Valeo Annual Report 2024

FY2024 Annual Report · Valeo
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2025
LETTER TO SHAREHOLDERS
NOTICE OF ANNUAL MEETING 
PROXY STATEMENT
2024
ANNUAL REPORT

2024 HIGHLIGHTS
96.2%
End of Year In-Service
Occupancy
4.7 MSF
Development
Lease Signings
Including JV
#1
In Customer Service, 
Industrial Sector, 
2025 Kingsley 
Excellence Awards
50.8%
Cash Rental 
Rate Increase
On Leasing

Table of Contents
Letter to Shareholders
Notice of Annual Meeting of Stockholders
Proxy Statement Summary
1
Proposal 1 — Election of Directors
2
Information Regarding the Director Nominees
5
Board Composition
5
Nomination of Directors
6
Corporate Governance
7
Corporate Responsibility Highlights
8
Board Oversight of Risk Management
8
Communications by Stockholders and Other Interested Parties
9
Board Committees
11
Director Compensation
11
2024 Director Compensation Table
12
Proposal 2 — Advisory Vote on Executive Compensation
13
Information About Our Executive Officers
15
Compensation Discussion and Analysis
28
Compensation Committee Report
29
Summary Compensation Table
30
2024 Grants of Plan-Based Awards
31
Outstanding Equity Awards at Fiscal Year-End 2024
32
2024 Option Exercises and Stock Vested
32
Potential Payments Upon Termination or Change in Control
36
Pay Versus Performance Comparison
40
CEO Pay Ratio
41
Equity Compensation Plan Information
42
Compensation Committee Interlocks and Insider Participation
42
Transactions with Related Persons, Promoters and Certain Control Persons
43
Report of the Audit Committee
44
Security Ownership of Management and Certain Beneficial Owners
46
Proposal 3 —  Ratification of Appointment of Independent Registered Public Accounting Firm
47
Information about the Annual Meeting
50
Other Matters
50
Solicitation of Proxies
50
Stockholder Proposals
50
Incorporation by Reference
50
Availability of Proxy Materials
50
Other Business
A-1
Appendix A — 2025 Annual Meeting of Stockholders Reservation Request Form
B-1
Appendix B — 2024 Annual Report

A LETTER TO OUR SHAREHOLDERS
 
2024 was a milestone year for our company as we marked our 30th 
anniversary on the NYSE in June and delivered a strong portfolio operating 
performance, setting the stage for additional growth opportunities in 2025 
and beyond.
A major highlight of the year was the 4.7 million square feet of development 
leases that we signed for our balance sheet and joint venture developments. 
As we began the year, we noted that forecasting the pace and volume of 
development leasing would be challenging. With a contentious election 
season, economic and geopolitical uncertainty and a highly volatile US 
Treasury market, the environment was less than clear for businesses 
contemplating incremental investments for growth. In addition, new 
supply, borne out of the post-Covid boom, was being delivered at a high rate. As such, our 
initial earnings guidance in February of 2024 incorporated 2.8 million square feet of new 
development leasing, which may have felt ambitious to some investors. 
The 4.7 million square feet of development lease signings in 2024 was our second highest 
annual volume since we relaunched our development program in 2012. Those leases were 
also broad-based by geography with 10 of our 15 target markets contributing, comprised 
of Northern and Southern California, Nashville, Central Pennsylvania, Phoenix, Houston, 
Chicago, Seattle, Miami, and Denver. We believe this is a strong testament to the quality 
of the buildings we are delivering to the marketplace and to the skill and expertise of our 
teams around the country.
FIRST STOCKTON LOGISTICS CENTER  |  NORCAL

The functionality and competitive positioning of the assets 
in our portfolio as well as the exceptional work done by our 
team are driving strong cash flow growth and value creation. 
As of year-end 2024, 44% of our in-service square-footage 
was developed by our team since 2012. We acquired another 
16% of our existing portfolio over that same time period and 
disposed of $2.4 billion of legacy assets since 2010. 
Our portfolio continues to perform very well, with many key 
metrics at or near the top of our publicly traded industrial 
REIT peer group. We finished the year with in-service 
occupancy of 96.2%, up 70 basis points from year-end 2023. 
Our cash same store growth was 8.1%, excluding certain 
tenant improvement reimbursements we discussed on our 
earnings call. 
Contributing to that same store performance was the 51% 
increase in cash rental rates on new and renewal leases 
delivered by our team. This was the highest among our 
publicly traded industrial REIT peer group. It was also the 
2nd highest annual result in our 30-year history and marks 
back-to-back years of 50 plus percent for this metric. 
For 2025, we are off to another good start. As of our earnings 
call, we were through 59% of lease expirations by square 
footage. Combined with new leasing, our cash rental rate 
increase for leases signed with 
2025 
commencement 
dates is 33%. If you 
exclude a key 1.3 
million 
square-
foot 
fixed 
rate 
renewal in Central 
P e n n s y l v a n i a , 
2025 signed leases 
to date had a cash 
rental rate increase 
of 42%. 
 
2020
2021
2022
2023
2024
95.7%
98.1%
98.8%
95.5%
96.2%
In-Service Occupancy
(year end)
High Quality Portfolio, 
Producing High Quality Metrics
2020
2021
2022
2023
2024
13.5%
16.2%
26.7%
58.3%
50.8%
Cash Rental Rate Growth
(period average)
15 
Target
Markets

Our success is having a strong impact on our 2025 FFO growth. Based on the midpoint of 
our guidance, we are expecting to grow FFO per share approximately 10%. If we achieve the 
midpoint of guidance for 2025, our five-year compound annual FFO per share growth rate 
would exceed 10%.
Our primary focus is to drive future cash flow growth and out-perform through the cycle. That 
cash flow growth aligns with our dividend growth and for the first quarter of 2025, our board of 
directors declared a dividend which represents an increase of 20.3%. Our forecasted compound 
annual growth rate for our dividend since 2020 is 12.2% annualizing the first quarter 2025 
dividend. 
2020
2021
2022
2023
2024
$1.80
$1.97
$2.27
$2.42
$2.65
2025F
$2.92
Driving FFO and Dividend Growth
Pursuing Energy Efficiency
As we have grown and reshaped our portfolio, we have also reshaped the energy efficiency of 
our assets. At year-end, 95% of our portfolio featured energy-efficient lighting, including 62% 
of square-footage employing LED. Through our LEED volume development program, we now 
own 6.3 million square feet of space with LEED certifications. This metric will continue to grow 
as we go through the certification process for other completed, in-process and future projects.
We are also actively evaluating opportunities to deploy solar installations on our rooftops. 
Key decision points for making investments in solar remain overall economics including 
governmental incentives and the ability to sell excess power to utility companies, tenant interest 
in deploying solar energy, and the impact to roof structure and overall building operations. We 
believe that a few installations owned by us would be sufficient to offset the direct emissions 
produced by our business activities. We will keep you apprised of our progress. 
6.3 MSF
LEED
CERTIFIED
FFO Per Share
2020
2021
2022
2023
2024
$1.00
$1.08
$1.18
$1.28
$1.48
2025F
$1.78
Dividend Per Share
FIRST STATE CROSSING | CLAYMONT, DE - LEED SILVER
(1) FFO per share excludes atypical items per disclosures in earnings results calls.
(2) 2025F reflects midpoint of FFO per share guidance per press release dated February 5, 2025.
(3) Annualized first quarter 2025 dividend.
(1)
(2)
          10% CAGR
          12% CAGR
(3)

Delivering top level customer service is a key differentiator for us as we compete for our tenants’ 
business. We have a long-standing track record of striving for and achieving high standards, as 
evidenced by many years of industry-leading scores in the independent Kingsley survey, with 
all of the credit going to our talented in-house team of property management professionals. 
We were excited to once again be recognized as one of the Kingsley Excellence Commercial 
Elite 5 at the 2025 Kingsley Excellence Awards from Grace Hill. We ranked #1 in the industrial 
category and 66 of our properties were included in the 100% Club for achieving perfect survey 
scores. The results of the survey are always a strong guide for future improvements in our 
processes. We thank our customers for participating and providing us valuable feedback that 
we use to further improve our operations and your tenant experience.
In addition to taking care of our customers, our teams are also active supporting the communities 
in which we do business. We hosted 13 company-sponsored charity events in 2024 led by our 
Cause Champions across the country. Our teams also contributed financially to a number of 
charities. In addition, many of our team members used our charity-related paid time-off benefit 
of up to 16 hours per year to support their favorite causes. 
Caring for Our Customers and Our Communities
With the first quarter of 2025 nearly behind us, industry fundamentals are solid on a historical 
basis and continue to stabilize off the “COVID run-up”. This improvement has been accelerated 
by a slowdown in new space deliveries as well as historically low new construction start volume, 
the latter of which are down nationally more than 60% from their peak in the third quarter of 
2022.
All eyes are now on new growth-related demand. We, like others, are hopeful that with the 
election behind us, we will see more businesses ready to commit to additional investment in 
growth which should result in a more consistent pace of development leasing. As we discussed 
on our earnings call, leasing traffic in the form of showings and RFPs has increased and we are 
focused on converting this traffic into new lease signings.
Fundamental Picture in Focus

Looking to external growth, speculative development continues to be our primary vehicle. 
While “speculative” is the industry term used to describe the development of buildings without 
a tenant, our team has decades of experience with this growth model and our approach 
involves checks and balances along the way to ensure we have mitigated risks where possible. 
In addition, we strive to deliver the most functional and competitive product in the submarket 
with building sizes that target the deepest tenant demand. This results in what we think are 
better risk adjusted returns than the typical speculative development strategy.
We started two such opportunities in the fourth quarter of 2024 with a total investment of 
$96 million. The first is a 317,000 square-footer in Nashville, a market that is showing good 
fundamental strength. We signed two 500,000 square-foot plus development leases there in 
2024. We also started a two-building, 362,000 square-foot project in the Lehigh Valley in the 
78/81 Corridor targeting the 200,000 square-foot and under customer segment. The stabilized 
first year cash yields for both projects are expected to exceed 7%.
We are also well positioned for future development opportunities as submarket conditions 
warrant. Our land positions across our target markets can accommodate 15 million square feet 
of growth, and would support more than 
$2 billion of potential new investment at 
attractive returns and margins relative to 
acquisition yields for leased buildings of 
similar quality.
We, of course, continue to seek new 
development sites for future growth, 
with particular emphasis on markets 
like Nashville, Dallas, Houston, Delaware 
as part of the greater Philadelphia 
submarket, and South Florida.
Future Growth Through Development
FIRST PARK MIAMI | SOUTH FL
FIRST PINE HILLS | ORLANDO, FL

Peter E. Baccile
President and Chief Executive Officer
My heartfelt thanks goes out to our tenants for entrusting us with your space requirements. It 
is our privilege to serve you and your logistics real estate supply chain needs.
To my First Industrial teammates, thank you for your dedication to our customers and 
communities, and for the passion and effort you bring to meeting and exceeding our goals 
every day.
Thank you to my fellow board members. Your leadership and insights are invaluable to shaping 
our strategy and capital allocation.
Lastly, to our shareholders and stakeholders, thank you for your interest and investment in our 
company. We strive every day to drive cash flow growth and create value through the business 
cycle.
With Appreciation
CAMELBACK 303 - BUILDING B  |  PHOENIX 

NOTICE OF 2025 ANNUAL MEETING OF STOCKHOLDERS
Date and Time
Wednesday, April 30, 2025 at 9:00 a.m. Central Time
Location
www.meetnow.global/MWKPCHC
Who Can Vote
Stockholders of record at the close of business on March 7, 2025
NOTICE IS HEREBY GIVEN that the 2025 Annual Meeting of Stockholders (the “Annual Meeting”) of First Industrial Realty 
Trust, Inc. (the “Company”) will be held virtually on April 30, 2025. You will be able to attend and participate in the Annual Meeting online, 
vote your shares electronically and submit your questions prior to and during the meeting. If you have any questions regarding the format of 
the meeting, please contact Arthur J. Harmon, the Company’s Senior Vice President of Investor Relations and Marketing, at (312) 344-4320.
  
At our Annual Meeting, we will ask you to consider and vote upon the following proposals: 
1.
To elect seven directors to the Board of Directors to serve until the 2026 Annual Meeting of Stockholders, and until their 
successors are duly elected and qualified;
2.
To approve, on an advisory (i.e. non-binding) basis, the compensation of the Company’s Named Executive Officers as 
disclosed in this Proxy Statement; and
3.
To ratify the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting 
firm for the fiscal year ending December 31, 2025.
We may also ask you to consider and act upon any other matters that may properly be brought before the Annual Meeting, and at 
any adjournments or postponements thereof, if applicable.
Any action may be taken on the foregoing matters at the Annual Meeting on the date specified above, or on any date or dates to 
which, by original or later adjournment, the Annual Meeting may be adjourned, or to which the Annual Meeting may be postponed.
The Board of Directors has fixed the close of business on March 7, 2025 as the record date for the Annual Meeting. Only 
stockholders of record of the Company’s Common Stock at the close of business on that date will be entitled to notice of and to vote at the 
Annual Meeting and at any adjournments or postponements thereof.
Your shares cannot be voted unless they are represented by proxy or by the record holder attending the Annual Meeting via 
webcast. Whether or not you plan to attend the Annual Meeting via webcast, please submit your proxy by mail, telephone or over the Internet 
by following the instructions provided in the enclosed proxy statement to ensure that your shares are represented at the Annual Meeting. If 
you hold your shares in “street name” through an intermediary, such as a bank or broker, you must register in advance using the instructions 
provided in the enclosed proxy statement.
YOUR VOTE IS IMPORTANT. WHETHER OR NOT YOU PLAN TO VIRTUALLY ATTEND THE MEETING, 
PLEASE AUTHORIZE YOUR PROXY ON THE INTERNET, BY TELEPHONE OR BY MAIL AS SOON AS POSSIBLE. YOUR 
PROXY AUTHORIZATION WILL ENSURE YOUR REPRESENTATION AT THE ANNUAL MEETING REGARDLESS OF 
WHETHER YOU ATTEND THE ANNUAL MEETING VIA WEBCAST ON APRIL 30, 2025.
 
By Order of the Board of Directors,
Jennifer E. Matthews Rice
General Counsel and Secretary
Chicago, Illinois 
April 2, 2025

PROXY STATEMENT SUMMARY
This Proxy Statement and the accompanying Notice of Annual Meeting and Proxy Card are first being sent to 
stockholders on or about April 2, 2025 in connection with the solicitation of proxies by the Board of Directors of First Industrial 
Realty Trust, Inc. (“First Industrial” or the “Company”) for use at the Company’s 2025 Annual Meeting of Stockholders (the 
“Annual Meeting”). This summary highlights information that is contained elsewhere in this Proxy Statement. It does not 
include all information necessary to make a voting decision, and you should read this Proxy Statement in its entirety before 
casting your vote. 
VOTING OVERVIEW
Proposals
Board Vote
Recommendation
Page
1.
Elect seven directors to the Board of Directors to serve until the 
2026 Annual Meeting of Stockholders, and until their successors 
are duly elected and qualified
FOR
each nominee
1
2.
Approve, on an advisory (i.e. non-binding) basis, the compensation 
of the Company’s Named Executive Officers as disclosed in this 
Proxy Statement
FOR
12
3.
Ratify the appointment of PricewaterhouseCoopers LLP as the 
Company’s independent registered public accounting firm for the 
fiscal year ending December 31, 2025
FOR
46
FIRST INDUSTRIAL AT A GLANCE
First Industrial Realty Trust, Inc. (NYSE: FR),
a leading fully integrated owner, operator, and developer of industrial real estate
50.8%
96.2%
8.1%
2024 Cash Rental 
Rate Growth on Leasing
Year-End 
Occupancy
2024 Cash Same Store 
NOI Growth(1)
20.3%
4.7 MSF
15 MSF
Dividend Increase 
From 2024-2025(2)
Signed Development Leasing 
in 2024(3)
Future Growth from Owned 
Strategic Sites
(1)
Same store NOI growth excludes $4.5 million and $2.9 million related to accelerated recognition of tenant improvement reimbursements for the twelve 
months ended December 31, 2024 and 2023, respectively. 
(2)
Increased first quarter 2025 dividend to $0.445 per share/unit, a 20.3% increase from 2024’s quarterly rate.
(3)
Includes Joint Venture leasing.

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CORPORATE AND STOCKHOLDER INFORMATION
Executive Office
To contact First Industrial’s Audit Committee:
First Industrial Realty Trust, Inc.
Chair of the Audit Committee
One North Wacker Drive, Suite 4200
c/o First Industrial Realty Trust, Inc.
Chicago, IL 60606
One North Wacker Drive, Suite 4200
Phone: 312.344.4300
Chicago, IL 60606
www.firstindustrial.com
info@firstindustrial.com
To contact First Industrial’s Nominating/Corporate
Governance Committee:
Stock Exchange Listing
Chair of the Nominating/Corporate
New York Stock Exchange
Governance Committee
Symbol: FR
c/o First Industrial Realty Trust, Inc.
One North Wacker Drive, Suite 4200
Registrar and Transfer Agent
Chicago, IL 60606
Computershare Trust Company, N.A.
P.O. Box 43006 Providence, RI 02940-3006
To contact First Industrial’s Lead Independent Director:
Phone: 800.446.2617
Lead Independent Director
c/o First Industrial Realty Trust, Inc.
Independent Registered Public Accounting Firm
One North Wacker Drive, Suite 4200
PricewaterhouseCoopers LLP
Chicago, IL 60606
Chicago, Illinois
Corporate Counsel
Barack Ferrazzano Kirschbaum & Nagelberg LLP
Chicago, Illinois
10-K Report
A copy of the Company’s Form 10-K as filed with the 
Securities and Exchange Commission is available on 
the Company’s website and may also be obtained free 
of charge by contacting our Senior Vice President — 
Investor Relations and Marketing. Please address 
any communications to our Senior Vice President — 
Investor 
Relations 
and 
Marketing 
“c/o 
First 
Industrial Realty Trust, Inc., One North Wacker 
Drive, Suite 4200, Chicago, IL 60606.” Included in 
such report were the certifications required by 
Section 302 of the Sarbanes-Oxley Act.
Annual Meeting
The Annual Meeting of Stockholders of First Industrial 
Realty Trust, Inc., will be held virtually on Wednesday, 
April 30, 2025, at 9:00 A.M. CDT over the Internet.
B-92

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