Item 1.01
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Entry into a Material Definitive Agreement
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On March 16, 2017, First Industrial Realty Trust, Inc.,
a Maryland corporation (the Company), entered into eight separate distribution agreements (individually, a 2017 Distribution Agreement and, together, the 2017 Distribution Agreements) with First Industrial, L.P.,
a Delaware limited partnership and the Companys operating partnership (the Operating Partnership), and each of Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Robert W. Baird & Co.
Incorporated, BTIG, LLC, Fifth Third Securities, Inc., Jefferies LLC, Samuel A. Ramirez & Company, Inc., and UBS Securities LLC (individually, an Agent and together, the Agents). The 2017 Distribution Agreements were
entered into in connection with the commencement of an equity offering in which the Company may sell up to $200,000,000, or a maximum of 8,000,000 shares, of its common stock (the Shares) from time to time in at-the-market
offerings or certain other transactions (the Offering).
In the Offering, the Company may offer the Shares in amounts and at times to be
determined by the Company from time to time, but has no obligation to sell any of the Shares in the Offering. The Company intends to use the proceeds from any sales in the Offering for general corporate purposes, which may include the acquisition
and development of properties and repayments or repurchases of debt.
The Offering will be conducted pursuant to the 2017 Distribution Agreements, under
which the Agents will act as the Companys agents for the offer and sale of the Shares. Each 2017 Distribution Agreement has a term expiring on March 16, 2020, although each 2017 Distribution Agreement may terminate earlier if all Shares
are sold under the 2017 Distribution Agreements or if such 2017 Distribution Agreement is terminated by the Company or the applicable Agent. The 2017 Distribution Agreements collectively provide that the Company may offer and sell from time to time
up to an aggregate of $200,000,000 of shares of its common stock through the Agents, although the Company may not sell more than 8,000,000 shares in the Offering. Each 2017 Distribution Agreement provides that the Company will pay the applicable
Agent a commission of no more than 2.0% of the actual sales price of all Shares sold through it as the Companys agent in at-the-market offerings.
Sales of the Shares, if any, may be made in negotiated transactions or transactions that are deemed to be at-the-market offerings as defined in
Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange. The Company or each Agent may at any time suspend offers under
the 2017 Distribution Agreements. Under the terms of each 2017 Distribution Agreement, the Company may also sell Shares to the applicable Agent as principal for its own account at a price agreed upon at the time of sale. If the Company sells Shares
to any of the Agents as principal, it will enter into a separate terms agreement with such Agent with respect to that sale.
The Shares will be issued
pursuant to a prospectus supplement filed with the Securities and Exchange Commission on March 16, 2017, and the Companys shelf registration statement on Form S-3 (File No. 333-216685) filed with the Securities and Exchange
Commission on March 14, 2017.
The description of the 2017 Distribution Agreements does not purport to be complete and is qualified in its entirety
by reference to Exhibit 10.1 to this report.
Filed as Exhibit 10.1 to this report is the 2017 Distribution Agreement among the Company, First Industrial,
L.P. and Wells Fargo Securities, LLC dated March 16, 2017 (the Wells Agreement). Each of the other 2017 Distribution Agreements listed below is substantially identical in all material
respects to the Wells Agreement except for the identities of the parties, and has not been filed as an exhibit to this report pursuant to Instruction 2 to Item 601 of Regulation S-K:
(i) Distribution Agreement among the Company, First Industrial, L.P. and Merrill Lynch, Pierce, Fenner & Smith Incorporated dated March 16,
2017;
(ii) Distribution Agreement among the Company, First Industrial, L.P. and Robert W. Baird & Co. Incorporated dated March 16, 2017;
(iii) Distribution Agreement among the Company, First Industrial, L.P. and BTIG, LLC dated March 16, 2017;
(iv) Distribution Agreement among the Company, First Industrial, L.P. and Fifth Third Securities, Inc. dated March 16, 2017;
(v) Distribution Agreement among the Company, First Industrial, L.P. and Jefferies, LLC dated March 16, 2017;
(vi) Distribution Agreement among the Company, First Industrial, L.P. and Samuel A. Ramirez & Company, Inc. dated March 16, 2017; and
(vii) Distribution Agreement among the Company, First Industrial, L.P. and UBS Securities, LLC dated March 16, 2017.
The Offering was commenced in connection with the expiration of seven existing distribution agreements (individually, a 2014 Distribution
Agreement and, together, the 2014 Distribution Agreements) among the Company, the Operating Partnership, and each of Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Robert W.
Baird & Co. Incorporated, Jefferies LLC, Mitsubishi UFJ Securities (USA), Inc., Piper Jaffray & Co. and UBS Securities LLC. The 2014 Distribution Agreements were entered into in connection with the commencement of an equity
offering in which the Company was permitted to sell $200,000,000, or a maximum of 13,300,000 shares, of its common stock from time to time in at-the-market offerings or certain other transactions. Each of the 2014 Distribution Agreements
expired by their terms on March 13, 2017.