##### Table of Contents









UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549


Form 10-Q


|  |  |                                                                                             
|- |  | --------------------------------------------------------------------------------------------
|þ |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934 
| 
|  |  | For the quarterly period ended September 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


o þ










---










FIRST INDUSTRIAL, L.P.


Form 10-Q


For the Period Ended September 30, 2005


INDEX


|                                  |  |                                                                                                                                                  |    |      |    | 
|--------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------ | -- | ---- | -- | 
|                                  |  |                                                                                                                                                  |    | Page |   
|                                  |  |                                                                                                                                                  |    |      |   
|PART I: FINANCIAL
    INFORMATION
|Item 1.                           |  | Financial Statements                                                                                                                             |    |      | 2  | 
|                                  |  | Consolidated Balance Sheets as of
    September 30, 2005 and December 31, 2004                                                                   |    |      | 2  | 
|                                  |  | Consolidated Statements of Operations for
    the Three and Nine Months Ended September 30, 2005 and
    September 30, 2004 (Restated)           |    |      | 3  | 
|                                  |  | Consolidated Statements of Comprehensive
    Income for the Three and Nine Months Ended September 30,
    2005 and September 30, 2004 (Restated) |    |      | 4  | 
|                                  |  | Consolidated Statements of Cash Flows for
    the Nine Months Ended September 30, 2005, and
    September 30, 2004 (Restated)                    |    |      | 5  | 
|                                  |  | Notes to Consolidated Financial
    Statements                                                                                                   |    |      | 6  | 
|Item 2.                           |  | Managements Discussion and Analysis
    of Financial Condition and Results of Operations                                                        |    |      | 27 | 
|Item 3.                           |  | Quantitative and Qualitative Disclosures
    About Market Risk                                                                                   |    |      | 41 | 
|Item 4.                           |  | Controls and Procedures                                                                                                                          |    |      | 41 | 
|                                 
|PART II: OTHER INFORMATION       
|Item 1.                           |  | Legal Proceedings                                                                                                                                |    |      | 42 | 
|Item 2.                           |  | Unregistered Sales of Equity Securities and
    Use of Proceeds                                                                                  |    |      | 42 | 
|Item 3.                           |  | Defaults Upon Senior Securities                                                                                                                  |    |      | 42 | 
|Item 4.                           |  | Submission of Matters to a Vote of Security
    Holders                                                                                          |    |      | 42 | 
|Item 5.                           |  | Other Information                                                                                                                                |    |      | 42 | 
|Item 6.                           |  | Exhibits                                                                                                                                         |    |      | 42 | 
|SIGNATURE                         |  |                                                                                                                                                  | 45 |     
|EXHIBIT INDEX                     |  |                                                                                                                                                  | 46 |     
|Certification                    
|Certification                    
|Certification                    



1



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##### Table of Contents






PART I: FINANCIAL INFORMATION







|        |                     
|------- | --------------------
|Item 1. | Financial Statements

FIRST INDUSTRIAL, L.P.





CONSOLIDATED BALANCE SHEETS


|                                  |                                                                                                                                                                  |                                |                                         |           |              |           |   |           |           |           | 
|--------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------ | --------------------------------------- | --------- | ------------ | --------- | - | --------- | --------- | --------- | 
|                                  |                                                                                                                                                                  | September 30,                  |                                         |           | December 31, |          
|                                  |                                                                                                                                                                  | 2005                           |                                         |           | 2004         |          
|                                  |                                                                                                                                                                  |                                |                                         |           |              |          
|                                  |                                                                                                                                                                  | (Unaudited)                    |                                         |           |             
|                                  |                                                                                                                                                                  | (Dollars in Thousands)         |                                        
|ASSETS                           
|Assets:                           |                                                                                                                                                                  |                                |                                         |           |              |           |   |          
|                                  | Investment in Real Estate:                                                                                                                                       |                                |                                         |           |              |           |   |           |          
|                                  |                                                                                                                                                                  | Land                           |                                         | $         | 448,056      |           |   | $         | 423,836   |          
|                                  |                                                                                                                                                                  | Buildings and Improvements     |                                         |           | 2,180,061    |           |   |           | 2,039,486 |          
|                                  |                                                                                                                                                                  | Construction in Progress       |                                         |           | 31,658       |           |   |           | 23,092    |          
|                                  |                                                                                                                                                                  | Less: Accumulated Depreciation |                                         |           | (348,530     | )         |   |           | (321,003  | )        
|                                  |                                                                                                                                                                  |                                |                                         |           |              |          
|                                  |                                                                                                                                                                  |                                | Net Investment in Real Estate           |           |              | 2,311,245 |   |           |           | 2,165,411 | 
|                                  |                                                                                                                                                                  |                                |                                         |           |              |          
|                                  | Real Estate Held for Sale, Net of Accumulated Depreciation and
    Amortization of $194 and $2,908 at September 30, 2005 and
    December 31, 2004, respectively |                                |                                         | 9,611     |              |           |   | 50,286    |          
|                                  | Investments in and Advances to Other Real Estate Partnerships                                                                                                    |                                |                                         | 354,962   |              |           |   | 339,967   |          
|                                  | Cash and Cash Equivalents                                                                                                                                        |                                |                                         |          |              |           |   | 3,069     |          
|                                  | Restricted Cash                                                                                                                                                  |                                |                                         | 3,286     |              |           |   | 25        |          
|                                  | Tenant Accounts Receivable, Net                                                                                                                                  |                                |                                         | 6,732     |              |           |   | 6,509     |          
|                                  | Investments in Joint Ventures                                                                                                                                    |                                |                                         | 43,410    |              |           |   | 5,489     |          
|                                  | Deferred Rent Receivable                                                                                                                                         |                                |                                         | 19,626    |              |           |   | 15,928    |          
|                                  | Deferred Financing Costs, Net                                                                                                                                    |                                |                                         | 11,465    |              |           |   | 11,569    |          
|                                  | Deferred Leasing Intangibles, Net                                                                                                                                |                                |                                         | 51,553    |              |           |   | 38,200    |          
|                                  | Prepaid Expenses and Other Assets, Net                                                                                                                           |                                |                                         | 128,285   |              |           |   | 84,698    |          
|                                  |                                                                                                                                                                  |                                |                                         |           |              |          
|                                  |                                                                                                                                                                  |                                | Total Assets                            |           | $            | 2,940,175 |   |           | $         | 2,721,151 | 
|                                  |                                                                                                                                                                  |                                |                                         |           |              |          
|                                 
|LIABILITIES AND PARTNERS CAPITAL
|Liabilities:                      |                                                                                                                                                                  |                                |                                         |           |              |           |   |          
|                                  | Mortgage Loans Payable, Net                                                                                                                                      |                                | $                                       | 55,664    |              |           | $ | 57,449    |          
|                                  | Senior Unsecured Debt, Net                                                                                                                                       |                                |                                         | 1,348,543 |              |           |   | 1,347,524 |          
|                                  | Unsecured Line of Credit                                                                                                                                         |                                |                                         | 380,500   |              |           |   | 167,500   |          
|                                  | Accounts Payable and Accrued Expenses                                                                                                                            |                                |                                         | 96,240    |              |           |   | 68,577    |          
|                                  | Deferred Leasing Intangibles, Net                                                                                                                                |                                |                                         | 10,952    |              |           |   | 8,451     |          
|                                  | Rents Received in Advance and Security Deposits                                                                                                                  |                                |                                         | 25,818    |              |           |   | 26,441    |          
|                                  | Distributions Payable                                                                                                                                            |                                |                                         | 34,592    |              |           |   | 35,487    |          
|                                  |                                                                                                                                                                  |                                |                                         |           |              |          
|                                  |                                                                                                                                                                  |                                | Total Liabilities                       |           |              | 1,952,309 |   |           |           | 1,711,429 | 
|                                  |                                                                                                                                                                  |                                |                                         |           |              |          
|Commitments and Contingencies     |                                                                                                                                                                  |                                |                                        |           |              |           |  |          
|Partners Capital:                |                                                                                                                                                                  |                                |                                         |           |              |           |   |          
|                                  | General Partner Preferred Units (20,750 units issued and
    outstanding at September 30, 2005 and December 31,
    2004, respectively)                          |                                |                                         | 240,697   |              |           |   | 240,697   |          
|                                  | General Partner Units (43,220,245 and 42,834,091 units
    issued and outstanding at September 30, 2005 and
    December 31, 2004, respectively)                 |                                |                                         | 616,138   |              |           |   | 638,727   |          
|                                  | Unamortized Value of General Partnership Restricted Units                                                                                                        |                                |                                         | (19,615   | )            |           |   | (19,611   | )        
|                                  | Limited Partners Units (6,595,015 and 6,455,914 units
    issued and outstanding at September 30, 2005 and
    December 31, 2004, respectively)                 |                                |                                         | 155,322   |              |           |   | 153,609   |          
|                                  | Accumulated Other Comprehensive Loss                                                                                                                             |                                |                                         | (4,676    | )            |           |   | (3,700    | )        
|                                  |                                                                                                                                                                  |                                |                                         |           |              |          
|                                  |                                                                                                                                                                  |                                | Total Partners Capital                 |           |              | 987,866   |   |           |           | 1,009,722 | 
|                                  |                                                                                                                                                                  |                                |                                         |           |              |          
|                                  |                                                                                                                                                                  |                                | Total Liabilities and Partners Capital |           | $            | 2,940,175 |   |           | $         | 2,721,151 | 
|                                  |                                                                                                                                                                  |                                |                                         |           |              |          



2



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##### Table of Contents






FIRST INDUSTRIAL, L.P.


CONSOLIDATED STATEMENTS OF OPERATIONS


|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |   |               |         |         |   |         |         |         |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ---------------------------------------------------------------------------- | -------------------------------------------- | ------- | -------- | ------------- | - | ------- | ------------- | -------- | - | ------------- | ------- | ------- | - | ------- | ------- | ------- | -
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         | Restated |               |   |         |               | Restated |  
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |  
|                                                                                                                                                                                                                                                                                                                         |                                                                              | Three Months                                 |         |          | Three Months  |   |         | Nine Months   |          |   | Nine Months   |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              | Ended                                        |         |          | Ended         |   |         | Ended         |          |   | Ended         |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              | September 30,                                |         |          | September 30, |   |         | September 30, |          |   | September 30, |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              | 2005                                         |         |          | 2004          |   |         | 2005          |          |   | 2004          |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |   |               |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              | (Dollars in Thousands, except per Unit data) |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              | (Unaudited)                                  |        
|Revenues:                                                                                                                                                                                                                                                                                                                |                                                                              |                                              |         |          |               |   |         |               |          |   |               |         |         |   |         |        
|                                                                                                                                                                                                                                                                                                                         | Rental Income                                                                |                                              | $       | 57,554   |               |   | $       | 50,031        |          |   | $             | 164,577 |         |   | $       | 145,001 |        
|                                                                                                                                                                                                                                                                                                                         | Tenant Recoveries and Other Income                                           |                                              |         | 21,866   |               |   |         | 15,552        |          |   |               | 61,351  |         |   |         | 49,342  |        
|                                                                                                                                                                                                                                                                                                                         | Revenues from Build to Suit For Sale                                         |                                              |         | 10,694   |               |   |         |              |          |   |               | 10,694  |         |   |         |        |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |   |               |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              | Total Revenues                               |         |          | 90,114        |   |         |               | 65,583   |   |               |         | 236,622 |   |         |         | 194,343 |  
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |   |               |        
|Expenses:                                                                                                                                                                                                                                                                                                                |                                                                              |                                              |         |          |               |   |         |               |          |   |               |         |         |   |         |        
|                                                                                                                                                                                                                                                                                                                         | Real Estate Taxes                                                            |                                              |         | 12,601   |               |   |         | 10,675        |          |   |               | 35,559  |         |   |         | 30,648  |        
|                                                                                                                                                                                                                                                                                                                         | Repairs and Maintenance                                                      |                                              |         | 5,455    |               |   |         | 5,134         |          |   |               | 17,192  |         |   |         | 15,611  |        
|                                                                                                                                                                                                                                                                                                                         | Property Management                                                          |                                              |         | 4,762    |               |   |         | 3,348         |          |   |               | 12,467  |         |   |         | 8,765   |        
|                                                                                                                                                                                                                                                                                                                         | Utilities                                                                    |                                              |         | 2,752    |               |   |         | 2,070         |          |   |               | 7,748   |         |   |         | 6,434   |        
|                                                                                                                                                                                                                                                                                                                         | Insurance                                                                    |                                              |         | 612      |               |   |         | 712           |          |   |               | 1,574   |         |   |         | 2,036   |        
|                                                                                                                                                                                                                                                                                                                         | Other                                                                        |                                              |         | 1,944    |               |   |         | 570           |          |   |               | 5,068   |         |   |         | 3,168   |        
|                                                                                                                                                                                                                                                                                                                         | General and Administrative                                                   |                                              |         | 15,219   |               |   |         | 10,883        |          |   |               | 38,176  |         |   |         | 27,581  |        
|                                                                                                                                                                                                                                                                                                                         | Amortization of Deferred Financing Costs                                     |                                              |         | 540      |               |   |         | 510           |          |   |               | 1,557   |         |   |         | 1,419   |        
|                                                                                                                                                                                                                                                                                                                         | Depreciation and Other Amortization                                          |                                              |         | 29,075   |               |   |         | 19,774        |          |   |               | 77,063  |         |   |         | 56,871  |        
|                                                                                                                                                                                                                                                                                                                         | Expenses from Build to Suit for Sale                                         |                                              |         | 10,455   |               |   |         |              |          |   |               | 10,455  |         |   |         |        |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |   |               |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              | Total Expenses                               |         |          | 83,415        |   |         |               | 53,676   |   |               |         | 206,859 |   |         |         | 152,533 |  
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |   |               |        
|Other Income/ Expense:                                                                                                                                                                                                                                                                                                   |                                                                              |                                              |         |          |               |   |         |               |          |   |               |         |         |   |         |        
|                                                                                                                                                                                                                                                                                                                         | Interest Income                                                              |                                              |         | 188      |               |   |         | 492           |          |   |               | 905     |         |   |         | 1,582   |        
|                                                                                                                                                                                                                                                                                                                         | Interest Expense                                                             |                                              |         | (27,368  | )             |   |         | (25,688       | )        |   |               | (78,974 | )       |   |         | (73,156 | )      
|                                                                                                                                                                                                                                                                                                                         | Mark-to-Market/ Gain on Settlement of Interest Rate Protection
    Agreement |                                              |         | 1,212    |               |   |         |              |          |   |               | 749     |         |   |         | 1,450   |        
|                                                                                                                                                                                                                                                                                                                         | Gain from Early Retirement of Debt, Net                                      |                                              |         | 82       |               |   |         |              |          |   |               | 82      |         |   |         |        |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |   |               |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              | Total Other Income/ Expense                  |         |          | (25,886       | ) |         |               | (25,196  | ) |               |         | (77,238 | ) |         |         | (70,124 | )
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |   |               |        
|Loss from Continuing Operations Before Equity in Income in
    Joint Ventures, Equity in Income of Other Real Estate
    Partnerships and Income Tax Benefit                                                                                                                                                             |                                                                              |                                              | (19,187 | )        |               |   | (13,289 | )             |          |   | (47,475       | )       |         |   | (28,314 | )      
|Equity in Income of Joint Ventures                                                                                                                                                                                                                                                                                       |                                                                              |                                              | 3,977   |          |               |   | 35,303  |               |          |   | 3,757         |         |         |   | 35,848  |        
|Equity in Income of Other Real Estate Partnerships                                                                                                                                                                                                                                                                       |                                                                              |                                              | 20,490  |          |               |   | 6,173   |               |          |   | 37,019        |         |         |   | 20,745  |        
|Income Tax Benefit                                                                                                                                                                                                                                                                                                       |                                                                              |                                              | 3,108   |          |               |   | 838     |               |          |   | 7,222         |         |         |   | 3,209   |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |   |               |        
|Income from Continuing Operations                                                                                                                                                                                                                                                                                        |                                                                              |                                              | 8,388   |          |               |   | 29,025  |               |          |   | 523           |         |         |   | 31,488  |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |   |               |        
|Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $22,952 and $10,630 for the Three Months ended
    September 30, 2005 and 2004, respectively, $63,091 and
    $62,378 for the Nine Months ended September 30, 2005 and
    2004, respectively,)                                        |                                                                              |                                              | 23,549  |          |               |   | 13,548  |               |          |   | 66,485        |         |         |   | 72,711  |        
|Provision for Income Taxes Allocable to Discontinued Operations
    (Including $6,468 and $1,738 for the Three Months ended
    September 30, 2005 and 2004, respectively, and $12,210 and
    $5,464 for the Nine Months ended September 30, 2005 and
    2004, respectively, allocable to Gain on Sale of Real Estate) |                                                                              |                                              | (6,625  | )        |               |   | (2,333  | )             |          |   | (13,083       | )       |         |   | (7,119  | )      
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |   |               |        
|Income Before Gain on Sale of Real Estate                                                                                                                                                                                                                                                                                |                                                                              |                                              | 25,312  |          |               |   | 40,240  |               |          |   | 53,925        |         |         |   | 97,080  |        
|Gain on Sale of Real Estate                                                                                                                                                                                                                                                                                              |                                                                              |                                              | 2,614   |          |               |   | 2,860   |               |          |   | 26,465        |         |         |   | 7,852   |        
|Provision for Income Taxes Allocable to Gain on Sale of Real
    Estate                                                                                                                                                                                                                                                  |                                                                              |                                              | (1,143  | )        |               |   | (964    | )             |          |   | (10,128       | )       |         |   | (2,395  | )      
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |   |               |        
|Net Income                                                                                                                                                                                                                                                                                                               |                                                                              |                                              | 26,783  |          |               |   | 42,136  |               |          |   | 70,262        |         |         |   | 102,537 |        
|Less: Preferred Unit Distributions                                                                                                                                                                                                                                                                                       |                                                                              |                                              | (2,310  | )        |               |   | (2,344  | )             |          |   | (6,930        | )       |         |   | (12,178 | )      
|Less: Redemption of Preferred Units                                                                                                                                                                                                                                                                                      |                                                                              |                                              |        |          |               |   | (600    | )             |          |   |              |         |         |   | (7,959  | )      
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |   |               |        
|Net Income Available to Unitholders                                                                                                                                                                                                                                                                                      |                                                                              | $                                            | 24,473  |          |               | $ | 39,192  |               |          | $ | 63,332        |         |         | $ | 82,400  |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |   |               |        
|Basic Earnings Per Unit:                                                                                                                                                                                                                                                                                                 |                                                                              |                                              |         |          |               |   |         |               |          |   |               |         |         |   |         |        
|                                                                                                                                                                                                                                                                                                                         | Income from Continuing Operations                                            |                                              | $       | 0.15     |               |   | $       | 0.60          |          |   | $             | 0.20    |         |   | $       | 0.36    |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |   |               |        
|                                                                                                                                                                                                                                                                                                                         | Net Income Available to Unitholders                                          |                                              | $       | 0.50     |               |   | $       | 0.83          |          |   | $             | 1.30    |         |   | $       | 1.76    |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |   |               |        
|Diluted Earnings Per Unit:                                                                                                                                                                                                                                                                                               |                                                                              |                                              |         |          |               |   |         |               |          |   |               |         |         |   |         |        
|                                                                                                                                                                                                                                                                                                                         | Income from Continuing Operations                                            |                                              | $       | 0.15     |               |   | $       | 0.59          |          |   | $             | 0.20    |         |   | $       | 0.36    |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |   |               |        
|                                                                                                                                                                                                                                                                                                                         | Net Income Available to Unitholders                                          |                                              | $       | 0.50     |               |   | $       | 0.83          |          |   | $             | 1.29    |         |   | $       | 1.75    |        
|                                                                                                                                                                                                                                                                                                                         |                                                                              |                                              |         |          |               |   |         |               |          |   |               |        



3



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##### Table of Contents






FIRST INDUSTRIAL, L.P.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


|                                   |                                                                                                           |                                              |        |          |               |   |        |               |          |   |               |      |   |   |         |       |  
|---------------------------------- | --------------------------------------------------------------------------------------------------------- | -------------------------------------------- | ------ | -------- | ------------- | - | ------ | ------------- | -------- | - | ------------- | ---- | - | - | ------- | ----- | -
|                                   |                                                                                                           |                                              |        | Restated |               |   |        |               | Restated |  
|                                   |                                                                                                           |                                              |        |          |               |   |        |               |          |  
|                                   |                                                                                                           | Three Months                                 |        |          | Three Months  |   |        | Nine Months   |          |   | Nine Months   |     
|                                   |                                                                                                           | Ended                                        |        |          | Ended         |   |        | Ended         |          |   | Ended         |     
|                                   |                                                                                                           | September 30,                                |        |          | September 30, |   |        | September 30, |          |   | September 30, |     
|                                   |                                                                                                           | 2005                                         |        |          | 2004          |   |        | 2005          |          |   | 2004          |     
|                                   |                                                                                                           |                                              |        |          |               |   |        |               |          |   |               |     
|                                   |                                                                                                           | (Dollars in Thousands, except per Unit data) |       
|                                   |                                                                                                           | (Unaudited)                                  |       
|Net Income                         |                                                                                                           | $                                            | 26,783 |          |               | $ | 42,136 |               |          | $ | 70,262        |      |   | $ | 102,537 |      
|Other Comprehensive (Loss) Income: |                                                                                                           |                                              |        |          |               |   |        |               |          |   |               |      |   |   |         |      
|                                   | Reclassification of Settlement of Interest Rate Protection
    Agreements from Other Comprehensive Income |                                              |        | (159     | )             |   |        |              |          |   |               | (159 | ) |   |         | 6,657 |  
|                                   | Mark-to-Market of Interest Rate Protection Agreements                                                     |                                              |        |         |               |   |        | 113           |          |   |               |     |   |   |         | 106   |  
|                                   | Amortization of Interest Rate Protection Agreements                                                       |                                              |        | (270     | )             |   |        | (288          | )        |   |               | (817 | ) |   |         | (235  | )
|                                   |                                                                                                           |                                              |        |          |               |   |        |               |          |   |               |     
|Comprehensive Income               |                                                                                                           | $                                            | 26,354 |          |               | $ | 41,961 |               |          | $ | 69,286        |      |   | $ | 109,065 |      
|                                   |                                                                                                           |                                              |        |          |               |   |        |               |          |   |               |     



4



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##### Table of Contents



FIRST INDUSTRIAL, L.P.





CONSOLIDATED STATEMENTS OF CASH FLOWS


|                                                     |                                                                                       |                                                                                                           |                                                     |          |               |          |       |          |         |         |  
|---------------------------------------------------- | ------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | --------------------------------------------------- | -------- | ------------- | -------- | ----- | -------- | ------- | ------- | -
|                                                     |                                                                                       |                                                                                                           |                                                     | Restated |              
|                                                     |                                                                                       |                                                                                                           |                                                     |          |              
|                                                     |                                                                                       | Nine Months                                                                                               |                                                     |          | Nine Months   |         
|                                                     |                                                                                       | Ended                                                                                                     |                                                     |          | Ended         |         
|                                                     |                                                                                       | September 30,                                                                                             |                                                     |          | September 30, |         
|                                                     |                                                                                       | 2005                                                                                                      |                                                     |          | 2004          |         
|                                                     |                                                                                       |                                                                                                           |                                                     |          |               |         
|                                                     |                                                                                       | (Dollars in thousands)                                                                                    |                                                    
|                                                     |                                                                                       | (Unaudited)                                                                                               |                                                    
|CASH FLOWS FROM OPERATING ACTIVITIES:                |                                                                                       |                                                                                                           |                                                     |          |               |          |       |         
|                                                     | Net Income                                                                            |                                                                                                           | $                                                   | 70,262   |               |          | $     | 102,537  |        
|                                                     | Adjustments to Reconcile Net Income to Net Cash Provided by
    Operating Activities: |                                                                                                           |                                                     |          |               |          |       |          |        
|                                                     |                                                                                       | Depreciation                                                                                              |                                                     |          | 61,873        |          |       |          | 51,643  |        
|                                                     |                                                                                       | Amortization of Deferred Financing Costs                                                                  |                                                     |          | 1,557         |          |       |          | 1,419   |        
|                                                     |                                                                                       | Other Amortization                                                                                        |                                                     |          | 22,564        |          |       |          | 14,930  |        
|                                                     |                                                                                       | Provision for Bad Debt                                                                                    |                                                     |          | 1,302         |          |       |          | 473     |        
|                                                     |                                                                                       | Equity in Income of Joint Ventures                                                                        |                                                     |          | (3,757        | )        |       |          | (35,848 | )      
|                                                     |                                                                                       | Distributions from Joint Ventures                                                                         |                                                     |          | 590           |          |       |          | 36,134  |        
|                                                     |                                                                                       | Gain on Sale of Real Estate                                                                               |                                                     |          | (89,556       | )        |       |          | (70,230 | )      
|                                                     |                                                                                       | Mark to Market of Interest Rate Protection Agreement                                                      |                                                     |          | (749          | )        |       |          |        |        
|                                                     |                                                                                       | Gain on Early Retirement of Debt                                                                          |                                                     |          | (82           | )        |       |          |        |        
|                                                     |                                                                                       | Equity in Income of Other Real Estate Partnerships                                                        |                                                     |          | (37,019       | )        |       |          | (20,745 | )      
|                                                     |                                                                                       | Distributions from Investment in Other Real Estate Partnerships                                           |                                                     |          | 37,019        |          |       |          | 20,745  |        
|                                                     |                                                                                       | Increase in Build-to-Suit-for-Sale Costs Receivable                                                       |                                                     |          | (10,694       | )        |       |          |        |        
|                                                     |                                                                                       | Increase in Tenant Accounts Receivable and Prepaid Expenses and
    Other Assets, Net                     |                                                     |          | (17,467       | )        |       |          | (30,642 | )      
|                                                     |                                                                                       | Increase in Deferred Rent Receivable                                                                      |                                                     |          | (4,777        | )        |       |          | (3,519  | )      
|                                                     |                                                                                       | Increase in Accounts Payable and Accrued Expenses and Rents
    Received in Advance and Security Deposits |                                                     |          | 23,887        |          |       |          | 8,602   |        
|                                                     |                                                                                       |                                                                                                           |                                                     |          |               |         
|                                                     |                                                                                       |                                                                                                           | Net Cash Provided by Operating Activities           |          |               | 54,953   |       |          |         | 75,499  |  
|                                                     |                                                                                       |                                                                                                           |                                                     |          |               |         
|CASH FLOWS FROM INVESTING ACTIVITIES:                |                                                                                       |                                                                                                           |                                                     |          |               |          |       |         
|                                                     | Purchases of and Additions to Investment in Real Estate                               |                                                                                                           |                                                     | (466,858 | )             |          |       | (294,956 | )      
|                                                     | Net Proceeds from Sales of Investments in Real Estate                                 |                                                                                                           |                                                     | 330,336  |               |          |       | 238,521  |        
|                                                     | Investments in and Advances to Other Real Estate Partnerships                         |                                                                                                           |                                                     | (81,161  | )             |          |       | (62,913  | )      
|                                                     | Distributions from Other Real Estate Partnerships in Excess of
    Equity in Income   |                                                                                                           |                                                     | 66,166   |               |          |       | 62,396   |        
|                                                     | Contributions to and Investments in Joint Ventures                                    |                                                                                                           |                                                     | (41,473  | )             |          |       | (4,168   | )      
|                                                     | Distributions from Joint Ventures                                                     |                                                                                                           |                                                     | 597      |               |          |       | 14,308   |        
|                                                     | Repayment of Mortgage Loans Receivable                                                |                                                                                                           |                                                     | 32,050   |               |          |       | 21,204   |        
|                                                     | (Increase) Decrease in Restricted Cash                                                |                                                                                                           |                                                     | (3,261   | )             |          |       | 36,993   |        
|                                                     |                                                                                       |                                                                                                           |                                                     |          |               |         
|                                                     |                                                                                       |                                                                                                           | Net Cash (Used in) Provided by Investing Activities |          |               | (163,604 | )     |          |         | 11,385  |  
|                                                     |                                                                                       |                                                                                                           |                                                     |          |               |         
|CASH FLOWS FROM FINANCING ACTIVITIES:                |                                                                                       |                                                                                                           |                                                     |          |               |          |       |         
|                                                     | Unit Contributions                                                                    |                                                                                                           |                                                     | 6,664    |               |          |       | 38,786   |        
|                                                     | Unit Distributions                                                                    |                                                                                                           |                                                     | (103,079 | )             |          |       | (97,350  | )      
|                                                     | Proceeds from the Sale of Preferred Units                                             |                                                                                                           |                                                     |         |               |          |       | 200,000  |        
|                                                     | Preferred Unit Offering Costs                                                         |                                                                                                           |                                                     |         |               |          |       | (5,576   | )      
|                                                     | Redemption of Preferred Units                                                         |                                                                                                           |                                                     |         |               |          |       | (321,438 | )      
|                                                     | Repurchase of Restricted Common Units                                                 |                                                                                                           |                                                     | (3,269   | )             |          |       | (3,746   | )      
|                                                     | Preferred Unit Distributions                                                          |                                                                                                           |                                                     | (8,162   | )             |          |       | (12,178  | )      
|                                                     | Proceeds from Senior Unsecured Debt                                                   |                                                                                                           |                                                     |         |               |          |       | 134,496  |        
|                                                     | Other Proceeds from Senior Unsecured Debt                                             |                                                                                                           |                                                     |         |               |          |       | 6,657    |        
|                                                     | Proceeds from Mortgage Loans Payable                                                  |                                                                                                           |                                                     | 1,167    |               |          |       | 1,400    |        
|                                                     | Repayments on Mortgage Loans Payable                                                  |                                                                                                           |                                                     | (1,394   | )             |          |       | (876     | )      
|                                                     | Proceeds from Unsecured Line of Credit                                                |                                                                                                           |                                                     | 376,500  |               |          |       | 484,000  |        
|                                                     | Repayments on Unsecured Line of Credit                                                |                                                                                                           |                                                     | (163,500 | )             |          |       | (500,900 | )      
|                                                     | Cash Book Overdraft                                                                   |                                                                                                           |                                                     | 2,442    |               |          |       |         |        
|                                                     | Debt Issuance Costs                                                                   |                                                                                                           |                                                     | (1,787   | )             |          |       | (3,773   | )      
|                                                     |                                                                                       |                                                                                                           |                                                     |          |               |         
|                                                     |                                                                                       |                                                                                                           | Net Cash Provided By (Used in) Financing Activities |          |               | 105,582  |       |          |         | (80,498 | )
|                                                     |                                                                                       |                                                                                                           |                                                     |          |               |         
|Net (Decrease) Increase in Cash and Cash Equivalents |                                                                                       |                                                                                                           | (3,069                                              | )        |               |          | 6,386 |         
|Cash and Cash Equivalents, Beginning of Period       |                                                                                       |                                                                                                           | 3,069                                               |          |               |          |      |         
|                                                     |                                                                                       |                                                                                                           |                                                     |          |               |         
|Cash and Cash Equivalents, End of Period             |                                                                                       | $                                                                                                         |                                                    |          |               | $        | 6,386 |         
|                                                     |                                                                                       |                                                                                                           |                                                     |          |               |         



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FIRST INDUSTRIAL, L.P.





NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


(Dollars in thousands, except per Unit data)


(Unaudited)




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















6



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








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









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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








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





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





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



8



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##### Table of Contents



FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                                                                                                 |  |                      |        |   |                     |   |        |      |  |   |        |   |  |   |        |  
|------------------------------------------------------------------------------------------------ |  | -------------------- | ------ | - | ------------------- | - | ------ | ---- |  | - | ------ | - |  | - | ------ | -
|                                                                                                 |  | For the Three Months |        |   | For the Nine Months |  
|                                                                                                 |  | Ended September 30,  |        |   | Ended September 30, |  
|                                                                                                 |  |                      |        |   |                     |  
|                                                                                                 |  | 2005                 |        |   | 2004                |   |        | 2005 |  |   | 2004   |  
|                                                                                                 |  |                      |        |   |                     |   |        |      |  |   |        |  
|Net Income Available to Unitholders  as reported                                                |  | $                    | 24,473 |   |                     | $ | 39,192 |      |  | $ | 63,332 |   |  | $ | 82,400 |  
|Less: Total Stock-Based Employee Compensation Expense Determined
    Under the Fair Value Method |  |                      | (18    | ) |                     |   | (92    | )    |  |   | (83    | ) |  |   | (333   | )
|                                                                                                 |  |                      |        |   |                     |   |        |      |  |   |        |  
|Net Income Available to Unitholders  pro forma                                                  |  | $                    | 24,455 |   |                     | $ | 39,100 |      |  | $ | 63,249 |   |  | $ | 82,067 |  
|                                                                                                 |  |                      |        |   |                     |   |        |      |  |   |        |  
|Net Income Available to Unitholders per Share  as
    reported  Basic                          |  | $                    | 0.50   |   |                     | $ | 0.83   |      |  | $ | 1.30   |   |  | $ | 1.76   |  
|                                                                                                 |  |                      |        |   |                     |   |        |      |  |   |        |  
|Net Income Available to Unitholders per Share  pro
    forma  Basic                            |  | $                    | 0.50   |   |                     | $ | 0.83   |      |  | $ | 1.30   |   |  | $ | 1.76   |  
|                                                                                                 |  |                      |        |   |                     |   |        |      |  |   |        |  
|Net Income Available to Unitholders per Share  as
    reported  Diluted                        |  | $                    | 0.50   |   |                     | $ | 0.83   |      |  | $ | 1.29   |   |  | $ | 1.75   |  
|                                                                                                 |  |                      |        |   |                     |   |        |      |  |   |        |  
|Net Income Available to Unitholders per Share  pro
    forma  Diluted                          |  | $                    | 0.50   |   |                     | $ | 0.83   |      |  | $ | 1.29   |   |  | $ | 1.74   |  
|                                                                                                 |  |                      |        |   |                     |   |        |      |  |   |        |  



| |                         
| | ------------------------
| | 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



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                                  |                                |                                         |   |         |              |  |   |         |         | 
|--------------------------------- | ------------------------------ | --------------------------------------- | - | ------- | ------------ |  | - | ------- | ------- | 
|                                  |                                | September 30,                           |   |         | December 31, | 
|                                  |                                | 2005                                    |   |         | 2004         | 
|                                  |                                |                                         |   |         |              | 
|ASSETS                           
|Assets:                           |                                |                                         |   |         |              |  |   |        
|                                  | Investment in Real Estate, Net |                                         | $ | 303,090 |              |  | $ | 312,679 |        
|                                  | Other Assets, Net              |                                         |   | 67,522  |              |  |   | 39,829  |        
|                                  |                                |                                         |   |         |              | 
|                                  |                                | Total Assets                            |   | $       | 370,612      |  |   | $       | 352,508 | 
|                                  |                                |                                         |   |         |              | 
|                                 
|LIABILITIES AND PARTNERS CAPITAL
|Liabilities:                      |                                |                                         |   |         |              |  |   |        
|                                  | Mortgage Loans Payable         |                                         | $ | 2,399   |              |  | $ | 2,456   |        
|                                  | Other Liabilities              |                                         |   | 10,217  |              |  |   | 7,136   |        
|                                  |                                |                                         |   |         |              | 
|                                  |                                | Total Liabilities                       |   |         | 12,616       |  |   |         | 9,592   | 
|                                  |                                |                                         |   |         |              | 
|                                  | Partners Capital              |                                         |   | 357,996 |              |  |   | 342,916 |        
|                                  |                                |                                         |   |         |              | 
|                                  |                                | Total Liabilities and Partners Capital |   | $       | 370,612      |  |   | $       | 352,508 | 
|                                  |                                |                                         |   |         |              | 



|                                                                                                                                                                                                                                                                                         |  |               |        |   |               |   |        |               |  |   |               |   |  |   |        |  
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ------ | - | ------------- | - | ------ | ------------- |  | - | ------------- | - |  | - | ------ | -
|                                                                                                                                                                                                                                                                                         |  | Three Months  |        |   | Three Months  |   |        | Nine Months   |  |   | Nine Months   |  
|                                                                                                                                                                                                                                                                                         |  | Ended         |        |   | Ended         |   |        | Ended         |  |   | Ended         |  
|                                                                                                                                                                                                                                                                                         |  | September 30, |        |   | September 30, |   |        | September 30, |  |   | September 30, |  
|                                                                                                                                                                                                                                                                                         |  | 2005          |        |   | 2004          |   |        | 2005          |  |   | 2004          |  
|                                                                                                                                                                                                                                                                                         |  |               |        |   |               |   |        |               |  |   |               |  
|Total Revenues, Including Interest Income                                                                                                                                                                                                                                                |  | $             | 11,741 |   |               | $ | 11,376 |               |  | $ | 32,825        |   |  | $ | 30,667 |  
|Property Expenses                                                                                                                                                                                                                                                                        |  |               | (3,481 | ) |               |   | (3,015 | )             |  |   | (10,898       | ) |  |   | (9,492 | )
|Interest Expense                                                                                                                                                                                                                                                                         |  |               | (43    | ) |               |   | (45    | )             |  |   | (130          | ) |  |   | (134   | )
|Amortization of Deferred Financing Costs                                                                                                                                                                                                                                                 |  |               | (1     | ) |               |   | (1     | )             |  |   | (2            | ) |  |   | (2     | )
|Depreciation and Other Amortization                                                                                                                                                                                                                                                      |  |               | (3,719 | ) |               |   | (2,995 | )             |  |   | (10,138       | ) |  |   | (8,484 | )
|Gain on Sale of Real Estate                                                                                                                                                                                                                                                              |  |               |       |   |               |   | 53     |               |  |   | 864           |   |  |   | 1,644  |  
|Income from Discontinued Operations (Including Gain (Loss) on
    Sale of Real Estate of $15,600 and $(20) for the Three Months
    Ended September 30, 2005 and 2004, respectively, and
    $22,647 and $3,715 for the Nine Months Ended September 30,
    2005 and 2004, respectively) |  |               | 16,085 |   |               |   | 858    |               |  |   | 24,726        |   |  |   | 6,729  |  
|                                                                                                                                                                                                                                                                                         |  |               |        |   |               |   |        |               |  |   |               |  
|Net Income                                                                                                                                                                                                                                                                               |  | $             | 20,582 |   |               | $ | 6,231  |               |  | $ | 37,247        |   |  | $ | 20,928 |  
|                                                                                                                                                                                                                                                                                         |  |               |        |   |               |   |        |               |  |   |               |  



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



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










|              |  |                           |        |  |               |   |        | 
|------------- |  | ------------------------- | ------ |  | ------------- | - | ------ | 
|              |  | For the Nine Months Ended |       
|              |  |                           |       
|              |  | September 30,             |        |  | September 30, |  
|              |  | 2005                      |        |  | 2004          |  
|              |  |                           |        |  |               |  
|Contributions |  | $                         | 40,099 |  |               | $ | 2,525  | 
|Distributions |  | $                         | 1,187  |  |               | $ | 50,442 | 
|Fees          |  | $                         | 5,054  |  |               | $ | 2,190  | 



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



| |                        
| | -----------------------
| | Mortgage Loans Payable:





12



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










13



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                          
| | -------------------------
| | Unsecured Line of Credit:



14



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                |  |                        |           |     |                             |          |           |               |  |   |              |  |  |               |        |  |          |  |       |   |  |  |          | 
|------------------------------- |  | ---------------------- | --------- | --- | --------------------------- | -------- | --------- | ------------- |  | - | ------------ |  |  | ------------- | ------ |  | -------- |  | ----- | - |  |  | -------- | 
|                                |  |                        |           |     |                             | Interest |           |               | 
|                                |  | Outstanding Balance at |           |     | Accrued Interest Payable at |          |           | Rate at       |  |   |             
|                                |  |                        |           |     |                             |          |           |               |  |   |             
|                                |  | September 30,          |           |     | December 31,                |          |           | September 30, |  |   | December 31, |  |  | September 30, |        |  | Maturity | 
|                                |  | 2005                   |           |     | 2004                        |          |           | 2005          |  |   | 2004         |  |  | 2005          |        |  | Date     | 
|                                |  |                        |           |     |                             |          |           |               |  |   |              |  |  |               |        |  |          | 
|Mortgage Loans Payable, Net     |  |                        |           |     |                             |          |           |               |  |   |              |  |  |               |        |  |          |  |       |   |  |  |          | 
|Assumed Loan I                  |  | $                      | 2,496     |     |                             | $        | 2,874     |               |  | $ |             |  |  | $             | 22     |  |          |  | 9.250 | % |  |  | 09/01/09 | 
|Assumed Loan II                 |  |                        | 1,866     |     |                             |          | 1,995     |               |  |   |             |  |  |               | 15     |  |          |  | 9.250 | % |  |  | 01/01/13 | 
|Acquisition Mortgage Loan IV    |  |                        | 1,962     |     |                             |          | 2,037     |               |  |   | 15           |  |  |               | 15     |  |          |  | 8.950 | % |  |  | 10/01/06 | 
|Acquisition Mortgage Loan VIII  |  |                        | 5,347     |     |                             |          | 5,461     |               |  |   | 37           |  |  |               | 38     |  |          |  | 8.260 | % |  |  | 12/01/19 | 
|Acquisition Mortgage Loan IX    |  |                        | 5,546     |     |                             |          | 5,664     |               |  |   | 38           |  |  |               | 39     |  |          |  | 8.260 | % |  |  | 12/01/19 | 
|Acquisition Mortgage Loan X     |  |                        | 15,865    | (1) |                             |          | 16,251    | (1)           |  |   | 95           |  |  |               | 99     |  |          |  | 8.250 | % |  |  | 12/01/10 | 
|Acquisition Mortgage Loan XII   |  |                        | 2,519     | (1) |                             |          | 2,565     | (1)           |  |   | 14           |  |  |               | 15     |  |          |  | 7.540 | % |  |  | 01/01/12 | 
|Acquisition Mortgage Loan XIII  |  |                        |          |     |                             |          | 13,862    | (1)           |  |   |             |  |  |               | 42     |  |          |  | 5.600 | % |  |  | 11/10/12 | 
|Acquisition Mortgage Loan XIV   |  |                        | 6,480     | (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   |  |                        | 1,977     | (1) |                             |          |          |               |  |   | 9            |  |  |               |       |  |          |  | 5.500 | % |  |  | 09/30/24 | 
|Acquisition Mortgage Loan XVII  |  |                        | 3,262     | (1) |                             |          |          |               |  |   | 18           |  |  |               |       |  |          |  | 7.375 | % |  |  | 05/01/16 | 
|Acquisition Mortgage Loan XVIII |  |                        | 7,177     | (1) |                             |          |          |               |  |   | 41           |  |  |               |       |  |          |  | 7.580 | % |  |  | 03/01/11 | 
|                                |  |                        |           |     |                             |          |           |               |  |   |              |  |  |               |        |  |          | 
|Total                           |  | $                      | 55,664    |     |                             | $        | 57,449    |               |  | $ | 302          |  |  | $             | 298    |  |          |  |       |   |  |  |          | 
|                                |  |                        |           |     |                             |          |           |               |  |   |              |  |  |               |        |  |          | 
|Senior Unsecured Debt, Net      |  |                        |           |     |                             |          |           |               |  |   |              |  |  |               |        |  |          |  |       |   |  |  |          | 
|2005 Notes                      |  | $                      | 50,000    |     |                             | $        | 50,000    |               |  | $ | 1,246        |  |  | $             | 383    |  |          |  | 6.900 | % |  |  | 11/21/05 | 
|2006 Notes                      |  |                        | 150,000   |     |                             |          | 150,000   |               |  |   | 3,500        |  |  |               | 875    |  |          |  | 7.000 | % |  |  | 12/01/06 | 
|2007 Notes                      |  |                        | 149,991   | (2) |                             |          | 149,988   | (2)           |  |   | 4,307        |  |  |               | 1,456  |  |          |  | 7.600 | % |  |  | 05/15/07 | 
|2017 Notes                      |  |                        | 99,883    | (2) |                             |          | 99,876    | (2)           |  |   | 2,500        |  |  |               | 625    |  |          |  | 7.500 | % |  |  | 12/01/17 | 
|2027 Notes                      |  |                        | 15,054    | (2) |                             |          | 15,053    | (2)           |  |   | 407          |  |  |               | 138    |  |          |  | 7.150 | % |  |  | 05/15/27 | 
|2028 Notes                      |  |                        | 199,821   | (2) |                             |          | 199,815   | (2)           |  |   | 3,209        |  |  |               | 7,009  |  |          |  | 7.600 | % |  |  | 07/15/28 | 
|2011 Notes                      |  |                        | 199,670   | (2) |                             |          | 199,624   | (2)           |  |   | 655          |  |  |               | 4,343  |  |          |  | 7.375 | % |  |  | 03/15/11 | 
|2012 Notes                      |  |                        | 199,097   | (2) |                             |          | 198,994   | (2)           |  |   | 6,340        |  |  |               | 2,903  |  |          |  | 6.875 | % |  |  | 04/15/12 | 
|2032 Notes                      |  |                        | 49,407    | (2) |                             |          | 49,390    | (2)           |  |   | 1,787        |  |  |               | 818    |  |          |  | 7.750 | % |  |  | 04/15/32 | 
|2009 Notes                      |  |                        | 124,839   | (2) |                             |          | 124,806   | (2)           |  |   | 1,932        |  |  |               | 292    |  |          |  | 5.250 | % |  |  | 06/15/09 | 
|2014 Notes                      |  |                        | 110,781   | (2) |                             |          | 109,978   | (2)           |  |   | 2,675        |  |  |               | 669    |  |          |  | 6.420 | % |  |  | 06/01/14 | 
|                                |  |                        |           |     |                             |          |           |               |  |   |              |  |  |               |        |  |          | 
|Total                           |  | $                      | 1,348,543 |     |                             | $        | 1,347,524 |               |  | $ | 28,558       |  |  | $             | 19,511 |  |          |  |       |   |  |  |          | 
|                                |  |                        |           |     |                             |          |           |               |  |   |              |  |  |               |        |  |          | 
|Unsecured Line of Credit        |  |                        |           |     |                             |          |           |               |  |   |              |  |  |               |        |  |          |  |       |   |  |  |          | 
|2005 Unsecured Line of Credit   |  | $                      | 380,500   |     |                             | $        | 167,500   |               |  | $ | 1,352        |  |  | $             | 549    |  |          |  | 4.520 | % |  |  | 09/28/08 | 
|                                |  |                        |           |     |                             |          |           |               |  |   |              |  |  |               |        |  |          | 

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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)







|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | At September 30, 2005, the Acquisition Mortgage Loan X, the
    Acquisition Mortgage Loan XII, 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 $2,005, $238, $462, $28, $252, and $715,
    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 September 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 $9,
    $117, $16, $179, $330, $903, $593, $161 and $14,219,
    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.                                                                     



|                  |  |        |           | 
|----------------- |  | ------ | --------- | 
|                  |  | Amount |          
|                  |  |        |          
|Remainder of 2005 |  | $      | 50,498    | 
|2006              |  |        | 155,086   | 
|2007              |  |        | 152,153   | 
|2008              |  |        | 382,833   | 
|2009              |  |        | 132,195   | 
|Thereafter        |  |        | 924,769   | 
|                  |  |        |          
|Total             |  | $      | 1,797,534 | 
|                  |  |        |          



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





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



16



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##### Table of Contents



FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






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





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









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





17



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






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





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









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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                     |  |               |        |          |               |   |        |               |          |   |               |   |  |   |        |  
|---------------------------------------------------- |  | ------------- | ------ | -------- | ------------- | - | ------ | ------------- | -------- | - | ------------- | - |  | - | ------ | -
|                                                     |  |               |        | Restated |               |   |        |               | Restated |  
|                                                     |  |               |        |          |               |   |        |               |          |  
|                                                     |  | Three Months  |        |          | Three Months  |   |        | Nine Months   |          |   | Nine Months   |  
|                                                     |  | Ended         |        |          | Ended         |   |        | Ended         |          |   | Ended         |  
|                                                     |  | September 30, |        |          | September 30, |   |        | September 30, |          |   | September 30, |  
|                                                     |  | 2005          |        |          | 2004          |   |        | 2005          |          |   | 2004          |  
|                                                     |  |               |        |          |               |   |        |               |          |   |               |  
|Total Revenues                                       |  | $             | 1,533  |          |               | $ | 6,441  |               |          | $ | 10,432        |   |  | $ | 24,607 |  
|Operating Expenses                                   |  |               | (471   | )        |               |   | (1,850 | )             |          |   | (3,817        | ) |  |   | (8,003 | )
|Depreciation and Amortization                        |  |               | (436   | )        |               |   | (1,606 | )             |          |   | (2,848        | ) |  |   | (6,077 | )
|Interest Expense                                     |  |               | (29    | )        |               |   | (67    | )             |          |   | (373          | ) |  |   | (194   | )
|Provision for Income Taxes                           |  |               | (157   | )        |               |   | (595   | )             |          |   | (873          | ) |  |   | (1,655 | )
|Gain on Sale of Real Estate                          |  |               | 22,952 |          |               |   | 10,630 |               |          |   | 63,091        |   |  |   | 62,378 |  
|Provision for Income Taxes Allocable to Gain on Sale |  |               | (6,468 | )        |               |   | (1,738 | )             |          |   | (12,210       | ) |  |   | (5,464 | )
|                                                     |  |               |        |          |               |   |        |               |          |   |               |  
|Income from Discontinued Operations                  |  | $             | 16,924 |          |               | $ | 11,215 |               |          | $ | 53,402        |   |  | $ | 65,592 |  
|                                                     |  |               |        |          |               |   |        |               |          |   |               |  

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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




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



|                                                                                                                                              |                                         |               |        |         |               |   |        |         |  
|--------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------- | ------------- | ------ | ------- | ------------- | - | ------ | ------- | -
|                                                                                                                                              |                                         | Nine Months   |        |         | Nine Months   |  
|                                                                                                                                              |                                         | Ended         |        |         | Ended         |  
|                                                                                                                                              |                                         | September 30, |        |         | September 30, |  
|                                                                                                                                              |                                         | 2005          |        |         | 2004          |  
|                                                                                                                                              |                                         |               |        |         |               |  
|Interest paid, net of capitalized interest                                                                                                    |                                         | $             | 69,493 |         |               | $ | 63,877 |        
|                                                                                                                                              |                                         |               |        |         |               |  
|                                                                                                                                              | Interest capitalized                    |               | $      | 2,363   |               |   | $      | 870     |  
|                                                                                                                                              |                                         |               |        |         |               |  
|Supplemental schedule of non-cash investing and financing
    activities:                                                                     |                                         |               |        |         |               |   |        |        
|                                                                                                                                              | Distribution payable on units           |               | $      | 34,592  |               |   | $      | 32,872  |  
|                                                                                                                                              |                                         |               |        |         |               |  
|                                                                                                                                              | Distribution payable on preferred units |               | $      |        |               |   | $      |        |  
|                                                                                                                                              |                                         |               |        |         |               |  
|Exchange of limited partnership units for general partnership
    units:                                                                      |                                         |               |        |         |               |   |        |        
|                                                                                                                                              | Limited partnership units               |               | $      | (1,951  | )             |   | $      | (4,114  | )
|                                                                                                                                              | General partnership units               |               |        | 1,951   |               |   |        | 4,114   |  
|                                                                                                                                              |                                         |               |        |         |               |  
|                                                                                                                                              |                                         | $             |       |         |               | $ |       |        
|                                                                                                                                              |                                         |               |        |         |               |  
|In conjunction with the property and land acquisitions, the
    following liabilities were assumed:                                           |                                         |               |        |         |               |   |        |        
|                                                                                                                                              | Accounts payable and accrued expenses   |               | $      | (3,848  | )             |   | $      | (2,188  | )
|                                                                                                                                              |                                         |               |        |         |               |  
|                                                                                                                                              | Issuance of Limited Partnership Units   |               | $      | (8,875  | )             |   | $      |        |  
|                                                                                                                                              |                                         |               |        |         |               |  
|                                                                                                                                              | Mortgage debt                           |               | $      | (11,545 | )             |   | $      | (12,057 | )
|                                                                                                                                              |                                         |               |        |         |               |  
|Foreclosed property acquisition and write-off of defaulted note
    receivable                                                                |                                         | $             | 3,870  |         |               | $ |       |        
|                                                                                                                                              |                                         |               |        |         |               |  
|Write-off of retired assets                                                                                                                   |                                         | $             | 22,607 |         |               | $ |       |        
|                                                                                                                                              |                                         |               |        |         |               |  
|In conjunction with certain property sales, the Operating
    Partnership provided seller financing and assigned a mortgage
    note payable: |                                         |               |        |         |               |   |        |        
|                                                                                                                                              | Notes receivable                        |               | $      | 39,893  |               |   | $      | 19,667  |  
|                                                                                                                                              |                                         |               |        |         |               |  
|                                                                                                                                              | Mortgage note payable                   |               | $      | 13,242  |               |   | $      |        |  
|                                                                                                                                              |                                         |               |        |         |               |  

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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  |         |   | Nine Months   |          |         | Nine Months   |           
|             |                                                                                            | Ended                                                                                   |                                                  |            | Ended         |         |   | Ended         |          |         | Ended         |           
|             |                                                                                            | September 30,                                                                           |                                                  |            | September 30, |         |   | September 30, |          |         | September 30, |           
|             |                                                                                            | 2005                                                                                    |                                                  |            | 2004          |         |   | 2005          |          |         | 2004          |           
|             |                                                                                            |                                                                                         |                                                  |            |               |         |   |               |          |         |               |           
|Numerator:   |                                                                                            |                                                                                         |                                                  |            |               |         |   |               |          |         |               |            |   |         |   |           
|             | Income from Continuing Operations                                                          |                                                                                         | $                                                | 8,388      |               |         | $ | 29,025        |          |         | $             | 523        |   |         | $ | 31,488     |  
|             | Gain On Sale of Real Estate, Net of Income Taxes                                           |                                                                                         |                                                  | 1,471      |               |         |   | 1,896         |          |         |               | 16,337     |   |         |   | 5,457      |  
|             | Less: Preferred Unit Distributions                                                         |                                                                                         |                                                  | (2,310     | )             |         |   | (2,344        | )        |         |               | (6,930     | ) |         |   | (12,178    | )
|             | Less: Redemption of Preferred Units                                                        |                                                                                         |                                                  |           |               |         |   | (600          | )        |         |               |           |   |         |   | (7,959     | )
|             |                                                                                            |                                                                                         |                                                  |            |               |         |   |               |          |         |               |           
|             | Income from Continuing Operations Available to
    Unitholders  For Basic and Diluted EPU |                                                                                         |                                                  | 7,549      |               |         |   | 27,977        |          |         |               | 9,930      |   |         |   | 16,808     |  
|             |                                                                                            |                                                                                         |                                                  |            |               |         |   |               |          |         |               |           
|             | Discontinued Operations, Net of Income Taxes                                               |                                                                                         |                                                  | 16,924     |               |         |   | 11,215        |          |         |               | 53,402     |   |         |   | 65,592     |  
|             |                                                                                            |                                                                                         |                                                  |            |               |         |   |               |          |         |               |           
|             | Net Income Available to Unitholders                                                        |                                                                                         | $                                                | 24,473     |               |         | $ | 39,192        |          |         | $             | 63,332     |   |         | $ | 82,400     |  
|             |                                                                                            |                                                                                         |                                                  |            |               |         |   |               |          |         |               |           
|Denominator: |                                                                                            |                                                                                         |                                                  |            |               |         |   |               |          |         |               |            |   |         |   |           
|             | Weighted Average Units  Basic                                                             |                                                                                         |                                                  | 49,042,416 |               |         |   | 46,995,781    |          |         |               | 48,810,589 |   |         |   | 46,711,977 |  
|             |                                                                                            | Effect of Dilutive Securities that Result in the Issuance Of
    General Partner Units: |                                                  |            |               |         |   |               |          |         |               |            |   |         |   |            |   |        
|             |                                                                                            |                                                                                         | Employee and Director Common Stock Options       |            |               | 114,573 |   |               |          | 193,358 |               |            |   | 149,311 |   |            |   | 230,449 | 
|             |                                                                                            |                                                                                         | Employee and Director Shares of Restricted Stock |            |               | 90,781  |   |               |          | 120,807 |               |            |   | 91,765  |   |            |   | 107,891 | 
|             |                                                                                            |                                                                                         |                                                  |            |               |         |   |               |          |         |               |           
|             | Weighted Average Units Outstanding  Diluted                                               |                                                                                         |                                                  | 49,247,770 |               |         |   | 47,309,946    |          |         |               | 49,051,665 |   |         |   | 47,050,317 |  
|Basic EPU:   |                                                                                            |                                                                                         |                                                  |            |               |         |   |               |          |         |               |            |   |         |   |           
|             | Income from Continuing Operations Available to Unitholders                                 |                                                                                         | $                                                | 0.15       |               |         | $ | 0.60          |          |         | $             | 0.20       |   |         | $ | 0.36       |  
|             |                                                                                            |                                                                                         |                                                  |            |               |         |   |               |          |         |               |           
|             | Discontinued Operations, Net of Income Taxes                                               |                                                                                         | $                                                | 0.35       |               |         | $ | 0.24          |          |         | $             | 1.09       |   |         | $ | 1.40       |  
|             |                                                                                            |                                                                                         |                                                  |            |               |         |   |               |          |         |               |           
|             | Net Income Available to Unitholders                                                        |                                                                                         | $                                                | 0.50       |               |         | $ | 0.83          |          |         | $             | 1.30       |   |         | $ | 1.76       |  
|             |                                                                                            |                                                                                         |                                                  |            |               |         |   |               |          |         |               |           

21



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|             |                                                            |               |   |          |               |  |   |               |          |  |               |      |  |  |   |      | 
|------------ | ---------------------------------------------------------- | ------------- | - | -------- | ------------- |  | - | ------------- | -------- |  | ------------- | ---- |  |  | - | ---- | 
|             |                                                            |               |   | Restated |               |  |   |               | Restated | 
|             |                                                            |               |   |          |               |  |   |               |          | 
|             |                                                            | Three Months  |   |          | Three Months  |  |   | Nine Months   |          |  | Nine Months   |     
|             |                                                            | Ended         |   |          | Ended         |  |   | Ended         |          |  | Ended         |     
|             |                                                            | September 30, |   |          | September 30, |  |   | September 30, |          |  | September 30, |     
|             |                                                            | 2005          |   |          | 2004          |  |   | 2005          |          |  | 2004          |     
|             |                                                            |               |   |          |               |  |   |               |          |  |               |     
|Diluted EPU: |                                                            |               |   |          |               |  |   |               |          |  |               |      |  |  |   |     
|             | Income from Continuing Operations Available to Unitholders |               | $ | 0.15     |               |  | $ | 0.59          |          |  | $             | 0.20 |  |  | $ | 0.36 | 
|             |                                                            |               |   |          |               |  |   |               |          |  |               |     
|             | Discontinued Operations, Net of Income Taxes               |               | $ | 0.34     |               |  | $ | 0.24          |          |  | $             | 1.09 |  |  | $ | 1.39 | 
|             |                                                            |               |   |          |               |  |   |               |          |  |               |     
|             | Net Income Available to Unitholders                        |               | $ | 0.50     |               |  | $ | 0.83          |          |  | $             | 1.29 |  |  | $ | 1.75 | 
|             |                                                            |               |   |          |               |  |   |               |          |  |               |     



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







22



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




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



|                                                              |                                                                                                                          |                                               |        |         |              |   |      |          |  |   |                |         |   |             |       |        |   |   |        |         |  
|------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------- | ------ | ------- | ------------ | - | ---- | -------- |  | - | -------------- | ------- | - | ----------- | ----- | ------ | - | - | ------ | ------- | -
|                                                              |                                                                                                                          | For the Three Months Ended September 30, 2004 |       
|                                                              |                                                                                                                          |                                               |       
|                                                              |                                                                                                                          | As Previously                                 |        |         |             
|                                                              |                                                                                                                          | Reported on                                   |        |         |             
|                                                              |                                                                                                                          | Form 10-Q                                     |        |         | Restatement  |   |      | Restated |  |   |               
|                                                              |                                                                                                                          | Filed                                         |        |         | of Benefit   |   |      | Amounts  |  |   | Adjustment for |         |   | As Reported |      
|                                                              |                                                                                                                          | November 9,                                   |        |         | (Expense) of |   |      | for 2004 |  |   | Discontinued   |         |   | on 2005     |      
|                                                              |                                                                                                                          | 2004                                          |        |         | Income Tax   |   |      | 10-Q     |  |   | Operations     |         |   | 10-Q        |      
|                                                              |                                                                                                                          |                                               |        |         |              |   |      |          |  |   |                |         |   |             |      
|Loss from Continuing Operations                               |                                                                                                                          |                                               |        |         |              |   |      |          |  |   |                |         |   |             |       |        |   |   |        |        
|                                                              | Before Income Tax Benefit, Equity in Income of Joint Ventures
    and Equity in Income of Other Real Estate Partnerships |                                               | $      | (11,256 | )            |   | $    |         |  |   | $              | (11,256 | ) |             | $     | (2,033 | ) |   | $      | (13,289 | )
|Equity in Income of Joint Ventures                            |                                                                                                                          |                                               | 34,453 |         |              |   | 850  |          |  |   | 35,303         |         |   |             |      |        |   |   | 35,303 |        
|Equity in Income of Other Real Estate Partnerships            |                                                                                                                          |                                               | 6,173  |         |              |   |     |          |  |   | 6,173          |         |   |             |      |        |   |   | 6,173  |        
|Income Tax Benefit                                            |                                                                                                                          |                                               |       |         |              |   | 838  |          |  |   | 838            |         |   |             |      |        |   |   | 838    |        
|                                                              |                                                                                                                          |                                               |        |         |              |   |      |          |  |   |                |         |   |             |      
|                                                              | Income from Continuing Operations                                                                                        |                                               |        | 29,370  |              |   |      | 1,688    |  |   |                | 31,058  |   |             |       | (2,033 | ) |   |        | 29,025  |  
|Income from Discontinued Operations                           |                                                                                                                          |                                               | 11,515 |         |              |   |     |          |  |   | 11,515         |         |   |             | 2,033 |        |   |   | 13,548 |        
|Income Tax Provision Allocable to Discontinued Operations     |                                                                                                                          |                                               | (1,609 | )       |              |   | (724 | )        |  |   | (2,333         | )       |   |             |      |        |   |   | (2,333 | )      
|                                                              |                                                                                                                          |                                               |        |         |              |   |      |          |  |   |                |         |   |             |      
|Income Before Gain on Sale of Real Estate                     |                                                                                                                          |                                               | 39,276 |         |              |   | 964  |          |  |   | 40,240         |         |   |             |      |        |   |   | 40,240 |        
|Gain on Sale of Real Estate                                   |                                                                                                                          |                                               | 2,860  |         |              |   |     |          |  |   | 2,860          |         |   |             |      |        |   |   | 2,860  |        
|Income Tax Provision Allocable to Gain on Sale of Real Estate |                                                                                                                          |                                               |       |         |              |   | (964 | )        |  |   | (964           | )       |   |             |      |        |   |   | (964   | )      
|                                                              |                                                                                                                          |                                               |        |         |              |   |      |          |  |   |                |         |   |             |      
|Net Income                                                    |                                                                                                                          |                                               | 42,136 |         |              |   |     |          |  |   | 42,136         |         |   |             |      |        |   |   | 42,136 |        
|                                                              |                                                                                                                          |                                               |        |         |              |   |      |          |  |   |                |         |   |             |      
|Less: Preferred Unit Distributions                            |                                                                                                                          |                                               | (2,344 | )       |              |   |     |          |  |   | (2,344         | )       |   |             |      |        |   |   | (2,344 | )      
|Less: Redemption of Preferred Units                           |                                                                                                                          |                                               | (600   | )       |              |   |     |          |  |   | (600           | )       |   |             |      |        |   |   | (600   | )      
|                                                              |                                                                                                                          |                                               |        |         |              |   |      |          |  |   |                |         |   |             |      
|Net Income Available to Unitholders                           |                                                                                                                          | $                                             | 39,192 |         |              | $ |     |          |  | $ | 39,192         |         |   | $           |      |        |   | $ | 39,192 |        
|                                                              |                                                                                                                          |                                               |        |         |              |   |      |          |  |   |                |         |   |             |      

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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                           |                                     |                                               |   |      |              |  |   |          |   |  |                |      |  |             |   |       |   |  |   |      | 
|-------------------------- | ----------------------------------- | --------------------------------------------- | - | ---- | ------------ |  | - | -------- | - |  | -------------- | ---- |  | ----------- | - | ----- | - |  | - | ---- | 
|                           |                                     | For the Three Months Ended September 30, 2004 |  
|                           |                                     |                                               |  
|                           |                                     | As Previously                                 |   |      |             
|                           |                                     | Reported on                                   |   |      |             
|                           |                                     | Form 10-Q                                     |   |      | Restatement  |  |   | Restated |   |  |               
|                           |                                     | Filed                                         |   |      | of Benefit   |  |   | Amounts  |   |  | Adjustment for |      |  | As Reported |  
|                           |                                     | November 9,                                   |   |      | (Expense) of |  |   | for 2004 |   |  | Discontinued   |      |  | on 2005     |  
|                           |                                     | 2004                                          |   |      | Income Tax   |  |   | 10-Q     |   |  | Operations     |      |  | 10-Q        |  
|                           |                                     |                                               |   |      |              |  |   |          |   |  |                |      |  |             |  
|Basic Earnings Per Unit:   |                                     |                                               |   |      |              |  |   |          |   |  |                |      |  |             |   |       |   |  |   |     
|                           | Income from Continuing Operations   |                                               | $ | 0.62 |              |  | $ | 0.02     |   |  | $              | 0.64 |  |             | $ | (0.04 | ) |  | $ | 0.60 | 
|                           |                                     |                                               |   |      |              |  |   |          |   |  |                |      |  |             |  
|                           | Income from Discontinued Operations |                                               | $ | 0.21 |              |  | $ | (0.02    | ) |  | $              | 0.19 |  |             | $ | 0.04  |   |  | $ | 0.24 | 
|                           |                                     |                                               |   |      |              |  |   |          |   |  |                |      |  |             |  
|                           | Net Income Available to Unitholders |                                               | $ | 0.83 |              |  | $ |         |   |  | $              | 0.83 |  |             | $ |      |   |  | $ | 0.83 | 
|                           |                                     |                                               |   |      |              |  |   |          |   |  |                |      |  |             |  
|Diluted Earnings Per Unit: |                                     |                                               |   |      |              |  |   |          |   |  |                |      |  |             |   |       |   |  |   |     
|                           | Income from Continuing Operations   |                                               | $ | 0.62 |              |  | $ | 0.02     |   |  | $              | 0.64 |  |             | $ | (0.04 | ) |  | $ | 0.59 | 
|                           |                                     |                                               |   |      |              |  |   |          |   |  |                |      |  |             |  
|                           | Income from Discontinued Operations |                                               | $ | 0.21 |              |  | $ | (0.02    | ) |  | $              | 0.19 |  |             | $ | 0.04  |   |  | $ | 0.24 | 
|                           |                                     |                                               |   |      |              |  |   |          |   |  |                |      |  |             |  
|                           | Net Income Available to Unitholders |                                               | $ | 0.83 |              |  | $ |         |   |  | $              | 0.83 |  |             | $ |      |   |  | $ | 0.83 | 
|                           |                                     |                                               |   |      |              |  |   |          |   |  |                |      |  |             |  

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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                                                                                                                                                            |                                     |                                              |         |        |              |   |        |          |   |   |                |        |  |             |        |        |   |   |         |        | 
|----------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------- | -------------------------------------------- | ------- | ------ | ------------ | - | ------ | -------- | - | - | -------------- | ------ |  | ----------- | ------ | ------ | - | - | ------- | ------ | 
|                                                                                                                                                            |                                     | For the Nine Months Ended September 30, 2004 |        
|                                                                                                                                                            |                                     |                                              |        
|                                                                                                                                                            |                                     | As Previously                                |         |        |             
|                                                                                                                                                            |                                     | Reported on                                  |         |        |             
|                                                                                                                                                            |                                     | Form 10-Q                                    |         |        | Restatement  |   |        | Restated |   |   |               
|                                                                                                                                                            |                                     | Filed                                        |         |        | of Benefit   |   |        | Amounts  |   |   | Adjustment for |        |  | As Reported |       
|                                                                                                                                                            |                                     | November 9,                                  |         |        | (Expense) of |   |        | for 2004 |   |   | Discontinued   |        |  | on 2005     |       
|                                                                                                                                                            |                                     | 2004                                         |         |        | Income Tax   |   |        | 10-Q     |   |   | Operations     |        |  | 10-Q        |       
|                                                                                                                                                            |                                     |                                              |         |        |              |   |        |          |   |   |                |        |  |             |       
|(Loss) Income from Continuing Operations Before Income Tax
    Benefit, Equity in Income of Joint Ventures and Equity in Other
    Real Estate Partnerships |                                     | $                                            | (22,494 | )      |              | $ |       |          |   | $ | (22,494        | )      |  | $           | (5,820 | )      |   | $ | (28,314 | )     
|Equity in Income of Joint Ventures                                                                                                                          |                                     |                                              | 34,998  |        |              |   | 850    |          |   |   | 35,848         |        |  |             |       |        |   |   | 35,848  |       
|Equity in Income of Other Real Estate Partnerships                                                                                                          |                                     |                                              | 20,745  |        |              |   |       |          |   |   | 20,745         |        |  |             |       |        |   |   | 20,745  |       
|Income Tax Benefit                                                                                                                                          |                                     |                                              |        |        |              |   | 3,209  |          |   |   | 3,209          |        |  |             |       |        |   |   | 3,209   |       
|                                                                                                                                                            |                                     |                                              |         |        |              |   |        |          |   |   |                |        |  |             |       
|                                                                                                                                                            | Income from Continuing Operations   |                                              |         | 33,249 |              |   |        | 4,059    |   |   |                | 37,308 |  |             |        | (5,820 | ) |   |         | 31,488 | 
|Income from Discontinued Operations                                                                                                                         |                                     |                                              | 66,891  |        |              |   |       |          |   |   | 66,891         |        |  |             | 5,820  |        |   |   | 72,711  |       
|Income Tax Provision Allocable to Discontinued Operations                                                                                                   |                                     |                                              | (5,455  | )      |              |   | (1,664 | )        |   |   | (7,119         | )      |  |             |       |        |   |   | (7,119  | )     
|                                                                                                                                                            |                                     |                                              |         |        |              |   |        |          |   |   |                |        |  |             |       
|Income Before Gain on Sale of Real Estate                                                                                                                   |                                     |                                              | 94,685  |        |              |   | 2,395  |          |   |   | 97,080         |        |  |             |       |        |   |   | 97,080  |       
|Gain on Sale of Real Estate                                                                                                                                 |                                     |                                              | 7,852   |        |              |   |       |          |   |   | 7,852          |        |  |             |       |        |   |   | 7,852   |       
|Income Tax Provision Allocable to Gain on Sale of Real Estate                                                                                               |                                     |                                              |        |        |              |   | (2,395 | )        |   |   | (2,395         | )      |  |             |       |        |   |   | (2,395  | )     
|                                                                                                                                                            |                                     |                                              |         |        |              |   |        |          |   |   |                |        |  |             |       
|Net Income                                                                                                                                                  |                                     |                                              | 102,537 |        |              |   |       |          |   |   | 102,537        |        |  |             |       |        |   |   | 102,537 |       
|                                                                                                                                                            |                                     |                                              |         |        |              |   |        |          |   |   |                |        |  |             |       
|Less: Preferred Unit Distributions                                                                                                                          |                                     |                                              | (12,178 | )      |              |   |       |          |   |   | (12,178        | )      |  |             |       |        |   |   | (12,178 | )     
|Less: Redemption of Preferred Units                                                                                                                         |                                     |                                              | (7,959  | )      |              |   |       |          |   |   | (7,959         | )      |  |             |       |        |   |   | (7,959  | )     
|                                                                                                                                                            |                                     |                                              |         |        |              |   |        |          |   |   |                |        |  |             |       
|Net Income Available to Unitholders                                                                                                                         |                                     | $                                            | 82,400  |        |              | $ |       |          |   | $ | 82,400         |        |  | $           |       |        |   | $ | 82,400  |       
|                                                                                                                                                            |                                     |                                              |         |        |              |   |        |          |   |   |                |        |  |             |       
|Basic Earnings Per Unit:                                                                                                                                    |                                     |                                              |         |        |              |   |        |          |   |   |                |        |  |             |        |        |   |   |         |       
|                                                                                                                                                            | Income from Continuing Operations   |                                              | $       | 0.45   |              |   | $      | 0.04     |   |   | $              | 0.48   |  |             | $      | (0.12  | ) |   | $       | 0.36   | 
|                                                                                                                                                            |                                     |                                              |         |        |              |   |        |          |   |   |                |        |  |             |       
|                                                                                                                                                            | Income from Discontinued Operations |                                              | $       | 1.32   |              |   | $      | (0.04    | ) |   | $              | 1.28   |  |             | $      | 0.12   |   |   | $       | 1.40   | 
|                                                                                                                                                            |                                     |                                              |         |        |              |   |        |          |   |   |                |        |  |             |       
|                                                                                                                                                            | Net Income Available to Unitholders |                                              | $       | 1.76   |              |   | $      |         |   |   | $              | 1.76   |  |             | $      |       |   |   | $       | 1.76   | 
|                                                                                                                                                            |                                     |                                              |         |        |              |   |        |          |   |   |                |        |  |             |       
|Diluted Earnings Per Unit:                                                                                                                                  |                                     |                                              |         |        |              |   |        |          |   |   |                |        |  |             |        |        |   |   |         |       
|                                                                                                                                                            | Income from Continuing Operations   |                                              | $       | 0.45   |              |   | $      | 0.04     |   |   | $              | 0.48   |  |             | $      | (0.12  | ) |   | $       | 0.36   | 
|                                                                                                                                                            |                                     |                                              |         |        |              |   |        |          |   |   |                |        |  |             |       
|                                                                                                                                                            | Income from Discontinued Operations |                                              | $       | 1.31   |              |   | $      | (0.04    | ) |   | $              | 1.27   |  |             | $      | 0.12   |   |   | $       | 1.39   | 
|                                                                                                                                                            |                                     |                                              |         |        |              |   |        |          |   |   |                |        |  |             |       
|                                                                                                                                                            | Net Income Available to Unitholders |                                              | $       | 1.75   |              |   | $      |         |   |   | $              | 1.75   |  |             | $      |       |   |   | $       | 1.75   | 
|                                                                                                                                                            |                                     |                                              |         |        |              |   |        |          |   |   |                |        |  |             |       



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



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FIRST INDUSTRIAL, L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




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











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





GENERAL












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MANAGEMENTS OVERVIEW






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RESTATEMENT




RESULTS OF OPERATIONS


Comparison of Nine months ended September 30, 2005 to
Nine months ended September 30, 2004






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|                          |                |               |         |         |               |   |         |          |  |   |          |        |  |  |        |       |  
|------------------------- | -------------- | ------------- | ------- | ------- | ------------- | - | ------- | -------- |  | - | -------- | ------ |  |  | ------ | ----- | -
|                          |                | Nine Months   |         |         | Nine Months   |   |         |          |  |  
|                          |                | Ended         |         |         | Ended         |   |         |          |  |  
|                          |                | September 30, |         |         | September 30, |   |         |          |  |  
|                          |                | 2005          |         |         | 2004          |   |         | $ Change |  |   | % Change |       
|                          |                |               |         |         |               |   |         |          |  |   |          |       
|REVENUES ($ in 000s)     |                |               |         |         |               |   |         |          |  |   |          |        |  |  |        |      
|Same Store Properties     |                | $             | 161,575 |         |               | $ | 161,902 |          |  | $ | (327     | )      |  |  | (.20   | )%   
|Acquired Properties       |                |               | 33,187  |         |               |   | 6,270   |          |  |   | 26,917   |        |  |  | 429.30 | %    
|Sold Properties           |                |               | 11,365  |         |               |   | 27,084  |          |  |   | (15,719  | )      |  |  | (58.04 | )%   
|Properties Not In Service |                |               | 18,483  |         |               |   | 17,038  |          |  |   | 1,445    |        |  |  | 8.48   | %    
|Other                     |                |               | 22,444  |         |               |   | 6,656   |          |  |   | 15,788   |        |  |  | 237.20 | %    
|                          |                |               |         |         |               |   |         |          |  |   |          |       
|                          |                | $             | 247,054 |         |               | $ | 218,950 |          |  | $ | 28,104   |        |  |  | 12.84  | %    
|Discontinued Operations   |                |               | (10,432 | )       |               |   | (24,607 | )        |  |   | 14,175   |        |  |  | (57.61 | )%   
|                          |                |               |         |         |               |   |         |          |  |   |          |       
|                          | Total Revenues |               | $       | 236,622 |               |   | $       | 194,343  |  |   | $        | 42,279 |  |  |        | 21.75 | %
|                          |                |               |         |         |               |   |         |          |  |   |          |       



|                               |                         |               |        |        |               |   |        |          |  |   |          |        |  |  |        |       |  
|------------------------------ | ----------------------- | ------------- | ------ | ------ | ------------- | - | ------ | -------- |  | - | -------- | ------ |  |  | ------ | ----- | -
|                               |                         | Nine Months   |        |        | Nine Months   |   |        |          |  |  
|                               |                         | Ended         |        |        | Ended         |   |        |          |  |  
|                               |                         | September 30, |        |        | September 30, |   |        |          |  |  
|                               |                         | 2005          |        |        | 2004          |   |        | $ Change |  |   | % Change |       
|                               |                         |               |        |        |               |   |        |          |  |   |          |       
|PROPERTY EXPENSES ($ in 000s) |                         |               |        |        |               |   |        |          |  |   |          |        |  |  |        |      
|Same Store Properties          |                         | $             | 54,330 |        |               | $ | 51,887 |          |  | $ | 2,443    |        |  |  | 4.71   | %    
|Acquired Properties            |                         |               | 9,576  |        |               |   | 2,320  |          |  |   | 7,256    |        |  |  | 312.76 | %    
|Sold Properties                |                         |               | 4,153  |        |               |   | 8,680  |          |  |   | (4,527   | )      |  |  | (52.15 | )%   
|Properties Not In Service      |                         |               | 7,392  |        |               |   | 7,241  |          |  |   | 151      |        |  |  | 2.09   | %    
|Other                          |                         |               | 18,429 |        |               |   | 4,537  |          |  |   | 13,892   |        |  |  | 306.19 | %    
|                               |                         |               |        |        |               |   |        |          |  |   |          |       
|                               |                         | $             | 93,880 |        |               | $ | 74,665 |          |  | $ | 19,215   |        |  |  | 25.73  | %    
|Discontinued Operations        |                         |               | (3,817 | )      |               |   | (8,003 | )        |  |   | 4,186    |        |  |  | (52.31 | )%   
|                               |                         |               |        |        |               |   |        |          |  |   |          |       
|                               | Total Property Expenses |               | $      | 90,063 |               |   | $      | 66,662   |  |   | $        | 23,401 |  |  |        | 35.10 | %
|                               |                         |               |        |        |               |   |        |          |  |   |          |       



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|                                                 |  |               |        |   |               |   |        |          |  |   |          |   |  |  |        |   
|------------------------------------------------ |  | ------------- | ------ | - | ------------- | - | ------ | -------- |  | - | -------- | - |  |  | ------ | --
|                                                 |  | Nine Months   |        |   | Nine Months   |   |        |          |  |  
|                                                 |  | Ended         |        |   | Ended         |   |        |          |  |  
|                                                 |  | September 30, |        |   | September 30, |   |        |          |  |  
|                                                 |  | 2005          |        |   | 2004          |   |        | $ Change |  |   | % Change |  
|                                                 |  |               |        |   |               |   |        |          |  |   |          |  
|DEPRECIATION and OTHER AMORTIZATION ($ in 000s) |  |               |        |   |               |   |        |          |  |   |          |   |  |  |        |   
|Same Store Properties                            |  | $             | 50,393 |   |               | $ | 46,465 |          |  | $ | 3,928    |   |  |  | 8.45   | % 
|Acquired Properties                              |  |               | 16,834 |   |               |   | 1,600  |          |  |   | 15,234   |   |  |  | 952.13 | % 
|Sold Properties                                  |  |               | 2,964  |   |               |   | 6,953  |          |  |   | (3,989   | ) |  |  | (57.37 | )%
|Properties Not In Service and Other              |  |               | 8,720  |   |               |   | 6,965  |          |  |   | 1,755    |   |  |  | 25.20  | % 
|Corporate Furniture, Fixtures and Equipment      |  |               | 1,000  |   |               |   | 965    |          |  |   | 35       |   |  |  | 3.63   | % 
|                                                 |  |               |        |   |               |   |        |          |  |   |          |  
|                                                 |  | $             | 79,911 |   |               | $ | 62,948 |          |  | $ | 16,963   |   |  |  | 26.95  | % 
|Discontinued Operations                          |  |               | (2,848 | ) |               |   | (6,077 | )        |  |   | 3,229    |   |  |  | (53.13 | )%
|                                                 |  |               |        |   |               |   |        |          |  |   |          |  
|Total Depreciation and Other Amortization        |  | $             | 77,063 |   |               | $ | 56,871 |          |  | $ | 20,192   |   |  |  | 35.50  | % 
|                                                 |  |               |        |   |               |   |        |          |  |   |          |  













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|                                                 |  |               |        |          |               |   |        |  
|------------------------------------------------ |  | ------------- | ------ | -------- | ------------- | - | ------ | -
|                                                 |  |               |        | Restated |              
|                                                 |  |               |        |          |              
|                                                 |  | Nine Months   |        |          | Nine Months   |  
|                                                 |  | Ended         |        |          | Ended         |  
|                                                 |  | September 30, |        |          | September 30, |  
|                                                 |  | 2005          |        |          | 2004          |  
|                                                 |  |               |        |          |               |  
|                                                 |  | ($ in 000s)  |       
|Total Revenues                                   |  | $             | 10,432 |          |               | $ | 24,607 |  
|Operating Expenses                               |  |               | (3,817 | )        |               |   | (8,003 | )
|Depreciation and Amortization                    |  |               | (2,848 | )        |               |   | (6,077 | )
|Interest Expense                                 |  |               | (373   | )        |               |   | (194   | )
|Provision for Income Taxes                       |  |               | (873   | )        |               |   | (1,655 | )
|Gain on Sale of Real Estate, Net of Income Taxes |  |               | 50,881 |          |               |   | 56,914 |  
|                                                 |  |               |        |          |               |  
|Income from Discontinued Operations              |  | $             | 53,402 |          |               | $ | 65,592 |  
|                                                 |  |               |        |          |               |  





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






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|                          |                |               |        |        |               |   |        |          |  |   |          |        |  |  |         |       |  
|------------------------- | -------------- | ------------- | ------ | ------ | ------------- | - | ------ | -------- |  | - | -------- | ------ |  |  | ------- | ----- | -
|                          |                | Three Months  |        |        | Three Months  |   |        |          |  |  
|                          |                | Ended         |        |        | Ended         |   |        |          |  |  
|                          |                | September 30, |        |        | September 30, |   |        |          |  |  
|                          |                | 2005          |        |        | 2004          |   |        | $ Change |  |   | % Change |       
|                          |                |               |        |        |               |   |        |          |  |   |          |       
|REVENUES ($ in 000s)     |                |               |        |        |               |   |        |          |  |   |          |        |  |  |         |      
|Same Store Properties     |                | $             | 57,930 |        |               | $ | 58,376 |          |  | $ | (446     | )      |  |  | (0.76   | )%   
|Acquired Properties       |                |               | 10,660 |        |               |   | 377    |          |  |   | 10,283   |        |  |  | 2727.59 | %    
|Sold Properties           |                |               | 1,605  |        |               |   | 7,264  |          |  |   | (5,659   | )      |  |  | (77.90  | )%   
|Properties Not In Service |                |               | 6,260  |        |               |   | 4,330  |          |  |   | 1,930    |        |  |  | 44.57   | %    
|Other                     |                |               | 15,192 |        |               |   | 1,677  |          |  |   | 13,515   |        |  |  | 805.90  | %    
|                          |                |               |        |        |               |   |        |          |  |   |          |       
|                          |                | $             | 91,647 |        |               | $ | 72,024 |          |  | $ | 19,623   |        |  |  | 27.25   | %    
|Discontinued Operations   |                |               | (1,533 | )      |               |   | (6,441 | )        |  |   | 4,908    |        |  |  | (76.20  | )%   
|                          |                |               |        |        |               |   |        |          |  |   |          |       
|                          | Total Revenues |               | $      | 90,114 |               |   | $      | 65,583   |  |   | $        | 24,531 |  |  |         | 37.40 | %
|                          |                |               |        |        |               |   |        |          |  |   |          |       



|                               |                         |               |        |        |               |   |        |          |  |   |          |        |  |  |         |       |  
|------------------------------ | ----------------------- | ------------- | ------ | ------ | ------------- | - | ------ | -------- |  | - | -------- | ------ |  |  | ------- | ----- | -
|                               |                         | Three Months  |        |        | Three Months  |   |        |          |  |  
|                               |                         | Ended         |        |        | Ended         |   |        |          |  |  
|                               |                         | September 30, |        |        | September 30, |   |        |          |  |  
|                               |                         | 2005          |        |        | 2004          |   |        | $ Change |  |   | % Change |       
|                               |                         |               |        |        |               |   |        |          |  |   |          |       
|PROPERTY EXPENSES ($ in 000s) |                         |               |        |        |               |   |        |          |  |   |          |        |  |  |         |      
|Same Store Properties          |                         | $             | 18,928 |        |               | $ | 18,115 |          |  | $ | 813      |        |  |  | 4.49    | %    
|Acquired Properties            |                         |               | 3,417  |        |               |   | 86     |          |  |   | 3,331    |        |  |  | 3873.26 | %    
|Sold Properties                |                         |               | 560    |        |               |   | 1,987  |          |  |   | (1,427   | )      |  |  | (71.82  | )%   
|Properties Not In Service      |                         |               | 2,022  |        |               |   | 2,291  |          |  |   | (269     | )      |  |  | (11.74  | )%   
|Other                          |                         |               | 14,125 |        |               |   | 1,880  |          |  |   | 12,245   |        |  |  | 651.33  | %    
|                               |                         |               |        |        |               |   |        |          |  |   |          |       
|                               |                         | $             | 39,052 |        |               | $ | 24,359 |          |  | $ | 14,693   |        |  |  | 60.32   | %    
|Discontinued Operations        |                         |               | (471   | )      |               |   | (1,850 | )        |  |   | 1,379    |        |  |  | (74.54  | )%   
|                               |                         |               |        |        |               |   |        |          |  |   |          |       
|                               | Total Property Expenses |               | $      | 38,581 |               |   | $      | 22,509   |  |   | $        | 16,072 |  |  |         | 71.40 | %
|                               |                         |               |        |        |               |   |        |          |  |   |          |       

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|                                                 |  |               |        |   |               |   |        |          |  |   |          |   |  |  |          |   
|------------------------------------------------ |  | ------------- | ------ | - | ------------- | - | ------ | -------- |  | - | -------- | - |  |  | -------- | --
|                                                 |  | Three Months  |        |   | Three Months  |   |        |          |  |  
|                                                 |  | Ended         |        |   | Ended         |   |        |          |  |  
|                                                 |  | September 30, |        |   | September 30, |   |        |          |  |  
|                                                 |  | 2005          |        |   | 2004          |   |        | $ Change |  |   | % Change |  
|                                                 |  |               |        |   |               |   |        |          |  |   |          |  
|DEPRECIATION and OTHER AMORTIZATION ($ in 000s) |  |               |        |   |               |   |        |          |  |   |          |   |  |  |          |   
|Same Store Properties                            |  | $             | 19,546 |   |               | $ | 18,482 |          |  | $ | 1,064    |   |  |  | 5.76     | % 
|Acquired Properties                              |  |               | 6,193  |   |               |   | (405   | )        |  |   | 6,598    |   |  |  | (1629.14 | )%
|Sold Properties                                  |  |               | 256    |   |               |   | 1,959  |          |  |   | (1,703   | ) |  |  | (86.93   | )%
|Properties Not In Service and Other              |  |               | 3,173  |   |               |   | 1,019  |          |  |   | 2,154    |   |  |  | 211.38   | % 
|Corporate Furniture, Fixtures and Equipment      |  |               | 343    |   |               |   | 325    |          |  |   | 18       |   |  |  | 5.54     | % 
|                                                 |  |               |        |   |               |   |        |          |  |   |          |  
|                                                 |  | $             | 29,511 |   |               | $ | 21,380 |          |  | $ | 8,131    |   |  |  | 38.03    | % 
|Discontinued Operations                          |  |               | (436   | ) |               |   | (1,606 | )        |  |   | 1,170    |   |  |  | (72.85   | )%
|                                                 |  |               |        |   |               |   |        |          |  |   |          |  
|Total Depreciation and Other Amortization        |  | $             | 29,075 |   |               | $ | 19,774 |          |  | $ | 9,301    |   |  |  | 47.04    | % 
|                                                 |  |               |        |   |               |   |        |          |  |   |          |  









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|                                                 |  |               |        |          |               |   |        |  
|------------------------------------------------ |  | ------------- | ------ | -------- | ------------- | - | ------ | -
|                                                 |  |               |        | Restated |              
|                                                 |  |               |        |          |              
|                                                 |  | Three Months  |        |          | Three Months  |  
|                                                 |  | Ended         |        |          | Ended         |  
|                                                 |  | September 30, |        |          | September 30, |  
|                                                 |  | 2005          |        |          | 2004          |  
|                                                 |  |               |        |          |               |  
|                                                 |  | ($ in 000s)  |       
|Total Revenues                                   |  | $             | 1,533  |          |               | $ | 6,441  |  
|Operating Expenses                               |  |               | (471   | )        |               |   | (1,850 | )
|Depreciation and Amortization                    |  |               | (436   | )        |               |   | (1,606 | )
|Interest Expense                                 |  |               | (29    | )        |               |   | (67    | )
|Provision for Income Taxes                       |  |               | (157   | )        |               |   | (595   | )
|Gain on Sale of Real Estate, Net of Income Taxes |  |               | 16,484 |          |               |   | 8,892  |  
|                                                 |  |               |        |          |               |  
|Income from Discontinued Operations              |  | $             | 16,924 |          |               | $ | 11,215 |  
|                                                 |  |               |        |          |               |  





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LIQUIDITY AND CAPITAL RESOURCES






Nine Months Ended September 30, 2005












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Market Risk










38



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









39



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##### Table of Contents







Subsequent Events












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








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





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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 8, 2005, File No. 1-13102)
|        | 3  | .2***       |  | Amendment No. 3 dated October 31, 2005 to the Eighth Amended and
    Restated Partnership Agreement of First Industrial, L.P. dated
    June 2, 2004 (incorporated by reference to Exhibit 10.3 of the
    Form 10-Q of the Company dated November 9, 2005, File No.
    1-13102)                                          
|        | 3  | .3***       |  | Ninth Amended and Restated Partnership Agreement of First
    Industrial, L.P. dated November 8, 2005 (incorporated by
    reference to Exhibit 10.2 of the Form 8-K of the Company filed
    November 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 dated August 8, 2005, File
    No. 1-13102)                                                          
|        | 10 | .2***       |  | Purchase Agreement dated November 8, 2005 between First
    Industrial Realty Trust, Inc., First Industrial, L.P. and
    Wachovia Investment Holdings, LLC (incorporated by reference to
    Exhibit 10.1 of the Form 8-K of the Company filed November 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.                                                                                                      

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|        |    |             |  |                                                                                                                                                                                                                      
|------- | -- | ----------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |            
|Number  |    | Description
|        |    |            
|        | 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

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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)  



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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 8, 2005, File No. 1-13102)
|        | 3  | .2***       |  | Amendment No. 3 dated October 31, 2005 to the Eighth Amended and
    Restated Partnership Agreement of First Industrial, L.P. dated
    June 2, 2004 (incorporated by reference to Exhibit 10.3 of the
    Form 10-Q of the Company dated November 9, 2005, File No.
    1-13102)                                          
|        | 3  | .3***       |  | Ninth Amended and Restated Partnership Agreement of First
    Industrial, L.P. dated November 8, 2005 (incorporated by
    reference to Exhibit 10.2 of the Form 8-K of the Company filed
    November 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 dated August 8, 2005, File
    No. 1-13102)                                                          
|        | 10 | .2***       |  | Purchase Agreement dated November 8, 2005 between First
    Industrial Realty Trust, Inc., First Industrial, L.P. and
    Wachovia Investment Holdings, LLC (incorporated by reference to
    Exhibit 10.1 of the Form 8-K of the Company filed November 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

46