<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, 2000
/ /  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 / /.




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                        FIRST INDUSTRIAL SECURITIES, L.P.
                                    FORM 10-Q
                       FOR THE PERIOD ENDED JUNE 30, 2000
                                      INDEX


PART I:   FINANCIAL INFORMATION                                            PAGE
                                                                           ----
      Item 1.   Financial Statements

      Balance Sheets of First Industrial Securities, L.P. as of June 30,
       2000 and December 31, 1999.........................................  2

      Statements  of Operations of First  Industrial  Securities,  L.P.
      for the Six Months Ended June 30, 2000 and June 30, 1999............  3

      Statements of Operations of First Industrial  Securities,  L.P. for
      the Three Months Ended June 30, 2000 and June 30, 1999..............  4

      Statements  of Cash Flows of First  Industrial  Securities,  L.P.
      for the Six Months Ended June 30, 2000 and June 30, 1999............  5

      Notes to Financial
                Statements................................................  6

      Item 2. Management's Discussion and Analysis of Financial Condition
                and Results of Operations.................................  7-9

      Item 3. Quantitative and Qualitative Disclosures About Market Risk..  9


PART II:   OTHER INFORMATION

      Item 1. Legal Proceedings...........................................  10
      Item 2. Changes in Securities.......................................  10
      Item 3. Defaults Upon Senior Securities.............................  10
      Item 4. Submission of Matters to a Vote of Security Holders.........  10
      Item 5. Other Information...........................................  10
      Item 6. Exhibits and Reports on Form 8-K............................  10


SIGNATURE.................................................................  11

EXHIBIT INDEX.............................................................  12


                                       1

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                          PART I. FINANCIAL INFORMATION
                          ITEM 1. FINANCIAL STATEMENTS

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


<TABLE>
<CAPTION>
                                                            June 30,   December 31,
                                                             2000         1999
                                                            --------   ----------
                             ASSETS
<S>                                                         <C>          <C>
Assets:
   Investment in Real Estate:
      Land................................................  $11,642     $11,642
      Buildings and Improvements..........................   70,921      70,680
      Construction in Progress............................    5,112       4,984
      Less:  Accumulated Depreciation.....................   (9,926)     (8,971)
                                                            --------    --------
              Net Investment in Real Estate...............   77,749      78,335

   Cash and Cash Equivalents..............................      276          63
   Restricted Cash........................................       65          64
   Tenant Accounts Receivable, Net........................      471         210
   Deferred Rent Receivable...............................      825         761
   Prepaid Expenses and Other Assets, Net.................      803         833
                                                            --------    --------
               Total Assets...............................  $80,189     $80,266
                                                            ========    ========

                LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
   Accounts Payable and Accrued Expenses..................  $ 2,400      $1,998
   Rents Received in Advance and Security Deposits........      607         644
                                                            --------    --------
                Total Liabilities.........................    3,007       2,642
                                                            --------    --------

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

Partners' Capital:
    General Partner and Preferred Limited Partner.........   41,608      41,612
    Limited Partner.......................................   35,574      36,012
                                                            --------    --------
                Total Partners' Capital...................   77,182      77,624
                                                            --------    --------
                Total Liabilities and Partners' Capital...  $80,189     $80,266
                                                            ========    ========

</TABLE>


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




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

<TABLE>
<CAPTION>
                                                         Six                       Six
                                                     Months Ended             Months Ended
                                                    June 30, 2000             June 30, 1999
                                                 ---------------------    ----------------------
<S>                                              <C>                      <C>
Revenues:
   Rental Income...............................  $           4,514        $         4,138
   Tenant Recoveries and Other Income..........              1,377                  1,341
                                                 ---------------------    ----------------------
             Total Revenues....................              5,891                  5,479
                                                 ---------------------    ----------------------

Expenses:
   Real Estate Taxes...........................              1,054                  1,147
   Repairs and Maintenance.....................                157                    199
   Property Management.........................                188                    170
   Utilities...................................                 62                     79
   Insurance...................................                  8                     16
   Other.......................................                 34                     46
   Depreciation and Amortization...............              1,070                    895
                                                 ---------------------    ----------------------
              Total Expenses...................              2,573                  2,552
                                                 ---------------------    ----------------------


Net Income.....................................  $           3,318        $         2,927
                                                 =====================    ======================

</TABLE>







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

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

<TABLE>
<CAPTION>
                                                                       Three               Three
                                                                    Months Ended        Months Ended
                                                                   June 30, 2000       June 30, 1999
                                                                  -----------------   -----------------

Revenues:
<S>                                                               <C>                 <C>
   Rental Income................................................  $         2,303     $         2,080
   Tenant Recoveries and Other Income...........................              605                 669
                                                                  -----------------   -----------------
             Total Revenues.....................................            2,908               2,749
                                                                  -----------------   -----------------

Expenses:
   Real Estate Taxes............................................              469                 567
   Repairs and Maintenance......................................               77                  89
   Property Management..........................................               93                  84
   Utilities....................................................               33                  33
   Insurance....................................................                4                   8
   Other........................................................                9                  28
   Depreciation and Amortization................................              538                 422
                                                                  -----------------   -----------------
              Total Expenses....................................            1,223               1,231
                                                                  -----------------   -----------------

Net Income......................................................  $         1,685     $         1,518
                                                                  =================   =================
</TABLE>




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



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<PAGE>   6

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


<TABLE>
<CAPTION>
                                                                          Six                     Six
                                                                     Months Ended             Months Ended
                                                                     June 30, 2000           June 30, 1999
                                                                  -------------------    ---------------------
<S>                                                                <C>                    <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net Income...................................................   $          3,318       $          2,927
   Adjustments to Reconcile Net Income to Net Cash Provided
   by Operating Activities:
      Depreciation and Amortization.............................              1,070                    895
      Increase in Tenant Accounts  Receivable, Net..............               (261)                  (464)
      Increase in  Deferred Rent Receivable.....................                (64)                   (70)
      (Increase)Decrease in Prepaid Expenses and Other Assets,
        Net....................................................                 (85)                   519
      Increase in Accounts Payable and Accrued Expenses and Rents
        Received in Advance and Security Deposits...............                621                    336
      Increase in Restricted Cash...............................                 (1)                   ---
                                                                  -------------------    ---------------------
          Net Cash Provided by Operating Activities.............              4,598                  4,143
                                                                  -------------------    ---------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to Investment in Real Estate and Construction in
   Progress.....................................................               (625)                (2,298)
                                                                  -------------------    ---------------------
          Net Cash Used In Investing Activities.................               (625)                (2,298)
                                                                  -------------------    ---------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
      Distributions..............................................             (3,760)                (2,960)
      Contributions..............................................                ---                    700
                                                                  -------------------    ---------------------
                                                                  -------------------    ---------------------
          Net Cash Used In Financing Activities ................             (3,760)                (2,260)
                                                                  -------------------    ---------------------

Net Increase (Decrease) in Cash and Cash Equivalents............                213                   (415)
Cash and Cash Equivalents, Beginning of Period..................                 63                  1,391
                                                                  -------------------    ---------------------
Cash and Cash Equivalents, End of Period........................   $            276       $            976
                                                                  ===================    =====================




</TABLE>


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




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                        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 unaudited 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 1999 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, 1999 audited financial
statements included in the Company's 1999 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 as of June 30,
2000 and December 31,1999, and the reported amounts of revenues and expenses for
each of the six months and three months ended June 30, 2000 and 1999. Actual
results could differ from those estimates.

         In the opinion of management, all adjustments consist of normal
recurring adjustments necessary for a fair statement of the financial position
of the Company as of June 30, 2000 and the results of its operations and its
cash flows for each of the six months and three months ended June 30, 2000 and
1999.

3.       RELATED PARTY TRANSACTIONS

         The 21 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 approximately $188 and $170 for the six months ended June 30, 2000
and 1999, respectively.

4.       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 one of its properties
located in Carol Stream, Illinois. The Company expects to fund these costs with
cash flows from operations and capital contributions.

5.       PARTNERS' CAPITAL

         During the six months ended June 30, 2000, the Company paid pro rata
general and limited partner distributions to Securities Corporation and the
Operating Partnership, respectively, in the aggregate amount of approximately
$1,800.

         During the six months ended June 30, 2000, the Company distributed
approximately $1,960 to Securities Corporation in respect of its preferred
limited partnership interest in the Company, and Securities Corporation paid a
preferred stock dividend of approximately $1,960 to FR, the amount equal to the
aggregate dividend payable on FR's 9.5%, $.01 par value, Series A Cumulative
Preferred Stock.



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<PAGE>   8


                        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, 2000, the Company owned 21 properties with approximately
2.0 million square feet of gross leasable area ("GLA") compared to 19 properties
comprising approximately 2.2 million square feet of GLA at June 30, 1999. During
the period July 1, 1999 through June 30, 2000, the Company sold two properties
comprising approximately .4 million square feet of GLA. During the same period,
the limited partner of the Company contributed four properties comprising
approximately .2 million square feet of GLA.

COMPARISON OF SIX MONTHS ENDED JUNE 30, 2000 TO SIX MONTHS ENDED JUNE 30, 1999

         Total revenues increased by approximately $.4 million, or 7.5%, due
primarily to an increase in occupancy. Average occupancy for the six months
ended June 30, 2000 and 1999 was 97.0% and 94.9%, respectively.

         Property expenses, which include real estate taxes, repairs and
maintenance, property management, utilities, insurance and other expenses
decreased by approximately $.2 million or 9.3%, due primarily to a decrease in
real estate taxes, repairs and maintenance and utilities expense, offset by an
increase in property management expense. The decreases in real estate tax
expense and utilities expense is attributable to a property that is under
redevelopment. The decrease in repairs and maintenance is attributed to roof
repairs and other repairs incurred during the six months ended June 30, 1999.
The increase in property management expense is due to an increase in total
revenues as discussed above.

         Depreciation and amortization increased by approximately $.2 million or
19.6%, due primarily to tenant improvements incurred subsequent to December 31,
1998.




                                       7
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COMPARISON OF THREE MONTHS ENDED JUNE 30, 2000 TO THREE MONTHS ENDED
JUNE 30, 1999

         Total revenues increased by approximately $.2 million, or 5.8%, due
primarily to an increase in occupancy. Average occupancy for the three months
ended June 30, 2000 and 1999 was 97.2% and 95.0%, respectively.

         Property expenses, which include real estate taxes, repairs and
maintenance, property management, utilities, insurance and other expenses
decreased by approximately $.1 million or 15.3%, due primarily to a decrease in
real estate taxes and repairs and maintenance, offset by an increase in property
management expense. The decrease in real estate tax expense is attributable to a
property that is under redevelopment. The decrease in repairs and maintenance is
attributed to roof repairs incurred during the three months ended June 30, 1999.
The increase in property management expense is due to an increase in total
revenues as discussed above.

         Depreciation and amortization increased by approximately $.1 million or
27.5%, due primarily to tenant improvements incurred subsequent to March 31,
1999.

LIQUIDITY AND CAPITAL RESOURCES

SIX MONTHS ENDED JUNE 30, 2000

         Net cash provided by operating activities of approximately $4.6 million
for the six months ended June 30, 2000 was primarily comprised of net income of
approximately $3.3 million, adjustments for non-cash items of approximately $1.0
million and the net change in operating assets and liabilities of approximately
$.3 million. The adjustments for non-cash items of approximately $1.0 million
are primarily comprised of depreciation and amortization of approximately $1.1
million, offset by the effect of the straight-lining of rental income of
approximately $.1 million.

         Net cash used in investing activities of approximately $.6 million for
the six months ended June 30, 2000 was primarily comprised of construction
expenditures related to the redevelopment of one of the Company's properties
located in Maple Grove, Minnesota ($.4 million) as well as various other capital
improvements ($.2 million).

         Net cash used in financing activities of approximately $3.8 million for
the six months ended June 30, 2000 consisted of preferred limited partner
distributions totaling, in the aggregate, approximately $2.0 million and general
and limited partner distributions totaling, in the aggregate, approximately $1.8
million.

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 of approximately
$.8 million are comprised of depreciation and amortization of approximately $.9
million, offset by the effect of the 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 totaling, in the aggregate, approximately $2.0 million and general
and limited partner distributions totaling, in the aggregate, approximately $1.0
million offset by general and limited partnership contributions totaling, in the
aggregate, approximately $.7 million.




                                       8
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DISTRIBUTIONS/DIVIDENDS

         During the six months ended June 30, 2000, the Company paid pro rata
general and limited partner distributions to Securities Corporation and the
Operating Partnership, respectively, in the aggregate amount of approximately
$1.8 million.

         During the six months ended June 30, 2000, the Company distributed
approximately $2.0 million to Securities Corporation in respect of its preferred
limited partnership interest in the Company, and Securities Corporation paid
preferred stock dividends of approximately $2.0 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").

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.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         None.




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<PAGE>   11



                           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, 2000.







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                                    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: August 10, 2000          By:   /s/ Michael J. Havala
                                  ------------------------------------------
                                  Michael J. Havala
                                  Chief Financial Officer
                                  (Principal Financial and Accounting Officer)




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                                  EXHIBIT INDEX


Exhibit No.       Description
-----------       -----------
   27*            Financial Data Schedule

         * Filed herewith






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