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UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549


Form 10-Q/A


AMENDMENT NO. 1 TO FORM 10-Q


|  |  |                                                                                             
|- |  | --------------------------------------------------------------------------------------------
|þ |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934 
| 
|  |  | For the quarterly period ended March 31, 2005                                               
| 
|o |  | 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 333-21873





First Industrial, L.P.


(Exact Name of Registrant as Specified in its Charter)


|                                                                   |  |                                         
|------------------------------------------------------------------ |  | ----------------------------------------
|Delaware                                                           |  | 36-3924586                              
|(State or Other Jurisdiction of
    Incorporation or Organization) |  | (I.R.S. Employer
    Identification No.)

311 S. Wacker Drive, Suite 4000, Chicago,
Illinois 60606


(Address of Principal Executive Offices)


(312) 344-4300


(Registrants Telephone Number, Including Area Code)


þ o


þ o










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##### Table of Contents



Explanatory Note


Form 10-Q, Form 10-Q.




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##### 



FIRST INDUSTRIAL, L.P.


Form 10-Q


For the Period Ended March 31, 2005


INDEX







|                                             |  |                                                                                                                                                |    |      |       | 
|-------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------- | -- | ---- | ----- | 
|                                             |  |                                                                                                                                                |    | Page |      
|                                             |  |                                                                                                                                                |    |      |      
|PART I: FINANCIAL
    INFORMATION           
|Item 1.                                      |  | Financial Statements                                                                                                                           |    |      |       | 
|                                             |  | Consolidated Balance Sheets as of
    March 31, 2005 (Restated) and December 31, 2004
    (Restated)                                           |    |      | 2     | 
|                                             |  | Consolidated Statements of Operations and
    Comprehensive Income for the Three Months Ended March 31,
    2005 and March 31, 2004 (Restated) |    |      | 3     | 
|                                             |  | Consolidated Statements of Cash Flows for
    the Three Months Ended March 31, 2005, and March 31,
    2004 (Restated)                         |    |      | 4     | 
|                                             |  | Notes to Consolidated Financial
    Statements                                                                                                 |    |      | 5-18  | 
|Item 2.                                      |  | Managements Discussion and Analysis
    of Financial Condition and Results of Operations                                                      |    |      | 19-28 | 
|Item 3.                                      |  | Quantitative and Qualitative Disclosures
    About Market Risk                                                                                 |    |      | 28    | 
|Item 4.                                      |  | Controls and Procedures                                                                                                                        |    |      | 28    | 
|                                            
|PART II: OTHER INFORMATION                  
|Item 1.                                      |  | Legal Proceedings                                                                                                                              |    |      | 30    | 
|Item 2.                                      |  | Unregistered Sales of Equity Securities and
    Use of Proceeds                                                                                |    |      | 30    | 
|Item 3.                                      |  | Defaults Upon Senior Securities                                                                                                                |    |      | 30    | 
|Item 4.                                      |  | Submission of Matters to a Vote of Security
    Holders                                                                                        |    |      | 30    | 
|Item 5.                                      |  | Other Information                                                                                                                              |    |      | 30    | 
|Item 6.                                      |  | Exhibits                                                                                                                                       |    |      | 30    | 
|SIGNATURE                                    |  |                                                                                                                                                | 32 |     
|EXHIBIT INDEX                                |  |                                                                                                                                                | 33 |     
|Certification of Principal Executive Officer
|Certification of Principal Financial Officer
|Section 906 Certification                   



1



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##### Table of Contents






PART I: FINANCIAL INFORMATION





Item 1.     Financial
Statements





FIRST INDUSTRIAL, L.P.


CONSOLIDATED BALANCE SHEETS


|                                  |                                                                                                                                                           |                                |                                         |           |              |           |   |           |           |           | 
|--------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------ | --------------------------------------- | --------- | ------------ | --------- | - | --------- | --------- | --------- | 
|                                  |                                                                                                                                                           | Restated                       |                                         |           | Restated     |          
|                                  |                                                                                                                                                           |                                |                                         |           |              |          
|                                  |                                                                                                                                                           | March 31,                      |                                         |           | December 31, |          
|                                  |                                                                                                                                                           | 2005                           |                                         |           | 2004         |          
|                                  |                                                                                                                                                           |                                |                                         |           |              |          
|                                  |                                                                                                                                                           | (Unaudited)                    |                                         |           |             
|                                  |                                                                                                                                                           | (Dollars in thousands,         |                                        
|                                  |                                                                                                                                                           | except Unit data)              |                                        
|ASSETS                           
|Assets:                           |                                                                                                                                                           |                                |                                         |           |              |           |   |          
|                                  | Investment in Real Estate:                                                                                                                                |                                |                                         |           |              |           |   |           |          
|                                  |                                                                                                                                                           | Land                           |                                         | $         | 418,286      |           |   | $         | 423,836   |          
|                                  |                                                                                                                                                           | Buildings and Improvements     |                                         |           | 2,033,940    |           |   |           | 2,039,486 |          
|                                  |                                                                                                                                                           | Construction in Progress       |                                         |           | 41,785       |           |   |           | 23,092    |          
|                                  |                                                                                                                                                           | Less: Accumulated Depreciation |                                         |           | (335,697     | )         |   |           | (321,003  | )        
|                                  |                                                                                                                                                           |                                |                                         |           |              |          
|                                  |                                                                                                                                                           |                                | Net Investment in Real Estate           |           |              | 2,158,314 |   |           |           | 2,165,411 | 
|                                  |                                                                                                                                                           |                                |                                         |           |              |          
|                                  | Real Estate Held for Sale, Net of Accumulated Depreciation and
    Amortization of $2,851 and $2,908 at March 31, and
    December 31, 2004, respectively |                                |                                         | 45,621    |              |           |   | 50,286    |          
|                                  | Investments in and Advances to Other Real Estate Partnerships                                                                                             |                                |                                         | 334,858   |              |           |   | 339,967   |          
|                                  | Cash and Cash Equivalents                                                                                                                                 |                                |                                         |          |              |           |   | 3,069     |          
|                                  | Restricted Cash                                                                                                                                           |                                |                                         | 6         |              |           |   | 25        |          
|                                  | Tenant Accounts Receivable, Net                                                                                                                           |                                |                                         | 7,657     |              |           |   | 6,509     |          
|                                  | Investments in Joint Ventures                                                                                                                             |                                |                                         | 10,521    |              |           |   | 5,489     |          
|                                  | Deferred Rent Receivable                                                                                                                                  |                                |                                         | 17,279    |              |           |   | 15,928    |          
|                                  | Deferred Financing Costs, Net                                                                                                                             |                                |                                         | 11,061    |              |           |   | 11,569    |          
|                                  | Prepaid Expenses and Other Assets, Net                                                                                                                    |                                |                                         | 120,680   |              |           |   | 119,430   |          
|                                  |                                                                                                                                                           |                                |                                         |           |              |          
|                                  |                                                                                                                                                           |                                | Total Assets                            |           | $            | 2,705,997 |   |           | $         | 2,717,683 | 
|                                  |                                                                                                                                                           |                                |                                         |           |              |          
|                                 
|LIABILITIES AND PARTNERS CAPITAL
|Liabilities:                      |                                                                                                                                                           |                                |                                         |           |              |           |   |          
|                                  | Mortgage Loans Payable, Net                                                                                                                               |                                | $                                       | 60,017    |              |           | $ | 57,449    |          
|                                  | Senior Unsecured Debt, Net                                                                                                                                |                                |                                         | 1,347,858 |              |           |   | 1,347,524 |          
|                                  | Unsecured Line of Credit                                                                                                                                  |                                |                                         | 159,500   |              |           |   | 167,500   |          
|                                  | Accounts Payable, Accrued Expenses and Other Liabilities, Net                                                                                             |                                |                                         | 86,869    |              |           |   | 73,560    |          
|                                  | Rents Received in Advance and Security Deposits                                                                                                           |                                |                                         | 25,304    |              |           |   | 26,441    |          
|                                  | Distributions Payable                                                                                                                                     |                                |                                         | 34,339    |              |           |   | 35,487    |          
|                                  |                                                                                                                                                           |                                |                                         |           |              |          
|                                  |                                                                                                                                                           |                                | Total Liabilities                       |           |              | 1,713,887 |   |           |           | 1,707,961 | 
|                                  |                                                                                                                                                           |                                |                                         |           |              |          
|Commitments and Contingencies     |                                                                                                                                                           |                                |                                        |           |              |           |  |          
|Partners Capital:                |                                                                                                                                                           |                                |                                         |           |              |           |   |          
|                                  | General Partner Preferred Units (20,750 units issued and
    outstanding at March 31, 2005 and December 31, 2004,
    respectively)                       |                                |                                         | 121,584   |              |           |   | 121,584   |          
|                                  | General Partner Units (42,942,250 and 42,834,091 units
    issued and outstanding at March 31, 2005 and
    December 31, 2004, respectively)              |                                |                                         | 746,977   |              |           |   | 757,840   |          
|                                  | Unamortized Value of General Partnership Restricted Units                                                                                                 |                                |                                         | (25,241   | )            |           |   | (19,611   | )        
|                                  | Limited Partners Units (6,493,501 and 6,455,914 units
    issued and outstanding at March 31, 2005 and
    December 31, 2004, respectively)              |                                |                                         | 152,764   |              |           |   | 153,609   |          
|                                  | Accumulated Other Comprehensive Loss                                                                                                                      |                                |                                         | (3,974    | )            |           |   | (3,700    | )        
|                                  |                                                                                                                                                           |                                |                                         |           |              |          
|                                  |                                                                                                                                                           |                                | Total Partners Capital                 |           |              | 992,110   |   |           |           | 1,009,722 | 
|                                  |                                                                                                                                                           |                                |                                         |           |              |          
|                                  |                                                                                                                                                           |                                | Total Liabilities and Partners Capital |           | $            | 2,705,997 |   |           | $         | 2,717,683 | 
|                                  |                                                                                                                                                           |                                |                                         |           |              |          



2



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##### Table of Contents



FIRST INDUSTRIAL, L.P.





CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME


|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |   |        |         |         |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------- | ----------------------------- | ------- | -------- | ------------ | - | ------ | ------- | ------- | -
|                                                                                                                                                                                                                    |                                                                                             |                               |         | Restated |             
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |             
|                                                                                                                                                                                                                    |                                                                                             | Three Months                  |         |          | Three Months |  
|                                                                                                                                                                                                                    |                                                                                             | Ended                         |         |          | Ended        |  
|                                                                                                                                                                                                                    |                                                                                             | March 31,                     |         |          | March 31,    |  
|                                                                                                                                                                                                                    |                                                                                             | 2005                          |         |          | 2004         |  
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|                                                                                                                                                                                                                    |                                                                                             | (Unaudited)                   |        
|                                                                                                                                                                                                                    |                                                                                             | (Dollars in thousands, except |        
|                                                                                                                                                                                                                    |                                                                                             | Unit and per Unit data)       |        
|Revenues:                                                                                                                                                                                                           |                                                                                             |                               |         |          |              |   |        |        
|                                                                                                                                                                                                                    | Rental Income                                                                               |                               | $       | 55,018   |              |   | $      | 48,754  |        
|                                                                                                                                                                                                                    | Tenant Recoveries and Other Income                                                          |                               |         | 21,169   |              |   |        | 18,215  |        
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|                                                                                                                                                                                                                    |                                                                                             | Total Revenues                |         |          | 76,187       |   |        |         | 66,969  |  
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|Expenses:                                                                                                                                                                                                           |                                                                                             |                               |         |          |              |   |        |        
|                                                                                                                                                                                                                    | Real Estate Taxes                                                                           |                               |         | 11,795   |              |   |        | 10,356  |        
|                                                                                                                                                                                                                    | Repairs and Maintenance                                                                     |                               |         | 6,811    |              |   |        | 5,728   |        
|                                                                                                                                                                                                                    | Property Management                                                                         |                               |         | 3,673    |              |   |        | 2,241   |        
|                                                                                                                                                                                                                    | Utilities                                                                                   |                               |         | 2,740    |              |   |        | 2,472   |        
|                                                                                                                                                                                                                    | Insurance                                                                                   |                               |         | 487      |              |   |        | 661     |        
|                                                                                                                                                                                                                    | Other                                                                                       |                               |         | 1,302    |              |   |        | 1,591   |        
|                                                                                                                                                                                                                    | General and Administrative                                                                  |                               |         | 11,622   |              |   |        | 7,067   |        
|                                                                                                                                                                                                                    | Amortization of Deferred Financing Costs                                                    |                               |         | 508      |              |   |        | 445     |        
|                                                                                                                                                                                                                    | Depreciation and Other Amortization                                                         |                               |         | 24,302   |              |   |        | 17,771  |        
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|                                                                                                                                                                                                                    |                                                                                             | Total Expenses                |         |          | 63,240       |   |        |         | 48,332  |  
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|Other Income/ Expense:                                                                                                                                                                                              |                                                                                             |                               |         |          |              |   |        |        
|                                                                                                                                                                                                                    | Interest Income                                                                             |                               |         | 297      |              |   |        | 534     |        
|                                                                                                                                                                                                                    | Interest Expense                                                                            |                               |         | (25,931  | )            |   |        | (23,653 | )      
|                                                                                                                                                                                                                    | Mark-to-Market of Interest Rate Protection Agreement                                        |                               |         | 941      |              |   |        |        |        
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|                                                                                                                                                                                                                    |                                                                                             | Total Other Income/ Expense   |         |          | (24,693      | ) |        |         | (23,119 | )
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|Loss from Continuing Operations Before Income Tax Benefit,
    Equity in Income of Other Real Estate Partnerships, Equity in
    Income in Joint Ventures and Gain on Sale of Real Estate                           |                                                                                             |                               | (11,746 | )        |              |   | (4,482 | )      
|Income Tax Benefit                                                                                                                                                                                                  |                                                                                             |                               | 1,656   |          |              |   | 888    |        
|Equity in Income of Other Real Estate Partnerships                                                                                                                                                                  |                                                                                             |                               | 6,743   |          |              |   | 7,381  |        
|Equity in (Loss) Income of Joint Ventures                                                                                                                                                                           |                                                                                             |                               | (122    | )        |              |   | 245    |        
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|(Loss) Income from Continuing Operations                                                                                                                                                                            |                                                                                             |                               | (3,469  | )        |              |   | 4,032  |        
|Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $11,713 and $24,659 for the Three Months Ended
    March 31, 2005 and March 31, 2004, respectively)                               |                                                                                             |                               | 12,549  |          |              |   | 28,193 |        
|Provision for Income Taxes Allocable to Discontinued Operations
    (Including $3,202 and $2,168 allocable to Gain on Sale of Real
    Estate for the Three Months Ended March 31, 2005 and 2004,
    respectively) |                                                                                             |                               | (3,539  | )        |              |   | (2,638 | )      
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|Income Before Gain on Sale of Real Estate                                                                                                                                                                           |                                                                                             |                               | 5,541   |          |              |   | 29,587 |        
|Gain on Sale of Real Estate                                                                                                                                                                                         |                                                                                             |                               | 20,671  |          |              |   | 3,115  |        
|Provision for Income Taxes Allocable to Gain on Sale of Real
    Estate                                                                                                                                             |                                                                                             |                               | (7,537  | )        |              |   | (730   | )      
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|Net Income                                                                                                                                                                                                          |                                                                                             |                               | 18,675  |          |              |   | 31,972 |        
|Less: Preferred Unit Distributions                                                                                                                                                                                  |                                                                                             |                               | (2,310  | )        |              |   | (5,044 | )      
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|Net Income Available to Unitholders                                                                                                                                                                                 |                                                                                             | $                             | 16,365  |          |              | $ | 26,928 |        
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|Basic Earnings Per Unit:                                                                                                                                                                                            |                                                                                             |                               |         |          |              |   |        |        
|                                                                                                                                                                                                                    | Income from Continuing Operations                                                           |                               | $       | 0.15     |              |   | $      | 0.03    |        
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|                                                                                                                                                                                                                    | Income From Discontinued Operations                                                         |                               | $       | 0.19     |              |   | $      | 0.55    |        
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|                                                                                                                                                                                                                    | Net Income Available to Unitholders                                                         |                               | $       | 0.34     |              |   | $      | 0.58    |        
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|                                                                                                                                                                                                                    | Weighted Average Units Outstanding                                                          |                               |         | 48,625   |              |   |        | 46,229  |        
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|Diluted Earnings Per Unit:                                                                                                                                                                                          |                                                                                             |                               |         |          |              |   |        |        
|                                                                                                                                                                                                                    | Income from Continuing Operations                                                           |                               | $       | 0.15     |              |   | $      | 0.03    |        
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|                                                                                                                                                                                                                    | Income From Discontinued Operations                                                         |                               | $       | 0.18     |              |   | $      | 0.55    |        
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|                                                                                                                                                                                                                    | Net Income Available to Unitholders                                                         |                               | $       | 0.33     |              |   | $      | 0.58    |        
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|                                                                                                                                                                                                                    | Weighted Average Units Outstanding                                                          |                               |         | 48,934   |              |   |        | 46,694  |        
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|Net Income                                                                                                                                                                                                          |                                                                                             | $                             | 18,675  |          |              | $ | 31,972 |        
|Other Comprehensive Income (Loss):                                                                                                                                                                                  |                                                                                             |                               |         |          |              |   |        |        
|                                                                                                                                                                                                                    | Mark-to-Market of Interest Rate Protection Agreements and
    Interest Rate Swap Agreements |                               |         |         |              |   |        | 381     |        
|                                                                                                                                                                                                                    | Amortization of Interest Rate Protection Agreements                                         |                               |         | (274     | )            |   |        | 54      |        
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  
|Comprehensive Income                                                                                                                                                                                                |                                                                                             | $                             | 18,401  |          |              | $ | 32,407 |        
|                                                                                                                                                                                                                    |                                                                                             |                               |         |          |              |  



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##### Table of Contents



FIRST INDUSTRIAL, L.P.





CONSOLIDATED STATEMENTS OF CASH FLOWS


|                                                     |                                                                                       |                                                                                                           |                                           |          |              |         |       |         |         |         |  
|---------------------------------------------------- | ------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | ----------------------------------------- | -------- | ------------ | ------- | ----- | ------- | ------- | ------- | -
|                                                     |                                                                                       |                                                                                                           |                                           | Restated |             
|                                                     |                                                                                       |                                                                                                           |                                           |          |             
|                                                     |                                                                                       | Three Months                                                                                              |                                           |          | Three Months |        
|                                                     |                                                                                       | Ended                                                                                                     |                                           |          | Ended        |        
|                                                     |                                                                                       | March 31,                                                                                                 |                                           |          | March 31,    |        
|                                                     |                                                                                       | 2005                                                                                                      |                                           |          | 2004         |        
|                                                     |                                                                                       |                                                                                                           |                                           |          |              |        
|                                                     |                                                                                       | (Unaudited)                                                                                               |                                          
|                                                     |                                                                                       | (Dollars in thousands)                                                                                    |                                          
|CASH FLOWS FROM OPERATING ACTIVITIES:                |                                                                                       |                                                                                                           |                                           |          |              |         |       |        
|                                                     | Net Income                                                                            |                                                                                                           | $                                         | 18,675   |              |         | $     | 31,972  |        
|                                                     | Adjustments to Reconcile Net Income to Net Cash Provided by
    Operating Activities: |                                                                                                           |                                           |          |              |         |       |         |        
|                                                     |                                                                                       | Depreciation                                                                                              |                                           |          | 19,525       |         |       |         | 16,901  |        
|                                                     |                                                                                       | Amortization of Deferred Financing Costs                                                                  |                                           |          | 508          |         |       |         | 445     |        
|                                                     |                                                                                       | Other Amortization                                                                                        |                                           |          | 6,367        |         |       |         | 3,940   |        
|                                                     |                                                                                       | Provision for Bad Debt                                                                                    |                                           |          | 197          |         |       |         | 927     |        
|                                                     |                                                                                       | Equity in Loss (Income) of Joint Ventures                                                                 |                                           |          | 122          |         |       |         | (245    | )      
|                                                     |                                                                                       | Distributions from Joint Ventures                                                                         |                                           |          |             |         |       |         | 245     |        
|                                                     |                                                                                       | Gain on Sale of Real Estate, Net of Income Taxes                                                          |                                           |          | (21,645      | )       |       |         | (24,876 | )      
|                                                     |                                                                                       | Mark to Market of Interest Rate Protection Agreement                                                      |                                           |          | (941         | )       |       |         |        |        
|                                                     |                                                                                       | Equity in Income of Other Real Estate Partnerships                                                        |                                           |          | (6,743       | )       |       |         | (7,381  | )      
|                                                     |                                                                                       | Distributions from Investment in Other Real Estate Partnerships                                           |                                           |          | 6,743        |         |       |         | 7,381   |        
|                                                     |                                                                                       | Increase in Tenant Accounts Receivable and Prepaid Expenses and
    Other Assets, Net                     |                                           |          | (15,977      | )       |       |         | (8,034  | )      
|                                                     |                                                                                       | Increase in Deferred Rent Receivable                                                                      |                                           |          | (1,474       | )       |       |         | (1,306  | )      
|                                                     |                                                                                       | Decrease in Accounts Payable and Accrued Expenses and Rents
    Received in Advance and Security Deposits |                                           |          | (778         | )       |       |         | (2,985  | )      
|                                                     |                                                                                       |                                                                                                           |                                           |          |              |        
|                                                     |                                                                                       |                                                                                                           | Net Cash Provided by Operating Activities |          |              | 4,579   |       |         |         | 16,984  |  
|                                                     |                                                                                       |                                                                                                           |                                           |          |              |        
|CASH FLOWS FROM INVESTING ACTIVITIES:                |                                                                                       |                                                                                                           |                                           |          |              |         |       |        
|                                                     | Purchases of and Additions to Investment in Real Estate                               |                                                                                                           |                                           | (103,429 | )            |         |       | (81,638 | )      
|                                                     | Net Proceeds from Sales of Investments in Real Estate                                 |                                                                                                           |                                           | 135,153  |              |         |       | 91,440  |        
|                                                     | Investments in and Advances to Other Real Estate Partnerships                         |                                                                                                           |                                           | (14,644  | )            |         |       | (15,342 | )      
|                                                     | Distributions from Other Real Estate Partnerships in Excess of
    Equity in Income   |                                                                                                           |                                           | 19,753   |              |         |       | 31,137  |        
|                                                     | Contributions to and Investments in Joint Ventures                                    |                                                                                                           |                                           | (7,589   | )            |         |       | (2,184  | )      
|                                                     | Distributions from Joint Ventures                                                     |                                                                                                           |                                           | 125      |              |         |       | 291     |        
|                                                     | Repayment of Mortgage Loans Receivable                                                |                                                                                                           |                                           | 10,607   |              |         |       | 1,214   |        
|                                                     | Decrease in Restricted Cash                                                           |                                                                                                           |                                           | 19       |              |         |       | 6,789   |        
|                                                     |                                                                                       |                                                                                                           |                                           |          |              |        
|                                                     |                                                                                       |                                                                                                           | Net Cash Provided by Investing Activities |          |              | 39,995  |       |         |         | 31,707  |  
|                                                     |                                                                                       |                                                                                                           |                                           |          |              |        
|CASH FLOWS FROM FINANCING ACTIVITIES:                |                                                                                       |                                                                                                           |                                           |          |              |         |       |        
|                                                     | Unit Contributions                                                                    |                                                                                                           |                                           | 248      |              |         |       | 31,597  |        
|                                                     | Unit Distributions                                                                    |                                                                                                           |                                           | (34,255  | )            |         |       | (31,889 | )      
|                                                     | Repurchase of Restricted Units                                                        |                                                                                                           |                                           | (3,006   | )            |         |       | (3,459  | )      
|                                                     | Proceeds on Mortgage Loan Payable                                                     |                                                                                                           |                                           | 1,167    |              |         |       |        |        
|                                                     | Preferred Unit Distributions                                                          |                                                                                                           |                                           | (3,542   | )            |         |       | (5,044  | )      
|                                                     | Repayments on Mortgage Loans Payable                                                  |                                                                                                           |                                           | (458     | )            |         |       | (286    | )      
|                                                     | Proceeds from Unsecured Line of Credit                                                |                                                                                                           |                                           | 43,500   |              |         |       | 45,000  |        
|                                                     | Repayments on Unsecured Line of Credit                                                |                                                                                                           |                                           | (51,500  | )            |         |       | (79,000 | )      
|                                                     | Cash Book Overdraft                                                                   |                                                                                                           |                                           | 203      |              |         |       |        |        
|                                                     |                                                                                       |                                                                                                           |                                           |          |              |        
|                                                     |                                                                                       |                                                                                                           | Net Cash Used in Financing Activities     |          |              | (47,643 | )     |         |         | (43,081 | )
|                                                     |                                                                                       |                                                                                                           |                                           |          |              |        
|Net (Decrease) Increase in Cash and Cash Equivalents |                                                                                       |                                                                                                           | (3,069                                    | )        |              |         | 5,610 |        
|Cash and Cash Equivalents, Beginning of Period       |                                                                                       |                                                                                                           | 3,069                                     |          |              |         |      |        
|                                                     |                                                                                       |                                                                                                           |                                           |          |              |        
|Cash and Cash Equivalents, End of Period             |                                                                                       | $                                                                                                         |                                          |          |              | $       | 5,610 |        
|                                                     |                                                                                       |                                                                                                           |                                           |          |              |        



4



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##### Table of Contents



FIRST INDUSTRIAL, L.P.





NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


(Dollars in thousands, except per Unit data)


(Unaudited)




|   |                                          
|-- | -----------------------------------------
|1. | Organization and Formation of Partnership















5



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##### Table of Contents



FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|   |                                           
|-- | ------------------------------------------
|2. | Summary of Significant Accounting Policies

Form 10-K Form 10-K








| |             
| | ------------
| | Restatement:

Form 10-Q Form 10-Q.






6



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##### Table of Contents



FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                                                                           |  |               |         |  |            |   |          |             |  |   |         | 
|-------------------------------------------------------------------------- |  | ------------- | ------- |  | ---------- | - | -------- | ----------- |  | - | ------- | 
|                                                                           |  | As Previously |         |  |            |   |         
|Balance Sheet Caption                                                      |  | Reported      |         |  | Adjustment |   |          | As Restated | 
|                                                                           |  |               |         |  |            |   |          |             | 
|General Partner Preferred Units  December 31,
    2004 and March 31, 2005 |  | $             | 240,697 |  |            | $ | (119,113 | )           |  | $ | 121,584 | 
|General Partner Units  December 31, 2004                                  |  | $             | 638,727 |  |            |   | 119,113  |             |  |   | 757,840 | 
|General Partner Units  March 31, 2005                                     |  | $             | 627,864 |  |            |   | 119,113  |             |  |   | 746,977 | 



| |              
| | -------------
| | Income Taxes:





| |                      
| | ---------------------
| | Stock Incentive Plan:



7



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##### Table of Contents



FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                                          |                                        |                      |        |     |      |   |        |      |  
|------------------------------------------------------------------------- | -------------------------------------- | -------------------- | ------ | --- | ---- | - | ------ | ---- | -
|                                                                          |                                        | For the Three Months |       
|                                                                          |                                        | Ended March 31,      |       
|                                                                          |                                        |                      |       
|                                                                          |                                        | 2005                 |        |     | 2004 |  
|                                                                          |                                        |                      |        |     |      |  
|Net Income Available to Unitholders  as reported                         |                                        | $                    | 16,365 |     |      | $ | 26,928 |     
|Less: Total Stock-Based Employee Compensation Expense                     |                                        |                      |        |     |      |   |        |     
|                                                                          | Determined Under the Fair Value Method |                      |        | (46 | )    |   |        | (121 | )
|                                                                          |                                        |                      |        |     |      |  
|Net Income Available to Unitholders  pro forma                           |                                        | $                    | 16,319 |     |      | $ | 26,807 |     
|                                                                          |                                        |                      |        |     |      |  
|Net Income Available to Unitholders per Share  as
    reported  Basic   |                                        | $                    | 0.34   |     |      | $ | 0.58   |     
|Net Income Available to Unitholders per Share  pro
    forma  Basic     |                                        | $                    | 0.34   |     |      | $ | 0.58   |     
|Net Income Available to Unitholders per Share  as
    reported  Diluted |                                        | $                    | 0.33   |     |      | $ | 0.58   |     
|Net Income Available to Unitholders per Share  pro
    forma  Diluted   |                                        | $                    | 0.33   |     |      | $ | 0.57   |     



| |                         
| | ------------------------
| | Discontinued Operations:





| |                  
| | -----------------
| | Reclassification:





| |                                 
| | --------------------------------
| | Recent Accounting Pronouncements





8



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##### Table of Contents



FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|   |                                                                  
|-- | -----------------------------------------------------------------
|3. | Investments in and Advances to Other Real Estate
    Partnerships







|                                  |                                |                                         |   |         |              |  |   |         |         | 
|--------------------------------- | ------------------------------ | --------------------------------------- | - | ------- | ------------ |  | - | ------- | ------- | 
|                                  |                                | March 31,                               |   |         | December 31, | 
|                                  |                                | 2005                                    |   |         | 2004         | 
|                                  |                                |                                         |   |         |              | 
|ASSETS                           
|Assets:                           |                                |                                         |   |         |              |  |   |        
|                                  | Investment in Real Estate, Net |                                         | $ | 314,578 |              |  | $ | 312,679 |        
|                                  | Other Assets, Net              |                                         |   | 35,916  |              |  |   | 39,640  |        
|                                  |                                |                                         |   |         |              | 
|                                  |                                | Total Assets                            |   | $       | 350,494      |  |   | $       | 352,319 | 
|                                  |                                |                                         |   |         |              | 
|                                 
|LIABILITIES AND PARTNERS CAPITAL
|Liabilities:                      |                                |                                         |   |         |              |  |   |        
|                                  | Mortgage Loans Payable         |                                         | $ | 2,438   |              |  | $ | 2,456   |        
|                                  | Other Liabilities              |                                         |   | 10,284  |              |  |   | 6,947   |        
|                                  |                                |                                         |   |         |              | 
|                                  |                                | Total Liabilities                       |   |         | 12,722       |  |   |         | 9,403   | 
|                                  |                                |                                         |   |         |              | 
|                                  | Partners Capital              |                                         |   | 337,772 |              |  |   | 342,916 |        
|                                  |                                |                                         |   |         |              | 
|                                  |                                | Total Liabilities and Partners Capital |   | $       | 350,494      |  |   | $       | 352,319 | 
|                                  |                                |                                         |   |         |              | 



|                                                                                                                                                                                   |  |              |        |   |              |   |        |  
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------ | ------ | - | ------------ | - | ------ | -
|                                                                                                                                                                                   |  | Three Months |        |   | Three Months |  
|                                                                                                                                                                                   |  | Ended        |        |   | Ended        |  
|                                                                                                                                                                                   |  | March 31,    |        |   | March 31,    |  
|                                                                                                                                                                                   |  | 2005         |        |   | 2004         |  
|                                                                                                                                                                                   |  |              |        |   |              |  
|Total Revenues, Including Interest Income                                                                                                                                          |  | $            | 11,871 |   |              | $ | 10,978 |  
|Property Expenses                                                                                                                                                                  |  |              | (4,259 | ) |              |   | (3,731 | )
|Interest Expense                                                                                                                                                                   |  |              | (44    | ) |              |   | (45    | )
|Amortization of Deferred Financing Costs                                                                                                                                           |  |              | (1     | ) |              |   | (1     | )
|Depreciation and Other Amortization                                                                                                                                                |  |              | (3,534 | ) |              |   | (3,039 | )
|Gain on Sale of Real Estate                                                                                                                                                        |  |              | 813    |   |              |   | 131    |  
|Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $1,783 and $2,552 for the Three Months Ended
    March 31, 2005 and March 31, 2004, respectively |  |              | 1,955  |   |              |   | 3,158  |  
|                                                                                                                                                                                   |  |              |        |   |              |  
|Net Income                                                                                                                                                                         |  | $            | 6,801  |   |              | $ | 7,451  |  
|                                                                                                                                                                                   |  |              |        |   |              |  



|   |                              
|-- | -----------------------------
|4. | Investments in Joint Ventures



9



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##### Table of Contents



FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










|              |  |               |       |  |           |   |     | 
|------------- |  | ------------- | ----- |  | --------- | - | --- | 
|              |  | For the Three |      
|              |  | Months Ended  |      
|              |  |               |      
|              |  | March 31,     |       |  | March 31, |  
|              |  | 2005          |       |  | 2004      |  
|              |  |               |       |  |           |  
|Contributions |  | $             | 7,052 |  |           | $ | 788 | 
|Distributions |  | $             | 125   |  |           | $ | 536 | 
|Fees          |  | $             | 1,678 |  |           | $ | 688 | 



|   |                                                                                         
|-- | ----------------------------------------------------------------------------------------
|5. | Mortgage Loans Payable, Net, Senior Unsecured Debt, Net and
    Unsecured Line of Credit



20-year


10



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##### Table of Contents



FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                               |  |                        |           |     |                             |          |           |           |  |   |              |  |  |           |        |  |          |  |       |   |  |  |          | 
|------------------------------ |  | ---------------------- | --------- | --- | --------------------------- | -------- | --------- | --------- |  | - | ------------ |  |  | --------- | ------ |  | -------- |  | ----- | - |  |  | -------- | 
|                               |  |                        |           |     |                             | Interest |           |           | 
|                               |  | Outstanding Balance at |           |     | Accrued Interest Payable at |          |           | Rate at   |  |   |             
|                               |  |                        |           |     |                             |          |           |           |  |   |             
|                               |  | March 31,              |           |     | December 31,                |          |           | March 31, |  |   | December 31, |  |  | March 31, |        |  | Maturity | 
|                               |  | 2005                   |           |     | 2004                        |          |           | 2005      |  |   | 2004         |  |  | 2005      |        |  | Date     | 
|                               |  |                        |           |     |                             |          |           |           |  |   |              |  |  |           |        |  |          | 
|Mortgage Loans Payable, Net    |  |                        |           |     |                             |          |           |           |  |   |              |  |  |           |        |  |          |  |       |   |  |  |          | 
|Assumed Loan I                 |  | $                      | 2,751     |     |                             | $        | 2,874     |           |  | $ |             |  |  | $         | 22     |  |          |  | 9.250 | % |  |  | 09/01/09 | 
|Assumed Loan II                |  |                        | 1,952     |     |                             |          | 1,995     |           |  |   |             |  |  |           | 15     |  |          |  | 9.250 | % |  |  | 01/01/13 | 
|Acquisition Mortgage Loan IV   |  |                        | 2,013     |     |                             |          | 2,037     |           |  |   | 15           |  |  |           | 15     |  |          |  | 8.950 | % |  |  | 10/01/06 | 
|Acquisition Mortgage Loan VIII |  |                        | 5,424     |     |                             |          | 5,461     |           |  |   | 37           |  |  |           | 38     |  |          |  | 8.260 | % |  |  | 12/01/19 | 
|Acquisition Mortgage Loan IX   |  |                        | 5,625     |     |                             |          | 5,664     |           |  |   | 39           |  |  |           | 39     |  |          |  | 8.260 | % |  |  | 12/01/19 | 
|Acquisition Mortgage Loan X    |  |                        | 16,119    | (1) |                             |          | 16,251    | (1)       |  |   | 99           |  |  |           | 99     |  |          |  | 8.250 | % |  |  | 12/01/10 | 
|Acquisition Mortgage Loan XII  |  |                        | 2,549     | (1) |                             |          | 2,565     | (1)       |  |   | 15           |  |  |           | 15     |  |          |  | 7.540 | % |  |  | 01/01/12 | 
|Acquisition Mortgage Loan XIII |  |                        | 13,777    | (1) |                             |          | 13,862    | (1)       |  |   | 41           |  |  |           | 42     |  |          |  | 5.600 | % |  |  | 11/10/12 | 
|Acquisition Mortgage Loan XIV  |  |                        | 6,636     | (1) |                             |          | 6,740     | (1)       |  |   |             |  |  |           | 13     |  |          |  | 6.940 | % |  |  | 07/01/09 | 
|Acquisition Mortgage Loan XV   |  |                        | 1,167     |     |                             |          |          |           |  |   |             |  |  |           |       |  |          |  | N/A   |   |  |  | 01/12/06 | 
|Acquisition Mortgage Loan XVI  |  |                        | 2,004     | (1) |                             |          |          |           |  |   |             |  |  |           |       |  |          |  | 5.500 | % |  |  | 09/30/24 | 
|                               |  |                        |           |     |                             |          |           |           |  |   |              |  |  |           |        |  |          | 
|Total                          |  | $                      | 60,017    |     |                             | $        | 57,449    |           |  | $ | 246          |  |  | $         | 298    |  |          |  |       |   |  |  |          | 
|                               |  |                        |           |     |                             |          |           |           |  |   |              |  |  |           |        |  |          | 
|Senior Unsecured Debt, Net     |  |                        |           |     |                             |          |           |           |  |   |              |  |  |           |        |  |          |  |       |   |  |  |          | 
|2005 Notes                     |  | $                      | 50,000    |     |                             | $        | 50,000    |           |  | $ | 1,245        |  |  | $         | 383    |  |          |  | 6.900 | % |  |  | 11/21/05 | 
|2006 Notes                     |  |                        | 150,000   |     |                             |          | 150,000   |           |  |   | 3,500        |  |  |           | 875    |  |          |  | 7.000 | % |  |  | 12/01/06 | 
|2007 Notes                     |  |                        | 149,989   | (2) |                             |          | 149,988   | (2)       |  |   | 4,307        |  |  |           | 1,456  |  |          |  | 7.600 | % |  |  | 05/15/07 | 
|2017 Notes                     |  |                        | 99,878    | (2) |                             |          | 99,876    | (2)       |  |   | 2,500        |  |  |           | 625    |  |          |  | 7.500 | % |  |  | 12/01/17 | 
|2027 Notes                     |  |                        | 15,054    | (2) |                             |          | 15,053    | (2)       |  |   | 407          |  |  |           | 138    |  |          |  | 7.150 | % |  |  | 05/15/27 | 
|2028 Notes                     |  |                        | 199,817   | (2) |                             |          | 199,815   | (2)       |  |   | 3,209        |  |  |           | 7,009  |  |          |  | 7.600 | % |  |  | 07/15/28 | 
|2011 Notes                     |  |                        | 199,639   | (2) |                             |          | 199,624   | (2)       |  |   | 656          |  |  |           | 4,343  |  |          |  | 7.375 | % |  |  | 03/15/11 | 
|2012 Notes                     |  |                        | 199,028   | (2) |                             |          | 198,994   | (2)       |  |   | 6,341        |  |  |           | 2,903  |  |          |  | 6.875 | % |  |  | 04/15/12 | 
|2032 Notes                     |  |                        | 49,396    | (2) |                             |          | 49,390    | (2)       |  |   | 1,787        |  |  |           | 818    |  |          |  | 7.750 | % |  |  | 04/15/32 | 
|2009 Notes                     |  |                        | 124,817   | (2) |                             |          | 124,806   | (2)       |  |   | 1,932        |  |  |           | 292    |  |          |  | 5.250 | % |  |  | 06/15/09 | 
|2014 Notes                     |  |                        | 110,240   | (2) |                             |          | 109,978   | (2)       |  |   | 2,675        |  |  |           | 669    |  |          |  | 6.420 | % |  |  | 06/01/14 | 
|                               |  |                        |           |     |                             |          |           |           |  |   |              |  |  |           |        |  |          | 
|Total                          |  | $                      | 1,347,858 |     |                             | $        | 1,347,524 |           |  | $ | 28,559       |  |  | $         | 19,511 |  |          |  |       |   |  |  |          | 
|                               |  |                        |           |     |                             |          |           |           |  |   |              |  |  |           |        |  |          | 
|Unsecured Line of Credit       |  |                        |           |     |                             |          |           |           |  |   |              |  |  |           |        |  |          |  |       |   |  |  |          | 
|Unsecured Line of Credit       |  | $                      | 159,500   |     |                             | $        | 167,500   |           |  | $ | 572          |  |  | $         | 549    |  |          |  | 3.430 | % |  |  | 09/28/07 | 
|                               |  |                        |           |     |                             |          |           |           |  |   |              |  |  |           |        |  |          | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | At March 31, 2005, the Acquisition Mortgage Loan X, the
    Acquisition Mortgage Loan XII, the Acquisition Mortgage Loan
    XIII, the Acquisition Mortgage Loan XIV and the Acquisition
    Mortgage Loan XVI include unamortized premiums of $2,196, $257,
    $438, $523 and $32, respectively. At December 31, 2004, the
    Acquisition Mortgage Loan X, the Acquisition Mortgage Loan XII.
    The Acquisition Mortgage Loan XIII, and the Acquisition Mortgage
    Loan XIV include unamortized premiums of $2,291, $267, $453 and
    $553, respectively.
|   
|(2) | At March 31, 2005, the 2007 Notes, 2017 Notes, 2027 Notes,
    2028 Notes, the 2011 Notes, 2012 Notes, 2032 Notes, 2009 Notes
    and the 2014 Notes are net of unamortized discounts of $11,
    $122, $16, $183, $361, $972, $604, $183 and $14,760,
    respectively. At December 31, 2004, the 2007 Notes, 2017
    Notes, 2027 Notes, 2028 Notes, 2011 Notes, 2012 Notes, 2032
    Notes, 2009 Notes and the 2014                                                                                                                                           

11



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##### Table of Contents



FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                                                                                                                        
| | -----------------------------------------------------------------------------------------------------------------------
| | Notes are net of unamortized discounts of $13, $124, $16, $185,
    $376, $1,006, $610, $194 and $15,023, respectively.



|                  |  |        |           | 
|----------------- |  | ------ | --------- | 
|                  |  | Amount |          
|                  |  |        |          
|Remainder of 2005 |  | $      | 51,420    | 
|2006              |  |        | 154,982   | 
|2007              |  |        | 311,535   | 
|2008              |  |        | 2,200     | 
|2009              |  |        | 131,980   | 
|Thereafter        |  |        | 929,024   | 
|                  |  |        |          
|Total             |  | $      | 1,581,141 | 
|                  |  |        |          



| |                            
| | ---------------------------
| | Other Comprehensive Income:





| |             
| | ------------
| | Derivatives:

mark-to




|   |                  
|-- | -----------------
|6. | Partners Capital



12



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##### Table of Contents



FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






| |                    
| | -------------------
| | Unit Contributions:









| |               
| | --------------
| | Distributions:







|   |                                           
|-- | ------------------------------------------
|7. | Acquisition and Development of Real Estate





|   |                                                                               
|-- | ------------------------------------------------------------------------------
|8. | Sale of Real Estate, Real Estate Held for Sale and
    Discontinued Operations



13



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##### Table of Contents



FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










|                                                 |  |              |       |          |              |   |        |  
|------------------------------------------------ |  | ------------ | ----- | -------- | ------------ | - | ------ | -
|                                                 |  |              |       | Restated |             
|                                                 |  |              |       |          |             
|                                                 |  | Three Months |       |          | Three Months |  
|                                                 |  | Ended        |       |          | Ended        |  
|                                                 |  | March 31,    |       |          | March 31,    |  
|                                                 |  | 2005         |       |          | 2004         |  
|                                                 |  |              |       |          |              |  
|Total Revenues                                   |  | $            | 1,918 |          |              | $ | 8,347  |  
|Operating Expenses                               |  |              | (704  | )        |              |   | (3,019 | )
|Depreciation and Amortization                    |  |              | (378  | )        |              |   | (1,794 | )
|Provision for Income Taxes                       |  |              | (337  | )        |              |   | (470   | )
|Gain on Sale of Real Estate, Net of Income Taxes |  |              | 8,511 |          |              |   | 22,491 |  
|                                                 |  |              |       |          |              |  
|Income from Discontinued Operations              |  | $            | 9,010 |          |              | $ | 25,555 |  
|                                                 |  |              |       |          |              |  



|   |                                                    
|-- | ---------------------------------------------------
|9. | Supplemental Information to Statement of Cash Flows



|                                                                          |                               |              |        |        |              |   |        |        |  
|------------------------------------------------------------------------- | ----------------------------- | ------------ | ------ | ------ | ------------ | - | ------ | ------ | -
|                                                                          |                               | Three Months |        |        | Three Months |  
|                                                                          |                               | Ended        |        |        | Ended        |  
|                                                                          |                               | March 31,    |        |        | March 31,    |  
|                                                                          |                               | 2005         |        |        | 2004         |  
|                                                                          |                               |              |        |        |              |  
|Interest paid, net of capitalized interest                                |                               | $            | 16,912 |        |              | $ | 16,367 |       
|                                                                          |                               |              |        |        |              |  
|                                                                          | Interest capitalized          |              | $      | 539    |              |   | $      | 391    |  
|                                                                          |                               |              |        |        |              |  
|Supplemental schedule of non-cash investing and financing
    activities: |                               |              |        |        |              |   |        |       
|                                                                          | Distribution payable on units |              | $      | 34,339 |              |   | $      | 32,718 |  
|                                                                          |                               |              |        |        |              |  
|Exchange of limited partnership units for general partnership
    units:  |                               |              |        |        |              |   |        |       
|                                                                          | Limited partnership units     |              | $      |       |              |   | $      | (1,096 | )
|                                                                          | General partnership units     |              |        |       |              |   |        | 1,096  |  
|                                                                          |                               |              |        |        |              |  
|                                                                          |                               | $            |       |        |              | $ |       |       
|                                                                          |                               |              |        |        |              |  

14



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##### Table of Contents



FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                                                                                                     |                                       |              |   |        |              |  |   |        |  
|---------------------------------------------------------------------------------------------------- | ------------------------------------- | ------------ | - | ------ | ------------ |  | - | ------ | -
|                                                                                                     |                                       | Three Months |   |        | Three Months | 
|                                                                                                     |                                       | Ended        |   |        | Ended        | 
|                                                                                                     |                                       | March 31,    |   |        | March 31,    | 
|                                                                                                     |                                       | 2005         |   |        | 2004         | 
|                                                                                                     |                                       |              |   |        |              | 
|In conjunction with the property and land acquisitions, the
    following liabilities were assumed:  |                                       |              |   |        |              |  |   |       
|                                                                                                     | Purchase of real estate               |              | $ | 82,942 |              |  | $ | 56,975 |  
|                                                                                                     | Accounts payable and accrued expenses |              |   | (521   | )            |  |   | (38    | )
|                                                                                                     | Issuance of Limited Partnership Units |              |   | (1,507 | )            |  |   |       |  
|                                                                                                     | Mortgage Debt                         |              |   | (1,977 | )            |  |   |       |  
|                                                                                                     |                                       |              |   |        |              | 
|                                                                                                     | Acquisition of real estate            |              | $ | 78,937 |              |  | $ | 56,937 |  
|                                                                                                     |                                       |              |   |        |              | 
|In conjunction with certain property sales, the Operating
    Partnership provided seller financing: |                                       |              |   |        |              |  |   |       
|                                                                                                     | Notes Receivable                      |              | $ | 4,998  |              |  | $ | 8,573  |  
|                                                                                                     |                                       |              |   |        |              | 



|    |                          
|--- | -------------------------
|10. | Earnings Per Unit (EPU)



|           |                                                                                            |              |   |          |              |  |   |        |  
|---------- | ------------------------------------------------------------------------------------------ | ------------ | - | -------- | ------------ |  | - | ------ | -
|           |                                                                                            |              |   | Restated |             
|           |                                                                                            |              |   |          |             
|           |                                                                                            | Three Months |   |          | Three Months | 
|           |                                                                                            | Ended        |   |          | Ended        | 
|           |                                                                                            | March 31,    |   |          | March 31,    | 
|           |                                                                                            | 2005         |   |          | 2004         | 
|           |                                                                                            |              |   |          |              | 
|Numerator: |                                                                                            |              |   |          |              |  |   |       
|           | (Loss) Income from Continuing Operations                                                   |              | $ | (3,469   | )            |  | $ | 4,032  |  
|           | Gain On Sale of Real Estate, Net of Income Taxes                                           |              |   | 13,134   |              |  |   | 2,385  |  
|           | Less: Preferred Distributions                                                              |              |   | (2,310   | )            |  |   | (5,044 | )
|           |                                                                                            |              |   |          |              | 
|           | Income from Continuing Operations Available to
    Unitholders  For Basic and Diluted EPU |              |   | 7,355    |              |  |   | 1,373  |  
|           | Discontinued Operations, Net of Income Taxes                                               |              |   | 9,010    |              |  |   | 25,555 |  
|           |                                                                                            |              |   |          |              | 
|           | Net Income Available to Unitholders                                                        |              | $ | 16,365   |              |  | $ | 26,928 |  
|           |                                                                                            |              |   |          |              | 

15



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|             |                                                                                         |                                                  |   |            |              |  |   |            |         | 
|------------ | --------------------------------------------------------------------------------------- | ------------------------------------------------ | - | ---------- | ------------ |  | - | ---------- | ------- | 
|             |                                                                                         |                                                  |   | Restated   |             
|             |                                                                                         |                                                  |   |            |             
|             |                                                                                         | Three Months                                     |   |            | Three Months | 
|             |                                                                                         | Ended                                            |   |            | Ended        | 
|             |                                                                                         | March 31,                                        |   |            | March 31,    | 
|             |                                                                                         | 2005                                             |   |            | 2004         | 
|             |                                                                                         |                                                  |   |            |              | 
|Denominator: |                                                                                         |                                                  |   |            |              |  |   |           
|             | Weighted Average Units  Basic                                                          |                                                  |   | 48,625,498 |              |  |   | 46,228,525 |        
|             | Effect of Dilutive Securities that Result in the Issuance of
    General Partner Units: |                                                  |   |            |              |  |   |            |        
|             |                                                                                         | Employee and Director Common Stock Options       |   |            | 188,402      |  |   |            | 344,116 | 
|             |                                                                                         | Employee and Director Shares of Restricted Stock |   |            | 120,084      |  |   |            | 121,002 | 
|             |                                                                                         |                                                  |   |            |              | 
|             | Weighted Average Units Outstanding  Diluted                                            |                                                  |   | 48,933,984 |              |  |   | 46,693,643 |        
|             |                                                                                         |                                                  |   |            |              | 
|Basic EPU:   |                                                                                         |                                                  |   |            |              |  |   |           
|             | Income from Continuing Operations Available to Unitholders                              |                                                  | $ | 0.15       |              |  | $ | 0.03       |        
|             |                                                                                         |                                                  |   |            |              | 
|             | Discontinued Operations, Net of Income Taxes                                            |                                                  | $ | 0.19       |              |  | $ | 0.55       |        
|             |                                                                                         |                                                  |   |            |              | 
|             | Net Income Available to Unitholders                                                     |                                                  | $ | 0.34       |              |  | $ | 0.58       |        
|             |                                                                                         |                                                  |   |            |              | 
|Diluted EPU: |                                                                                         |                                                  |   |            |              |  |   |           
|             | Income from Continuing Operations Available to Unitholders                              |                                                  | $ | 0.15       |              |  | $ | 0.03       |        
|             |                                                                                         |                                                  |   |            |              | 
|             | Discontinued Operations, Net of Income Taxes                                            |                                                  | $ | 0.18       |              |  | $ | 0.55       |        
|             |                                                                                         |                                                  |   |            |              | 
|             | Net Income Available to Unitholders                                                     |                                                  | $ | 0.33       |              |  | $ | 0.58       |        
|             |                                                                                         |                                                  |   |            |              | 



|    |                              
|--- | -----------------------------
|11. | Commitments and Contingencies







16



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|    |                                                    
|--- | ---------------------------------------------------
|12. | Restatement of Consolidated Statement of Operations

Form 10-Q Form 10-Q.


|                                                                                                                                                                                          |                                          |                                           |        |      |              |   |      |          |  |   |                |      |  |             |        |       |   |   |        |      | 
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------- | ----------------------------------------- | ------ | ---- | ------------ | - | ---- | -------- |  | - | -------------- | ---- |  | ----------- | ------ | ----- | - | - | ------ | ---- | 
|                                                                                                                                                                                          |                                          | For the Three Months Ended March 31, 2004 |       
|                                                                                                                                                                                          |                                          |                                           |       
|                                                                                                                                                                                          |                                          | As Previously                             |        |      |             
|                                                                                                                                                                                          |                                          | Reported on                               |        |      |             
|                                                                                                                                                                                          |                                          | Form 10-Q                                 |        |      | Restatement  |   |      | Restated |  |   |               
|                                                                                                                                                                                          |                                          | Filed                                     |        |      | of Benefit   |   |      | Amounts  |  |   | Adjustment for |      |  | As Reported |       
|                                                                                                                                                                                          |                                          | May 10,                                   |        |      | (Expense) of |   |      | for 2004 |  |   | Discontinued   |      |  | on 2005     |       
|                                                                                                                                                                                          |                                          | 2004                                      |        |      | Income Tax   |   |      | 10-Q     |  |   | Operations     |      |  | 10-Q        |       
|                                                                                                                                                                                          |                                          |                                           |        |      |              |   |      |          |  |   |                |      |  |             |       
|Loss from Continuing Operations Before Income Tax Benefit,
    Equity in Income of Other Real Estate Partnerships, Equity in
    Income of Joint Ventures and Gain on Sale of Real Estate |                                          | $                                         | (1,893 | )    |              | $ |     |          |  | $ | (1,893         | )    |  | $           | (2,589 | )     |   |   | (4,482 | )   
|Income Tax Benefit                                                                                                                                                                        |                                          |                                           |       |      |              |   | 542  |          |  |   | 542            |      |  |             | 346    |       |   |   | 888    |     
|Equity in Income of Other Real Estate Partnerships                                                                                                                                        |                                          |                                           | 7,381  |      |              |   |      |          |  |   | 7,381          |      |  |             |        |       |   |   | 7,381  |     
|Equity in Income of Joint Ventures                                                                                                                                                        |                                          |                                           | 245    |      |              |   |     |          |  |   | 245            |      |  |             |       |       |   |   | 245    |     
|                                                                                                                                                                                          |                                          |                                           |        |      |              |   |      |          |  |   |                |      |  |             |       
|Income from Continuing Operations                                                                                                                                                         |                                          |                                           | 5,733  |      |              |   | 542  |          |  |   | 6,275          |      |  |             | (2,243 | )     |   |   | 4,032  |     
|Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $22,491, Net of Income Taxes), Net of Income Taxes                                                      |                                          |                                           | 23,124 |      |              |   | 188  |          |  |   | 23,312         |      |  |             | 2,243  |       |   |   | 25,555 |     
|Income Before Gain on Sale of Real Estate                                                                                                                                                 |                                          |                                           | 28,857 |      |              |   | 730  |          |  |   | 29,587         |      |  |             |       |       |   |   | 29,587 |     
|Gain on Sale of Real Estate, Net of Income Taxes                                                                                                                                          |                                          |                                           | 3,115  |      |              |   | (730 | )        |  |   | 2,385          |      |  |             |       |       |   |   | 2,385  |     
|                                                                                                                                                                                          |                                          |                                           |        |      |              |   |      |          |  |   |                |      |  |             |       
|Net Income                                                                                                                                                                                |                                          |                                           | 31,972 |      |              |   |     |          |  |   | 31,972         |      |  |             |       |       |   |   | 31,972 |     
|Less: Preferred Unit Distributions                                                                                                                                                        |                                          |                                           | (5,044 | )    |              |   |     |          |  |   | (5,044         | )    |  |             |       |       |   |   | (5,044 | )   
|                                                                                                                                                                                          |                                          |                                           |        |      |              |   |      |          |  |   |                |      |  |             |       
|Net Income Available to Unitholders                                                                                                                                                       |                                          | $                                         | 26,928 |      |              | $ |     |          |  | $ | 26,928         |      |  | $           |       |       |   | $ | 26,928 |     
|                                                                                                                                                                                          |                                          |                                           |        |      |              |   |      |          |  |   |                |      |  |             |       
|Basic Earnings Per Unit:                                                                                                                                                                  |                                          |                                           |        |      |              |   |      |          |  |   |                |      |  |             |        |       |   |   |        |     
|                                                                                                                                                                                          | Income (Loss) from Continuing Operations |                                           | $      | 0.08 |              |   | $    |         |  |   | $              | 0.08 |  |             | $      | (0.05 | ) |   | $      | 0.03 | 
|                                                                                                                                                                                          |                                          |                                           |        |      |              |   |      |          |  |   |                |      |  |             |       
|                                                                                                                                                                                          | Income from Discontinued Operations      |                                           | $      | 0.50 |              |   | $    |         |  |   | $              | 0.50 |  |             | $      | 0.05  |   |   | $      | 0.55 | 
|                                                                                                                                                                                          |                                          |                                           |        |      |              |   |      |          |  |   |                |      |  |             |       
|                                                                                                                                                                                          | Net Income Available to Unitholders      |                                           | $      | 0.58 |              |   | $    |         |  |   | $              | 0.58 |  |             | $      |      |   |   | $      | 0.58 | 
|                                                                                                                                                                                          |                                          |                                           |        |      |              |   |      |          |  |   |                |      |  |             |       
|Diluted Earnings Per Unit:                                                                                                                                                                |                                          |                                           |        |      |              |   |      |          |  |   |                |      |  |             |        |       |   |   |        |     
|                                                                                                                                                                                          | Income (Loss) from Continuing Operations |                                           | $      | 0.08 |              |   | $    |         |  |   | $              | 0.08 |  |             | $      | (0.05 | ) |   | $      | 0.03 | 
|                                                                                                                                                                                          |                                          |                                           |        |      |              |   |      |          |  |   |                |      |  |             |       
|                                                                                                                                                                                          | Income from Discontinued Operations      |                                           | $      | 0.50 |              |   | $    |         |  |   | $              | 0.50 |  |             | $      | 0.05  |   |   | $      | 0.55 | 
|                                                                                                                                                                                          |                                          |                                           |        |      |              |   |      |          |  |   |                |      |  |             |       

17



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                                    |  |                                           |      |  |              |   |          |  |  |                |      |             |  |   |   |  |  |   |      | 
|----------------------------------- |  | ----------------------------------------- | ---- |  | ------------ | - | -------- |  |  | -------------- | ---- | ----------- |  | - | - |  |  | - | ---- | 
|                                    |  | For the Three Months Ended March 31, 2004 |     
|                                    |  |                                           |     
|                                    |  | As Previously                             |      |  |             
|                                    |  | Reported on                               |      |  |             
|                                    |  | Form 10-Q                                 |      |  | Restatement  |   | Restated |  |  |               
|                                    |  | Filed                                     |      |  | of Benefit   |   | Amounts  |  |  | Adjustment for |      | As Reported | 
|                                    |  | May 10,                                   |      |  | (Expense) of |   | for 2004 |  |  | Discontinued   |      | on 2005     | 
|                                    |  | 2004                                      |      |  | Income Tax   |   | 10-Q     |  |  | Operations     |      | 10-Q        | 
|                                    |  |                                           |      |  |              |   |          |  |  |                |      |             | 
|Net Income Available to Unitholders |  | $                                         | 0.58 |  |              | $ |         |  |  | $              | 0.58 |             |  | $ |  |  |  | $ | 0.58 | 
|                                    |  |                                           |      |  |              |   |          |  |  |                |      |             |  |   |  



|    |                           
|--- | --------------------------
|13. | Related Party Transactions





|    |                  
|--- | -----------------
|14. | Subsequent Events





18



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|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|Item 2. | Managements Discussion and Analysis of Financial
    Condition and Results of Operations

Form 10-Q.




GENERAL












19



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MANAGEMENTS OVERVIEW








20



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21



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RESTATEMENT


Form 10-Q Form 10-Q.




|                                                                           |  |               |       |               |            |   |        |             |  |   |       | 
|-------------------------------------------------------------------------- |  | ------------- | ----- | ------------- | ---------- | - | ------ | ----------- |  | - | ----- | 
|                                                                           |  | As Previously |       |               |            |   |       
|Balance Sheet Caption                                                      |  | Reported      |       |               | Adjustment |   |        | As Restated | 
|                                                                           |  |               |       |               |            |   |        |             | 
|                                                                           |  |               |       | (in millions) |            |   |       
|General Partner Preferred Units  December 31,
    2004 and March 31, 2005 |  | $             | 240.7 |               |            | $ | (119.1 | )           |  | $ | 121.6 | 
|General Partner Units  December 31, 2004                                  |  | $             | 638.7 |               |            | $ | 119.1  |             |  | $ | 757.8 | 
|General Partner Units  March 31, 2005                                     |  | $             | 627.9 |               |            | $ | 119.1  |             |  | $ | 747.0 | 

RESULTS OF OPERATIONS


Comparison of Three Months Ended March 31, 2005 to Three
Months Ended March 31, 2004






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|                          |                |              |        |        |              |   |        |          |  |   |          |       |  |  |        |      |  
|------------------------- | -------------- | ------------ | ------ | ------ | ------------ | - | ------ | -------- |  | - | -------- | ----- |  |  | ------ | ---- | -
|                          |                | Three Months |        |        | Three Months |   |        |          |  |  
|                          |                | Ended        |        |        | Ended        |   |        |          |  |  
|                          |                | March 31,    |        |        | March 31,    |   |        |          |  |  
|                          |                | 2005         |        |        | 2004         |   |        | $ Change |  |   | % Change |      
|                          |                |              |        |        |              |   |        |          |  |   |          |      
|REVENUES ($ in 000s)     |                |              |        |        |              |   |        |          |  |   |          |       |  |  |        |     
|Same Store Properties     |                | $            | 56,901 |        |              | $ | 56,508 |          |  | $ | 393      |       |  |  | 0.7    | %   
|Acquired Properties       |                |              | 10,067 |        |              |   | 824    |          |  |   | 9,243    |       |  |  | 1121.7 | %   
|Sold Properties           |                |              | 1,491  |        |              |   | 8,527  |          |  |   | (7,036   | )     |  |  | -82.5  | %   
|Properties Not In Service |                |              | 5,862  |        |              |   | 6,341  |          |  |   | (479     | )     |  |  | -7.6   | %   
|Other                     |                |              | 3,784  |        |              |   | 3,116  |          |  |   | 668      |       |  |  | 21.4   | %   
|                          |                |              |        |        |              |   |        |          |  |   |          |      
|                          |                |              | 78,105 |        |              |   | 75,316 |          |  |   | 2,789    |       |  |  | 3.7    | %   
|Discontinued Operations   |                |              | (1,918 | )      |              |   | (8,347 | )        |  |   | 6,429    |       |  |  | -77.0  | %   
|                          |                |              |        |        |              |   |        |          |  |   |          |      
|                          | Total Revenues |              | $      | 76,187 |              |   | $      | 66,969   |  |   | $        | 9,218 |  |  |        | 13.8 | %
|                          |                |              |        |        |              |   |        |          |  |   |          |      



|                               |                         |              |        |        |              |   |        |          |  |   |          |       |  |  |       |      |  
|------------------------------ | ----------------------- | ------------ | ------ | ------ | ------------ | - | ------ | -------- |  | - | -------- | ----- |  |  | ----- | ---- | -
|                               |                         | Three Months |        |        | Three Months |   |        |          |  |  
|                               |                         | Ended        |        |        | Ended        |   |        |          |  |  
|                               |                         | March 31,    |        |        | March 31,    |   |        |          |  |  
|                               |                         | 2005         |        |        | 2004         |   |        | $ Change |  |   | % Change |      
|                               |                         |              |        |        |              |   |        |          |  |   |          |      
|PROPERTY EXPENSES ($ in 000s) |                         |              |        |        |              |   |        |          |  |   |          |       |  |  |       |     
|Same Store Properties          |                         | $            | 19,793 |        |              | $ | 19,500 |          |  | $ | 293      |       |  |  | 1.5   | %   
|Acquired Properties            |                         |              | 2,743  |        |              |   | 281    |          |  |   | 2,462    |       |  |  | 876.2 | %   
|Sold Properties                |                         |              | 703    |        |              |   | 2,976  |          |  |   | (2,273   | )     |  |  | -76.4 | %   
|Properties Not In Service      |                         |              | 2,519  |        |              |   | 2,165  |          |  |   | 354      |       |  |  | 16.4  | %   
|Other                          |                         |              | 1,754  |        |              |   | 1,146  |          |  |   | 608      |       |  |  | 53.1  | %   
|                               |                         |              |        |        |              |   |        |          |  |   |          |      
|                               |                         |              | 27,512 |        |              |   | 26,068 |          |  |   | 1,444    |       |  |  | 5.5   | %   
|Discontinued Operations        |                         |              | (704   | )      |              |   | (3,019 | )        |  |   | 2,315    |       |  |  | -76.7 | %   
|                               |                         |              |        |        |              |   |        |          |  |   |          |      
|                               | Total Property Expenses |              | $      | 26,808 |              |   | $      | 23,049   |  |   | $        | 3,759 |  |  |       | 16.3 | %
|                               |                         |              |        |        |              |   |        |          |  |   |          |      

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|                                                 |  |              |        |   |              |   |        |          |  |   |          |   |  |  |       |  
|------------------------------------------------ |  | ------------ | ------ | - | ------------ | - | ------ | -------- |  | - | -------- | - |  |  | ----- | -
|                                                 |  | Three Months |        |   | Three Months |   |        |          |  |  
|                                                 |  | Ended        |        |   | Ended        |   |        |          |  |  
|                                                 |  | March 31,    |        |   | March 31,    |   |        |          |  |  
|                                                 |  | 2005         |        |   | 2004         |   |        | $ Change |  |   | % Change |  
|                                                 |  |              |        |   |              |   |        |          |  |   |          |  
|DEPRECIATION and OTHER AMORTIZATION ($ in 000s) |  |              |        |   |              |   |        |          |  |   |          |   |  |  |       |  
|Same Store Properties                            |  | $            | 17,116 |   |              | $ | 14,840 |          |  | $ | 2,276    |   |  |  | 15.3  | %
|Acquired Properties                              |  |              | 4,122  |   |              |   | 1,298  |          |  |   | 2,824    |   |  |  | 217.6 | %
|Sold Properties                                  |  |              | 330    |   |              |   | 1,793  |          |  |   | (1,463   | ) |  |  | -81.6 | %
|Properties Not In Service and Other              |  |              | 2,792  |   |              |   | 1,315  |          |  |   | 1,477    |   |  |  | 112.3 | %
|Corporate Furniture, Fixtures and Equipment      |  |              | 320    |   |              |   | 319    |          |  |   | 1        |   |  |  | 0.3   | %
|                                                 |  |              |        |   |              |   |        |          |  |   |          |  
|                                                 |  | $            | 24,680 |   |              | $ | 19,565 |          |  | $ | 5,115    |   |  |  | 26.1  | %
|Discontinued Operations                          |  |              | (378   | ) |              |   | (1,794 | )        |  |   | 1,416    |   |  |  | -78.9 | %
|                                                 |  |              |        |   |              |   |        |          |  |   |          |  
|Total Depreciation and Other Amortization        |  | $            | 24,302 |   |              | $ | 17,771 |          |  | $ | 6,531    |   |  |  | 36.8  | %
|                                                 |  |              |        |   |              |   |        |          |  |   |          |  









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|                                                 |  |              |       |          |              |   |        |  
|------------------------------------------------ |  | ------------ | ----- | -------- | ------------ | - | ------ | -
|                                                 |  |              |       | Restated |             
|                                                 |  |              |       |          |             
|                                                 |  | Three Months |       |          | Three Months |  
|                                                 |  | Ended        |       |          | Ended        |  
|                                                 |  | March 31,    |       |          | March 31,    |  
|                                                 |  | 2005         |       |          | 2004         |  
|                                                 |  |              |       |          |              |  
|                                                 |  | ($ in 000s) |      
|Total Revenues                                   |  | $            | 1,918 |          |              | $ | 8,347  |  
|Operating Expenses                               |  |              | (704  | )        |              |   | (3,019 | )
|Depreciation and Amortization                    |  |              | (378  | )        |              |   | (1,794 | )
|Provision for Income Taxes                       |  |              | (337  | )        |              |   | (470   | )
|Gain on Sale of Real Estate, Net of Income Taxes |  |              | 8,511 |          |              |   | 22,491 |  
|                                                 |  |              |       |          |              |  
|Income from Discontinued Operations              |  | $            | 9,010 |          |              | $ | 25,555 |  
|                                                 |  |              |       |          |              |  





LIQUIDITY AND CAPITAL RESOURCES








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Three Months Ended March 31, 2005
















26



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Market Risk
















| |                                 
| | --------------------------------
| | Recent Accounting Pronouncements



27



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Subsequent Events











|        |                                                               
|------- | --------------------------------------------------------------
|Item 3. | Quantitative and Qualitative Disclosures About Market
    Risk








|        |                        
|------- | -----------------------
|Item 4. | Controls and Procedures



| |                                                 
| | ------------------------------------------------
| | Evaluation of Disclosure Controls and Procedures

Form 10-Q Rules 13a-15(e) 15d-15(e)) Rule 13a-15(b),




Form 10-Q/A.


28



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##### Table of Contents



Form 10-Q/A,


Changes in Internal Control over Financial Reporting






29



---



##### Table of Contents






PART II. OTHER INFORMATION







|        |                  
|------- | -----------------
|Item 1. | Legal Proceedings








|        |                                                                
|------- | ---------------------------------------------------------------
|Item 2. | Unregistered Sales of Equity Securities and Use of
    Proceeds












|        |                                
|------- | -------------------------------
|Item 3. | Defaults Upon Senior Securities








|        |                                                    
|------- | ---------------------------------------------------
|Item 4. | Submission of Matters to a Vote of Security Holders








|        |                  
|------- | -----------------
|Item 5. | Other Information








|        |         
|------- | --------
|Item 6. | Exhibits



|        |    |             |  |                                                                                                                                                                                                                      
|------- | -- | ----------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |            
|Number  |    | Description
|        |    |            
|        | 31 | .1*         |  | Certification of Principal Executive Officer of First Industrial
    Realty Trust, Inc., registrants sole general partner,
    pursuant to Rule 13a-14(a) under the Securities Exchange
    Act of 1934, as amended.
|        | 31 | .2*         |  | Certification of Principal Financial Officer of First Industrial
    Realty Trust, Inc., registrants sole general partner,
    pursuant to Rule 13a-14(a) under the Securities Exchange
    Act of 1934, as amended.
|        | 32 | .1**        |  | Certification of the Principal Executive Officer and the
    Principal Financial Officer pursuant to 18 U.S.C.
    Section 1350, as adopted pursuant to Section 906 of
    the Sarbanes - Oxley Act of 2002.         






| |   |               
| | - | --------------
| | * | Filed herewith



|   |                   
|-- | ------------------
|** | Furnished herewith

30



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##### Table of Contents



www.firstindustrial.com Form 10-K, Form 10-Q, Form 8-K, www.firstindustrial.com




| |                                    
| | -----------------------------------
| | First Industrial Realty Trust, Inc.
| | 311 S. Wacker, Suite 4000          
| | Chicago, IL 60606                  
| | Attention: Investor Relations      

31



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##### Table of Contents






SIGNATURE






| |                                        
| | ---------------------------------------
| | FIRST INDUSTRIAL, L.P.                 
| | By: FIRST INDUSTRIAL REALTY TRUST, INC.
| | Its Sole General Partner               



| |     |                   
| | --- | ------------------
| | By: | /s/ Scott A. Musil

| |                                 
| | --------------------------------
| |                                 
| | Scott A. Musil                  
| | Senior Vice President-Controller
| | (Principal Accounting Officer)  



32



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##### Table of Contents






EXHIBIT INDEX


|        |    |             |  |                                                                                                                                                                                                                      
|------- | -- | ----------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |            
|Number  |    | Description
|        |    |            
|        | 31 | .1*         |  | Certification of Principal Executive Officer of First Industrial
    Realty Trust, Inc., registrants sole general partner,
    pursuant to Rule 13a-14(a) under the Securities Exchange
    Act of 1934, as amended.
|        | 31 | .2*         |  | Certification of Principal Financial Officer of First Industrial
    Realty Trust, Inc., registrants sole general partner,
    pursuant to Rule 13a-14(a) under the Securities Exchange
    Act of 1934, as amended.
|        | 32 | .1**        |  | Certification of the Principal Executive Officer and the
    Principal Financial Officer pursuant to 18 U.S.C.
    Section 1350, as adopted pursuant to Section 906 of
    the Sarbanes-Oxley Act of 2002.           






| |   |               
| | - | --------------
| | * | Filed herewith



|   |                   
|-- | ------------------
|** | Furnished herewith

33