First Industrial sets up up to $800 million at-the-market stock sale program
First Industrial Realty Trust entered into ten new equity distribution agreements on August 21, 2025, under which it may sell up to $800 million, or 16 million shares, of common stock over time. The company has no obligation to sell any shares and plans to use proceeds for general corporate purposes, including property acquisitions, development and debt repayment or repurchases. The new program replaces 2023 agreements that were terminated on August 19, 2025, and could dilute existing shareholders if shares are sold.
Key points
- Maximum offering of $800,000,000, or 16,000,000 shares of common stock, under the new agreements
- Sales agents may be paid a commission of no more than 2.0% of the sales price of shares sold through them
- Agreements expire May 7, 2028, and the company may suspend offers at any time
- The 2023 agreements, which had the same $800,000,000 and 16,000,000-share limits, were terminated on August 19, 2025
The filing
Written by AI on Nov 8, 2026, 12:57 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 21, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.