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SUPPLEMENTAL INFORMATION THIRD QUARTER 2026 First Park 121 (6 buildings) | Lewisville, TX 1.3 Million Square Feet
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SECTION PAGE PORTFOLIO COMPOSITION ......................................................................................... 3 FINANCIAL STATEMENTS Balance Sheets .................................................................................................... 4 GAAP Statements of Operations ........................................................................ 5 Supplemental Statements of Operations ........................................................... 6 Supplemental Statements of Operations Reconciliation ................................... 7 SELECTED FINANCIAL INFORMATION Equity Analysis .................................................................................................... 9 Debt Analysis ...................................................................................................... 10 Camelback 303 Litchfield Park, AZ Debt Covenant Analysis and Credit Ratings ....................................................... 12 SELECTED PROPERTY INFORMATION Property Overview .............................................................................................. 13 Same Store Analysis ............................................................................................ 14 Leasing Activity ................................................................................................... 15 Portfolio Information and Same Store Property Statistics ................................. 16 Largest Tenants .................................................................................................. 17 Lease Expiration Schedule .................................................................................. 18 Property Acquisition Summary ........................................................................... 19 Property Development Summary ....................................................................... 21 Developable Site Inventory ................................................................................ 23 Property Sales Summary .................................................................................... 24 COMPONENTS OF NAV ............................................................................................... 26 First Rockdale Mt. Juliet, TN OUTLOOK .................................................................................................................... 27 DEFINITIONS OF NON-GAAP FINANCIAL MEASURES................................................. 28 NON-GAAP FINANCIAL MEASURES This supplemental information package presents funds from operations, net operating income, adjusted EBITDA, adjusted funds from operations and same store net operating income, which are standard REIT industry financial measures that are not calculated in accordance with generally accepted accounting principles ("GAAP"). Please see page 28 for a definition of these supplemental performance measures, which are denoted with endnote (A). Please see the Statements of Operations Reconciliation for a reconciliation of Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities to the non-GAAP financial measures. FORWARD-LOOKING STATEMENTS This supplemental information may contain 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 ("Exchange Act"). We intend for such forward-looking statements to 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 use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors that could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically, including impacts and uncertainties arising from trade disputes and tariffs on goods imported to or exported from the United States; changes in legislation/ regulation (including laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; our ability to qualify and maintain our status as a real estate investment trust; the availability, cost and attractiveness of financing (including both public and private capital), increases in or prolonged periods of elevated interest rates, and our ability to raise equity capital on attractive terms; the availability and attractiveness of terms of debt repurchases; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; changes in the competitive environment in which we operate, including changes in supply, demand and valuation of industrial properties and land in our current and potential markets; 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 successfully integrate acquired properties; potential liability relating to environmental matters; defaults on or non-renewal of leases by our tenants; decreases in rental rates or increases in vacancy rates; higher-than-expected real estate construction costs and delays in development or lease-up timelines; uncertainty and economic impacts of pandemics, epidemics or other public health emergencies or fear of such events; risks associated with cybersecurity breaches, cyberattacks, intrusions or other significant disruptions of our information technology networks or systems; potential natural disasters and other catastrophic events, including acts of war or terrorism; insufficient or unavailable insurance coverage; technological developments, particularly those affecting supply chains and logistics; litigation risks, including costs associated with prosecuting or defending claims and potential adverse outcomes; risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and other risks and uncertainties described under the heading "Risk Factors" and elsewhere in our annual report on Form 10-K for the year ended December 31, 2025, as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and public filings with the Securities and Exchange Commission (the “SEC”). We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this supplemental information or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements except as may be required by law. For further information on these and other factors that could impact us and the statements contained herein, reference should be made to our filings with the SEC. TABLE OF CONTENTS Q3 2026 SUPPLEMENTAL 2
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(UNAUDITED) Allocation of Rent Revenue as of September 30, 2026 (1) The map excludes the markets of Minneapolis/St. Paul (2.2%) and Cincinnati/Detroit (0.4%). PORTFOLIO COMPOSITION (1) Q3 2026 SUPPLEMENTAL 3
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(UNAUDITED) (IN THOUSANDS) September 30, 2026 June 30, 2026 December 31, 2025 ASSETS Investment in Real Estate Land $ 1,930,876 $ 1,900,780 $ 1,872,086 Buildings and Improvements 4,475,587 4,368,073 4,274,540 Construction in Progress 230,368 199,207 221,052 Gross Real Estate Investment 6,636,831 6,468,060 6,367,678 Less: Accumulated Depreciation (1,276,834) (1,242,672) (1,191,767) Net Investment in Real Estate 5,359,997 5,225,388 5,175,911 Operating Lease Right-of-Use Assets 18,973 19,022 19,589 Cash and Cash Equivalents 42,430 46,052 78,032 Restricted Cash — 68,122 — Tenant Accounts Receivable 7,899 8,788 11,857 Investment in Joint Venture 4,106 4,053 5,661 Deferred Rent Receivable 193,038 187,268 181,088 Prepaid Expenses and Other Assets, Net (1) 245,861 221,972 215,943 Total Assets $ 5,872,304 $ 5,780,665 $ 5,688,081 LIABILITIES AND EQUITY Liabilities Mortgage Loan Payable $ 9,023 $ 9,115 $ 9,295 Senior Unsecured Notes, Net 1,440,216 1,439,673 1,438,607 Unsecured Term Loans, Net 993,996 993,394 922,494 Unsecured Credit Facility 198,000 123,000 183,000 Accounts Payable, Accrued Expenses and Other Liabilities 158,590 146,188 178,884 Operating Lease Liabilities 19,038 18,953 19,450 Rents Received in Advance and Security Deposits 113,104 111,252 114,765 Dividends and Distributions Payable 70,119 69,460 62,656 Total Liabilities 3,002,086 2,911,035 2,929,151 Commitments and Contingencies Equity First Industrial Realty Trust, Inc.’s Equity Common Stock 1,326 1,326 1,325 Additional Paid-in Capital 2,447,864 2,445,366 2,436,238 Retained Earnings 309,591 317,478 230,668 Accumulated Other Comprehensive Income 17,378 11,325 3,159 Total First Industrial Realty Trust, Inc.’s Equity 2,776,159 2,775,495 2,671,390 Noncontrolling Interests 94,059 94,135 87,540 Total Equity 2,870,218 2,869,630 2,758,930 Total Liabilities and Equity $ 5,872,304 $ 5,780,665 $ 5,688,081 (1) Prepaid Expenses and Other Assets, Net at September 30, 2026, are comprised of: Furniture, Fixtures, Leasehold Improvements and Equipment, Net of $1,192, Prepaid Real Estate Taxes of $8,879, Earnest Money, Escrow and Other Deposits of $15,165, Unsecured Credit Facility Debt Issuance Costs, Net of $5,636, Leasing Commissions, Net and Lease Inducements, Net of $154,458, Fair Value of Interest Rate Swaps of $19,201, Deferred Leasing Intangibles, Net of $35,018, and Other of $6,312. BALANCE SHEETS Q3 2026 SUPPLEMENTAL 4
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(UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE DATA) Three Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 REVENUES Lease Revenue $ 196,319 $ 179,424 $ 584,140 $ 532,268 Joint Venture Fees 7 388 88 1,120 Other Revenue 789 1,618 2,654 5,279 Total Revenues 197,115 181,430 586,882 538,667 EXPENSES Property Expenses 50,372 46,185 151,947 139,950 General and Administrative (1) 8,607 8,552 40,431 32,883 Joint Venture Development Services Expense 4 190 53 524 Depreciation of Corporate FF&E 141 147 448 477 Depreciation and Other Amortization of Real Estate 50,855 45,601 150,843 136,232 Total Expenses 109,979 100,675 343,722 310,066 OTHER INCOME (EXPENSE) Gain on Sale of Real Estate — 9,538 125,623 17,503 Interest Expense (24,787) (21,731) (73,074) (62,922) Amortization of Debt Issuance Costs (1,571) (1,393) (4,673) (3,684) Total Other Income (Expense) (26,358) (13,586) 47,876 (49,103) INCOME FROM OPERATIONS BEFORE EQUITY IN INCOME OF JOINT VENTURE AND INCOME TAX PROVISION 60,778 67,169 291,036 179,498 Equity in Income of Joint Venture 54 387 244 3,800 Income Tax Provision (309) (192) (3,145) (6,171) NET INCOME 60,523 67,364 288,135 177,127 Less: Net Income Attributable to the Noncontrolling Interests (1,973) (2,058) (9,388) (8,533) NET INCOME AVAILABLE TO COMMON STOCKHOLDERS AND PARTICIPATING SECURITIES $ 58,550 $ 65,306 $ 278,747 $ 168,594 Less: Allocation to Participating Securities (33) (37) (134) (108) NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 58,517 $ 65,269 $ 278,613 $ 168,486 Weighted Average Shares - Basic 132,612 132,450 132,597 132,432 Weighted Average Shares - Diluted 132,686 132,504 132,665 132,492 EPS - Basic and Diluted (1) $ 0.44 $ 0.49 $ 2.10 $ 1.27 (1) Includes $5,570 of advisory costs related to a contested proxy campaign recognized in the first quarter of 2026. Excluding these costs, basic and diluted EPS for the nine months ended September 30, 2026 would have been $2.14. GAAP STATEMENTS OF OPERATIONS Q3 2026 SUPPLEMENTAL 5
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(UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE/UNIT DATA) Three Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Rent Revenue $ 155,117 $ 141,841 $ 459,573 $ 419,669 Tenant Recoveries and Other Revenue, Including Joint Venture Fees, Net 41,994 39,399 127,256 118,474 Total Revenues 197,111 181,240 586,829 538,143 Property Expenses (50,372) (46,185) (151,947) (139,950) NET OPERATING INCOME (A) 146,739 135,055 434,882 398,193 Equity in FFO from Joint Venture, Net of Noncontrolling Interest 41 731 140 1,970 General and Administrative (1) (8,607) (8,552) (40,431) (32,883) ADJUSTED EBITDA (A) 138,173 127,234 394,591 367,280 Interest Expense (24,787) (21,731) (73,074) (62,922) Income Tax Provision - Allocable to FFO (309) (449) (845) (763) Amortization of Debt Issuance Costs (1,571) (1,393) (4,673) (3,684) Depreciation of Corporate FF&E (141) (147) (448) (477) FUNDS FROM OPERATIONS - FFO (NAREIT) (A) 111,365 103,514 315,551 299,434 Depreciation and Other Amortization of Real Estate (50,855) (45,601) (150,843) (136,232) Depreciation and Other Amortization of Real Estate in the Joint Venture — (607) — (2,182) Gain on Sale of Real Estate — 9,538 125,623 17,503 Gain on Sale of Real Estate from Joint Venture 7 163 85 3,743 Equity in FFO from Joint Venture Attributable to the Noncontrolling Interest 6 100 19 269 Income Tax Benefit (Provision) - Excluded from FFO — 257 (2,300) (5,408) NET INCOME 60,523 67,364 288,135 177,127 Net Income Attributable to the Noncontrolling Interests (1,973) (2,058) (9,388) (8,533) NET INCOME AVAILABLE TO COMMON STOCKHOLDERS AND PARTICIPATING SECURITIES $ 58,550 $ 65,306 $ 278,747 $ 168,594 ADJUSTED EBITDA (A) $ 138,173 $ 127,234 $ 394,591 $ 367,280 Interest Expense (24,787) (21,731) (73,074) (62,922) Capitalized Interest (2,537) (3,489) (8,653) (9,374) Capitalized Overhead (1,554) (1,589) (6,178) (6,492) Amortization of Debt Discounts and Hedge Costs 262 262 787 553 Income Tax Provision - Allocable to FFO (309) (449) (845) (763) Straight-Line Rent, Amortization of Above (Below) Market Leases and Lease Inducements (5,881) (3,604) (15,042) (13,912) Amortization of Equity Based Compensation 2,543 2,020 20,209 18,293 Non-incremental Building Improvements (A) (5,845) (5,641) (17,655) (13,229) Non-incremental Leasing Costs (A) (15,264) (6,401) (32,891) (19,580) ADJUSTED FUNDS FROM OPERATIONS - AFFO (A) $ 84,801 $ 86,612 $ 261,249 $ 259,854 FUNDS FROM OPERATIONS - FFO (NAREIT) (A) $ 111,365 $ 103,514 $ 315,551 $ 299,434 Less: Allocation to Participating Securities (160) (149) (438) (435) FFO (NAREIT) ALLOCABLE TO COMMON STOCKHOLDERS AND UNITHOLDERS $ 111,205 $ 103,365 $ 315,113 $ 298,999 Weighted Average Shares/Units - Basic 135,943 135,479 135,931 135,461 Weighted Average Shares/Units - Diluted 136,554 135,920 136,507 135,973 EPS - Basic and Diluted (1) $ 0.44 $ 0.49 $ 2.10 $ 1.27 FFO (NAREIT) Per Share/Unit - Basic (1) $ 0.82 $ 0.76 $ 2.32 $ 2.21 FFO (NAREIT) Per Share/Unit - Diluted (1) $ 0.81 $ 0.76 $ 2.31 $ 2.20 COMMON DIVIDENDS/DISTRIBUTIONS PER SHARE/UNIT $ 0.500 $ 0.445 $ 1.500 $ 1.335 (1) Includes $5,570 of advisory costs related to a contested proxy campaign recognized in the first quarter of 2026. Excluding these costs, basic and diluted EPS would have been $2.14 and basic and diluted FFO per share/unit would have been $2.36 and $2.35, respectively, for the nine months ended September 30, 2026. SUPPLEMENTAL STATEMENTS OF OPERATIONS (A) Q3 2026 SUPPLEMENTAL 6
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(UNAUDITED) (IN THOUSANDS) Three Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 NET INCOME AVAILABLE TO COMMON STOCKHOLDERS AND PARTICIPATING SECURITIES $ 58,550 $ 65,306 $ 278,747 $ 168,594 Depreciation and Other Amortization of Real Estate 50,855 45,601 150,843 136,232 Depreciation and Other Amortization of Real Estate in the Joint Venture — 607 — 2,182 Net Income Attributable to the Noncontrolling Interests 1,973 2,058 9,388 8,533 Gain on Sale of Real Estate — (9,538) (125,623) (17,503) Gain on Sale of Real Estate from Joint Venture (7) (163) (85) (3,743) Equity in FFO from Joint Venture Attributable to the Noncontrolling Interest (6) (100) (19) (269) Income Tax (Benefit) Provision - Excluded from FFO — (257) 2,300 5,408 FUNDS FROM OPERATIONS - FFO (NAREIT) (A) $ 111,365 $ 103,514 $ 315,551 $ 299,434 Amortization of Equity Based Compensation 2,543 2,020 20,209 18,293 Amortization of Debt Discounts and Hedge Costs 262 262 787 553 Amortization of Debt Issuance Costs 1,571 1,393 4,673 3,684 Depreciation of Corporate FF&E 141 147 448 477 Non-incremental Building Improvements (A) (5,845) (5,641) (17,655) (13,229) Non-incremental Leasing Costs (A) (15,264) (6,401) (32,891) (19,580) Capitalized Interest (2,537) (3,489) (8,653) (9,374) Capitalized Overhead (1,554) (1,589) (6,178) (6,492) Straight-Line Rent, Amortization of Above (Below) Market Leases and Lease Inducements (5,881) (3,604) (15,042) (13,912) ADJUSTED FUNDS FROM OPERATIONS - AFFO (A) $ 84,801 $ 86,612 $ 261,249 $ 259,854 NET INCOME AVAILABLE TO COMMON STOCKHOLDERS AND PARTICIPATING SECURITIES $ 58,550 $ 65,306 $ 278,747 $ 168,594 Interest Expense 24,787 21,731 73,074 62,922 Depreciation and Other Amortization of Real Estate 50,855 45,601 150,843 136,232 Depreciation and Other Amortization of Real Estate in the Joint Venture — 607 — 2,182 Income Tax Provision - Allocable to FFO 309 449 845 763 Income Tax (Benefit) Provision - Excluded from FFO — (257) 2,300 5,408 Net Income Attributable to the Noncontrolling Interests 1,973 2,058 9,388 8,533 Equity in FFO from Joint Venture Attributable to the Noncontrolling Interest (6) (100) (19) (269) Amortization of Debt Issuance Costs 1,571 1,393 4,673 3,684 Depreciation of Corporate FF&E 141 147 448 477 Gain on Sale of Real Estate — (9,538) (125,623) (17,503) Gain on Sale of Real Estate from Joint Venture (7) (163) (85) (3,743) ADJUSTED EBITDA (A) $ 138,173 $ 127,234 $ 394,591 $ 367,280 General and Administrative (1) 8,607 8,552 40,431 32,883 Equity in FFO from Joint Venture, Net of Noncontrolling Interest (41) (731) (140) (1,970) NET OPERATING INCOME (A) $ 146,739 $ 135,055 $ 434,882 $ 398,193 (1) Includes $5,570 of advisory costs related to a contested proxy campaign recognized in the first quarter of 2026. SUPPLEMENTAL STATEMENTS OF OPERATIONS RECONCILIATION (A) Q3 2026 SUPPLEMENTAL 7
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(UNAUDITED) (IN THOUSANDS) Three Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 REVENUES Lease Revenue per GAAP Statements of Operations $ 196,319 $ 179,424 $ 584,140 $ 532,268 Tenant Recovery Revenue (1) (41,202) (37,583) (124,567) (112,599) Rent Revenue per Supplemental Statements of Operations $ 155,117 $ 141,841 $ 459,573 $ 419,669 Other Revenue and Joint Venture Fees per GAAP Statements of Operations $ 796 $ 2,006 $ 2,742 $ 6,399 Tenant Recovery Revenue (1) 41,202 37,583 124,567 112,599 Joint Venture Development Services Expense per GAAP (4) (190) (53) (524) Tenant Recoveries and Other Revenue, Including Joint Venture Fees, Net per Supplemental Statements of Operations $ 41,994 $ 39,399 $ 127,256 $ 118,474 EQUITY IN INCOME OF JOINT VENTURE Equity in Income of Joint Venture per GAAP Statements of Operations $ 54 $ 387 $ 244 $ 3,800 Gain on Sale of Real Estate from Joint Venture (2) (7) (163) (85) (3,743) Depreciation and Other Amortization of Real Estate in the Joint Venture — 607 — 2,182 Equity in FFO from Joint Venture Attributable to the Noncontrolling Interest (3) (6) (100) (19) (269) Equity in FFO from Joint Venture, Net of Noncontrolling Interest per Supplemental Statements of Operations (4) $ 41 $ 731 $ 140 $ 1,970 INCOME TAX PROVISION Income Tax Provision per GAAP Statements of Operations $ (309) $ (192) $ (3,145) $ (6,171) Income Tax (Benefit) Provision - Excluded from FFO (5) — (257) 2,300 5,408 Income Tax Provision - Allocable to FFO $ (309) $ (449) $ (845) $ (763) (1) Tenant recovery revenue is included in Lease Revenue in the GAAP Statements of Operations. In the Supplemental Statements of Operations, tenant recovery revenue is included in Tenant Recoveries and Other Revenue, Including Joint Venture Fees, Net. (2) During the three months ended March 31, 2025, the Joint Venture sold two buildings. As we were the purchaser of these buildings, we netted our pro-rata portion of the gain on sale and incentive fees, totaling $24,040, against the basis of the acquired properties. (3) Since our interest in the joint venture is held through a partnership with a third party that is consolidated within our financial statements, an adjustment is included to eliminate the third-party’s share of FFO. (4) Equity in FFO from Joint Venture includes incentive fees net of noncontrolling interest of $11 and $40 for the three and nine months ended September 30, 2026, respectively, and $212 and $571 for the three and nine months ended September 30, 2025, respectively. (5) Pursuant to the Company’s calculation of FFO, the income tax provision is adjusted to exclude the portion of the provision attributable to gains on the sale of real estate, including gains recognized by the joint venture and incentive fees, as well as depreciation and other amortization of real estate recognized by the joint venture, as these items are also excluded from the calculation of FFO. SUPPLEMENTAL STATEMENTS OF OPERATIONS RECONCILIATION Q3 2026 SUPPLEMENTAL 8
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(UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE/UNIT DATA) Three Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 WEIGHTED AVERAGE COMMON STOCK/UNITS Basic Weighted Average Shares/Units Outstanding 135,943 135,479 135,931 135,461 Weighted Average Shares Outstanding 132,612 132,450 132,597 132,432 Diluted Weighted Average Shares/Units Outstanding 136,554 135,920 136,507 135,973 Weighted Average Shares Outstanding 132,686 132,504 132,665 132,492 COMMON DIVIDEND/UNIT DISTRIBUTION PAYOUT RATIOS PER SHARE/UNIT Dividends/Distributions per Share/Unit $ 0.500 $ 0.445 $ 1.500 $ 1.335 Payout - FFO (NAREIT) 61.4% 58.5% 65.0% 60.7% (Common Dividends/Unit Distributions/FFO) Three Months Ended COMMON STOCK DIVIDEND YIELDS September 30, 2026 September 30, 2025 Dividend Yield 3.36% 3.46% Spread Over 5 Year U.S. Treasury (1.73%) (0.27%) Spread Over 10 Year U.S. Treasury (1.93%) (0.69%) As Of COMMON STOCK/UNITS OUTSTANDING September 30, 2026 September 30, 2025 Common Shares 132,578 132,422 Partnership Units (Exchangeable for Common Shares 1 to 1) 4,453 4,079 Total 137,031 136,501 End of Quarter Common Share Price $ 59.54 $ 51.47 CAPITALIZATION Market Value of Common Equity $ 8,158,826 $ 7,025,706 Total Debt (Adjusted for Debt Issuance Costs, Net) 2,653,063 2,412,834 Total Market Capitalization $ 10,811,889 $ 9,438,540 ANALYST COVERAGE Barclays — Brendan Lynch Goldman Sachs & Co. — Caitlin Burrows Mizuho Securities — Vikram Malhotra Truist Securities — Michael Lewis BNP Paribas Exane — Nate Crossett Green Street Advisors — Vince Tibone Raymond James — Dave Rodgers Wells Fargo Securities — Blaine Heck Cantor Fitzgerald — Rich Anderson J.P. Morgan Securities — Michael Mueller RBC Capital Markets — Michael Carroll Wolfe Research — Andrew Rosivach Citi Research — Craig Mailman Jefferies LLC — Jonathan Petersen Robert W. Baird & Co. — Nicholas Thillman Deutsche Bank Securities — Omatayo Okusanya Keybanc Capital Markets — Todd Thomas Scotiabank — Nick Yulico EQUITY ANALYSIS Q3 2026 SUPPLEMENTAL 9
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(UNAUDITED) (IN THOUSANDS) Three Months Ended Nine Months Ended DEBT OUTSTANDING September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Average Outstanding Balance Mortgage Loan Payable (2) $ 9,054 $ 9,413 $ 9,144 $ 9,499 Unsecured Credit Facility (3) 121,924 55,967 142,601 206,659 Unsecured Term Loans (4) 1,000,000 925,000 994,231 925,000 Senior Unsecured Notes, Net (5) 1,445,943 1,445,353 1,445,797 1,227,652 $ 2,576,921 $ 2,435,733 $ 2,591,773 $ 2,368,810 Average Interest Rates Mortgage Loan Payable (2) 4.12% 4.13% 4.18% 4.18% Unsecured Credit Facility (3) 4.50% 5.18% 4.48% 5.22% Unsecured Term Loans (4) 3.99% 3.69% 3.94% 3.69% Senior Unsecured Notes, Net (5) 4.33% 4.33% 4.38% 4.18% Total Weighted Average 4.21% 4.11% 4.22% 4.08% COVERAGE RATIOS Interest Coverage - Adjusted EBITDA (Adjusted EBITDA/GAAP Interest Expense) 5.57x 5.85x 5.40x 5.84x Fixed Charge Coverage - Adjusted EBITDA 5.04x 5.03x 4.81x 5.06x (Adjusted EBITDA/(GAAP Interest Expense + Capitalized Interest + Principal Amortization + Preferred Dividends)) As Of DEBT OUTSTANDING September 30, 2026 September 30, 2025 Interest Rate Structure Fixed $ 2,380,063 $ 2,379,834 Floating 273,000 33,000 $ 2,653,063 $ 2,412,834 Less: Cash and Cash Equivalents and Restricted Cash (6) (42,421) (36,800) Net Debt $ 2,610,642 $ 2,376,034 DEBT RATIOS Unencumbered Real Estate/Total Real Estate 99.5% 99.4% DEBT MATURITY Weighted Average Maturity in Years (7) 3.8 3.8 Three Months Ended NET DEBT TO ADJUSTED AND PRO FORMA EBITDA September 30, 2026 September 30, 2025 Adjusted EBITDA $ 138,173 $ 127,234 Adjust for Sales, Acquisitions/Developments Placed in Service 2,080 255 Adjust for Stabilized Acquisitions/Redevelopments Not in Service 873 182 Adjust for Stabilized Completed Developments Not in Service 1,360 2,208 Adjust for Funded Portion of Developments Under Construction 1,504 1,506 Pro Forma EBITDA $ 143,990 $ 131,385 Net Debt to Adjusted EBITDA 4.7 4.7 (Net Debt /(Adjusted EBITDA x 4)) Net Debt to Pro Forma EBITDA 4.5 4.5 (Net Debt/(Pro Forma EBITDA x 4)) Note: Refer to page 11 for footnote references. DEBT ANALYSIS (1) Q3 2026 SUPPLEMENTAL 10
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(UNAUDITED) (IN THOUSANDS) DEBT MATURITY AND SCHEDULED PRINCIPAL AMORTIZATION (8) Mortgage Loan Payable (2) Unsecured Credit Facility (3) Unsecured Term Loans (4) Senior Unsecured Notes (5) Total Weighted Average Coupon Interest Rates Percentage of Total Debt Maturing 2026 92 — — — 92 4.17% —% 2027 379 — — 131,070 131,449 4.43% 5% 2028 8,552 — 200,000 181,901 390,453 4.24% (4) 15% 2029 — 198,000 375,000 225,000 798,000 4.36% (4) 30% 2030 — — 425,000 250,000 675,000 3.51% (4) 25% 2031 — — — 450,000 450,000 5.25% 17% 2032 — — — 210,600 210,600 3.09% 8% Total Debt $ 9,023 $ 198,000 $ 1,000,000 $ 1,448,571 $ 2,655,594 4.18% 100% (1) Debt balances have been adjusted to remove debt issuance costs, net, as applicable. (2) Mortgage Loan Payable consists of one first mortgage loan with a coupon rate of 4.17%, matures in August 2028 and is collateralized by three properties. (3) The unsecured line of credit consists of a $850,000 unsecured revolving credit facility (the "Unsecured Credit Facility"). The Unsecured Credit Facility matures in March 2029 and has two six-month extension options at our election. Borrowings under the Unsecured Credit Facility bear interest at SOFR plus a credit spread, which is currently 0.775%. The credit spread is subject to adjustment based on our leverage and investment grade ratings. (4) Unsecured Term Loans are comprised of a $200,000 unsecured term loan (the “$200M TL”), a $375,000 unsecured term loan (the “$375M TL”) and a $425,000 unsecured term loan (the “$425M TL”), each of which were entered into with a syndicate of financial institutions (the "Unsecured Term Loans"). Further information about our Unsecured Term Loans is as follows: Maturity Date (a) Stated Interest Rate (b) All-In Interest Rate at September 30, 2026 Swaps Outstanding $200M TL 3/17/2028 SOFR + 0.85% 4.00% SOFR is fixed at 3.15% through 2/1/2029. $375M TL 1/22/2029 SOFR + 0.85% 4.37% SOFR is fixed on $300M of the $375M TL; $150M notional is fixed at 3.76% through 8/1/2027 and an additional $150M notional is fixed at 3.19% through 12/1/2028. $425M TL 1/22/2030 SOFR + 0.85% 3.54% SOFR is fixed at 2.69% through 9/30/2027. (a) At September 30, 2026, at our election, and subject to specified conditions, the maturities of the $200M TL and $375M TL may be extended for up to two additional one-year periods and the maturity of the $425M TL may be extended for one additional one-year period. (b) At September 30, 2026, the Unsecured Term Loans require interest-only payments and bear interest at a variable rate. The rate is based on SOFR plus a spread based on our leverage ratio and credit ratings, which is currently 0.85% (“Credit Spread”). The Credit Spread is subject to adjustment based on our leverage and investment grade ratings. (5) Senior Unsecured Notes include $950,000 of private placement notes with the following terms: $125,000 ten-year notes with a rate of 4.30%, matures in April 2027; $150,000 ten-year notes with a rate of 3.86%, matures in February 2028; $75,000 twelve-year notes with a rate of 4.40%, matures in April 2029; $150,000 ten-year notes with a rate of 3.97%, matures in July 2029; $150,000 twelve-year notes with a rate of 3.96%, matures in February 2030; $100,000 ten-year notes with a rate of 2.74%, matures in September 2030; and $200,000 twelve-year notes with a rate of 2.84%, matures in September 2032. The remaining $498,571 includes our senior unsecured bonds, with maturity dates ranging from May 2027 to April 2032, including $450,000 issued in May 2025 bearing interest at a fixed rate of 5.25% and maturing in January 2031. (6) Cash and Cash Equivalents is adjusted to remove the portion that is owned by a third-party minority partner in connection with the Camelback 303 joint venture. (7) Weighted average maturity includes the Unsecured Term Loans, Senior Unsecured Notes and Mortgage Loan Payable, and excludes the Unsecured Credit Facility. The two one-year extension options are assumed for the $200,000 unsecured term loan and the $375,000 unsecured term loan and the additional one-year extension option is assumed for the $425,000 unsecured term loan. (8) Payments by year as of September 30, 2026. The debt maturity schedule reflects the maturity dates and amounts with respect to principal and scheduled amortization payments. The schedule excludes discounts and debt issuance costs. DEBT ANALYSIS, CONTINUED (1) Q3 2026 SUPPLEMENTAL 11
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(UNAUDITED) Current Covenant September 30, 2026 SENIOR UNSECURED BONDS (1) Indebtedness to Total Assets ≤ 60.0% 39.1% Total Unencumbered Assets to Unsecured Indebtedness ≥ 150.0% 255.4% Indebtedness Subject to Encumbrance to Total Assets ≤ 40.0% 0.1% Consolidated Income Available for Debt Service to the Annual Service Charge ≥ 1.50 4.7 UNSECURED CREDIT FACILITY / UNSECURED TERM LOANS / PRIVATE PLACEMENT NOTES Fixed Charge Coverage Ratio ≥ 1.50 4.9 Consolidated Leverage Ratio ≤ 60.0% 24.1% Unencumbered Leverage Ratio ≤ 60.0% 25.4% Consolidated Secured Debt Ratio ≤ 40.0% 0.1% Property Operating Income Ratio on Unencumbered Assets ≥ 1.75 5.4 CREDIT RATINGS / OUTLOOK (2) Ratings Fitch BBB+ / Stable Moody’s Baa2 / Stable Standard & Poor’s BBB / Stable (1) Reflects the covenant calculations under all Supplemental Indentures. (2) The above ratings relate to our Senior Unsecured Notes (including Private Placement Notes), our Unsecured Term Loans, and our Unsecured Credit Facility. A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time by the rating organization. DEBT COVENANT ANALYSIS AND CREDIT RATINGS Q3 2026 SUPPLEMENTAL 12
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(UNAUDITED) As Of TOTAL PORTFOLIO September 30, 2026 September 30, 2025 Number of Properties In Service (1) 415 414 Completed Developments, Not In Service 2 3 Acquisitions/Redevelopments, Not In Service (2) 3 — Total Number of Properties 420 417 Properties Under Construction 3 6 Land Area - Developed (Acres) 5,145 4,922 Land Area - Developable (Acres), Owned 1,016 989 Gross Leasable Area (Square Feet) In Service (1) 71,148,958 68,526,496 Completed Developments, Not In Service 361,800 939,789 Acquisitions/Redevelopments, Not In Service (2) 445,052 — Total Gross Leasable Area (Square Feet) 71,955,810 69,466,285 Properties Under Construction (Square Feet) 917,224 935,574 Occupied In Service (Square Feet) 66,950,008 64,398,019 Vacant In Service (Square Feet) 4,198,950 4,128,477 Number of In Service Tenants 870 869 Occupancy Rates - In Service GLA 94.1% 94.0% Weighted Average Lease Term (Years) 7.7 7.8 Three Months Ended Nine Months Ended Capital Expenditures September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Non-Leasing Capital Expenditures Per Square Feet (i.e., roofs, parking lots, etc.) $ 0.08 $ 0.08 $ 0.25 $ 0.19 (1) Properties acquired with at least 75% occupancy at acquisition are placed in service, unless we anticipate that tenant move-outs within two years of ownership would reduce occupancy below 75%, in which case such properties are placed in service upon the earlier of reaching 90% occupancy or twelve months after tenant move out. Properties acquired with less than 75% occupancy are placed in service upon the earlier of reaching 90% occupancy or one year following acquisition. Developments, redevelopments (generally projects which require capital expenditures exceeding 20% of the gross cost basis) and acquired income-producing land parcels for which our ultimate intent is to redevelop or develop are placed in service upon the earlier of reaching 90% occupancy or one year after construction completion. (2) As of September 30, 2026, and October 21, 2026 (the Q3 2026 press release date), the Acquisitions/Redevelopments, Not In Service portfolio was 35.6% leased. The portfolio consisted of two acquisitions totaling 277,958 square feet: 9211 Old Pike Way (116,550 square feet; 67.1% leased) and A20 Logistics Center (161,408 square feet; 49.7% leased). The Not In Service Redevelopment is 139 Eva Street (167,094 square feet; 0% leased). PROPERTY OVERVIEW Q3 2026 SUPPLEMENTAL 13
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(UNAUDITED) (DOLLARS IN THOUSANDS) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 % Change 2026 2025 % Change Average Daily Occupancy Same Store Properties 94.5% 94.7% (0.2%) 94.4% 95.0% (0.6%) Same Store Portfolio Analysis (Straight-Line Basis) (1) Same Store Revenues $ 182,601 $ 172,729 5.7% $ 541,684 $ 514,278 5.3% Same Store Property Expenses (44,224) (41,441) 6.7% (131,824) (123,598) 6.7% Same Store NOI Straight-Line Basis $ 138,377 $ 131,288 5.4% $ 409,860 $ 390,680 4.9% Less: Lease Termination Fees (213) (44) (379) (154) Same Store NOI Straight-Line Basis (Less Termination Fees) $ 138,164 $ 131,244 5.3% $ 409,481 $ 390,526 4.9% Same Store Adjustments: Lease Termination Fees 213 44 379 154 Straight-Line Rent (2,953) (2,854) (5,470) (12,311) Above (Below) Market Lease Amortization (186) (473) (966) (1,467) Total Same Store Adjustments (2,926) (3,283) (6,057) (13,624) Same Store NOI Cash Basis $ 135,238 $ 127,961 5.7% $ 403,424 $ 376,902 7.0% Less: Lease Termination Fees (213) (44) (379) (154) Same Store NOI Cash Basis (Less Termination Fees) $ 135,025 $ 127,917 5.6% $ 403,045 $ 376,748 7.0% At September 30, 2026, the Same Store Pool is comprised of 399 properties, containing an aggregate of 65,791,339 square feet, which is 92% of our in-service square footage. (1) We consider cash basis same store NOI (“SS NOI”) to be a useful supplemental measure of our operating performance. We believe SS NOI enhances the comparability of a company’s real estate portfolio to that of other real estate companies. Same store properties are properties that were owned and placed in service prior to January 1, 2025 and held as an in service property through the end of the current reporting period including certain income-producing land parcels, and developments and redevelopments that were placed in service prior to January 1, 2025 (the “Same Store Pool”). Properties acquired with occupancy of at least 75% at acquisition are placed in service, unless we anticipate tenant move-outs within two years of ownership would reduce occupancy below 75%, in which case such properties are placed in service upon the earlier of reaching 90% occupancy or twelve months after tenant move out. Properties acquired with less than 75% occupancy are placed in service upon the earlier of reaching 90% occupancy or one year following acquisition. Developments, redevelopments and acquired income-producing land parcels for which our ultimate intent is to redevelop or develop are placed in service upon the earlier of reaching 90% occupancy or one year after construction completion. We define SS NOI as NOI, less NOI from properties not in the Same Store Pool, and further adjusted to exclude the impact of straight-line rent, the amortization of above (below) market rent and the impact of lease termination fees. These items are excluded because we believe excluding them provides a more meaningful reflection of cash-basis rental growth and allows for a more consistent year-over-year analysis of property-level performance. SS NOI does not reflect general and administrative expense, interest expense, depreciation and amortization, income tax benefit and expense, gains and losses on the sale of real estate, equity in income or loss from joint venture, joint venture fees, joint venture development services expense, capital expenditures and leasing costs. SS NOI should not be considered an alternative to net income or cash flows from operations as defined by GAAP, nor should it be used as a substitute in evaluating our liquidity or overall operating performance. Additionally, our method for calculating SS NOI may differ from the methods used by other real estate companies, limiting comparability. SAME STORE ANALYSIS (1) Q3 2026 SUPPLEMENTAL 14
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(UNAUDITED) PORTFOLIO LEASING STATISTICS (1) 2026 For the Three Months Ended September 30 Number of Leases Commenced Square Feet Commenced (In Thousands) Lease Term (Years) Cash Basis Rent Growth (2) Straight-line Basis Rent Growth (2) Lease Costs Per Square Foot (2) (3) Tenant Retention (By Square Feet) New 10 410 6.1 30.1% 40.6% $ 11.77 N/A Renewal 27 1,621 6.1 59.1% 87.5% 2.43 68.5% (Re) Developments / Acquisitions 3 289 9.6 N/A N/A N/A N/A Total / Average 40 2,320 6.5 52.3% 76.1% $ 4.31 68.5% Per Year of Lease Term $ 0.71 For the Nine Months Ended September 30 Number of Leases Commenced Square Feet Commenced (In Thousands) Lease Term (Years) Cash Basis Rent Growth (2) Straight-line Basis Rent Growth (2) Lease Costs Per Square Foot (2) (3) Tenant Retention (By Square Feet) New 42 1,831 7.4 36.6% 52.3% $ 8.69 N/A Renewal 79 4,602 5.5 42.1% 66.2% 2.63 70.8% (Re) Developments / Acquisitions 12 948 10.1 N/A N/A N/A N/A Total / Average 133 7,381 6.6 40.5% 62.1% $ 4.36 70.8% Per Year of Lease Term $ 0.72 2026 2026 For the Three Months Ended September 30 For the Nine Months Ended September 30 Number of Leases Commenced with Rent Concessions Square Feet (In Thousands) Rent Concessions (In Thousands) Number of Leases Commenced with Rent Concessions Square Feet (In Thousands) Rent Concessions (In Thousands) New 8 400 $ 1,617 32 1,581 $ 8,726 Renewal 4 679 3,165 12 953 3,551 (Re) Developments / Acquisitions 3 289 1,919 12 948 6,473 Total 15 1,368 $ 6,701 56 3,482 $ 18,750 (1) Leasing excludes short term and month-to-month leases. (2) Excludes first generation leases in developed or acquired properties. (3) Excludes properties with zero square footage, such as income-producing land. LEASING ACTIVITY Q3 2026 SUPPLEMENTAL 15
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(UNAUDITED) (AS OF SEPTEMBER 30, 2026) SAME STORE PROPERTY AVERAGE DAILY OCCUPANCY RATES SAME STORE PROPERTY ANNUAL NET RENTAL INCOME PER AVERAGE OCCUPIED SQUARE FOOT (2) MARKET NUMBER OF IN SERVICE PROPERTIES GLA % OF GLA TOTAL CURRENT QUARTER RENT REVENUE % QUARTER END OCCUPANCY RATES SEPTEMBER 30, 2026 SEPTEMBER 30, 2025 SEPTEMBER 30, 2026 SEPTEMBER 30, 2025 Atlanta 23 5,249,774 7.4% 5.2% 92.7% 92.7% 96.7% $ 6.29 $ 5.55 Baltimore/D.C. 14 3,416,464 4.8% 4.5% 85.9% 85.1% 84.3% 8.52 8.13 Central Florida 13 1,279,412 1.8% 2.2% 100.0% 100.0% 95.8% 9.06 8.76 Central/Eastern Pennsylvania (3) 26 9,646,908 13.5% 12.0% 94.4% 93.7% 91.0% 7.60 7.19 Chicago 25 6,169,821 8.7% 5.7% 96.6% (1) 97.4% 96.0% 5.73 5.38 Cincinnati/Detroit (3) 4 483,320 0.7% 0.4% 73.5% 73.5% 100.0% 6.17 5.35 Dallas/Ft. Worth 54 7,566,418 10.6% 8.8% 99.4% 97.7% 98.1% 7.11 6.43 Denver (3) 36 3,742,551 5.3% 4.4% 87.0% (1) 86.2% 82.5% 7.95 7.86 Houston 34 4,114,475 5.8% 4.7% 93.7% 95.2% 98.2% 6.81 6.47 Minneapolis/St. Paul 11 1,969,534 2.8% 2.2% 98.8% 98.8% 99.2% 6.75 6.43 Nashville 9 3,193,696 4.5% 3.4% 90.1% (1) 100.0% 100.0% 6.66 6.22 New Jersey (3) 17 2,074,153 2.9% 3.4% 99.5% 99.5% 99.8% 10.52 10.03 Northern California 9 1,300,236 1.8% 3.2% 100.0% 100.0% 100.0% 10.54 10.16 Phoenix 20 5,916,701 8.3% 7.3% 99.8% 99.8% 99.5% 6.64 6.28 Seattle 9 552,163 0.8% 1.6% 100.0% 100.0% 89.5% 12.95 11.78 South Florida 25 2,935,515 4.1% 6.4% 96.2% (1) 99.3% 99.4% 12.44 12.30 Southern California (3) (4) 86 11,537,817 16.2% 24.6% 89.7% (1) 91.1% 93.6% 13.76 13.11 Total In Service GLA / Weighted Average Occupancy and Rental Income per Sq. Ft. 415 71,148,958 100.0% 100.0% 94.1% (1) 94.5% 94.7% $ 8.56 $ 8.10 (1) The in-service occupancy rates of Chicago, Denver, Nashville, South Florida and Southern California would have been 97.4%, 97.1%, 100.0%, 99.1% and 92.2% as of September 30, 2026, respectively, excluding the impact of unoccupied developments placed in service in these markets. The Company’s overall in service occupancy would have been 95.7% excluding these developments. (2) Annualized net rental income per average occupied square foot is based on multiplying the current net rent by twelve and dividing by the average occupied GLA. This is used as a benchmark and does not necessarily reflect increases or decreases in NOI. (3) Central/Eastern Pennsylvania includes the markets of Central Pennsylvania and Philadelphia. Denver includes one property in Salt Lake City. New Jersey includes the markets of Northern and Central New Jersey. Southern California includes the markets of Los Angeles, the Inland Empire and San Diego. Cincinnati/Detroit including one 16 KSF property in the Detroit market. (4) The Current Quarter Rent Revenue % for the Southern California submarkets of Inland Empire East, Los Angeles, Inland Empire West and San Diego is 8.3%, 7.4%, 6.1%, and 2.8%, respectively. PORTFOLIO INFORMATION AND SAME STORE PROPERTY STATISTICS Q3 2026 SUPPLEMENTAL 16
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(UNAUDITED) (AS OF SEPTEMBER 30, 2026) 20 Largest Tenants By Annualized Lease Net Rent (1) % of Total Annualized Lease Net Rent 20 Largest Tenants by Gross Leasable Area Gross Leasable Area Occupied % of Total 1 Amazon.com Services 5.3% 1 Amazon.com Services 4,137,070 5.8% 2 Lowe’s Home Centers 1.4% 2 Lowe's Home Centers 1,387,899 1.9% 3 Adesa 1.4% 3 Ferrero USA 1,382,518 1.9% 4 Boohooplc.com 1.4% 4 Boohooplc.com 1,085,280 1.5% 5 Ferrero USA 1.3% 5 Schneider Electric 1,041,740 1.5% 6 Schneider Electric 1.2% 6 HD Supply 863,328 1.2% 7 Walmart 1.2% 7 Rust-Oleum 850,243 1.2% 8 Weber Distribution 1.1% 8 Best Buy 802,439 1.1% 9 Karma Automotive 1.1% 9 Church & Dwight 764,400 1.1% 10 JAS N.A. 1.0% 10 ITS Logistics 708,000 1.0% 11 Lollicup USA 1.0% 11 Post Consumer Brands 703,339 1.0% 12 Church & Dwight 1.0% 12 Consumer Product Partners 700,000 1.0% 13 Carbel 1.0% 13 Jacobson Warehouse 698,258 1.0% 14 Lean Supply Solutions 0.9% 14 Harbor Freight Tools 691,960 1.0% 15 ITS Logistics 0.9% 15 Chewy 691,418 1.0% 16 PepsiCo Global 0.9% 16 United Natural Foods 675,000 0.9% 17 Prime Auto Resources 0.8% 17 Integrated Quality Supply Chain 644,000 0.9% 18 Jacobson Warehouse 0.8% 18 XPO Logistics Supply Chain 643,798 0.9% 19 Best Buy 0.8% 19 Healthcare Arizona 643,798 0.9% 20 QTS Procurement 0.7% 20 Cardinia Real Estate 626,784 0.9% Total Annualized Net Rent - Top 20 25.2% Total Gross Leasable Area - Top 20 19,741,272 27.7% (1) Annualized net rental income per average occupied square foot is based on multiplying the current net rent by twelve and dividing by the average occupied GLA. This is used as a benchmark and does not necessarily reflect increases or decreases in NOI. LARGEST TENANTS Q3 2026 SUPPLEMENTAL 17
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(UNAUDITED) LEASE EXPIRATION SCHEDULE (1) Year of Expiration Number of Leases Expiring GLA Expiring Average Lease (GLA) Percentage of GLA Expiring Annualized Net Rent Under Expiring Leases (In Thousands) (2) (3) Average Net Rent (2) Percentage of Total Annualized Net Rent Expiring (2) (3) Month to Month 5 468,509 93,702 0.7% $ 3,363 $ 7.18 0.6% 2026 (4) 10 410,082 41,008 0.6% 4,917 11.99 0.8% 2027 137 5,742,116 41,913 8.6% 48,723 8.49 8.4% 2028 160 9,857,792 61,611 14.8% 96,392 9.78 16.6% 2029 174 9,062,681 52,084 13.6% 86,345 9.53 14.8% 2030 132 7,214,015 54,652 10.8% 63,854 8.85 11.0% 2031 93 7,531,989 80,989 11.3% 70,700 9.39 12.1% 2032 64 7,916,963 123,703 11.9% 61,998 7.83 10.6% 2033 33 4,171,858 126,420 6.2% 36,166 8.67 6.2% 2034 23 4,514,425 196,279 6.8% 32,626 7.23 5.6% 2035 12 4,089,648 340,804 6.1% 30,102 7.36 5.2% Thereafter 30 5,754,648 191,822 8.6% 47,126 8.19 8.1% Total / Weighted Average 873 66,734,726 76,443 100.0% $ 582,312 $ 8.73 100.0% (1) Rollover statistics reflect expiration dates on all leases executed through September 30, 2026. Excludes September 30, 2026 move-outs of 215,282 square feet. Leases which rollover the first day of a calendar year are included in the respective year. (2) Expiring net rent is annualized as of the end of the current reporting period. (3) Rent from income-producing land parcels is excluded from the schedule; inclusion would increase Annualized Net Rent Under Expiring Leases and the Percentage of Total Annualized Net Rent Expiring, respectively for the following years: 2026: $0.7 million and 0.1%; 2027: $0.3 million and 0.1%; 2028: $8.6 million and 1.5%; 2029: $1.6 million and 0.3%; 2031: $1.7 million and 0.3%; 2032: $0.9 million and 0.2%; 2033: $0.2 million and 0.1%; 2035: $6.2 million and 1.1%; Thereafter: $1.7 million and 0.3%. (4) We have signed leases which were originally due to expire in 2026 totaling 5.1 million square feet and 6.1% of expiring net rent. These are excluded from 2026 expirations and are reflected in the new year of expiration. LEASE EXPIRATION SCHEDULE Q3 2026 SUPPLEMENTAL 18
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(UNAUDITED) ADDRESS/PORTFOLIO MARKET SQUARE FEET GROSS LAND ACREAGE PURCHASE PRICE (In Millions) STABILIZED EXPECTED CAP RATE (1) No acquisitions in first quarter First Quarter Property Acquisitions — — —% Total First Quarter Acquisitions — — $ — A20 Logistics Center Dallas/Ft. Worth 161,408 25.6 Second Quarter Property Acquisitions 161,408 25.6 5.9% First Laurel Commerce Center Baltimore/D.C. 58.0 38.6 Second Quarter Land Acquisitions 58.0 38.6 Total Second Quarter Acquisitions 161,408 58.0 $ 64.2 Park 83 Logistics Center Central Pennsylvania 764,400 119.9 Third Quarter Property Acquisitions 764,400 119.9 5.1% First McKinney Phase I & II Dallas/Ft. Worth 32.3 13.3 Third Quarter Land Acquisitions 32.3 13.3 Total Third Quarter Acquisitions 764,400 32.3 $ 133.2 Total 2026 Acquisitions 925,808 90.3 $ 197.4 5.3% (1) Stabilized expected cap rate of building acquisitions (excluding land acquisitions) represents the expected stabilized cash yield (stabilized cash NOI divided by the total expected GAAP investment). Straight-line rents and above/below market rents are not included in cash NOI. 2026 PROPERTY ACQUISITION SUMMARY Q3 2026 SUPPLEMENTAL 19
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(UNAUDITED) ADDRESS/PORTFOLIO MARKET SQUARE FEET GROSS LAND ACREAGE PURCHASE PRICE (In Millions) STABILIZED EXPECTED CAP RATE (1) Camelback 303 Buildings A & B (2) Phoenix 796,196 $ 120.0 First Quarter Property Acquisitions 796,196 120.0 6.4% First Park New Castle Philadelphia 61.4 15.7 First Quarter Land Acquisitions 61.4 15.7 Total First Quarter Acquisitions 796,196 61.4 $ 135.7 No acquisitions in second quarter Second Quarter Property Acquisitions — — —% Total Second Quarter Acquisitions — N/A $ — 415 Aldo Avenue & 420 Nelo Street (3) Northern California 10.6 Third Quarter Property Acquisitions — 10.6 7.3% Total Third Quarter Acquisitions — N/A $ 10.6 Camelback 303 Building C (4) Phoenix 968,191 125.3 9211 Old Pike Way Baltimore/D.C. 116,550 31.4 Fourth Quarter Property Acquisitions 1,084,741 156.7 6.3% Total Fourth Quarter Acquisitions 1,084,741 N/A $ 156.7 Total 2025 Acquisitions 1,880,937 61.4 $ 303.0 6.4% (1) Stabilized expected cap rate of building acquisitions (excluding land acquisitions) represents the expected stabilized cash yield (stabilized cash NOI divided by the total expected GAAP investment). Straight-line rents and above/below market rents are not included in cash NOI. (2) We purchased these buildings from a joint venture in which we hold a 43% interest. The purchase price is net of $25.0 million, which is our share of the joint venture’s gain on sale, incentive fees and development fees. (3) Property is income-producing land purchased for long term hold. (4) We purchased this building from a joint venture in which we hold a 43% interest. The purchase price is net of $17.6 million, which is our share of the joint venture’s gain on sale, incentive fees and development fees. 2025 PROPERTY ACQUISITION SUMMARY Q3 2026 SUPPLEMENTAL 20
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(UNAUDITED) DEVELOPMENTS UNDER CONSTRUCTION DEVELOPMENT LOCATION ESTIMATED BUILDING COMPLETION SQUARE FEET ESTIMATED INVESTMENT (In Millions) PERCENT LEASED (2) PERCENT FUNDED First Arlington Commerce Center III Arlington, TX Q4 2026 84,360 12.8 —% 46% First Park Miami Building 4 Medley, FL Q1 2027 220,310 56.9 —% 76% First Park New Castle Building A New Castle, DE Q2 2027 612,554 76.7 —% 35% Total Under Construction 917,224 $ 146.4 —% 52% Stabilized Average Expected Cap Rate (1) 7.9% Expected Profit Margin (1) 46% - 56% DEVELOPMENTS COMPLETED - NOT IN SERVICE AT SEPTEMBER 30, 2026 DEVELOPMENT LOCATION BUILDING COMPLETION SQUARE FEET ESTIMATED INVESTMENT (In Millions) PERCENT LEASED (2) PERCENT FUNDED First Park 33 Buildings I & II Easton, PA Q1 2026 361,800 62.9 15% 88% Total Completed - Not In Service 361,800 $ 62.9 15% 88% Stabilized Average Expected Cap Rate (1) 7.2% Expected Profit Margin (1) 32% - 42% SPECULATIVE LEASING CAP (3) (In Millions) Speculative Leasing Cap $ 800.0 Developments with Lease-Up (358.2) Acquisitions/Redevelopments with Lease-Up (24.5) Total Investments with Lease-Up $ (382.7) Speculative Cap Availability $ 417.3 (1) Stabilized average expected cap rate of developments represents the expected stabilized cash yield (stabilized cash NOI divided by the total expected GAAP investment). Straight-line rents are not included in cash NOI. Expected profit margin is updated as of September 30, 2026. (2) Percentage leased is calculated as of the press release date, October 21, 2026. (3) As part of its risk management policy, the company employs an $800 million cap on the aggregate amount of estimated committed investment related to acquisitions and developments that are not fully leased ("Speculative Leasing Cap" or "Cap") and is subject to change. The amount available for potential new investment under the Cap is adjusted proportionately as these investments are leased, either in part or in whole, and/ or as new investments with required lease-up are announced. In addition to the development information on this page and the following page, Developments with Lease-Up also include First Aurora Commerce Center Building E and the unleased portion of First Park 94 Building D (both placed in service prior to 2025). Acquisition/Redevelopments with Lease-Up include the unleased portion of 9211 Old Pike Way (Q4 2025 Acquisition) and A20 Logistics Center (Q2 2026 Acquisition); see page 13, footnote (2). SUMMARY OF UNDER CONSTRUCTION AND NOT IN SERVICE DEVELOPMENTS Q3 2026 SUPPLEMENTAL 21
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(UNAUDITED) DEVELOPMENTS PLACED IN SERVICE - NINE MONTHS ENDED SEPTEMBER 30, 2026 DEVELOPMENT LOCATION PLACED IN SERVICE DATE SQUARE FEET ESTIMATED INVESTMENT (In Millions) PERCENT LEASED (2) PERCENT FUNDED First Park Miami Building 3 Medley, FL Q2 2026 198,112 $ 49.7 56% 90% First Park New Castle Building B New Castle, DE Q2 2026 226,074 29.6 100% 88% First Pompano Logistics Center Pompano Beach, FL Q2 2026 59,912 15.5 100% 95% First Park 121 Building F Lewisville, TX Q3 2026 176,182 25.2 100% 67% First Rockdale VI Mt. Juliet, TN Q3 2026 317,117 33.0 —% 84% Total Placed In Service 977,397 $ 153.0 59% 85% Stabilized Average Expected Cap Rate (1) 7.5% Expected Profit Margin (1) 40% - 50% DEVELOPMENTS PLACED IN SERVICE - TWELVE MONTHS ENDED DECEMBER 31, 2025 DEVELOPMENT LOCATION PLACED IN SERVICE DATE SQUARE FEET ESTIMATED INVESTMENT (In Millions) PERCENT LEASED (2) First Wilson Logistics Center II Perris, CA Q1 2025 154,559 $ 29.2 100% First Rider Logistics Center Perris, CA Q1 2025 324,379 44.2 —% First Park Miami Building 12 Medley, FL Q2 2025 135,707 31.9 100% First Harley Knox Logistics Center Perris, CA Q2 2025 158,730 27.4 100% First Rockdale VII Mt. Juliet, TN Q3 2025 541,500 52.3 100% First Liberty Logistics Center Houston, TX Q4 2025 424,560 43.7 100% First Pine Hills BTS Orlando, FL Q4 2025 112,000 19.2 100% Total Placed In Service 1,851,435 $ 247.9 82% Stabilized Average Expected Cap Rate (1) 6.8% Expected Profit Margin (1) 25% - 35% (1) Stabilized average expected cap rate of developments represents the expected stabilized cash yield (stabilized cash NOI divided by the total expected GAAP investment). Straight-line rents are not included in cash NOI. Expected profit margin is updated as of September 30, 2026. (2) Percentage leased is calculated as of the press release date, October 21, 2026. Note: A development project is transferred to developments completed - not in service once the building is considered substantially complete. It remains in that category until the earlier of 90% occupancy is achieved or one year following construction completion. SUMMARY OF IN SERVICE DEVELOPMENTS Q3 2026 SUPPLEMENTAL 22
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(UNAUDITED) (AS OF SEPTEMBER 30, 2026) MARKET LOCATION USABLE LAND AREA (Acres) (1) INDUSTRIAL DEVELOPABLE GLA (Est.) (1) Baltimore First Laurel Commerce Center 58.0 629,000 Chicago First Park 94 137.1 2,583,000 Dallas/Ft. Worth First I-20/35 Distribution Center 26.3 420,000 First McKinney Phase I & II 32.3 390,000 Total Dallas/Ft. Worth 58.6 810,000 Denver First Aurora Commerce Center 55.2 700,000 Inland Empire First Palm Springs Commerce Center 101.0 1,930,000 First Hathaway Logistics Center 82.8 1,407,000 First Palm Springs II Commerce Center 60.0 1,100,000 First Harley Knox Logistics Center II 25.9 552,000 First Sinclair 19.7 427,000 First March Logistics Center 22.8 419,000 First Wilson Logistics Center III 10.0 192,000 First March Logistics Center II 4.9 133,000 First San Bernardino 6.0 127,000 First Lincoln 6.5 119,000 First Tamarind II 4.2 61,000 First Catawba 2.7 18,000 First Santa Ana 2.4 19,000 First Catawba II 2.2 15,000 Total Inland Empire 351.1 6,519,000 Lehigh Valley, PA First Park 33 34.6 400,000 Miami First Park Miami 39.9 859,000 First 95 Distribution Center II 19.6 315,000 First Andrews 8.4 127,000 Total Miami 67.9 1,301,000 Northern California First Hayward Logistics Center @ 92 6.6 137,000 14143-14205 Washington Avenue 3.5 52,000 8520 Pardee Drive 3.0 54,000 Total Northern California 13.1 243,000 Orlando First Park 417 194.0 2,690,000 Various Other Land Sites 46.6 46,000 TOTAL OF OWNED LAND 1,016.2 15,921,000 (1) Developable land area represents land acquired for future development. The developable GLA is based on the developable land area and a parcel-by-parcel estimate of the land-to-building ratio. Both usable land area and developable/expandable GLA are estimated and can change periodically due to changes in the site design, road and storm water requirements, trailer parking, staging areas, type of building, condemnation, etc. The actual build-out can also be influenced by a number of factors including renegotiations with existing tenants, negotiations with new tenants, and in certain instances, zoning restrictions, assessments of market conditions and physical constraints for development. DEVELOPABLE SITE INVENTORY Q3 2026 SUPPLEMENTAL 23
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(UNAUDITED) ADDRESS/PORTFOLIO MARKET SQUARE FEET LAND ACREAGE SALE PRICE (In Millions) STABILIZED AVERAGE CAP RATE (1) CAP RATE AT SALE (1) PV 303 Land (2) Phoenix 100.3 $ 131.2 First Quarter Land Sales — 100.3 131.2 5.3% 5.1% Total First Quarter Sales — 100.3 $ 131.2 980 Chicago Road Detroit 14,280 1.3 4872 S. Lapeer Road Detroit 125,605 12.0 42555 Merrill Road Detroit 116,250 12.0 5500 Enterprise Court Detroit 53,900 4.0 Second Quarter Property Sales 310,035 29.3 6.5% 8.0% Total Second Quarter Sales 310,035 N/A $ 29.3 No sales in third quarter Third Quarter Property Sales — — —% —% Total Third Quarter Sales — N/A $ — Total 2026 Sales 310,035 100.3 $ 160.5 5.5% 5.6% (1) Stabilized cap rate on building sales (excluding land sales) represents the stabilized cash yield (stabilized cash NOI, excluding any one-time items, divided by the total expected stabilized investment). Cap rate at building sale (excluding land sales) represents the actual NOI for the previous twelve months prior to sale, excluding any one-time items, divided by the sales price. Straight-line rents, above/below market rents, lease inducement amortization and insurance proceeds, other than business interruption insurance proceeds, are not included in cash NOI. (2) During the three months ended March 31, 2026, the tenant exercised its option to purchase the land site, and the sale was completed during the three months ended June 30, 2026. 2026 PROPERTY SALES SUMMARY Q3 2026 SUPPLEMENTAL 24
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(UNAUDITED) ADDRESS/PORTFOLIO MARKET SQUARE FEET LAND ACREAGE SALE PRICE (In Millions) STABILIZED AVERAGE CAP RATE (1) CAP RATE AT SALE (1) 28435 Automation Blvd. & 47711 Clipper Street Detroit 99,926 $ 11.9 First Quarter Property Sales 99,926 11.9 7.1% 7.1% Total First Quarter Sales 99,926 N/A $ 11.9 33975 Capitol Avenue Detroit 18,465 1.8 Second Quarter Property Sales 18,465 1.8 7.2% 6.5% Total Second Quarter Sales 18,465 N/A $ 1.8 451-591 East 12th Avenue Denver 59,711 9.9 Third Quarter Property Sales 59,711 9.9 5.0% 5.8% Grand Parkway Commercial Lots Houston 3.0 3.3 Third Quarter Land Sales 3.0 3.3 Total Third Quarter Sales 59,711 3.0 $ 13.2 1935-55 Enterprise Drive Detroit 53,400 4.5 1624 Meijer Drive & 23093 Commerce Drive Detroit 93,080 10.9 Fourth Quarter Property Sales 146,480 15.4 7.5% 7.6% Total Fourth Quarter Sales (2) 146,480 N/A $ 15.4 Total 2025 Sales 324,582 3.0 $ 42.3 6.7% 6.9% (1) Stabilized cap rate on building sales (excluding land sales) represents the stabilized cash yield (stabilized cash NOI, excluding any one-time items, divided by the total expected stabilized investment). Cap rate at building sale (excluding land sales) represents the actual NOI for the previous twelve months prior to sale, excluding any one-time items, divided by the sales price. Straight-line rents, above/below market rents, lease inducement amortization and insurance proceeds, other than business interruption insurance proceeds, are not included in cash NOI. (2) Does not include the sale of 71 acres from our joint venture for gross sale proceeds of $58.5 million. We own a 43% interest in the joint venture. 2025 PROPERTY SALES SUMMARY Q3 2026 SUPPLEMENTAL 25
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(UNAUDITED) (IN THOUSANDS) (AS OF SEPTEMBER 30, 2026) Quarterly NOI $ 146,455 (1) Stabilized Occupancy Adjustment (97.0% Occupancy) 5,504 (2) Sales, Acquisitions/Developments Placed in Service and Developable Land Run Rate Adjustment 2,859 (3) Stabilized Completed Developments Not in Service Adjustment (100% Occupancy) 1,360 (4) Stabilized Acquisitions/Redevelopments Not in Service Adjustment (100% Occupancy) 873 (5) Adjusted NOI $ 157,051 X 4 Annualized NOI $ 628,204 CIP and Associated Land for Developments Under Construction 85,989 Cash and Cash Equivalents 42,421 (6) Tenant Accounts Receivable 7,899 Investment in Joint Venture 3,613 (6) Furniture, Fixtures, Leasehold Improvements and Equipment, Net 1,192 Prepaid Real Estate Taxes 8,879 Earnest Money, Escrow and Other Deposits and Fair Value of Interest Rate Swaps 34,366 Developable Site Inventory - Fair Value 911,577 Total Other Assets $ 1,095,936 Total Liabilities (Excluding Operating Lease Liabilities) $ 2,983,048 Shares and Units Outstanding 137,031 (1) Represents quarterly NOI from page 6, excluding $284 of interest income earned on cash and cash equivalents and restricted cash. (2) Adjustment reflects the potential NOI impact of leasing the in service portfolio to an average daily occupancy of 97.0%. This will add NOI when average daily occupancy is below 97.0% and subtract from NOI when average daily occupancy is above 97.0%. (3) Adjustment reflects the NOI for any developments placed in service or acquisitions placed in service during the quarter, net of a deduction for the NOI realized from any properties sold during the quarter or included in our developable site inventory. See page 19 for acquisitions completed, page 22 for developments placed in service and page 24 for sales consummated during the quarter. (4) Adjustment reflects potential additional NOI impact of leasing completed developments not in service to 100% occupancy. See page 21 for a list of completed developments not in service. (5) Adjustment reflects potential additional NOI impact of leasing acquisitions and redevelopments not in service to 100% occupancy. See page 13, footnote (2) for a listing of properties. (6) Our interest in the Camelback 303 joint venture is held through a partnership with a third party. We consolidate the partnership on our balance sheet. As a result, the Investment in Joint Venture and Cash and Cash Equivalents balances are adjusted to remove the portion that is owned by the third-party minority partner. COMPONENTS OF NAV Q3 2026 SUPPLEMENTAL 26
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(UNAUDITED) 2026 Estimate Current Guidance (1) Low End of Guidance for 2026 (Per Share/Unit) High End of Guidance for 2026 (Per Share/Unit) Net Income Available to Common Stockholders and Unitholders $ 2.51 $ 2.55 Add: Depreciation and Other Amortization of Real Estate 1.50 1.50 Less: Gain on Sale of Real Estate, Net of Allocable Income Tax Provision, Through October 21, 2026 (0.90) (0.90) Funds From Operations - FFO (NAREIT) (A) (2) $ 3.11 $ 3.15 Add: Advisory Costs Related to a Contested Proxy Campaign 0.04 0.04 FFO Before Advisory Costs Related to Contested Proxy Campaign (1) (2) $ 3.15 $ 3.19 Low High ASSUMPTIONS: (2) Average Quarter-End In Service Occupancy (3) 94.5% 95.0% Annual Same Store NOI Growth - Cash Basis Before Termination Fees (4) 6.25% 6.75% General and Administrative Expense (in millions) (5) $ 42.0 $ 43.0 Capitalized Interest (per share) $ 0.08 $ 0.08 (1) We believe that providing adjusted FFO, which excludes certain infrequent expenses, is a useful supplemental measure of operating performance because investors may use this measure to help compare the operating performance of the Company between periods or other REITs on a consistent basis. (2) Guidance does not include the impact of: • any future debt repurchases prior to maturity or future debt issuances, • any future investments or property sales, • any future development starts except the incremental costs expected in 2026 related to the Company's completed and under construction developments as of September 30, 2026, or • any future equity issuances or stock repurchases. (3) In service occupancy for the fourth quarter-end of 94.5% to 96.5%. (4) Same store NOI growth on a cash basis before termination fees of 4.0% to 6.0% for the fourth quarter. (5) Excludes $5.6 million of advisory costs related to a contested proxy campaign recognized in the first quarter of 2026. OUTLOOK Q3 2026 SUPPLEMENTAL 27
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(A) Investors and analysts in the real estate industry commonly use funds from operations ("FFO"), net operating income ("NOI"), adjusted EBITDA and adjusted funds from operations ("AFFO") as supplemental performance measures. While we consider net income, as defined by GAAP, the most appropriate measure of our financial performance, we acknowledge the relevance and widespread use of these supplemental performance measures for evaluating performance and financial position in the real estate industry. FFO principally adjusts for the effects of GAAP depreciation and amortization of real estate assets to account for the inherent assumption that real estate asset values rise or fall with market conditions. NOI provides a measure of rental operations, and does not factor in depreciation and amortization and non-property specific expenses such as general and administrative expenses. Adjusted EBITDA further evaluates the ability to incur and service debt, fund dividends and meet other cash obligations. AFFO provides a tool to further evaluate the ability to fund dividends, adjusting for additional factors such as straight-line rent and certain capital expenditures. These supplemental performance measures are commonly used in various financial analyses including ratio calculations, pricing multiples/yields and returns and valuation metrics used to measure financial position, performance and value. We calculate our supplemental measures as follows: FFO is calculated as net income available to common stockholders, unitholders and participating securities, plus depreciation and other amortization of real estate, plus impairment of real estate, minus gain (or plus loss) on sale of real estate, adjusted for any associated income tax provisions or benefits. Similar adjustments are made for our share of net income from an unconsolidated joint venture. This calculation methodology is in accordance with the NAREIT definition of FFO. NOI is calculated as total property revenues minus property expenses such as real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses. Adjusted EBITDA is calculated as NOI plus equity in FFO from our investment in joint venture (net of noncontrolling interest) and minus general and administrative expenses. AFFO is calculated as adjusted EBITDA minus interest expense, capitalized interest and overhead, plus amortization of debt discounts and hedge costs, minus straight-line rent, amortization of above (below) market leases, lease inducements and provision for income taxes allocable to FFO or plus income tax benefit allocable to FFO, plus amortization of equity based compensation and minus non-incremental capital expenditures. Non-incremental capital expenditures refer to building improvements and leasing costs required to maintain current revenues plus tenant improvements amortized back to the tenant over the lease term. Excluded are first generation leasing costs, capital expenditures underwritten at acquisition and development/redevelopment costs. FFO, NOI, adjusted EBITDA and AFFO do not represent cash generated from operating activities in accordance with GAAP and are not necessarily indicative of cash available for debt repayment or dividend payments. They should not be considered substitutes of GAAP measures such as net income, cash flows or liquidity measures. Furthermore, the methodologies used to calculate these measures may vary across real estate companies, limiting comparability. DEFINITIONS OF NON-GAAP FINANCIAL MEASURES Q3 2026 SUPPLEMENTAL 28