First Industrial Realty Trust (FR) risk factors, FY2024 10-K

Risks Related to our Business

1. 01Real estate investments fluctuate in value depending on conditions in the general economy and the real estate industry. These conditions may limit our revenues and available cash
2. 02General economic conditions and other events or occurrences that affect areas in which our properties are geographically concentrated may impact financial results
3. 03International trade disputes, including U.S. trade tariffs and retaliatory tariffs, could adversely impact our business
4. 04Many real estate costs are fixed, even if income from properties decreases
5. 05We may be unable to renew leases or find other tenants on advantageous terms or at all
6. 06We may be unable to acquire real estate on advantageous terms or acquisitions may not perform as we expect
7. 07We may be unable to sell properties when appropriate or at all because real estate investments are not as liquid as certain other types of assets
8. 08We may be unable to sell properties on advantageous terms
9. 09We may be unable to complete development and re-development projects on advantageous terms
10. 10We may incur unanticipated costs and liabilities due to environmental problems
11. 11We may incur significant costs complying with various federal, state and local laws and regulations that are applicable to our properties
12. 12Adverse market and economic conditions could result in impairment charges
13. 13We could be subject to risks and liabilities in connection with joint venture arrangements
14. 14We own certain properties subject to ground leases that expose us to risks
15. 15We are exposed to the impacts of climate change
16. 16Our insurance coverage does not include all potential losses
17. 17Disruptions in the financial markets could affect our ability to obtain financing and may negatively impact our liquidity, financial condition and operating results
18. 18Debt financing, the degree of leverage and rising interest rates could reduce our cash flow
19. 19Covenants in our debt agreements could limit our flexibility and adversely affect our financial condition
20. 20Adverse changes in our credit ratings could negatively impact our liquidity and business operations
21. 21The REIT distribution requirements may limit our ability to retain capital and require us to turn to external financing sources
22. 22We may have to make lump-sum payments on our existing indebtedness
23. 23Failure to hedge effectively against interest rate changes may adversely affect our results of operations
24. 24Our mortgages may impact our ability to sell encumbered properties on advantageous terms or at all
25. 25Earnings and cash dividends, asset value and market interest rates affect the price of the Company's common stock
26. 26Future sales or issuances of our common stock may cause the market price of our common stock to decline
27. 27The market price of our common stock may fluctuate significantly

Risks Related to Our Organization and Structure

1. 28The Company's ability to issue preferred stock could adversely affect holders of the Company's common stock
2. 29The Company's Board of Directors may change its strategies, policies or procedures without stockholder approval, which may subject us to different and more significant risks in the future
3. 30Certain provisions of our charter and bylaws could hinder, delay or prevent a change in control of our company
4. 31The Company might fail to qualify as a REIT under existing laws and/or federal income tax laws could change
5. 32Certain property transfers may generate prohibited transaction income, resulting in a penalty tax on the gain attributable to the transaction
6. 33Even if we maintain our qualification as a REIT for federal income tax purposes, we may be subject to other tax liabilities that reduce our cash flow and our ability to make distributions to stockholders
7. 34A future contagious disease outbreak or pandemic may adversely affect our business
8. 35We face risks relating to cybersecurity attacks and other disruptions to our computer systems
9. 36Moreover, our risk exposure extends beyond our internal systems. Cybersecurity events or disruptions impacting our vendors, sub-processors and service providers could impact our data and operations or the data of third parties retained within our system via unauthorized access to information or disruption of services
10. 37We may become subject to litigation
11. 38Terrorist attacks, acts of violence or war may affect the market for the Company's common stock, the industry in which we conduct our operations and our profitability
12. 39Deficiencies in our disclosure controls and procedures or internal control over financial reporting could adversely impact our business and financial performance
13. 40We may be unable to retain and attract key management personnel