First Industrial Realty Trust, Inc.: Takeaways from NJ property tour

Research evidence excerpt

First Industrial Realty Trust, Inc.: Takeaways from NJ property tour

Equity Research

U.S. REITs

4 June 2026

First Industrial Realty Trust, Inc.

Takeaways from NJ property tour

We attended a property tour and learned about the

company's Mid-Atlantic portfolio with CEO Peter E. Baccile,

EVP Peter Schultz, CFO Scott Musil, Executive Director John FR EQUAL WEIGHT

U.S. REITs NEUTRAL

Hanlon, and IR Arthur Harmon. We share management's Price Target USD 64.00

commentary below. Price (04-Jun-26) USD 61.68

Potential Upside/Downside +3.8%

Source: Bloomberg, Barclays Research

Portfolio transformation

•• The company has completed 4.1m sqft of dispositions over the past 15 years, at an average

TTM cap rate of 5.4%; Mid-Atlantic sales primarily targeted light industrial and flex assets

Brendan Lynch, CFA

•• Added 8.7m sqft to the portfolio, which includes 6.2m sqft developed and 2.5m acquired; +1 212 526 9428

brendan.lynch@barclays.com

management estimates these additions to the portfolio have created $0.7b or $5.08/share of BCI, US

value

Eileen Gao

•• The Mid-Atlantic region now represents about 20% of company revenue, compared with +1 212 526 7836

SoCal at roughly 25% eileen.gao@barclays.com

BCI, US

Supply constraints favor industrial owners Annabelle Ayer

•• Industrial entitlement and rezoning processes have never been as difficult as they are now; +1 212 526 7387

entitlement now takes 2-4 years on average annabelle.ayer@barclays.com

•• Management views these constraints as supportive of long-term rent growth

Portfolio commentary by market & asset highlights

•• Pennsylvania is the largest component of the Mid-Atlantic portfolio with occupancy of 89.7%,

largely due to one major vacancy overhang:

°° 708k sqft building at Leo Lane in Southern PA (vacancy)