<PAGE>   1
                UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549


                                    FORM 10-Q

/X/      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
         EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1999
/ /      Transition report pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934

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

                       Commission File Number 33-97014-01
                              ---------------------



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

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



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


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



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




<PAGE>   2


                        FIRST INDUSTRIAL SECURITIES, L.P.
                                    FORM 10-Q
                       FOR THE PERIOD ENDED JUNE 30, 1999
                                      INDEX

<TABLE>
<CAPTION>
PART I:   FINANCIAL INFORMATION                                                                       PAGE
                                                                                                      ----
<S>                                                                                                   <C>
      Item 1.   Financial Statements

      Balance Sheets of First Industrial Securities, L.P. as of June 30, 1999 and
      December 31, 1998 ............................................................................    2

      Statements  of Operations of First  Industrial  Securities,  L.P. for the Six Months Ended
      June 30, 1999 and June 30, 1998 ..............................................................    3

      Statements of Operations of First Industrial  Securities,  L.P. for the Three Months Ended
      June 30, 1999 and June 30, 1998 ..............................................................    4

      Statements  of Cash Flows of First  Industrial  Securities,  L.P. for the Six Months Ended
      June 30, 1999 and June 30, 1998 ..............................................................    5

      Notes to Financial Statements ................................................................   6-7

      Item 2.  Management's Discussion and Analysis of Financial Condition and
               Results of Operations ...............................................................   8-11

      Item 3. Quantitative and Qualitative Disclosures About Market Risk ...........................   11


PART II:  OTHER INFORMATION

      Item 1.  Legal Proceedings ...................................................................   12
      Item 2.  Changes in Securities ...............................................................   12
      Item 3.  Defaults Upon Senior Securities .....................................................   12
      Item 4.  Submission of Matters to a Vote of Security Holders .................................   12
      Item 5.  Other Information ...................................................................   12
      Item 6.  Exhibits and Reports on Form 8-K ....................................................   12


SIGNATURE ..........................................................................................   13

EXHIBIT INDEX ......................................................................................   14
</TABLE>


<PAGE>   3


                          PART I. FINANCIAL INFORMATION
                          ITEM 1. FINANCIAL STATEMENTS

                        FIRST INDUSTRIAL SECURITIES, L.P.
                                 BALANCE SHEETS
                                 (IN THOUSANDS)
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                               June 30,    December 31,
                                                                 1999        1998
                                                               --------   -------------
                             ASSETS
<S>                                                            <C>         <C>
Assets:
   Investment in Real Estate:
      Land .................................................   $ 11,580    $ 11,580
      Buildings and Improvements ...........................     69,657      69,020
      Construction in Progress .............................      1,857        --
      Less:  Accumulated Depreciation ......................     (7,940)     (7,163)
                                                               --------    --------
              Net Investment in Real Estate ................     75,154      73,437

   Cash and Cash Equivalents ...............................        976       1,391
   Restricted Cash .........................................        410         410
   Tenant Accounts Receivable, Net .........................        502          38
   Deferred Rent Receivable ................................      1,174       1,104
   Prepaid Expenses and Other Assets, Net ..................        433       1,069
                                                               ========    ========
               Total Assets ................................   $ 78,649    $ 77,449
                                                               ========    ========

                LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
   Accounts Payable and Accrued Expenses ...................   $    988    $    794
   Rents Received in Advance and Security Deposits .........        867         528
                                                               --------    --------
                Total Liabilities ..........................      1,855       1,322
                                                               --------    --------

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

Partners' Capital:
    General Partner and Preferred Limited Partner ..........     41,604      41,266
    Limited Partner ........................................     35,190      34,861
                                                               --------    --------
                Total Partners' Capital ....................     76,794      76,127
                                                               ========    ========
                Total Liabilities and Partners' Capital ....   $ 78,649    $ 77,449
                                                               ========    ========
</TABLE>


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




                                       2
<PAGE>   4

                        FIRST INDUSTRIAL SECURITIES, L.P.
                            STATEMENTS OF OPERATIONS
                                 (IN THOUSANDS)
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                  Six                Six
                                              Months Ended      Months Ended
                                              June 30, 1999     June 30, 1998
                                              -------------     -------------
<S>                                           <C>                <C>
Revenues:
   Rental Income ............................   $4,138             $4,747
   Tenant Recoveries and Other Income .......    1,341              1,492
                                                ------             ------
             Total Revenues .................    5,479              6,239
                                                ------             ------

Expenses:
   Real Estate Taxes ........................    1,147              1,147
   Repairs and Maintenance ..................      199                173
   Property Management ......................      170                200
   Utilities ................................       79                 52
   Insurance ................................       16                 16
   Other ....................................       46                 26
   Depreciation and Amortization ............      895                931
                                                ------             ------
              Total Expenses ................    2,552              2,545
                                                ------             ------


Net Income ..................................   $2,927             $3,694
                                                ======             ======

</TABLE>



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


                                       3
<PAGE>   5

                        FIRST INDUSTRIAL SECURITIES, L.P.
                            STATEMENTS OF OPERATIONS
                                 (IN THOUSANDS)
                                   (UNAUDITED)



<TABLE>
<CAPTION>
                                                 Three               Three
                                              Months Ended        Months Ended
                                              June 30, 1999       June 30, 1998
                                             ---------------    ----------------
<S>                                          <C>                 <C>
Revenues:
   Rental Income .........................      $2,080               $2,384
   Tenant Recoveries and Other Income ....         669                  825
                                                ------               ------
             Total Revenues ..............       2,749                3,209
                                                ------               ------

Expenses:
   Real Estate Taxes .....................         567                  589
   Repairs and Maintenance ...............          89                   86
   Property Management ...................          84                  105
   Utilities .............................          33                   19
   Insurance .............................           8                    8
   Other .................................          28                   17
   Depreciation and Amortization .........         422                  469
                                                ------               ------
              Total Expenses .............       1,231                1,293
                                                ------               ------

Net Income ...............................      $1,518               $1,916
                                                ======               ======
</TABLE>


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



                                       4
<PAGE>   6

                        FIRST INDUSTRIAL SECURITIES, L.P.
                            STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)
                                   (UNAUDITED)



<TABLE>
<CAPTION>
                                                                                Six             Six
                                                                            Months Ended     Months Ended
                                                                           June 30, 1999     June 30, 1998
                                                                           --------------    -------------
<S>                                                                        <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net Income ..........................................................      $ 2,927           $ 3,694
   Adjustments to Reconcile Net Income to Net Cash Provided
   by Operating Activities:
      Depreciation and Amortization ....................................          895               931
      Increase in Tenant Accounts  Receivable ..........................         (464)             (169)
      Increase in  Deferred Rent Receivable ............................          (70)             (187)
      Decrease in Prepaid Expenses and Other Assets, Net ...............          519                41
      Increase (Decrease)  in Accounts Payable and Accrued Expenses
    and Rents Received in Advance and Security Deposits
                                                                                  336              (142)
                                                                              -------           -------
          Net Cash Provided by Operating Activities ....................        4,143             4,168
                                                                              -------           -------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Purchase of and Additions to Investment in Real Estate ............       (2,298)             (928)
                                                                              -------           -------
          Net Cash Used in Investing Activities ........................       (2,298)             (928)
                                                                              -------           -------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Distributions .....................................................       (2,960)           (2,510)
     Contributions .....................................................          700              --
                                                                              -------           -------
          Net Cash Used In Financing Activities ........................       (2,260)           (2,510)
                                                                              -------           -------

Net (Decrease) Increase in Cash and Cash Equivalents ...................         (415)              730
Cash and Cash Equivalents, Beginning of Period .........................        1,391               458
                                                                              -------           -------
Cash and Cash Equivalents, End of Period ...............................      $   976           $ 1,188
                                                                              =======           =======
</TABLE>



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


                                       5
<PAGE>   7

                        FIRST INDUSTRIAL SECURITIES, L.P.
                          NOTES TO FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)

1.       ORGANIZATION

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


2.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         The accompanying interim financial statements have been prepared in
accordance with the accounting policies described in the financial statements
and related notes included in the Company's 1998 Form 10-K and should be read in
conjunction with such financial statements and related notes. The following
notes to these interim financial statements highlight significant changes to the
notes included in the December 31, 1998 audited financial statements included in
the Company's 1998 Form 10-K and present interim disclosures as required by the
Securities and Exchange Commission.

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

         In the opinion of management, all adjustments consist of normal
recurring adjustments necessary to present fairly the financial position of the
Company as of June 30, 1999 and the results of its operations and its cash flows
for the six months and three months ended June 30, 1999 and 1998.

Tenant Accounts Receivable, Net:

         The Company provides an allowance for doubtful accounts against the
portion of tenant accounts receivable which is estimated to be uncollectible.
Tenant accounts receivable in the balance sheets are shown net of an allowance
for doubtful accounts of $100 as of June 30, 1999 and December 31, 1998.

3.       RELATED PARTY TRANSACTIONS

         The 19 properties owned by the Company are managed by the Operating
Partnership. Management fees incurred are based on 3.25% of gross receipts. Such
fees totaled $170 and $200 for the six months ended June 30, 1999 and 1998,
respectively.


4.       REAL ESTATE HELD FOR SALE

         At June 30, 1999, the Company had one industrial property comprising
approximately .3 million square feet of GLA held for sale. The Company ceased
depreciating this property in the second quarter of 1999. Net income (defined as
total property revenues, less property expenses, which include real estate
taxes, repairs and maintenance, property management, utilities, insurance and
other expenses, and depreciation and amortization) of the property held for sale
for the six months ended June 30, 1999 and 1998 is approximately $526 and $422,
respectively. Net carrying value of the industrial property held for sale at
June 30, 1999 is approximately $8,064. The Company plans to substitute one or
more properties in the place of this property if this sale occurs. There can be
no assurance that such property held for sale will be sold.



                                       6
<PAGE>   8

                        FIRST INDUSTRIAL SECURITIES, L.P.
                          NOTES TO FINANCIAL STATEMENTS
                             (DOLLARS IN THOUSANDS)


5.       COMMITMENTS AND CONTINGENCIES

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

         The Company has committed to the redevelopment of one of its properties
located in Maple Grove, Minnesota and the development of a 50,000 square foot
property located in Carol Stream, Illinois. The Company expects to fund these
costs with cash flows from operations and capital contributions.

6.       PARTNERS' CAPITAL

         On January 15, 1999, the Company paid a pro rata general and limited
partnership distribution to Securities Corporation and the Operating
Partnership, respectively, in the aggregate amount of $1,000.

         On March 29, 1999, the Company distributed $980 to Securities
Corporation in respect of its preferred limited partnership interest in the
Company, and Securities Corporation paid a preferred stock dividend of $980 to
FR, the amount equal to the aggregate dividend payable on FR's 9.5%, $.01 par
value, Series A Cumulative Preferred Stock (the "Series A Preferred Stock").

         On June 3, 1999, the Company received a general and limited partnership
contribution from Securities Corporation and the Operating Partnership in the
aggregate amount of $700.

         On June 22, 1999, the Company distributed $980 to Securities
Corporation in respect of its preferred limited partnership interest in the
Company, and Securities Corporation paid a preferred stock dividend of $980 to
FR, the amount equal to the aggregate dividend payable on FR's Series A
Preferred Stock.




                                       7
<PAGE>   9

                        FIRST INDUSTRIAL SECURITIES, L.P.
                 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

         The following discussion and analysis of First Industrial Securities,
L.P.'s (the "Company") financial condition and the results of operations should
be read in conjunction with the financial statements and notes thereto appearing
elsewhere in this Form 10-Q.

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

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

RESULTS OF OPERATIONS

         At June 30, 1999 and 1998, the Company owned 19 properties with
approximately 2.2 million square feet of gross leasable area ("GLA").

COMPARISON OF SIX MONTHS ENDED JUNE 30, 1999 TO SIX MONTHS ENDED JUNE 30, 1998

         Total revenues decreased by approximately $.8 million, or 12.2%, due
primarily to the decrease of rental income and recovery income from one of the
Company's properties that is under redevelopment.

         Property expenses, which include real estate taxes, repairs and
maintenance, property management, utilities, insurance and other expenses
remained relatively unchanged.

         Depreciation and amortization decreased slightly due to the cessation
of depreciation in the second quarter of 1999 of a property held for sale and a
property under redevelopment.



                                       8
<PAGE>   10


COMPARISON OF THREE MONTHS ENDED JUNE 30, 1999 TO THREE MONTHS ENDED JUNE 30,
1998

         Total revenues decreased by approximately $.5 million, or 14.3%, due
primarily to the decrease of rental income and recovery income from one of the
Company's properties that is under redevelopment.

         Property expenses, which include real estate taxes, repairs and
maintenance, property management, utilities, insurance and other expenses
remained relatively unchanged.

         Depreciation and amortization decreased slightly due to the cessation
of depreciation in the second quarter of 1999 of a property held for sale and a
property under redevelopment.

LIQUIDITY AND CAPITAL RESOURCES

SIX MONTHS ENDED JUNE 30, 1999

         Net cash provided by operating activities of approximately $4.1 million
for the six months ended June 30, 1999 was primarily comprised of net income of
approximately $2.9 million and adjustments for non-cash items of approximately
$.8 million and the net change in operating assets and liabilities of
approximately $.4 million. The adjustments for non-cash items are comprised of
depreciation and amortization of approximately $.9 million, offset by the effect
of straight-lining of rental income of approximately $.1 million.

         Net cash used in investing activities of approximately $2.3 million for
the six months ended June 30, 1999 was primarily comprised of capital
expenditures related to the redevelopment of one of the Company's properties
located in Maple Grove, Minnesota ($.6 million) and the development of one of
the Company's properties located in Carol Stream, Illinois ($1.3 million) as
well as various other capital improvements ($.4 million).

         Net cash used in financing activities of approximately $2.3 million for
the six months ended June 30, 1999 consisted of preferred limited partner
distributions of approximately $2.0 million and general and limited partner
distributions totaling approximately $1.0 million offset by general and limited
partnership contributions totaling approximately $.7 million.

SIX MONTHS ENDED JUNE 30, 1998

         Net cash provided by operating activities of approximately $4.2 million
for the six months ended June 30, 1998 was primarily comprised of net income of
approximately $3.7 million and adjustments for non-cash items of approximately
$.7 million offset by the net change in operating assets and liabilities of
approximately $.2 million. The adjustments for non-cash items are comprised of
depreciation and amortization of approximately $.9 million, offset by the effect
of straight-lining of rental income of approximately $.2 million.

         Net cash used in investing activities of approximately $.9 million for
the six months ended June 30, 1998 was primarily comprised of capital
expenditures related to an expansion of one of the Company's properties located
in Auburn Hills, Michigan that was placed in service on February 1, 1998.

         Net cash used in financing activities of approximately $2.5 million for
the six months ended June 30, 1998 consisted of preferred limited partner
distributions of approximately $2.0 million and a general and limited partner
distribution of approximately $.5 million.



                                       9
<PAGE>   11

REAL ESTATE HELD FOR SALE

         At June 30, 1999, the Company had one industrial property comprising
approximately .3 million square feet of GLA held for sale. The Company ceased
depreciating this property in the second quarter of 1999. Net income (defined as
total property revenues, less property expenses, which include real estate
taxes, repairs and maintenance, property management, utilities, insurance and
other expenses, and depreciation and amortization) of the property held for sale
for the six months ended June 30, 1999 and 1998 is approximately $.5 million and
$.4 million, respectively. Net carrying value of the industrial property held
for sale at June 30, 1999 is approximately $8.1 million. The Company plans to
substitute one or more properties in the place of this property if this sale
occurs. There can be no assurance that such property held for sale will be sold.

DISTRIBUTIONS/DIVIDENDS

         On January 15, 1999, the Company paid a pro rata general and limited
partnership distribution to Securities Corporation and the Operating
Partnership, respectively, in the aggregate amount of $1.0 million.

         On March 29, 1999, the Company distributed $1.0 million to Securities
Corporation in respect of its preferred limited partnership interest in the
Company, and Securities Corporation paid a preferred stock dividend of $1.0
million to FR, the amount equal to the aggregate dividend payable on FR's 9.5%,
$.01 par value, Series A Cumulative Preferred Stock (the "Series A Preferred
Stock").

         On June 3, 1999, the Company received a general and limited partnership
contribution from Securities Corporation and the Operating Partnership in the
aggregate amount of $.7 million.

         On June 22, 1999, the Company distributed $1.0 million to Securities
Corporation in respect of its preferred limited partnership interest in the
Company, and Securities Corporation paid a preferred stock dividend of $1.0
million to FR, the amount equal to the aggregate dividend payable on FR's Series
A Preferred Stock.


SHORT-TERM AND LONG-TERM LIQUIDITY NEEDS

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

         The Company expects to fund its long-term (greater than one year)
liquidity requirements for non-recurring capital improvements, property
redevelopments and property developments with its cash flow from operations,
capital contributions and, in part, with a deferred maintenance escrow
established in connection with the issuance of FR's Series A Preferred Stock
which is included in restricted cash on the balance sheet.

YEAR 2000 COMPLIANCE

         The Year 2000 compliance issue concerns the inability of computerized
information systems and non-information systems to accurately calculate, store
or use a date after 1999. This could result in computer systems failures or
miscalculations causing disruptions of operations. The Year 2000 issue affects
almost all companies and organizations.



                                       10
<PAGE>   12

         The Company has discussed its software applications and internal
operational programs with its current information systems' vendor and, based on
such discussions, believes that such applications and programs will properly
recognize calendar dates beginning in the year 2000. The Company is discussing
with its material third-party service providers, such as its banks, payroll
processor and telecommunications provider, their Year 2000 compliance and is
assessing what effect their possible non-compliance might have on the Company.
In addition, the Company is discussing with its material vendors the possibility
of any interface difficulties and/or electrical or mechanical problems relating
to the year 2000 which may affect properties owned by the Company. The Company
has also surveyed substantially all of its tenants to determine the status of
their Year 2000 compliance and what effect their possible non-compliance might
have on the Company. The Company is currently processing the information
obtained from such tenant surveys and remains in discussions with its material
vendors and third-party service providers. As of June 30, 1999, tenants
representing 57% of annual base rent of the Company have replied. Of the tenant
surveys received as of June 30, 1999, all have stated that they are Year 2000
compliant or will be Year 2000 compliant by the end of 1999. The Company is
still seeking confirmation of Year 2000 compliance from the tenants who have not
responded to the tenant survey. Until such time the Company cannot estimate any
potential adverse impact resulting from the failure of tenants, vendors or
third-party service providers to address their Year 2000 issues; however, to
date, no significant Year 2000-related conditions have been identified.

         Because the Company's evaluation of its Year 2000 issues has been
conducted by its own personnel or by its vendors in connection with their
servicing operations, the Company believes that its expenditures for assessing
its Year 2000 issues, though difficult to quantify, to date have not been
material. In addition, the Company is not aware of any Year 2000-related
conditions that it believes would likely require any material expenditures by
the Company in the future.

         Based on its current information, the Company believes that the risk
posed by any foreseeable Year 2000-related problem with its internal systems and
the systems at its properties (including both information and non-information
systems) or with its vendors or tenants is minimal. Year 2000-related problems
with the Company's software applications and internal operational programs or
with the electrical or mechanical systems at its properties are unlikely to
cause more than minor disruptions in the Company's operations. The Company
believes that the risk posed by Year 2000-related problems at certain of its
third-party service providers, such as its banks, payroll processor and
telecommunications provider is marginally greater, though, based on its current
information, the Company does not believe any such problems would have a
material effect on its operations. Any Year 2000 related problems at such
third-party service providers could delay the processing of financial
transactions and the Company's payroll and could disrupt the Company's internal
and external communications. At this time, the Company has not developed and
does not anticipate developing any contingency plans with respect to Year 2000
issues. In addition, the Company has no plans to seek independent verification
or review of its assessment of its Year 2000 issues. The Company does intend to
complete its assessment of, and to continue to monitor, its Year 2000 issues and
will develop contingency plans if, and to the extent, deemed necessary.

         While the Company believes that it will be Year 2000 compliant by
December 31, 1999, there can be no assurance that the Company has been or will
be successful in identifying and assessing Year 2000 issues, or that, to the
extent identified, the Company's efforts to remediate such issues will be
effective such that Year 2000 issues will not have a material adverse effect on
the Company's business, financial condition or results of operation.


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         None.



                                       11
<PAGE>   13

                           PART II. OTHER INFORMATION


ITEM 1.   LEGAL PROCEEDINGS
         None.

ITEM 2.   CHANGES IN SECURITIES
         None.

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES
         None.


ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
         Not applicable.


ITEM 5.   OTHER INFORMATION
         Not applicable.


ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

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

               27*         Financial Data Schedule


                  * Filed herewith

         No reports on Form 8-K were filed during the quarter ended June 30,
1999.



                                       12
<PAGE>   14


                                    SIGNATURE


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


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


Date: July 30, 1999              By: /s/ Michael J. Havala
                                    ------------------------------------------
                                    Michael J. Havala
                                    Chief Financial Officer
                                    (Principal Financial and Accounting Officer)




                                       13
<PAGE>   15

                                  EXHIBIT INDEX


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

   EX-27*                  Financial Data Schedule

         * Filed herewith



                                       14