Filed Pursuant to Rule 424(b)(5)
Registration No. 333-269886
Prospectus supplement
(To the prospectus dated
February 21, 2023)
Up to $800,000,000
Common Stock
This prospectus
supplement and the accompanying prospectus relate to the offer and sale from time to time of shares of our common stock, par value $0.01 per share, having an aggregate offering price of up to $800,000,000. Shares of our common stock to which this
prospectus supplement relates may be offered over a period of time and from time to time through Wells Fargo Securities, LLC, BofA Securities, Inc., BTIG, LLC, Citigroup Global Markets Inc., Fifth Third Securities, Inc., Jefferies LLC, J.P.
Morgan Securities LLC, RBC Capital Markets, LLC, Regions Securities LLC, Samuel A. Ramirez & Company, Inc., and UBS Securities LLC (or one or more of their respective affiliates), as our Sales Agents (as defined below), each
of the Forward Sellers (as defined below) and each of the Forward Purchasers (as defined below). We refer to these entities individually as a Sales Agent, and collectively as the Sales Agents, when acting in their capacity as
our sales agents and, if applicable, when acting in their capacity as agents for the Forward Purchasers, individually as a Forward Seller and collectively as the Forward Sellers. Sales of shares of our common stock, if any,
made through the Sales Agents, acting as our sales agents, or the Forward Sellers, acting as agents for the applicable Forward Purchaser, or directly by us to a Sales Agent, acting as principal, may be made in negotiated transactions or transactions
that are deemed to be at-the-market offerings as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act, including
sales made directly on the New York Stock Exchange, or the NYSE, or sales made to or through a market maker other than on an exchange. Under the terms of the distribution agreements, we may also sell our common stock to the Sales Agents as
principals for their own accounts at prices agreed upon at the time of sale. If we sell our common stock to any of the Sales Agents as principals, we will enter into a separate terms agreement with such Sales Agent. We will not issue more than
16,000,000 shares of common stock pursuant to the distribution agreements, any forward sale agreements, or by us directly to a Sales Agent acting as principal.
Our common stock is listed on the NYSE under the symbol FR. The last reported sale price of our common stock as reported on the NYSE
on February 23, 2023 was $53.24 per share. Shares of our common stock are subject to ownership and transfer limitations, including an ownership limit of 9.8% of our capital stock, that must be applied to maintain our status as a real estate
investment trust, or REIT.
The proceeds from the sales of shares of our common stock to which this prospectus supplement relates will be
used for general corporate purposes, which may include acquisition and development of properties and repayments or repurchases of debt.
Certain of the distribution agreements entered into with the Sales Agents contemplate that, in addition to the issuance and sale of shares of
our common stock to or through the Sales Agents, we may enter into separate forward sale agreements with each of Wells Fargo Bank, National Association, Bank of America, N.A., Citibank, N.A., Jefferies LLC, JPMorgan Chase Bank, National Association,
Regions Securities LLC, Royal Bank of Canada and UBS AG, London Branch (each in such capacity, a Forward Purchaser, and collectively the Forward Purchasers). If we enter into a forward sale agreement with any Forward
Purchaser, we expect that such Forward Purchaser (or its affiliate) will attempt to borrow from third parties and sell, through the relevant Forward Seller, shares of our common stock to hedge such Forward Purchasers exposure under such
forward sale agreement. Unless otherwise expressly stated or the context otherwise requires, references herein to the related or relevant Forward Purchaser means, with respect to any Sales Agent, the affiliate of such Sales
Agent that is acting as Forward Purchaser. We will not receive any proceeds from any sale of shares of our common stock borrowed by a Forward Purchaser (or its affiliate) and sold through a Forward Seller.
We currently expect to fully physically settle each forward sale agreement, if any, with the relevant Forward Purchaser on one or more dates
specified by us on or prior to the maturity date of the applicable forward sale agreement, in which case we expect to receive aggregate net cash proceeds at settlement equal to the number of shares specified in such forward sale agreement multiplied
by the relevant forward price per share. However, subject to certain exceptions, we may also elect, in our sole discretion, to cash settle or net share settle all or any portion of our obligations under any forward sale agreement, in which case we
may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and we may owe cash (in the case of cash settlement) or shares of our common stock (in the case of net share
settlement) to the relevant Forward Purchaser. See Plan of Distribution in this prospectus supplement.
From time to time during
the term of the distribution agreements, in connection with the Sales Agents acting as our agents, we may deliver an issuance notice to one of the Sales Agents establishing a selling period and specifying with respect to the selling period the
length of the selling period, the amount of shares to be sold and the minimum price below which sales may not be made. We will submit an issuance notice to only one Sales Agent relating to the sale of shares of our common stock on any given day.
Upon acceptance of an issuance notice from us, and subject to the terms and conditions of the respective distribution agreement, if acting as agent, each Sales Agent agrees to use its commercially reasonable efforts consistent with its normal
trading and sales practices to sell shares of our common stock on the terms set forth in such issuance notice. We or the Sales Agent then acting as our agent may suspend the offering of our shares at any time upon proper notice to the other, upon
which the selling period will immediately terminate.
We will pay each of the Sales Agents a commission which in each case shall not be more
than 2.00% of the gross sales price of all shares sold through it as our agent under the applicable distribution agreement. In connection with each forward sale agreement, unless otherwise agreed, we will pay the applicable Forward Seller a
commission, in the form of a reduction to the initial forward price under the related forward sale agreement, at a rate of 2.00% of the gross sales price per share of the borrowed shares of our common stock sold through such forward seller during
the applicable forward selling period for such shares. The remaining sales proceeds, after deducting any expenses payable by us and any transaction fees imposed by any governmental or self-regulatory organization in connection with the sales, will
equal our net proceeds for the sale of shares of our common stock. We have agreed to reimburse the Sales Agents, the Forward Purchasers and the Forward Sellers for certain expenses in certain circumstances.
Investing in our common stock involves risks that are described in the Risk factors section
beginning on page S-4 of this prospectus supplement, and beginning on page 8 of our Annual Report on Form 10-K for the year ended December 31, 2022.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed
upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
Wells Fargo Securities
BofA Securities
BTIG
Citigroup
Fifth Third Securities
Jefferies
J.P.
Morgan
RBC Capital Markets
Regions Securities LLC
Ramirez & Co., Inc.
UBS Investment Bank
The
date of this prospectus supplement is February 24, 2023