<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, 1998
                  
( )  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, 1998

                                     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, 1998 
     and December 31, 1997..................................   2
                                                                
                                                                
     Statements of Operations of First 
     Industrial Securities, L.P. for the 
     Six Months Ended June 30, 1998 and June 30, 1997.......   3
     

     Statements of Operations of First 
     Industrial Securities, L.P. for the 
     Three Months Ended June 30, 1998 and June 30, 1997.....   4

     Statements of Cash Flows of First 
     Industrial Securities, L.P. for the 
     Six Months Ended June 30, 1998 and June 30, 1997.......   5
   

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

     Item 2.  Management's Discussion and Analysis of 
               Financial Condition and Results 
               of Operations................................  8-9

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

</TABLE>

                                       2



<PAGE>   3


                         PART I.  FINANCIAL INFORMATION
                          ITEM 1. FINANCIAL STATEMENTS

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


<TABLE>
<C>                                                                    <C>                    <C>
                                                                             June 30,              December 31,
                                                                               1998                    1997
                                                                           -----------             ------------
                                              ASSETS
Assets:
Investment in Real Estate:
 Land................................................................      $  11,626                $  11,626
 Buildings and Improvements..........................................         68,344                   65,767
 Construction in Progress............................................            ---                    2,098
 Less:  Accumulated Depreciation.....................................         (6,256)                  (5,385)
                                                                           ------------             ------------
    Net Investment in Real Estate....................................         73,714                   74,106
                                                                           ------------             ------------
Cash and Cash Equivalents............................................          1,188                      458
Restricted Cash......................................................            411                      411
Tenant Accounts Receivable, Net......................................            268                       99
Deferred Rent Receivable.............................................          1,289                    1,102
Prepaid Expenses and Other Assets, Net...............................            545                      646
                                                                           ------------             ------------     
     Total Assets....................................................      $  77,415                $  76,822
                                                                           ============             ============

                                 LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
  Accounts Payable and Accrued Expenses..............................            532                    1,053
  Rents Received in Advance and Security Deposits....................            398                      468
                                                                           ------------             ------------
Total Liabilities....................................................            930                    1,521
                                                                           ------------             ------------
Commitments and Contingencies........................................            ---                      ---

Partners' Capital:                                                     
  General Partner and Preferred Limited Partner......................         41,269                   41,258
  Limited Partner....................................................         35,216                   34,043
                                                                           ------------             ------------
     Total Partners' Capital.........................................         76,485                   75,301
                                                                           ------------             ------------
     Total Liabilities and Partners' Capital.........................      $  77,415               $   76,822
                                                                           ============             ============
</TABLE>

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


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<PAGE>   4


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






<TABLE>
<CAPTION>
                                                                     Six                   Six
                                                                Months Ended           Months Ended
                                                                June 30, 1998         June 30, 1997

                                                                -------------         ------------- 
<S>                                                             <C>                   <C>     
Revenues:
 Rental Income...........................................         $     4,747            $    4,166
 Tenant Recoveries and Other Income......................               1,492                 1,390

                                                                  -----------            ----------
      Total Revenues.....................................               6,239                 5,556
                                                                  -----------            ----------

Expenses:
 Real Estate Taxes.......................................               1,147                 1,122
 Repairs and Maintenance.................................                 173                   270
 Property Management.....................................                 200                   179
 Utilities...............................................                  52                    99
 Insurance...............................................                  16                    18
 Other...................................................                  26                    45
 Depreciation and Amortization...........................                 931                   890
                                                                  -----------            ----------
      Total Expenses.....................................               2,545                 2,623
                                                                  -----------            ----------
Net Income...............................................         $     3,694            $    2,933
                                                                  ===========            ==========
</TABLE>

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


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<PAGE>   5


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



<TABLE>
<CAPTION>
                                                 Three             Three
                                              Months Ended     Months Ended
                                             June 30, 1998     June 30, 1997
                                             -------------     ------------- 
<S>                                          <C>               <C>
Revenues:
 Rental Income..............................     $   2,384          $  2,008
 Tenant Recoveries and Other Income.........           825               669

-                                                ---------          --------
      Total Revenues........................         3,209             2,677
                                                 ---------          --------
                                                                    
Expenses:                                                           
 Real Estate Taxes..........................           589               550
 Repairs and Maintenance....................            86                96
 Property Management........................           105                93
 Utilities..................................            19                45
 Insurance..................................             8                 8
 Other......................................            17                37
 Depreciation and Amortization..............           469               443
                                                 ---------          --------
      Total Expenses........................         1,293             1,272
                                                 ---------          --------
Net Income..................................     $   1,916          $  1,405
                                                 =========          ========
</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, 1998   June 30, 1997
                                                                 -------------   ------------- 
<S>                                                                <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net Income...................................................      $    3,694      $    2,933
 Adjustments to Reconcile Net Income to Net Cash Provided
 by Operating Activities:
   Depreciation and Amortization..............................             931             890
   (Increase) Decrease in Tenant Accounts Receivable..........            (169)            106
   Increase in Deferred Rent Receivable.......................            (187)           (216)
   Decrease in Prepaid Expenses and Other Assets, Net.........              41              93
   (Decrease) Increase in Accounts Payable and Accrued
      Expenses and Rents Received in Advance and Security
      Deposits................................................            (142)            114
                                                                    ----------      ----------  
       Net Cash Provided by Operating Activities..............           4,168           3,920  
                                                                    ----------      ----------  

CASH FLOWS FROM INVESTING ACTIVITIES:
 Purchase of and Additions to Investment in Real Estate.......            (928)           (330)
                                                                    ----------      ----------
       Net Cash Used in Investing Activities..................            (928)           (330)
                                                                    ----------      ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
 Distributions................................................          (2,510)         (3,260)
                                                                    ----------      ----------
       Net Cash Used In Financing Activities..................          (2,510)         (3,260)
                                                                    ----------      ----------

Net Increase in Cash and Cash Equivalents.....................             730             330
Cash and Cash Equivalents, Beginning of Period................             458           1,428
                                                                    ----------      ----------
Cash and Cash Equivalents, End of Period......................      $    1,188       $   1,758
                                                                    ==========      ==========
</TABLE>

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


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<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 1997 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, 1997 audited financial statements included in
the Company's 1997 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, 1998 and the results of its operations and its cash flows for the
six months and three months ended June 30, 1998 and 1997.

Recent Accounting Pronouncements:

     In June 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 130, "Reporting Comprehensive Income".  This
statement, effective for fiscal years beginning after December 15, 1997,
requires the Company to report components of comprehensive income in a financial
statement that is displayed with the same prominence as other financial
statements.  Comprehensive income is defined by Concepts Statement No. 6,
"Elements of Financial Statements" as the change in the equity of a business
enterprise during a period from transactions and other events and circumstances
from non-owner sources.  It includes all changes in equity during a period
except those resulting from investments by owners and distributions to owners.
The Company's net income approximates its comprehensive income as defined in
Concepts Statement No. 6, "Elements of Financial Statements".

Reclassification:

     Certain 1997 items have been reclassified to conform to the 1998
presentation.


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 $200 and $179 for the six months ended June 30, 1998 and 1997,
respectively.


                                       6

<PAGE>   8


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


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.

5.   PARTNERS' CAPITAL

     On March 24, 1998, 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, in each
case, the amount equal to the aggregate dividend payable on FR's 9.5% Series A
Cumulative Preferred Stock.

     On June 22, 1998, 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, in each
case, the amount equal to the aggregate dividend payable on FR's 9.5% Series A
Cumulative Preferred Stock.

     On June 29, 1998, the Company paid a pro rata general and limited partner
distribution to Securities Corporation and the Operating Partnership,
respectively, in the aggregate amount of $550.


                                       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.


RESULTS OF OPERATIONS

     At June 30, 1998 and 1997, the Company owned 19 properties with
approximately 2.2 million square feet of gross leasable area ("GLA").

COMPARISON OF SIX MONTHS ENDED JUNE 30, 1998 TO SIX MONTHS ENDED JUNE 30, 1997

     Total revenues increased by approximately $.7 million, or 12.3%, due
primarily to an increase in rental income due to an increase in occupancy and
additional rental income from the expansion of one of the Company's properties
that was completed and placed in service on February 1, 1998.  Average occupancy
for the six months ended June 30, 1998 and 1997 was 98.3% and 93.8%,
respectively.

     Property expenses, which include real estate taxes, repairs and
maintenance, property management, utilities, insurance and other expenses,
decreased by approximately $.1 million, or 6.9%.  This decrease is due primarily
to a decrease in snow removal and related expenses incurred for properties
located in certain of the Company's metropolitan areas during the six months
ended June 30, 1998 as compared to the six months ended June 30, 1997.

     Depreciation and amortization remained relatively unchanged.

COMPARISON OF THREE MONTHS ENDED JUNE 30, 1998 TO THREE MONTHS ENDED JUNE 30,
1997

     Total revenues increased by approximately $.5 million, or 19.9%, due
primarily to an increase in rental income due to an increase in occupancy and
additional rental income from the expansion of one of the Company's properties
that was completed and placed in service on February 1, 1998.  Average occupancy
for the three months ended June 30, 1998 and 1997 was 97.9% and 92.8%,
respectively.

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

     Depreciation and amortization remained relatively unchanged.

LIQUIDITY AND CAPITAL RESOURCES

     Net cash provided by operating activities was approximately $4.2 million
for the six months ended June 30, 1998 compared to approximately $3.9 million
for the six months ended June 30, 1997.  The increase is primarily attributable
to an increase in rental income due to an increase in occupancy and additional
rental income from the expansion of one of the Company's properties that was
completed and placed in service on February 1, 1998.

     Net cash used in investing activities was approximately $.9 million for the
six months ended June 30, 1998 compared to approximately $.3 million for the six
months ended June 30, 1997.  The majority of the cash used in investing
activities for the six months ended June 30, 1998 relates to an expansion of one


                                       8
<PAGE>   10


of the Company's properties located in Auburn Hills, Michigan.  This expansion
was placed in service on February 1, 1998.

     Net cash used in financing activities 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.  Net cash used in financing activities for the six months ended June
30, 1997 consisted of preferred limited partner distributions of approximately
$2.0 million and a general and limited partner distribution of approximately
$1.3 million.

     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 and property expansions with
its cash flow from operations, capital contributions and, in part, with a
deferred maintenance escrow established in connection with the issuance of First
Industrial Realty Trust, Inc.'s 9.5% Series A Cumulative Preferred Stock which
is included in restricted cash on the balance sheet.

OTHER

     In June 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 130, "Reporting Comprehensive Income".  This
statement, effective for fiscal years beginning after December 15, 1997,
requires the Company to report components of comprehensive income in a financial
statement that is displayed with the same prominence as other financial
statements.  Comprehensive income is defined by Concepts Statement No. 6,
"Elements of Financial Statements" as the change in the equity of a business
enterprise during a period from transactions and other events and circumstances
from non-owner sources.  It includes all changes in equity during a period
except those resulting from investments by owners and distributions to owners.
The Company's net income approximates its comprehensive income as defined in
Concepts Statement No. 6, "Elements of Financial Statements".


                                       9



<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


       No reports on Form 8-K were filed during the quarter ended June 30, 1998.


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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 13, 1998          By: /s/ Michael J. Havala                    
                                   ---------------------------------------------
                                    Michael J. Havala
                                    Chief Financial Officer
                                    (Principal Financial and Accounting Officer)


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<PAGE>   13





                                 EXHIBIT INDEX



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



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