date of grant where directors are elected. Not applicable.

Key Figures

LP Units granted: 2,419 LP Units Price per LP Unit: $0.00 per unit LP Units after award: 16,572 LP Units +1 more

4 metrics

LP Units granted 2,419 LP Units Award under 2024 Stock Incentive Plan on April 30, 2026

Price per LP Unit $0.00 per unit Grant/award acquisition, no cash cost

LP Units after award 16,572 LP Units Total LP Units directly held following the transaction

Conversion ratio to common stock 1:1:1 LP Unit to common unit to Common Stock, each on a one-for-one basis

Key Terms

LP Units, First Industrial L.P., 2024 Stock Incentive Plan, common unit of limited partnership interest, +1 more

5 terms

LP Units financial

"Represents units of limited partnership interest ("LP Units") in First Industrial L.P."

First Industrial L.P. financial

"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."

vest financial

"The LP Units vest upon the earlier of (i) the first anniversary of grant or (ii) the Company's next annual stockholder meeting"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

Form 4 Insider Transactions: What Each Field Means →

05/01/2026 - 04:16 PM

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

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^*

Olsen Denise

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/30/2026

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

X	Form 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
LP Units	⁽¹⁾	04/30/2026		A		2,419		⁽²⁾	⁽³⁾	Common Stock	2,419	$0	16,572	D

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 upon the earlier of (i) the first anniversary of grant or (ii) 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-fact	05/01/2026
	** 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).
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 did Denise Olsen report in her Form 4 for FIRST INDUSTRIAL REALTY TRUST (FR)?

Denise Olsen reported receiving an award of 2,419 LP Units of First Industrial L.P. under the 2024 Stock Incentive Plan. These units were granted at no cash cost and increase her direct LP Unit holdings to 16,572 after the transaction.

How can the 2,419 LP Units reported for FIRST INDUSTRIAL REALTY TRUST (FR) convert into common stock?

Each vested LP Unit converts into a common unit of limited partnership interest in First Industrial L.P. on a one-for-one basis. That common unit may then be converted into one share of FIRST INDUSTRIAL REALTY TRUST INC Common Stock, also on a one-for-one basis.

When do Denise Olsen’s LP Units for FIRST INDUSTRIAL REALTY TRUST (FR) vest?

The LP Units vest upon the earlier of two events: the first anniversary of the grant date or the company’s next annual stockholder meeting at which directors are elected. This vesting schedule is described directly in the Form 4 footnotes.

Were the 2,419 LP Units for FIRST INDUSTRIAL REALTY TRUST (FR) purchased in the market?

No, the 2,419 LP Units were reported as a grant or award under the 2024 Stock Incentive Plan, with a stated price per unit of $0.00. This indicates a compensation-related award rather than an open-market purchase transaction.

What is Denise Olsen’s LP Unit holding after this Form 4 at FIRST INDUSTRIAL REALTY TRUST (FR)?

After the reported award, Denise Olsen holds 16,572 LP Units directly. This post-transaction total reflects the addition of the 2,419 granted LP Units to her prior limited partnership interest position in First Industrial L.P.