First Industrial Realty Trust is a REIT that owns, manages, develops, and acquires industrial properties across the U.S. As of year-end 2025, First Industrial's in-service portfolio consisted of 414 properties totaling roughly 69.9M square feet across 19 states, concentrated in 15 key logistics markets including Southern California, South Florida, Dallas, Houston, Nashville, and Chicago. The core product is Class A bulk logistics and distribution space — large, modern warehouses used by tenants to store and ship goods. Tenants are primarily 3PLs, retailers, e-commerce companies, and manufacturers; Amazon is the largest at roughly 6% of revenue. First Industrial leases space under multi-year net leases, where tenants cover property taxes, insurance, and maintenance, providing predictable net income. Revenue grows through rent increases on lease rollovers, contractual annual escalators (recently around 3.6%), and occupancy management. Development is a key profit driver: First Industrial builds new Class A buildings speculatively on its land bank, targeting cash yields of 7-8%+, well above market cap rates in top markets. The land bank supports roughly 15M square feet of potential future development at an estimated $1.9B total investment. First Industrial also pursues selective acquisitions and has pruned its portfolio by selling over $2.4B of older assets since 2010. The company is additionally evaluating conversion of select land and buildings to data center use where power infrastructure supports it.