<PAGE>   1
                UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549


                                    FORM 10-K

[X]   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934
      For the fiscal year ended December 31, 2000        OR

[ ]   Transition report pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934
      For the transition period from                     to                    .
                                      -------------------    -------------------

                       Commission File Number 33-97014-01



                        FIRST INDUSTRIAL SECURITIES, L.P.
             (Exact name of Registrant as specified in its Charter)

          DELAWARE                                                36-4036965
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)

            311 S. WACKER DRIVE, SUITE 4000, CHICAGO, ILLINOIS 60606
                    (Address of principal executive offices)
                                   (Zip Code)

                                 (312) 344-4300
              (Registrant's telephone number, including area code)

           Securities registered pursuant to Section 12(b) of the Act:

           GUARANTEE OF THE 9 1/2% SERIES A CUMULATIVE PREFERRED STOCK
                     OF FIRST INDUSTRIAL REALTY TRUST, INC.
                                (Title of class)

                             NEW YORK STOCK EXCHANGE
                     (Name of exchange on which registered)


        Securities registered pursuant to Section 12(g) of the Act: NONE




Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes  X  No    .
                                       ---    ---



<PAGE>   2


                        FIRST INDUSTRIAL SECURITIES, L.P.

                                TABLE OF CONTENTS


<TABLE>
<CAPTION>
                                                                                                          PAGE
                                                                                                          ----
<S>                                                                                                       <C>
PART I.

Item 1.   Business........................................................................................   4
Item 2.   The Properties..................................................................................   5
Item 3.   Legal Proceedings...............................................................................   9
Item 4.   Submission of Matters to a Vote of Security Holders.............................................   9


PART II.

Item 5.   Market for Registrant's Common Equity and Related Stockholder Matters...........................  10
Item 6.   Selected Financial Data.........................................................................  10
Item 7.   Management's Discussion and Analysis of Financial Condition and Results of Operations...........  11
Item 7a.  Quantitative and Qualitative Disclosures About Market Risk......................................  14
Item 8.   Financial Statements and Supplementary Data.....................................................  14
Item 9.   Changes in and Disagreements with Accountants on Accounting and Financial Disclosures...........  14


PART III.

Item 10.  Directors and Executive Officers of the Registrant..............................................  15
Item 11.  Executive Compensation..........................................................................  15
Item 12.  Security Ownership of Certain Beneficial Owners and Management..................................  15
Item 13.  Certain Relationships and Related Transactions..................................................  15


PART IV.

Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K.................................  16



SIGNATURES................................................................................................  17
</TABLE>



                                       2
<PAGE>   3


This report contains certain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. First Industrial Securities, L.P.
(the "Company") intends such forward-looking statements to be covered by the
safe harbor provisions for forward-looking statements contained in the Private
Securities Reform Act of 1995, and is including this statement for purposes of
complying with these safe harbor provisions. Forward-looking statements, which
are based on certain assumptions and describe future plans, strategies and
expectations of the Company, are generally identifiable by use of the words
"believe", "expect", "intend", "anticipate", "estimate", "project" or similar
expressions. The Company's ability to predict results or the actual effect of
future plans or strategies is inherently uncertain. Factors which could have a
material adverse effect on the operations and future prospects of the Company
include, but are not limited to, changes in: economic conditions generally and
the real estate market specifically, legislative/regulatory changes,
availability of capital, interest rates, competition, supply and demand for
industrial properties in the Company's current market areas and general
accounting principles, policies and guidelines. These risks and uncertainties
should be considered in evaluating forward-looking statements and undue reliance
should not be placed on such statements. Further information concerning the
Company and its business, including additional factors that could materially
affect the Company's financial results, is included herein and in the Company's
other filings with the Securities and Exchange Commission.



                                       3
<PAGE>   4

                                     PART I

ITEM 1.  BUSINESS

THE COMPANY

GENERAL

          First Industrial Securities, L.P. (the "Company") is a Delaware
limited partnership which owns 22 industrial properties (the "Properties"). The
Properties consist of eight light industrial properties, five bulk warehouse
properties, three R&D/Flex properties, three manufacturing properties and three
regional warehouse properties. The markets in which the Properties are located
include: Chicago, IL, Minneapolis/St. Paul, MN, Grand Rapids, MI, Detroit, MI,
Central Pennsylvania and Milwaukee, WI. The Properties contain an aggregate of
approximately 2.1 million square feet of gross leasable area ("GLA") which, as
of December 31, 2000, was 99% leased to 39 tenants. At December 31, 2000, the
Company had no employees. The Company's executive offices are located at 311
South Wacker Drive, Suite 4000, Chicago, Illinois 60606, and its telephone
number is (312) 344-4300.

         The Company was formed in 1995 in connection with the issuance of
1,650,000 shares of $.01 par value Series A Cumulative Preferred Stock (the
"Series A Preferred Stock") of First Industrial Realty Trust, Inc. ("FR"). The
1% general partner of the Company is First Industrial Securities Corporation
("Securities Corporation"), which is a wholly owned subsidiary of FR. The 99%
limited partner of the Company is First Industrial, L.P. (the "Operating
Partnership"), of which FR is the sole general partner.

         In connection with the issuance of the Series A Preferred Stock, FR
contributed to Securities Corporation the gross proceeds from the issuance of
the Series A Preferred Stock in exchange for preferred stock of Securities
Corporation, and Securities Corporation contributed such proceeds to the Company
in exchange for a preferred limited partnership interest in the Company. The
Operating Partnership and First Industrial Pennsylvania, L.P. (the "Pennsylvania
Partnership") contributed 19 properties to the Company in exchange for limited
partnership interests in the Company (the "Contribution"). The Pennsylvania
Partnership subsequently distributed its limited partnership interest to the
Operating Partnership, which is the Company's limited partner.

THE GUARANTEE AND LIMITED PARTNERSHIP AGREEMENT

          The Company has guaranteed the payment of dividends on, and payments
upon liquidation or redemption of, the Series A Preferred Stock under a
guarantee (the "Guarantee") contained in a Guarantee and Payment Agreement (the
"Guarantee Agreement"). The Guarantee Agreement is administered by American
National Bank and Trust Company, as guarantee agent (together with any subagents
which it may appoint, the "Guarantee Agent"). The Guarantee Agent may enforce
the Guarantee directly against the Company only at the direction of the holders
of at least 25% of the outstanding Series A Preferred Stock. No holder of Series
A Preferred Stock may seek directly to enforce the Guarantee. The Guarantee and
the Guarantee Agreement will terminate upon confirmation to the Company from
Fitch IBCA and Standard & Poor's Ratings Group that, immediately following such
a termination, the Series A Preferred Stock would be rated at least BBB, whether
or not the Series A Preferred Stock is so rated prior to such termination.

          The limited partnership agreement of the Company (the "Limited
Partnership Agreement") and the Guarantee Agreement contain covenants generally
restricting the Company's activities to the ownership and operation of the
Properties and, under certain circumstances, other industrial properties. These
covenants shall cease to have any effect upon the termination of the Guarantee.
Under its Articles of Incorporation, Securities Corporation's sole purpose will
be to act as general partner of the Company and to pay dividends on its common
and preferred stock. These and other restrictions are intended to assure that
even in the event of FR, the Operating Partnership or other affiliates of FR
becoming subject to federal bankruptcy proceedings, neither Securities
Corporation nor the Company nor their assets will be treated as subject to such
bankruptcy proceedings under the doctrine of substantive consolidation or other
doctrines (except to the extent liabilities are imposed by non-insolvency
regulatory statutes on




                                       4
<PAGE>   5
affiliates) and that activities of FR, the Operating Partnership and other
affiliates will not cause Securities Corporation or the Company to become
insolvent or unable to pay their debts as they mature (including the Guarantee).


ITEM 2.  THE PROPERTIES

GENERAL

         At December 31, 2000, the Company owned 22 industrial properties
containing approximately 2.1 million square feet of GLA in five states. The
properties are generally located in business parks which have convenient access
to interstate highways and air transportation. The median age of the properties
as of December 31, 2000 was approximately 11 years.

         The Company classifies its properties into five industrial categories:
Light Industrial, Bulk Warehouse, R&D/Flex, Manufacturing and Regional
Warehouse. While some properties may have characteristics which fall under more
than one property type, the Company has used what it feels is the most
dominating characteristic to categorize the property.

         The following table summarizes certain information as of December 31,
2000 with respect to the properties.


                                PROPERTY SUMMARY
<TABLE>
<CAPTION>
                         Light Industrial       Bulk Warehouse          R&D/ FLEX          Manufacturing       Regional Warehouse
                       -------------------    -------------------   ------------------  --------------------  -------------------
                                  Number                 Number               Number                Number               Number
                                    of                     of                   of                   of                   of
Metropolitan Area       GLA     Properties     GLA     Properties    GLA    Properties    GLA     Properties    GLA    Properties
-------------------    -------  ----------    -------  ----------   ------  ----------  --------  ----------  -------  ----------
<S>                    <C>      <C>           <C>      <C>          <C>     <C>         <C>       <C>         <C>      <C>
Chicago, IL             41,780      1         225,000       1       49,730      1             --       --      50,000         1
Minneapolis/ St.        51,906      1            --        --         --       --        533,390        3          --        --
Paul, MN
Grand Rapids, MI        80,000      1         384,500       3         --       --             --       --          --        --
Detroit, MI            290,747      4            --        --         --       --             --       --      66,395         1
Central                 49,350      1         100,000       1         --       --             --       --          --        --
Pennsylvania
Milwaukee, WI             --       --            --        --       93,705      2             --       --      39,468         1
                       -------     --         -------      --      -------     --        -------       --     -------        --
Total                  513,783      8         709,500       5      143,435      3        533,390        3     155,863         3
                       =======     ==         =======      ==      =======     ==        =======       ==     =======        ==
</TABLE>


<TABLE>
<CAPTION>
                                                               TOTALS
                                 -----------------------------------------------------------------
                                               NUMBER OF    AVERAGE OCCUPANCY       GLA AS A % OF
    METROPOLITAN AREA               GLA       PROPERTIES       AT 12/31/00         TOTAL PORTFOLIO
------------------------         ---------    ----------    -----------------      ---------------
<S>                              <C>          <C>           <C>                    <C>
Chicago, IL                        366,510       4                95%                     18%
Minneapolis/St. Paul, MN           585,296       4               100%                     29%
Grand Rapids, MI                   464,500       4               100%                     23%
Detroit, MI                        357,142       5                98%                     17%
Central Pennsylvania               149,350       2               100%                      7%
Milwaukee, WI                      133,173       3               100%                      6%
                                 ---------      --               ---                     ---
   Total or Average              2,055,971      22                99%                    100%
                                 =========      ==               ===                     ===
</TABLE>


                                       5
<PAGE>   6
DETAIL PROPERTY LISTING

        The following table lists all of the Properties as of December 31, 2000,
none of which were subject to mortgage liens as of such date.


                                PROPERTY LISTING

<TABLE>
<CAPTION>                                                                                         LAND
                                           LOCATION          YEAR BUILT/        BUILDING          AREA                    OCCUPANCY
BUILDING ADDRESS                         (CITY/STATE)         RENOVATED           TYPE           (ACRES)       GLA       AT 12/31/00
---------------------------------    -----------------       -----------     ---------------     ------      --------    -----------
<S>                                  <C>                     <C>             <C>                 <C>         <C>         <C>
305-307 North Avenue                 Carol Stream, IL           1999         Reg. Warehouse        3.00       50,000          65%
365 North Avenue                     Carol Stream, IL           1969         Bulk Warehouse       25.65       225,000        100%
2942 MacArthur Boulevard             Northbrook, IL             1979         R&D/Flex              3.12       49,730         100%
3150-3160 MacArthur Boulevard        Northbrook, IL             1978         Light                 2.14       41,780         100%
                                                                             Industrial
900 Apollo Road                      Eagan, MN                  1970         Manufacturing        39.00       312,265        100%
7316 Aspen Lane North                Brooklyn Park, MN          1978         Manufacturing         6.63       97,640         100%
 6655 Wedgwood Road                  Maple Grove, MN            1989         Manufacturing        17.88       123,485        100%
953 Westgate Drive                   St. Paul, MN               1991         Light                            51,906         100%
                                                                             Industrial            3.17
425 Gordon Industrial Court          Grand Rapids, MI           1990         Bulk Warehouse        8.77       173,875        100%
2851 Prairie Street                  Grandville, MI             1989         Bulk Warehouse        5.45       117,251        100%
2945 Walkent Court                   Grand Rapids, MI           1993         Bulk Warehouse        4.45       93,374         100%
537 76th Street                      Grand Rapids, MI           1987         Light                 5.26       80,000         100%
                                                                             Industrial
2965 Technology Drive                Rochester Hills, MI        1995         Reg. Warehouse        4.92       66,395         100%
4177A Varsity Drive                  Ann Arbor, MI              1993         Light                 2.48       11,050          50%
                                                                             Industrial
6515 Cobb Drive                      Sterling Heights, MI       1984         Light                 2.91       47,597         100%
                                                                             Industrial
1451 Lincoln Avenue                  Madison Heights, MI        1967         Light                 3.92       75,000         100%
                                                                             Industrial
4400 Purks Drive                     Auburn Hills, MI           1987         Light                13.04       157,100        100%
                                                                             Industrial
7195 Grayson Road                    Harrisburg, PA             1994         Bulk Warehouse        6.02       100,000        100%
5020 Louise Drive                    Mechanicsburg, PA          1995         Light                 5.06        49,350        100%
                                                                             Industrial
N25 W23050 Paul Road                 Pewaukee, WI               1989         R&D/Flex              4.50        37,765        100%
N25 W23255 Paul Road                 Pewaukee, WI               1987         R&D/Flex              4.80        55,940        100%
N27 W23293 Roundry Road              Pewaukee, WI               1989         Reg. Warehouse        3.64        39,468        100%
                                                                                                             ---------       ---
                                                                             TOTAL                           2,055,971        99%
                                                                                                             =========       ===
</TABLE>


                                       6
<PAGE>   7
TENANT AND LEASE INFORMATION

         Many of the Company's leases have an initial term of between three and
five years and provide for periodic rental increases that are either fixed or
based on changes in the Consumer Price Index. Industrial tenants typically have
net or semi-net leases and pay as additional rent their percentage of the
property's operating costs, including the costs of common area maintenance,
property taxes and insurance. As of December 31, 2000, 99% of the GLA of the
Properties was leased.

         The following table sets forth, as of December 31, 2000, the annualized
December 2000 base rent, and the total GLA leased, by tenants responsible for
more than one percent of the aggregate annualized December 2000 base rent.



<TABLE>
<CAPTION>
                                             ANNUALIZED BASE RENT
                                               (IN THOUSANDS)                    GLA
                                           ----------------------     -------------------------
TENANT                                      AMOUNT     % OF TOTAL     OCCUPIED       % OF TOTAL
-------------------------------------      -------     ----------     --------       ----------
<S>                                        <C>         <C>            <C>            <C>
Meyercord Company                          $  891        9.5%          225,000         10.9%
HPI North America                             890        9.5%          312,265         15.2%
MSX International Engineering                 698        7.4%          157,100          7.6%
ITT                                           505        5.4%           39,468          1.9%
Underwriters Laboratories                     449        4.8%           49,730          2.4%
General Electric Company                      434        4.6%           55,940          2.7%
American Axle & Manufacturing                 430        4.6%           66,395          3.2%
G-Press                                       370        3.9%           37,765          1.8%
Universal Trim, Inc.                          353        3.8%           75,000          3.7%
Belmont Trading Company                       336        3.6%           41,780          2.0%
International Paper Company                   297        3.2%           93,374          4.5%
Everest Medical Corp.                         267        2.8%           42,738          2.1%
Comtrol Corp.                                 253        2.7%           35,434          1.7%
NWS Michigan                                  252        2.7%          113,875          5.5%
Transpak, Inc.                                223        2.4%           47,597          2.3%
Espec Corp.                                   209        2.2%           60,000          2.9%
ITT Educational Services, Inc.                206        2.2%           21,000          1.0%
Nelson Metal Products                         183        2.0%           58,625          2.9%
Hadley Products                               183        2.0%           58,625          2.9%
Jays Foods                                    183        2.0%           32,609          1.6%
Spectrum, Inc.                                173        1.8%           24,693          1.2%
Phaidon Press, Inc.                           172        1.8%           44,800          2.2%
TERAMed, Inc.                                 160        1.7%           20,620          1.0%
St. Thomas Creations                          150        1.6%           28,350          1.4%
Kent Electronics                              147        1.6%           21,642          1.1%
Blevins, Inc.                                 140        1.5%           40,000          2.0%
Spartan Stores, Inc.                          126        1.2%           40,000          2.0%
                                           ------       ----         ---------         ----
   Total                                   $8,680       92.5%        1,844,425         89.7%
                                           ======       ====         =========         ====

</TABLE>



                                       7

<PAGE>   8
The following table shows scheduled lease expirations for all leases for the
Company's Properties as of December 31, 2000.

<TABLE>
<CAPTION>
                                                                                         PERCENTAGE OF
                      NUMBER                                           ANNUALIZED            TOTAL
                        OF                           PERCENTAGE      BASE RENT UNDER      ANNUALIZED
    YEAR OF           LEASES           GLA             OF GLA        EXPIRING LEASES       BASE RENT
EXPIRATION (1)       EXPIRING      EXPIRING (2)       EXPIRING       (IN THOUSANDS)        EXPIRING
-------------        --------      -----------       ----------      ---------------     -------------
<S>                  <C>           <C>               <C>             <C>                 <C>
      2001               8            351,015           17.2%         $ 1,115,947             11.9%
      2002               5            278,500           13.7%           1,128,233             12.0%
      2003               6            359,227           17.7%           1,750,416             18.7%
      2004               8            550,587           27.1%           2,235,810             23.8%
      2005               5            151,477            7.5%           1,061,500             11.3%
      2006               2             53,609            2.6%             389,260              4.2%
      2007               3            143,951            7.1%             388,763              4.1%
      2008               1             39,468            1.9%             505,282              5.4%
      2009               1             24,693            1.2%             172,848              1.8%
Thereafter               2             80,503            4.0%             637,196              6.8%
                        --          ---------           ----          -----------             ----
     Total              41          2,033,030            100%         $ 9,385,255              100%
                        ==          =========           =====         ===========             ====
</TABLE>

(1)  Lease expirations as of December 31, assuming tenants do not exercise
     existing renewal, termination, or purchase options.

(2)  Does not include existing vacancies of 22,941 aggregate square feet.




                                       8
<PAGE>   9
MATERIAL PROPERTIES

         At December 31, 2000, three of the Company's Properties (the "Material
Properties") represent ten percent or more of the aggregate book value of the
Properties as of December 31, 2000 or ten percent or more of the aggregate
annualized rental revenues as of December 31, 2000.

         The following table shows the occupancy rate and average annual base
rent per square foot for each of the Material Properties for the periods
indicated:

<TABLE>
<CAPTION>

                       6655 WEDGEWOOD ROAD          365 NORTH AVENUE            900 APOLLO ROAD
                         MAPLE GROVE, MN            CAROL STREAM, IL               EAGAN, MN
                     ------------------------   -----------------------     -----------------------
                                   AVERAGE                    AVERAGE                     AVERAGE
                                    ANNUAL                    ANNUAL                      ANNUAL
                     OCCUPANCY    BASE RENT     OCCUPANCY    BASE RENT      OCCUPANCY    BASE RENT
YEAR                 RATE (1)    PER SQ. FT.     RATE (1)   PER SQ. FT.     RATE (1)    PER SQ. FT.
                     ----------  -----------    ---------   -----------     --------    -----------
<S>                  <C>         <C>            <C>         <C>             <C>         <C>
2000...............   100%          6.91          100%          3.96          100%        $  2.85
1999...............    75%          7.73          100%          3.83          100%           2.85
1998...............   100%          8.60          100%          3.71          100%           2.45
1997...............   100%          8.60          100%          3.58          100%           2.45
1996...............   100%          8.60          100%          3.79          100%           2.45
</TABLE>

---------------

(1)  As of December 31 of the year indicated.

         The following table sets forth certain information concerning the
tenants and leases in the Material Properties as of December 31, 2000.


<TABLE>
<CAPTION>
                                                                                                PRIMARY       MAXIMUM
                                                              GLA         ANNUALIZED BASE        LEASE         LEASE
                                       NATURE OF           OCCUPIED           RENT AT            TERM           TERM
TENANT                                  BUSINESS           (SQ. FT.)     DECEMBER 31, 2000    EXPIRATION     EXPIRATION
-----------------------------  -------------------------- ------------   -------------------  ------------  -------------
<S>                            <C>                        <C>            <C>                  <C>           <C>
6655 WEDGEWOOD ROAD
 Comtrol Corporation......     Communications Equipment     35,434            $253,353           2004           2009
 Spectrum, Inc............             Services             24,693            $172,848           2009           2034

 TERAMed, Inc.............         Medical Equipment        20,620            $159,759           2004           2004

 Everest Medical..........         Medical Equipment        42,738            $267,069           2011           2014

365 NORTH AVENUE
 Meyercord Company........        Commercial Printing       225,000(1)        $891,250           2002           2012

900 APOLLO ROAD
 HPI North America.........        Plastic Products         312,265           $889,955           2004           2029
</TABLE>

-----------------------

(1) The tenant has  subleased  87,571 sq. ft. of this property to CP&P,
    Incorporated,  which is a fast food paper and plastic supplier.

PROPERTY MANAGEMENT

         The Company's properties are managed by the Operating Partnership, of
which FR is the sole general partner.


ITEM 3.  LEGAL PROCEEDINGS

         The Company is involved in legal proceedings arising in the ordinary
course of business. All such proceedings, taken together, are not expected to
have a material impact on the Company.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
         None.




                                       9
<PAGE>   10

                                     PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

         None.

ITEM 6.  SELECTED FINANCIAL DATA

         The following sets forth selected financial and operating data for the
Company. The following data should be read in conjunction with the financial
statements and notes thereto and Management's Discussion and Analysis of
Financial Condition and Results of Operations included elsewhere in this Form
10-K.


<TABLE>
<CAPTION>
                                                                    FIRST INDUSTRIAL SECURITIES, L.P.
                                                --------------------------------------------------------------------------
                                                  FOR THE          FOR THE         FOR THE       FOR THE         FOR THE
                                                 YEAR ENDED      YEAR ENDED      YEAR ENDED     YEAR ENDED     YEAR ENDED
                                                DECEMBER 31,    DECEMBER 31,    DECEMBER 31,   DECEMBER 31,   DECEMBER 31,
                                                    2000            1999            1998          1997            1996
                                                ------------    ------------    ------------   ------------   ------------
                                                        (IN THOUSANDS, EXCEPT PROPERTY DATA)
<S>                                             <C>             <C>             <C>            <C>            <C>
STATEMENTS OF OPERATIONS DATA:
 Total Revenues...............................     11,790         10,772          11,821          11,355           11,516
 Property Expenses............................     (3,056)        (2,793)         (3,112)         (3,311)          (3,394)
 Depreciation and Amortization................     (1,991)        (1,930)         (1,913)         (1,820)          (1,766)
 Valuation Provision on Real Estate Held
   for Sale...................................       (731)           ---             ---             ---              ---
 Gain On Sale of Real Estate..................        ---          1,291             ---             ---              ---
                                                   ------         ------          ------          ------           ------
 Net Income...................................     $6,012         $7,340          $6,796          $6,224           $6,356
                                                   ======         ======          ======          ======           ======
BALANCE SHEET DATA (END OF PERIOD):
 Real Estate, Before Accumulated
  Depreciation................................     74,294         87,306          80,600          79,491           76,255
 Real Estate, After Accumulated
  Depreciation................................     65,408         78,335          73,437          74,106           72,582
 Real  Estate Held for Sale, net..............     11,273            ---             ---             ---              ---
 Total Assets.................................     78,939         80,266          77,449          76,822           76,337
 Total Liabilities............................      1,723          2,642           1,322           1,521            1,440
 Partners' Capital............................     77,216         77,624          76,127          75,301           74,897
OTHER DATA (END OF PERIOD):
 Total Properties.............................         22             21              19              19               19
 Total GLA in sq. ft..........................  2,055,971      2,005,508       2,228,099       2,158,099        2,141,099
 Occupancy %..................................         99%            99%             99%             99%              97%

==========================================================================================================================
</TABLE>


                                       10
<PAGE>   11

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS

OVERVIEW

         The following discussion should be read in conjunction with "Selected
Financial Data" and the historical Financial Statements and Notes thereto
appearing elsewhere in this Form 10-K.

         First Industrial Securities, L.P. (the "Company") is a Delaware limited
partnership formed on August 14, 1995, the 1% general partner of which is First
Industrial Securities Corporation ("Securities Corporation"), a wholly owned
subsidiary of First Industrial Realty Trust, Inc. ("FR"), and the 99% limited
partner of which is First Industrial, L.P. (the "Operating Partnership"), of
which FR is the sole general partner. Securities Corporation also owns a
preferred limited partnership interest in the Company.


RESULTS OF OPERATIONS

COMPARISON OF YEAR ENDED DECEMBER 31, 2000 TO YEAR ENDED DECEMBER 31, 1999

         At December 31, 2000, the Company owned 22 industrial properties
comprising approximately 2.1 million square feet of gross leasable area ("GLA")
compared to 21 industrial properties comprising approximately 2.0 million square
feet of GLA at December 31, 1999. During 2000, the Company placed in service a
regional warehouse property in Carol Stream, IL with .1 million of GLA.

         Total revenues increased by approximately $1.0 million, or 9.5%, due
primarily to an increase in occupancy and the lease up of one of Company's
properties that was under redevelopment as discussed below. Average occupancy
for in-service properties for the year ended December 31, 2000 and 1999 was
97.6% and 94.8%, respectively.

         Property expenses, which include real estate taxes, repairs and
maintenance, property management, utilities, insurance and other expenses
increased by approximately $.3 million or 9.4%, due primarily to a property that
was placed in service during 2000 located in Carol Stream, IL, and the
completion and lease up of one of the Company's properties that was under
redevelopment.

         Depreciation and amortization remained relatively unchanged.

         The valuation provision on real estate held for sale of $.7 million for
the year ended December 31, 2000 represents a valuation provision on three of
the Company's properties located in Grand Rapids, Michigan.

         The $1.3 million gain on sale of properties for the year ended December
31, 1999 resulted from the sale of two industrial properties. Gross proceeds
from these sales were approximately $11.8 million.

COMPARISON OF YEAR ENDED DECEMBER 31, 1999 TO YEAR  ENDED DECEMBER 31, 1998

         At December 31, 1999, the Company owned 21 industrial properties
comprising approximately 2.0 million square feet of gross leasable area ("GLA")
compared to 19 industrial properties comprising approximately 2.2 million square
feet of GLA at December 31, 1998. During 1999, the Company sold two industrial
properties comprising approximately .4 million square feet of GLA. During this
same period, the limited partner of the Company contributed four industrial
properties comprising approximately .2 million square feet of GLA.

         Total revenues decreased by approximately $1.0 million, or 8.9%, due
primarily to the decrease in rental income and recovery income from one of the
Company's properties that was under redevelopment.

         Property expenses, which include real estate taxes, repairs and
maintenance, property management, utilities, insurance and other expenses
decreased by approximately $.3 million or 10.3% due primarily to one of the
properties that was under redevelopment.



                                       11
<PAGE>   12

         Depreciation and amortization remained relatively unchanged.

         The $1.3 million gain on sale of properties for the year ended December
31, 1999 resulted from the sale of two industrial properties. Gross proceeds
from these sales were approximately $11.8 million.

LIQUIDITY AND CAPITAL RESOURCES

         As of December 31, 2000 and 1999, the Company had no outstanding
indebtedness.

YEAR ENDED DECEMBER 31, 2000

         Net cash provided by operating activities of approximately $7.6 million
for the year ended December 31, 2000 was primarily comprised of net income of
approximately $6.0 million, adjustments for non-cash items of approximately $2.6
million, offset by the net change in operating assets and liabilities of
approximately $1.0 million. The adjustments for non-cash items of approximately
$2.6 million are primarily comprised of depreciation and amortization of
approximately $2.0 million and a valuation provision on the properties held for
sale located in Grand Rapids, Michigan of approximately $.7 million, offset by
the effect of the straight-lining of rental income of approximately $.1 million.

         Net cash used in investing activities of approximately $1.0 million for
the year ended December 31, 2000 was primarily comprised of construction
expenditures related to the redevelopment of one of the Company's properties
located in Maple Grove, Minnesota ($.4 million) as well as various other capital
improvements ($.6 million).

         Net cash used in financing activities of approximately $6.4 million for
the year ended December 31, 2000 consisted of preferred limited partner
distributions totaling, in the aggregate, approximately $3.9 million and general
and limited partner distributions totaling, in the aggregate, approximately $2.5
million.

YEAR ENDED DECEMBER 31, 1999

         Net cash provided by operating activities of approximately $7.6 million
for the year ended December 31, 1999 was primarily comprised of net income of
approximately $7.3 million and adjustments for non-cash items of approximately
$.7 million, offset by the net change in operating assets and liabilities of
approximately $.4 million. The adjustments for non-cash items of approximately
$.7 million is comprised of depreciation and amortization of approximately $1.9
million and the effect of straight-lining of rental income of approximately $.1
million, offset by the gain on sales of real estate of approximately $1.3
million.

         Net cash provided by investing activities of approximately $7.2 million
for the year ended December 31, 1999 was primarily comprised of approximately
$11.6 million of net proceeds from the sale of real estate and the receipt of
approximately $.3 million from a deferred maintenance escrow established in
connection with the issuance of FR's 9.5%, $.01 par value, Series A Cumulative
Preferred Stock (the "Series A Preferred Stock"), offset by capital expenditures
related to the redevelopment of one of the Company's properties located in Maple
Grove, Minnesota (approximately $1.8 million) and the development of one of the
Company's properties located in Carol Stream, Illinois (approximately $2.3
million) as well as various other capital improvements (approximately $.6
million).

         Net cash used in financing activities of approximately $16.2 million
for the year ended December 31, 1999 consisted of preferred limited partner
distributions totaling approximately $3.9 million and general and limited
partner distributions totaling approximately $13.1 million offset by general and
limited partnership cash contributions totaling approximately $.8 million.



                                       12
<PAGE>   13
YEAR ENDED DECEMBER 31, 1998

         Net cash provided by operating activities of approximately $8.5 million
for the year ended December 31, 1998 was primarily comprised of net income of
approximately $6.8 million and adjustments for non-cash items of approximately
$2.0 million, offset by the net change in operating assets and liabilities of
approximately $.3 million. The adjustments for non-cash items are comprised of
depreciation and amortization of approximately $1.9 million and a provision for
bad debts of approximately $.1 million, offset by the effect of straight-lining
of rental income.

         Net cash used in investing activities of approximately $1.6 million for
the year ended December 31, 1998 was primarily comprised of capital expenditures
related to an expansion of one of the Company's properties located in Auburn
Hills, Michigan that was completed and placed in service on February 1, 1998 and
various other capital improvements.

         Net cash used in financing activities of approximately $6.0 million for
the year ended December 31, 1998 consisted of preferred limited partner
distributions totaling approximately $3.9 million and general and limited
partner distributions totaling approximately $2.1 million.

SEGMENT REPORTING


         Management views the Company as a single segment.

REAL ESTATE HELD FOR SALE

         At December 31, 2000, the Company had four industrial properties
comprising approximately .5 million square feet of GLA held for sale. Income
from operations of the four industrial properties held for sale for the year
ended December 31, 2000, 1999 and 1998 is approximately $1.3 million, $1.0
million and $1.0 million, respectively. Net carrying value of the four
industrial properties held for sale at December 31, 2000 is approximately $11.3
million. There can be no assurance that such properties held for sale will be
sold. During 2000, the Company recognized a valuation provision of approximately
$.7 million on three of the four properties held for sale.

DISTRIBUTIONS/DIVIDENDS AND CONTRIBUTIONS

         In 2000, the Company distributed $3.9 million to Securities Corporation
in respect of its preferred limited partnership interest in the Company, and
Securities Corporation paid preferred stock dividends of $3.9 million to FR, in
each case, the amount equal to the aggregate dividend payable on FR's Series A
Preferred Stock. In 2000, the Company paid general and limited partner
distributions to Securities Corporation and the Operating Partnership,
respectively, in the aggregate amount of approximately $2.5 million.

PREFERRED LIMITED PARTNER

         On March 9, 2001, FR called for the redemption of all of its Series A
Preferred Stock at a price of $25.00 per share, plus accrued and unpaid
dividends. The redemption date will be April 9, 2001. On April 9, 2001, the
Company will redeem the preferred limited partner's interest in the amount of
$41.25 million and the guarantee will terminate.

SHORT-TERM AND LONG-TERM LIQUIDITY NEEDS

         The Company has considered its short-term (one year or less) liquidity
needs and the adequacy of its estimated cash flow from operations and other
expected liquidity sources to meet these needs. The Company believes that its
principal short-term liquidity needs are to fund normal recurring expenses and
to pay the quarterly preferred limited partnership distribution. The Company
anticipates that these needs will be met with cash flows provided by operating
activities.

         The Company expects to fund its long-term (greater than one year)
liquidity requirements for non-recurring capital improvements, property
redevelopments and property developments with its cash



                                       13
<PAGE>   14

flow from operations, capital contributions and, in part, with a deferred
maintenance escrow established in connection with the issuance of 1,650,000
shares of FR's $.01 par value Series A Cumulative Preferred Stock which is
included in restricted cash on the balance sheet.


INFLATION

         Inflation has not had a significant impact on the Company because of
the relatively low inflation rates in the Company's markets of operation. Most
of the Company's leases require the tenants to pay their share of operating
expenses, including common area maintenance, real estate taxes and insurance,
thereby reducing the Company's exposure to increases in costs and operating
expenses resulting from inflation. In addition, many of the leases are for terms
less than five years which may enable the Company to replace existing leases
with new leases at higher base rentals if rents of existing leases are below the
then-existing market rate.

OTHER

         In December 1999, the Securities and Exchange Commission ("SEC") issued
Staff Accounting Bulletin No. 101 ("SAB 101"), Revenue Recognition, which
provides guidance on the recognition, presentation and disclosure of revenue in
financial statements. SAB 101 was required to be implemented in the fourth
fiscal quarter of 2000. The adoption of SAB 101 did not have an effect on the
Company's results of operations or its financial position as the Company's
revenue recognition practices were compliant with the pronouncement.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         None.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

         See Index to Financial Statements and Financial Statement Schedule on
         page F-1 of this Form 10-K.

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURES

         None.



                                       14
<PAGE>   15

                                    PART III


ITEM 10 AND 11. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT AND EXECUTIVE
                COMPENSATION

         The directors and executive officers of Securities Corporation, the
general partner of the Company are as follows:

         Name                       Age           Office
         ----                       ---           ------
         Michael W. Brennan         44            President, Chief Executive
                                                  Officer and Director
         Michael J. Havala          41            Chief Financial Officer and
                                                  Director
         Dr. Ronald E. Muller       61            Independent Director

         The independent director receives an annual director's fee of $10,000.
No other director or executive officer of Securities Corporation receives any
separate compensation as such.

         The following biographical descriptions set forth certain information
with respect to the directors and executive officers of Securities Corporation:

         Michael W. Brennan. Mr. Brennan has been President and Chief Executive
Officer and a Director of Securities Corporation since November 1998. Prior to
this, Mr. Brennan was the Chief Operating Officer of Securities Corporation
since its inception. Mr. Brennan has been President, Chief Executive Officer and
a Director of FR since November 1998. From December 1995 to November 1998, Mr.
Brennan was the Chief Operating Officer and a Director of FR and from April 1994
to December 1995, he was Senior Vice President, Asset Management of FR. Between
1988 and 1994, he was a partner of The Shidler Group and the President of the
Brennan/Tomasz/Shidler Investment Corporation and was in charge of asset
management, leasing, project finance, accounting and treasury functions for The
Shidler Group's Chicago operations.

         Michael J. Havala. Mr. Havala has been Chief Financial Officer and a
Director of Securities Corporation since its inception and has been the Chief
Financial Officer of FR since April 1994. Between 1989 and 1994 he was Chief
Financial Officer for The Shidler Group's Midwest region with responsibility for
accounting, finance and treasury functions.

         Dr. Ronald E. Muller. Dr. Muller has been a Director of Securities
Corporation since May 1999. Since 1990, he has been Chairman, Chief Executive
Officer and a managing partner of REM Capital Corporation, an international
financial advisory, merchant banking and insurance advisory group, having held
the same positions for its predecessor company, DSL Capital Corporation, from
1985 to 1990. From 1979 to 1985, Dr. Muller served as Chief Executive Officer of
the Center for International Technical Cooperation, a provider of integrated
financial, technical and managerial advisory services to U.S. and emerging
market companies and governmental organizations.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

         Securities Corporation owns a 1% general partner interest and the
preferred limited partner interest in the Company. The Operating Partnership
owns a 99% limited partner interest in the Company.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         The Company's Properties are managed by the Operating Partnership
pursuant to a property management agreement. Management fees incurred are based
on 3.25% of gross receipts. These fees totaled approximately $.4 million for the
year ended December 31, 2000.




                                       15
<PAGE>   16

                                     PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENTS, FINANCIAL STATEMENT SCHEDULE AND
         REPORTS ON FORM 8-K

         (a) FINANCIAL STATEMENTS, FINANCIAL STATEMENT SCHEDULE AND EXHIBITS
             (1 & 2) See Index to Financial Statements and Financial Statement
             Schedule on page F-1 of this Form 10-K

             (3)  Exhibits:

                  Exhibit No.       Description
                  -----------       -----------

                      4.1           The Limited Partnership Agreement of First
                                    Industrial Securities, L.P. (incorporated by
                                    reference to Exhibit 4.1 of the Company's
                                    Annual Report on Form 10-K for the year
                                    ended December 31, 1995, File No.
                                    33-97014-01)

                      4.2           Amended and Restated Articles of
                                    Incorporation of First Industrial Securities
                                    Corporation (incorporated by reference to
                                    Exhibit 4.2 of the Company's Annual Report
                                    on Form 10-K for the year ended December 31,
                                    1995, File No. 33-97014-01).

                      4.3           Articles Supplementary of First Industrial
                                    Securities Corporation (incorporated by
                                    reference to Exhibit 4.3 of the Company's
                                    Annual Report on Form 10-K for the year
                                    ended December 31, 1995, File No.
                                    33-97014-01)

                      4.4           Bylaws of First Industrial Securities
                                    Corporation (incorporated by reference to
                                    Exhibit 4.4 of the Company's Annual Report
                                    on Form 10-K for the year ended December 31,
                                    1995, File No. 33-97014-01)

                      10.1          Guarantee and Payment Agreement
                                    (incorporated by reference to Exhibit 10.1
                                    of the Company's Annual Report on Form 10-K
                                    for the year ended December 31, 1995, File
                                    No. 33-97014-01)

                      10.2          Agency and Advance Agreement (incorporated
                                    by reference to Exhibit 10.2 of the
                                    Company's Annual Report on Form 10-K for the
                                    year ended December 31, 1995, File No.
                                    33-97014-01)

                      10.3          Guarantee Agency Agreement (incorporated by
                                    reference to Exhibit 10.3 of the Company's
                                    Annual Report on Form 10-K for the year
                                    ended December 31, 1995, File No.
                                    33-97014-01)

                      10.4          Property Management Agreement (incorporated
                                    by reference to Exhibit 10.4 of the
                                    Company's Annual Report on Form 10-K for the
                                    year ended December 31, 1995, File No.
                                    33-97014-01)



         (b) REPORTS ON FORM 8-K
                  None.



                                       16
<PAGE>   17


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                               FIRST INDUSTRIAL SECURITIES, L.P.
                                               BY:  FIRST INDUSTRIAL SECURITIES
                                                    CORPORATION,
                                                    ITS SOLE GENERAL PARTNER


Date: March 9, 2001                            By: /s/ Michael W. Brennan
                                                  ------------------------------
                                                  Michael W. Brennan
                                                  President and Chief Executive
                                                  Officer
                                                  (Principal Executive Officer)


Date: March 9, 2001                            By: /s/ Michael J. Havala
                                                  ------------------------------
                                                  Michael J. Havala
                                                  Chief Financial Officer
                                                  (Principal Financial and
                                                  Accounting Officer)



Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and on the dates indicated.


<TABLE>
<CAPTION>
Signature                                   Title                                       Date
---------                                   -----                                       ----
<S>                                         <C>                                     <C>
/s/ Michael W. Brennan                      President, Chief Executive Officer      March 9, 2001
--------------------------------            and Director
    Michael W. Brennan


/s/ Michael J. Havala                       Chief Financial Officer and Director    March 9, 2001
--------------------------------
    Michael J. Havala


/s/ Ronald E. Muller                        Director                                March 9, 2001
--------------------------------
    Ronald E. Muller

</TABLE>




                                       17
<PAGE>   18


                                  EXHIBIT INDEX



Exhibit No.    Description
-----------    -----------

   4.1         The Limited Partnership Agreement of First Industrial Securities,
               L.P. (incorporated by reference to Exhibit 4.1 of the Company's
               Annual Report on Form 10-K for the year ended December 31, 1995,
               File No. 33-97014-01)

   4.2         Amended and Restated Articles of Incorporation of First
               Industrial Securities Corporation (incorporated by reference to
               Exhibit 4.2 of the Company's Annual Report on Form 10-K for the
               year ended December 31, 1995, File No. 33-97014-01).

   4.3         Articles Supplementary of First Industrial Securities Corporation
               (incorporated by reference to Exhibit 4.3 of the Company's Annual
               Report on Form 10-K for the year ended December 31, 1995, File
               No. 33-97014-01)

   4.4         Bylaws of First Industrial Securities Corporation (incorporated
               by reference to Exhibit 4.4 of the Company's Annual Report on
               Form 10-K for the year ended December 31, 1995, File No.
               33-97014-01)

   10.1        Guarantee and Payment Agreement (incorporated by reference to
               Exhibit 10.1 of the Company's Annual Report on Form 10-K for the
               year ended December 31, 1995, File No. 33-97014-01)

   10.2        Agency and Advance Agreement (incorporated by reference to
               Exhibit 10.2 of the Company's Annual Report on Form 10-K for the
               year ended December 31, 1995, File No. 33-97014-01)

   10.3        Guarantee Agency Agreement (incorporated by reference to Exhibit
               10.3 of the Company's Annual Report on Form 10-K for the year
               ended December 31, 1995, File No. 33-97014-01)

   10.4        Property Management Agreement (incorporated by reference to
               Exhibit 10.4 of the Company's Annual Report on Form 10-K for the
               year ended December 31, 1995, File No. 33-97014-01)



                                       18
<PAGE>   19
                       FIRST INDUSTRIAL SECURITIES, L.P.
         INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE




<TABLE>
<CAPTION>
                                                                                                       PAGE
                                                                                                       ----
<S>                                                                                                    <C>
      FINANCIAL STATEMENTS

      Report of Independent Accountants ............................................................   F-2

      Balance Sheets of First Industrial Securities, L.P. (the "Company") as of December 31,
      2000 and 1999 ................................................................................   F-3

      Statements of Operations of the Company for the Years Ended December 31, 2000, 1999
      and 1998 .....................................................................................   F-4

      Statements of Changes in Partners' Capital of the Company for the Years Ended December
      31, 2000, 1999 and 1998 ......................................................................   F-5

      Statements of Cash Flows of the Company for the Years Ended December 31, 2000, 1999
      and 1998 .....................................................................................   F-6

      Notes to Financial Statements ................................................................   F-7

FINANCIAL STATEMENT SCHEDULE

    Report of Independent Accountants ..............................................................   S-1

    Schedule III:  Real Estate and Accumulated Depreciation ........................................   S-2

</TABLE>



                                                        F-1


<PAGE>   20


                        REPORT OF INDEPENDENT ACCOUNTANTS


To the Partners of
     First Industrial Securities, L.P.

In our opinion, the accompanying balance sheets and the related statements of
operations, of changes in partners' capital and of cash flows present fairly, in
all material respects, the financial position of First Industrial Securities,
L.P. (the "Company") at December 31, 2000 and 1999, and the results of its
operations and its cash flows for each of the three years in the period ended
December 31, 2000, in conformity with accounting principles generally accepted
in the United States of America. These financial statements are the
responsibility of the Company's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these statements in accordance with auditing standards generally
accepted in the United States of America, which require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.


                                                    PricewaterhouseCoopers LLP




Chicago, Illinois
February 9, 2001



                                       F-2


<PAGE>   21


                        FIRST INDUSTRIAL SECURITIES, L.P.
                                 BALANCE SHEETS
                             (Dollars in thousands)



<TABLE>
<CAPTION>
                                                                       December 31,       December 31,
                                                                          2000               1999
                                                                       -----------        -----------
<S>                                                                    <C>                <C>

                                                 ASSETS
Assets:
   Investment in Real Estate:
      Land ..........................................................   $  9,943           $ 11,642
      Buildings and Improvements ....................................     64,351             70,680
      Construction in Progress ......................................       --                4,984
      Less: Accumulated Depreciation ................................     (8,886)            (8,971)
                                                                        --------           --------
    Net Investment in Real Estate ...................................     65,408             78,335
   Real Estate Held for Sale, Net of Accumulated Depreciation
    and Amortization of $1,904 ......................................     11,273               --
   Cash and Cash Equivalents ........................................        268                 63
   Restricted Cash ..................................................         67                 64
   Tenant Accounts Receivable, Net ..................................        148                210
   Deferred Rent Receivable .........................................        869                761
   Prepaid Expenses and Other Assets, Net ...........................        906                833
                                                                        --------           --------
              Total Assets ..........................................   $ 78,939           $ 80,266
                                                                        ========           ========

                                    LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
   Accounts Payable and Accrued Expenses ............................   $  1,129           $  1,998
   Rents Received in Advance and Security Deposits ..................        594                644
                                                                        --------           --------
              Total Liabilities .....................................      1,723              2,642
                                                                        --------           --------

Commitments and Contingencies .......................................       --                 --

Partners' Capital:
   General Partner and Preferred Limited Partner ....................     41,608             41,612
   Limited Partner ..................................................     35,608             36,012
                                                                        --------           --------
                Total Partners' Capital .............................     77,216             77,624
                                                                        --------           --------
                Total Liabilities and Partners' Capital .............   $ 78,939           $ 80,266
                                                                        ========           ========
</TABLE>



    The accompanying notes are an integral part of the financial statements.


                                       F-3

<PAGE>   22


                        FIRST INDUSTRIAL SECURITIES, L.P.
                            STATEMENTS OF OPERATIONS
                             (Dollars in thousands)



<TABLE>
<CAPTION>
                                                    For the Year          For the Year           For the Year
                                                         Ended               Ended                   Ended
                                                  December 31, 2000     December 31, 1999      December 31,  1998
                                                  -----------------     -----------------      ------------------
<S>                                               <C>                   <C>                    <C>
Revenues:
  Rental Income ................................       $  9,274               $  8,291            $  9,057
  Tenant Recoveries and Other Income ...........          2,516                  2,481               2,764
                                                       --------               --------            --------
        Total Revenues .........................         11,790                 10,772              11,821
                                                       --------               --------            --------

Expenses:
  Real Estate Taxes ............................          2,180                  1,979               2,149
  Repairs and Maintenance ......................            281                    248                 304
  Property Management ..........................            383                    364                 407
  Utilities ....................................            118                    130                 107
  Insurance ....................................             29                     22                  32
  Other ........................................             65                     50                 113
  Depreciation and Other Amortization ..........          1,991                  1,930               1,913
  Valuation Provision on Real Estate
    Held for Sale ..............................            731                   --                  --
                                                       --------               --------            --------
         Total Expenses ........................          5,778                  4,723               5,025
                                                       --------               --------            --------

Income from Operations .........................          6,012                  6,049               6,796
  Gain on Sales of Real Estate .................           --                    1,291                --

                                                       --------               --------            --------
Net Income .....................................       $  6,012               $  7,340            $  6,796
                                                       ========               ========            ========
</TABLE>



    The accompanying notes are an integral part of the financial statements.


                                       F-4


<PAGE>   23
                        FIRST INDUSTRIAL SECURITIES, L.P.
                   STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
                             (Dollars In thousands)


                                                                 General
                                                                Partner and
                                                Limited     Preferred Limited
                                      Total     Partner          Partner
                                    --------    --------    -----------------
Balance at December 31, 1997 ....   $ 75,301    $ 34,043          $ 41,258
Distributions....................     (5,970)     (2,029)           (3,941)
   Net Income ...................      6,796       2,847             3,949
                                    --------    --------          --------
Balance at December 31, 1998 ....   $ 76,127    $ 34,861          $ 41,266
    Contributions ...............     11,127      10,684               443
    Distributions ...............    (16,970)    (12,919)           (4,051)
    Net Income ..................      7,340       3,386             3,954
                                    --------    --------          --------
Balance at December 31, 1999 ....   $ 77,624    $ 36,012          $ 41,612
Distributions ...................     (6,420)     (2,475)           (3,945)
   Net Income ...................      6,012       2,071             3,941
                                    --------    --------          --------
Balance at December 31, 2000 ....   $ 77,216    $ 35,608          $ 41,608
                                    ========    ========          ========



    The accompanying notes are an integral part of the financial statements.


                                       F-5


<PAGE>   24
                        FIRST INDUSTRIAL SECURITIES, L.P.
                            STATEMENTS OF CASH FLOWS
                             (Dollars In thousands)



<TABLE>
<CAPTION>
                                                                           For the Year          For the Year     For the Year
                                                                               Ended                 Ended            Ended
                                                                           December 31,          December 31,     December 31,
                                                                               2000                  1999             1998
                                                                           ------------          ------------     ------------
<S>                                                                        <C>                   <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income ...........................................................        $  6,012            $  7,340         $  6,796
Adjustments to Reconcile Net Income to Net Cash Provided by
Operating Activities:
     Depreciation and Amortization ...................................           1,991               1,930            1,913
         Valuation Provision on Real Estate Held for Sale ............             731                --                 --
         Provision for Bad Debts .....................................            --                    (8)              50
         Gain on Sales of Real Estate ................................            --                (1,291)              --
         (Increase) Decrease in Deferred Rent Receivable..............            (108)                 52               (2)
     (Increase) Decrease in Tenant Accounts Receivable ...............              62                (185)              11
     Increase in Prepaid Expenses and Other Assets ...................            (337)               (115)            (558)
         Increase (Decrease) in Restricted Cash ......................              (3)               --                  1
     Increase (Decrease) in Accounts Payable and Accrued
            Expenses and  Rents Received in Advance and Deposits .....            (743)                (93)             246
                                                                              --------            --------         --------
         Net Cash Provided by Operating Activities ...................           7,605               7,630            8,457
                                                                              --------            --------         --------

CASH FLOWS FROM INVESTING ACTIVITIES
     Additions to Investment in Real Estate
            and Construction in Progress .............................            (980)             (4,718)          (1,554)
         Net Proceeds from the Sale of Investment in Real Estate......            --                11,580               --
         Decrease in Restricted Cash .................................            --                   346               --
                                                                              --------            --------         --------
     Net Cash Provided By (Used In) Investing Activities .............            (980)              7,208           (1,554)
                                                                              --------            --------         --------

CASH FLOWS FROM FINANCING ACTIVITIES
     Distributions ...................................................          (6,420)            (16,970)          (5,970)
     Contributions ...................................................            --                   804               --
                                                                              --------            --------         --------
         Net Cash Used In Financing Activities .......................          (6,420)            (16,166)          (5,970)
                                                                              --------            --------         --------
Net (Decrease) Increase in Cash and Cash Equivalents .................             205              (1,328)             933
Cash and Cash Equivalents, Beginning of Period .......................              63               1,391              458
                                                                              --------            --------         --------
Cash and Cash Equivalents, End of Period .............................        $    268            $     63         $  1,391
                                                                              ========            ========         ========
</TABLE>


    The accompanying notes are an integral part of the financial statements.


                                       F-6

<PAGE>   25


                        FIRST INDUSTRIAL SECURITIES, L.P.
                          NOTES TO FINANCIAL STATEMENTS
                 (Dollars in thousands, except per share data )

1.       ORGANIZATION

         First Industrial Securities, L.P. ("the Company") is a Delaware limited
partnership formed on August 14, 1995, the 1% general partner of which is First
Industrial Securities Corporation ("Securities Corporation"), a wholly owned
subsidiary of First Industrial Realty Trust, Inc. ("FR"), and the 99% limited
partner of which is First Industrial, L.P. (the "Operating Partnership"), of
which FR is the sole general partner. Securities Corporation also owns a
preferred limited partnership interest in the Company.

         The limited partnership agreement of the Company (the "Limited
Partnership Agreement") and the Guarantee Agreement (hereinafter defined)
contain covenants generally restricting the Company's activities to the
ownership and operation of the properties and, under certain circumstances,
other industrial properties. These covenants shall cease to have any effect upon
the termination of the Guarantee. Under its Articles of Incorporation,
Securities Corporation's sole purpose will be to act as general partner of the
Company and to pay dividends on its common and preferred stock. These and other
restrictions are intended to assure that even in the event of FR, the Operating
Partnership or other affiliates of FR becoming subject to federal bankruptcy
proceedings, neither Securities Corporation nor the Company nor their assets
will be treated as subject to such bankruptcy proceedings under the doctrine of
substantive consolidation or other doctrines (except to the extent liabilities
are imposed by non-insolvency regulatory statutes on affiliates) and that
activities of FR, the Operating Partnership and other affiliates will not cause
Securities Corporation or the Company to become insolvent or unable to pay their
debts as they mature (including the Guarantee).



2.       FORMATION TRANSACTIONS


THE INITIAL CAPITALIZATION

         The Company was capitalized with a capital contribution of $1 on August
28, 1995 by Securities Corporation.

THE CONTRIBUTION TRANSACTIONS

         On November 17, 1995, FR completed a public offering of 1,500,000
shares of $.01 par value 9 1/2% Series A Cumulative Preferred Stock at $25.00
per share, and on December 14, 1995, FR issued 150,000 shares of $.01 par value
9 1/2% Series A Cumulative Preferred Stock for $25.00 per share pursuant to the
underwriters' exercise of their over-allotment option (together the "Series A
Preferred Shares"). The issuance of 1,650,000 Series A Preferred Shares is thus
referred to as the "Offering". Gross proceeds to FR from the Offering were
$41,250. FR contributed to Securities Corporation the gross proceeds from the
Offering in exchange for preferred stock of Securities Corporation, and
Securities Corporation contributed such proceeds to the Company in exchange for
a preferred limited partnership interest in the Company. The Operating
Partnership and First Industrial Pennsylvania, L.P. (the "Pennsylvania
Partnership"), a Delaware limited partnership and a subsidiary of the Operating
Partnership, contributed to the Company, in return for limited partnership
interests, 14 properties and five properties (described below) on November 17,
1995 and December 14, 1995, respectively, encumbered by liens collateralizing
debt under FR's $150,000 revolving line of credit. An amount of such debt equal
to the gross proceeds of the Offering was repaid by the Company and such liens
on the properties described below were released.



                                       F-7


<PAGE>   26


                        FIRST INDUSTRIAL SECURITIES, L.P.
                          NOTES TO FINANCIAL STATEMENTS
                 (Dollars in thousands, except per share data )


2.       FORMATION TRANSACTIONS, CONTINUED

         The Pennsylvania Partnership contributed its limited partnership
interest in the Company to the Operating Partnership. The foregoing is herein
collectively referred to as the "Contribution Transactions". The Company
commenced operations on November 17, 1995.

THE PROPERTIES

         Upon consummation of the Offering and the Contribution Transactions
(collectively, the "Formation Transactions"), the Company owned 19 properties
located in four states containing an aggregate of approximately 2.1 million
square feet (unaudited) of gross leasable area ("GLA"). Of the properties:

         (a)  Four were acquired by the Operating Partnership prior to FR's
              initial public offering (the "Initial Offering") in June 1994;

         (b)  Two were acquired concurrently with the consummation of the
              Initial Offering; and

         (c)  Thirteen were acquired or developed by either the Operating
              Partnership or the Pennsylvania Partnership subsequent to the
              Initial Offering.


         On February 1, 1998, the Company completed a 70,000 square foot
(unaudited) expansion of an existing industrial property located in Auburn
Hills, Michigan. The cost of the expansion was approximately $2,630 and was
funded with cash flows from operations.

         On July 31, 1998, a governmental entity condemned two parcels of land.
The Company received gross proceeds of approximately $108 as consideration for
these parcels of land. The gain is reflected in total revenues.

         During 1999, the Company sold two industrial properties comprising
approximately 400,000 square feet (unaudited) of GLA. Gross proceeds from the
sale were approximately $11,800. In accordance with the Guarantee Agreement
(hereinafter defined), the Company replaced the sold industrial properties with
four industrial properties comprising approximately 185,000 square feet
(unaudited) of GLA with a net book value of approximately $10,387, which were
contributed by the limited partner of the Company.

         During 2000, the Company completed development of one industrial
property and one redevelopment comprising approximately .2 million square feet
(unaudited) of GLA at a cost of approximately $5,483.

THE GUARANTEE

         In connection with the Offering, the Company entered into a Guarantee
and Payment Agreement (the "Guarantee Agreement") pursuant to which the Company
guaranteed the payment of dividends on, and payments on liquidation or
redemption of, the Series A Preferred Shares.

         The guarantee was created through the execution of the Guarantee
Agreement between the Company and Securities Corporation, for the benefit of a
guarantee agent. The Guarantee Agreement is administered and enforced for the
benefit of the holders of the Series A Preferred Shares by the guarantee agent.
The guarantee agent may enforce the guarantee directly against the Company only
with the approval of the holders of at least 25% of the outstanding Series A
Preferred Shares. No holder may seek directly to enforce the guarantee.


                                       F-8

<PAGE>   27


                        FIRST INDUSTRIAL SECURITIES, L.P.
                          NOTES TO FINANCIAL STATEMENTS
                 (Dollars in thousands, except per share data )



2.       FORMATION TRANSACTIONS, CONTINUED

         Under the terms of the Guarantee Agreement, the Company was required to
deposit approximately $414 into a restricted cash escrow account with the
guarantee agent (the "Restricted Escrow"). These funds were set aside to pay for
certain repair and maintenance items of the contributed properties. The balance
of the Restricted Escrow at December 31, 2000 and 1999 is $67 and $64,
respectively, and is included in restricted cash.

3.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         In order to conform with generally accepted accounting principles,
management, in preparation of the Company's financial statements, is required to
make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities as of December
31, 2000 and 1999, and the reported amounts of revenues and expenses for the
years ended December 31, 2000, 1999 and 1998. Actual results could differ from
those estimates.

SEGMENT REPORTING

         Management views the Company as a single segment.

REVENUE RECOGNITION

         Rental income is recognized on a straight-line method under which
contractual rent increases are recognized evenly over the lease term. Tenant
recovery income includes payments from tenants for taxes, insurance and other
property operating expenses and are recognized as revenues in the period the
related expenses are incurred by the Company.

         The Company evaluates and, if applicable, provides for an allowance for
doubtful accounts against the portion of accounts receivable which is estimated
to be uncollectible. Accounts receivable in the balance sheets is shown net of
an allowance for doubtful accounts of $92 as of December 31, 2000 and 1999.

GENERAL AND ADMINISTRATIVE

         Expenses incurred related to the operations of the properties are
reflected in property management expense, therefore, there is no allocation of
FR's general and administrative expense.


INVESTMENT IN REAL ESTATE AND DEPRECIATION

         Real estate assets are carried at cost. The Company reviews its
properties on a quarterly basis for impairment and provides an allowance if
impairments are determined. First, to determine if impairment may exist, the
Company reviews its properties and identifies those which have had either an
event of change or event of circumstance warranting further assessment of
recoverability. Then, the Company estimates the fair value of those properties
on an individual basis by capitalizing the expected net operating income. Such
amounts are then compared to the property's depreciated cost to determine
whether an impairment exists. For properties management considers held for sale,
the Company ceases depreciating the properties and values the properties at the
lower of depreciated cost or fair value.



                                       F-9


<PAGE>   28


                        FIRST INDUSTRIAL SECURITIES, L.P.
                          NOTES TO FINANCIAL STATEMENTS
                 (Dollars in thousands, except per share data )


3.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED

         Real estate taxes and other directly related expenses incurred during
construction periods are capitalized and depreciated commencing with the date
placed in service, on the same basis as the related assets. Depreciation expense
is computed using the straight-line method based on the following useful lives:

                                                                   Years
                                                                 ---------
         Buildings and Improvements.........................     38 to 40
         Land Improvements..................................     15



         Construction expenditures for tenant improvements, leasehold
improvements and leasing commissions are capitalized and amortized over the
terms of each specific lease, and repairs and maintenance are charged to expense
when incurred. Expenditures for improvements are capitalized.

         When assets are sold or retired, their costs and related accumulated
depreciation are removed from the accounts with the resulting gains or losses
reflected in net income or loss.

CASH AND CASH EQUIVALENTS

         Cash and cash equivalents include all cash and liquid investments with
an initial maturity of three months or less. The carrying amount approximates
fair value due to the short maturity of these investments.

INCOME TAXES

         No federal income taxes are payable by the Company and none have been
provided for in the accompanying financial statements. In accordance with
partnership taxation, each of the partners is responsible for reporting their
share of taxable income or loss.

FAIR VALUE OF FINANCIAL INVESTMENTS

         The Company's financial instruments include short-term investments,
tenant accounts receivable, accounts payable and other accrued expenses. The
fair value of these financial instruments was not materially different from
their carrying amount or contract values due to their short term nature.

RECENT ACCOUNTING PRONOUNCEMENTS

         In December 1999, the Securities and Exchange Commission ("SEC") issued
Staff Accounting Bulletin No. 101 ("SAB 101"), Revenue Recognition, which
provides guidance on the recognition, presentation and disclosure of revenue in
financial statements. SAB 101 was required to be implemented in the fourth
fiscal quarter of 2000. The adoption of SAB 101 did not have an effect on the
Company's results of operations or its financial position as the Company's
revenue recognition practices were compliant with the pronouncement.

                                      F-10


<PAGE>   29


                        FIRST INDUSTRIAL SECURITIES, L.P.
                          NOTES TO FINANCIAL STATEMENTS
                 (Dollars in thousands, except per share data )



4.       REAL ESTATE HELD FOR SALE

         At December 31, 2000, the Company has 4 properties comprising
approximately .5 million square feet (unaudited) of GLA held for sale. The
Company plans to substitute properties in place of these properties if the sales
occur. There can be no assurance that such properties held for sale will be
sold.

         The following table discloses certain information regarding the four
properties held for sale by the Company.


<TABLE>
<CAPTION>
                                        Year Ended        Year Ended            Year Ended
                                     December 31, 2000  December 31, 1999    December 31, 1998
                                     -----------------  -----------------    -----------------
<S>                                  <C>                <C>                  <C>
Total Revenues ....................     $ 1,894             $ 1,787             $ 1,679
Operating Expenses ................        (439)               (396)               (392)
Depreciation and Amortization......        (177)               (353)               (333)
                                        -------             -------             -------
Income from Operations ............     $ 1,278             $ 1,038             $   954
                                        =======             =======             =======
</TABLE>


         During 2000, the Company recognized a valuation provision of $731 on
three of the four properties held for sale. The fair value was determined by a
quoted market price less transaction costs.

5.       PARTNERS' CAPITAL

         During 2000, the Company distributed $3,920 to Securities Corporation
in respect of its preferred limited partnership interest in the Company, and
Securities Corporation paid a preferred stock dividend of $3,920 to FR, in each
case, the amount equal to the aggregate dividend payable on FR's Series A
Preferred Shares.

         During 2000, the Company paid general and limited partner distributions
to Securities Corporation and the Operating Partnership, respectively, in the
aggregate amount of approximately $2,500.

         During 1999, the Company distributed $3,920 to Securities Corporation
in respect of its preferred limited partnership interest in the Company, and
Securities Corporation paid a preferred stock dividend of $3,920 to FR, in each
case, the amount equal to the aggregate dividend payable on FR's Series A
Preferred Shares.

         During 1999, the Company paid general and limited partner distributions
to Securities Corporation and the Operating Partnership, respectively, in the
aggregate amount of approximately $13,050 that were partially offset by general
and limited partner cash contributions from Securities Corporation and the
Operating Partnership, respectively, in the aggregate amount of approximately
$804.

         During 1999, the limited partner contributed four industrial properties
comprising approximately 185,000 square feet (unaudited) of GLA with a net book
value of $10,387 to the Company.

         During 1998, the Company distributed $3,920 to Securities Corporation
in respect of its preferred limited partnership interest in the Company, and
Securities Corporation paid a preferred stock dividend of $3,920 to FR, in each
case, the amount equal to the aggregate dividend payable on FR's Series A
Preferred Stock.

         During 1998, the Company paid general and limited partner distributions
to Securities Corporation and the Operating Partnership, respectively, in the
aggregate amount of $2,050.



                                      F-11


<PAGE>   30
                        FIRST INDUSTRIAL SECURITIES, L.P.
                          NOTES TO FINANCIAL STATEMENTS
                 (Dollars in thousands, except per share data )


6.       SALES OF REAL ESTATE

         During the year ended December 31, 1999, the Company sold two
industrial properties comprising approximately 400,000 square feet (unaudited)
of GLA. Gross proceeds from the sale were approximately $11,800. The gain on
sale of real estate was approximately $1,291. In accordance with the Guarantee
Agreement, the Company replaced the sold industrial properties with four
industrial properties comprising approximately 185,000 square feet (unaudited)
of GLA with a net book value of approximately $10,387.


7.       FUTURE RENTAL REVENUES

         The Company's properties are leased to tenants under net and semi-net
operating leases. Minimum lease payments receivable, excluding tenant
reimbursements of expenses, under noncancelable operating leases in effect as of
December 31, 2000 are approximately as follows:


                     2001                   $  9,211
                     2002                      7,918
                     2003                      6,552
                     2004                      3,952
                     2005                      2,693
                     Thereafter                6,078
                                            --------
                           Total            $ 36,404
                                            ========

         Three of the Company's properties represent ten percent or more of the
aggregate book value of the assets as of December 31, 2000 and 1999, or ten
percent or more of the Company's aggregate rental revenues as of December 31,
2000 and 1999.

8.       RELATED PARTY TRANSACTIONS

         The 22 industrial properties owned by the Company are managed by the
Operating Partnership, of which FR is the sole general partner. Management fees
incurred are based on 3.25% of gross receipts. Such fees totaled $383, $364 and
$407 for the years ended December 31, 2000, 1999 and 1998, respectively. At
December 31, 2000 and 1999, there were no accrued management fees due to the
Operating Partnership.

9.       SUPPLEMENTAL INFORMATION TO STATEMENT OF CASH FLOWS

         The following table discloses the non-cash operating, investing and
financing activities that resulted from the contribution of four industrial
properties comprising approximately 185,000 square feet (unaudited) of GLA from
the limited partner during the year ended December 31, 1999.

                                                            Year Ended
                                                         December 31, 1999
                                                         -----------------

       Land........................................       $ 1,665
       Building....................................        10,025
       Accumulated Depreciation....................        (1,303)
       Deferred Rent Receivable....................            40
       Tenant Accounts Receivable..................           (21)
       Other Assets, Net...........................            17
       Accounts Payable and Accrued Expenses.......          (100)
       Limited Partner Contribution................       (10,323)
                                                         -----------
                                                         $   --
                                                         ===========


                                      F-12

<PAGE>   31
                        FIRST INDUSTRIAL SECURITIES, L.P.
                          NOTES TO FINANCIAL STATEMENTS
                 (Dollars in thousands, except per share data )


10.      COMMITMENTS AND CONTINGENCIES

         In the normal course of business, the Company is involved in legal
actions arising from the ownership of their properties. In management's opinion,
the liabilities, if any, that may ultimately result from such legal actions are
not expected to have a material adverse effect on the financial position,
results of operations or liquidity of the Company.

         One property has a lease granting the tenant the option to purchase the
property. Such option is exercisable prior to January 31, 2007 at a fixed
purchased price which is in excess of the property's depreciated cost. The
Company has no notice of any exercise of any tenant purchase option.

11.      SUBSEQUENT EVENT (UNAUDITED)

         On March 9, 2001, FR called for the redemption of all of its
outstanding Series A Preferred Shares at the price of $25.00 per share, plus
accrued and unpaid dividends. The redemption date will be April 9, 2001. On
April 9, 2001, the Company will redeem the preferred limited partner's interest
of $41,250 and the guarantee will terminate.

12.      QUARTERLY FINANCIAL INFORMATION (UNAUDITED)


<TABLE>
<CAPTION>
                                                             First Industrial Securities, L.P.
                                                               Year Ended December 31, 2000
                                       ---------------------------------------------------------------------------
                                       First Quarter      Second Quarter        Third Quarter       Fourth Quarter
                                       -------------      --------------        -------------       --------------
<S>                                    <C>                <C>                   <C>                 <C>
Revenues ...........................     $ 2,983             $ 2,908               $ 2,927               $ 2,972
Property Expenses ..................        (818)               (685)                 (762)                 (791)
Depreciation and Amortization.......        (532)               (538)                 (459)                 (462)
Valuation Provision on Real
Estate Held for Sale ...............        --                  --                    --                    (731)
                                         -------             -------               -------               -------
Net Income .........................     $ 1,633             $ 1,685               $ 1,706               $   988
                                         =======             =======               =======               =======
</TABLE>


<TABLE>
<CAPTION>
                                                             First Industrial Securities, L.P.
                                                               Year Ended December 31, 1999
                                       ---------------------------------------------------------------------------
                                       First Quarter      Second Quarter        Third Quarter       Fourth Quarter
                                       -------------      --------------        -------------       --------------
<S>                                    <C>                <C>                   <C>                 <C>
Revenues ..........................       $ 2,730           $ 2,749                 $ 2,532              $ 2,761
Property Expenses .................          (848)             (809)                   (809)                (327)
Depreciation and Amortization .....          (473)             (422)                   (560)                (475)
Gain on Sales of Real Estate ......          --                --                       926                  365
                                          -------           -------                 -------              -------
Net Income ........................       $ 1,409           $ 1,518                 $ 2,089              $ 2,324
                                          =======           =======                 =======              =======
</TABLE>


                                      F-13
<PAGE>   32
                        REPORT OF INDEPENDENT ACCOUNTANTS


To the Partners
of First Industrial Securities, L.P.:

Our audits of the financial statements referred to in our report dated February
9, 2001 of First Industrial Securities, L.P. which report and financial
statements are included in this Annual Report on Form 10-K also included an
audit of the financial statement schedule listed in the Index to Financial
Statements and Financial Statement Schedule on page F-1 of this Form 10-K. In
our opinion, this financial statement schedule presents fairly, in all material
respects, the information set forth therein when read in conjunction with the
related financial statements.








                                                      PricewaterhouseCoopers LLP

Chicago, Illinois
February 9, 2001




                                      S-1
<PAGE>   33
                        FIRST INDUSTRIAL SECURITIES, L.P.
                                  SCHEDULE III:
                    REAL ESTATE AND ACCUMULATED DEPRECIATION
                             AS OF DECEMBER 31, 2000
                             (DOLLARS IN THOUSANDS)


<TABLE>
<CAPTION>
                                                                                              COSTS
                                                                                           CAPITALIZED
                                                                                          SUBSEQUENT TO
                                                                                        ACQUISITION OR
                                                                     INITIAL COST (a)      COMPLETION
                                               LOCATION             -------------------   AND VALUATION
BUILDING ADDRESS                             (CITY/STATE)           LAND     BUILDINGS    PROVISION (d)
-----------------------------                -----------------      -------  ----------   --------------
<S>                                           <C>                    <C>       <C>            <C>
305-307 North Avenue                          Carol Stream, IL       $   128   $  --          $ 2,645
365 North Avenue                              Carol Stream, IL         1,080     6,961             83
2942 MacArthur Boulevard                      Northbrook, IL             315     1,803            256
3150-3160 MacArthur Boulevard                 Northbrook, IL             439     2,518            111
900 Apollo Road                               Eagan, MN                1,029     5,855          1,105
7316 Aspen Lane North                         Brooklyn Park, MN          368     2,156            541
6655 Wedgewood Road                           Maple Grove, MN          1,466     8,342          2,817
953 Westgate Drive                            St. Paul, MN               193     1,181             70
425 Gordon Industrial Court (d)               Grand Rapids, MI           611     3,747            998
2851 Prairie Street (d)                       Grandville, MI             377     2,778             10
2945 Walkent Court                            Grand Rapids, MI           310     2,074            306
537 76th Street (d)                           Grand Rapids, MI           255     1,456            163
2965 Technology Drive                         Rochester Hills, MI        964     2,277            111
4177A Varsity Drive                           Ann Arbor, MI               90       536             79
6515 Cobb Drive                               Sterling Heights, MI       305     1,753            177
1451 Lincoln Avenue                           Madison Heights, MI        299     1,703            440
4400 Purks Drive                              Auburn Hills, MI           602     3,410          2,687
7195 Grayson                                  Harrisburg, PA             478     2,771             80
5020 Louise Drive                             Mechanicsburg, PA           707      --            2,782
N25 W23050 Paul Road                          Pewaukee, WI               475     2,741            266
N25 W23255 Paul Road                          Pewaukee, WI               571     3,278           --
N27 W23293 Roundry Road                       Pewaukee, WI               412     2,838           --
                                                                     -------   -------        -------
                                                                     $11,474   $60,178        $15,727
                                                                     =======   =======        =======

<CAPTION>
                                          GROSS AMOUNT CARRIED
                                    AT CLOSE OF PERIOD (12/31/00)(c)
                                 ---------------------------------------      ACCUMULATED
                                               BUILDING AND                  DEPRECIATION         YEAR BUILT/          DEPRECIABLE
                                    LAND       IMPROVEMENTS     TOTAL          12/31/00            RENOVATED           LIVES(YEARS)
                                  ---------    ------------   ----------     ------------         -----------          ------------
<S>                               <C>          <C>            <C>            <C>                  <C>                   <C>
305-307 North Avenue              $   128         $ 2,645     $ 2,773          $     6                 1999                 (b)
365 North Avenue                    1,080           7,044       8,124            1,094                 1969                 (b)
2942 MacArthur Boulevard              315           2,059       2,374              413                 1979                 (b)
3150-3160 MacArthur Boulevard         439           2,629       3,068              451                 1978                 (b)
900 Apollo Road                     1,029           6,960       7,989              924                 1970                 (b)
7316 Aspen Lane North                 368           2,697       3,065              356                 1978                 (b)
6655 Wedgewood Road                 1,466          11,159      12,625            1,247                 1989                 (b)
953 Westgate Drive                    193           1,251       1,444              201                 1991                 (b)
425 Gordon Industrial Court (d)       594           4,762       5,356              751                 1990                 (b)
2851 Prairie Street (d)               410           2,755       3,165              462                 1989                 (b)
2945 Walkent Court                    352           2,338       2,690              365                 1993                 (b)
537 76th Street (d)                   230           1,644       1,874              270                 1987                 (b)
2965 Technology Drive                 964           2,388       3,352              351                 1995                 (b)
4177A Varsity Drive                    90             615         705              146                 1993                 (b)
6515 Cobb Drive                       305           1,930       2,235              293                 1984                 (b)
1451 Lincoln Avenue                   305           2,137       2,442              399                 1967                 (b)
4400 Purks Drive                      612           6,087       6,699              656                 1987                 (b)
7195 Grayson                          478           2,851       3,329              432                 1994                 (b)
5020 Louise Drive                     716           2,773       3,489              465                 1995                 (b)
N25 W23050 Paul Road                  475           3,007       3,482              460                 1989                 (b)
N25 W23255 Paul Road                  571           3,278       3,849              532                 1987                 (b)
N27 W23293 Roundry Road               412           2,838       3,250              460                 1989                 (b)
                                  -------         -------     -------          -------
                                  $11,532         $75,847     $87,379          $10,734
                                  =======         =======     =======          =======
</TABLE>

NOTES:

(a)  Initial cost for each respective property is total acquisition costs
     associated with its purchase.

(b)  Depreciation is computed based upon the following estimated lives:

         Buildings and Improvements                          38 to 40 years
         Tenant Improvements and Leasehold Improvements      Life of lease
         Land Improvements                                   15 years

(c)  At December 31, 2000, aggregate cost of land, buildings and improvements
     for federal income tax purposes was approximately $88.1 million.

(d)  During 2000, the Company recognized a valuation  provision of $731 on these
     properties.

These properties are owned by the Company. The Company guarantees the payment of
the Series A Cumulative Preferred Stock dividends and amounts upon redemption,
liquidation, dissolution or winding - up.


<PAGE>   34

                        FIRST INDUSTRIAL SECURITIES, L.P.
                                  SCHEDULE III:
              REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)
                             AS OF DECEMBER 31, 2000
                             (Dollars In thousands)


The changes in total real estate assets for the years ended December 31, 2000
and 1999 are as follows:


<TABLE>
<CAPTION>
                                                                            First Industrial Securities, L.P.
                                                                            ---------------------------------
                                                                                2000                1999
                                                                            -----------         -------------
<S>                                                                         <C>                 <C>
Balance, Beginning of Year ..............................................    $ 82,322            $ 80,600
Construction Costs for Properties Placed in Service and Improvements ....       5,788                 982
Properties Contributed ..................................................        --                11,690
Properties Sold .........................................................        --               (10,950)
Valuation Provision .....................................................        (731)               --
                                                                             --------            --------
Balance, End of Year ....................................................    $ 87,379            $ 82,322
                                                                             ========            ========
</TABLE>

The changes in accumulated depreciation for the years ended December 31, 2000
and 1999 are as follows:

                                  First Industrial Securities, L.P.
                                  ----------------------------------
                                     2000                   1999
                                  ------------           -----------
Balance, Beginning of Year ....     $ 8,971              $ 7,163
Properties Contributed ........        --                  1,303
Properties Sold ...............        --                 (1,199)
Depreciation for Year .........       1,763                1,704
                                    -------              -------
Balance, End of Year...........     $10,734              $ 8,971
                                    =======              =======



                                      S-3