Economic Downturn Impact: First Industrial Realty Trust's financial performance is highly sensitive to general economic conditions, which can lead to reduced demand for industrial space, lower occupancy rates, and pressure on rental growth.

Interest Rate Fluctuations: Changes in interest rates can increase FR's borrowing costs for acquisitions and development, influence property valuations by affecting capitalization rates, and impact the attractiveness of its dividend relative to other investments.

Real Estate Market Conditions: Adverse local and national industrial real estate market conditions, including oversupply, declining demand, or significant changes in property values, can negatively affect FR's portfolio performance and development profitability.