First Industrial Realty Trust Completes New $300 Million Unsecured Term Loan

CHICAGO, August 15, 2022 /PRNewswire/ — First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of industrial real estate, today announced the closing of a new undrawn contract $300 million unsecured term loan.

The new unused term loan has an original maturity date of August 12, 2025 with two one-year extension options at the option of the Company, subject to certain conditions. The term loan is interest only and bears an interest rate of SOFR plus a credit spread of 85 basis points based on the Company’s current consolidated debt ratio and credit ratings plus a SOFR adjustment of 10 or 15 basis points depending on the duration of the loan interest period. The Company may borrow up to the total amount of the principal at the latest August 11, 2023. The Company expects to use the proceeds for general business purposes, including, but not limited to, debt repayment, working capital requirements, and property acquisition and development.

The US Bank National Association, BofA Securities, Inc., PNC Capital Markets LLC and Regions Capital Markets are acting as co-lead arrangers and co-bookrunners. The US Bank National Association serves as the administrative agent and structuring agent for sustainability. Bank of America, NA serves as syndication agent. PNC Bank, National Association and Regions Bank serve as co-documentation agents. JPMorgan Chase Bank, NA also participated in the term loan.

“With an effective term of five years, this new term loan is an attractive source of capital that supports our growth, including funding our profitable development pipeline,” said Scott MusilChief Financial Officer of First Industrial Realty Trust, Inc. “We thank our banking partners for their continued support and capital commitments.”

About First Industrial Realty Trust, Inc.

First Industrial Realty Trust, Inc. (NYSE: FR) is a leading fully integrated owner, operator and developer of industrial real estate. In the main markets of United States, our local market experts manage, lease, purchase, (re)develop and sell bulk and regional distribution centers, light industrial facilities and other types of industrial facilities. In total, we own and have in development approximately 69.8 million square feet of industrial space as of June 30, 2022. For more information, visit us at www.firstindustrial.com.

Forward-looking information

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend that such forward-looking statements be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by the use of the words “believe”, “s ‘expect’, ‘plan’, ‘intend’, ‘anticipate’, ‘estimate’, ‘project’, ‘seek’, ‘target’, ‘potential’, ‘focus’, ‘may’, “will”, “should” or similar words. Although we believe that the expectations reflected in the forward-looking statements are based on reasonable assumptions, we cannot guarantee that our expectations will be achieved or that the results will not differ materially. Factors that could materially adversely affect our business and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets in particular; changes in laws/regulations (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; the uncertainty and economic impact of pandemics, epidemics or other public health emergencies or fear of such events, such as the coronavirus disease 2019 (COVID-19) outbreak; our ability to qualify and maintain our status as a real estate investment trust; the availability and attractiveness of financing (including public and private capital) and changes in interest rates; the availability and attractiveness of additional debt buyback conditions; our ability to maintain our credit agency ratings; our ability to meet applicable financial covenants; our competitive environment; changes in the supply, demand and valuation of industrial properties and land in our current and potential market areas; our ability to identify, acquire, develop and/or manage properties on favorable terms; our ability to dispose of properties on favorable terms; our ability to manage the integration of properties we acquire; potential liability relating to environmental matters; non-payment or non-renewal of leases by our tenants; decline in rental rates or increase in vacancy rates; higher than expected real estate construction costs and delays in development or lease schedules; potential natural disasters and other potentially catastrophic events such as acts of war and/or terrorism; litigation, including costs associated with pursuing or defending claims and any adverse outcomes; risks associated with our investments in joint ventures, including our lack of exclusive decision-making authority; and other risks and uncertainties described under “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2021, as well as the risks and uncertainties discussed from time to time in our other Exchange Act reports and in our other public filings with the SEC. We caution you not to place undue reliance on forward-looking statements, which reflect only our outlook and speak only as of the date of this press release or the dates indicated in the statements. We assume no obligation to update or supplement any forward-looking statements. For more information about these and other factors that may affect us and the statements contained herein, see our filings with the SEC.

SOURCE First Industrial Realty Trust, Inc.

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