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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


|           |  |                                                                                             
|---------- |  | --------------------------------------------------------------------------------------------
|(Mark One) |  |                                                                                             
|þ          |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934 
|          
|           |  | For the quarterly period ended June 30, 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 June 30, 2005


INDEX


|                                                                                 |  |                                                                                                                                                      |    |      |    | 
|-------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------- | -- | ---- | -- | 
|                                                                                 |  |                                                                                                                                                      |    | Page |   
|                                                                                 |  |                                                                                                                                                      |    |      |   
|PART I: FINANCIAL
    INFORMATION                                               
|Item 1.                                                                          |  | Financial Statements                                                                                                                                 |    |      | 2  | 
|                                                                                 |  | Consolidated Balance Sheets as of
    June 30, 2005 (Restated) and December 31, 2004
    (Restated)                                                  |    |      | 2  | 
|                                                                                 |  | Consolidated Statements of Operations and
    Comprehensive Income for the Three and Six Months Ended
    June 30, 2005 and June 30, 2004 (Restated) |    |      | 3  | 
|                                                                                 |  | Consolidated Statements of Cash Flows for
    the Six Months Ended June 30, 2005, and June 30, 2004
    (Restated)                                   |    |      | 4  | 
|                                                                                 |  | Notes to Consolidated Financial
    Statements                                                                                                       |    |      | 5  | 
|Item 2.                                                                          |  | Managements Discussion and Analysis
    of Financial Condition and Results of Operations                                                            |    |      | 23 | 
|Item 3.                                                                          |  | Quantitative and Qualitative Disclosures
    About Market Risk                                                                                       |    |      | 36 | 
|Item 4.                                                                          |  | Controls and Procedures                                                                                                                              |    |      | 36 | 
|PART II: OTHER INFORMATION                                                      
|Item 1.                                                                          |  | Legal Proceedings                                                                                                                                    |    |      | 37 | 
|Item 2.                                                                          |  | Unregistered Sales of Equity Securities and
    Use of Proceeds                                                                                      |    |      | 37 | 
|Item 3.                                                                          |  | Defaults Upon Senior Securities                                                                                                                      |    |      | 37 | 
|Item 4.                                                                          |  | Submission of Matters to a Vote of Security
    Holders                                                                                              |    |      | 37 | 
|Item 5.                                                                          |  | Other Information                                                                                                                                    |    |      | 37 | 
|Item 6.                                                                          |  | Exhibits                                                                                                                                             |    |      | 37 | 
|SIGNATURE                                                                        |  |                                                                                                                                                      | 39 |     
|EXHIBIT INDEX                                                                    |  |                                                                                                                                                      | 40 |     
|Certification of Principal Executive Officer                                    
|Certification of Principal Financial Officer                                    
|Certification of the Principal Executive Officer and Principal Financial Officer



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     |          
|                                  |                                                                                                                                                               |                                |                                         |           |              |          
|                                  |                                                                                                                                                               | June 30,                       |                                         |           | December 31, |          
|                                  |                                                                                                                                                               | 2005                           |                                         |           | 2004         |          
|                                  |                                                                                                                                                               |                                |                                         |           |              |          
|                                  |                                                                                                                                                               | (Unaudited)                    |                                         |           |             
|                                  |                                                                                                                                                               | (Dollars in Thousands)         |                                        
|ASSETS                           
|Assets:                           |                                                                                                                                                               |                                |                                         |           |              |           |   |          
|                                  | Investment in Real Estate:                                                                                                                                    |                                |                                         |           |              |           |   |           |          
|                                  |                                                                                                                                                               | Land                           |                                         | $         | 425,662      |           |   | $         | 423,836   |          
|                                  |                                                                                                                                                               | Buildings and Improvements     |                                         |           | 2,066,763    |           |   |           | 2,039,486 |          
|                                  |                                                                                                                                                               | Construction in Progress       |                                         |           | 53,108       |           |   |           | 23,092    |          
|                                  |                                                                                                                                                               | Less: Accumulated Depreciation |                                         |           | (332,544     | )         |   |           | (321,003  | )        
|                                  |                                                                                                                                                               |                                |                                         |           |              |          
|                                  |                                                                                                                                                               |                                | Net Investment in Real Estate           |           |              | 2,212,989 |   |           |           | 2,165,411 | 
|                                  |                                                                                                                                                               |                                |                                         |           |              |          
|                                  | Real Estate Held for Sale, Net of Accumulated Depreciation and
    Amortization of $1,390 and $2,908 at June 30, 2005 and
    December 31, 2004, respectively |                                |                                         | 52,641    |              |           |   | 50,286    |          
|                                  | Investments in and Advances to Other Real Estate Partnerships                                                                                                 |                                |                                         | 331,252   |              |           |   | 339,967   |          
|                                  | Cash and Cash Equivalents                                                                                                                                     |                                |                                         | 908       |              |           |   | 3,069     |          
|                                  | Restricted Cash                                                                                                                                               |                                |                                         |          |              |           |   | 25        |          
|                                  | Tenant Accounts Receivable, Net                                                                                                                               |                                |                                         | 6,364     |              |           |   | 6,509     |          
|                                  | Investments in Joint Ventures                                                                                                                                 |                                |                                         | 13,645    |              |           |   | 5,489     |          
|                                  | Deferred Rent Receivable                                                                                                                                      |                                |                                         | 18,158    |              |           |   | 15,928    |          
|                                  | Deferred Financing Costs, Net                                                                                                                                 |                                |                                         | 10,667    |              |           |   | 11,569    |          
|                                  | Prepaid Expenses and Other Assets, Net                                                                                                                        |                                |                                         | 121,704   |              |           |   | 119,430   |          
|                                  |                                                                                                                                                               |                                |                                         |           |              |          
|                                  |                                                                                                                                                               |                                | Total Assets                            |           | $            | 2,768,328 |   |           | $         | 2,717,683 | 
|                                  |                                                                                                                                                               |                                |                                         |           |              |          
|                                 
|LIABILITIES AND PARTNERS CAPITAL
|Liabilities:                      |                                                                                                                                                               |                                |                                         |           |              |           |   |          
|                                  | Mortgage Loans Payable, Net                                                                                                                                   |                                | $                                       | 56,307    |              |           | $ | 57,449    |          
|                                  | Senior Unsecured Debt, Net                                                                                                                                    |                                |                                         | 1,348,197 |              |           |   | 1,347,524 |          
|                                  | Unsecured Line of Credit                                                                                                                                      |                                |                                         | 229,500   |              |           |   | 167,500   |          
|                                  | Mortgage Loan Payable and Accrued Interest on Real Estate Held
    For Sale                                                                                   |                                |                                         | 13,732    |              |           |   |          |          
|                                  | Accounts Payable, Accrued Expenses and Other Liabilities, Net                                                                                                 |                                |                                         | 70,097    |              |           |   | 73,560    |          
|                                  | Rents Received in Advance and Security Deposits                                                                                                               |                                |                                         | 26,025    |              |           |   | 26,441    |          
|                                  | Distributions Payable                                                                                                                                         |                                |                                         | 35,717    |              |           |   | 35,487    |          
|                                  |                                                                                                                                                               |                                |                                         |           |              |          
|                                  |                                                                                                                                                               |                                | Total Liabilities                       |           |              | 1,779,575 |   |           |           | 1,707,961 | 
|                                  |                                                                                                                                                               |                                |                                         |           |              |          
|Commitments and Contingencies     |                                                                                                                                                               |                                |                                        |           |              |           |  |          
|Partners Capital:                |                                                                                                                                                               |                                |                                         |           |              |           |   |          
|                                  | General Partner Preferred Units (20,750 units issued and
    outstanding at June 30, 2005 and December 31, 2004,
    respectively)                            |                                |                                         | 121,584   |              |           |   | 121,584   |          
|                                  | General Partner Units (43,171,212 and 42,834,091 units
    issued and outstanding at June 30, 2005 and
    December 31, 2004, respectively)                   |                                |                                         | 742,755   |              |           |   | 757,840   |          
|                                  | Unamortized Value of General Partnership Restricted Units                                                                                                     |                                |                                         | (21,484   | )            |           |   | (19,611   | )        
|                                  | Limited Partners Units (6,448,857 and 6,455,914 units
    issued and outstanding at June 30, 2005 and
    December 31, 2004, respectively)                   |                                |                                         | 150,145   |              |           |   | 153,609   |          
|                                  | Accumulated Other Comprehensive Loss                                                                                                                          |                                |                                         | (4,247    | )            |           |   | (3,700    | )        
|                                  |                                                                                                                                                               |                                |                                         |           |              |          
|                                  |                                                                                                                                                               |                                | Total Partners Capital                 |           |              | 988,753   |   |           |           | 1,009,722 | 
|                                  |                                                                                                                                                               |                                |                                         |           |              |          
|                                  |                                                                                                                                                               |                                | Total Liabilities and Partners Capital |           | $            | 2,768,328 |   |           | $         | 2,717,683 | 
|                                  |                                                                                                                                                               |                                |                                         |           |              |          



2



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##### Table of Contents






FIRST INDUSTRIAL, L.P.


CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME


|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |         |         |   |         |         |         |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------- | -------------------------------------------- | ------- | -------- | ------------- | - | ---------- | -------- | ------- | ---------- | -------- | ------- | ------- | - | ------- | ------- | ------- | -
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            | Restated |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         | Restated |               |   |            |          |         |           
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   | Six Months |          |         | Six Months |         
|                                                                                                                                                                                                                                                                                                             |                                                                                             | Three Months                                 |         |          | Three Months  |   |            | Ended    |         |            | Ended    |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             | Ended                                        |         |          | Ended         |   |            | June 30, |         |            | June 30, |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             | June 30, 2005                                |         |          | June 30, 2004 |   |            | 2005     |         |            | 2004     |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             | (Dollars in Thousands, except per Unit data) |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             | (Unaudited)                                  |        
|Revenues:                                                                                                                                                                                                                                                                                                    |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |         |         |   |         |        
|                                                                                                                                                                                                                                                                                                             | Rental Income                                                                               |                                              | $       | 55,501   |               |   | $          | 48,065   |         |            | $        | 108,906 |         |   | $       | 95,942  |        
|                                                                                                                                                                                                                                                                                                             | Tenant Recoveries and Other Income                                                          |                                              |         | 19,331   |               |   |            | 16,013   |         |            |          | 40,136  |         |   |         | 34,089  |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             | Total Revenues                               |         |          | 74,832        |   |            |          | 64,078  |            |          |         | 149,042 |   |         |         | 130,031 |  
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        
|Expenses:                                                                                                                                                                                                                                                                                                    |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |         |         |   |         |        
|                                                                                                                                                                                                                                                                                                             | Real Estate Taxes                                                                           |                                              |         | 11,790   |               |   |            | 9,985    |         |            |          | 23,313  |         |   |         | 20,193  |        
|                                                                                                                                                                                                                                                                                                             | Repairs and Maintenance                                                                     |                                              |         | 5,391    |               |   |            | 4,975    |         |            |          | 12,066  |         |   |         | 10,659  |        
|                                                                                                                                                                                                                                                                                                             | Property Management                                                                         |                                              |         | 4,153    |               |   |            | 3,249    |         |            |          | 7,765   |         |   |         | 5,457   |        
|                                                                                                                                                                                                                                                                                                             | Utilities                                                                                   |                                              |         | 2,433    |               |   |            | 1,943    |         |            |          | 5,124   |         |   |         | 4,403   |        
|                                                                                                                                                                                                                                                                                                             | Insurance                                                                                   |                                              |         | 528      |               |   |            | 691      |         |            |          | 989     |         |   |         | 1,339   |        
|                                                                                                                                                                                                                                                                                                             | Other                                                                                       |                                              |         | 2,007    |               |   |            | 1,133    |         |            |          | 3,249   |         |   |         | 2,701   |        
|                                                                                                                                                                                                                                                                                                             | General and Administrative                                                                  |                                              |         | 11,335   |               |   |            | 9,631    |         |            |          | 22,957  |         |   |         | 16,698  |        
|                                                                                                                                                                                                                                                                                                             | Amortization of Deferred Financing Costs                                                    |                                              |         | 509      |               |   |            | 463      |         |            |          | 1,017   |         |   |         | 908     |        
|                                                                                                                                                                                                                                                                                                             | Depreciation and Other Amortization                                                         |                                              |         | 25,099   |               |   |            | 19,879   |         |            |          | 48,775  |         |   |         | 37,385  |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             | Total Expenses                               |         |          | 63,245        |   |            |          | 51,949  |            |          |         | 125,255 |   |         |         | 99,743  |  
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        
|Other Income/ Expense:                                                                                                                                                                                                                                                                                       |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |         |         |   |         |        
|                                                                                                                                                                                                                                                                                                             | Interest Income                                                                             |                                              |         | 420      |               |   |            | 556      |         |            |          | 717     |         |   |         | 1,089   |        
|                                                                                                                                                                                                                                                                                                             | Interest Expense                                                                            |                                              |         | (25,847  | )             |   |            | (23,878  | )       |            |          | (51,606 | )       |   |         | (47,467 | )      
|                                                                                                                                                                                                                                                                                                             | Mark-to-Market/ Gain on Settlement of Interest Rate Protection
    Agreement                |                                              |         | (1,404   | )             |   |            | 1,450    |         |            |          | (463    | )       |   |         | 1,450   |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             | Total Other Income/ Expense                  |         |          | (26,831       | ) |            |          | (21,872 | )          |          |         | (51,352 | ) |         |         | (44,928 | )
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        
|Loss from Continuing Operations Before Equity in (Loss)
    Income in Joint Ventures, Equity in Income of Other Real Estate
    Partnerships and Income Tax Benefit                                                                                                                                          |                                                                                             |                                              | (15,244 | )        |               |   | (9,743     | )        |         |            | (27,565  | )       |         |   | (14,640 | )      
|Equity in (Loss) Income of Joint Ventures                                                                                                                                                                                                                                                                    |                                                                                             |                                              | (98     | )        |               |   | 301        |          |         |            | (220     | )       |         |   | 546     |        
|Equity in Income of Other Real Estate Partnerships                                                                                                                                                                                                                                                           |                                                                                             |                                              | 9,786   |          |               |   | 7,191      |          |         |            | 16,529   |         |         |   | 14,572  |        
|Income Tax Benefit                                                                                                                                                                                                                                                                                           |                                                                                             |                                              | 1,871   |          |               |   | 1,453      |          |         |            | 3,837    |         |         |   | 2,262   |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        
|(Loss) Income from Continuing Operations                                                                                                                                                                                                                                                                     |                                                                                             |                                              | (3,685  | )        |               |   | (798       | )        |         |            | (7,419   | )       |         |   | 2,740   |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        
|Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $28,426 and $27,089 for the Three Months ended
    June 30, 2005 and 2004, respectively, $40,139 and $51,748
    for the Six Months ended June 30, 2005 and 2004,
    respectively,)                                       |                                                                                             |                                              | 29,089  |          |               |   | 30,169     |          |         |            | 42,213   |         |         |   | 58,777  |        
|Provision for Income Taxes Allocable to Discontinued Operations
    (Including $2,611 and $1,565 for the Three Months ended
    June 30, 2005 and 2004, respectively, and $5,782 and $3,675
    for the Six Months ended June 30, 2005 and 2004,
    respectively, allocable to Gain on Sale of Real Estate) |                                                                                             |                                              | (2,527  | )        |               |   | (2,110     | )        |         |            | (6,188   | )       |         |   | (4,685  | )      
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        
|Income Before Gain on Sale of Real Estate                                                                                                                                                                                                                                                                    |                                                                                             |                                              | 22,877  |          |               |   | 27,261     |          |         |            | 28,606   |         |         |   | 56,832  |        
|Gain on Sale of Real Estate                                                                                                                                                                                                                                                                                  |                                                                                             |                                              | 3,180   |          |               |   | 1,878      |          |         |            | 23,851   |         |         |   | 4,993   |        
|Provision for Income Taxes Allocable to Gain on Sale of Real
    Estate                                                                                                                                                                                                                                      |                                                                                             |                                              | (1,252  | )        |               |   | (710       | )        |         |            | (8,977   | )       |         |   | (1,424  | )      
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        
|Net Income                                                                                                                                                                                                                                                                                                   |                                                                                             |                                              | 24,805  |          |               |   | 28,429     |          |         |            | 43,480   |         |         |   | 60,401  |        
|Less: Preferred Unit Distributions                                                                                                                                                                                                                                                                           |                                                                                             |                                              | (2,310  | )        |               |   | (4,790     | )        |         |            | (4,620   | )       |         |   | (9,834  | )      
|Less: Redemption of Preferred Units                                                                                                                                                                                                                                                                          |                                                                                             |                                              |        |          |               |   | (7,359     | )        |         |            |         |         |         |   | (7,359  | )      
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        
|Net Income Available to Unitholders                                                                                                                                                                                                                                                                          |                                                                                             | $                                            | 22,495  |          |               | $ | 16,280     |          |         | $          | 38,860   |         |         | $ | 43,208  |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        
|Basic Earnings Per Unit:                                                                                                                                                                                                                                                                                     |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |         |         |   |         |        
|                                                                                                                                                                                                                                                                                                             | (Loss) Income from Continuing Operations                                                    |                                              | $       | (0.08    | )             |   | $          | (0.25    | )       |            | $        | 0.06    |         |   | $       | (0.23   | )      
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        
|                                                                                                                                                                                                                                                                                                             | Net Income Available to Unitholders                                                         |                                              | $       | 0.46     |               |   | $          | 0.35     |         |            | $        | 0.80    |         |   | $       | 0.93    |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        
|Diluted Earnings Per Unit:                                                                                                                                                                                                                                                                                   |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |         |         |   |         |        
|                                                                                                                                                                                                                                                                                                             | (Loss) Income from Continuing Operations                                                    |                                              | $       | (0.08    | )             |   | $          | (0.25    | )       |            | $        | 0.06    |         |   | $       | (0.23   | )      
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        
|                                                                                                                                                                                                                                                                                                             | Net Income Available to Unitholders                                                         |                                              | $       | 0.46     |               |   | $          | 0.35     |         |            | $        | 0.79    |         |   | $       | 0.93    |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        
|Distributions declared per Common Unit outstanding                                                                                                                                                                                                                                                           |                                                                                             |                                              | 0.695   |          |               |   | 0.685      |          |         |            | 1.390    |         |         |   | 1.370   |        
|Net Income                                                                                                                                                                                                                                                                                                   |                                                                                             | $                                            | 24,805  |          |               | $ | 28,429     |          |         | $          | 43,480   |         |         | $ | 60,401  |        
|Other Comprehensive (Loss) Income:                                                                                                                                                                                                                                                                           |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |         |         |   |         |        
|                                                                                                                                                                                                                                                                                                             | Settlement of Interest Rate Protection Agreements                                           |                                              |         |         |               |   |            | 6,657    |         |            |          |        |         |   |         | 6,657   |        
|                                                                                                                                                                                                                                                                                                             | Mark-to-Market of Interest Rate Protection Agreements and
    Interest Rate Swap Agreements |                                              |         |         |               |   |            | (388     | )       |            |          |        |         |   |         | (7      | )      
|                                                                                                                                                                                                                                                                                                             | Amortization of Interest Rate Protection Agreements                                         |                                              |         | (273     | )             |   |            | (1       | )       |            |          | (547    | )       |   |         | 53      |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        
|Comprehensive Income                                                                                                                                                                                                                                                                                         |                                                                                             | $                                            | 24,532  |          |               | $ | 34,697     |          |         | $          | 42,933   |         |         | $ | 67,104  |        
|                                                                                                                                                                                                                                                                                                             |                                                                                             |                                              |         |          |               |   |            |          |         |            |          |        



3



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##### Table of Contents



FIRST INDUSTRIAL, L.P.





CONSOLIDATED STATEMENTS OF CASH FLOWS


|                                               |                                                                                       |                                                                                                           |                                                     |          |            |         |   |          |         |         |  
|---------------------------------------------- | ------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | --------------------------------------------------- | -------- | ---------- | ------- | - | -------- | ------- | ------- | -
|                                               |                                                                                       |                                                                                                           |                                                     | Restated |           
|                                               |                                                                                       |                                                                                                           |                                                     |          |           
|                                               |                                                                                       | Six Months                                                                                                |                                                     |          | Six Months |        
|                                               |                                                                                       | Ended                                                                                                     |                                                     |          | Ended      |        
|                                               |                                                                                       | June 30,                                                                                                  |                                                     |          | June 30,   |        
|                                               |                                                                                       | 2005                                                                                                      |                                                     |          | 2004       |        
|                                               |                                                                                       |                                                                                                           |                                                     |          |            |        
|                                               |                                                                                       | (Dollars in thousands)                                                                                    |                                                    
|                                               |                                                                                       | (Unaudited)                                                                                               |                                                    
|CASH FLOWS FROM OPERATING ACTIVITIES:          |                                                                                       |                                                                                                           |                                                     |          |            |         |   |         
|                                               | Net Income                                                                            |                                                                                                           | $                                                   | 43,480   |            |         | $ | 60,401   |        
|                                               | Adjustments to Reconcile Net Income to Net Cash Provided by
    Operating Activities: |                                                                                                           |                                                     |          |            |         |   |          |        
|                                               |                                                                                       | Depreciation                                                                                              |                                                     |          | 39,530     |         |   |          | 33,584  |        
|                                               |                                                                                       | Amortization of Deferred Financing Costs                                                                  |                                                     |          | 1,017      |         |   |          | 908     |        
|                                               |                                                                                       | Other Amortization                                                                                        |                                                     |          | 14,112     |         |   |          | 10,571  |        
|                                               |                                                                                       | Provision for Bad Debt                                                                                    |                                                     |          | 860        |         |   |          | 1,217   |        
|                                               |                                                                                       | Equity in Loss (Income) of Joint Ventures                                                                 |                                                     |          | 220        |         |   |          | (546    | )      
|                                               |                                                                                       | Distributions from Joint Ventures                                                                         |                                                     |          |           |         |   |          | 546     |        
|                                               |                                                                                       | Gain on Sale of Real Estate                                                                               |                                                     |          | (63,990    | )       |   |          | (56,741 | )      
|                                               |                                                                                       | Mark to Market of Interest Rate Protection Agreement                                                      |                                                     |          | 463        |         |   |          |        |        
|                                               |                                                                                       | Equity in Income of Other Real Estate Partnerships                                                        |                                                     |          | (16,529    | )       |   |          | (14,572 | )      
|                                               |                                                                                       | Distributions from Investment in Other Real Estate Partnerships                                           |                                                     |          | 16,529     |         |   |          | 14,572  |        
|                                               |                                                                                       | Increase in Tenant Accounts Receivable and Prepaid Expenses and
    Other Assets, Net                     |                                                     |          | (8,930     | )       |   |          | (15,132 | )      
|                                               |                                                                                       | Increase in Deferred Rent Receivable                                                                      |                                                     |          | (2,857     | )       |   |          | (2,120  | )      
|                                               |                                                                                       | Decrease in Accounts Payable and Accrued Expenses and Rents
    Received in Advance and Security Deposits |                                                     |          | (2,877     | )       |   |          | (18,158 | )      
|                                               |                                                                                       |                                                                                                           |                                                     |          |            |        
|                                               |                                                                                       |                                                                                                           | Net Cash Provided by Operating Activities           |          |            | 21,028  |   |          |         | 14,530  |  
|                                               |                                                                                       |                                                                                                           |                                                     |          |            |        
|CASH FLOWS FROM INVESTING ACTIVITIES:          |                                                                                       |                                                                                                           |                                                     |          |            |         |   |         
|                                               | Purchases of and Additions to Investment in Real Estate                               |                                                                                                           |                                                     | (275,706 | )          |         |   | (183,479 | )      
|                                               | Net Proceeds from Sales of Investments in Real Estate                                 |                                                                                                           |                                                     | 236,149  |            |         |   | 184,726  |        
|                                               | Investments in and Advances to Other Real Estate Partnerships                         |                                                                                                           |                                                     | (25,504  | )          |         |   | (38,857  | )      
|                                               | Distributions from Other Real Estate Partnerships in Excess of
    Equity in Income   |                                                                                                           |                                                     | 34,219   |            |         |   | 39,241   |        
|                                               | Contributions to and Investments in Joint Ventures                                    |                                                                                                           |                                                     | (11,191  | )          |         |   | (4,020   | )      
|                                               | Distributions from Joint Ventures                                                     |                                                                                                           |                                                     | 402      |            |         |   | 620      |        
|                                               | Repayment of Mortgage Loans Receivable                                                |                                                                                                           |                                                     | 26,265   |            |         |   | 13,474   |        
|                                               | Decrease (Increase) in Restricted Cash                                                |                                                                                                           |                                                     | 25       |            |         |   | (7,993   | )      
|                                               |                                                                                       |                                                                                                           |                                                     |          |            |        
|                                               |                                                                                       |                                                                                                           | Net Cash (Used In) Provided by Investing Activities |          |            | (15,341 | ) |          |         | 3,712   |  
|                                               |                                                                                       |                                                                                                           |                                                     |          |            |        
|CASH FLOWS FROM FINANCING ACTIVITIES:          |                                                                                       |                                                                                                           |                                                     |          |            |         |   |         
|                                               | Unit Contributions                                                                    |                                                                                                           |                                                     | 6,479    |            |         |   | 31,967   |        
|                                               | Unit Distributions                                                                    |                                                                                                           |                                                     | (68,594  | )          |         |   | (64,613  | )      
|                                               | Proceeds from the Sale of Preferred Units                                             |                                                                                                           |                                                     |         |            |         |   | 200,000  |        
|                                               | Preferred Unit Offering Costs                                                         |                                                                                                           |                                                     |         |            |         |   | (5,576   | )      
|                                               | Redemption of Preferred Units                                                         |                                                                                                           |                                                     |         |            |         |   | (200,000 | )      
|                                               | Repurchase of Restricted Units                                                        |                                                                                                           |                                                     | (3,262   | )          |         |   | (3,468   | )      
|                                               | Proceeds from Mortgage Loan Payable                                                   |                                                                                                           |                                                     | 1,167    |            |         |   |         |        
|                                               | Preferred Unit Distributions                                                          |                                                                                                           |                                                     | (4,620   | )          |         |   | (9,075   | )      
|                                               | Proceeds from Senior Unsecured Debt                                                   |                                                                                                           |                                                     |         |            |         |   | 134,496  |        
|                                               | Other Proceeds from Senior Unsecured Debt                                             |                                                                                                           |                                                     |         |            |         |   | 6,657    |        
|                                               | Repayments on Mortgage Loans Payable                                                  |                                                                                                           |                                                     | (902     | )          |         |   | (577     | )      
|                                               | Proceeds from Unsecured Line of Credit                                                |                                                                                                           |                                                     | 153,500  |            |         |   | 312,000  |        
|                                               | Repayments on Unsecured Line of Credit                                                |                                                                                                           |                                                     | (91,500  | )          |         |   | (423,900 | )      
|                                               | Cash Book Overdraft.                                                                  |                                                                                                           |                                                     |         |            |         |   | 7,607    |        
|                                               | Debt Issuance Costs                                                                   |                                                                                                           |                                                     | (116     | )          |         |   | (3,760   | )      
|                                               |                                                                                       |                                                                                                           |                                                     |          |            |        
|                                               |                                                                                       |                                                                                                           | Net Cash Used in Financing Activities               |          |            | (7,848  | ) |          |         | (18,242 | )
|                                               |                                                                                       |                                                                                                           |                                                     |          |            |        
|Net Decrease in Cash and Cash Equivalents      |                                                                                       |                                                                                                           | (2,161                                              | )        |            |         |  |         
|Cash and Cash Equivalents, Beginning of Period |                                                                                       |                                                                                                           | 3,069                                               |          |            |         |  |         
|                                               |                                                                                       |                                                                                                           |                                                     |          |            |        
|Cash and Cash Equivalents, End of Period       |                                                                                       | $                                                                                                         | 908                                                 |          |            | $       |  |         
|                                               |                                                                                       |                                                                                                           |                                                     |          |            |        



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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















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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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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 June 30, 2005 |  | $             | 240,697 |  |            | $ | (119,113 | )           |  | $ | 121,584 | 
|General Partner Units  December 31, 2004                                 |  | $             | 638,727 |  |            | $ | 119,113  |             |  | $ | 757,840 | 
|General Partner Units  June 30, 2005                                     |  | $             | 623,642 |  |            | $ | 119,113  |             |  | $ | 742,755 | 





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





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



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                                                                 |  |                      |        |   |                    |   |        |      |  |   |        |   |  |   |        |  
|------------------------------------------------------------------------------------------------ |  | -------------------- | ------ | - | ------------------ | - | ------ | ---- |  | - | ------ | - |  | - | ------ | -
|                                                                                                 |  | For the Three Months |        |   | For the Six Months |  
|                                                                                                 |  | Ended June 30,       |        |   | Ended June 30,     |  
|                                                                                                 |  |                      |        |   |                    |  
|                                                                                                 |  | 2005                 |        |   | 2004               |   |        | 2005 |  |   | 2004   |  
|                                                                                                 |  |                      |        |   |                    |   |        |      |  |   |        |  
|Net Income Available to Unitholders  as reported                                                |  | $                    | 22,495 |   |                    | $ | 16,280 |      |  | $ | 38,860 |   |  | $ | 43,208 |  
|Less: Total Stock-Based Employee Compensation Expense Determined
    Under the Fair Value Method |  |                      | (19    | ) |                    |   | (120   | )    |  |   | (65    | ) |  |   | (241   | )
|                                                                                                 |  |                      |        |   |                    |   |        |      |  |   |        |  
|Net Income Available to Unitholders  pro forma                                                  |  | $                    | 22,476 |   |                    | $ | 16,160 |      |  | $ | 38,795 |   |  | $ | 42,967 |  
|                                                                                                 |  |                      |        |   |                    |   |        |      |  |   |        |  
|Net Income Available to Unitholders per Share  as
    reported  Basic                          |  | $                    | 0.46   |   |                    | $ | 0.35   |      |  | $ | 0.80   |   |  | $ | 0.93   |  
|                                                                                                 |  |                      |        |   |                    |   |        |      |  |   |        |  
|Net Income Available to Unitholders per Share  pro
    forma  Basic                            |  | $                    | 0.46   |   |                    | $ | 0.34   |      |  | $ | 0.80   |   |  | $ | 0.92   |  
|                                                                                                 |  |                      |        |   |                    |   |        |      |  |   |        |  
|Net Income Available to Unitholders per Share  as
    reported  Diluted                        |  | $                    | 0.46   |   |                    | $ | 0.35   |      |  | $ | 0.79   |   |  | $ | 0.93   |  
|                                                                                                 |  |                      |        |   |                    |   |        |      |  |   |        |  
|Net Income Available to Unitholders per Share  pro
    forma  Diluted                          |  | $                    | 0.46   |   |                    | $ | 0.34   |      |  | $ | 0.79   |   |  | $ | 0.92   |  
|                                                                                                 |  |                      |        |   |                    |   |        |      |  |   |        |  



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





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





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





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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










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



9



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                                  |                                |                                         |   |         |              |  |   |         |         | 
|--------------------------------- | ------------------------------ | --------------------------------------- | - | ------- | ------------ |  | - | ------- | ------- | 
|                                  |                                | June 30,                                |   |         | December 31, | 
|                                  |                                | 2005                                    |   |         | 2004         | 
|                                  |                                |                                         |   |         |              | 
|ASSETS                           
|Assets:                           |                                |                                         |   |         |              |  |   |        
|                                  | Investment in Real Estate, Net |                                         | $ | 318,326 |              |  | $ | 312,679 |        
|                                  | Other Assets, Net              |                                         |   | 28,255  |              |  |   | 39,640  |        
|                                  |                                |                                         |   |         |              | 
|                                  |                                | Total Assets                            |   | $       | 346,581      |  |   | $       | 352,319 | 
|                                  |                                |                                         |   |         |              | 
|LIABILITIES AND PARTNERS CAPITAL
|Liabilities:                      |                                |                                         |   |         |              |  |   |        
|                                  | Mortgage Loans Payable         |                                         | $ | 2,419   |              |  | $ | 2,456   |        
|                                  | Other Liabilities              |                                         |   | 9,981   |              |  |   | 6,947   |        
|                                  |                                |                                         |   |         |              | 
|                                  |                                | Total Liabilities                       |   |         | 12,400       |  |   |         | 9,403   | 
|                                  |                                |                                         |   |         |              | 
|                                  | Partners Capital              |                                         |   | 334,181 |              |  |   | 342,916 |        
|                                  |                                |                                         |   |         |              | 
|                                  |                                | Total Liabilities and Partners Capital |   | $       | 346,581      |  |   | $       | 352,319 | 
|                                  |                                |                                         |   |         |              | 



|                                                                                                                                                                                                                                                                      |  |               |        |   |               |            |        |          |            |   |          |   |  |   |        |  
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ------ | - | ------------- | ---------- | ------ | -------- | ---------- | - | -------- | - |  | - | ------ | -
|                                                                                                                                                                                                                                                                      |  |               |        |   |               | Six Months |        |          | Six Months |  
|                                                                                                                                                                                                                                                                      |  | Three Months  |        |   | Three Months  |            |        | Ended    |            |   | Ended    |  
|                                                                                                                                                                                                                                                                      |  | Ended         |        |   | Ended         |            |        | June 30, |            |   | June 30, |  
|                                                                                                                                                                                                                                                                      |  | June 30, 2005 |        |   | June 30, 2004 |            |        | 2005     |            |   | 2004     |  
|                                                                                                                                                                                                                                                                      |  |               |        |   |               |            |        |          |            |   |          |  
|Total Revenues, Including Interest Income                                                                                                                                                                                                                             |  | $             | 11,608 |   |               | $          | 10,360 |          |            | $ | 23,310   |   |  | $ | 21,158 |  
|Property Expenses                                                                                                                                                                                                                                                     |  |               | (3,674 | ) |               |            | (3,265 | )        |            |   | (7,890   | ) |  |   | (6,953 | )
|Interest Expense                                                                                                                                                                                                                                                      |  |               | (43    | ) |               |            | (44    | )        |            |   | (87      | ) |  |   | (89    | )
|Amortization of Deferred Financing Costs                                                                                                                                                                                                                              |  |               | (1     | ) |               |            | (1     | )        |            |   | (2       | ) |  |   | (2     | )
|Depreciation and Other Amortization                                                                                                                                                                                                                                   |  |               | (3,570 | ) |               |            | (3,018 | )        |            |   | (7,065   | ) |  |   | (6,024 | )
|Gain on Sale of Real Estate                                                                                                                                                                                                                                           |  |               | 52     |   |               |            | 1,459  |          |            |   | 865      |   |  |   | 1,590  |  
|Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $5,264 and $1,184 for the Three Months Ended
    June 30, 2005 and 2004, respectively, and $7,047 and $3,736
    for the Six Months Ended June 30, 2005 and 2004,
    respectively) |  |               | 5,492  |   |               |            | 1,755  |          |            |   | 7,534    |   |  |   | 5,017  |  
|                                                                                                                                                                                                                                                                      |  |               |        |   |               |            |        |          |            |   |          |  
|Net Income                                                                                                                                                                                                                                                            |  | $             | 9,864  |   |               | $          | 7,246  |          |            | $ | 16,665   |   |  | $ | 14,697 |  
|                                                                                                                                                                                                                                                                      |  |               |        |   |               |            |        |          |            |   |          |  



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



10



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|              |  |                    |        |  |          |   |       | 
|------------- |  | ------------------ | ------ |  | -------- | - | ----- | 
|              |  | For the Six Months |       
|              |  | Ended              |       
|              |  |                    |       
|              |  | June 30,           |        |  | June 30, |  
|              |  | 2005               |        |  | 2004     |  
|              |  |                    |        |  |          |  
|Contributions |  | $                  | 10,385 |  |          | $ | 2,525 | 
|Distributions |  | $                  | 402    |  |          | $ | 1,166 | 
|Fees          |  | $                  | 2,661  |  |          | $ | 1,811 | 



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



20-year


15-year


11



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##### Table of Contents



FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




20-year




|                                  |  |                        |        |                  |              |   |          |          |  |   |              |     |  |          |     |  |          |  |       |   |  |  |          | 
|--------------------------------- |  | ---------------------- | ------ | ---------------- | ------------ | - | -------- | -------- |  | - | ------------ | --- |  | -------- | --- |  | -------- |  | ----- | - |  |  | -------- | 
|                                  |  |                        |        | Accrued Interest |              |   | Interest |          |  |  
|                                  |  | Outstanding Balance at |        |                  | Payable at   |   |          | Rate at  |  |   |             
|                                  |  |                        |        |                  |              |   |          |          |  |   |             
|                                  |  | June 30,               |        |                  | December 31, |   |          | June 30, |  |   | December 31, |     |  | June 30, |     |  | Maturity | 
|                                  |  | 2005                   |        |                  | 2004         |   |          | 2005     |  |   | 2004         |     |  | 2005     |     |  | Date     | 
|                                  |  |                        |        |                  |              |   |          |          |  |   |              |     |  |          |     |  |          | 
|Mortgage Loans Payable, Net       |  |                        |        |                  |              |   |          |          |  |   |              |     |  |          |     |  |          |  |       |   |  |  |          | 
|Assumed Loan I                    |  | $                      | 2,624  |                  |              | $ | 2,874    |          |  | $ |             |     |  | $        | 22  |  |          |  | 9.250 | % |  |  | 09/01/09 | 
|Assumed Loan II                   |  |                        | 1,910  |                  |              |   | 1,995    |          |  |   |             |     |  |          | 15  |  |          |  | 9.250 | % |  |  | 01/01/13 | 
|Acquisition Mortgage Loan IV      |  |                        | 1,987  |                  |              |   | 2,037    |          |  |   | 15           |     |  |          | 15  |  |          |  | 8.950 | % |  |  | 10/01/06 | 
|Acquisition Mortgage Loan VIII    |  |                        | 5,386  |                  |              |   | 5,461    |          |  |   | 37           |     |  |          | 38  |  |          |  | 8.260 | % |  |  | 12/01/19 | 
|Acquisition Mortgage Loan IX      |  |                        | 5,586  |                  |              |   | 5,664    |          |  |   | 38           |     |  |          | 39  |  |          |  | 8.260 | % |  |  | 12/01/19 | 
|Acquisition Mortgage Loan X       |  |                        | 15,992 | (1)              |              |   | 16,251   | (1)      |  |   | 96           |     |  |          | 99  |  |          |  | 8.250 | % |  |  | 12/01/10 | 
|Acquisition Mortgage Loan XII     |  |                        | 2,534  | (1)              |              |   | 2,565    | (1)      |  |   | 14           |     |  |          | 15  |  |          |  | 7.540 | % |  |  | 01/01/12 | 
|Acquisition Mortgage Loan XIII .. |  |                        | 13,691 | (1,3)            |              |   | 13,862   | (1)      |  |   | 41           | (3) |  |          | 42  |  |          |  | 5.600 | % |  |  | 11/10/12 | 
|Acquisition Mortgage Loan XIV     |  |                        | 6,568  | (1)              |              |   | 6,740    | (1)      |  |   | 35           |     |  |          | 13  |  |          |  | 6.940 | % |  |  | 07/01/09 | 
|Acquisition Mortgage Loan XV      |  |                        | 1,167  |                  |              |   |         |          |  |   |             |     |  |          |    |  |          |  | 0.000 | % |  |  | 01/12/06 | 
|Acquisition Mortgage Loan XVI     |  |                        | 1,993  | (1)              |              |   |         |          |  |   | 9            |     |  |          |    |  |          |  | 5.500 | % |  |  | 09/30/24 | 
|Acquisition Mortgage Loan XVII    |  |                        | 3,314  | (1)              |              |   |         |          |  |   | 3            |     |  |          |    |  |          |  | 7.375 | % |  |  | 05/01/16 | 
|Acquisition Mortgage Loan XVIII   |  |                        | 7,244  | (1)              |              |   |         |          |  |   |             |     |  |          |    |  |          |  | 7.580 | % |  |  | 03/01/11 | 
|                                  |  |                        |        |                  |              |   |          |          |  |   |              |     |  |          |     |  |          | 
|Total                             |  | $                      | 69,996 |                  |              | $ | 57,449   |          |  | $ | 288          |     |  | $        | 298 |  |          |  |       |   |  |  |          | 
|                                  |  |                        |        |                  |              |   |          |          |  |   |              |     |  |          |     |  |          | 

12



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##### Table of Contents



FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                           |  |                        |           |                  |              |   |           |          |  |   |              |  |  |          |        |  |          |  |       |   |  |  |          | 
|-------------------------- |  | ---------------------- | --------- | ---------------- | ------------ | - | --------- | -------- |  | - | ------------ |  |  | -------- | ------ |  | -------- |  | ----- | - |  |  | -------- | 
|                           |  |                        |           | Accrued Interest |              |   | Interest  |          |  |  
|                           |  | Outstanding Balance at |           |                  | Payable at   |   |           | Rate at  |  |   |             
|                           |  |                        |           |                  |              |   |           |          |  |   |             
|                           |  | June 30,               |           |                  | December 31, |   |           | June 30, |  |   | December 31, |  |  | June 30, |        |  | Maturity | 
|                           |  | 2005                   |           |                  | 2004         |   |           | 2005     |  |   | 2004         |  |  | 2005     |        |  | Date     | 
|                           |  |                        |           |                  |              |   |           |          |  |   |              |  |  |          |        |  |          | 
|Senior Unsecured Debt, Net |  |                        |           |                  |              |   |           |          |  |   |              |  |  |          |        |  |          |  |       |   |  |  |          | 
|2005 Notes                 |  | $                      | 50,000    |                  |              | $ | 50,000    |          |  | $ | 383          |  |  | $        | 383    |  |          |  | 6.900 | % |  |  | 11/21/05 | 
|2006 Notes                 |  |                        | 150,000   |                  |              |   | 150,000   |          |  |   | 875          |  |  |          | 875    |  |          |  | 7.000 | % |  |  | 12/01/06 | 
|2007 Notes                 |  |                        | 149,990   | (2)              |              |   | 149,988   | (2)      |  |   | 1,456        |  |  |          | 1,456  |  |          |  | 7.600 | % |  |  | 05/15/07 | 
|2017 Notes                 |  |                        | 99,881    | (2)              |              |   | 99,876    | (2)      |  |   | 625          |  |  |          | 625    |  |          |  | 7.500 | % |  |  | 12/01/17 | 
|2027 Notes                 |  |                        | 15,054    | (2)              |              |   | 15,053    | (2)      |  |   | 138          |  |  |          | 138    |  |          |  | 7.150 | % |  |  | 05/15/27 | 
|2028 Notes                 |  |                        | 199,819   | (2)              |              |   | 199,815   | (2)      |  |   | 7,009        |  |  |          | 7,009  |  |          |  | 7.600 | % |  |  | 07/15/28 | 
|2011 Notes                 |  |                        | 199,654   | (2)              |              |   | 199,624   | (2)      |  |   | 4,343        |  |  |          | 4,343  |  |          |  | 7.375 | % |  |  | 03/15/11 | 
|2012 Notes                 |  |                        | 199,063   | (2)              |              |   | 198,994   | (2)      |  |   | 2,903        |  |  |          | 2,903  |  |          |  | 6.875 | % |  |  | 04/15/12 | 
|2032 Notes                 |  |                        | 49,402    | (2)              |              |   | 49,390    | (2)      |  |   | 818          |  |  |          | 818    |  |          |  | 7.750 | % |  |  | 04/15/32 | 
|2009 Notes                 |  |                        | 124,828   | (2)              |              |   | 124,806   | (2)      |  |   | 292          |  |  |          | 292    |  |          |  | 5.250 | % |  |  | 06/15/09 | 
|2014 Notes                 |  |                        | 110,506   | (2)              |              |   | 109,978   | (2)      |  |   | 669          |  |  |          | 669    |  |          |  | 6.420 | % |  |  | 06/01/14 | 
|                           |  |                        |           |                  |              |   |           |          |  |   |              |  |  |          |        |  |          | 
|Total                      |  | $                      | 1,348,197 |                  |              | $ | 1,347,524 |          |  | $ | 19,511       |  |  | $        | 19,511 |  |          |  |       |   |  |  |          | 
|                           |  |                        |           |                  |              |   |           |          |  |   |              |  |  |          |        |  |          | 
|Unsecured Line of Credit   |  |                        |           |                  |              |   |           |          |  |   |              |  |  |          |        |  |          |  |       |   |  |  |          | 
|Unsecured Line of Credit   |  | $                      | 229,500   |                  |              | $ | 167,500   |          |  | $ | 1,028        |  |  | $        | 549    |  |          |  | 3.959 | % |  |  | 09/28/07 | 
|                           |  |                        |           |                  |              |   |           |          |  |   |              |  |  |          |        |  |          | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | At June 30, 2005, the Acquisition Mortgage Loan X, the
    Acquisition Mortgage Loan XII, the Acquisition Mortgage Loan
    XIII, the Acquisition Mortgage Loan XIV, the Acquisition
    Mortgage Loan XVI, the Acquisition Mortgage Loan XVII and the
    Acquisition Mortgage Loan XVIII includes unamortized premiums of
    $2,100, $248, $424, $493, $30, $258 and $749, 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 June 30, 2005, the 2007 Notes, 2017 Notes, 2027 Notes,
    2028 Notes, 2011 Notes, 2012 Notes, 2032 Notes, 2009 Notes and
    the 2014 Notes are net of unamortized discounts of $10, $119,
    $16, $181, $346, $937, $598, $172 and $14,494, 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 Notes are net of unamortized discounts of $13, $124,
    $16, $185, $376, $1,006, $610, $194 and $15,023, respectively.                                                                                                                 
|   
|(3) | At June 30, 2005 the outstanding balance of Acquisition
    Mortgage Loan XIII and the accrued interest are classified as
    Mortgage Loan Payable and Accrued Interest on Real Estate Held
    for Sale.                                                                                                                                                                                                                                                                                                                                                                                                                                                

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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                  |  |        |           | 
|----------------- |  | ------ | --------- | 
|                  |  | Amount |          
|                  |  |        |          
|Remainder of 2005 |  | $      | 51,175    | 
|2006              |  |        | 155,406   | 
|2007              |  |        | 381,992   | 
|2008              |  |        | 2,692     | 
|2009              |  |        | 132,510   | 
|Thereafter        |  |        | 936,489   | 
|                  |  |        |          
|Total             |  | $      | 1,660,264 | 
|                  |  |        |          



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





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

mark-to




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



14



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






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









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







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





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



15



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)












|                                                     |  |               |        |          |               |   |            |          |  |            |          |   |  |   |        |  
|---------------------------------------------------- |  | ------------- | ------ | -------- | ------------- | - | ---------- | -------- |  | ---------- | -------- | - |  | - | ------ | -
|                                                     |  |               |        |          |               |   |            | Restated | 
|                                                     |  |               |        | Restated |               |   |            |          |  |           
|                                                     |  |               |        |          |               |   | Six Months |          |  | Six Months |         
|                                                     |  | Three Months  |        |          | Three Months  |   |            | Ended    |  |            | Ended    |  
|                                                     |  | Ended         |        |          | Ended         |   |            | June 30, |  |            | June 30, |  
|                                                     |  | June 30, 2005 |        |          | June 30, 2004 |   |            | 2005     |  |            | 2004     |  
|                                                     |  |               |        |          |               |   |            |          |  |            |          |  
|Total Revenues                                       |  | $             | 2,470  |          |               | $ | 7,531      |          |  | $          | 6,365    |   |  | $ | 16,894 |  
|Operating Expenses                                   |  |               | (1,014 | )        |               |   | (2,262     | )        |  |            | (2,322   | ) |  |   | (5,554 | )
|Depreciation and Amortization                        |  |               | (621   | )        |               |   | (2,125     | )        |  |            | (1,625   | ) |  |   | (4,183 | )
|Interest Expense                                     |  |               | (172   | )        |               |   | (64        | )        |  |            | (344     | ) |  |   | (128   | )
|Provision for Income Taxes                           |  |               | 84     |          |               |   | (545       | )        |  |            | (406     | ) |  |   | (1,010 | )
|Gain on Sale of Real Estate                          |  |               | 28,426 |          |               |   | 27,089     |          |  |            | 40,139   |   |  |   | 51,748 |  
|Provision for Income Taxes Allocable to Gain on Sale |  |               | (2,611 | )        |               |   | (1,565     | )        |  |            | (5,782   | ) |  |   | (3,675 | )
|                                                     |  |               |        |          |               |   |            |          |  |            |          |  
|Income from Discontinued Operations                  |  | $             | 26,562 |          |               | $ | 28,059     |          |  | $          | 36,025   |   |  | $ | 54,092 |  
|                                                     |  |               |        |          |               |   |            |          |  |            |          |  

16



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




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



|                                                                                                     |                                         |                  |        |         |                  |   |        |        |  
|---------------------------------------------------------------------------------------------------- | --------------------------------------- | ---------------- | ------ | ------- | ---------------- | - | ------ | ------ | -
|                                                                                                     |                                         | Six Months Ended |        |         | Six Months Ended |  
|                                                                                                     |                                         | June 30, 2005    |        |         | June 30, 2004    |  
|                                                                                                     |                                         |                  |        |         |                  |  
|Interest paid, net of capitalized interest                                                           |                                         | $                | 51,481 |         |                  | $ | 47,419 |       
|                                                                                                     |                                         |                  |        |         |                  |  
|                                                                                                     | Interest capitalized                    |                  | $      | 1,482   |                  |   | $      | 649    |  
|                                                                                                     |                                         |                  |        |         |                  |  
|Supplemental schedule of non-cash investing and financing
    activities:                            |                                         |                  |        |         |                  |   |        |       
|                                                                                                     | Distribution payable on units           |                  | $      | 34,485  |                  |   | $      | 32,737 |  
|                                                                                                     |                                         |                  |        |         |                  |  
|                                                                                                     | Distribution payable on preferred units |                  | $      | 1,232   |                  |   | $      | 759    |  
|                                                                                                     |                                         |                  |        |         |                  |  
|Exchange of limited partnership units for general partnership
    units:                             |                                         |                  |        |         |                  |   |        |       
|                                                                                                     | Limited partnership units               |                  | $      | (1,085  | )                |   | $      | (3,948 | )
|                                                                                                     | General partnership units               |                  |        | 1,085   |                  |   |        | 3,948  |  
|                                                                                                     |                                         |                  |        |         |                  |  
|                                                                                                     |                                         | $                |       |         |                  | $ |       |       
|                                                                                                     |                                         |                  |        |         |                  |  
|In conjunction with the property and land acquisitions, the
    following liabilities were assumed:  |                                         |                  |        |         |                  |   |        |       
|                                                                                                     | Accounts payable and accrued expenses   |                  | $      | (1,630  | )                |   | $      |       |  
|                                                                                                     |                                         |                  |        |         |                  |  
|                                                                                                     | Issuance of Limited Partnership Units   |                  | $      | (1,507  | )                |   | $      | (599   | )
|                                                                                                     |                                         |                  |        |         |                  |  
|                                                                                                     | Mortgage Debt                           |                  | $      | (11,545 | )                |   | $      |       |  
|                                                                                                     |                                         |                  |        |         |                  |  
|Foreclosed property acquisition and write-off of defaulted note
    receivable                       |                                         | $                | 3,870  |         |                  | $ |       |       
|                                                                                                     |                                         |                  |        |         |                  |  
|Write-off of retired assets                                                                          |                                         | $                | 19,318 |         |                  | $ |       |       
|                                                                                                     |                                         |                  |        |         |                  |  
|In conjunction with certain property sales, the Operating
    Partnership provided seller financing: |                                         |                  |        |         |                  |   |        |       
|                                                                                                     | Notes Receivable                        |                  | $      | 21,443  |                  |   | $      | 8,573  |  
|                                                                                                     |                                         |                  |        |         |                  |  

17



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##### Table of Contents



FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




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



|             |                                                                                                   |                                                                                         |                                                  |            |              |   |   |            |          |   |            |            |   |         |   |            |   |   | 
|------------ | ------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------- | ------------------------------------------------ | ---------- | ------------ | - | - | ---------- | -------- | - | ---------- | ---------- | - | ------- | - | ---------- | - | - | 
|             |                                                                                                   |                                                                                         |                                                  | Restated   |              |   |   |            | Restated |  
|             |                                                                                                   |                                                                                         |                                                  |            |              |   |   |            |          |  
|             |                                                                                                   | Three Months                                                                            |                                                  |            | Three Months |   |   | Six Months |          |   | Six Months |           
|             |                                                                                                   | Ended                                                                                   |                                                  |            | Ended        |   |   | Ended      |          |   | Ended      |           
|             |                                                                                                   | June 30,                                                                                |                                                  |            | June 30,     |   |   | June 30,   |          |   | June 30,   |           
|             |                                                                                                   | 2005                                                                                    |                                                  |            | 2004         |   |   | 2005       |          |   | 2004       |           
|             |                                                                                                   |                                                                                         |                                                  |            |              |   |   |            |          |   |            |           
|Numerator:   |                                                                                                   |                                                                                         |                                                  |            |              |   |   |            |          |   |            |            |   |         |   |           
|             | (Loss) Income from Continuing Operations                                                          |                                                                                         | $                                                | (3,685     | )            |   | $ | (798       | )        |   | $          | (7,419     | ) |         | $ | 2,740      |  
|             | Gain On Sale of Real Estate, Net of Income Taxes                                                  |                                                                                         |                                                  | 1,928      |              |   |   | 1,168      |          |   |            | 14,874     |   |         |   | 3,569      |  
|             | Less: Preferred Unit Distributions                                                                |                                                                                         |                                                  | (2,310     | )            |   |   | (4,790     | )        |   |            | (4,620     | ) |         |   | (9,834     | )
|             | Less: Redemption of Preferred Units                                                               |                                                                                         |                                                  |           |              |   |   | (7,359     | )        |   |            |           |   |         |   | (7,359     | )
|             |                                                                                                   |                                                                                         |                                                  |            |              |   |   |            |          |   |            |           
|             | (Loss) Income from Continuing Operations Available to
    Unitholders  For Basic and Diluted EPU |                                                                                         |                                                  | (4,067     | )            |   |   | (11,779    | )        |   |            | 2,835      |   |         |   | (10,884    | )
|             |                                                                                                   |                                                                                         |                                                  |            |              |   |   |            |          |   |            |           
|             | Discontinued Operations, Net of Income Taxes                                                      |                                                                                         |                                                  | 26,562     |              |   |   | 28,059     |          |   |            | 36,025     |   |         |   | 54,092     |  
|             |                                                                                                   |                                                                                         |                                                  |            |              |   |   |            |          |   |            |           
|             | Net Income Available to Unitholders                                                               |                                                                                         | $                                                | 22,495     |              |   | $ | 16,280     |          |   | $          | 38,860     |   |         | $ | 43,208     |  
|             |                                                                                                   |                                                                                         |                                                  |            |              |   |   |            |          |   |            |           
|Denominator: |                                                                                                   |                                                                                         |                                                  |            |              |   |   |            |          |   |            |            |   |         |   |           
|             | Weighted Average Units  Basic                                                                    |                                                                                         |                                                  | 48,759,271 |              |   |   | 46,908,514 |          |   |            | 48,692,754 |   |         |   | 46,568,519 |  
|             |                                                                                                   | Effect of Dilutive Securities that Result in the Issuance of
    General Partner Units: |                                                  |            |              |   |   |            |          |   |            |            |   |         |   |            |   |  
|             |                                                                                                   |                                                                                         | Employee and Director Common Stock Options       |            |              |  |   |            |          |  |            |            |   | 167,336 |   |            |   |  | 
|             |                                                                                                   |                                                                                         | Employee and Director Shares of Restricted Stock |            |              |  |   |            |          |  |            |            |   | 102,232 |   |            |   |  | 
|             |                                                                                                   |                                                                                         |                                                  |            |              |   |   |            |          |   |            |           
|             | Weighted Average Units Outstanding  Diluted                                                      |                                                                                         |                                                  | 48,759,271 |              |   |   | 46,908,514 |          |   |            | 48,962,322 |   |         |   | 46,568,519 |  
|Basic EPU:   |                                                                                                   |                                                                                         |                                                  |            |              |   |   |            |          |   |            |            |   |         |   |           
|             | (Loss) Income from Continuing Operations Available to Unitholders                                 |                                                                                         | $                                                | (0.08      | )            |   | $ | (0.25      | )        |   | $          | 0.06       |   |         | $ | (0.23      | )
|             |                                                                                                   |                                                                                         |                                                  |            |              |   |   |            |          |   |            |           
|             | Discontinued Operations, Net of Income Taxes                                                      |                                                                                         | $                                                | 0.54       |              |   | $ | 0.60       |          |   | $          | 0.74       |   |         | $ | 1.16       |  
|             |                                                                                                   |                                                                                         |                                                  |            |              |   |   |            |          |   |            |           
|             | Net Income Available to Unitholders                                                               |                                                                                         | $                                                | 0.46       |              |   | $ | 0.35       |          |   | $          | 0.80       |   |         | $ | 0.93       |  
|             |                                                                                                   |                                                                                         |                                                  |            |              |   |   |            |          |   |            |           
|Diluted EPU: |                                                                                                   |                                                                                         |                                                  |            |              |   |   |            |          |   |            |            |   |         |   |           
|             | (Loss) Income from Continuing Operations Available to Unitholders                                 |                                                                                         | $                                                | (0.08      | )            |   | $ | (0.25      | )        |   | $          | 0.06       |   |         | $ | (0.23      | )
|             |                                                                                                   |                                                                                         |                                                  |            |              |   |   |            |          |   |            |           
|             | Discontinued Operations, Net of Income Taxes                                                      |                                                                                         | $                                                | 0.54       |              |   | $ | 0.60       |          |   | $          | 0.74       |   |         | $ | 1.16       |  
|             |                                                                                                   |                                                                                         |                                                  |            |              |   |   |            |          |   |            |           
|             | Net Income Available to Unitholders                                                               |                                                                                         | $                                                | 0.46       |              |   | $ | 0.35       |          |   | $          | 0.79       |   |         | $ | 0.93       |  
|             |                                                                                                   |                                                                                         |                                                  |            |              |   |   |            |          |   |            |           



18



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##### Table of Contents



FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






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









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

Form 10-Q/


19



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##### Table of Contents



FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Form 10-Q.


|                                                                                                                                                                      |                                            |                                          |        |       |              |   |       |          |   |   |                |       |   |             |        |       |   |   |        |       |  
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------ | ---------------------------------------- | ------ | ----- | ------------ | - | ----- | -------- | - | - | -------------- | ----- | - | ----------- | ------ | ----- | - | - | ------ | ----- | -
|                                                                                                                                                                      |                                            | For the Three Months Ended June 30, 2004 |       
|                                                                                                                                                                      |                                            |                                          |       
|                                                                                                                                                                      |                                            | As Previously                            |        |       |             
|                                                                                                                                                                      |                                            | Reported on                              |        |       |             
|                                                                                                                                                                      |                                            | Form 10-Q/A                              |        |       | Restatement  |   |       | Restated |   |   |               
|                                                                                                                                                                      |                                            | Filed                                    |        |       | of Benefit   |   |       | Amounts  |   |   | Adjustment for |       |   | As Reported |       
|                                                                                                                                                                      |                                            | November 9,                              |        |       | (Expense) of |   |       | for 2004 |   |   | Discontinued   |       |   | on 2005     |       
|                                                                                                                                                                      |                                            | 2004                                     |        |       | Income Tax   |   |       | 10-Q/A   |   |   | Operations     |       |   | 10-Q        |       
|                                                                                                                                                                      |                                            |                                          |        |       |              |   |       |          |   |   |                |       |   |             |       
|(Loss) Income from Continuing Operations Before Income Tax
    Benefit, Equity in Income of Joint Ventures and Equity in Income
    of Other Real Estate Partnerships |                                            | $                                        | (7,525 | )     |              | $ |      |          |   | $ | (7,525         | )     |   | $           | (2,218 | )     |   | $ | (9,743 | )    
|Income Tax Benefit                                                                                                                                                    |                                            |                                          |       |       |              |   | 1,102 |          |   |   | 1,102          |       |   |             | 351    |       |   |   | 1,453  |      
|Equity in Income of Joint Ventures                                                                                                                                    |                                            |                                          | 301    |       |              |   |      |          |   |   | 301            |       |   |             |       |       |   |   | 301    |      
|Equity in Income of Other Real Estate Partnerships                                                                                                                    |                                            |                                          | 7,191  |       |              |   |      |          |   |   | 7,191          |       |   |             |       |       |   |   | 7,191  |      
|                                                                                                                                                                      |                                            |                                          |        |       |              |   |       |          |   |   |                |       |   |             |       
|(Loss) Income from Continuing Operations                                                                                                                              |                                            |                                          | (33    | )     |              |   | 1,102 |          |   |   | 1,069          |       |   |             | (1,867 | )     |   |   | (798   | )    
|Income from Discontinued Operations                                                                                                                                   |                                            |                                          | 27,951 |       |              |   |      |          |   |   | 27,951         |       |   |             | 2,218  |       |   |   | 30,169 |      
|Income Tax Provision Allocable to Discontinued Operations                                                                                                             |                                            |                                          | (1,367 | )     |              |   | (392  | )        |   |   | (1,759         | )     |   |             | (351   | )     |   |   | (2,110 | )    
|                                                                                                                                                                      |                                            |                                          |        |       |              |   |       |          |   |   |                |       |   |             |       
|Income Before Gain on Sale of Real Estate                                                                                                                             |                                            |                                          | 26,551 |       |              |   | 710   |          |   |   | 27,261         |       |   |             |       |       |   |   | 27,261 |      
|Gain on Sale of Real Estate                                                                                                                                           |                                            |                                          | 1,878  |       |              |   |      |          |   |   | 1,878          |       |   |             |       |       |   |   | 1,878  |      
|Income Tax Provision Allocable to Gain on Sale of Real Estate                                                                                                         |                                            |                                          |       |       |              |   | (710  | )        |   |   | (710           | )     |   |             |       |       |   |   | (710   | )    
|                                                                                                                                                                      |                                            |                                          |        |       |              |   |       |          |   |   |                |       |   |             |       
|Net Income                                                                                                                                                            |                                            |                                          | 28,429 |       |              |   |      |          |   |   | 28,429         |       |   |             |       |       |   |   | 28,429 |      
|                                                                                                                                                                      |                                            |                                          |        |       |              |   |       |          |   |   |                |       |   |             |       
|Less: Preferred Unit Distributions                                                                                                                                    |                                            |                                          | (4,790 | )     |              |   |      |          |   |   | (4,790         | )     |   |             |       |       |   |   | (4,790 | )    
|Less: Redemption of Preferred Units                                                                                                                                   |                                            |                                          | (7,359 | )     |              |   |      |          |   |   | (7,359         | )     |   |             |       |       |   |   | (7,359 | )    
|                                                                                                                                                                      |                                            |                                          |        |       |              |   |       |          |   |   |                |       |   |             |       
|Net Income Available to Unitholders                                                                                                                                   |                                            | $                                        | 16,280 |       |              | $ |      |          |   | $ | 16,280         |       |   | $           |       |       |   | $ | 16,280 |      
|                                                                                                                                                                      |                                            |                                          |        |       |              |   |       |          |   |   |                |       |   |             |       
|Basic Earnings Per Unit:                                                                                                                                              |                                            |                                          |        |       |              |   |       |          |   |   |                |       |   |             |        |       |   |   |        |      
|                                                                                                                                                                      | (Loss) Income from Continuing Operations   |                                          | $      | (0.22 | )            |   | $     | 0.01     |   |   | $              | (0.21 | ) |             | $      | (0.04 | ) |   | $      | (0.25 | )
|                                                                                                                                                                      | Income (Loss) from Discontinued Operations |                                          | $      | 0.57  |              |   | $     | (0.01    | ) |   | $              | 0.56  |   |             | $      | 0.04  |   |   | $      | 0.60  |  
|                                                                                                                                                                      | Net Income Available to Unitholders        |                                          | $      | 0.35  |              |   | $     |         |   |   | $              | 0.35  |   |             | $      |      |   |   | $      | 0.35  |  
|Diluted Earnings Per Unit:                                                                                                                                            |                                            |                                          |        |       |              |   |       |          |   |   |                |       |   |             |        |       |   |   |        |      
|                                                                                                                                                                      | (Loss) Income from Continuing Operations   |                                          | $      | (0.22 | )            |   | $     | 0.01     |   |   | $              | (0.21 | ) |             | $      | (0.04 | ) |   | $      | (0.25 | )
|                                                                                                                                                                      | Income (Loss) from Discontinued Operations |                                          | $      | 0.56  |              |   | $     | (0.01    | ) |   | $              | 0.56  |   |             | $      | 0.04  |   |   | $      | 0.60  |  
|                                                                                                                                                                      | Net Income Available to Unitholders        |                                          | $      | 0.35  |              |   | $     |         |   |   | $              | 0.35  |   |             | $      |      |   |   | $      | 0.35  |  

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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                                                                                                                                                                      |                                     |                                        |         |       |              |   |        |          |  |   |                |       |   |             |        |       |   |   |         |       |  
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------- | -------------------------------------- | ------- | ----- | ------------ | - | ------ | -------- |  | - | -------------- | ----- | - | ----------- | ------ | ----- | - | - | ------- | ----- | -
|                                                                                                                                                                      |                                     | For the Six Months Ended June 30, 2004 |        
|                                                                                                                                                                      |                                     |                                        |        
|                                                                                                                                                                      |                                     | As                                     |         |       |             
|                                                                                                                                                                      |                                     | Previously                             |         |       |             
|                                                                                                                                                                      |                                     | Reported on                            |         |       |             
|                                                                                                                                                                      |                                     | Form 10-Q/A                            |         |       | Restatement  |   |        | Restated |  |   |               
|                                                                                                                                                                      |                                     | Filed                                  |         |       | of Benefit   |   |        | Amounts  |  |   | Adjustment for |       |   | As Reported |       
|                                                                                                                                                                      |                                     | November 9,                            |         |       | (Expense) of |   |        | for 2004 |  |   | Discontinued   |       |   | on 2005     |       
|                                                                                                                                                                      |                                     | 2004                                   |         |       | Income Tax   |   |        | 10-Q/A   |  |   | Operations     |       |   | 10-Q        |       
|                                                                                                                                                                      |                                     |                                        |         |       |              |   |        |          |  |   |                |       |   |             |       
|Income (Loss) from Continuing Operations Before Income Tax
    Benefit, Equity in Income of Joint Ventures and Equity in Income
    of Other Real Estate Partnerships |                                     | $                                      | (10,459 | )     |              | $ |       |          |  | $ | (10,459        | )     |   | $           | (4,181 | )     |   | $ | (14,640 | )    
|Income Tax Benefit                                                                                                                                                    |                                     |                                        |        |       |              |   | 1,630  |          |  |   | 1,630          |       |   |             | 632    |       |   |   | 2,262   |      
|Equity in Income of Joint Ventures                                                                                                                                    |                                     |                                        | 546     |       |              |   |       |          |  |   | 546            |       |   |             |       |       |   |   | 546     |      
|Equity in Income of Other Real Estate Partnerships                                                                                                                    |                                     |                                        | 14,572  |       |              |   |       |          |  |   | 14,572         |       |   |             |       |       |   |   | 14,572  |      
|                                                                                                                                                                      |                                     |                                        |         |       |              |   |        |          |  |   |                |       |   |             |       
|Income (Loss) from Continuing Operations                                                                                                                              |                                     |                                        | 4,659   |       |              |   | 1,630  |          |  |   | 6,289          |       |   |             | (3,549 | )     |   |   | 2,740   |      
|Income from Discontinued Operations                                                                                                                                   |                                     |                                        | 54,596  |       |              |   |       |          |  |   | 54,596         |       |   |             | 4,181  |       |   |   | 58,777  |      
|Income Tax Provision Allocable to Discontinued Operations                                                                                                             |                                     |                                        | (3,847  | )     |              |   | (206   | )        |  |   | (4,053         | )     |   |             | (632   | )     |   |   | (4,685  | )    
|                                                                                                                                                                      |                                     |                                        |         |       |              |   |        |          |  |   |                |       |   |             |       
|Income Before Gain on Sale of Real Estate                                                                                                                             |                                     |                                        | 55,408  |       |              |   | 1,424  |          |  |   | 56,832         |       |   |             |       |       |   |   | 56,832  |      
|Gain on Sale of Real Estate                                                                                                                                           |                                     |                                        | 4,993   |       |              |   |       |          |  |   | 4,993          |       |   |             |       |       |   |   | 4,993   |      
|Income Tax Provision Allocable to Gain on Sale of Real Estate                                                                                                         |                                     |                                        |        |       |              |   | (1,424 | )        |  |   | (1,424         | )     |   |             |       |       |   |   | (1,424  | )    
|                                                                                                                                                                      |                                     |                                        |         |       |              |   |        |          |  |   |                |       |   |             |       
|Net Income                                                                                                                                                            |                                     |                                        | 60,401  |       |              |   |       |          |  |   | 60,401         |       |   |             |       |       |   |   | 60,401  |      
|                                                                                                                                                                      |                                     |                                        |         |       |              |   |        |          |  |   |                |       |   |             |       
|Less: Preferred Unit Distributions                                                                                                                                    |                                     |                                        | (9,834  | )     |              |   |       |          |  |   | (9,834         | )     |   |             |       |       |   |   | (9,834  | )    
|Less: Redemption of Preferred Units                                                                                                                                   |                                     |                                        | (7,359  | )     |              |   |       |          |  |   | (7,359         | )     |   |             |       |       |   |   | (7,359  | )    
|                                                                                                                                                                      |                                     |                                        |         |       |              |   |        |          |  |   |                |       |   |             |       
|Net Income Available to Unitholders                                                                                                                                   |                                     | $                                      | 43,208  |       |              | $ |       |          |  | $ | 43,208         |       |   | $           |       |       |   | $ | 43,208  |      
|                                                                                                                                                                      |                                     |                                        |         |       |              |   |        |          |  |   |                |       |   |             |       
|Basic Earnings Per Unit:                                                                                                                                              |                                     |                                        |         |       |              |   |        |          |  |   |                |       |   |             |        |       |   |   |         |      
|                                                                                                                                                                      | Loss from Continuing Operations     |                                        | $       | (0.16 | )            |   | $      |         |  |   | $              | (0.16 | ) |             | $      | (0.08 | ) |   | $       | (0.23 | )
|                                                                                                                                                                      | Income from Discontinued Operations |                                        | $       | 1.09  |              |   | $      |         |  |   | $              | 1.09  |   |             | $      | 0.08  |   |   | $       | 1.16  |  
|                                                                                                                                                                      | Net Income Available to Unitholders |                                        | $       | 0.93  |              |   | $      |         |  |   | $              | 0.93  |   |             | $      |      |   |   | $       | 0.93  |  
|Diluted Earnings Per Unit:                                                                                                                                            |                                     |                                        |         |       |              |   |        |          |  |   |                |       |   |             |        |       |   |   |         |      
|                                                                                                                                                                      | Loss from Continuing Operations     |                                        | $       | (0.16 | )            |   | $      |         |  |   | $              | (0.16 | ) |             | $      | (0.08 | ) |   | $       | (0.23 | )
|                                                                                                                                                                      | Income from Discontinued Operations |                                        | $       | 1.08  |              |   | $      |         |  |   | $              | 1.09  |   |             | $      | 0.08  |   |   | $       | 1.16  |  
|                                                                                                                                                                      | Net Income Available to Unitholders |                                        | $       | 0.92  |              |   | $      |         |  |   | $              | 0.93  |   |             | $      |      |   |   | $       | 0.93  |  



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





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



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








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

Form 10-Q.




GENERAL












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MANAGEMENTS OVERVIEW








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RESTATEMENT


Form 10-QA Form 10-Q.




|                                                                          |  |               |       |  |            |   |        |             |  |   |       | 
|------------------------------------------------------------------------- |  | ------------- | ----- |  | ---------- | - | ------ | ----------- |  | - | ----- | 
|                                                                          |  | As Previously |       |  |            |   |       
|Balance Sheet Caption                                                     |  | Reported      |       |  | Adjustment |   |        | As Restated | 
|                                                                          |  |               |       |  |            |   |        |             | 
|General Partner Preferred Units  December 31,
    2004 and June 30, 2005 |  | $             | 240.7 |  |            | $ | (119.1 | )           |  | $ | 121.6 | 
|General Partner Units  December 31, 2004                                 |  | $             | 638.7 |  |            | $ | 119.1  |             |  | $ | 757.8 | 
|General Partner Units  June 30, 2005                                     |  | $             | 623.6 |  |            | $ | 119.1  |             |  | $ | 742.8 | 

RESULTS OF OPERATIONS


Comparison of Six months ended June 30, 2005 to Six
months ended June 30, 2004






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|                          |                |            |         |         |            |   |         |          |  |   |          |        |  |  |        |       |  
|------------------------- | -------------- | ---------- | ------- | ------- | ---------- | - | ------- | -------- |  | - | -------- | ------ |  |  | ------ | ----- | -
|                          |                | Six Months |         |         | Six Months |   |         |          |  |  
|                          |                | Ended      |         |         | Ended      |   |         |          |  |  
|                          |                | June 30,   |         |         | June 30,   |   |         |          |  |  
|                          |                | 2005       |         |         | 2004       |   |         | $ Change |  |   | % Change |       
|                          |                |            |         |         |            |   |         |          |  |   |          |       
|REVENUES ($ in 000s)     |                |            |         |         |            |   |         |          |  |   |          |        |  |  |        |      
|Same Store Properties     |                | $          | 109,542 |         |            | $ | 109,529 |          |  | $ | 13       |        |  |  | 0.01   | %    
|Acquired Properties       |                |            | 20,689  |         |            |   | 2,484   |          |  |   | 18,205   |        |  |  | 732.89 | %    
|Sold Properties           |                |            | 5,519   |         |            |   | 17,704  |          |  |   | (12,185  | )      |  |  | (68.83 | )%   
|Properties Not In Service |                |            | 12,240  |         |            |   | 12,178  |          |  |   | 62       |        |  |  | 0.51   | %    
|Other                     |                |            | 7,417   |         |            |   | 5,030   |          |  |   | 2,387    |        |  |  | 47.46  | %    
|                          |                |            |         |         |            |   |         |          |  |   |          |       
|                          |                |            | 155,407 |         |            |   | 146,925 |          |  |   | 8,482    |        |  |  | 5.77   | %    
|Discontinued Operations   |                |            | (6,365  | )       |            |   | (16,894 | )        |  |   | 10,529   |        |  |  | (62.32 | )%   
|                          |                |            |         |         |            |   |         |          |  |   |          |       
|                          | Total Revenues |            | $       | 149,042 |            |   | $       | 130,031  |  |   | $        | 19,011 |  |  |        | 14.62 | %
|                          |                |            |         |         |            |   |         |          |  |   |          |       



|                               |                         |            |        |        |            |   |        |          |  |   |          |       |  |  |        |       |  
|------------------------------ | ----------------------- | ---------- | ------ | ------ | ---------- | - | ------ | -------- |  | - | -------- | ----- |  |  | ------ | ----- | -
|                               |                         | Six Months |        |        | Six Months |   |        |          |  |  
|                               |                         | Ended      |        |        | Ended      |   |        |          |  |  
|                               |                         | June 30,   |        |        | June 30,   |   |        |          |  |  
|                               |                         | 2005       |        |        | 2004       |   |        | $ Change |  |   | % Change |      
|                               |                         |            |        |        |            |   |        |          |  |   |          |      
|PROPERTY EXPENSES ($ in 000s) |                         |            |        |        |            |   |        |          |  |   |          |       |  |  |        |      
|Same Store Properties          |                         | $          | 37,255 |        |            | $ | 35,772 |          |  | $ | 1,483    |       |  |  | 4.15   | %    
|Acquired Properties            |                         |            | 5,534  |        |            |   | 902    |          |  |   | 4,632    |       |  |  | 513.53 | %    
|Sold Properties                |                         |            | 2,111  |        |            |   | 5,791  |          |  |   | (3,680   | )     |  |  | (63.55 | )%   
|Properties Not In Service      |                         |            | 5,449  |        |            |   | 5,215  |          |  |   | 234      |       |  |  | 4.49   | %    
|Other                          |                         |            | 4,479  |        |            |   | 2,626  |          |  |   | 1,853    |       |  |  | 70.56  | %    
|                               |                         |            |        |        |            |   |        |          |  |   |          |      
|                               |                         |            | 54,828 |        |            |   | 50,306 |          |  |   | 4,522    |       |  |  | 8.99   | %    
|Discontinued Operations        |                         |            | (2,322 | )      |            |   | (5,554 | )        |  |   | 3,232    |       |  |  | (58.19 | )%   
|                               |                         |            |        |        |            |   |        |          |  |   |          |      
|                               | Total Property Expenses |            | $      | 52,506 |            |   | $      | 44,752   |  |   | $        | 7,754 |  |  |        | 17.33 | %
|                               |                         |            |        |        |            |   |        |          |  |   |          |      



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|                                                     |  |            |        |   |            |   |        |          |  |   |          |   |  |  |        |   
|---------------------------------------------------- |  | ---------- | ------ | - | ---------- | - | ------ | -------- |  | - | -------- | - |  |  | ------ | --
|                                                     |  | Six Months |        |   | Six Months |   |        |          |  |  
|                                                     |  | Ended      |        |   | Ended      |   |        |          |  |  
|                                                     |  | June 30,   |        |   | June 30,   |   |        |          |  |  
|                                                     |  | 2005       |        |   | 2004       |   |        | $ Change |  |   | % Change |  
|                                                     |  |            |        |   |            |   |        |          |  |   |          |  
|DEPRECIATION and OTHER AMORTIZATION
    ($ in 000s) |  |            |        |   |            |   |        |          |  |   |          |   |  |  |        |   
|Same Store Properties                                |  | $          | 33,605 |   |            | $ | 29,568 |          |  | $ | 4,037    |   |  |  | 13.65  | % 
|Acquired Properties                                  |  |            | 9,170  |   |            |   | 1,235  |          |  |   | 7,935    |   |  |  | 642.51 | % 
|Sold Properties                                      |  |            | 1,408  |   |            |   | 4,561  |          |  |   | (3,153   | ) |  |  | (69.13 | )%
|Properties Not In Service and Other                  |  |            | 5,560  |   |            |   | 5,564  |          |  |   | (4       | ) |  |  | (0.07  | )%
|Corporate Furniture, Fixtures and Equipment          |  |            | 657    |   |            |   | 640    |          |  |   | 17       |   |  |  | 2.66   | % 
|                                                     |  |            |        |   |            |   |        |          |  |   |          |  
|                                                     |  | $          | 50,400 |   |            | $ | 41,568 |          |  | $ | 8,832    |   |  |  | 21.25  | % 
|Discontinued Operations                              |  |            | (1,625 | ) |            |   | (4,183 | )        |  |   | 2,558    |   |  |  | (61.15 | )%
|                                                     |  |            |        |   |            |   |        |          |  |   |          |  
|Total Depreciation and Other Amortization            |  | $          | 48,775 |   |            | $ | 37,385 |          |  | $ | 11,390   |   |  |  | 30.47  | % 
|                                                     |  |            |        |   |            |   |        |          |  |   |          |  







mark-to






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|                                                 |  |              |        |          |            |   |        |  
|------------------------------------------------ |  | ------------ | ------ | -------- | ---------- | - | ------ | -
|                                                 |  |              |        | Restated |           
|                                                 |  |              |        |          |           
|                                                 |  | Six Months   |        |          | Six Months |  
|                                                 |  | Ended        |        |          | Ended      |  
|                                                 |  | June 30,     |        |          | June 30,   |  
|                                                 |  | 2005         |        |          | 2004       |  
|                                                 |  |              |        |          |            |  
|                                                 |  | ($ in 000s) |       
|Total Revenues                                   |  | $            | 6,365  |          |            | $ | 16,894 |  
|Operating Expenses                               |  |              | (2,322 | )        |            |   | (5,554 | )
|Depreciation and Amortization                    |  |              | (1,625 | )        |            |   | (4,183 | )
|Interest Expense                                 |  |              | (344   | )        |            |   | (128   | )
|Provision for Income Taxes                       |  |              | (406   | )        |            |   | (1,010 | )
|Gain on Sale of Real Estate, Net of Income Taxes |  |              | 34,357 |          |            |   | 48,073 |  
|                                                 |  |              |        |          |            |  
|Income from Discontinued Operations              |  | $            | 36,025 |          |            | $ | 54,092 |  
|                                                 |  |              |        |          |            |  





Comparison of Three Months Ended June 30, 2005 to Three
Months Ended June 30, 2004






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|                          |                |               |        |        |               |   |        |          |  |   |          |        |  |  |         |       |  
|------------------------- | -------------- | ------------- | ------ | ------ | ------------- | - | ------ | -------- |  | - | -------- | ------ |  |  | ------- | ----- | -
|                          |                | Three Months  |        |        | Three Months  |   |        |          |  |  
|                          |                | Ended         |        |        | Ended         |   |        |          |  |  
|                          |                | June 30, 2005 |        |        | June 30, 2004 |   |        | $ Change |  |   | % Change |       
|                          |                |               |        |        |               |   |        |          |  |   |          |       
|REVENUES ($ in 000s)     |                |               |        |        |               |   |        |          |  |   |          |        |  |  |         |      
|Same Store Properties     |                | $             | 55,492 |        |               | $ | 55,978 |          |  | $ | (486     | )      |  |  | (0.87   | )%   
|Acquired Properties       |                |               | 10,458 |        |               |   | 649    |          |  |   | 9,809    |        |  |  | 1511.40 | %    
|Sold Properties           |                |               | 1,705  |        |               |   | 8,011  |          |  |   | (6,306   | )      |  |  | (78.72  | )%   
|Properties Not In Service |                |               | 5,959  |        |               |   | 4,991  |          |  |   | 968      |        |  |  | 13.39   | %    
|Other                     |                |               | 3,688  |        |               |   | 1,980  |          |  |   | 1,708    |        |  |  | 86.26   | %    
|                          |                |               |        |        |               |   |        |          |  |   |          |       
|                          |                | $             | 77,302 |        |               | $ | 71,609 |          |  | $ | 5,693    |        |  |  | 7.95    | %    
|Discontinued Operations   |                |               | (2,470 | )      |               |   | (7,531 | )        |  |   | 5,061    |        |  |  | (67.20  | )%   
|                          |                |               |        |        |               |   |        |          |  |   |          |       
|                          | Total Revenues |               | $      | 74,832 |               |   | $      | 64,078   |  |   | $        | 10,754 |  |  |         | 16.78 | %
|                          |                |               |        |        |               |   |        |          |  |   |          |       



|                               |                         |               |        |        |               |   |        |          |  |   |          |       |  |  |         |       |  
|------------------------------ | ----------------------- | ------------- | ------ | ------ | ------------- | - | ------ | -------- |  | - | -------- | ----- |  |  | ------- | ----- | -
|                               |                         | Three Months  |        |        | Three Months  |   |        |          |  |  
|                               |                         | Ended         |        |        | Ended         |   |        |          |  |  
|                               |                         | June 30, 2005 |        |        | June 30, 2004 |   |        | $ Change |  |   | % Change |      
|                               |                         |               |        |        |               |   |        |          |  |   |          |      
|PROPERTY EXPENSES ($ in 000s) |                         |               |        |        |               |   |        |          |  |   |          |       |  |  |         |      
|Same Store Properties          |                         | $             | 18,338 |        |               | $ | 17,079 |          |  | $ | 1,259    |       |  |  | 7.37    | %    
|Acquired Properties            |                         |               | 2,654  |        |               |   | 125    |          |  |   | 2,529    |       |  |  | 2023.20 | %    
|Sold Properties                |                         |               | 872    |        |               |   | 2,356  |          |  |   | (1,484   | )     |  |  | (62.99  | )%   
|Properties Not In Service      |                         |               | 2,756  |        |               |   | 3,125  |          |  |   | (369     | )     |  |  | (11.81  | )%   
|Other                          |                         |               | 2,696  |        |               |   | 1,553  |          |  |   | 1,143    |       |  |  | 73.60   | %    
|                               |                         |               |        |        |               |   |        |          |  |   |          |      
|                               |                         | $             | 27,316 |        |               | $ | 24,238 |          |  | $ | 3,078    |       |  |  | 12.70   | %    
|Discontinued Operations        |                         |               | (1,014 | )      |               |   | (2,262 | )        |  |   | 1,248    |       |  |  | (55.17  | )%   
|                               |                         |               |        |        |               |   |        |          |  |   |          |      
|                               | Total Property Expenses |               | $      | 26,302 |               |   | $      | 21,976   |  |   | $        | 4,326 |  |  |         | 19.69 | %
|                               |                         |               |        |        |               |   |        |          |  |   |          |      



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|                                                 |  |               |        |   |               |   |        |          |  |   |          |   |  |  |         |   
|------------------------------------------------ |  | ------------- | ------ | - | ------------- | - | ------ | -------- |  | - | -------- | - |  |  | ------- | --
|                                                 |  | Three Months  |        |   | Three Months  |   |        |          |  |  
|                                                 |  | Ended         |        |   | Ended         |   |        |          |  |  
|                                                 |  | June 30, 2005 |        |   | June 30, 2004 |   |        | $ Change |  |   | % Change |  
|                                                 |  |               |        |   |               |   |        |          |  |   |          |  
|DEPRECIATION and OTHER AMORTIZATION ($ in 000s) |  |               |        |   |               |   |        |          |  |   |          |   |  |  |         |   
|Same Store Properties                            |  | $             | 17,455 |   |               | $ | 16,067 |          |  | $ | 1,388    |   |  |  | 8.64    | % 
|Acquired Properties                              |  |               | 4,810  |   |               |   | 416    |          |  |   | 4,394    |   |  |  | 1056.25 | % 
|Sold Properties                                  |  |               | 405    |   |               |   | 2,438  |          |  |   | (2,033   | ) |  |  | (83.39  | )%
|Properties Not In Service and Other              |  |               | 2,713  |   |               |   | 2,762  |          |  |   | (49      | ) |  |  | (1.77   | )%
|Corporate Furniture, Fixtures and Equipment      |  |               | 337    |   |               |   | 321    |          |  |   | 16       |   |  |  | 4.98    | % 
|                                                 |  |               |        |   |               |   |        |          |  |   |          |  
|                                                 |  | $             | 25,720 |   |               | $ | 22,004 |          |  | $ | 3,716    |   |  |  | 16.89   | % 
|Discontinued Operations                          |  |               | (621   | ) |               |   | (2,125 | )        |  |   | 1,504    |   |  |  | (70.78  | )%
|                                                 |  |               |        |   |               |   |        |          |  |   |          |  
|Total Depreciation and Other Amortization        |  | $             | 25,099 |   |               | $ | 19,879 |          |  | $ | 5,220    |   |  |  | 26.26   | % 
|                                                 |  |               |        |   |               |   |        |          |  |   |          |  







mark-to








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|                                                 |  |               |        |          |               |   |        |  
|------------------------------------------------ |  | ------------- | ------ | -------- | ------------- | - | ------ | -
|                                                 |  |               |        | Restated |              
|                                                 |  |               |        |          |              
|                                                 |  | Three Months  |        |          | Three Months  |  
|                                                 |  | Ended         |        |          | Ended         |  
|                                                 |  | June 30, 2005 |        |          | June 30, 2004 |  
|                                                 |  |               |        |          |               |  
|                                                 |  | ($ in 000s)  |       
|Total Revenues                                   |  | $             | 2,470  |          |               | $ | 7,531  |  
|Operating Expenses                               |  |               | (1,014 | )        |               |   | (2,262 | )
|Depreciation and Amortization                    |  |               | (621   | )        |               |   | (2,125 | )
|Interest Expense                                 |  |               | (172   | )        |               |   | (64    | )
|Provision for Income Taxes                       |  |               | 84     |          |               |   | (545   | )
|Gain on Sale of Real Estate, Net of Income Taxes |  |               | 25,815 |          |               |   | 25,524 |  
|                                                 |  |               |        |          |               |  
|Income from Discontinued Operations              |  | $             | 26,562 |          |               | $ | 28,059 |  
|                                                 |  |               |        |          |               |  





LIQUIDITY AND CAPITAL RESOURCES






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Six months ended June 30, 2005














33



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##### Table of Contents







Market Risk
















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



34



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##### Table of Contents









04-05, 04-05, kick-out 96-16, 04-05 04-05


Subsequent Events






35



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##### Table of Contents










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








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



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











| |                                                         
| | --------------------------------------------------------
| | Changes in Internal Control over Financial
    Reporting



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##### 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
|        |    |            
|        | 3  | .1***       |  | Amendment No. 2 dated July 22, 2005 to the Eighth
    Amended and Restated Partnership Agreement of the Operating
    Partnership dated June 2, 2004 (incorporated by reference
    to Exhibit 10.1 of the Form 10-Q of First Industrial
    Realty Trust, Inc. (the Company) dated
    August 9, 2005, File No. 1-13102)
|        | 10 | .1***       |  | Unsecured Term Loan Agreement dated August 1, 2005 among
    the Operating Partnership, the Company and JP Morgan Chase Bank,
    N.A. (incorporated by reference to Exhibit 10.3 of the
    Form 10-Q of the Company filed August 9, 2005, File
    No. 1-13102)                                                          
|        | 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



|    |                 
|--- | ----------------
|*** | Previously filed

37



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##### Table of Contents



Form 10-K, Form 10-Q, Form 8-K,










38



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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)  



39



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EXHIBIT INDEX


|        |    |             |  |                                                                                                                                                                                                                                                                                                                            
|------- | -- | ----------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |            
|Number  |    | Description
|        |    |            
|        | 3  | .1***       |  | Amendment No. 2 dated July 22, 2005 to the Eighth
    Amended and Restated Partnership Agreement of the Operating
    Partnership dated June 2, 2004 (incorporated by reference
    to Exhibit 10.1 of the Form 10-Q of First Industrial
    Realty Trust, Inc. (the Company) dated
    August 9, 2005, File No. 1-13102)
|        | 10 | .1***       |  | Unsecured Term Loan Agreement dated August 1, 2005 among
    the Operating Partnership, the Company and JP Morgan Chase Bank,
    N.A. (incorporated by reference to Exhibit 10.3 of the
    Form 10-Q of the Company filed August 9, 2005, File
    No. 1-13102)                                                          
|        | 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



|    |                 
|--- | ----------------
|*** | Previously filed

40