##### Table of Contents



UNITED
    STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
    20549
  Form 10-K
  þ

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended
    December 31, 2006oro

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the transition period
    from          to          .   Commission File Number
    333-21873
  FIRST INDUSTRIAL,
    L.P.
 (Exact name of Registrant as
    specified in its Charter)
  Delaware

36-3924586(State or other jurisdiction
    of

(I.R.S. Employerincorporation or
    organization)

Identification No.)311 S. Wacker Drive,
    Suite 4000,

60606Chicago, Illinois

(Zip Code)(Address of principal executive
    offices)   (Registrants telephone number, including area code)
 (312) 344-4300
  Securities registered pursuant to Section 12(b) of the
    Act:
 None
  Securities registered pursuant to Section 12(g) of the
    Act:
 None
  þ o
  o þ
  þ o
  Regulation S-K Form 10-K Form 10-K. þ
  Rule 12b-2
 þ o o
  Rule 12b-2 o þ




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##### 



FIRST
    INDUSTRIAL, L.P.
  TABLE OF
    CONTENTS
  PagePART I.Item 1.


Business


4Item 1A.


Risk
    Factors


10Item 1B.


Unresolved SEC
    Comments


17Item 2.


Properties


17Item 3.


Legal
    Proceedings


28Item 4.


Submission of
    Matters to a Vote of Security Holders


28PART II.Item 5.


Market for
    Registrants Common Equity, Related Stockholder Matters and
    Issuer Purchases of Equity Securities


28Item 6.


Selected Financial
    Data


29Item 7.


Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations


31Item 7A.


Quantitative and
    Qualitative Disclosures About Market Risk


49Item 8.


Financial
    Statements and Supplementary Data


49Item 9.


Changes in and
    Disagreements with Accountants on Accounting and Financial
    Disclosure


49Item 9A.


Controls and
    Procedures


49Item 9B.


Other
    Information


50PART III.Item 10.


Directors,
    Executive Officers and Corporate Governance


50Item 11.


Executive Compensation


50Item 12.


Security Ownership of Certain
    Beneficial Owners and Management and Related Stockholder Matters


50Item 13.


Certain Relationships and Related
    Transactions and Director Independence


50Item 14.


Principal Accountant Fees and
    Services


50PART IV.Item 15.


Exhibits and
    Financial Statement Schedules


50SIGNATURES


S-26Computation of Ratios of Earnings to Fixed ChargesConsent of PricewaterhouseCoopers LLPCertification of Principal Executive OfficerCertification of Principal Financial OfficerSection 906 Certification   2




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lease-up higher-than-expected
 3




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PART I  THE COMPANY
  Item 1.
    Business General       4




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Form 10-K, Form 10-Q, Form 8-K
      Business
    Objectives and Growth Plans
    
    Internal Growth.  The Consolidated Operating
    Partnership seeks to grow internally by (i) increasing
    revenues by renewing or re-leasing spaces subject to expiring
    leases at higher rental levels; (ii) increasing occupancy
    levels at properties where vacancy exists and maintaining
    occupancy elsewhere; (iii) controlling and minimizing
    property operating and general and administrative expenses;
    (iv) renovating existing properties; and
    (v) increasing ancillary revenues from non-real estate
    sources.
    External Growth.  The Consolidated Operating
    Partnership seeks to grow externally through (i) the
    development of industrial properties; (ii) the acquisition
    of portfolios of industrial properties, industrial property
    businesses or individual properties which meet the Consolidated
    Operating Partnerships investment parameters and target
    markets; (iii) additional joint venture investments; and
    (iv) the expansion of its properties.
    Corporate Services.  Through its corporate
    services program, the Consolidated Operating Partnership builds
    for, purchases from, and leases and sells industrial properties
    to companies that need industrial facilities. The Consolidated
    Operating Partnership seeks to grow this business by targeting
    both large and middle-market public and private companies. 5




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Business
    Strategies
    
    Organization Strategy.  The Consolidated
    Operating Partnership implements its decentralized property
    operations strategy through the deployment of experienced
    regional management teams and local property managers. Each
    operating region is headed by a managing director who is a
    senior executive officer of, and has an equity interest in, the
    Company. The Consolidated Operating Partnership provides
    acquisition, development and financing assistance, asset
    management oversight and financial reporting functions from its
    headquarters in Chicago, Illinois to support its regional
    operations. The Consolidated Operating Partnership believes the
    size of its portfolio enables it to realize operating
    efficiencies by spreading overhead among many properties and by
    negotiating purchasing discounts.
    Market Strategy.  The Consolidated Operating
    Partnerships market strategy is to concentrate on the top
    industrial real estate markets in the United States. These top
    markets have one or more of the following characteristics:
    (i) strong industrial real estate fundamentals, including
    increased industrial demand expectations; (ii) a history of
    and outlook for continued economic growth and industry
    diversity; and (iii) a minimum market size of
    75 million square feet of industrial space. The
    Consolidated Operating Partnership is currently evaluating
    industrial real estate investments outside of the United States,
    including in Canada.
    Leasing and Marketing Strategy.  The
    Consolidated Operating Partnership has an operational management
    strategy designed to enhance tenant satisfaction and portfolio
    performance. The Consolidated Operating Partnership pursues an
    active leasing strategy, which includes broadly marketing
    available space, seeking to renew existing leases at higher
    rents per square foot and seeking leases which provide for the
    pass-through of property-related expenses to the tenant. The
    Consolidated Operating Partnership also has local and national
    marketing programs which focus on the business and real estate
    brokerage communities and national tenants.
    Acquisition/Development Strategy.  The
    Consolidated Operating Partnerships
    acquisition/development strategy is to invest in properties and
    other assets with higher yield potential in the top industrial
    real estate markets in the United States. Of the 858 industrial
    properties in the Consolidated Operating Partnerships and
    Other Real Estate Partnerships combined in-service
    portfolios at December 31, 2006, 128 properties have been
    developed by the Consolidated Operating Partnership, the Other
    Real Estate Partnerships, or its former management. The
    Consolidated Operating Partnership will continue to leverage the
    development capabilities of its management, many of whom are
    leading industrial property developers in their respective
    markets. The Consolidated Operating Partnership is currently
    evaluating industrial real estate investments outside of the
    United States, including Canada.
    Disposition Strategy.  The Consolidated
    Operating Partnership continuously evaluates local market
    conditions and property-related factors in all of its markets
    for purposes of identifying assets suitable for disposition.
    Financing Strategy.  The Consolidated Operating
    Partnership plans on utilizing a portion of net sales proceeds
    from property sales, borrowings under its unsecured line of
    credit and proceeds from the issuance, when and as warranted, of
    additional debt and equity securities to finance future
    acquisitions and developments. The Company also continually
    evaluates joint venture arrangements as another source of
    capital. As of February 22, 2007, the Consolidated
    Operating Partnership had approximately $210.6 million
    available in additional borrowings under its unsecured line of
    credit.  Recent
    Developments
   6




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7




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Future
    Property Acquisitions, Developments and Property Sales
     8




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and/or
  INDUSTRY
  and/or construction-on-demand
     9




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Item 1A.
    Risk
    Factors  Risk
    Factors
    Real
    estate investments value fluctuates depending on
    conditions in the general economy and the real estate business.
    These conditions may limit the Consolidated Operating
    Partnerships revenues and available cash.
    
    general economic conditions;
    local conditions such as oversupply or a reduction in demand in
    an area;
    the attractiveness of the properties to tenants;
    tenant defaults;
    zoning or other regulatory restrictions;
    competition from other available real estate;
    our ability to provide adequate maintenance and
    insurance; and
    increased operating costs, including insurance premiums and real
    estate taxes.  Many
    real estate costs are fixed, even if income from properties
    decreases.
    The
    Consolidated Operating Partnership may be unable to sell
    properties when appropriate because real estate investments are
    not as liquid as certain other types of assets.
   10




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The
    Consolidated Operating Partnership may be unable to sell or
    contribute properties on advantageous terms.
      The
    Consolidated Operating Partnership may be unable to acquire
    properties on advantageous terms or acquisitions may not perform
    as the Consolidated Operating Partnership expects.
    The
    Consolidated Operating Partnership may be unable to complete
    development and re-development projects on advantageous
    terms.
   11




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
    the Consolidated Operating Partnership may not be able to obtain
    financing for development projects on favorable terms and
    complete construction on schedule or within budget, resulting in
    increased debt service expense and construction costs and delays
    in leasing the properties and generating cash flow;
    the Consolidated Operating Partnership may not be able to
    obtain, or may experience delays in obtaining, all necessary
    zoning, land-use, building, occupancy and other governmental
    permits and authorizations;
    the properties may perform below anticipated levels, producing
    cash flow below budgeted amounts and limiting the Consolidated
    Operating Partnerships ability to sell such properties to
    third parties or to sell or contribute such properties to the
    Consolidated Operating Partnerships joint ventures.  The
    Consolidated Operating Partnership may be unable to renew leases
    or find other lessees.
    The
    Consolidated Operating Partnership might fail to qualify or
    remain qualified as a REIT.
       12




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Certain
    property transfers may generate prohibited transaction income,
    resulting in a penalty tax on the gain attributable to the
    transaction.
    The
    REIT distribution requirements may require the Company to turn
    to external financing sources.
    Debt
    financing, the degree of leverage and rising interest rates
    could reduce the Consolidated Operating Partnerships cash
    flow.
   13




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Cross-collateralization
    of mortgage loans could result in foreclosure on substantially
    all of the Consolidated Operating Partnerships properties
    if the Consolidated Operating Partnership is unable to service
    its indebtedness.
    The
    Consolidated Operating Partnership may have to make lump-sum
    payments on its existing indebtedness.
    
    $50 million aggregate principal amount of 7.75% Notes
    due 2032 (the 2032 Notes)
    $200 million aggregate principal amount of 7.60% Notes
    due 2028 (the 2028 Notes)
    approximately $15 million aggregate principal amount of
    7.15% Notes due 2027 (the 2027 Notes)
    $100 million aggregate principal amount of 7.50% Notes
    due 2017 (the 2017 Notes)
    $200 million aggregate principal amount of 5.75% Notes
    due 2016 (the 2016 Notes)
    $125 million aggregate principal amount of 6.42% Notes
    due 2014 (the 2014 Notes)
    $200 million aggregate principal amount of
    6.875% Notes due 2012 (the 2012 Notes)
    $200 million aggregate principal amount of
    4.625% Notes due 2011 (the 2011 Exchangeable
    Notes)
    $200 million aggregate principal amount of
    7.375% Notes due 2011(the 2011 Notes)
    $125 million aggregate principal amount of 5.25% Notes
    due 2009 (the 2009 Notes)
    $150 million aggregate principal amount of 7.60% Notes
    due 2007 (the 2007 Notes)
    a $500 million unsecured revolving credit facility (the
    Unsecured Line of Credit I) under which the
    Consolidated Operating Partnership may borrow to finance the
    acquisition of additional properties and for other corporate
    purposes, including working capital.     14




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There
    is no limitation on debt in the Consolidated Operating
    Partnerships organizational documents.
      Rising
    interest rates on the Consolidated Operating Partnerships
    Unsecured Line of Credit could decrease the Consolidated
    Operating Partnerships available cash.
    Earnings
    and cash dividends, asset value and market interest rates affect
    the price of the Companys common stock.
   15




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The
    Consolidated Operating Partnership may incur unanticipated costs
    and liabilities due to environmental problems.
  clean-up clean-up
  The
    Consolidated Operating Partnerships insurance coverage
    does not include all potential losses.
    The
    Consolidated Operating Partnership is subject to risks and
    liabilities in connection with its investments in properties
    through joint ventures.
    
    co-members or joint venturers may share certain approval rights
    over major decisions;
    co-members or joint venturers might fail to fund their share of
    any required capital commitments;
    co-members or joint venturers might have economic or other
    business interests or goals that are inconsistent with the
    Consolidated Operating Partnerships business interests or
    goals that would affect its ability to operate the property; 16




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
    co-members or joint venturers may have the power to act contrary
    to the Consolidated Operating Partnerships instructions,
    requests, policies or objectives, including our current policy
    with respect to maintaining our qualification as a real estate
    investment trust;
    the joint venture agreements often restrict the transfer of a
    members or joint venturers interest or
    buy-sell or may otherwise restrict our ability to
    sell the interest when we desire or on advantageous terms;
    disputes between the Consolidated Operating Partnership and our
    co-members or joint venturers may result in litigation or
    arbitration that would increase the Consolidated Operating
    Partnerships expenses and prevent its officers and
    directors from focusing their time and effort on the
    Consolidated Operating Partnerships business and subject
    the properties owned by the applicable joint venture to
    additional risk; and
    the Consolidated Operating Partnership may in certain
    circumstances be liable for the actions of our co-members or
    joint venturers.      Item 1B.
    Unresolved
    SEC Comments    Item 2.
    Properties  General
  and/or
   17




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
    Light industrial properties generally are of less than
    100,000 square feet, have a ceiling height of
    16-21 feet,
    are comprised of 5%  50% of office space, contain
    less than 50% of manufacturing space and have a land use ratio
    of 4:1. The land use ratio is the ratio of the total property
    area to the area occupied by the building.
    Bulk warehouse buildings generally are of more than
    100,000 square feet, have a ceiling height of at least
    22 feet, are comprised of 5%  15% of office
    space, contain less than 25% of manufacturing space and have a
    land use ratio of 2:1.
    R&D/flex buildings generally are of less than
    100,000 square feet, have a ceiling height of less than
    16 feet, are comprised of 50% or more of office space,
    contain less than 25% of manufacturing space and have a land use
    ratio of 4:1.
    Regional warehouses generally are of less than
    100,000 square feet, have a ceiling height of at least
    22 feet, are comprised of 5%  15% of office
    space, contain less than 25% of manufacturing space and have a
    land use ratio of 2:1.
    Manufacturing properties are a diverse category of buildings
    that generally have a ceiling height of 10 
    18 feet, are comprised of 5%  15% of office
    space, contain at least 50% of manufacturing space and have a
    land use ratio of 4:1. 18




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Consolidated
    Operating Partnership
    Property Summary
  Light Industrial


R&D/Flex


Bulk Warehouse


Regional Warehouse


ManufacturingNumber of





Number of





Number of





Number of





Number ofMetropolitan Area

GLA


Properties


GLA


Properties


GLA


Properties


GLA


Properties


GLA


PropertiesAtlanta, GA(a)


789,082



13



140,538



3



2,493,621



11



365,646



5



747,950



3Baltimore, MD


765,158



13



87,415



3



910,735



4











171,000



1Central PA(b)


146,990



2











597,000



2















Chicago, IL


996,198



17



174,198



3



2,373,652



12



148,122



3



421,000



2Cincinnati, OH


436,389



4











1,765,130



8















Cleveland, OH


















608,740



4















Columbus, OH(c)


217,612



2











2,442,967



7















Dallas, TX


1,811,665



45



454,963



18



2,637,371



18



677,433



10



128,478



1Denver, CO


1,543,666



29



1,527,480



37



1,389,576



8



471,696



7



126,384



1Des Moines, IA


















150,444



1















Detroit, MI


2,051,597



81



508,984



15



370,808



4



759,851



18



116,250



1Grand Rapids, MI


61,250



1































Houston, TX


449,325



6











2,233,064



13



437,088



6







Indianapolis, IN (d,e,f,g)


889,600



18



108,200



4



2,201,294



10



263,610



7



71,600



2Los Angeles, CA


451,760



6











329,664



3



120,162



2







Louisville, KY


















443,500



2















Milwaukee, WI


263,567



6











737,609



5



90,089



1







Minneapolis/St. Paul, MN (h,i,j)


1,565,707



19



524,265



7



1,902,386



9



321,805



4



461,958



6Nashville, TN


273,843



5











1,428,152



6











109,058



1N. New Jersey


1,006,699



18



413,167



7



555,205



4



58,585



1







Philadelphia, PA


























21,512



1







Phoenix, AZ


135,415



6











131,000



1



526,740



7







Salt Lake City, UT


479,301



32



146,937



6



714,549



4



82,704



1







San Diego, CA


112,773



5











397,967



2



274,042



7







S. New Jersey(k)


1,340,807



20



23,050



1











118,496



2



22,738



1St. Louis, MO(l)


545,747



7











1,642,790



6



96,392



1







Tampa, FL(m)


493,029



12



714,901



30



209,500



1















Other(n)


593,837



5











2,098,214



9



50,000



1



36,000



1Total


17,421,017



372



4,824,098



134



30,764,938



154



4,883,973



84



2,412,416



20     (a)
    
    One property collateralizes a $3.0 million mortgage loan
    which matures on May 1, 2016.(b)
    
    One property collateralizes a $15.2 million mortgage loan
    which matures on December 1, 2010.(c)
    
    One property collateralizes a $5.1 million mortgage loan
    which matures on December 1, 2019.(d)
    
    Twelve properties collateralize a $1.8 million mortgage
    loan which matures on September 1, 2009.(e)
    
    One property collateralizes a $1.6 million mortgage loan
    which matures on January 1, 2013.(f)
    
    One property collateralizes a $2.4 million mortgage loan
    which matures on January 1, 2012.(g)
    
    One property collateralizes a $1.9 million mortgage loan
    which matures on June 1, 2014.(h)
    
    One property collateralizes a $0.8 million mortgage loan
    which matures on February 1, 2017. 19




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(i)
    
    One property collateralizes a $5.3 million mortgage loan
    which matures on December 1, 2019.(j)
    
    One property collateralizes a $1.9 million mortgage loan
    which matures on September 30, 2024.(k)
    
    One property collateralizes a $6.7 million mortgage loan
    which matures on March 1, 2011.(l)
    
    One property collateralizes a $14.2 million mortgage loan
    and a $12.0 million mortgage loan which both mature on
    January 1, 2014.(m)
    
    Six properties collateralize a $6.0 million mortgage loan
    which matures on July 1, 2009.(n)
    
    Properties are located in Wichita, KS, McAllen, TX, Orlando, FL,
    Horn Lake, MS, Shreveport, LA, Kansas City, MO,
    San Antonio, TX, Birmingham, AL, Portland, OR, Cambridge,
    ON, Stratford, ON, Omaha, NE and Ajax, ON.  Consolidated
    Operating Partnership
    Property Summary Totals
  TotalsAverage


GLA as a %Number of


Occupancy at


of TotalMetropolitan Area

GLA


Properties(b)


12/31/06(b)


Portfolio(b)Atlanta, GA


4,536,837



35



94
%


7.5
%Baltimore, MD


1,934,308



21



98
%


3.2
%Central PA


743,990



4



97
%


1.2
%Chicago, IL


4,113,170



37



90
%


6.8
%Cincinnati, OH


2,201,519



12



89
%


3.7
%Cleveland, OH


608,740



4



100
%


1.0
%Columbus, OH


2,660,579



9



90
%


4.4
%Dallas, TX


5,709,910



92



93
%


9.5
%Denver, CO


5,058,802



82



90
%


8.4
%Des Moines, IA


150,444



1



100
%


0.2
%Detroit, MI


3,807,490



119



86
%


6.3
%Grand Rapids, MI


61,250



1



100
%


0.1
%Houston, TX


3,119,477



25



94
%


5.2
%Indianapolis, IN


3,534,304



41



98
%


5.9
%Los Angeles, CA


901,586



11



100
%


1.5
%Louisville, KY


443,500



2



100
%


0.7
%Milwaukee, WI


1,091,265



12



94
%


1.8
%Minneapolis/St. Paul, MN


4,776,121



45



95
%


7.9
%Nashville, TN


1,811,053



12



99
%


3.0
%N. New Jersey


2,033,656



30



96
%


3.4
%Philadelphia, PA


21,512



1



100
%


0.0
%Phoenix, AZ


793,155



14



93
%


1.3
%Salt Lake City, UT


1,423,491



43



97
%


2.4
%San Diego, CA


784,782



14



83
%


1.3
%S. New Jersey


1,505,091



24



98
%


2.5
%St. Louis, MO


2,284,929



14



98
%


3.8
%Tampa, FL


1,417,430



43



92
%


2.4
%Other(a)


2,778,051



16



100
%


4.6
%Total or Average


60,306,442



764



94
%


100.0
%  20




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##### Table of Contents



(a)
    
    Properties are located in Wichita, KS, McAllen, TX, Orlando, FL,
    Horn Lake, MS, Shreveport, LA, Kansas City, MO,
    San Antonio, TX, Birmingham, AL, Portland, OR, Cambridge,
    ON, Stratford, ON, Omaha, NE and Ajax, ON.(b)
    
    Includes only in-service properties.  Other
    Real Estate Partnerships
    Property Summary
    Property
    Summary
  Light Industrial


R&D/Flex


Bulk Warehouse


Regional Warehouse


ManufacturingNumber of





Number of





Number of





Number of





Number ofMetropolitan Area

GLA


Properties


GLA


Properties


GLA


Properties


GLA


Properties


GLA


PropertiesAtlanta, GA










66,288



2



127,338



1



90,289



1







Baltimore, MD


152,904



2



82,245



2























Central, PA


776,252



7











300,000



1



117,599



3







Chicago, IL


108,692



2











525,009



3



50,009



1







Cincinnati, OH


























79,800



1







Cleveland, OH


64,000



1































Columbus, OH


























98,800



1







Denver, CO


















110,400



1



49,968



1







Des Moines, IA


























88,000



1







Detroit, MI


329,297



5



23,392



1



160,035



1















Indianapolis, IN


















1,527,127



5



60,000



1







Milwaukee, WI










93,705



2



100,520



1



39,468



1







Minneapolis/St. Paul, MN


60,597



1



























532,119



3Nashville, TN


















160,661



1















N. New Jersey


194,157



3































Philadelphia, PA


878,456



18



127,802



5



221,937



2



139,316



2



30,000



1Phoenix, AZ


























61,780



1







Salt Lake City, UT


121,750



1











120,144



1















S. New Jersey


45,770



1































St. Louis, MO


















245,000



2















Tampa, FL










44,427



1























Other(a)


99,000



3































Total


2,830,875



44



437,859



13



3,598,171



19



875,029



14



562,119



4     (a)
    
    Properties are located in Austin, TX. 21




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##### Table of Contents



Other
    Real Estate Partnerships
    Property Summary Totals
  TotalsAverage


GLA as a %Number of


Occupancy at


of TotalMetropolitan Area

GLA


Properties(b)


12/31/06(b)


Portfolio(b)Atlanta, GA


283,915



4



100
%


3.4
%Baltimore, MD


235,149



4



97
%


2.8
%Central, PA


1,193,851



11



99
%


14.4
%Chicago, IL


683,710



6



100
%


8.2
%Cincinnati, OH


79,800



1



100
%


1.0
%Cleveland, OH


64,000



1



100
%


0.8
%Columbus, OH


98,800



1



100
%


1.2
%Denver, CO


160,368



2



100
%


1.9
%Des Moines, IA


88,000



1



65
%


1.1
%Detroit, MI


512,724



7



87
%


6.2
%Indianapolis, IN


1,587,127



6



98
%


19.1
%Milwaukee, WI


233,693



4



4
%


2.8
%Minneapolis/St. Paul, MN


592,716



4



98
%


7.1
%Nashville, TN


160,661



1



100
%


1.9
%N. New Jersey


194,157



3



100
%


2.3
%Philadelphia, PA


1,397,511



28



96
%


16.8
%Phoenix, AZ


61,780



1



100
%


0.7
%Salt Lake City, UT


241,894



2



99
%


2.9
%S. New Jersey


45,770



1



88
%


0.6
%St. Louis, MO


245,000



2



100
%


3.0
%Tampa, FL


44,427



1



100
%


0.5
%Other(a)


99,000



3



100
%


1.2
%Total or Average


8,304,053



94



97
%


100.0
%     (a)
    
    Properties are located in Austin, TX.(b)
    
    Includes only in-service properties. 22




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##### Table of Contents



Property
    Acquisition Activity
    AverageNumber







OccupancyMetropolitan Area

of Properties


GLA


Property Type

at
    12/31/2006(b)Atlanta, GA


2



192,000


Bulk/Regional Warehouse


71
%Chicago, IL(a)


1



25,313


Bulk Warehouse


N/AChicago, IL


4



652,944


Bulk Warehouse/Lt. Ind.


96
%Cleveland, OH


6



1,060,799


Bulk Warehouse/Lt. Ind.


85
%Cleveland, OH(a)


4



788,292


Bulk Warehouse


N/AColumbus, OH(a)


1



744,800


Bulk Warehouse


N/AColumbus, OH


1



207,827


Bulk/ Regional Warehouse


100
%Dallas, TX


2



628,243


Lt. Ind./Bulk Warehouse


100
%Denver, CO


3



300,638


Bulk Warehouse


97
%Detroit, MI


3



168,962


Manufacturing/Regional Warehouse


100
%Indianapolis, IN


1



209,380


Bulk Warehouse


100
%Los Angeles, CA


7



698,991


Light Industrial


63
%Milwaukee, WI


1



90,089


Regional Warehouse


100
%Minneapolis/St. Paul, MN


2



119,992


Lt. Ind./Regional Warehouse


100
%Philadelphia, PA(a)


1



87,000


Light Industrial


N/APhoenix, AZ


2



210,417


Bulk/Regional Warehouse


27
%Phoenix, AZ(a)


2



217,496


Bulk/Light Industrial


N/ASan Diego, CA


8



186,787


Lt. Ind./Regional Warehouse


45
%S. New Jersey


2



128,026


Light Industrial


51
%S. New Jersey(a)


1



37,875


R&D/Flex


N/ASalt Lake City, UT


3



472,685


Lt. Ind. /Bulk/Regional Warehouse


100
%San Francisco, CA


1



143,750


Bulk Warehouse


100
%St. Louis, MO


2



1,186,423


Lt. Ind./Bulk Warehouse


100
%Tampa, FL


17



395,922


R&D/Flex


67
%Other(c)


2



698,794


Bulk Warehouse


100
%Total


79



9,653,445     (a)
    
    Property was sold in 2006.(b)
    
    Includes only in-service properties.(c)
    
    Property is located in Omaha, NE, and Ajax, ON. 23




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##### Table of Contents



AverageNumber







OccupancyMetropolitan Area

of Properties


GLA


Property Type

at
    12/31/2006(a)Central, PA


2



81,200


Light Industrial


100
%Cincinnati, OH


1



79,800


Regional Warehouse


100
%Cleveland, OH


1



64,000


Light Industrial


100
%Columbus, OH


1



98,800


Regional Warehouse


100
%Denver, CO


1



49,968


Regional Warehouse


100
%Minneapolis/St. Paul, MN


1



60,597


Light Industrial


100
%Phoenix, AZ


1



61,780


Regional Warehouse


100
%Salt Lake City, UT


2



242,588


Bulk Warehouse/Light Industrial


98
%Tampa, FL


2



101,613


R&D/Flex


65
%Total


12



840,346     (a)
    
    Includes only in-service properties.  Property
    Development Activity
    AverageOccupancyMetropolitan Area

GLA


Property Type

at 12/31/06Chicago, IL


134,905


Bulk Warehouse


100
%Seattle, WA(a)


451,151


Bulk Warehouse


N/AAtlanta, GA(a)


399,695


Regional Warehouse


N/AChicago, IL


167,556


Bulk Warehouse


100
%Indianapolis, IN(a)


158,928


Bulk Warehouse


N/ADallas, TX


201,500


Bulk Warehouse


100
%Flint, MI


80,000


R&D/Flex


100
%Byhalia, MS(a)


400,000


Bulk Warehouse


N/AAtlanta, GA(a)


1,300,716


Bulk Warehouse


N/AShreveport, TX


646,000


Bulk Warehouse


100
%Houston, TX(a)


210,000


Bulk Warehouse


N/AHouston, TX(a)


80,000


Regional Warehouse


N/ANashville, TN


300,000


Bulk Warehouse


100
%Detroit, MI


116,250


Manufacturing


100
%Chicago, IL


120,000


Bulk Warehouse


100
%Nashville, TN


275,000


Bulk Warehouse


100
%Total


5,041,701     (a)
    
    Property was sold in 2006.   24




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##### Table of Contents



Property
    Sales
    Number ofMetropolitan Area

Properties


GLA


Property TypeAtlanta, GA


3



2,017,366


R&D/Flex/Bulk
    Warehouse/ManufacturingBaltimore, MD


5



636,073


Light Industrial/Bulk WarehouseCentral, PA


2



206,931


Bulk WarehouseChicago, IL


7



922,983


Bulk/Regional
    Warehouse/ManufacturingCincinnati, OH


11



913,041


Regional/Bulk Warehouse/Lt. Ind.Cleveland, OH


5



1,250,292


Bulk Warehouse/ManufacturingColumbus, OH


1



744,800


Bulk WarehouseDallas, TX


14



1,060,054


Bulk/Lt. Ind.
    Man/R&D/Flex/RegionalDenver, CO


2



63,287


Light IndustrialDetroit, MI


4



167,892


Bulk/Lt Ind./Regional WarehouseHouston, TX


7



783,080


Bulk/Lt.
    Ind./R&D/Flex/Regional WarehouseIndianapolis, IN


6



682,629


R&D/Flex/Bulk Warehouse/Lt.
    Ind. WarehouseLos Angeles, CA


4



713,357


Bulk Warehouse /Lt. Ind.Milwaukee, WI


5



1,000,263


Bulk/Regional Warehouse/Lt. Ind.Minneapolis/St. Paul, MN


5



276,881


Manufacturing/R&D/FlexN. New Jersey


1



92,400


Regional WarehouseNashville, TN


3



467,041


Bulk/Regional
    Warehouse/ManufacturingPhiladelphia, PA


2



99,038


Light IndustrialPhoenix, AZ


6



1,102,179


Bulk Warehouse/Lt. Ind.Raleigh, NC


2



397,120


Bulk Warehouse/ManufacturingS. New Jersey


2



58,883


R&D/Flex/Lt. Ind.San Diego, CA


5



155,984


Bulk/Regional WarehouseSan Francisco, CA


1



143,750


Bulk WarehouseSeattle, WA


1



451,151


Bulk WarehouseSt. Louis, MO


1



281,105


Bulk WarehouseTampa, FL


1



14,914


R&D/FlexOther(a)


3



1,337,446


Bulk WarehouseTotal


109



16,039,940


Bulk Warehouse/Manufacturing     (a)
    
    Properties are located in Malvern, AR, Sparks, NV, Byhalia, MS
    and Greenville, SC. 25




---



##### Table of Contents



Number ofMetropolitan Area

Properties


GLA


Property TypeAtlanta, GA


2



153,006


R&D/Flex/Bulk WarehouseDetroit, MI


1



11,050


Light IndustrialIndianapolis, IN


3



173,577


Bulk/Regional WarehouseLos Angeles, CA


7



105,005


R&D/Flex/Light IndustrialPhiladelphia, PA


2



140,000


Light IndustrialOther(a)


1



490,500


Bulk Warehouse16



1,073,138     (a)
    
    Property is located in Sparks, NV.  Property
    Acquisitions, Developments and Sales Subsequent to Year
    End
      Tenant
    and Lease Information
  semi-net
 26




---



##### Table of Contents



Number of





Percentage of


Annual Base Rent


Percentage of TotalLeases





GLA


Under Expiring


Annual Base RentYear of Expiration(1)

Expiring


GLA Expiring(2)


Expiring


Leases


Expiring(2)(In thousands)2007


646



10,602,435



19
%


46,399



19
%2008


517



10,356,794



18
%


43,865



18
%2009


470



8,827,704



16
%


39,923



16
%2010


264



6,152,216



11
%


28,468



11
%2011


228



5,393,224



10
%


27,071



11
%2012


73



1,922,365



3
%


9,356



4
%2013


44



3,167,767



6
%


12,525



5
%2014


20



968,820



2
%


4,885



2
%2015


26



1,796,541



3
%


5,169



2
%2016


27



2,250,640



4
%


8,036



3
%Thereafter


27



5,083,055



8
%


22,674



9
%Total


2,342



56,521,561



100
%

$
248,371



100.0
%     (1)
    
    Lease expirations as of December 31, 2006 assume tenants do
    not exercise existing renewal, termination or purchase options.(2)
    
    Does not include existing vacancies of 3,784,881 aggregate
    square feet.  semi-net
    Number of





Percentage of


Annual Base Rent


Percentage of TotalLeases





GLA


Under Expiring


Annual Base RentYear of Expiration(1)

Expiring


GLA Expiring(2)


Expiring


Leases


Expiring(2)(In thousands)2007


70



1,975,323



24.5
%


8,550



23
%2008


49



1,972,781



24.4
%


8,742



23
%2009


47



1,211,447



15.0
%


6,266



17
%2010


36



908,391



11.2
%


4,075



11
%2011


26



830,743



10.3
%


4,708



12
%2012


8



255,026



3.2
%


1,202



3
%2013


7



333,599



4.1
%


1,503



4
%2014


3



173,697



2.2
%


563



1
%2015


4



379,708



4.7
%


1,828



5
%2016


NA



NA



NA



NA



NAThereafter


1



37,765



0.5
%


252



1
%Total


251



8,078,480



100.0
%

$
37,689



100.0
%     (1)
    
    Lease expirations as of December 31, 2006 assume tenants do
    not exercise existing renewal, termination, or purchase options.(2)
    
    Does not include existing vacancies of 225,573 aggregate square
    feet. 27




---



##### Table of Contents



Item 3.
    Legal
    Proceedings    Item 4.
    Submission
    of Matters to a Vote of Security Holders   PART II  Item 5.
    Market
    for Registrants Partners Capital, Related Partner
    Matters and Issuer Purchases of Equity Securities        DistributionQuarter Ended

DeclaredDecember 31, 2006

$
0.7100September 30, 2006

$
0.7000June 30, 2006

$
0.7000March 31, 2006

$
0.7000December 31, 2005

$
0.7000September 30, 2005

$
0.6950June 30, 2005

$
0.6950March 31, 2005

$
0.6950       lock-up one-for-one
 28




---



##### Table of Contents



Item 6.
    Selected
    Financial Data  Form 10-K.
  Year


Year


Year


Year


YearEnded


Ended


Ended


Ended


Ended12/31/06


12/31/05


12/31/04


12/31/03


12/31/02(In thousands, except per unit and property data)Statement of Operations
    Data:Total Revenues

$
346,489


$
286,653


$
234,902


$
210,460


$
198,189Interest Income


947



1,075



2,025



1,698



121Mark-to-Market/(Loss)
    Gain on Settlement of Interest Rate Protection Agreement


(3,112
)


811



1,583







Property Expenses


(115,644
)


(96,283
)


(78,859
)


(72,701
)


(65,409
)Expenses from Build to Suit
    Development for Sale


(10,263
)


(15,574
)










General and Administrative Expense


(76,631
)


(54,846
)


(38,912
)


(25,607
)


(19,230
)Interest Expense


(121,130
)


(108,164
)


(98,458
)


(94,637
)


(87,069
)Amortization of Deferred Financing
    Costs


(2,664
)


(2,122
)


(1,928
)


(1,761
)


(1,858
)Depreciation and Other Amortization


(126,264
)


(92,853
)


(70,369
)


(54,158
)


(44,637
)Gain (Loss) from Early Retirement
    of Debt(a)






82



(515
)






(888
)Equity in Income of Other Real
    Estate Partnerships


33,531



48,212



29,203



43,332



53,038Equity in Income of Joint Ventures


30,671



3,698



35,840



539



463Income Tax Benefit


8,920



14,022



7,937



5,495



2,125(Loss) Income from Continuing
    Operations


(35,150
)


(15,289
)


22,449



12,660



34,845Income from Discontinued Operations(Including Gain on Sale of Real
    Estate of $196,622, $102,926 $81,806, $74,797 and $37,106 for
    the Years Ended December 31, 2006, 2005, 2004, 2003 and
    2002 respectively)


207,184



120,273



103,969



114,899



90,956Provision for Income Taxes
    Allocable to Discontinued Operations (Including $47,511,
    $20,529, $8,659, $2,154 and $1,538 allocable to Gain on Sale of
    Real Estate for the Years ended December 31, 2006, 2005,
    2004, 2003 and 2002, respectively)


(50,140
)


(23,583
)


(11,005
)


(3,689
)


(2,680
)Gain on Sale of Real Estate


6,195



28,686



15,112



9,594



16,408Provision for Income Taxes
    Allocable to Gain on Sale of Real Estate


(2,119
)


(10,871
)


(5,371
)


(2,408
)


(3,111
)Net Income


125,970



99,216



125,154



131,056



136,418Redemption of Preferred Units


(672
)






(7,959
)






(3,707
)Preferred Unit Distributions


(21,424
)


(10,688
)


(14,488
)


(20,176
)


(23,432
)Net Income Available to Unitholders

$
103,874


$
88,528


$
102,707


$
110,880


$
109,279 29




---



##### Table of Contents



Year


Year


Year


Year


YearEnded


Ended


Ended


Ended


Ended12/31/06


12/31/05


12/31/04


12/31/03


12/31/02(In thousands, except per unit and property data)(Loss) Income from Continuing
    Operations Available to Unitholders Per Weighted Average Unit
    Outstanding:Basic

$
(1.05
)

$
(0.17
)

$
0.21


$
(0.01
)

$
0.46Diluted

$
(1.05
)

$
(0.17
)

$
0.21


$
(0.01
)

$
0.46Net Income Available to Unitholders
    Per Weighted Average Unit Outstanding:Basic

$
2.05


$
1.81


$
2.18


$
2.45


$
2.38Diluted

$
2.05


$
1.81


$
2.16


$
2.44


$
2.37Distributions Per Unit

$
2.8100


$
2.7850


$
2.7500


$
2.7400


$
2.7250Weighted Average Number of Units
    Outstanding:Basic


50,703



48,968



47,136



45,322



45,841Diluted


50,703



48,968



47,467



45,443



46,079Net Income

$
125,970


$
99,216


$
125,154


$
131,056


$
136,418Other Comprehensive (Loss) Income:Settlement of Interest Rate
    ProtectionAgreements


(1,729
)






6,816







1,772Reclassification of Settlement of
    Interest Rate Protection Agreements to Net Income






(159
)










Mark-to-Market
    of Interest Rate Protection Agreements and Interest Rate Swap
    Agreements


(2,800
)


(1,414
)


106



251



(126
)Amortization of Interest Rate
    Protection Agreements


(912
)


(1,085
)


(512
)


198



176Comprehensive Income

$
120,529


$
96,558


$
131,564


$
131,505


$
138,240Balance Sheet Data (End of
    Period):Real Estate, Before Accumulated
    Depreciation

$
2,826,588


$
2,896,937


$
2,486,414


$
2,352,026


$
2,316,970Real Estate, After Accumulated
    Depreciation


2,424,091



2,541,182



2,165,411



2,056,338



2,055,595Real Estate Held for Sale, Net


115,961



16,840



50,286







7,040Investment in and Advances to Other
    Real Estate Partnerships


371,390



378,864



339,967



374,906



377,776Total Assets


3,235,366



3,230,465



2,721,151



2,633,262



2,585,805Mortgage Loans Payable, Net,
    Unsecured Lines of Credit and Senior Unsecured Debt, Net


1,834,658



1,811,322



1,572,473



1,451,269



1,402,069Total Liabilities


2,051,706



2,016,827



1,711,429



1,570,195



1,525,587Partners Capital


1,183,660



1,213,638



1,009,722



1,063,067



1,060,218Other Data:Cash Flow From Operating Activities

$
66,898


$
82,831


$
81,015


$
91,266


$
138,453Cash Flow From Investing Activities


119,866



(404,742
)


5,570



18,115



11,007Cash Flow From Financing Activities


(178,451
)


325,653



(83,516
)


(109,381
)


(149,460
)Total In-Service Properties


764



786



726



729



798Total In-Service GLA, in Square Feet


60,306,452



61,674,426



52,330,335



48,527,601



49,867,755In-Service Occupancy Percentage


94
%


92
%


91
%


90
%


89
%     (a)
    
    In 2005, the Consolidated Operating Partnership wrote off
    $.05 million of financing fees related to the Consolidated
    Operating Partnerships previous line of credit agreement,
    which was amended and restated on August 23, 2005. In
    addition, the Consolidated Operating Partnership paid
    $.3 million of finance fees and wrote off a loan premium of
    $.4 million on a mortgage loan payable which was assumed by
    the 30




---



##### Table of Contents



buyers of the related properties on July 13, 2005. In 2004,
    the Consolidated Operating Partnership paid off and retired a
    mortgage loan. The Consolidated Operating Partnership recorded a
    loss from the early retirement of debt of approximately
    $0.5 million, which is comprised of the write-off of
    unamortized deferred financing costs and a prepayment penalty.
    In 2002, the Consolidated Operating Partnership paid off and
    retired certain senior unsecured debt. The Consolidated
    Operating Partnership recorded a loss from the early retirement
    of debt of approximately $0.9 million, which is comprised
    of the amount paid above the carrying amount of the senior
    unsecured debt and the write-off of pro rata unamortized
    deferred financing costs and legal costs.  Item 7.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations  Form 10-K.
  lease-up higher-than-expected
     31




---



##### Table of Contents



32




---



##### Table of Contents



lease-up, and/or
   33




---



##### Table of Contents



CRITICAL
    ACCOUNTING POLICIES
    
    The Consolidated Operating Partnership maintains an allowance
    for doubtful accounts which is based on estimates of potential
    losses which could result from the inability of the Consolidated
    Operating Partnerships tenants to satisfy outstanding
    billings with the Consolidated Operating Partnership. The
    allowance for doubtful accounts is an estimate based on the
    Consolidated Operating Partnerships assessment of the
    creditworthiness of its tenants.
    Properties are classified as held for sale when management of
    the Consolidated Operating Partnership has approved the sales of
    such properties. When properties are classified as held for
    sale, the Consolidated Operating Partnership ceases depreciating
    the properties and estimates the values of such properties and
    measures them at the lower of depreciated cost or fair value,
    less costs to dispose. If circumstances arise that were
    previously considered unlikely, and, as a result, the
    Consolidated Operating Partnership decides not to sell a
    property previously classified as held for sale, the
    Consolidated Operating Partnership will reclassify such property
    as held and used. The Consolidated Operating Partnership
    estimates the value of such property and measures it at the
    lower of its carrying amount (adjusted for any depreciation and
    amortization expense that would have been recognized had the
    property been continuously classified as held and used) or fair
    value at the date of the subsequent decision not to sell. Fair
    value is determined by deducting from the estimated sales price
    of the property the estimated costs to close the sale.
    The Consolidated Operating Partnership reviews its properties on
    a quarterly basis for possible impairment and provides a
    provision if impairments are determined. The Consolidated
    Operating Partnership utilizes the guidelines established under
    Financial Accounting Standards Boards Statement of
    Financial Accounting Standards (FAS) No. 144,
    Accounting for the Impairment or Disposal of Long Lived
    Assets (FAS 144) to determine if
    impairment conditions exist. The Consolidated Operating
    Partnership reviews the expected undiscounted cash flows of each
    property to determine if there are any indications of
    impairment. If the expected undiscounted cash flows of a
    particular property are less than the net book basis of the
    property, the Consolidated Operating Partnership will recognize
    an impairment charge equal to the amount of carrying value of
    the property that exceeds the 34




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##### Table of Contents



fair value of the property. Fair value is determined by
    discounting the future expected cash flows of the property. The
    calculation of the fair value involves subjective assumptions
    such as estimated occupancy, rental rates, ultimate residual
    value and the discount rate used to present value the cash flows.  
    The Consolidated Operating Partnership analyzes its investments
    in joint ventures to determine whether the joint venture should
    be accounted for under the equity method of accounting or
    consolidated into the Consolidated Operating Partnerships
    financial statements based on standards set forth under
    Financial Accounting Standards Board (FASB)
    Interpretation No. 46(R), Consolidation of Variable
    Interest Entities,
    EITF 96-16,
    Investors Accounting for an Investee When the Investor
    Has a Majority of the Voting Interest but the Minority
    Shareholder or Shareholders Have Certain Approval or Veto Rightsand Statement of Position
    78-9,
    Accounting for Investments in Real Estate Ventures. Based
    on the guidance set forth in these pronouncements, the
    Consolidated Operating Partnership does not consolidate any of
    its joint venture investments because either the joint venture
    has been determined not to be a variable interest entity or it
    has been determined the Consolidated Operating Partnership is
    not the primary beneficiary. The Consolidated Operating
    Partnerships assessment of whether they are the primary
    beneficiary of a variable interest involves the consideration of
    various factors including the form of our ownership interest,
    the Companys representation on the entitys governing
    body, the size of the Consolidated Operating Partnerships
    investment and future cash flows of the entity.
    The Consolidated Operating Partnership capitalizes (direct and
    certain indirect) costs incurred in developing, renovating,
    acquiring and rehabilitating real estate assets as part of the
    investment basis. Costs incurred in making certain other
    improvements are also capitalized. During the land development
    and construction periods, we capitalize interest costs, real
    estate taxes and certain general and administrative costs of the
    personnel performing development, renovations or rehabilitation
    up to the time the property is substantially complete. The
    determination and calculation of certain indirect costs requires
    estimates by the Consolidated Operating Partnership. Amounts
    included in capitalized costs are included in the investment
    basis of real estate assets.
    The Consolidated Operating Partnership is engaged in the
    acquisition of individual properties as well as multi-property
    portfolios. In accordance with FAS No. 141,
    Business Combinations (FAS 141),
    the Consolidated Operating Partnership is required to allocate
    purchase price between land, building, tenant improvements,
    leasing commissions, intangible assets and above and below
    market leases. Above-market and below-market lease values for
    acquired properties are recorded based on the present value
    (using a discount rate which reflects the risks associated with
    the leases acquired) of the difference between (i) the
    contractual amounts to be paid pursuant to each in-place lease
    and (ii) managements estimate of fair market lease
    rents for each corresponding in-place lease. Acquired above and
    below market leases are amortized over the remaining
    non-cancelable terms of the respective leases as an adjustment
    to rental income. The Consolidated Operating Partnership also
    must allocate purchase price on multi-property portfolios to
    individual properties. The allocation of purchase price is based
    on the Consolidated Operating Partnerships assessment of
    various characteristics of the markets where the property is
    located and the expected cash flows of the property.  RESULTS
    OF OPERATIONS
  Comparison
    of Year Ended December 31, 2006 to Year Ended
    December 31, 2005
     35




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##### Table of Contents



2006


2005


$ Change


% Change($ in 000s)REVENUESSame Store Properties

$
222,703


$
222,283


$
420



0.2
%Acquired Properties


82,876



15,578



67,298



432.0
%Sold Properties


25,475



69,769



(44,294
)


(63.5
)%Properties Not In-service


20,528



16,526



4,002



24.2
%Other


30,048



19,098



10,950



57.3
%381,630



343,254



38,376



11.2
%Discontinued Operations


(35,141
)


(56,601
)


21,460



(37.9
)%Total Revenues

$
346,489


$
286,653


$
59,836



20.9
%     2006


2005


$ Change


% Change($ in 000s)PROPERTY EXPENSESSame Store Properties

$
76,080


$
74,077


$
2,003



2.7
%Acquired Properties


28,380



5,184



23,196



447.5
%Sold Properties


7,799



32,368



(24,569
)


(75.9
)%Properties Not In-service


8,805



8,242



563



6.8
%Other


15,429



11,324



4,105



36.3
%136,493



131,195



5,298



4.0
%Discontinued Operations


(10,586
)


(19,338
)


8,752



(45.3
)%Total Property Expenses

$
125,907


$
111,857


$
14,050



12.6
%    36




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##### Table of Contents



build-to-suit-for-sale build-to-suit-for-sale
    2006


2005


$ Change


% Change($ in 000s)DEPRECIATION AND OTHER
    AMORTIZATIONSame Store Properties

$
72,578


$
73,599


$
(1,021
)


(1.4
)%Acquired Properties


42,875



9,929



32,946



331.8
%Sold Properties


9,189



17,895



(8,706
)


(48.7
)%Properties Not In-service and Other


13,702



9,602



4,100



42.7
%Corporate Furniture, Fixtures and
    Equipment


1,913



1,371



542



39.5
%140,257



112,396



27,861



24.8
%Discontinued Operations


(13,993
)


(19,543
)


5,550



(28.4
)%Total Depreciation and Other
    Amortization

$
126,264


$
92,853


$
33,411



36.0
%         settlement/mark-to-market
 37




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38




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##### Table of Contents



Year EndedDecember 31,2006


2005Total Revenues

$
35,141


$
56,601Property Expenses


(10,586
)


(19,338
)Interest Expense






(373
)Depreciation and Amortization


(13,993
)


(19,543
)Provision for Income Taxes
    Allocable to Operations


(2,629
)


(3,054
)Gain on Sale of Real Estate


196,622



102,926Provision for Income Taxes
    Allocable to Gain on Sale


(47,511
)


(20,529
)Income from Discontinued Operations

$
157,044


$
96,690       Comparison
    of Year Ended December 31, 2005 to Year Ended
    December 31, 2004
   39




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##### Table of Contents



2005


2004


$ Change


% Change($ in 000s)REVENUESSame Store Properties

$
212,949


$
213,742


$
(793
)


(0.4
)%Acquired Properties


50,864



11,613



39,251



338.0
%Sold Properties


19,273



40,725



(21,452
)


(52.7
)%Properties Not In-service


40,779



22,159



18,620



84.0
%Other


19,389



8,768



10,621



121.1
%343,254



297,007



46,247



15.6
%Discontinued Operations


(56,601
)


(62,105
)


5,504



(8.9
)%Total Revenues

$
286,653


$
234,902


$
51,751



22.0
%   build-to-suit-for-sale
  2005


2004


$ Change


% Change($ in 000s)PROPERTY EXPENSESSame Store Properties

$
71,972


$
68,842


$
3,130



4.5
%Acquired Properties


15,079



3,668



11,411



311.1
%Sold Properties


7,051



13,812



(6,761
)


(49.0
)%Properties Not In-service


25,252



8,018



17,234



214.9
%Other


11,841



6,355



5,486



86.3
%131,195



100,695



30,500



30.3
%Discontinued Operations


(19,338
)


(21,836
)


2,498



(11.4
)%Total Property Expenses

$
111,857


$
78,859


$
32,998



41.8
%  40




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##### Table of Contents



build-to-suit-for-sale
    2005


2004


$ Change


% Change($ in 000s)DEPRECIATION AND OTHER
    AMORTIZATIONSame Store Properties

$
66,785


$
62,897


$
3,888



6.2
%Acquired Properties


27,011



3,759



23,252



618.6
%Sold Properties


6,075



11,510



(5,435
)


(47.2
)%Properties Not In-service and Other


11,154



8,421



2,733



32.5
%Corporate Furniture, Fixtures and
    Equipment


1,371



1,279



92



7.2
%112,396



87,866



24,530



27.9
%Discontinued Operations


(19,543
)


(17,497
)


(2,046
)


11.7
%Total Depreciation and Other
    Amortization

$
92,853


$
70,369


$
22,484



32.0
%       settlement/mark-to-market
   41




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##### Table of Contents



42




---



##### Table of Contents



Year EndedDecember 31,2005


2004Total Revenues

$
56,601


$
62,105Property Expenses


(19,338
)


(21,836
)Interest Expense


(373
)


(609
)Depreciation and Amortization


(19,543
)


(17,497
)Provision for Income Taxes
    Allocable to Operations


(3,054
)


(2,346
)Gain on Sale of Real Estate


102,926



81,806Provision for Income Taxes
    Allocable to Gain on Sale


(20,529
)


(8,659
)Income from Discontinued Operations

$
96,690


$
92,964       LIQUIDITY
    AND CAPITAL RESOURCES
       43




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##### Table of Contents



Year
    Ended December 31, 2006
             44




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##### Table of Contents



45




---



##### Table of Contents



Contractual
    Obligations and Commitments
    Payments Due by PeriodLess ThanTotal


1 Year


1-3 Years


3-5 Years


Over 5 YearsOperating and Ground Leases*

$
41,649


$
2,561


$
4,417


$
3,504


$
31,167Real Estate Development*


92,740



92,740











Long-term Debt


1,847,077



152,884



343,112



422,905



928,176Interest Expense on Long Term Debt*


921,160



100,967



189,078



162,359



468,756Total

$
2,902,626


$
349,152


$
536,607


$
588,768


$
1,428,099     *
    
    Not on balance sheet.  Off-Balance
    Sheet Arrangements
    Environmental
    Inflation
    Market
    Risk
     46




---



##### Table of Contents



Subsequent
    Events
      semi-annual
   47




---



##### Table of Contents



Related
    Party Transactions
    Other
  Accounting for Certain Hybrid Financial
    Instruments
              Accounting for Servicing of Financial Assets ,
 48




---



##### Table of Contents



Accounting
    for Uncertainty in Income Taxes
  Fair Value Measurements
  Item 7A.
    Quantitative
    and Qualitative Disclosures About Market Risk    Item 8.
    Financial
    Statements and Supplementary Data    Item 9.
    Changes
    in and Disagreements with Accountants on Accounting and
    Financial Disclosure    Item 9A.
    Controls
    and Procedures  Evaluation
    of Disclosure Controls and Procedures
    Rule 15d-15(b)
 49




---



##### Table of Contents



Managements
    Report on Internal Control Over Financial Reporting
        pages 56-57 Form 10-K.
  Changes
    in Internal Control Over Financial Reporting
    Item 9B.
    Other
    Information   PART III  Item 10, 11,
    12, 13 and 14.
    Directors,
    Executive Officers and Corporate Governance, Executive
    Compensation, Security Ownership of Certain Beneficial Owners
    and Management and Related Stockholder Matters, Certain
    Relationships and Related Transactions and Director Independence
    and Principal Accountant Fees and Services   PART IV  Item 15.
    Exhibits
    and Financial Statement Schedules   50




---



##### Table of Contents



Exhibits:
  ExhibitNo.

Description3
.1

Eleventh Amended and Restated
    Partnership Agreement of First Industrial, L.P. dated
    August 21, 2006 (the LP Agreement)
    (incorporated by reference to Exhibit 10.2 of the
    Form 8-K
    of the Company, filed August 22, 2006, File
    No. 1-13102)4
.1

Indenture, dated as of
    May 13, 1997, between First Industrial, L.P. and First
    Trust National Association, as Trustee (incorporated by
    reference to Exhibit 4.1 of the
    Form 10-Q
    of the Company for the fiscal quarter ended March 31, 1997,
    as amended by
    Form 10-Q/A
    No. 1 of the Company filed May 30, 1997, File
    No. 1-13102)4
.2

Supplemental Indenture No. 1,
    dated as of May 13, 1997, between First Industrial, L.P.
    and First Trust National Association as Trustee relating to
    $150 million of 7.60% Notes due 2007 and
    $100 million of 7.15% Notes due 2027 (incorporated by
    reference to Exhibit 4.2 of the
    Form 10-Q
    of the Company for the fiscal quarter ended March 31, 1997,
    as amended by
    Form 10-Q/A
    No. 1 of the Company filed May 30, 1997, File
    No. 1-13102)4
.3

Supplemental Indenture No. 2,
    dated as of May 22, 1997, between First Industrial, L.P.
    and First Trust National Association as Trustee relating to
    $100 million of
    73/8% Notes
    due 2011 (incorporated by reference to Exhibit 4.4 of the
    Form 10-QT
    of the Operating Partnership for the fiscal quarter ended
    March 31, 1997, File
    No. 333-21873)4
.4

Supplemental Indenture No. 3
    dated October 28, 1997 between First Industrial, L.P. and
    First Trust National Association providing for the issuance
    of Medium-Term Notes due Nine Months or more from Date of Issue
    (incorporated by reference to Exhibit 4.1 of
    Form 8-K
    of the Operating Partnership, dated November 3, 1997, as
    filed November 3, 1997, File
    No. 333-21873)4
.5

7.00% Medium-Term Note due 2006 in
    principal amount of $150 million issued by First
    Industrial, L.P. (incorporated by reference to Exhibit 4.18
    of the Companys Annual Report on
    Form 10-K
    for the year ended December 31, 1997, File
    No. 1-13102)4
.6

7.50% Medium-Term Note due 2017 in
    principal amount of $100 million issued by First
    Industrial, L.P. (incorporated by reference to Exhibit 4.19
    of the Companys Annual Report on
    Form 10-K
    for the year ended December 31, 1997, File
    No. 1-13102)4
.7

Trust Agreement, dated as of
    May 16, 1997, between First Industrial, L.P. and First Bank
    National Association, as Trustee (incorporated by reference to
    Exhibit 4.5 of the
    Form 10-QT
    of the Operating Partnership for the fiscal quarter ended
    March 31, 1997, File
    No. 333-21873)4
.8

7.60% Notes due 2028 in
    principal amount of $200 million issued by First
    Industrial, L.P. (incorporated by reference to Exhibit 4.2
    of the
    Form 8-K
    of the Operating Partnership dated July 15, 1998, File
    No. 333-21873)4
.9

Supplemental Indenture No. 5,
    dated as of July 14, 1998, between First Industrial, L.P.
    and the U.S. Bank Trust National Association, relating
    to First Industrial, L.P.s 7.60% Notes due
    July 15, 2028 (incorporated by reference to
    Exhibit 4.1 of the
    Form 8-K
    of the Operating Partnership dated July 15, 1998, File
    No. 333-21873)4
.10

7.375% Note due 2011 in
    principal amount of $200 million issued by First
    Industrial, L.P. (incorporated by reference to Exhibit 4.15
    of the Operating Partnerships Annual Report on
    Form 10-K
    for the year ended December 31, 2000, File
    No. 333-21873)4
.11

Supplemental Indenture No. 6,
    dated as of March 19, 2001, between First Industrial, L.P.
    and U.S. Bank Trust National Association, relating to
    First Industrial, L.P.s 7.375% Notes due
    March 15, 2011(incorporated by reference to
    Exhibit 4.16 of the Operating Partnerships Annual
    Report on
    Form 10-K
    for the year ended December 31, 2000, File
    No. 333-21873)4
.12

Registration Rights Agreement,
    dated as of March 19, 2001, among First Industrial, L.P.
    and Credit Suisse First Boston Corporation, Chase Securities,
    Inc., Merrill Lynch, Pierce, Fenner & Smith
    Incorporated, Salomon Smith Barney, Inc., Banc of America
    Securities LLC, Banc One Capital Markets, Inc. and UBS Warburg
    LLC (incorporated by reference to Exhibit 4.17 of the
    Operating Partnerships Annual Report on
    Form 10-K
    for the year ended December 31, 2000, File
    No. 333-21873) 51




---



##### Table of Contents



ExhibitNo.

Description4
.13

Supplemental Indenture No. 7
    dated as of April 15, 2002, between First Industrial, L.P.
    and U.S. Bank National Association, relating to First
    Industrial, L.P.s 6.875% Notes due 2012 and
    7.75% Notes due 2032 (incorporated by reference to
    Exhibit 4.1 of the Operating Partnerships
    Form 8-K,
    dated April 4, 2002, File
    No. 333-21873)4
.14

Form of 6.875% Notes due in
    2012 in the principal amount of $200 million issued by
    First Industrial, L.P. and 7.75% Notes due in 2032 in the
    principal amount of $50 million issued by First Industrial
    L.P. (incorporated by reference to Exhibit 4.2 of the
    Operating Partnerships
    Form 8-K
    dated April 4, 2002, File
    No. 333-21873)4
.15

Form of 7.75% Notes due 2032
    in the principal amount of $50 million issued by First
    Industrial, L.P. (incorporated by reference to Exhibit 4.3
    of the Operating Partnerships
    Form 8-K,
    dated April 4, 2002, File
    No. 333-21873)4
.16

Supplemental Indenture No. 8,
    dated as of May 17, relating to 6.42% Senior Notes due
    June 1, 2014, by and between First Industrial, L.P. and
    U.S. Bank National Association (incorporated by reference
    to Exhibit 4.1 of the
    Form 8-K
    of the Operating Partnership, dated May 27, 2004, File
    No. 333-21873)4
.17

Supplemental Indenture No. 9,
    dated as of June 14, 2004, relating to 5.25% Senior
    Notes due 2009, by and between the Operating Partnership and
    U.S. Bank National Association (incorporated by reference
    to Exhibit 4.1 of the
    Form 8-K
    of the Operating Partnership, dated June 17, 2004, File
    No. 333-21873)4
.18

Supplemental Indenture
    No. 10, dated as of January 10, 2006, relating to
    5.75% Senior Notes due 2016, by and between the Operating
    Partnership and U.S. Bank National Association
    (incorporated by reference to Exhibit 4.1 of the
    Form 8-K
    of the Company, filed January 11, 2006, File
    No. 1-13102)4
.19

Indenture dated as of
    September 25, 2006 among First Industrial, L.P., as issuer,
    the Company, as guarantor, and U.S. Bank National
    Association, as trustee (incorporated by reference to
    Exhibit 4.1 of the current report on
    Form 8-K
    of the Operating Partnership, dated September 25, 2006,
    File
    No. 333-21873)4
.20

Form of 4.625% Exchangeable Senior
    Note due 2011 (incorporated by reference to Exhibit 4.2 of
    the current report on
    Form 8-K
    of the Operating Partnership, dated September 25, 2006,
    File
    No. 333-21873)4
.21

Registration Rights Agreement
    dated September 25, 2006 among the Company, First
    Industrial, L.P. and the Initial Purchasers named therein
    (incorporated by reference to Exhibit 10.1 of the current
    report on
    Form 8-K
    of the Operating Partnership, dated September 25, 2006,
    File
    No. 333-21873)10
.1

Sales Agreement by and among the
    Company, First Industrial, L.P. and Cantor Fitzgerald &
    Co. dated September 16, 2004 (incorporated by reference to
    Exhibit 1.1 of the
    Form 8-K
    of the Operating Partnership, dated September 16, 2004,
    File
    No. 333-21873)10
.2

Fourth Amended and Restated
    Unsecured Revolving Credit Agreement, dated as of
    August 23, 2005, among First Industrial, L.P., First
    Industrial Realty Trust, Inc., JP Morgan Chase Bank, NA and
    certain other banks (incorporated by reference to
    Exhibit 10.1 of the
    Form 8-K
    of the Company, filed August 25, 2005, File
    No. 1-13102)12
.1*

Computation of ratios of earnings
    to fixed charges of First Industrial, L.P.21
.1

Subsidiaries of the Registrant
    (incorporated by reference to Exhibit 21.1 of the
    Companys Annual Report on
    Form 10-K
    for the year ended December 31, 2006, File
    No. [1-13102])23*


Consent of PricewaterhouseCoopers
    LLP31
.1*

Certification of Principal
    Executive Officer of First Industrial Realty Trust, Inc.,
    registrants sole general partner, pursuant to
    Rule 13a-14(a)
    under the Securities Exchange Act of 1934, as amended32**


Certification of the Principal
    Executive Officer and Principal Financial Officer pursuant to
    18 U.S.C. Section 1350, as adopted pursuant to
    Section 906 of the
    Sarbanes-Oxley
    Act of 2002     *
    
    Filed herewith.**
    
    Furnished herewith. 52




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##### Table of Contents



EXHIBIT INDEX
  ExhibitNo.

Description3
.1

Eleventh Amended and Restated
    Partnership Agreement of First Industrial, L.P. dated
    August 21, 2006 (the LP Agreement)
    (incorporated by reference to Exhibit 10.2 of the
    Form 8-K
    of the Company, filed August 22, 2006, File
    No. 1-13102)4
.1

Indenture, dated as of
    May 13, 1997, between First Industrial, L.P. and First
    Trust National Association, as Trustee (incorporated by
    reference to Exhibit 4.1 of the
    Form 10-Q
    of the Company for the fiscal quarter ended March 31, 1997,
    as amended by
    Form 10-Q/A
    No. 1 of the Company filed May 30, 1997, File
    No. 1-13102)4
.2

Supplemental Indenture No. 1,
    dated as of May 13, 1997, between First Industrial, L.P.
    and First Trust National Association as Trustee relating to
    $150 million of 7.60% Notes due 2007 and
    $100 million of 7.15% Notes due 2027 (incorporated by
    reference to Exhibit 4.2 of the
    Form 10-Q
    of the Company for the fiscal quarter ended March 31, 1997,
    as amended by
    Form 10-Q/A
    No. 1 of the Company filed May 30, 1997, File
    No. 1-13102)4
.3

Supplemental Indenture No. 2,
    dated as of May 22, 1997, between First Industrial, L.P.
    and First Trust National Association as Trustee relating to
    $100 million of
    73/8% Notes
    due 2011 (incorporated by reference to Exhibit 4.4 of the
    Form 10-QT
    of the Operating Partnership for the fiscal quarter ended
    March 31, 1997, File
    No. 333-21873)4
.4

Supplemental Indenture No. 3
    dated October 28, 1997 between First Industrial, L.P. and
    First Trust National Association providing for the issuance
    of Medium-Term Notes due Nine Months or more from Date of Issue
    (incorporated by reference to Exhibit 4.1 of
    Form 8-K
    of the Operating Partnership, dated November 3, 1997, as
    filed November 3, 1997, File
    No. 333-21873)4
.5

7.00% Medium-Term Note due 2006 in
    principal amount of $150 million issued by First
    Industrial, L.P. (incorporated by reference to Exhibit 4.18
    of the Companys Annual Report on
    Form 10-K
    for the year ended December 31, 1997, File
    No. 1-13102)4
.6

7.50% Medium-Term Note due 2017 in
    principal amount of $100 million issued by First
    Industrial, L.P. (incorporated by reference to Exhibit 4.19
    of the Companys Annual Report on
    Form 10-K
    for the year ended December 31, 1997, File
    No. 1-13102)4
.7

Trust Agreement, dated as of
    May 16, 1997, between First Industrial, L.P. and First Bank
    National Association, as Trustee (incorporated by reference to
    Exhibit 4.5 of the
    Form 10-QT
    of the Operating Partnership for the fiscal quarter ended
    March 31, 1997, File
    No. 333-21873)4
.8

7.60% Notes due 2028 in
    principal amount of $200 million issued by First
    Industrial, L.P. (incorporated by reference to Exhibit 4.2
    of the
    Form 8-K
    of the Operating Partnership dated July 15, 1998, File
    No. 333-21873)4
.9

Supplemental Indenture No. 5,
    dated as of July 14, 1998, between First Industrial, L.P.
    and the U.S. Bank Trust National Association, relating
    to First Industrial, L.P.s 7.60% Notes due
    July 15, 2028 (incorporated by reference to
    Exhibit 4.1 of the
    Form 8-K
    of the Operating Partnership dated July 15, 1998, File
    No. 333-21873)4
.10

7.375% Note due 2011 in
    principal amount of $200 million issued by First
    Industrial, L.P. (incorporated by reference to Exhibit 4.15
    of the Operating Partnerships Annual Report on
    Form 10-K
    for the year ended December 31, 2000, File
    No. 333-21873)4
.11

Supplemental Indenture No. 6,
    dated as of March 19, 2001, between First Industrial, L.P.
    and U.S. Bank Trust National Association, relating to
    First Industrial, L.P.s 7.375% Notes due
    March 15, 2011(incorporated by reference to
    Exhibit 4.16 of the Operating Partnerships Annual
    Report on
    Form 10-K
    for the year ended December 31, 2000, File
    No. 333-21873)4
.12

Registration Rights Agreement,
    dated as of March 19, 2001, among First Industrial, L.P.
    and Credit Suisse First Boston Corporation, Chase Securities,
    Inc., Merrill Lynch, Pierce, Fenner & Smith
    Incorporated, Salomon Smith Barney, Inc., Banc of America
    Securities LLC, Banc One Capital Markets, Inc. and UBS Warburg
    LLC (incorporated by reference to Exhibit 4.17 of the
    Operating Partnerships Annual Report on
    Form 10-K
    for the year ended December 31, 2000, File
    No. 333-21873) 53




---



##### Table of Contents



ExhibitNo.

Description4
.13

Supplemental Indenture No. 7
    dated as of April 15, 2002, between First Industrial, L.P.
    and U.S. Bank National Association, relating to First
    Industrial, L.P.s 6.875% Notes due 2012 and
    7.75% Notes due 2032 (incorporated by reference to
    Exhibit 4.1 of the Operating Partnerships
    Form 8-K,
    dated April 4, 2002, File
    No. 333-21873)4
.14

Form of 6.875% Notes due in
    2012 in the principal amount of $200 million issued by
    First Industrial, L.P. and 7.75% Notes due in 2032 in the
    principal amount of $50 million issued by First Industrial
    L.P. (incorporated by reference to Exhibit 4.2 of the
    Operating Partnerships
    Form 8-K
    dated April 4, 2002, File
    No. 333-21873)4
.15

Form of 7.75% Notes due 2032
    in the principal amount of $50 million issued by First
    Industrial, L.P. (incorporated by reference to Exhibit 4.3
    of the Operating Partnerships
    Form 8-K,
    dated April 4, 2002, File
    No. 333-21873)4
.16

Supplemental Indenture No. 8,
    dated as of May 17, relating to 6.42% Senior Notes due
    June 1, 2014, by and between First Industrial, L.P. and
    U.S. Bank National Association (incorporated by reference
    to Exhibit 4.1 of the
    Form 8-K
    of the Operating Partnership, dated May 27, 2004, File
    No. 333-21873)4
.17

Supplemental Indenture No. 9,
    dated as of June 14, 2004, relating to 5.25% Senior Notes
    due 2009, by and between the Operating Partnership and
    U.S. Bank National Association (incorporated by reference
    to Exhibit 4.1 of the
    Form 8-K
    of the Operating Partnership, dated June 17, 2004, File
    No. 333-21873)4
.18

Supplemental Indenture
    No. 10, dated as of January 10, 2006, relating to
    5.75% Senior Notes due 2016, by and between the Operating
    Partnership and U.S. Bank National Association
    (incorporated by reference to Exhibit 4.1 of the
    Form 8-K
    of the Company, filed January 11, 2006, File
    No. 1-13102)4
.19

Indenture dated as of
    September 25, 2006 among First Industrial, L.P., as issuer,
    the Company, as guarantor, and U.S. Bank National
    Association, as trustee (incorporated by reference to
    Exhibit 4.1 of the current report on
    Form 8-K
    of the Operating Partnership, dated September 25, 2006,
    File
    No. 333-21873)4
.20

Form of 4.625% Exchangeable Senior
    Note due 2011 (incorporated by reference to Exhibit 4.2 of
    the current report on
    Form 8-K
    of the Operating Partnership, dated September 25, 2006,
    File
    No. 333-21873)4
.21

Registration Rights Agreement
    dated September 25, 2006 among the Company, First
    Industrial, L.P. and the Initial Purchasers named therein
    (incorporated by reference to Exhibit 10.1 of the current
    report on
    Form 8-K
    of the Operating Partnership, dated September 25, 2006,
    File
    No. 333-21873)10
.1

Sales Agreement by and among the
    Company, First Industrial, L.P. and Cantor Fitzgerald &
    Co. dated September 16, 2004 (incorporated by reference to
    Exhibit 1.1 of the
    Form 8-K
    of the Operating Partnership, dated September 16, 2004,
    File
    No. 333-21873)10
.2

Fourth Amended and Restated
    Unsecured Revolving Credit Agreement, dated as of
    August 23, 2005, among First Industrial, L.P., First
    Industrial Realty Trust, Inc., JP Morgan Chase Bank, NA and
    certain other banks (incorporated by reference to
    Exhibit 10.1 of the
    Form 8-K
    of the Company, filed August 25, 2005, File
    No. 1-13102)12
.1*

Computation of ratios of earnings
    to fixed charges of First Industrial, L.P.21
.1

Subsidiaries of the Registrant
    (incorporated by reference to Exhibit 21.1 of the
    Companys Annual Report on
    Form 10-K
    for the year ended December 31, 2006, File No.
    [ 1-13102)]23*


Consent of PricewaterhouseCoopers
    LLP31
.1*

Certification of Principal
    Executive Officer of First Industrial Realty Trust, Inc.,
    registrants sole general partner, pursuant to
    Rule 13a-14(a)
    under the Securities Exchange Act of 1934, as amended32**


Certification of the Principal
    Executive Officer and Principal Financial Officer pursuant to
    18 U.S.C. Section 1350, as adopted pursuant to
    Section 906 of the
    Sarbanes-Oxley
    Act of 2002     *
    
    Filed herewith.**
    
    Furnished herewith. 54




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  INDEX TO
    FINANCIAL STATEMENTS
  PageFINANCIAL STATEMENTSReport of
    Independent Registered Public Accounting Firm


56Consolidated
    Balance Sheets of First Industrial, L.P. as of December 31,
    2006 and 2005


58Consolidated
    Statements of Operations of First Industrial, L.P. for the Years
    Ended December 31, 2006, 2005 and 2004


59Consolidated
    Statements of Comprehensive Income of First Industrial, L.P. for
    the Years Ended December 31, 2006, 2005 and 2004


60Consolidated
    Statements of Changes in Partners Capital of First
    Industrial L.P. for the Years Ended December 31, 2006, 2005
    and 2004


61Consolidated
    Statements of Cash Flows of First Industrial L.P. for the Years
    Ended December 31, 2006, 2005 and 2004


62Notes to the
    Consolidated Financial Statements


63   OTHER
    REAL ESTATE PARTNERSHIPS
  INDEX TO
    FINANCIAL STATEMENTS
  PageFINANCIAL STATEMENTSReport of
    Independent Auditors


102Combined Balance
    Sheets of the Other Real Estate Partnerships as of
    December 31, 2006 and 2005


103Combined Statements
    of Operations of the Other Real Estate Partnerships for the
    Years Ended December 31, 2006, 2005 and 2004


104Combined Statements
    of Changes in Partners Capital of the Other Real Estate
    Partnerships for the Years Ended December 31, 2006, 2005
    and 2004


105Combined Statements
    of Cash Flows of the Other Real Estate Partnerships for the
    Years Ended December 31, 2006, 2005 and 2004


106Notes to Combined
    Financial Statements


107   FIRST
    INDUSTRIAL, L.P.
  FINANCIAL
    STATEMENT SCHEDULE
  PageFINANCIAL STATEMENT
    SCHEDULESchedule III:
    Real Estate and Accumulated Depreciation


S-1  55




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##### Table of Contents



Report of
    Independent Registered Public Accounting Firm       Consolidated
    financial statements and financial statement schedule
      Internal
    control over financial reporting
  Internal Control 
    Integrated Framework Internal Control  Integrated Framework
 56




---



##### Table of Contents



57




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  CONSOLIDATED
    BALANCE SHEETS
  December 31,


December 31,2006


2005(Dollars in thousands, except share and per share data)ASSETSAssets:Investment in Real Estate:Land

$
498,025


$
490,359Buildings and Improvements


2,297,988



2,340,504Construction in Progress


30,575



66,074Less: Accumulated Depreciation


(402,497
)


(355,755
)Net Investment in Real Estate


2,424,091



2,541,182Real Estate Held for Sale, Net of
    Accumulated Depreciation and Amortization of $9,688 and $1,622
    at December 31, 2006 and December 31, 2005


115,961



16,840Investments in and Advances to
    Other Real Estate Partnerships


371,390



378,864Cash and Cash Equivalents


15,124



6,811Restricted Cash


15,970



14,945Tenant Accounts Receivable, Net


6,571



7,627Investments in Joint Ventures


55,614



44,330Deferred Rent Receivable, Net


24,721



21,520Deferred Financing Costs, Net


15,210



10,907Deferred Leasing Intangibles, Net


75,958



70,879Prepaid Expenses and Other Assets,
    Net


114,756



116,560Total Assets

$
3,235,366


$
3,230,465LIABILITIES AND PARTNERS
    CAPITALLiabilities:Mortgage Loans Payable, Net

$
77,926


$
54,929Senior Unsecured Debt, Net


1,549,732



1,298,893Unsecured Lines of Credit


207,000



457,500Accounts Payable and Accrued
    Expenses


128,691



116,249Deferred Leasing Intangibles, Net


17,402



22,169Rents Received in Advance and
    Security Deposits


26,097



27,578Leasing Intangibles Held for Sale,
    Net of Accumulated Amortization of $183 at December 31, 2006


2,310



Dividends Payable


42,548



39,509Total Liabilities


2,051,706



2,016,827Commitments and Contingencies






Partners Capital:General Partner Preferred Units
    (21,550 and 21,500 units issued and outstanding at
    December 31, 2006 and 2005, respectively), with a
    liquidation preference of $325,000 and $312,500, respectively


314,208



303,068General Partner Units (45,010,630
    and 44,444,710 units issued and outstanding at
    December 31, 2006 and 2005, respectively)


730,493



773,921Unamortized Value of General
    Partnership Restricted Units






(16,825
)Limited Partners Units
    (6,558,442 and 6,740,742 units issued and outstanding at
    December 31, 2006 and 2005, respectively)


150,758



159,832Accumulated Other Comprehensive Loss


(11,799
)


(6,358
)Total Partners Capital


1,183,660



1,213,638Total Liabilities and
    Partners Capital

$
3,235,366


$
3,230,465    58




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  CONSOLIDATED
    STATEMENTS OF OPERATIONS
  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2006


2005


2004(In thousands except per unit data)Revenues:Rental Income

$
234,941


$
192,856


$
174,509Tenant Recoveries and Other Income


101,008



77,556



60,393Build to Suit Development for Sale
    Revenues


10,540



16,241



Total Revenues


346,489



286,653



234,902Expenses:Property Expenses


115,644



96,283



78,859General and Administrative


76,631



54,846



38,912Depreciation and Other Amortization


126,264



92,853



70,369Expenses from Build to Suit
    Development for Sale


10,263



15,574



Total Expenses


328,802



259,556



188,140Other Income/Expense:Interest Income


947



1,075



2,025Mark-to-Market/(Loss)
    Gain on Settlement of Interest Rate Protection Agreements


(3,112
)


811



1,583Interest Expense


(121,130
)


(108,164
)


(98,458
)Amortization of Deferred Financing
    Costs


(2,664
)


(2,122
)


(1,928
)Gain (Loss) From Early Retirement
    of Debt






82



(515
)Total Other Income/Expense


(125,959
)


(108,318
)


(97,293
)Loss from Continuing Operations
    Before Equity in Income of Other Real Estate Partnerships,
    Equity in Income of Joint Ventures and Income Tax Benefit


(108,272
)


(81,221
)


(50,531
)Equity in Income of Other Real
    Estate Partnerships


33,531



48,212



29,203Equity in Income of Joint Ventures


30,671



3,698



35,840Income Tax Benefit


8,920



14,022



7,937(Loss) Income from Continuing
    Operations


(35,150
)


(15,289
)


22,449Income from Discontinued Operations
    (Including Gain on Sale of Real Estate of $196,622, $102,926 and
    $81,806 for the Years Ended December 31, 2006, 2005 and
    2004, respectively)


207,184



120,273



103,969Provision for Income Taxes
    Allocable to Discontinued Operations (Including $47,511, $20,529
    and $8,659 allocable to Gain on Sale of Real Estate for the Year
    Ended December 31, 2006, 2005 and 2004, respectively)


(50,140
)


(23,583
)


(11,005
)Income Before Gain on Sale of Real
    Estate


121,894



81,401



115,413Gain on Sale of Real Estate


6,195



28,686



15,112Provision for Income Taxes
    Allocable to Gain on Sale of Real Estate


(2,119
)


(10,871
)


(5,371
)Net Income


125,970



99,216



125,154Less: Preferred Unit Distributions


(21,424
)


(10,688
)


(14,488
)Less: Redemption of Preferred Units


(672
)






(7,959
)Net Income Available to Unitholders

$
103,874


$
88,528


$
102,707Basic Earnings Per Unit:(Loss) Income from Continuing
    Operations Available to Unitholders

$
(1.05
)

$
(0.17
)

$
0.21Income from Discontinued Operations

$
3.10


$
1.97


$
1.97Net Income Available to Unitholders

$
2.05


$
1.81


$
2.18Weighted Average Units Outstanding


50,703



48,968



47,136Diluted Earnings Per Unit:(Loss) Income from Continuing
    Operations Available to Unitholders

$
(1.05
)

$
(0.17
)

$
0.21Income from Discontinued Operations

$
3.10


$
1.97


$
1.96Net Income Available to Unitholders

$
2.05


$
1.81


$
2.16Weighted Average Units Outstanding


50,703



48,968



47,467Distributions Per Unit

$
2.8100


$
2.7850


$
2.7500    59




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##### Table of Contents



FIRST
    INDUSTRIAL , LP.
  CONSOLIDATED
    STATEMENTS OF COMPREHENSIVE INCOME
  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2006


2005


2004(Dollars in thousands)Net Income

$
125,970


$
99,216


$
125,154Other Comprehensive (Loss)
    Income:Settlement of Interest Rate
    Protection Agreements


(1,729
)






6,816Reclassification of Settlement of
    Interest Rate Protection Agreements to Net Income






(159
)


Mark-to-Market
    of Interest Rate Protection Agreements


(2,800
)


(1,414
)


106Amortization of Interest Rate
    Protection Agreements


(912
)


(1,085
)


(512
)Comprehensive Income

$
120,529


$
96,558


$
131,564    60




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  CONSOLIDATED
    STATEMENTS OF CHANGES IN PARTNERS CAPITAL
  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2006


2005


2004(Dollars in thousands)General Partner Preferred
    Units  Beginning of Year

$
303,068


$
121,584


$
240,697Distributions


(22,096
)


(10,688
)


(22,447
)Issuance of Preferred Units


192,624



181,484



194,424Redemption of Preferred Units


(181,484
)






(313,537
)Net Income


22,096



10,688



22,447General Partner Preferred
    Units  End of Year

$
314,208


$
303,068


$
121,584General Partner Units 
    Beginning of Year

$
773,921


$
757,840


$
687,721Contributions and Issuance of
    General Partner Units


3,820



56,122



99,280Issuance of General Partner
    Restricted Units






8,381



8,379Call Spread


(6,835
)






Repurchase and Retirement of
    Restricted Units/Units


(2,728
)


(3,285
)


(3,751
)Restricted Unit Forfeitures






(2,972
)


(14,095
)Distributions


(125,986
)


(120,995
)


(114,569
)Unit Conversions


5,144



1,951



6,195Amortization of General Partner
    Restricted Units


9,624







Reclassification to initially adopt
    SFAS No. 123R


(16,825
)






Net Income


90,357



76,879



88,680General Partner Units 
    End of Year

$
730,492


$
773,921


$
757,840Unamort. Value of Gen. Partner
    Restricted Units  Beg. of Year

$
(16,825
)

$
(19,611
)

$
(19,035
)Issuance of General Partner
    Restricted Units






(8,381
)


(8,379
)Amortization of General Partner
    Restricted Units






8,845



6,866Restricted Unit Forfeitures






2,322



937Reclassification to initially adopt
    SFAS No. 123R


16,825







Unamort. Value of Gen. Partner
    Restricted Units  End of Year

$



$
(16,825
)

$
(19,611
)Limited Partners Units 
    Beginning of Year

$
159,832


$
153,609


$
163,794Contributions and Issuance of
    Limited Partner Units


1,288



14,698



Distributions


(18,734
)


(18,173
)


(18,017
)Unit Conversions


(5,144
)


(1,951
)


(6,195
)Net Income


13,517



11,649



14,027Limited Partners Units 
    End of Year

$
150,759


$
159,832


$
153,609Accum. Other Comprehensive
    Loss  Beginning of Year

$
(6,358
)

$
(3,700
)

$
(10,110
)Settlement of Interest Rate
    Protection Agreements


(1,729
)






6,816Reclassification of Settlement of
    Interest Rate Protection Agreements to Net Income






(159
)


Mark to Market of Interest Rate
    Protection Agreements


(2,800
)


(1,414
)


106Amortization of Interest Rate
    Protection Agreements


(912
)


(1,085
)


(512
)Accum. Other Comprehensive
    Loss  End of Year

$
(11,799
)

$
(6,358
)

$
(3,700
)Total Partners Capital at End
    of Year

$
1,183,660


$
1,213,638


$
1,009,722    61




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##### Table of Contents



FIRST
    INDUSTRIAL, LP.
  CONSOLIDATED
    STATEMENTS OF CASH FLOWS
  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2006


2005


2004(Dollars in thousands)CASH FLOWS FROM OPERATING
    ACTIVITIES:Net Income

$
125,970


$
99,216


$
125,154Adjustments to Reconcile Net Income
    to Net Cash Provided by Operating Activities:Depreciation


107,418



86,588



71,785Amortization of Deferred Financing
    Costs


2,664



2,122



1,928Other Amortization


35,462



31,031



20,661Provision for Bad Debt


1,906



1,689



(1,474
)Mark-to-Market
    of /Loss on Settlement of Interest Rate Protection Agreements


(16
)


(143
)


Equity in Income of Joint Ventures


(30,671
)


(3,698
)


(34,990
)Distributions from Joint Ventures


31,664



3,866



34,990Gain on Sale of Real Estate


(202,817
)


(131,612
)


(83,160
)(Gain) Loss on Early Retirement of
    Debt






(82
)


515Equity in Income of Other Real
    Estate Partnerships


(33,531
)


(48,212
)


(29,203
)Distributions from Investment in
    Other Real Estate Partnerships


33,531



48,212



29,203Decrease (Increase) in Build to
    Suit Development for Sale Costs Receivable


5,883



(16,241
)


Increase in Tenant Accounts
    Receivable and Prepaid Expenses and Other Assets, Net


(15,550
)


(13,835
)


(53,510
)Increase in Deferred Rent Receivable


(9,092
)


(7,485
)


(5,254
)Increase in Accounts Payable and
    Accrued Expenses and Rents Received in Advance and Security
    Deposits


14,077



31,415



4,370Net Cash Provided by Operating
    Activities


66,898



82,831



81,015CASH FLOWS FROM INVESTING
    ACTIVITIES:Purchase of and Additions to
    Investment in Real Estate


(742,414
)


(846,033
)


(469,668
)Net Proceeds from Sales of
    Investments in Real Estate


857,670



478,937



324,919Investments in and Advances to
    Other Real Estate Partnerships


(43,098
)


(122,606
)


(68,134
)Distributions/Repayments from Other
    Real Estate Partnerships


50,572



83,709



103,073Contributions to and Investments in
    Joint Ventures


(32,773
)


(45,175
)


(5,422
)Distributions from Joint Ventures


19,734



2,971



15,535Repayment and Sale of Mortgage
    Loans Receivable


11,200



58,375



44,418(Increase) Decrease in Restricted
    Cash


(1,025
)


(14,920
)


60,849Net Cash Provided by (Used in)
    Investing Activities


119,866



(404,742
)


5,570CASH FLOWS FROM FINANCING
    ACTIVITIES:Unit Contributions


3,462



55,754



86,121Proceeds from the Issuance of
    Preferred Units


200,000



187,500



200,000Preferred Unit Offering Costs


(7,103
)


(5,906
)


(5,576
)Unit Distributions


(143,858
)


(137,672
)


(130,220
)Repurchase of Restricted Units


(2,660
)


(3,285
)


(3,751
)Redemption of Preferred Units


(182,156
)






(321,438
)Preferred Unit Distributions


(19,248
)


(8,162
)


(13,256
)Repayments of Mortgage Loans Payable


(10,263
)


(1,951
)


(5,931
)Proceeds from Mortgage Loan Payable






1,167



1,400Proceeds from Senior Unsecured Debt


399,306







134,496Other (Costs) Proceeds from Senior
    Unsecured Debt


(1,729
)






6,816Repayment of Senior Unsecured Debt


(150,000
)


(50,000
)


Proceeds from Unsecured Lines of
    Credit


779,300



647,500



581,000Repayments on Unsecured Lines of
    Credit


(1,029,800
)


(357,500
)


(609,400
)Call Spread


(6,835
)






Cost of Debt Issuance and
    Prepayment Fees


(6,867
)


(1,792
)


(3,777
)Net Cash (Used by) Provided by
    Financing Activities


(178,451
)


325,653



(83,516
)Net Increase in Cash and Cash
    Equivalents


8,313



3,742



3,069Cash and Cash Equivalents,
    Beginning of Period


6,811



3,069



Cash and Cash Equivalents, End of
    Period

$
15,124


$
6,811


$
3,069    62




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (Dollars in thousands)
  1.
    Organization
    and Formation of Partnership           63




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    2.
    Basis of
    Presentation    3.
    Summary
    of Significant Accounting Policies    Cash
    and Cash Equivalents
    Restricted
    Cash
    Investment
    in Real Estate and Depreciation
   64




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      YearsBuildings and Improvements


20 to 50Land Improvements


15Furniture, Fixtures and Equipment


5 to 10        65




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     December 31,


December 31,2006


2005In-Place Leases

$
73,341


$
71,818Less: Accumulated Amortization


(13,832
)


(5,829
)$
59,509


$
65,989Above Market Leases

$
5,049


$
6,524Less: Accumulated Amortization


(1,680
)


(1,634
)$
3,369


$
4,890Tenant Relationships

$
14,080


$
Less: Accumulated Amortization


(1,000
)


$
13,080


$
     December 31,


December 31,2006


2005Below Market Leases

$
22,873


$
25,058Less: Accumulated Amortization


(5,471
)


(2,889
)$
17,402


$
22,169     2007

$
16,7542008

$
14,6332009

$
12,7262010

$
10,7932011

$
9,203   Build
    to Suit for Sale Revenues and Expenses
  build-to-suit percentage-of-completion SOP 81-1
 66




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Deferred
    Financing Costs
    Investment
    in and Advances to Other Real Estate Partnerships
    Investments
    in Joint Ventures
    Stock
    Based Compensation
   67




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     For the Year Ended2005


2004Net Income Available to
    Unitholders  as reported

$
88,528


$
102,707Add: Stock-Based Employee
    Compensation Expense Included in Net Income Available to
    Unitholders  as reported






Less: Total Stock-Based Employee
    Compensation Expense  Determined Under the Fair Value
    Method


(100
)


(420
)Net Income Available to
    Unitholders  pro forma

$
88,428


$
102,287Net Income Available to
    Unitholders per Unit  as reported  Basic

$
1.81


$
2.18Net Income Available to
    Unitholders per Unit  pro forma  Basic

$
1.81


$
2.17Net Income Available to
    Unitholders per Unit  as reported  Diluted

$
1.81


$
2.16Net Income Available to
    Unitholders per Unit  pro forma  Diluted

$
1.81


$
2.15The fair value of each option
    grant is estimated on the date of grant using the Black-Scholes
    option pricing model with the following weighted average
    assumptions:Expected dividend yield


N/A



N/AExpected stock price volatility


N/A



N/ARisk-free interest rate


N/A



N/AExpected life of options


N/A



N/A     Revenue
    Recognition
         68




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Gain
    on Sale of Real Estate
    Income
    Taxes
        Earnings
    Per Unit (EPU)
  in-the-money
  Fair
    Value of Financial Instruments
      Derivative
    Financial Instruments
   69




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  marked-to-market marked-to-market
  Discontinued
    Operations
    Segment
    Reporting
  .
  Recent
    Accounting Pronouncements
  Accounting for Certain Hybrid Financial
    Instruments
           70




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     Accounting for Servicing of Financial Assets ,
  Accounting
    for Uncertainty in Income Taxes Accounting for Income Taxes.
  Fair Value Measurements
  00-19-2, Accounting for Registration Payment
    Arrangements Accounting for
    Contingencies 00-19-2
  4.
    Investments
    in and Advances to Other Real Estate Partnerships   71




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     Condensed
    Combined Balance Sheets:
  December 31,


December 31,2006


2005ASSETSAssets:Investment in Real Estate, Net

$
330,223


$
309,013Other Assets, Net


59,363



87,866Total Assets

$
389,586


$
396,879LIABILITIES AND PARTNERS
    CAPITALLiabilities:Mortgage Loans Payable, Net

$



$
2,380Other Liabilities


15,024



12,492Total Liabilities


15,024



14,872Partners Capital


374,562



382,007Total Liabilities and
    Partners Capital

$
389,586


$
396,879   Condensed
    Combined Statements of Operations:
  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2006


2005


2004Total Revenues (including Interest
    Income)

$
50,156


$
39,197


$
34,710Property Expenses


(14,586
)


(12,179
)


(11,314
)General and Administrative


(149
)


(123
)


(24
)Interest Expense


(11
)


(175
)


(178
)Amortization of Deferred Financing
    Costs


(2
)


(4
)


(3
)Depreciation and Other Amortization


(19,642
)


(12,867
)


(9,556
)Equity in Income of Joint Ventures










1,461Income from Continuing Operations


15,766



13,849



15,096Income from Discontinued
    Operations (Including Gain on Sale of Real Estate of $16,820,
    $29,213, and $6,439 for the years ended December 31, 2006,
    2005 and 2004


18,173



33,788



12,724(Loss) Gain on Sale of Real Estate


(124
)


863



1,643Net Income

$
33,815


$
48,500


$
29,463   5.
    Investments
    in Joint Ventures   72




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
               73




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
             74




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2006


2005


2004Contributions

$
29,194



$43,311



$3,676Distributions

$
51,398



$6,837



$50,525Fees

$
22,507



$8,301



$2,689     December 31,


December 31,2006


2005Condensed Combined Balance
    SheetsGross Real Estate Investment

$
1,685,969


$
1,410,389Less: Accumulated Depreciation


(72,398
)


(30,497
)Net Real Estate


1,613,571



1,379,892Other Assets


224,048



256,233Total Assets

$
1,837,619


$
1,636,125Debt

$
1,276,001


$
1,174,296Other Liabilities


108,430



46,962Equity


453,188



414,867Total Liabilities and Equity

$
1,837,619


$
1,636,125Consolidated Operating
    Partnerships share of Equity

$
53,151


$
44,772Basis Differentials(1)


2,463



(442
)Carrying Value of the Consolidated
    Operating Partnerships investments in joint ventures

$
55,614


$
44,330     (1)
    
    This amount represents the aggregate difference between the
    Consolidated Operating Partnerships historical cost basis
    and the basis reflected at the joint venture level. Basis
    differentials are primarily comprised of gain deferrals related
    to properties the Consolidated Operating Partnership sold to the
    Joint Ventures, certain acquisition costs which are not
    reflected at the joint venture level and incentive payments the
    Consolidated Operating Partnership has earned but has not
    received.  75




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Year Ended December 31,2006


2005


2004Condensed Combined Statements
    of OperationsTotal Revenues

$
163,443


$
59,411


$
32,353ExpensesOperating and Other


55,070



16,128



11,593Interest


61,524



20,995



7,712Depreciation and Amortization


90,842



32,150



12,540Total Expenses


207,436



69,273



31,845Gain on Sale of Real Estate


94,352



10,761



81,431Net Income


50,359



899



81,939Consolidated Operating
    Partnerships share of Net Income

$
30,671


$
3,698


$
35,840  76




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  6.
    Mortgage
    Loans Payable, Net, Senior Unsecured Debt, Net and Unsecured
    Lines of Credit    Outstanding


Interest Rate

Effective InterestBalance at


At

Rate atDecember 31,


December 31,


December 31,

December 31,2006


2005


2006

2006

Maturity DateMortgage Loans Payable,
    Net

$
77,926


$
54,929


5.50%  9.25%

4.58%  9.25%

July 2009   September
    2024Unamortized Premiums


(2,919
)


(3,522
)Mortgage Loans Payable,
    Gross

$
75,007


$
51,407Senior Unsecured Debt,
    Net2006 Notes

$



$
150,000


7.000%

7.22%

12/01/062007 Notes


149,998



149,992


7.600%

7.61%

05/15/072016 Notes


199,372






5.750%

5.91%

01/15/162017 Notes


99,895



99,886


7.500%

7.52%

12/01/172027 Notes


15,055



15,054


7.150%

7.11%

05/15/272028 Notes


199,831



199,823


7.600%

8.13%

07/15/282011 Notes


199,746



199,685


7.375%

7.39%

03/15/112012 Notes


199,270



199,132


6.875%

6.85%

04/15/122032 Notes


49,435



49,413


7.750%

7.87%

04/15/322009 Notes


124,893



124,849


5.250%

4.10%

06/15/092014 Notes


112,237



111,059


6.420%

6.54%

06/01/142011 Exchangeable Notes


200,000






4.625%

4.63%

09/15/11Subtotal

$
1,549,732


$
1,298,893Unamortized Discounts


15,338



16,177Senior Unsecured
    Notes, Gross

$
1,565,070


$
1,315,070Unsecured Lines of
    CreditUnsecured Line of Credit I

$
207,000


$
332,500


6.058%

6.058%

09/28/08Unsecured Line of Credit II






125,000


N/A

N/A

N/AUnsecured Lines of Credit
    Total

$
207,000


$
457,500   Mortgage
    Loans Payable, Net
   77




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Senior
    Unsecured Debt, Net
    trading-day trading-day over-the-counter
 78




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
        Unsecured
    Lines of Credit
  98-14, Line-of-Credit
   79




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     Amount2007

$
152,8842008


210,1112009


133,0012010


15,5452011


407,360Thereafter


928,176Total

$
1,847,077   Fair
    Value
    December 31, 2006


December 31, 2005Carrying





CarryingAmount


Fair Value


Amount


Fair ValueMortgage Loans Payable

$
77,926


$
78,730


$
54,929


$
56,455Senior Unsecured Debt


1,549,732



1,636,318



1,298,893



1,415,268Unsecured Lines of Credit


207,000



207,000



457,500



457,500Total

$
1,834,658


$
1,922,048


$
1,811,322


$
1,929,223     Other
    Comprehensive Income
     80




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      mark-to-market/gain
  7.
    Partners
    Capital  lock-up one-for-one
  Unit
    Contributions:
   81




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
                 82




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     General Partnership andLimited PartnershipUnits OutstandingBalance at December 31,
    2003


46,554,382Issuance of General Partner Units


2,621,082Issuance of General Partner
    Restricted Units


216,617Repurchase and Retirement of
    Restricted Units


(102,076
)Balance at December 31,
    2004


49,290,005Issuance of General Partner Units


1,480,942Issuance of General Partner
    Restricted Units


200,042Repurchase and Retirement of
    Restricted Units


(152,009
)Issuance of Limited Partner Units


366,472Balance at December 31,
    2005


51,185,452Issuance of General Partner Units


125,780Issuance of General Partner
    Restricted Units


319,374Repurchase and Retirement of
    Restricted Units


(93,007
)Issuance of Limited Partner Units


31,473Balance at December 31,
    2006


51,569,072   Preferred
    Contributions:
  5 8 5 8
     83




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    3-month 10-year 30-year
   84




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  3-month 10-year 30-year
       85




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     86




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Distributions:
    Year Ended 2006


Year Ended 2005


Year Ended 2004Distribution


Total


Distribution


Total


Distribution


Totalper Unit


Distribution


per Unit


Distribution


per Unit


DistributionGeneral Partner/Limited Partner
    Units

$
2.8100


$
144,720


$
2.7850


$
139,168


$
2.7500


$
132,585Series C Preferred Units

$
215.6240


$
4,313


$
215.6240


$
4,313


$
215.6240


$
4,313Series D Preferred Units

$



$



$



$



$
86.6780


$
4,334Series E Preferred Units

$



$



$



$



$
86.1320


$
2,585Series F Preferred Units

$
6,236.0000


$
3,118


$
6,236.0000


$
3,118


$
3,724.2800


$
1,861Series G Preferred Units

$
7,236.0000


$
1,809


$
7,236.0000


$
1,809


$
4,321.5000


$
1,080Series H Preferred Units

$



$



$



$



$
629.5550


$
315Series I Preferred Units

$
470.6667


$
353


$
1,930.2431


$
1,448


$



$
Series J Preferred Units

$
17,521.0000


$
10,512


$



$



$



$
Series K Preferred Units

$
6,595.6000


$
1,319


$



$



$



$
   8.
    Acquisition
    and Development of Real Estate        Intangible
    Assets Subject To Amortization in the Period of
    Acquisition
   87




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      9.
    Sale of
    Real Estate, Real Estate Held for Sale and Discontinued
    Operations         88




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2006


2005


2004Total Revenues

$
35,141


$
56,601


$
62,105Property Expenses


(10,586
)


(19,338
)


(21,836
)Interest Expense






(373
)


(609
)Depreciation and Amortization


(13,993
)


(19,543
)


(17,497
)Provision for Income Taxes
    Allocable to Operations


(2,629
)


(3,054
)


(2,346
)Gain on Sale of Real Estate


196,622



102,926



81,806Provision for Income Taxes
    Allocable Gain on Sale of Real Estate


(47,511
)


(20,529
)


(8,659
)Income from Discontinued Operations

$
157,044


$
96,690


$
92,964  89




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  10.
    Supplemental
    Information to Statements of Cash Flows  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2006


2005


2004Interest paid, net of capitalized
    interest

$
114,681


$
107,397


$
98,733Interest capitalized

$
5,063


$
3,271


$
1,304Income Taxes Paid

$
36,374


$
36,080


$
7,936Supplemental schedule of noncash
    investing and financing activities:Distribution payable on general
    and limited partner units

$
36,613


$
35,752


$
34,255Distribution payable on preferred
    units

$
5,935


$
3,757


$
1,232Exchange of Limited partnership
    units for General partnership units:Limited partnership units

$
(5,144
)

$
(1,951
)

$
(6,195
)General partnership units


5,144



1,951



6,195$



$



$
In conjunction with property and
    land acquisitions, the following assets and liabilities were
    assumed:Accounts payable and accrued
    expenses

$
(1,284
)

$
(4,248
)

$
(3,181
)Issuance of Operating Partnership
    Units

$
(1,288
)

$
(14,698
)

$
Mortgage debt

$
(33,982
)

$
(11,545
)

$
(18,244
)Foreclosed property acquisition
    and write-off of a Mortgage loan receivable

$



$
3,870


$
Write off of fully depreciated
    assets

$
25,655


$
59,920


$
21,487In conjunction with certain
    property sales, the Company provided seller financing or
    assigned a mortgage loan payable:Notes receivable

$
11,200


$
42,543


$
30,250Mortgage note payable

$



$
13,242


$
  90




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  11.
    Earnings
    Per Unit (EPU)    Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2006


2005


2004Numerator:(Loss) Income from Continuing
    Operations

$
(35,150
)

$
(15,289
)

$
22,449Gain on Sale of Real Estate


6,195



28,686



15,112Less: Provision for Income Taxes
    Allocable to Gain on Sale of Real Estate


(2,119
)


(10,871
)


(5,371
)Less: Preferred Unit Distributions


(21,424
)


(10,688
)


(14,488
)Less: Redemption of Preferred Units


(672
)






(7,959
)(Loss) Income from Continuing
    Operations Available to Unitholders  For Basic and
    Diluted EPU


(53,170
)


(8,162
)


9,743Income from Discontinued Operations


207,184



120,273



103,969Less: Provision for Income Taxes
    Allocable to Discontinued Operations


(50,140
)


(23,583
)


(11,005
)Net Income Available to
    Unitholders  For Basic and Diluted EPU

$
103,874


$
88,528


$
102,707Denominator:Weighted Average Units
    Outstanding  Basic


50,703,004



48,968,191



47,136,296Effect of Dilutive Securities of
    the Company that Result in the Issuance of General Partner Units:2011 Exchangeable Notes










Employee and Director Common Stock
    Options










227,423Employee and Director Shares of
    Restricted Stock










103,551Weighted Average Units
    Outstanding  Diluted


50,703,004



48,968,191



47,467,270Basic EPU:(Loss) Income from Continuing
    Operations Available to Unitholders

$
(1.05
)

$
(0.17
)

$
0.21Discontinued Operations, Net of
    Income Tax

$
3.10


$
1.97


$
1.97Net Income Available to Unitholders

$
2.05


$
1.81


$
2.18Diluted EPU:(Loss) Income from Continuing
    Operations Available to Unitholders

$
(1.05
)

$
(0.17
)

$
0.21Discontinued Operations, Net of
    Income Tax

$
3.10


$
1.97


$
1.96Net Income Available to Unitholders

$
2.05


$
1.81


$
2.16    91




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
          12.
    Income
    Taxes    2006


2005


2004Current:Federal

$
(39,531
)

$
(19,265
)

$
(8,074
)State


(7,734
)


(4,519
)


(1,654
)Deferred:Federal


3,548



4,299



1,070State


695



1,009



219$
(43,022
)

$
(18,476
)

$
(8,439
)    92




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     2006


2005


2004Bad debt expense

$
119


$
118


$
Investment in partnerships


2,519



648



Fixed assets


7,133



4,363



2,012Prepaid rent


556



461



323Capitalized general and
    administrative expense under 263A


2,408



2,696



818Deferred losses/gains


968



878



334Mark-to-Market
    of interest rate protection agreements






6



Capitalized interest under 263A


191



184



Accrued contingency loss


297







Total deferred tax assets

$
14,191


$
9,354


$
3,487Straight-line rent


(1,483
)


(923
)


(430
)Build to suit development


(100
)


(66
)


Total deferred tax liabilities

$
(1,583
)

$
(989
)

$
(430
)Total net deferred tax asset

$
12,608


$
8,365


$
3,057       2006


2005


2004Tax expense associated with income
    from operations on sold properties which is included in
    discontinued operations

$
(2,629
)

$
(3,054
)

$
(2,346
)Tax expense associated with gains
    and losses on the sale of real estate which is included in
    discontinued operations


(47,511
)


(20,529
)


(8,659
)Tax expense associated with gains
    and losses on the sale of real estate


(2,119
)


(10,871
)


(5,371
)Income tax benefit


9,237



15,978



7,937Income tax expense

$
(43,022
)

$
(18,476
)

$
(8,439
)  93




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     2006


2005


2004Tax benefit at Federal rate
    related to continuing operations

$
5,873


$
2,785


$
2,256State tax benefit, net of Federal
    benefit


700



403



282Meals and Entertainment


(24
)


(19
)


(16
)Prior year provision to return
    adjustments


484



1,886



Other


85



52



44Net Income tax benefit

$
7,118


$
5,107


$
2,566   13.
    Future
    Rental Revenues  semi-net
  2007

$
243,5362008


207,8172009


166,9192010


125,5792011


95,610Thereafter


436,656Total

$
1,276,117   14.
    Stock
    Based Compensation     94




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    WeightedAverage


Exercise


AggregateExercise


Price


IntrinsicShares


Price


per Share


ValueOutstanding at December 31,
    2004


823,421


$
30.74


$
18.25-$33.15


$
8,230Exercised


(248,881
)

$
29.57


$
18.25-$33.13


$
2,588Expired or Terminated


(27,817
)

$
30.71


$
25.13-$33.13Outstanding at December 31,
    2005


546,723


$
31.27


$
22.75-$33.15


$
3,954Exercised


(125,780
)

$
30.24


$
22.75-$33.15


$
1,846Expired or Terminated


(38,967
)

$
30.88


$
27.25-$33.13Outstanding at December 31,
    2006


381,976


$
31.65


$
25.13-$33.15


$
5,823     Weighted


WeightedNumber


Average


AverageOutstanding


Remaining


ExerciseRange of Exercise Price

and Exercisable


Contractual Life


Price$25.13 - $30.53


117,576



3.98



29.90$31.05 - $33.15


264,400



3.45



32.42      95




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     Weighted AverageGrant DateShares


Fair ValueOutstanding at December 31,
    2004


823,836


$
31.88Issued


200,042


$
41.89Vested


(279,266
)

$
32.78Forfeited


(44,589
)

$
34.37Outstanding at December 31,
    2005


700,023


$
34.23Issued


319,374


$
38.05Vested


(217,168
)

$
36.57Forfeited


(23,694
)

$
34.55Outstanding at December 31,
    2006


778,535


$
35.49   15.
    Related
    Party Transactions      16.
    Commitments
    and Contingencies         96




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Ground
    and Operating Lease Agreements
    2007

$
2,5612008


2,4332009


1,9842010


1,7892011


1,715Thereafter


31,167Total

$
41,649   17.
    Subsequent
    Events           97




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   18.
    Quarterly
    Financial Information (unaudited)    Year Ended December 31, 2006First


Second


Third


FourthQuarter


Quarter


Quarter


QuarterTotal Revenues

$
78,459


$
82,277



85,138



100,615Equity in Income (Loss) of Joint
    Ventures


(35
)


7,307



4,747



18,652Equity in Income Other Real Estate
    Partnerships


4,888



17,950



4,507



6,186(Loss) Income from Continuing
    Operations, Net of Income Tax


(15,876
)


887



(16,787
)


(3,374
)Income from Discontinued
    Operations, Net of Income Tax


40,693



34,106



48,141



34,104Gain (Loss) on Sale of Real
    Estate, Net of Income Tax


982



1,475



1,728



(109
)Net Income


25,799



36,468



33,082



30,621Preferred Unit Distributions


(5,019
)


(5,029
)


(5,442
)


(5,934
)Redemption of Preferred Units


(672
)










Net Income Available to Unitholders

$
20,108


$
31,439


$
27,640


$
24,687Basic Earnings Per Unit:Loss From Continuing Operations
    Available to Unitholders

$
(0.41
)

$
(0.05
)

$
(0.40
)

$
(0.19
)Income From Discontinued Operations

$
0.80


$
0.67


$
0.95


$
0.67Net Income Available to Unitholders

$
0.40


$
0.62


$
0.54


$
0.49Weighted Average Units Outstanding


50,644



50,706



50,721



50,739Diluted Earnings Per Unit:Loss From Continuing Operations
    Available to Unitholders

$
(0.41
)

$
(0.05
)

$
(0.40
)

$
(0.19
)Income From Discontinued Operations

$
0.80


$
0.67


$
0.95


$
0.67Net Income Available to Unitholders

$
0.40


$
0.62


$
0.54


$
0.49Weighted Average Units Outstanding


50,644



50,706



50,721



50,739   98




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Year Ended December 31, 2005First


Second


Third


FourthQuarter


Quarter


Quarter


QuarterTotal Revenues

$
64,247


$
63,290


$
78,823


$
80,293Equity in (Loss) Income of Joint
    Ventures


(122
)


(98
)


3,977



(59
)Equity in Income Other Real Estate
    Partnerships


6,743



9,786



20,490



11,193(Loss) Income from Continuing
    Operations, Net of Income Tax


(6,888
)


(6,025
)


5,039



(7,415
)Income from Discontinued
    Operations, Net of Income Tax


12,596



29,064



20,204



34,826Gain on Sale of Real Estate, Net
    of Income Tax


12,967



1,766



1,540



1,542Net Income


18,675



24,805



26,783



28,953Preferred Unit Distributions


(2,310
)


(2,310
)


(2,310
)


(3,758
)Net Income Available to Unitholders

$
16,365


$
22,495


$
24,473


$
25,195Basic Earnings Per Unit:Income (Loss) From Continuing
    Operations Available to Unitholders

$
0.08


$
(0.13
)

$
0.09


$
(0.19
)Income From Discontinued Operations

$
0.26


$
0.60


$
0.41


$
0.70Net Income Available to Unitholders

$
0.34


$
0.46


$
0.50


$
0.51Weighted Average Units Outstanding


48,625



48,759



49,042



49,436Diluted Earnings Per Unit:Income (Loss) From Continuing
    Operations Available to Unitholders

$
0.08


$
(0.13
)

$
0.09


$
(0.19
)Income From Discontinued Operations

$
0.26


$
0.60


$
0.41


$
0.70Net Income Available to Unitholders

$
0.33


$
0.46


$
0.50


$
0.51Weighted Average Units Outstanding


48,934



48,759



49,248



49,436   19.
    Pro Forma
    Financial Information (unaudited)     99




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Pro Forma
    Condensed Statements of Operations
  Year Ended


Year EndedDecember 31,


December 31,2006


2005Pro Forma Revenues

$
357,797


$
312,202Pro Forma Loss from Continuing
    Operations Available to Common Stockholders, Net of Income Taxes

$
(46,980
)

$
(48,206
)Pro Forma Net Income Available to
    Common Stockholders

$
110,064


$
48,484Per Share Data:Basic Earnings Per Share Data:Income from Continuing Operations
    Available to Common Stockholders

$
(1.05
)

$
(1.14
)Net Income Available to Common
    Stockholders

$
2.50


$
1.14Diluted Earnings Per Share Data:Income from Continuing Operations
    Available to Common Stockholders

$
(1.05
)

$
(1.14
)Net Income Available to Common
    Stockholders

$
2.50


$
1.14       100




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Year Ended


Year EndedDecember 31,


December 31,2005


2004Pro Forma Revenues

$
341,238


$
285,473Pro Forma Income from Continuing
    Operations Available to Common Stockholders, Net of Income Taxes

$
7,634


$
28,089Pro Forma Net Income Available to
    Common Stockholders

$
93,379


$
114,138Per Share Data:Basic Earnings Per Share Data:Income from Continuing Operations
    Available to Common Stockholders

$
0.16


$
0.60Net Income Available to Common
    Stockholders

$
1.91


$
2.42Diluted Earnings Per Share Data:Income from Continuing Operations
    Available to Common Stockholders

$
0.16


$
0.59Net Income Available to Common
    Stockholders

$
1.90


$
2.40  101




---



##### Table of Contents



Report of
    Independent Auditors           102




---



##### Table of Contents



OTHER
    REAL ESTATE PARTNERSHIPS
  COMBINED
    BALANCE SHEETS
  December 31,


December 31,2006


2005(Dollars in thousands)ASSETSAssets:Investment in Real Estate:Land

$
60,401


$
51,047Buildings and Improvements


328,297



312,777Construction in Progress


4,445



Less: Accumulated Depreciation


(62,920
)


(54,811
)Net Investment in Real Estate


330,223



309,013Cash and Cash Equivalents


973



1,388Restricted Cash






14,636Tenant Accounts Receivable, Net


1,444



1,270Deferred Rent Receivable


4,118



3,390Deferred Financing Costs, Net






2Deferred Leasing Intangibles, Net


10,306



7,659Mortgage Loans Receivable






24,118Prepaid Expenses and Other Assets,
    Net


42,522



35,403Total Assets

$
389,586


$
396,879LIABILITIES AND PARTNERS
    CAPITALLiabilities:Mortgage Loans Payable, Net

$



$
2,380Accounts Payable and Accrued
    Expenses


8,193



5,649Deferred Leasing Intangibles, Net


2,084



2,138Rents Received in Advance and
    Security Deposits


4,747



4,705Total Liabilities


15,024



14,872Commitments and Contingencies






Partners Capital


374,562



382,007Total Liabilities and
    Partners Capital

$
389,586


$
396,879    103




---



##### Table of Contents



OTHER
    REAL ESTATE PARTNERSHIPS
  COMBINED
    STATEMENTS OF OPERATIONS
  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2006


2005


2004(Dollars in thousands)Revenues:Rental Income

$
39,966


$
30,715


$
26,087Tenant Recoveries and Other Income


9,580



8,140



7,019Total Revenues


49,546



38,855



33,106Expenses:Property Expenses

$
14,586


$
12,179


$
11,314General and Administrative


149



123



24Depreciation and Other Amortization


19,642



12,867



9,556Total Expenses


34,377



25,169



20,894Other Income/Expense:Interest Income


610



342



1,604Interest Expense


(11
)


(175
)


(178
)Amortization of Deferred Financing
    Costs


(2
)


(4
)


(3
)Total Other Income/Expense


597



163



1,423Equity in Income of Joint Ventures










1,461Income from Continuing Operations


15,766



13,849



15,096Income from Discontinued
    Operations (Including Gain on Sale of Real Estate of $16,820,
    $29,213, and $6,439 for the Years Ended December 31, 2006,
    2005, and 2004)


18,173



33,788



12,724Income Before Gain on Sale of Real
    Estate


33,939



47,637



27,820(Loss) Gain on Sale of Real Estate


(124
)


863



1,643Net Income

$
33,815


$
48,500


$
29,463    104




---



##### Table of Contents



OTHER
    REAL ESTATE PARTNERSHIPS
  COMBINED
    STATEMENTS OF CHANGES IN PARTNERS CAPITAL
  Total(Dollars in thousands)Balance at December 31, 2003

$
378,173Contributions


68,770Distributions


(133,490
)Net Income


29,463Balance at December 31, 2004

$
342,916Contributions


123,344Distributions


(132,753
)Net Income


48,500Balance at December 31, 2005

$
382,007Contributions


43,516Distributions


(84,776
)Net Income


33,815Balance at December 31, 2006

$
374,562    105




---



##### Table of Contents



OTHER
    REAL ESTATE PARTNERSHIPS
  COMBINED
    STATEMENTS OF CASH FLOWS
  Year Ended


Year Ended


Year EndedDecember 31, 2006


December 31, 2005


December 31, 2004(Dollars in thousands)CASH FLOWS FROM OPERATING
    ACTIVITIES:Net Income

$
33,815


$
48,500


$
29,463Adjustments to Reconcile Net
    Income to Net Cash Provided by Operating Activities:Depreciation


13,995



12,749



10,963Amortization of Deferred Financing
    Costs


2



4



3Other Amortization


5,502



2,697



1,872Gain on Sale of Real Estate


(16,696
)


(30,076
)


(8,082
)Equity in Net Income of Joint
    Ventures










(1,461
)Provision for Bad Debt


383



128



Change in Tenant Accounts
    Receivable and Prepaid Expenses and Other Assets, Net


(7,899
)


(20,007
)


8,645Change in Deferred Rent Receivable


(1,062
)


(1,974
)


(1,517
)Change in Accounts Payable and
    Accrued Expenses and Rents Received in Advance and Security
    Deposits


(1,886
)


2,838



(14,963
)Net Cash Provided by Operating
    Activities


26,154



14,859



24,923CASH FLOWS FROM INVESTING
    ACTIVITIES:Purchase of and Additions to
    Investment in Real Estate


(71,134
)


(74,734
)


(15,799
)Net Proceeds from Sales of
    Investment in Real Estate


49,758



81,249



26,017Repayment and Sale of Mortgage
    Loans Receivable


23,787



25,185



66,631Funding of Mortgage Loan Receivable






(22,936
)


(57,446
)Decrease (Increase) in Restricted
    Cash


14,636



(14,636
)


21,132Net Cash Provided by (Used in)
    Investing Activities


17,047



(5,872
)


40,535CASH FLOWS FROM FINANCING
    ACTIVITIES:Contributions


43,516



123,344



68,770Distributions


(84,776
)


(132,753
)


(133,490
)Repayments on Mortgage Loans
    Payable


(2,356
)


(37
)


(34
)Net Cash Used in Financing
    Activities


(43,616
)


(9,446
)


(64,754
)Net (Decrease) Increase in Cash
    and Cash Equivalents


(415
)


(459
)


704Cash and Cash Equivalents,
    Beginning of Period


1,388



1,847



1,143Cash and Cash Equivalents, End of
    Period

$
973


$
1,388


$
1,847    106




---



##### Table of Contents



OTHER
    REAL ESTATE PARTNERSHIPS
  NOTES TO
    COMBINED FINANCIAL STATEMENTS
 (Dollars
    in thousands)
  1.
    Organization
    and Formation of Partnerships            2.
    Basis of
    Presentation    3.
    Summary
    of Significant Accounting Policies    Cash
    and Cash Equivalents
    Restricted
    Cash
   107




---



##### Table of Contents



OTHER
    REAL ESTATE PARTNERSHIPS
  NOTES TO
    COMBINED FINANCIAL
    STATEMENTS  (Continued)
  Investment
    in Real Estate and Depreciation
      YearsBuildings and Improvements

20 to 50Land Improvements

15Furniture, Fixtures and Equipment

5 to 10      108




---



##### Table of Contents



OTHER
    REAL ESTATE PARTNERSHIPS
  NOTES TO
    COMBINED FINANCIAL
    STATEMENTS  (Continued)
        December 31,


December 31,2006


2005In-Place Leases

$
8,081


$
6,856Less: Accumulated Amortization


(1,530
)


(407
)$
6,551


$
6,449Above Market Leases

$
1,884


$
1,434Less: Accumulated Amortization


(497
)


(224
)$
1,387


$
1,210Tenant Relationships

$
2,577


$
Less: Accumulated Amortization


(209
)


$
2,368


$
     December 31,


December 31,2006


2005Below Market Leases

$
2,862


$
2,652Less: Accumulated Amortization


(778
)


(514
)$
2,084


$
2,138     2007

$
2,9192008


2,3792009


1,9692010


1,5312011


1,206  109




---



##### Table of Contents



OTHER
    REAL ESTATE PARTNERSHIPS
  NOTES TO
    COMBINED FINANCIAL
    STATEMENTS  (Continued)
  Deferred
    Financing Costs
    Revenue
    Recognition
          Gain
    on Sale of Real Estate
    Income
    Taxes
    Fair
    Value of Financial Instruments
   110




---



##### Table of Contents



OTHER
    REAL ESTATE PARTNERSHIPS
  NOTES TO
    COMBINED FINANCIAL
    STATEMENTS  (Continued)
   Discontinued
    Operations
    4.
    Mortgage
    Loans Payable, Net    5.
    Acquisition
    and Development of Real Estate        Intangible
    Assets Subject to Amortization in the Period of
    Acquisition
      6.
    Sale of
    Real Estate, Real Estate Held For Sale and Discontinued
    Operations   111




---



##### Table of Contents



OTHER
    REAL ESTATE PARTNERSHIPS
  NOTES TO
    COMBINED FINANCIAL
    STATEMENTS  (Continued)
          Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2006


2005


2004Total Revenues

$
2,308


$
10,130


$
13,000Property Expenses


(559
)


(2,817
)


(3,605
)Depreciation and Amortization


(396
)


(2,738
)


(3,110
)Gain on Sale of Real Estate


16,820



29,213



6,439Income from Discontinued Operations

$
18,173


$
33,788


$
12,724     7.
    Supplemental
    Information to Statements of Cash Flows    Year Ended

Year Ended

Year EndedDecember 31,

December 31,

December 31,2006

2005

2004Interest paid

$
28


$
175


$
178Interest capitalized

$
96


$



$
  112




---



##### Table of Contents



OTHER
    REAL ESTATE PARTNERSHIPS
  NOTES TO
    COMBINED FINANCIAL
    STATEMENTS  (Continued)
    2006

2005

2004Notes Receivable

$



$
11,265


$
4,450   8.
    Future
    Rental Revenues  semi-net
  2007

$
37,1182008


29,0652009


22,1162010


15,2742011


10,584Thereafter


23,575Total

$
137,732   9.
    Related
    Party Transactions    10.
    Commitments
    and Contingencies        11.
    Subsequent
    Events   113




---



##### Table of Contents



FIRST
    INDUSTRIAL, LP.
  SCHEDULE III:
  REAL
    ESTATE AND ACCUMULATED DEPRECIATION
    As of December 31, 2006
  (s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)Atlanta1650 GA Highway 155

McDonough, GA






788



4,544



203



788



4,747



5,535



1,453



1991



(o
)14101 Industrial Park Boulevard

Covington, GA






285



1,658



703



285



2,361



2,646



640



1984



(o
)801-804
    Blacklawn Road

Conyers, GA






361



2,095



859



361



2,954



3,316



879



1982



(o
)1665 Dogwood Drive

Conyers, GA






635



3,662



481



635



4,143



4,778



1,335



1973



(o
)1715 Dogwood Drive

Conyers, GA






288



1,675



1,042



288



2,717



3,005



544



1973



(o
)11235 Harland Drive

Covington, GA






125



739



88



125



827



952



251



1988



(o
)4050 Southmeadow Parkway

Atlanta, GA






401



2,813



328



425



3,117



3,542



972



1991



(o
)4051 Southmeadow Parkway

Atlanta, GA






726



4,130



1,429



726



5,558



6,284



1,820



1989



(o
)4071 Southmeadow Parkway

Atlanta, GA






750



4,460



1,094



828



5,476



6,304



1,705



1991



(o
)4081 Southmeadow Parkway

Atlanta, GA






1,012



5,918



1,649



1,157



7,423



8,579



2,077



1989



(o
)370 Great Southwest Parkway

Atlanta, GA






527



2,984



578



546



3,542



4,088



935



1986



(o
)955 Cobb Place

Kennesaw, GA






780



4,420



627



804



5,023



5,827



1,161



1991



(o
)1256 Oakbrook Drive

Norcross, GA






336



1,907



346



339



2,250



2,589



368



1984



(o
)1265 Oakbrook Drive

Norcross, GA






307



1,742



636



309



2,377



2,686



310



1984



(o
)1266 Oakbrook Drive

Norcross, GA






234



1,326



95



235



1,419



1,654



194



1984



(o
)1275 Oakbrook Drive

Norcross, GA






400



2,269



235



403



2,502



2,905



352



1986



(o
)1280 Oakbrook Drive

Norcross, GA






281



1,592



345



283



1,935



2,218



290



1986



(o
)1300 Oakbrook Drive

Norcross, GA






420



2,381



185



423



2,563



2,986



342



1986



(o
)1325 Oakbrook Drive

Norcross, GA






332



1,879



260



334



2,137



2,470



297



1986



(o
)1351 Oakbrook Drive

Norcross, GA






370



2,099



173



373



2,270



2,643



316



1984



(o
)1346 Oakbrook Drive

Norcross, GA






740



4,192



132



744



4,319



5,063



602



1985



(o
)1412 Oakbrook Drive

Norcross, GA






313



1,776



209



315



1,983



2,298



300



1985



(o
)7800 The Bluffs

Austell, GA






490



2,415



564



496



2,974



3,469



372



1995



(o
)Greenwood Industrrial Park

McDonough, GA






1,550







7,485



1,550



7,485



9,035



441



2003



(o
)3060 South Park Blvd

Ellenwood, GA






1,600



12,464



862



1,603



13,323



14,926



1,392



1992



(o
)46 Kent Drive

Cartersville, GA






875



2,476



13



879



2,485



3,364



148



2001



(o
)100 Dorris Williams
    Industrial  King

Atlanta, GA


(l
)


401



3,754



42



406



3,791



4,197



343



2000



(o
)605 Stonehill Diver

Atlanta, GA






485



1,979



24



490



1,998



2,488



316



1970



(o
) S-1




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)6514 Warren Drive

Norcross, GA






510



1,250



(165
)


513



1,082



1,595



57



1999



(o
)6544 Warren Drive

Norcross, GA






711



2,310



52



715



2,358



3,073



140



1999



(o
)720 Industrial Boulevard

Dublin, GA






250



2,632



39



255



2,667



2,921



389



1973/2000



(o
)5356 East Ponce DeLeon

One Mountain, GA






604



3,888



7



610



3,890



4,499



284



1982



(o
)5390 East Ponce DeLeon

One Mountain, GA






397



1,791



8



402



1,794



2,196



136



1982



(o
)1755 Enterprise Drive

Buford, GA






712



2,118



41



716



2,155



2,871



45



1997



(o
)4555 Atwater Court(j)

Buford, GA






881



3,550



34



885



3,580



4,465



63



1999



(o
)195 & 197 Collins Boulevard

Athens, GA






1,410



5,344



64



1,426



5,393



6,818



747



1969/1984



(o
)Baltimore1820 Portal

Baltimore, MD






884



4,891



455



899



5,330



6,230



1,151



1982



(o
)8900 Yellow Brick Road

Baltimore, MD






447



2,473



409



475



2,853



3,328



624



1982



(o
)504 Advantage Way

Aberdeen, MD






2,799



15,864



953



2,807



16,809



19,616



1,651



1987/92



(o
)9700 Martin Luther King Hwy

Lanham, MD






700



1,920



729



700



2,649



3,349



447



1980



(o
)9730 Martin Luther King Hwy

Lanham, MD






500



955



418



500



1,373



1,873



212



1980



(o
)4621 Boston Way

Lanham, MD






1,100



3,070



614



1,100



3,684



4,784



469



1980



(o
)4720 Boston Way

Lanham, MD






1,200



2,174



735



1,200



2,909



4,109



512



1979



(o
)2250 Randolph Drive

Dulles, VA






3,200



8,187



36



3,208



8,215



11,423



654



1999



(o
)22630 Dulles Summit Court

Dulles, VA






2,200



9,346



128



2,206



9,468



11,674



747



1998



(o
)4201 Forbes Boulevard(j)

Lanham, MD






356



1,823



403



375



2,207



2,582



176



1989



(o
)4370-4383
    Lottsford Vista Road

Lanham, MD






279



1,358



247



296



1,588



1,884



109



1989



(o
)4400 Lottsford Vista Road

Lanham, MD






351



1,955



112



372



2,046



2,418



140



1989



(o
)4420 Lottsford Vista Road

Lanham, MD






539



2,196



165



568



2,332



2,900



187



1989



(o
)11204 McCormick Road

Hunt Valley, MD






1,017



3,132



86



1,038



3,197



4,235



231



1962



(o
)11110 Pepper Road

Hunt Valley, MD






918



2,529



252



938



2,762



3,699



152



1964



(o
)11100 Gilroy Road

Hunt Valley, MD






901



1,455



43



919



1,480



2,399



107



1972



(o
)336 Clubhouse(j)

Hunt Valley, MD






982



3,158



98



1,004



3,234



4,238



240



1976



(o
)10709 Gilroy Road

Hunt Valley, MD






907



2,884



(173
)


913



2,705



3,618



195



1978



(o
)10947 Golden West

Hunt Valley, MD






1,134



3,436



70



1,135



3,504



4,640



168



1983



(o
)7120-7132
    Ambassador Road

Hunt Valley, MD






829



1,329



145



847



1,456



2,303



117



1970



(o
)7142 Ambassador Road

Hunt Valley, MD






924



2,876



86



942



2,945



3,886



119



1973



(o
)7144-7160
    Ambassador Road

Hunt Valley, MD






979



1,672



162



1,000



1,813



2,813



178



1974



(o
)7200 Rutherford(j)

Hunt Valley, MD






1,032



2,150



145



1,054



2,274



3,327



211



1978



(o
)2700 Lord Baltimore(j)

Hunt Valley, MD






875



1,826



261



897



2,065



2,962



169



1978



(o
)9800 Martin Luther King Hwy

Lanham, MD






1,200



2,457



309



1,200



2,766



3,966



360



1978



(o
)Central
    Pennsylvania S-2




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)16522 Hunters Green Parkway

Hagerstown, MD


(m
)


1,390



13,104



3,902



1,863



16,534



18,396



1,496



2000



(o
)Golden Eagle Business Center

Harrisburg, PA






585



3,176



68



601



3,229



3,829



169



2000



(o
)37 Valleyview Business Park

Jessup, PA






542







2,971



542



2,972



3,513



151



2004



(o
)320 Museum Road

Washington, PA






201



1,819



56



208



1,868



2,076



128



1967/75



(o
)Chicago3600 West Pratt Avenue

Lincolnwood, IL






1,050



5,767



1,158



1,050



6,925



7,975



2,179



1953/88



(o
)6750 South Sayre Avenue

Bedford Park, IL






224



1,309



477



224



1,786



2,010



499



1975



(o
)585 Slawin Court

Mount Prospect, IL






611



3,505



183



611



3,688



4,299



1,115



1992



(o
)2300 Windsor Court

Addison, IL






688



3,943



590



696



4,525



5,221



1,482



1986



(o
)3505 Thayer Court

Aurora, IL






430



2,472



71



430



2,543



2,973



788



1989



(o
)305-311
    Era Drive

Northbrook, IL






200



1,154



146



205



1,296



1,501



396



1978



(o
)12241 Melrose Street

Franklin Park, IL






332



1,931



1,915



469



3,709



4,178



1,290



1969



(o
)11939 S Central Avenue

Alsip, IL






1,208



6,843



2,523



1,305



9,268



10,573



2,132



1972



(o
)405 East Shawmut

LaGrange, IL






368



2,083



359



387



2,422



2,809



606



1965



(o
)1010-50
    Sesame Street

Bensenville, IL






979



5,546



2,306



1,048



7,782



8,831



1,500



1976



(o
)7501 S. Pulaski

Chicago, IL






318



2,038



767



318



2,805



3,123



590



1975/86



(o
)385 Fenton Lane

West Chicago, IL






868



4,918



554



884



5,455



6,340



1,451



1990



(o
)905 Paramount

Batavia, IL






243



1,375



439



252



1,805



2,057



401



1977



(o
)1005 Paramount

Batavia, IL






282



1,600



451



293



2,041



2,334



472



1978



(o
)2120-24
    Roberts

Broadview, IL






220



1,248



565



231



1,802



2,033



451



1960



(o
)700 Business Center Drive

Mount Prospect, IL






270



1,492



297



288



1,771



2,059



243



1980



(o
)800 Business Center Drive

Mount Prospect, IL






631



3,493



233



666



3,691



4,358



561



1988/99



(o
)580 Slawin Court

Mount Prospect, IL






233



1,292



234



254



1,505



1,760



218



1985



(o
)1150 Feehanville Drive

Mount Prospect, IL






260



1,437



131



273



1,555



1,829



247



1983



(o
)1331 Business Center Drive

Mount Prospect, IL






235



1,303



177



255



1,460



1,716



219



1985



(o
)19W661 101st Street

Lemont, IL






1,200



6,643



2,227



1,220



8,850



10,069



1,243



1988



(o
)175 Wall Street

Glendale Heights, IL






427



2,363



162



433



2,519



2,952



307



1990



(o
)800-820
    Thorndale Avenue(j)

Bensenville, IL






751



4,159



323



761



4,473



5,233



455



1985



(o
)830-890
    Supreme Drive

Bensenville, IL






671



3,714



319



679



4,025



4,704



485



1981



(o
)1661 Feehanville Drive

Mount Prospect, IL






985



5,455



1,159



1,044



6,555



7,599



1,096



1986



(o
)2250 Arthur Avenue

Elk Grove Village, IL






800



1,543



(6
)


809



1,529



2,337



237



1973/86



(o
)1850 Touhy &
    1158-60
    McCage Ave

Elk Grove Village, IL






1,500



4,842



57



1,514



4,885



6,399



573



1978



(o
)1088-1130
    Thorndale Avenue(j)

Bensenville, IL






2,103



3,674



4



2,108



3,673



5,781



291



1983



(o
)855-891
    Busse(Route 83)

Bensenville, IL






1,597



2,767



11



1,601



2,774



4,375



243



1983



(o
)1060-1074 W. Thorndale
    Ave.(j)

Bensenville, IL






1,704



2,108



52



1,709



2,156



3,864



214



1982



(o
) S-3




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)400 Crossroads Parkway

Bolingbrook, IL






1,178



9,453



264



1,181



9,714



10,895



601



1988



(o
)7609 West Industrial Drive(j)

Forest Park, IL






1,207



2,343



182



1,213



2,518



3,732



200



1974



(o
)7801 West Industrial Drive

Forest Park, IL






1,215



3,020



19



1,220



3,034



4,254



249



1976



(o
)1111 Davis Road(j)

Elgin, IL






998



1,859



646



1,046



2,458



3,503



245



1974/97



(o
)501 Airport Road

Aurora, IL






694







5,267



694



5,268



5,961



659



2002



(o
)251 Airport Road

Aurora, IL






983







6,675



983



6,675



7,658



990



2002



(o
)1900-1960
    Devon Avenue

Elk Grove Village, IL






1,154



2,552



319



1,167



2,858



4,025



309



1979



(o
)725 Kimberly Drive

Carol Stream, IL






793



1,395



11



801



1,398



2,199



94



1987



(o
)17001 S. Vincennes

Thornton, IL






497



504



29



513



518



1,030



64



1974



(o
)750 South Schmidt Road

Bolingbrook, IL






1,894



14,416



105



1,907



14,507



16,415



208



1997



(o
)550 North West Frontage Road

Bolingbrook, IL






2,210



23,889



324



2,240



24,183



26,423



311



2004



(o
)525 Crossroads Parkway

Bolingbrook, IL






790



5,414



40



795



5,448



6,244



80



1998



(o
)Cincinnati9900-9970
    Princeton

Cincinnati, OH






545



3,088



2,137



566



5,203



5,769



1,524



1970



(o
)2940 Highland Avenue

Cincinnati, OH






1,717



9,730



2,279



1,772



11,954



13,726



3,577



1969/74



(o
)4700-4750
    Creek Road

Blue Ash, OH






1,080



6,118



703



1,109



6,791



7,900



1,966



1960



(o
)12072 Best Place

Springboro, OH






426







3,177



443



3,160



3,604



710



1984



(o
)901 Pleasant Valley Drive

Springboro, OH






304



1,721



244



316



1,954



2,269



425



1984/94



(o
)4440 Mulhauser Road

Cincinnati, OH






655



39



5,796



655



5,835



6,490



1,395



1999



(o
)4434 Mulhauser Road

Cincinnati, OH






444



16



4,858



463



4,854



5,318



977



1999



(o
)9449 Glades Drive

Hamilton, OH






465







4,106



477



4,094



4,571



673



1999



(o
)420 Wars Corner Road

Loveland, OH






600



1,083



1,040



606



2,117



2,723



393



1985



(o
)422 Wards Corner Road

Loveland, OH






600



1,811



468



605



2,274



2,879



527



1985



(o
)4436 Muhlhauser Road

Hamilton, OH






630







5,669



630



5,670



6,299



916



2001



(o
)4438 Muhlhauser Road

Hamilton, OH






779







7,156



779



7,156



7,935



1,020



2000



(o
)4663 Dues Drive(j)

West Chester, OH






858



2,273



1,203



875



3,460



4,334



456



1972



(o
)Cleveland30311 Emerald Valley Parkway(j)

Glenwillow, OH






681



11,838



176



691



12,003



12,694



233



2005



(o
)30333 Emerald Valley Parkway

Glenwillow, OH






466



5,913



(363
)


475



5,541



6,016



121



2004



(o
)7800 Cochran Road

Glenwillow, OH






972



7,033



65



980



7,090



8,070



155



1999



(o
)7900 Cochran Road

Glenwillow, OH






775



6,244



205



801



6,424



7,224



131



2003



(o
)7905 Cochran Road

Glenwillow, OH






920



6,174



173



945



6,322



7,267



147



2001



(o
)30600 Carter Street(j)

Solon, OH






989



3,492



102



1,022



3,561



4,583



183



1970



(o
)Columbus3800 Lockbourne Industrial Pkwy

Columbus, OH






1,045



6,421



21



1,045



6,442



7,486



1,718



1986



(o
) S-4




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)3880 Groveport Road

Columbus, OH






1,955



12,154



616



1,955



12,770



14,725



3,497



1986



(o
)1819 North Walcutt Road

Columbus, OH






637



4,590



(322
)


634



4,271



4,905



1,239



1973



(o
)4300 Cemetary Road

Hillard, OH






764



6,248



(5,628
)


764



620



1,384



10



1968/74



(o
)4115 Leap Road(c)

Hillard, OH






756



4,297



815



756



5,111



5,867



1,022



1977



(o
)3300 Lockbourne

Columbus, OH






708



3,920



1,504



710



5,422



6,132



1,269



1964



(o
)1076 Pittsburgh Drive

Delaware, OH


(n
)


2,497



5,103



37



2,505



5,132



7,637



426



1996



(o
)6150 Huntley Road

Columbus, OH






986



5,162



17



990



5,175



6,165



274



2002



(o
)4600 S. Hamilton Road

Groveport, OH






681



5,941



55



688



5,989



6,677



42



1996/2003



(o
)Dallas/Fort Worth1275-1281
    Roundtable Drive

Dallas, TX






117



839



53



117



892



1,009



210



1966



(o
)2406-2416
    Walnut Ridge

Dallas, TX






178



1,006



294



183



1,295



1,478



325



1978



(o
)1324-1343
    Roundtable Drive

Dallas, TX






178



1,006



227



184



1,227



1,411



273



1972



(o
)2401-2419
    Walnut Ridge

Dallas, TX






148



839



119



153



953



1,106



234



1978



(o
)900-906
    Great Southwest Pkwy

Arlington, TX






237



1,342



596



270



1,905



2,175



444



1972



(o
)3000 West Commerce

Dallas, TX






456



2,584



530



469



3,101



3,570



681



1980



(o
)3030 Hansboro

Dallas, TX






266



1,510



419



276



1,920



2,195



410



1971



(o
)405-407
    113th

Arlington, TX






181



1,026



462



185



1,484



1,669



308



1969



(o
)816 111th Street

Arlington, TX






251



1,421



224



258



1,638



1,896



417



1972



(o
)7341 Dogwood Park

Richland Hills, TX






79



435



237



84



666



750



197



1973



(o
)7427 Dogwood Park

Richland Hills, TX






96



532



571



102



1,098



1,200



203



1973



(o
)7348-54
    Tower Street

Richland Hills, TX






88



489



213



94



696



790



147



1978



(o
)7370 Dogwood Park

Richland Hills, TX






91



503



97



96



594



691



145



1987



(o
)7339-41
    Tower Street

Richland Hills, TX






98



541



97



104



632



735



123



1980



(o
)7437-45
    Tower Street

Richland Hills, TX






102



563



72



108



629



736



128



1977



(o
)7331-59
    Airport Freeway

Richland Hills, TX






354



1,958



394



372



2,333



2,706



539



1987



(o
)7338-60
    Dogwood Park

Richland Hills, TX






106



587



122



112



704



816



155



1978



(o
)7450-70
    Dogwood Park

Richland Hills, TX






106



584



122



112



700



812



166



1985



(o
)7423-49
    Airport Freeway

Richland Hills, TX






293



1,621



331



308



1,936



2,245



437



1985



(o
)7400 Whitehall Street

Richland Hills, TX






109



603



91



115



688



804



148



1994



(o
)1602-1654
    Terre Colony

Dallas, TX






458



2,596



214



468



2,800



3,268



547



1981



(o
)3330 Duncanville Road

Dallas, TX






197



1,114



28



199



1,139



1,338



187



1987



(o
)6851-6909
    Snowden Road

Fort Worth, TX






1,025



5,810



480



1,038



6,277



7,315



1,104



1985/86



(o
)2351-2355
    Merritt Drive

Garland, TX






101



574



134



103



706



809



145



1986



(o
)701-735
    North Plano Road

Richardson, TX






696



3,944



152



705



4,087



4,792



682



1972/94



(o
)2220 Merritt Drive

Garland, TX






352



1,993



638



356



2,627



2,983



391



1986/2000



(o
) S-5




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)2010 Merritt Drive

Garland, TX






350



1,981



469



354



2,445



2,799



390



1986



(o
)2363 Merritt Drive

Garland, TX






73



412



117



74



529



602



85



1986



(o
)2447 Merritt Drive

Garland, TX






70



395



89



71



483



554



81



1986



(o
)2465-2475
    Merritt Drive

Garland, TX






91



514



158



92



671



763



90



1986



(o
)2485-2505
    Merritt Drive

Garland, TX






431



2,440



415



436



2,849



3,285



427



1986



(o
)2081 Hutton Drive  Bldg
    1(d)

Carrolton, TX






448



2,540



465



453



3,000



3,453



531



1981



(o
)2150 Hutton Drive

Carrolton, TX






192



1,089



514



194



1,601



1,795



306



1980



(o
)2110 Hutton Drive

Carrolton, TX






374



2,117



487



377



2,600



2,977



417



1985



(o
)2025 McKenzie Drive

Carrolton, TX






437



2,478



156



442



2,629



3,071



458



1985



(o
)2019 McKenzie Drive

Carrolton, TX






502



2,843



529



507



3,368



3,874



524



1985



(o
)1420 Valwood Parkway 
    Bldg 1(c)

Carrolton, TX






460



2,608



710



466



3,313



3,778



498



1986



(o
)1620 Valwood Parkway(d)

Carrolton, TX






1,089



6,173



1,190



1,100



7,352



8,452



1,333



1986



(o
)1505 Luna Road 
    Bldg II

Carrolton, TX






167



948



180



169



1,126



1,294



200



1988



(o
)1625 West Crosby Road

Carrolton, TX






617



3,498



739



631



4,223



4,854



840



1988



(o
)2029-2035
    McKenzie Drive

Carrolton, TX






306



1,870



997



306



2,867



3,173



802



1985



(o
)1840 Hutton Drive(c)

Carrolton, TX






811



4,597



687



819



5,277



6,095



791



1986



(o
)1420 Valwood Pkwy 
    Bldg II

Carrolton, TX






373



2,116



343



377



2,455



2,832



387



1986



(o
)2015 McKenzie Drive

Carrolton, TX






510



2,891



321



516



3,206



3,722



481



1986



(o
)2105 McDaniel Drive

Carrolton, TX






502



2,844



735



507



3,573



4,080



555



1986



(o
)2009 McKenzie Drive

Carrolton, TX






476



2,699



482



481



3,176



3,657



527



1987



(o
)1505 Luna Road  Bldg I

Carrolton, TX






521



2,953



579



529



3,524



4,053



558



1988



(o
)900-1100
    Avenue S

Grand Prairie, TX






623



3,528



324



629



3,846



4,474



576



1985



(o
)15001 Trinity Blvd

Ft. Worth, TX






529



2,998



50



534



3,043



3,578



329



1984



(o
)Plano Crossing(e)

Plano, TX






1,961



11,112



346



1,981



11,437



13,418



1,244



1998



(o
)7413A-C Dogwood Park

Richland Hills, TX






110



623



106



111



728



839



76



1990



(o
)7450 Tower Street

Richland Hills, TX






36



204



191



36



394



431



50



1977



(o
)7436 Tower Street

Richland Hills, TX






57



324



161



58



485



543



60



1979



(o
)7501 Airport Freeway

Richland Hills, TX






113



638



50



115



686



800



91



1983



(o
)7426 Tower Street

Richland Hills, TX






76



429



105



76



533



610



49



1978



(o
)7427-7429
    Tower Street

Richland Hills, TX






75



427



27



76



453



529



48



1981



(o
)2840-2842
    Handley Ederville Rd

Richland Hills, TX






112



635



58



113



692



805



78



1977



(o
)7451-7477
    Airport Freeway

Richland Hills, TX






256



1,453



155



259



1,605



1,864



212



1984



(o
)7415 Whitehall Street

Richland Hills, TX






372



2,107



148



375



2,251



2,627



258



1986



(o
)7450 Whitehall Street

Richland Hills, TX






104



591



30



105



620



725



64



1978



(o
)7430 Whitehall Street

Richland Hills, TX






143



809



15



144



822



966



89



1985



(o
) S-6




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)7420 Whitehall Street

Richland Hills, TX






110



621



35



111



655



766



80



1985



(o
)300 Wesley Way

Richland Hills, TX






208



1,181



17



211



1,196



1,407



128



1995



(o
)825-827
    Avenue H(c)

Arlington, TX






600



3,006



300



604



3,302



3,906



395



1979



(o
)1013-31
    Avenue M

Grand Prairie, TX






300



1,504



66



302



1,568



1,870



180



1978



(o
)1172-84
    113th Street(c)

Grand Prairie, TX






700



3,509



59



704



3,564



4,268



347



1980



(o
)1200-16
    Avenue H(c)

Arlington, TX






600



2,846



30



604



2,873



3,476



311



1981/82



(o
)1322-66 N. Carrier
    Parkway(d)

Grand Prairie, TX






1,000



5,012



73



1,006



5,079



6,085



522



1979



(o
)2401-2407
    Centennial Dr.

Arlington, TX






600



2,534



141



604



2,672



3,275



287



1977



(o
)3111 West Commerce Street

Dallas, TX






1,000



3,364



53



1,011



3,405



4,417



390



1979



(o
)4201 Kellway

Addison, TX






306



1,342



31



317



1,361



1,679



86



1980



(o
)9150 West Royal Lane(j)

Irving, TX






818



3,767



234



820



3,999



4,819



260



1985



(o
)13800 Senlac Drive

Farmers Ranch, TX






823



4,042



12



825



4,052



4,877



324



1988



(o
)801-831 S. Great
    Southwest Pkwy(j)(y)

Grand Prairie, TX






2,581



16,556



401



2,586



16,952



19,538



1,829



1975



(o
)801-842
    Heinz Way(j)

Grand Prairie, TX






599



3,327



74



601



3,399



4,000



250



1977



(o
)901-937
    Heinz Way

Grand Prairie, TX






493



2,823



(62
)


481



2,773



3,254



238



1997



(o
)2104 Hutton Drive

Carrolton, TX






246



1,393



172



249



1,563



1,811



243



1990



(o
)7451 Dogwood Park

Richland Hills, TX






133



753



195



134



947



1,081



209



1977



(o
)2900 Avenue E(j)

Arlington, TX






296







1,936



296



1,936



2,232



88



1968



(o
)5801 Martin Luther King Blvd

Lubbock, TX






1,119



35,324



74



1,125



35,391



36,516



1,163



2000



(o
)3730 Wheeler Avenue

Fort Smith, AR






720



2,800



27



726



2,822



3,547



19



1960/97



(o
)Denver7100 North Broadway  1

Denver, CO






201



1,141



380



217



1,505



1,722



401



1978



(o
)7100 North Broadway  2

Denver, CO






203



1,150



264



204



1,413



1,617



347



1978



(o
)7100 North Broadway  3

Denver, CO






139



787



134



140



920



1,060



232



1978



(o
)7100 North Broadway  5

Denver, CO






178



1,018



218



178



1,236



1,414



288



1978



(o
)7100 North Broadway  6

Denver, CO






269



1,526



304



271



1,828



2,099



464



1978



(o
)20100 East 32nd Avenue Parkway

Aurora, CO






314



1,888



168



314



2,055



2,370



624



1997



(o
)700 West 48th Street

Denver, CO






302



1,711



429



307



2,135



2,442



611



1984



(o
)702 West 48th Street

Denver, CO






135



763



103



139



861



1,000



220



1984



(o
)6425 North Washington

Denver, CO






374



2,118



326



385



2,433



2,817



627



1983



(o
)3370 North Peoria Street

Aurora, CO






163



924



106



163



1,030



1,193



263



1978



(o
)3390 North Peoria Street

Aurora, CO






145



822



104



147



924



1,071



245



1978



(o
)3508-3538
    North Peoria Street

Aurora, CO






260



1,472



505



264



1,973



2,237



612



1978



(o
)3568 North Peoria Street

Aurora, CO






222



1,260



333



225



1,590



1,815



453



1978



(o
)4785 Elati

Denver, CO






173



981



177



175



1,156



1,332



314



1972



(o
) S-7




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)4770 Fox Street

Denver, CO






132



750



128



134



875



1,009



233



1972



(o
)1550 W. Evans

Denver, CO






385



2,200



466



385



2,665



3,050



613



1975



(o
)3871 Revere

Denver, CO






361



2,047



534



368



2,574



2,942



607



1980



(o
)4570 Ivy Street

Denver, CO






219



1,239



201



220



1,438



1,658



361



1985



(o
)5855 Stapleton Drive North

Denver, CO






288



1,630



267



290



1,896



2,186



489



1985



(o
)5885 Stapleton Drive North

Denver, CO






376



2,129



251



380



2,376



2,756



531



1985



(o
)5977-5995
    North Broadway

Denver, CO






268



1,518



529



271



2,044



2,315



490



1978



(o
)2952-5978
    North Broadway

Denver, CO






414



2,346



690



422



3,029



3,451



764



1978



(o
)4721 Ironton Street

Denver, CO






232



1,313



1,520



236



2,827



3,064



1,236



1969



(o
)7100 North Broadway  7

Denver, CO






215



1,221



186



219



1,403



1,622



368



1985



(o
)7100 North Broadway  8

Denver, CO






79



448



109



82



554



636



132



1985



(o
)6804 East 48th Avenue

Denver, CO






253



1,435



395



256



1,827



2,084



438



1973



(o
)445 Bryant Street

Denver, CO






1,829



10,219



1,722



1,829



11,941



13,770



2,843



1960



(o
)East 47th Drive  A

Denver, CO






441



2,689



(25
)


441



2,664



3,105



647



1997



(o
)9500 West
    49th Street  A

Wheatridge, CO






283



1,625



328



286



1,951



2,236



561



1997



(o
)9500 West
    49th Street  B

Wheatridge, CO






225



1,272



67



226



1,338



1,564



312



1997



(o
)9500 West
    49th Street  C

Wheatridge, CO






600



3,409



126



600



3,536



4,136



846



1997



(o
)9500 West
    49th Street  D

Wheatridge, CO






246



1,537



293



246



1,830



2,076



603



1997



(o
)8100 South Park Way  A

Littleton, CO






423



2,507



220



423



2,727



3,150



669



1997



(o
)8100 South Park Way  B

Littleton, CO






103



582



162



104



743



847



210



1984



(o
)8100 South Park Way  C

Littleton, CO






568



3,219



223



575



3,435



4,010



785



1984



(o
)451-591
    East 124th Avenue

Littleton, CO






383



2,145



816



383



2,961



3,344



835



1979



(o
)608 Garrison Street

Lakewood, CO






265



1,501



404



267



1,903



2,170



455



1984



(o
)610 Garrison Street

Lakewood, CO






264



1,494



421



266



1,913



2,179



491



1984



(o
)15000 West 6th Avenue

Golden, CO






913



5,174



1,230



916



6,402



7,318



1,690



1985



(o
)14998 West 6th Avenue
    Bldg E

Golden, CO






565



3,199



224



568



3,419



3,987



870



1995



(o
)14998 West 6th Avenue
    Bldg F

Englewood, CO






269



1,525



86



271



1,610



1,881



415



1995



(o
)12503 East Euclid Drive

Denver, CO






1,208



6,905



1,024



1,208



7,930



9,138



2,058



1986



(o
)6547 South Racine Circle

Denver, CO






739



4,241



173



739



4,415



5,153



1,021



1996



(o
)7800 East Iliff Avenue

Denver, CO






188



1,067



255



190



1,320



1,510



311



1983



(o
)2369 South Trenton Way

Denver, CO






292



1,656



193



294



1,848



2,141



480



1983



(o
)2422 S. Trenton Way

Denver, CO






241



1,364



399



243



1,762



2,005



421



1983



(o
)2452 South Trenton Way

Denver, CO






421



2,386



269



426



2,650



3,076



624



1983



(o
)1600 South Abilene

Aurora, CO






465



2,633



140



467



2,771



3,238



650



1986



(o
)1620 South Abilene

Aurora, CO






268



1,520



99



270



1,617



1,887



391



1986



(o
) S-8




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)1640 South Abilene

Aurora, CO






368



2,085



147



382



2,219



2,600



556



1986



(o
)13900 East Florida Ave

Aurora, CO






189



1,071



81



190



1,151



1,341



276



1986



(o
)14401-14492
    East 33rd Place

Aurora, CO






440



2,519



288



440



2,806



3,246



675



1979



(o
)11701 East 53rd Avenue

Denver, CO






416



2,355



193



422



2,542



2,964



575



1985



(o
)5401 Oswego Street

Denver, CO






273



1,547



341



278



1,882



2,160



551



1985



(o
)3811 Joilet

Denver, CO






735



4,166



448



752



4,597



5,349



977



1977



(o
)2650 West 2nd Avenue

Denver, CO






221



1,252



190



223



1,440



1,663



349



1970



(o
)14818 West 6th Avenue
    Bldg A

Golden, CO






468



2,799



300



468



3,099



3,567



754



1985



(o
)14828 West 6th Avenue
    Bldg B

Golden, CO






503



2,942



566



503



3,508



4,011



943



1985



(o
)12055 E 49th Ave/4955 Peoria

Denver, CO






298



1,688



439



305



2,120



2,424



487



1984



(o
)4940-4950
    Paris

Denver, CO






152



861



174



156



1,032



1,187



233



1984



(o
)4970 Paris

Denver, CO






95



537



69



97



604



701



128



1984



(o
)7367 South Revere Parkway

Englewood, CO






926



5,124



507



934



5,623



6,557



1,217



1997



(o
)8200 East Park Meadows Drive(c)

Lone Tree, CO






1,297



7,348



1,236



1,304



8,577



9,881



1,548



1984



(o
)3250 Quentin(c)

Aurora, CO






1,220



6,911



615



1,230



7,515



8,745



1,383



1984/2000



(o
)11585 E. 53rd Ave.(c)

Denver, CO






1,770



10,030



1,052



1,780



11,072



12,852



1,644



1984



(o
)10500 East 54th Ave.(d)

Denver, CO






1,253



7,098



890



1,260



7,980



9,240



1,347



1986



(o
)8835 W. 116th Street

Broomfield, CO






1,151



6,523



869



1,304



7,239



8,543



725



2002



(o
)3101-3151 S. Platte
    River Dr.

Englewood, CO






2,500



8,549



184



2,504



8,729



11,233



825



1974



(o
)3155-3199 S. Platte
    River Dr.

Englewood, CO






1,700



7,787



199



1,702



7,983



9,686



691



1974



(o
)3201-3273 S. Platte
    River Dr.

Englewood, CO






1,600



6,592



170



1,602



6,760



8,362



708



1974



(o
)18150 E. 32nd Street

Aurora, CO






563



3,188



1,164



572



4,344



4,915



995



2000



(o
)8820 W. 116th Street

Broomfield, CO






338



1,918



543



372



2,426



2,798



245



2001



(o
)7005 East 46th Avenue

Denver, CO






512



2,025



9



517



2,029



2,546



112



1996



(o
)Hilltop Business Center
    I  Bldg. B(j)

Littleton, CO






739







3,622



781



3,580



4,361



621



2001



(o
)Jeffco Business Center A

Broomfield, CO






312







1,358



370



1,299



1,670



163



2001



(o
)Park Centre A(j)

Westminister, CO






441







4,238



441



4,238



4,679



820



2001



(o
)Park Centre B(j)

Westminister, CO






374







3,048



374



3,047



3,422



582



2001



(o
)Park Centre C(j)

Westminister, CO






374







3,031



374



3,031



3,405



614



2001



(o
)Park Centre D(j)

Westminister, CO






441







3,762



441



3,762



4,203



629



2001



(o
)4001 Salazar Way

Frederick, CO






1,271



6,577



26



1,276



6,598



7,874



253



1999



(o
)1690 S. Abilene

Aurora, CO






406



2,814



37



411



2,846



3,257



100



1985



(o
)9586 Interstate 25 East Frontage

Longmont, CO






898



5,038



377



967



5,346



6,313



346



1997



(o
)555 Corporate Circle

Golden, CO






397



2,673



345



448



2,968



3,416



308



1996



(o
)Des
    Moines S-9




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)1021 W. First Street, Hwy
    93

Sumner, IA






99



2,540



20



100



2,559



2,659



197



1990/1995



(o
)Detroit238 Executive Drive

Troy, MI






52



173



554



100



679



779



606



1973



(o
)301 Executive Drive

Troy, MI






71



293



731



133



962



1,095



789



1974



(o
)449 Executive Drive

Troy, MI






125



425



1,030



218



1,362



1,580



1,073



1975



(o
)501 Executive Drive

Troy, MI






71



236



678



129



856



985



487



1984



(o
)451 Robbins Drive

Troy, MI






96



448



961



192



1,313



1,505



1,018



1975



(o
)1095 Crooks Road(j)

Troy, MI






331



1,017



1,075



360



2,063



2,423



1,214



1986



(o
)1416 Meijer Drive

Troy, MI






94



394



403



121



771



891



515



1980



(o
)1624 Meijer Drive

Troy, MI






236



1,406



940



373



2,209



2,582



1,378



1984



(o
)1972 Meijer Drive

Troy, MI






315



1,301



721



372



1,965



2,337



1,205



1985



(o
)1621 Northwood Drive

Troy, MI






85



351



918



215



1,140



1,354



1,011



1977



(o
)1707 Northwood Drive

Troy, MI






95



262



1,221



239



1,339



1,578



901



1983



(o
)1788 Northwood Drive

Troy, MI






50



196



549



103



692



795



528



1977



(o
)1821 Northwood Drive

Troy, MI






132



523



756



220



1,192



1,411



1,037



1977



(o
)1826 Northwood Drive

Troy, MI






55



208



394



103



554



657



491



1977



(o
)1864 Northwood Drive

Troy, MI






57



190



437



107



577



684



510



1977



(o
)2277 Elliott Avenue

Troy, MI






48



188



501



104



633



737



512



1975



(o
)2451 Elliott Avenue

Troy, MI






78



319



742



164



975



1,139



841



1974



(o
)2730 Research Drive

Rochester Hills, MI






903



4,215



675



903



4,891



5,793



2,862



1988



(o
)2791 Research Drive

Rochester Hills, MI






557



2,731



719



560



3,447



4,007



1,728



1991



(o
)2871 Research Drive

Rochester Hills, MI






324



1,487



372



327



1,856



2,183



982



1991



(o
)3011 Research Drive

Rochester Hills, MI






457



2,104



346



457



2,450



2,907



1,469



1988



(o
)2870 Technology Drive

Rochester Hills, MI






275



1,262



290



279



1,548



1,827



886



1988



(o
)2900 Technology Drive

Rochester Hills, MI






214



977



531



219



1,503



1,722



721



1992



(o
)2920 Technology Drive

Rochester Hills, MI






153



671



196



153



868



1,020



444



1992



(o
)2930 Technology Drive

Rochester Hills, MI






131



594



380



138



966



1,105



466



1991



(o
)2950 Technology Drive

Rochester Hills, MI






178



819



223



185



1,035



1,220



552



1991



(o
)23014 Commerce Drive

Farmington Hills, MI






39



203



169



56



355



411



225



1983



(o
)23028 Commerce Drive

Farmington Hills, MI






98



507



247



125



727



852



464



1983



(o
)23035 Commerce Drive

Farmington Hills, MI






71



355



262



93



596



688



374



1983



(o
)23042 Commerce Drive

Farmintgon Hills, MI






67



277



313



89



568



657



357



1983



(o
)23065 Commerce Drive

Farmington Hills, MI






71



408



227



93



613



706



378



1983



(o
)23070 Commerce Drive

Farmington Hills, MI






112



442



673



125



1,102



1,227



810



1983



(o
)23079 Commerce Drive

Farmington Hills, MI






68



301



316



79



605



685



348



1983



(o
) S-10




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)23093 Commerce Drive

Farmington Hills, MI






211



1,024



844



295



1,784



2,079



1,134



1983



(o
)23135 Commerce Drive

Farmington Hills, MI






146



701



279



158



969



1,126



555



1986



(o
)23163 Commerce Drive

Farmington Hills, MI






111



513



350



138



836



974



468



1986



(o
)23177 Commerce Drive

Farmington Hills, MI






175



1,007



642



254



1,570



1,824



926



1986



(o
)23206 Commerce Drive

Farmington Hills, MI






125



531



350



137



868



1,006



514



1985



(o
)23370 Commerce Drive

Farmington Hills, MI






59



233



308



66



534



600



347



1980



(o
)32450 N Avis Drive

Madison Heights, MI






281



1,590



193



286



1,778



2,064



469



1974



(o
)12707 Eckles Road

Plymouth Township, MI






255



1,445



129



267



1,562



1,829



401



1990



(o
)9300-9328
    Harrison Rd

Romulus, MI






147



834



397



154



1,223



1,378



347



1978



(o
)9330-9358
    Harrison Rd

Romulus, MI






81



456



278



85



731



815



209



1978



(o
)28420-28448
    Highland Rd

Romulus, MI






143



809



220



149



1,023



1,172



305



1979



(o
)28450-28478
    Highland Rd

Romulus, MI






81



461



280



85



738



823



226



1979



(o
)28421-28449
    Highland Rd

Romulus, MI






109



617



291



114



903



1,017



258



1980



(o
)28451-28479
    Highland Rd

Romulus, MI






107



608



302



112



905



1,017



204



1980



(o
)28825-28909
    Highland Rd

Romulus, MI






70



395



236



73



627



700



162



1981



(o
)28933-29017
    Highland Rd

Romulus, MI






112



634



137



117



766



883



188



1982



(o
)28824-28908
    Highland Rd

Romulus, MI






134



760



244



140



997



1,137



256



1982



(o
)28932-29016
    Highland Rd

Romulus, MI






123



694



330



128



1,019



1,147



275



1982



(o
)9710-9734
    Harrison Rd

Romulus, MI






125



706



149



130



850



980



239



1987



(o
)9740-9772
    Harrison Rd

Romulus, MI






132



749



164



138



906



1,044



236



1987



(o
)9840-9868
    Harrison Rd

Romulus, MI






144



815



146



151



954



1,105



253



1987



(o
)9800-9824
    Harrison Rd

Romulus, MI






117



664



126



123



785



907



191



1987



(o
)29265-29285
    Airport Dr

Romulus, MI






140



794



220



147



1,008



1,155



258



1983



(o
)29185-29225
    Airport Dr

Romulus, MI






140



792



258



146



1,044



1,191



279



1983



(o
)29149-29165
    Airport Dr

Romulus, MI






216



1,225



377



226



1,592



1,818



380



1984



(o
)29101-29115
    Airport Dr

Romulus, MI






130



738



306



136



1,038



1,175



272



1985



(o
)29031-29045
    Airport Dr

Romulus, MI






124



704



144



130



842



972



216



1985



(o
)29050-29062
    Airport Dr

Romulus, MI






127



718



133



133



845



978



239



1986



(o
)29120-29134
    Airport Dr

Romulus, MI






161



912



244



169



1,149



1,317



277



1986



(o
)29200-29214
    Airport Dr

Romulus, MI






170



963



352



178



1,307



1,485



378



1985



(o
)9301-9339
    Middlebelt Rd

Romulus, MI






124



703



186



130



883



1,013



244



1983



(o
)26980 Trolley Industrial Drive

Taylor, MI






450



2,550



1,014



463



3,551



4,014



925



1997



(o
)32975 Capitol Avenue

Livonia, MI






135



748



332



144



1,071



1,215



251



1978



(o
)2725 S. Industrial Highway

Ann Arbor, MI






660



3,654



470



704



4,080



4,784



850



1997



(o
)32920 Capitol Avenue

Livonia, MI






76



422



88



82



504



586



109



1973



(o
) S-11




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)11923 Brookfield Avenue

Livonia, MI






120



665



495



128



1,151



1,280



431



1973



(o
)11965 Brookfield Avenue

Livonia, MI






120



665



67



128



724



852



156



1973



(o
)13405 Stark Road

Livonia, MI






46



254



136



49



387



436



97



1980



(o
)1170 Chicago Road

Troy, MI






249



1,380



256



266



1,618



1,885



328



1983



(o
)1200 Chicago Road

Troy, MI






268



1,483



274



286



1,739



2,025



350



1984



(o
)450 Robbins Drive

Troy, MI






166



920



257



178



1,165



1,343



227



1976



(o
)1230 Chicago Road

Troy, MI






271



1,498



156



289



1,636



1,925



349



1996



(o
)12886 Westmore Avenue

Livonia, MI






190



1,050



194



202



1,232



1,434



257



1981



(o
)12898 Westmore Avenue

Livonia, MI






190



1,050



235



202



1,273



1,475



283



1981



(o
)33025 Industrial Road

Livonia, MI






80



442



130



85



567



652



133



1980



(o
)47711 Clipper Street

Plymouth Township, MI






539



2,983



265



575



3,212



3,787



691



1996



(o
)32975 Industrial Road

Livonia, MI






160



887



341



171



1,217



1,388



298



1984



(o
)32985 Industrial Road

Livonia, MI






137



761



149



147



900



1,047



193



1985



(o
)32995 Industrial Road

Livonia, MI






160



887



180



171



1,056



1,227



242



1983



(o
)12874 Westmore Avenue

Livonia, MI






137



761



239



147



990



1,137



220



1984



(o
)33067 Industrial Road

Livonia, MI






160



887



305



171



1,181



1,352



256



1984



(o
)1775 Bellingham

Troy, MI






344



1,902



297



367



2,176



2,543



447



1987



(o
)1785 East Maple

Troy, MI






92



507



86



98



587



685



126



1985



(o
)1807 East Maple

Troy, MI






321



1,775



210



342



1,964



2,306



427



1984



(o
)980 Chicago

Troy, MI






206



1,141



176



220



1,303



1,523



265



1985



(o
)1840 Enterprise Drive

Rochester Hills, MI






573



3,170



371



611



3,503



4,114



767



1990



(o
)1885 Enterprise Drive

Rochester Hills, MI






209



1,158



115



223



1,259



1,482



273



1990



(o
)1935-55
    Enterprise Drive

Rochester Hills, MI






1,285



7,144



701



1,371



7,759



9,130



1,679



1990



(o
)5500 Enterprise Court

Warren, MI






675



3,737



447



721



4,138



4,859



886



1989



(o
)750 Chicago Road

Troy, MI






323



1,790



381



345



2,149



2,494



468



1986



(o
)800 Chicago Road

Troy, MI






283



1,567



519



302



2,067



2,369



577



1985



(o
)850 Chicago Road

Troy, MI






183



1,016



262



196



1,265



1,461



258



1984



(o
)2805 S. Industrial Highway

Ann Arbor, MI






318



1,762



402



340



2,142



2,482



474



1990



(o
)6833 Center Drive

Sterling Heights, MI






467



2,583



220



493



2,777



3,270



613



1998



(o
)32201 North Avis Drive

Madison Heights, MI






345



1,911



519



349



2,427



2,776



709



1974



(o
)1100 East Mandoline Road

Madison Heights, MI






888



4,915



1,452



897



6,357



7,255



1,621



1967



(o
)30081 Stephenson Highway

Madison Heights, MI






271



1,499



389



274



1,884



2,158



418



1967



(o
)1120 John A. Papalas Drive(d)

Lincoln Park, MI






586



3,241



843



593



4,077



4,670



849



1985



(o
)4872 S. Lapeer Road

Lake Orion Twsp, MI






1,342



5,441



2,007



1,412



7,378



8,790



1,994



1999



(o
)1400 Allen Drive

Troy, MI






209



1,154



120



212



1,271



1,483



192



1979



(o
) S-12




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)1408 Allen Drive

Troy, MI






151



834



171



153



1,003



1,156



226



1979



(o
)1305 Stephenson Hwy

Troy, MI






345



1,907



171



350



2,072



2,423



359



1979



(o
)32505 Industrial Drive

Madison Heights, MI






345



1,910



418



351



2,322



2,673



449



1979



(o
)1799-1813
    Northfield Drive(c)

Rochester Hills, MI






481



2,665



266



490



2,922



3,412



473



1980



(o
)32200 N. Avis(j)

Madison Heights, MI






503



3,367



865



503



4,232



4,735



146



1973



(o
)100 Kay Industrial

Orion, MI






677



2,018



403



685



2,414



3,098



269



1987



(o
)1849 West Maple Road

Troy, MI






1,688



2,790



29



1,700



2,808



4,507



163



1986



(o
)42555 Merrill Road

Sterling Heights, MI






1,080



2,300



3,550



1,090



5,840



6,930



175



1979/2006



(o
)28435 Automation Blvd.

Wixom, MI






621







3,804



628



3,797



4,425



217



2004



(o
)2441 N. Opdyke Road

Auburn Hills, MI






530



737



16



538



745



1,283



16



1989/94



(o
)200 Northpointe Drive

Orion Township, MI






723



2,063



35



734



2,088



2,821



27



1997



(o
)12163 Globe Street(j)

Detroit, MI






595



979



154



596



1,132



1,728



135



1980



(o
)32500 Capitol Avenue

Livonia, MI






258



1,032



154



260



1,185



1,444



35



1970



(o
)32650 Capitol Avenue

Livonia, MI






282



1,128



54



284



1,181



1,464



44



1970



(o
)11800 Sears Drive(j)

Livonia, MI






693



1,507



1,222



703



2,718



3,422



254



1971



(o
)1099 Church Road

Troy, MI






702



1,332



45



721



1,358



2,079



147



1980



(o
)Grand Rapids5050 Kendrick Court(j)

Grand Rapids, MI






1,721



11,433



7,167



1,721



18,600



20,320



5,158



1988/94



(o
)5015 52nd Street SE

Grand Rapids, MI






234



1,321



143



234



1,464



1,698



492



1987



(o
)Houston2102-2314
    Edwards Street

Houston, TX






348



1,973



1,174



382



3,113



3,496



631



1961



(o
)4545 Eastpark Drive

Houston, TX






235



1,331



735



240



2,061



2,301



530



1972



(o
)3351 Rauch St

Houston, TX






272



1,541



189



278



1,724



2,002



382



1970



(o
)3851 Yale St

Houston, TX






413



2,343



680



425



3,012



3,437



777



1971



(o
)3337-3347
    Rauch Street

Houston, TX






227



1,287



217



233



1,499



1,731



337



1970



(o
)8505 N Loop East

Houston, TX






439



2,489



744



449



3,223



3,672



737



1981



(o
)4749-4799
    Eastpark Dr

Houston, TX






594



3,368



1,159



611



4,510



5,121



1,112



1979



(o
)4851 Homestead Road

Houston, TX






491



2,782



913



504



3,682



4,186



846



1973



(o
)3365-3385
    Rauch Street

Houston, TX






284



1,611



119



290



1,724



2,014



388



1970



(o
)5050 Campbell Road

Houston, TX






461



2,610



330



470



2,930



3,401



669



1970



(o
)4300 Pine Timbers

Houston, TX






489



2,769



597



499



3,355



3,854



751



1980



(o
)2500-2530
    Fairway Park Drive

Houston, TX






766



4,342



764



792



5,080



5,872



1,157



1974



(o
)6550 Longpointe

Houston, TX






362



2,050



549



370



2,591



2,961



589



1980



(o
)1815 Turning Basin Dr

Houston, TX






487



2,761



522



531



3,239



3,770



731



1980



(o
)1819 Turning Basin Dr

Houston, TX






231



1,308



567



251



1,854



2,105



424



1980



(o
) S-13




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)1805 Turning Basin Drive

Houston, TX






564



3,197



655



616



3,800



4,415



856



1980



(o
)9835A Genard Road

Houston, TX






1,505



8,333



3,310



1,581



11,568



13,149



2,245



1980



(o
)9835B Genard Road

Houston, TX






245



1,357



463



256



1,809



2,065



302



1980



(o
)10325-10415
    Landsbury Drive(d)

Houston, TX






696



3,854



499



704



4,345



5,049



569



1982



(o
)8705 City Park Loop

Houston, TX






710



2,983



933



714



3,912



4,626



452



1982



(o
)11505 State Highway 225

LaPorte City, TX






940



4,675



615



940



5,290



6,230



338



2003



(o
)6955 Portwest Drive(j)

Houston, TX






314



1,686



213



320



1,892



2,213



91



1985



(o
)6925 Portwest Drive(j)

Houston, TX






402



1,360



230



407



1,585



1,992



112



1985



(o
)600 Kenrick

Houston, TX






900



1,791



235



913



2,013



2,926



280



1981



(o
)1500 E. Main

LaPorte City, TX






201



1,328



24



204



1,348



1,553



121



1972/1982



(o
)Indianapolis7901 West 21st St.

Indianapolis, IN






1,048



6,027



427



1,048



6,454



7,502



1,661



1985



(o
)1445 Brookville Way

Indianapolis, IN






459



2,603



737



476



3,323



3,799



967



1989



(o
)1440 Brookville Way

Indianapolis, IN






665



3,770



1,080



685



4,831



5,516



1,219



1990



(o
)1240 Brookville Way

Indianapolis, IN






247



1,402



308



258



1,700



1,958



496



1990



(o
)1345 Brookville Way

Indianapolis, IN


(o
)


586



3,321



910



601



4,215



4,816



1,196



1992



(o
)1350 Brookville Way

Indianapolis, IN






205



1,161



179



212



1,333



1,544



379



1994



(o
)1341 Sadlier Circle E Dr

Indianapolis, IN


(p
)


131



743



374



136



1,112



1,248



352



1971/1992



(o
)1322-1438
    Sadlier Circle E Dr

Indianapolis, IN


(p
)


145



822



283



152



1,099



1,251



337



1971/1992



(o
)1327-1441
    Sadlier Circle E Dr

Indianapolis, IN


(p
)


218



1,234



426



225



1,653



1,877



484



1992



(o
)1304 Sadlier Circle E Dr

Indianapolis, IN


(p
)


71



405



153



75



554



629



175



1971/1992



(o
)1402 Sadlier Circle E Dr

Indianapolis, IN


(p
)


165



934



437



171



1,365



1,536



425



1970/1992



(o
)1504 Sadlier Circle E Dr

Indianapolis, IN


(p
)


219



1,238



318



226



1,549



1,774



381



1971/1992



(o
)1311 Sadlier Circle E Dr

Indianapolis, IN


(p
)


54



304



105



57



405



462



105



1971/1992



(o
)1365 Sadlier Circle E Dr

Indianapolis, IN


(p
)


121



688



287



126



970



1,096



240



1971/1992



(o
)1352-1354
    Sadlier Circle E Dr

Indianapolis, IN


(p
)


178



1,008



383



184



1,384



1,568



385



1970/1992



(o
)1335 Sadlier Circle E Dr

Indianapolis, IN


(p
)


81



460



139



85



594



679



158



1971/1992



(o
)1327 Sadlier Circle E Dr

Indianapolis, IN


(p
)


52



295



80



55



372



427



120



1971/1992



(o
)1425 Sadlier Circle E Dr

Indianapolis, IN


(p
)


21



117



39



23



154



177



40



1971/1992



(o
)1230 Brookville Way

Indianapolis, IN






103



586



90



109



672



780



175



1995



(o
)6951 E 30th St

Indianapolis, IN






256



1,449



238



265



1,678



1,943



486



1995



(o
)6701 E 30th St

Indianapolis, IN






78



443



43



82



482



564



131



1995



(o
)6737 E 30th St

Indianapolis, IN






385



2,181



307



398



2,474



2,873



722



1995



(o
)1225 Brookville Way

Indianapolis, IN






60







458



68



450



518



94



1997



(o
)6555 E 30th St

Indianapolis, IN






484



4,760



1,874



484



6,634



7,118



1,900



1969/1981



(o
) S-14




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)8402-8440
    E 33rd St

Indianapolis, IN






222



1,260



638



230



1,890



2,120



518



1977



(o
)8520-8630
    E 33rd St

Indianapolis, IN






326



1,848



706



336



2,545



2,881



733



1976



(o
)8710-8768
    E 33rd St

Indianapolis, IN






175



993



405



187



1,385



1,572



384



1979



(o
)3316-3346 N. Pagosa
    Court

Indianapolis, IN






325



1,842



605



335



2,436



2,771



696



1977



(o
)6751 E 30th St

Indianapolis, IN






728



2,837



256



741



3,079



3,820



740



1997



(o
)8525 E. 33rd Street

Indianapolis, IN






1,300



2,091



1,230



1,308



3,314



4,621



937



1978



(o
)5705-97
    Park Plaza Ct

Indianapolis, IN


(q
)


600



2,194



872



609



3,057



3,666



701



1977



(o
)9319-9341
    Castlegate Drive

Indianapolis, IN






530



1,235



1,111



544



2,332



2,876



478



1983



(o
)9332-9350
    Castlegate Drive

Indianapolis, IN






420



646



663



429



1,300



1,729



290



1983



(o
)2855 Michigan Road

Madison, IN






504



1,169



49



521



1,201



1,722



625



1962



(o
)1133 Northwest L Street

Richmond, IN


(r
)


201



1,358



26



208



1,378



1,586



150



1955/92



(o
)1380 Perry Road

Plainfield, IN






781



5,156



35



785



5,187



5,972



352



1997



(o
)9210 East 146th Street

Noblesville, IN






66



684



799



66



1,483



1,549



520



1978



(o
)4640 Martin Luther King Jr.
    Boulevard

Anderson, IN






161



664



6



163



669



831



67



1999



(o
)6512 Production Drive

Anderson, IN






58



281



3



58



284



342



19



1995



(o
)6628 Production Drive

Anderson, IN






150



680



7



151



686



837



48



1995



(o
)2902 Enterprise Drive

Anderson, IN






230



4,573



44



232



4,615



4,847



224



1995



(o
)Los Angeles12616 Yukon Ave

Hawthorne, CA






685



3,884



217



696



4,090



4,786



457



1987



(o
)333 Turnbull Canyon Road

City of Industry, CA






2,700



1,824



572



2,700



2,396



5,096



362



1968/1985



(o
)350-390
    Manville St.

Compton, CA






2,300



3,768



103



2,313



3,857



6,171



377



1979



(o
)1944 Vista Bella Way

Rancho Dominguez, CA






1,746



3,148



586



1,821



3,660



5,480



244



1976



(o
)2000 Vista Bella Way

Rancho Dominguez, CA






817



1,673



292



852



1,931



2,782



126



1971



(o
)2835 East Ana Street Drive

Rancho Dominguez, CA






1,682



2,750



133



1,770



2,796



4,565



186



1972/2000



(o
)665 N. Baldwin Park Blvd

City of Industry, CA






2,124



5,219



53



2,139



5,257



7,396



228



1965/92



(o
)27801 Avenue Scott(j)

Santa Clarita, CA






2,890



7,020



192



2,899



7,203



10,102



69



1984



(o
)2610 & 2660 Columbia Street

Torrance, CA






3,008



5,826



36



3,021



5,849



8,870



153



1969



(o
)433 Alaska Avenue

Torrance, CA






681



168



4



684



169



853



4



1962



(o
)201 West Manville Avenue

Compton, CA






7,639



5,022



310



7,807



5,164



12,971



434



1956



(o
)14300 Bonelli Street(j)

City of Industry, CA






2,000



8,000



1,130



2,096



9,034



11,130



309



1973/2002



(o
)4020 S. Compton Ave

Los Angeles, CA






3,800



7,330



71



3,825



7,376



11,201



109



1986



(o
)Louisville9001 Cane Run Road

Louisville, KY






524







5,817



560



5,781



6,341



1,675



1998



(o
)9101 Cane Run Road

Louisville, KY






608







6,114



608



6,113



6,722



917



2000



(o
)Milwaukee S-15




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)6523 N Sydney Place

Glendale, WI






172



976



189



176



1,163



1,338



316



1978



(o
)4560 N 124th Street

Wauwatosa, WI






118



667



85



129



741



870



177



1976



(o
)4410-80
    North 132nd Street

Butler, WI






355







4,023



359



4,019



4,378



680



1999



(o
)5355 South Westridge Drive

New Berlin, WI






1,630



7,058



92



1,646



7,134



8,780



565



1997



(o
)320-34 W. Vogel

Milwaukee, WI






506



3,199



41



508



3,238



3,746



375



1970



(o
)4950 S. 6th Avenue

Milwaukee, WI






299



1,565



85



301



1,648



1,949



230



1970



(o
)1711 Paramount Court

Waukesha, WI






308



1,762



19



311



1,778



2,089



122



1997



(o
)W 140 N9059 Lilly Road

Iomonee Falls, WI






343



1,153



242



366



1,372



1,738



100



1995



(o
)200 W. Vogel Ave., Bldg B

Milwaukee, WI






301



2,150



13



302



2,162



2,464



225



1970



(o
)16600 West Glendale Avenue

New Berlin, WI






704



1,923



385



715



2,298



3,012



177



1969/84



(o
)4921 S. 2nd Street

Milwaukee, WI






101



713



2



101



715



816



68



1970



(o
)1500 Peebles Drive

Richland Center, WI






1,577



1,018



34



1,603



1,027



2,629



358



1967/72



(o
)Minneapolis/St. Paul6507-6545
    Cecilia Circle

Bloomington, MN






357



1,320



1,289



386



2,580



2,966



1,444



1980



(o
)6201 West 111th Street

Bloomington, MN


(s
)


1,358



8,622



4,139



1,499



12,620



14,119



6,307



1987



(o
)6403-6545
    Cecilia Drive

Bloomington, MN






366



1,363



1,141



395



2,475



2,870



1,455



1980



(o
)7251-7267
    Washington Avenue

Edina, MN






129



382



715



182



1,044



1,226



769



1972



(o
)7301-7325
    Washington Avenue

Edina, MN






174



391



103



193



475



668



150



1972



(o
)7101 Winnetka Avenue North

Brooklyn Park, MN






2,195



6,084



3,707



2,228



9,758



11,986



5,183



1990



(o
)7600 Golden Triangle Drive

Eden Prairie, MN






566



1,394



1,418



615



2,764



3,378



1,489



1989



(o
)9901 West 74th Street

Eden Prairie, MN






621



3,289



3,211



639



6,482



7,121



3,440



1983/88



(o
)12220-12222
    Nicollet Avenue

Burnsville, MN






105



425



400



114



817



930



518



1989/90



(o
)12250-12268
    Nicollet Avenue

Burnsville, MN






260



1,054



523



296



1,540



1,837



715



1989/90



(o
)12224-12226
    Nicollet Avenue

Burnsville, MN






190



770



715



207



1,468



1,675



650



1989/90



(o
)1030 Lone Oak Road

Eagan, MN






456



2,703



575



456



3,278



3,734



966



1988



(o
)1060 Lone Oak Road

Eagan, MN






624



3,700



701



624



4,401



5,026



1,349



1988



(o
)5400 Nathan Lane

Plymouth, MN






749



4,461



1,302



757



5,754



6,512



2,059



1990



(o
)10120 W 76th Street

Eden Prairie, MN






315



1,804



1,378



315



3,181



3,496



1,498



1987



(o
)7615 Golden Triangle

Eden Prairie, MN






268



1,532



785



268



2,317



2,585



612



1987



(o
)7625 Golden Triangle

Eden Prairie, MN






415



2,375



1,107



415



3,482



3,897



1,129



1987



(o
)2605 Fernbrook Lane North

Plymouth, MN






443



2,533



672



445



3,203



3,647



835



1987



(o
)12155 Nicollet Ave

Burnsville, MN






286







1,731



288



1,729



2,017



482



1995



(o
)4100 Peavey Road

Chaska, MN






277



2,261



795



277



3,056



3,333



768



1988



(o
)11300 Hamshire Ave South

Bloomington, MN






527



2,985



1,460



541



4,430



4,972



980



1983



(o
)375 Rivertown Drive

Woodbury, MN






1,083



6,135



2,720



1,503



8,435



9,938



1,987



1996



(o
) S-16




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)5205 Highway 169

Plymouth, MN






446



2,525



1,000



740



3,230



3,970



793



1960



(o
)6451-6595
    Citywest Parkway

Eden Prairie, MN






525



2,975



1,258



538



4,220



4,758



1,116



1984



(o
)7100-7198
    Shady Oak Road

Eden Prairie, MN






715



4,054



1,212



736



5,245



5,981



1,747



1982/2002



(o
)7500-7546
    Washington Square

Eden Prairie, MN






229



1,300



795



235



2,090



2,325



515



1975



(o
)7550-7558
    Washington Square

Eden Prairie, MN






153



867



184



157



1,048



1,205



251



1975



(o
)5240-5300
    Valley Industrial Blvd S

Shakopee, MN






362



2,049



1,011



371



3,049



3,421



816



1973



(o
)6477-6525
    City West Parkway

Eden Prairie, MN






810



4,590



984



819



5,564



6,384



1,355



1984



(o
)1157 Valley Park Drive

Shakopee, MN






760







6,160



888



6,032



6,920



1,145



1997



(o
)500-530
    Kasota Avenue SE

Minneapolis, MN






415



2,354



998



432



3,335



3,767



913



1976



(o
)770-786
    Kasota Avenue SE

Minneapolis, MN






333



1,888



512



347



2,386



2,733



504



1976



(o
)800 Kasota Avenue SE

Minneapolis, MN






524



2,971



743



597



3,641



4,238



872



1976



(o
)2530-2570
    Kasota Avenue

St. Paul, MN






407



2,308



780



465



3,030



3,495



707



1976



(o
)1280 Energy Park Drive

St. Paul, MN






700



2,779



83



705



2,857



3,562



271



1984



(o
)9600 West 76th Street

Eden Prairie, MN






1,000



2,450



36



1,034



2,451



3,486



188



1997



(o
)9700 West 76th Street

Eden Prairie, MN






1,000



2,709



101



1,038



2,772



3,810



227



1984/97



(o
)5017 Boone Avenue North

New Hope, MN


(t
)


1,000



1,599



58



1,009



1,648



2,657



263



1971/74



(o
)2300 West Highway 13(I-35 Dist
    Ctr)

Burnsville, MN






2,517



6,069



579



2,524



6,640



9,165



1,218



1970/76



(o
)1087 Park Place

Shakopee, MN






1,195



4,891



15



1,198



4,903



6,101



372



1996/2000



(o
)5391 12th Avenue SE

Shakopee, MN






1,392



8,149



230



1,395



8,375



9,771



580



1998



(o
)4701 Valley Industrial Boulevard

Shakopee, MN






1,296



7,157



(81
)


1,299



7,073



8,372



518



1997



(o
)Park 2000 III(j)

Shakopee, MN






590







4,953



590



4,953



5,543



619



2001



(o
)7600 69th Avenue

Greenfield, MN






1,500



8,328



1,808



1,510



10,126



11,636



945



2004



(o
)316 Lake Hazeltine Drive

Chaska, MN






714



944



155



729



1,084



1,813



108



1986



(o
)1225 Highway 169 North

Plymouth, MN






1,190



1,979



59



1,207



2,022



3,228



39



1968



(o
)Nashville3099 Barry Drive

Portland, TN






418



2,368



192



421



2,557



2,978



702



1995



(o
)3150 Barry Drive

Portland, TN






941



5,333



477



981



5,770



6,750



1,447



1993



(o
)5599 Highway 31 West

Portland, TN






564



3,196



211



571



3,400



3,971



950



1995



(o
)1650 Elm Hill Pike

Nashville, TN






329



1,867



172



332



2,036



2,368



486



1984



(o
)1931 Air Lane Drive

Nashville, TN






489



2,785



273



493



3,054



3,547



722



1984



(o
)470 Metroplex Drive(c)

Nashville, TN






619



3,507



1,216



626



4,716



5,342



1,405



1986



(o
)1150 Antiock Pike

Nashville, TN






661



3,748



523



669



4,264



4,932



1,033



1987



(o
)4640 Cummings Park

Nashville, TN






360



2,040



181



365



2,216



2,581



390



1986



(o
)556 Metroplex Drive

Nashville, TN






227



1,285



124



231



1,405



1,636



234



1983



(o
)1740 River Hills Drive

Nashville, TN






848



4,383



515



888



4,858



5,746



614



1978



(o
) S-17




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)Northern New Jersey14 Worlds Fair Drive

Franklin, NJ






483



2,735



553



503



3,268



3,771



787



1980



(o
)12 Worlds Fair Drive

Franklin, NJ






572



3,240



539



593



3,757



4,350



920



1981



(o
)22 Worlds Fair Drive

Franklin, NJ






364



2,064



302



375



2,355



2,730



528



1983



(o
)26 Worlds Fair Drive

Franklin, NJ






361



2,048



293



377



2,325



2,703



553



1984



(o
)24 Worlds Fair Drive

Franklin, NJ






347



1,968



487



362



2,441



2,802



620



1984



(o
)20 Worlds Fair Drive Lot 13

Sumerset, NJ






9







2,632



691



1,950



2,641



365



1999



(o
)45 Route 46

Pine Brook, NJ






969



5,491



790



978



6,272



7,250



1,045



1974/1987



(o
)43 Route 46

Pine Brook, NJ






474



2,686



454



479



3,136



3,614



582



1974/1987



(o
)39 Route 46

Pine Brook, NJ






260



1,471



179



262



1,647



1,909



286



1970



(o
)26 Chapin Road

Pine Brook, NJ






956



5,415



520



965



5,925



6,890



970



1983



(o
)30 Chapin Road

Pine Brook, NJ






960



5,440



592



969



6,023



6,992



997



1983



(o
)20 Hook Mountain Road

Pine Brook, NJ






1,507



8,542



1,050



1,534



9,566



11,100



1,488



1972/1984



(o
)30 Hook Mountain Road

Pine Brook, NJ






389



2,206



368



396



2,567



2,963



424



1972/1987



(o
)55 Route 46

Pine Brook, NJ






396



2,244



211



403



2,448



2,851



396



1978/1994



(o
)16 Chapin Road

Pine Brook, NJ






885



5,015



323



901



5,323



6,223



881



1987



(o
)20 Chapin Road

Pine Brook, NJ






1,134



6,426



523



1,154



6,929



8,083



1,144



1987



(o
)Sayreville Lot 3

Sayreville, NJ






996







5,301



996



5,301



6,297



318



2002



(o
)Sayreville Lot 4

Sayreville, NJ






944







4,749



944



4,749



5,693



532



2001



(o
)400 Raritan Center Parkway

Edison, NJ






829



4,722



552



851



5,253



6,104



769



1983



(o
)300 Columbus Circle

Edison, NJ






1,257



7,122



950



1,277



8,052



9,329



1,180



1983



(o
)400 Apgar

Franklin Township, NJ






780



4,420



624



822



5,002



5,824



639



1987



(o
)500 Apgar

Franklin Township, NJ






361



2,044



440



368



2,476



2,845



367



1987



(o
)201 Circle Dr. North

Piscataway, NJ






840



4,760



696



857



5,439



6,296



634



1987



(o
)1 Pearl Ct.

Allendale, NJ






623



3,528



1,304



649



4,806



5,454



498



1978



(o
)2 Pearl Ct.

Allendale, NJ






255



1,445



1,280



403



2,577



2,980



267



1979



(o
)3 Pearl Ct.

Allendale, NJ






440



2,491



203



458



2,675



3,133



327



1978



(o
)4 Pearl Ct.

Allendale, NJ






450



2,550



613



469



3,144



3,613



440



1979



(o
)5 Pearl Ct.

Allendale, NJ






505



2,860



510



526



3,349



3,875



403



1977



(o
)59 Route 17

Allendale, NJ






518



2,933



1,122



539



4,033



4,572



631



1979



(o
)309-319
    Pierce Street

Somerset, NJ






1,300



4,628



340



1,309



4,958



6,268



412



1986



(o
)OrlandoLake Point IV

Tampa, FL






909



4,613



137



920



4,739



5,659



348



1987



(o
)Philadelphia3240 S.78th Street

Philadelphia, PA






515



1,245



70



539



1,291



1,830



73



1980



(o
) S-18




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)Phoenix1045 South Edward Drive

Tempe, AZ






390



2,160



86



394



2,242



2,636



433



1976



(o
)46 N. 49th Ave.

Phoenix, AZ






283



1,704



732



283



2,436



2,719



459



1986



(o
)240 N. 48th Ave.

Phoenix, AZ






482



1,913



96



482



2,009



2,491



293



1977



(o
)220 N. 48th Ave.

Phoenix, AZ






530



1,726



252



531



1,977



2,508



257



1977



(o
)54 N. 48th Ave.

Phoenix, AZ






130



625



50



131



674



805



94



1977



(o
)64 N. 48th Ave.

Phoenix, AZ






180



458



55



181



512



693



79



1977



(o
)236 N. 48th Ave.

Phoenix, AZ






120



322



42



120



363



484



50



1977



(o
)10 S. 48th Ave.

Phoenix, AZ






510



1,687



170



513



1,855



2,367



249



1977



(o
)115 E. Watkins St.

Phoenix, AZ






170



816



112



171



928



1,098



120



1979



(o
)135 E. Watkins St.

Phoenix, AZ






380



1,962



127



382



2,087



2,469



280



1977



(o
)10220 S. 51st Street

Phoenix, AZ






400



1,493



42



406



1,529



1,935



174



1985



(o
)50 South 56th Street

Chandler, AZ






1,200



3,333



(49
)


1,207



3,277



4,484



236



1991/97



(o
)4701 W. Jefferson

Phoenix, AZ






926



2,195



628



929



2,820



3,749



322



1984



(o
)7102 W. Roosevelt(j)

Phoenix, AZ






1,613



6,451



88



1,620



6,532



8,152



65



1998



(o
)4137 West Adams Street

Phoenix, AZ






990



2,661



131



1,029



2,753



3,782



30



1985/92



(o
)Portland2315 NW 21st Place

Portland, OR






301



1,247



38



309



1,277



1,586



59



1966/79



(o
)Salt Lake City512 Lawndale Drive

Salt Lake City, UT






2,705



15,749



2,985



2,705



18,733



21,438



4,806



1981



(o
)1270 West 2320 South

West Valley, UT






138



784



144



143



924



1,067



232



1986/92



(o
)1275 West 2240 South

West Valley, UT






395



2,241



473



408



2,702



3,109



652



1986/92



(o
)1288 West 2240 South

West Valley, UT






119



672



180



123



849



971



249



1986/92



(o
)2235 South 1300 West

West Valley, UT






198



1,120



259



204



1,373



1,577



376



1986/92



(o
)1293 West 2200 South

West Valley, UT






158



896



202



163



1,093



1,256



309



1986/92



(o
)1279 West 2200 South

West Valley, UT






198



1,120



56



204



1,170



1,374



270



1986/92



(o
)1272 West 2240 South

West Valley, UT






336



1,905



437



347



2,331



2,677



694



1986/92



(o
)1149 West 2240 South

West Valley, UT






217



1,232



99



225



1,324



1,549



294



1986/92



(o
)1142 West 2320 South

West Valley, UT






217



1,232



139



225



1,364



1,588



346



1997



(o
)1152 West 2240 South

West Valley, UT






2,067







3,549



2,114



3,503



5,617



542



1999



(o
)369 Orange Street

Salt Lake City, UT






600



2,855



170



602



3,022



3,625



375



1980



(o
)4625 West 1730 South

Salt Lake City, UT






903



4,005



17



907



4,018



4,925



43



1997



(o
)1815-1957
    South 4650 West

Salt Lake City, UT






1,707



10,873



161



1,713



11,028



12,741



101



1997



(o
)1330 W. 3300 South Avenue

Ogden, UT






1,100



2,353



654



1,100



3,007



4,107



448



1982



(o
)4517 West 1730 South

Salt Lake City, UT






704



2,737



220



748



2,913



3,661



29



1989



(o
) S-19




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)San Diego9051 Siempre Viva Rd.

San Diego, CA






540



1,598



189



541



1,786



2,327



224



1989



(o
)9163 Siempre Viva Rd.

San Diego, CA






430



1,621



210



431



1,830



2,261



227



1989



(o
)9295 Siempre Viva Rd.

San Diego, CA






540



1,569



123



541



1,691



2,232



195



1989



(o
)9255 Customhouse Plaza

San Diego, CA






3,230



11,030



902



3,234



11,928



15,162



1,401



1989



(o
)16275 Technology Drive

San Diego, CA






2,848



8,641



42



2,859



8,672



11,531



367



1963/85



(o
)6305 El Camino Real(j)

Carlsbad, CA






1,590



6,360



0



1,590



6,360



7,950



85



1980



(o
)42374 Avenida Alvarado(c)

Temecula, CA






447



2,529



336



462



2,849



3,311



283



1987



(o
)9375 Customhouse Plaza

San Diego, CA






430



1,384



287



431



1,670



2,101



227



1989



(o
)9465 Customhouse Plaza

San Diego, CA






430



1,437



226



431



1,662



2,093



237



1989



(o
)9485 Customhouse Plaza

San Diego, CA






1,200



2,792



286



1,201



3,077



4,278



364



1989



(o
)2675 Customhouse Court

San Diego, CA






590



2,082



388



591



2,469



3,060



259



1989



(o
)2325 Camino Vida Roble(j)

Carlsbad, CA






1,441



1,239



37



1,446



1,271



2,717



52



1981/98



(o
)2335 Camino Vida Roble

Carlsbad, CA






817



762



27



820



786



1,606



39



1981/98



(o
)2345 Camino Vida Roble

Carlsbad, CA






562



456



28



564



481



1,046



25



1981/98



(o
)2355 Camino Vida Roble

Carlsbad, CA






481



365



33



483



396



879



23



1981/98



(o
)2365 Camino Vida Roble

Carlsbad, CA






1,098



630



8



1,102



634



1,736



43



1981/98



(o
)2375 Camino Vida Roble(j)

Carlsbad, CA






1,210



874



121



1,214



991



2,205



50



1981/98



(o
)6451 El Camino Real(j)

Carlsbad, CA






2,885



1,931



52



2,894



1,973



4,868



98



1986/98



(o
)Southern New Jersey5 North Olnev Ave.

Cherry Hill, NJ






157



1,524



(451
)


157



1,073



1,229



204



1963/1985



(o
)4 Springdale Road(c)

Cherry Hill, NJ






332



1,853



1,271



332



3,124



3,456



594



1963/85



(o
)8 Springdale Road

Cherry Hill, NJ






258



1,436



874



258



2,311



2,568



505



1966



(o
)2050 Springdale Road

Cherry Hill, NJ






277



1,545



1,149



277



2,693



2,970



626



1965



(o
)16 Springdale Road

Cherry Hill, NJ






240



1,336



134



240



1,471



1,710



312



1967



(o
)5 Esterbrook Lane

Cherry Hill, NJ






240



1,336



236



240



1,572



1,812



329



1966/88



(o
)2 Pin Oak Lane

Cherry Hill, NJ






314



1,757



695



314



2,452



2,766



552



1968



(o
)28 Springdale Road

Cherry Hill, NJ






190



1,060



211



190



1,272



1,462



270



1967



(o
)3 Esterbrook Lane

Cherry Hill, NJ






198



1,102



486



198



1,588



1,786



328



1968



(o
)4 Esterbrook Lane(j)

Cherry Hill, NJ






232



1,294



44



232



1,338



1,570



291



1969



(o
)26 Springdale Road

Cherry Hill, NJ






226



1,257



555



226



1,811



2,037



375



1968



(o
)1 Keystone Ave.

Cherry Hill, NJ






218



1,223



973



218



2,196



2,415



473



1969



(o
)21 Olnev Ave.

Cherry Hill, NJ






68



380



75



68



455



523



93



1969



(o
)19 Olnev Ave.

Cherry Hill, NJ






200



1,119



1,160



200



2,279



2,479



444



1971



(o
)2 Keystone Ave.

Cherry Hill, NJ






214



1,194



559



214



1,753



1,967



404



1970



(o
) S-20




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)18 Olnev Ave.

Cherry Hill, NJ






247



1,382



428



247



1,810



2,057



327



1974



(o
)2030 Springdale Rod

Cherry Hill, NJ






523



2,914



1,417



523



4,331



4,854



972



1977



(o
)111 Whittendale Drive

Morrestown, NJ






522



2,916



130



522



3,046



3,568



547



1991/96



(o
)9 Whittendale

Morrestown, NJ






337



1,911



100



343



2,005



2,348



277



2000



(o
)7851 Airport

Pennsauken, NJ






160



508



382



163



888



1,050



157



1966



(o
)103 Central

Mt. Laurel, NJ






610



1,847



1,561



619



3,398



4,018



625



1970



(o
)7890 Airport Hwy/7015 Central

Pennsauken, NJ






300



989



1,062



425



1,926



2,351



442



1969



(o
)999 Grand Avenue

Hammonton, NJ


(u
)


969



8,793



713



979



9,495



10,475



940



1980



(o
)7860-7870
    Airport

Pennsauken, NJ






120



366



286



122



650



772



114



1968



(o
)855 Hylton Road(j)

Pennsauken, NJ






264



1,025



105



269



1,125



1,394



37



1986



(o
)St. Louis10431-10449
    Midwest Industrial Blvd

Olivette, MO






237



1,360



524



237



1,884



2,121



689



1967



(o
)10751 Midwest Industrial Boulevard

Olivette, MO






193



1,119



355



194



1,474



1,667



527



1965



(o
)6951 N Hanley(c)

Hazelwood, MO






405



2,295



1,398



419



3,679



4,098



922



1965



(o
)1037 Warson  Bldg A(j)

St. Louis, MO






246



1,359



364



251



1,718



1,969



178



1968



(o
)1037 Warson  Bldg B(j)

St. Louis, MO






380



2,103



1,604



388



3,698



4,086



330



1968



(o
)1037 Warson  Bldg C

St. Louis, MO






303



1,680



1,085



310



2,759



3,068



309



1968



(o
)1037 Warson  Bldg D(j)

St. Louis, MO






353



1,952



364



360



2,308



2,668



253



1968



(o
)6821-6857
    Hazelwood Ave.

Berkeley, MO






985



6,205



702



985



6,907



7,892



868



2001



(o
)13701 Rider Trail North

Earth City, MO






800



2,099



545



804



2,640



3,444



516



1985



(o
)1908-2000
    Innerbelt

Overland, MO






1,590



9,026



826



1,591



9,852



11,442



1,454



1987



(o
)8449-95
    Mid-County Industrial(c)

Vinita Park, MO






520



1,590



217



520



1,807



2,327



294



1988



(o
)84104-76
    Mid County Industrial

Vinita Park, MO






540



2,109



50



540



2,159



2,699



312



1989



(o
)2001 Innerbelt Business Center

Overland, MO






1,050



4,451



169



1,050



4,620



5,670



673



1987



(o
)9060 Latty Avenue

Berkeley, MO






687



1,947



38



698



1,974



2,672



193



1965



(o
)21-25
    Gateway Commerce Center

Edwardsville, IL


(v
)


1,874



31,958



942



1,927



32,847



34,774



392



2003/06



(o
)Tampa6202 Benjamin Road

Tampa, FL






203



1,151



512



211



1,655



1,866



486



1981



(o
)6204 Benjamin Road

Tampa, FL






432



2,445



560



454



2,982



3,436



689



1982



(o
)6206 Benjamin Road

Tampa, FL






397



2,251



481



416



2,713



3,129



667



1983



(o
)6302 Benjamin Road

Tampa, FL






214



1,212



236



224



1,438



1,662



338



1983



(o
)6304 Benjamin Road

Tampa, FL






201



1,138



216



209



1,346



1,555



333



1984



(o
)6306 Benjamin Road

Tampa, FL






257



1,457



261



269



1,706



1,975



386



1984



(o
)6308 Benjamin Road

Tampa, FL






345



1,958



313



362



2,254



2,616



531



1984



(o
)5313 Johns Road

Tampa, FL






204



1,159



220



257



1,326



1,583



301



1991



(o
) S-21




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)5525 Johns Road

Tampa, FL






192



1,086



389



200



1,468



1,667



266



1993



(o
)5709 Johns Road

Tampa, FL






192



1,086



160



200



1,239



1,438



318



1990



(o
)5711 Johns Road

Tampa, FL






243



1,376



174



255



1,537



1,793



341



1990



(o
)5453 W Waters Avenue

Tampa, FL






71



402



116



82



507



589



125



1987



(o
)5455 W Waters Avenue

Tampa, FL






307



1,742



377



326



2,101



2,426



475



1987



(o
)5553 W Waters Avenue

Tampa, FL






307



1,742



262



326



1,986



2,312



448



1987



(o
)5501 W Waters Avenue

Tampa, FL






154



871



169



142



1,051



1,194



276



1990



(o
)5503 W Waters Avenue

Tampa, FL






71



402



40



66



447



513



108



1990



(o
)5555 W Waters Avenue

Tampa, FL






213



1,206



140



221



1,337



1,559



325



1990



(o
)5557 W Waters Avenue

Tampa, FL






59



335



47



62



379



442



86



1990



(o
)5461 W Waters

Tampa, FL






261







1,226



265



1,222



1,487



240



1998



(o
)5481 W. Waters Avenue

Tampa, FL






558







2,307



561



2,304



2,865



453



1999



(o
)4515-4519
    George Road

Tampa, FL






633



3,587



491



640



4,072



4,712



616



1985



(o
)6301 Benjamin Road

Tampa, FL






292



1,657



84



295



1,738



2,033



254



1986



(o
)5723 Benjamin Road

Tampa, FL






406



2,301



251



409



2,548



2,958



326



1986



(o
)6313 Benjamin Road

Tampa, FL






229



1,296



267



231



1,561



1,792



245



1986



(o
)5801 Benjamin Road

Tampa, FL






564



3,197



163



569



3,355



3,924



477



1986



(o
)5802 Benjamin Road

Tampa, FL






686



3,889



607



692



4,491



5,183



672



1986



(o
)5925 Benjamin Road

Tampa, FL






328



1,859



370



331



2,227



2,557



323



1986



(o
)6089 Johns Road

Tampa, FL


(w
)


180



987



93



186



1,074



1,260



103



1985



(o
)6091 Johns Road

Tampa, FL


(w
)


140



730



33



144



759



903



72



1986



(o
)6103 Johns Road

Tampa, FL


(w
)


220



1,160



60



226



1,214



1,440



114



1986



(o
)6201 Johns Road

Tampa, FL


(w
)


200



1,107



96



205



1,198



1,403



134



1981



(o
)6203 Johns Road

Tampa, FL


(w
)


300



1,460



111



311



1,560



1,871



179



1987



(o
)6205 Johns Road

Tampa, FL


(w
)


270



1,363



32



278



1,388



1,665



92



2000



(o
)6101 Johns Road

Tampa, FL






210



833



71



216



898



1,114



97



1981



(o
)4908 Tampa West Blvd

Tampa, FL






2,622



8,643



36



2,635



8,666



11,301



558



1979/83



(o
)11701 Belcher Road South(j)

Largo, FL






1,657



2,768



109



1,669



2,864



4,533



123



1985



(o
)4900-4914
    Creekside Drive(j)(aa)

Clearwater, FL






3,702



7,338



108



3,730



7,418



11,148



325



1985



(o
)4908 Creekside Drive

Clearwater, FL






506



645



17



509



659



1,168



30



1985



(o
)7381-7431
    114th Avenue North(j)(z)

Largo, FL






1,711



6,662



12



1,362



7,023



8,385



432



1986



(o
)12345 Starkey Road(j)

Largo, FL






898



2,078



15



905



2,087



2,992



77



1980



(o
)Toronto135 Dundas Street

Cambridge Ontario, Canada






3,128



4,958



137



3,179



5,044



8,223



724



1953/59



(o
)678 Erie Street

Stratford Ontario, Canada






786



557



77



828



592



1,420



261



1955/76



(o
) S-22




---



##### Table of Contents



(s)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/06


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Built/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/06


Renovated


Lives (Years)(Dollars in thousands)777 Bayly Street West

Ajax Ontario, Canada






7,224



13,156



828



7,539



13,669



21,208



120



1987



(o
)Other3501 Maple Street(j)

Abilene, TX






67



1,057



1,422



266



2,280



2,546



1,057



1980



(o
)4200 West Harry Street(d)

Wichita, KS






193



2,224



1,777



532



3,662



4,194



2,040



1972



(o
)6601 S. 33rd Street

McAllen, TX






231



1,276



166



233



1,440



1,673



304



1975



(o
)6266 Hurt Road

Horn Lake, MS






427







3,211



427



3,212



3,638



346



1963



(o
)6266 Hurt Road Building B(j)

Horn Lake, MS














868



99



769



868



48



1963



(o
)6266 Hurt Road Building C

Horn Lake, MS














292



278



14



292



1



1963



(o
)7601 NW 107th Terrace

Kansas City, MO






746



4,712



30



750



4,738



5,488



578



1982/87



(o
)12626 Silicon Drive

San Antonio, TX






768



3,448



22



779



3,459



4,238



253



1981/95



(o
)3100 Pinson Valley Parkway

Birmingham, AL






303



742



20



310



756



1,065



45



1970



(o
)1245 N. Hearne Avenue

Shreveport, LA






99



1,263



32



102



1,292



1,394



91



1981/2004



(o
)10330 I Street

Omaha, NE






1,808



8,340



5



1,809



8,344



10,153



448



1979/2005



(o
)Redevelopments / Developments /
    Developable Land








59,729



2,775



59,483



63,783



58,207



121,990



649497,742


$
1,908,366


$
494,595


$
514,254


$
2,386,453


$
2,900,707


$
410,961
(k)  S-23




---



##### Table of Contents



NOTES:
  (a)
    
    See description of encumbrances in Note 6 to Notes to
    Consolidated Financial Statements.(b)
    
    Initial cost for each respective property is tangible purchase
    price allocated in accordance with SFAS No. 141.(c)
    
    Comprised of two properties.(d)
    
    Comprised of three properties.(e)
    
    Comprised of four properties.(f)
    
    Comprised of 28 properties.(g)
    
    These properties represent developable land and redevelopments
    that have not been placed in service.(h)
    
    Improvements are net of write-off of fully depreciated assets.(j)
    
    Property is not in-service as of December 31, 2006.(k)  Gross Amount CarriedAmounts included


Amounts within


At Close of Periodin Real Estate


Net Investment in


December 31,Held for Sale


Real Estate


2006Land

$
16,229


$
498,025


$
514,254Buildings & Improvements


88,465



2,297,988



2,386,453Accumulated Depreciation


(8,464
)


(402,497
)


(410,961
)Subtotal


96,230



2,393,516



2,489,746Construction in Progress


6,960



30,575



37,535Leasing Commissions, Net and
    Deferred Leasing Intangibles


12,771







12,771Balance Sheet at December 31,
    2006

$
115,961


$
2,424,091


$
2,540,052   (l)
    
    This property collateralizes a $3.0 million mortgage loan
    which matures on May 1, 2016.(m)
    
    This property collateralizes a $15.2 million mortgage loan
    which matures on December 1, 2010.(n)
    
    This property collateralizes a $5.1 million mortgage loan
    which matures on December 1, 2019.(o)
    
    This property collateralizes a $1.6 million mortgage loan
    which matures on January 1, 2013.(p)
    
    These properties collateralize a $1.8 million mortgage loan
    which matures on September 1, 2009.(q)
    
    This property collateralizes a $2.4 million mortgage loan
    which matures on January 1, 2012.(r)
    
    This property collateralizes a $1.9 million mortgage loan
    which matures on June 1, 2014.(s)
    
    This property collateralizes a $5.3 million mortgage loan
    which matures on December 1, 2019.(t)
    
    This property collateralizes a $1.9 million mortgage loan
    which matures on September 30, 2024.(u)
    
    This property collateralizes a $6.7 million mortgage loan
    which matures on March 1, 2011.(v)
    
    This property collateralizes a $14.2 million mortgage loan
    and a $12.0 million mortgage loan which both mature on
    January 1, 2014.(w)
    
    These properties collateralize a $6.0 million mortgage loan
    which matures on July 1, 2009.(x)
    
    This property collateralizes a $0.8 million mortgage loan
    which matures on February 1, 2017.(y)
    
    Consists of five properties.(z)
    
    Consists of six properties.(aa)
    
    Consists of eight properties.   S-24




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##### Table of Contents



FIRST
    INDUSTRIAL LP
    SCHEDULE III:
    REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)
    As of December 31, 2006
    2006


2005


2004(Dollars in thousands)Balance, Beginning of Year

$
2,914,916


$
2,537,513


$
2,352,026Acquisition, Construction Costs
    and Improvements


711,029



810,266



493,012Disposition of Assets


(672,099
)


(403,651
)


(288,433
)Write-off of Fully Depreciated
    Assets


(15,604
)


(29,212
)


(19,092
)Balance, End of Year

$
2,938,242


$
2,914,916


$
2,537,513     2006


2005


2004Balance, Beginning of Year

$
357,228


$
323,493


$
295,688Depreciation for Year


107,352



86,587



71,779Disposition of Assets


(38,014
)


(24,088
)


(24,882
)Write-off of Fully Depreciated
    Assets


(15,604
)


(28,764
)


(19,092
)Balance, End of Year

$
410,962


$
357,228


$
323,493  S-25




---



##### Table of Contents



SIGNATURES    FIRST
    INDUSTRIAL, L.P.
  By:
    FIRST INDUSTRIAL REALTY TRUST, INC.
    as general partnerBy:
    /s/  Michael
    W. Brennan        By:
    /s/  Michael
    J. Havala    
    By:
    /s/  Scott
    A. Musil          Signature

Title

Date/s/  Jay
    H. ShidlerJay
    H. Shidler

Chairman of the Board of Directors

February 28, 2007/s/  Michael
    W. BrennanMichael
    W. Brennan

President, Chief Executive Officer
    and Director

February 28, 2007/s/  Michael
    G. DamoneMichael
    G. Damone

Director of Strategic Planning and
    Director

February 28, 2007/s/  Kevin
    W. LynchKevin
    W. Lynch

Director

February 28, 2007 S-26




---



##### Table of Contents



Signature

Title

Date/s/  Robert
    D. NewmanRobert
    D. Newman

Director

February 28, 2007/s/  John
    E. RauJohn
    E. Rau

Director

February 28, 2007/s/  Robert
    J. SlaterRobert
    J. Slater

Director

February 28, 2007/s/  W.
    Edwin TylerW.
    Edwin Tyler

Director

February 28, 2007/s/  J.
    Steven WilsonJ.
    Steven Wilson

Director

February 28, 2007  S-27