First Industrial Realty Trust : 2022 CSR Report

2022

CORPORATE RESPONSIBILITY REPORT

Table of Contents
Introduction
Letter from the CEO	1
Overview	2
Who We Are	3
Sustainability in Our Portfolio, Development & Operations
Environmentally Focused Efforts	4
Green Lease Leader	4
Development Standards	6
LEED Volume Program	6
Monitoring Potential Climate Risks	7
Our Culture
Diversity & Inclusion	8
Social Engagement	9
Employee Satisfaction and Well-Being	10
Risk Management	11
Governance

Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Key Tenets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Corporate Responsibility. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Letter from the CEO

2022 was another successful year for First Industrial's platform and portfolio across many fronts. We established new records for key metrics, while investing in high quality, environmentally friendly developments to meet the logistics needs of our customers. Our team was successful in increasing occupancy for our U.S.-only focused portfolio by 70 basis points in 2022 to end the year at 98.8%. We grew cash rents on new and renewal leases with commencements during the year by 26.7%. This performance, combined with in-place contractual rental rate escalations, resulted in growth in cash same store net operating income of 10.1%.

Looking back upon the past 18 months, First Industrial has made some important progress in our sustainability efforts. In 2022, we achieved LEED certification for two buildings totaling 0.5 million square feet. We successfully won approval of our prototype for our LEED volume development program which will facilitate project review and certification by the U.S. Green Building

Council. We have achieved certification for one project under the volume program and have two others under final review. We look forward to certifying these and all future developments under the program.

We also made progress in the collection of energy use and GHg emissions data. This will enable us to further analyze the environmental impact of our portfolio and operations and guide our efforts to reduce our carbon footprint. This effort will also facilitate our compliance with any potential disclosure requirements from the SEC's expected climate disclosure rules.

Earlier this year, we were proud to be recognized as a Green Lease Leader by The Institute for Market Transformation and the U.S. Department of Energy's Better Buildings Alliance. The Green Lease Leaders program sets standards for what constitutes a green lease as we work in conjunction with our tenants to share energy data. This will improve collaboration on efforts related to energy efficiency, cost-savings, air quality improvement, and overall sustainability.

We continue our commitment to engagement with our key constituencies including vendors, customers, investors and our employees, as well as the communities in which we live and work. We have assembled a resilient portfolio, maintain a flexible capital structure with access to various sources of liquidity and remain focused on delivering highly functional developments that will be well positioned competitively for decades to come.

Thank you for your interest in our company and our Corporate Social Responsibility report and actions. We look forward to keeping you apprised of our future efforts.

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OVER VIE W

29

Year History

68.9

Million SF

98.8%

Record YE

Occupancy

158	15
Employees	Target U.S. Markets
440		3.5M
Properties	SF LEED Certified
$8.6B		91%
Total		Energy-Efficient
Market Cap		Lighting by SF
	As of 12/31/22, except LEED figure as of 6/30/23

FIRST INDUSTRIAL REALTY TRUST, INC.

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Who We Are

First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of industrial logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. Our portfolio and new investments are concentrated in 15 target MSAs with an emphasis on supply constrained, coastally-oriented markets. In total, we own and have under development approximately 69.4 million square feet of industrial space as of June 30, 2023.

Our company has demonstrated its resiliency since our initial public offering in 1994 throughout a range of business and industry cycles. By providing properties that can serve the distribution needs of all types of customers, we are able to attract and retain tenants from multiple industries.

Key Differentiators for First Industrial Realty Trust

• Strategy focused on serving customers' logistics real estate needs in 15 top U.S. markets with an emphasis on coastally-oriented MSAs
• Diversified portfolio by geography, tenant, industry and lease duration
• Development expertise and value creation success with self-imposed speculative leasing cap as risk mitigant
• Track record of industry-leading customer service as measured by the independent Kingsley
  Index

• Disciplined low leverage, investment grade balance sheet with staggered debt maturity schedule

• Access to a range of capital sources

ESG

GOALS

100%

OF NEW DEVELOPMENTS

LEED CERTIFIED

100%

OF NEW DEVELOPMENTS

LED LIGHTING

100%

OF LIGHTING RETROFITS

LED

	Target Markets	| 3