Form 4: First Industrial Realty Trust Director H. Patrick Hackett Jr. Acquires 2,522 LP Units

Director H. Patrick Hackett Jr. of First Industrial Realty Trust acquired 2,522 LP Units on April 30, 2025, according to a Form 4 filing.

Summary

• H. Patrick Hackett Jr., a director of First Industrial Realty Trust Inc., acquired 2,522 LP Units on April 30, 2025.
• The LP Units were granted under the company's 2024 Stock Incentive Plan.
• These LP Units vest upon the earlier of the first anniversary of the grant or the company's next annual stockholder meeting where directors are elected.
• Vested LP Units convert into common units of limited partnership interest in First Industrial, L.P. on a one-for-one basis, which can then be converted into shares of Common Stock of the Company on a one-for-one basis.
• Following the transaction, Hackett directly owns 14,153 shares of Common Stock.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a standard disclosure of an insider transaction. The acquisition of LP Units can be seen as a positive sign, but it's not a major event.

Positives

• The acquisition of LP Units by a director signals confidence in the company's future performance.
• The vesting schedule aligns the director's interests with those of the shareholders.

Future Outlook

The LP Units vest upon the earlier of (i) the first anniversary of grant or (ii) the Company's next annual stockholder meeting following the date of grant where directors are elected.

Industry Context

This filing is a routine disclosure of insider transactions, which are common in publicly traded companies. Investors often monitor these filings for signals about management's confidence in the company's prospects.

Comparison to Industry Standards

• Stock incentive plans are a common practice among publicly traded REITs like First Industrial Realty Trust to align the interests of management and directors with those of shareholders.
• Similar companies such as Prologis and Duke Realty also utilize equity-based compensation to incentivize their leadership teams.
• The vesting schedule and conversion terms of the LP Units are typical for such incentive plans in the real estate industry.

Stakeholder Impact

• The acquisition of LP Units by a director can positively influence shareholder sentiment, as it demonstrates confidence in the company's future.

Key Dates

Keywords

LP Units, First Industrial Realty Trust, Director, Stock Incentive Plan, Beneficial Ownership, Form 4, Hackett, FR