##### Table of Contents



UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION
 Washington, 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, 2005ORo

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,
    Chicago, Illinois

60606(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




---



##### 



FIRST
    INDUSTRIAL, L.P.
  TABLE OF
    CONTENTS
  
  PagePART IItem 1.

Business


3Item 1A.

Risk Factors


9Item 1B.

Unresolved SEC
    comments


16Item 2.

Properties


17Item 3.

Legal
    Proceedings


27Item 4.

Submission of
    Matters to a Vote of Security Holders


27PART IIItem 5.

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


27Item 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


51PART IIIItem 10.

Directors and
    Executive Officers of the Registrant


51Item 11.

Executive
    Compensation


51Item 12.

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


51Item 13.

Certain
    Relationships and Related Transactions


51Item 14.

Principal
    Accountant Fees and Services


51PART IVItem 15.

Exhibits and
    Financial Statement Schedules


51SIGNATURES


S-29Computation of Ratio of Earnings
    to Fixed ChargesConsent of PricewaterhouseCoopers
    LLPCertification of Principal
    Executive OfficerCertification of Principal
    Financial OfficerCertification of the Principal
    Executive Officer and Principal Financial OfficerComputation of Ratios of Earnings to Fixed ChargesConsent of PricewaterhouseCoopers LLPConsent of Principal Executive OfficerCertification of Principal Financial OfficerCertifications   1




---



##### Table of Contents



lease-up higher-than-expected
 2




---



##### Table of Contents



PART I
    THE COMPANY  Item 1.
    Business  General
       3




---



##### Table of Contents



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.  Business
    Strategies
    
    Organization Strategy.  The Consolidated
    Operating Partnership implements its decentralized property
    operations strategy through the deployment of experienced
    regional management teams and local 4




---



##### Table of Contents




    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 are based upon one or more of the following
    characteristics: (i) the strength of the markets
    industrial real estate fundamentals, including increased
    industrial demand expectations; (ii) the history and
    outlook for continued economic growth and industry diversity;
    and (iii) a minimum market size of 100 million square
    feet of industrial space. The Consolidated Operating Partnership
    is currently evaluating industrial real estate investments
    outside of the United States, including 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 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 884 industrial
    properties in the Consolidated Operating Partnerships and
    Other Real Estate Partnerships combined in-service
    portfolios at December 31, 2005, 131 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 lines 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 continually evaluates
    joint ventures arrangements as another source of capital. As of
    March 6, 2006, the Consolidated Operating Partnership had
    approximately $212.4 million available in additional
    borrowings under its unsecured line of credit.  Recent
    Developments
     5




---



##### Table of Contents



20-year
  15-year
  20-year
  30-year
 6




---



##### Table of Contents



7




---



##### Table of Contents



8




---



##### Table of Contents



Future
    Property Acquisitions, Developments and Property Sales
        INDUSTRY
  construction-on-demand *
  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;    *
 9




---



##### Table of Contents




    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.
    The
    Consolidated Operating Partnership may be unable to sell or
    contribute properties on advantageous terms.
     10




---



##### Table of Contents



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.
    
    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.
   11




---



##### Table of Contents



The
    Company might fail to qualify or remain qualified as a
    REIT.
        Certain
    property transfers may generate prohibited transaction income,
    resulting in a penalty tax on the gain attributable to the
    transaction.
   12




---



##### Table of Contents



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.
    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) 13




---



##### Table of Contents




    $200 million aggregate principal amount of
    6.875% Notes due 2012 (the 2012 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)
    $150 million aggregate principal amount of 7.00% Notes
    due 2006 (the 2006 Notes)
    a $500 million unsecured revolving credit facility (the
    2005 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.
    a $125 million unsecured non-revolving credit facility (the
    2005 Unsecured Line of Credit II, together with
    the 2005 Unsecured Line of Credit I, the Unsecured
    Lines of Credit) under which the Consolidated Operating
    Partnership may borrow to finance the acquisition of additional
    properties and for other corporate purposes, including working
    capital.      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.
   14




---



##### Table of Contents



Earnings
    and cash dividends, asset value and market interest rates affect
    the price of the Companys common stock.
    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.
   15




---



##### Table of Contents



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;
    if co-members or joint venturers 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;
    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 result in
    subjecting 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   16




---



##### Table of Contents



Item 2.
    Properties  General
        
    Light industrial properties generally are of less than
    100,000 square feet, have a ceiling height of 16 to
    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 that which is 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. 17




---



##### Table of Contents



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(j)


710,554



12



140,538



3



2,997,621



12



293,646



4



1,060,600



5Baltimore, MD((e)


778,522



13



87,415



3



1,373,430



6











171,000



1Central Pennsylvania (f)


146,990



2











701,000



3















Chicago, IL


1,004,748



17



247,447



4



2,163,175



11



159,252



3



589,000



3Cincinnati, OH


443,039



5











2,042,555



10



450,797



7







Cleveland, OH


































462,000



1Columbus, OH


217,612



2











2,235,140



6















Dallas, TX


1,925,213



49



492,503



20



2,406,171



18



843,232



13



224,984



2Denver, CO


1,551,926



30



1,414,101



35



1,201,573



7



526,723



8



126,384



1Des Moines, IA


















150,444



1















Detroit, MI


2,062,870



82



464,026



15



370,808



4



747,978



17







Grand Rapids, MI


61,250



1































Houston, TX


741,042



8



201,363



3



2,233,064



13



437,088



6







Indianapolis, IN (c,h,l)


1,064,808



21



118,200



5



2,346,653



11



303,610



8



71,600



2Los Angeles, CA(b)


153,353



5











846,004



4



43,676



1







Louisville, KY


















443,500



2















Milwaukee, WI


274,223



5











1,579,569



8



80,682



1







Minneapolis/St. Paul, MN (d,i)


1,152,387



18



738,099



10



1,902,386



9



201,813



2



525,005



8Nashville, TN


273,843



5











1,047,265



6











330,458



2N. New Jersey


1,007,039



18



413,167



7



555,205



4



150,985



2







Philadelphia, PA


























21,512



1







Phoenix, AZ


135,415



6











631,000



2



469,923



6







Portland, OR


































36,000



1Raleigh, NC


































160,120



1Salt Lake City, UT


478,782



32



146,937



6



324,568



2















San Diego, CA


65,755



1











397,760



2



318,106



9







S. New Jersey(k)


1,317,055



21



23,050



1











118,496



2



22,738



1St. Louis, MO


355,535



5











866,072



6



96,392



1







Tampa, FL(h)


493,029



12



608,921



23



209,500



1















Totonto, ON


57,540



1











279,000



1















Other(a)


60,000



2











1,648,866



9



50,000



1







Total


16,532,530



373



5,095,767



135



30,952,329



158



5,313,911



92



3,779,889



28     (a)
    
    Properties are located in Wichita, KS, McAllen, TX, Malvern, AK,
    Kansas City, MO, San Antonio, TX, Byhalia, MS, Birmingham,
    AL, Shreveport, LA and Greenville, SC.(b)
    
    One property collateralizes a $5.3 million mortgage loan
    which matures on December 1, 2019.(c)
    
    Twelve properties collateralize a $2.3 million mortgage
    loan which matures on September 1, 2009.(d)
    
    One property collateralizes a $5.5 million mortgage loan
    which matures on December 1, 2019.(e)
    
    One property collateralizes a $1.9 million mortgage loan
    which matures on October 1, 2006.(f)
    
    One property collateralizes a $15.7 million mortgage loan
    which matures on December 1, 2010.(g)
    
    Six properties collateralize a $6.4 million mortgage loan
    which matures on July 1, 2009.(h)
    
    One property collateralizes a $1.8 million mortgage loan
    which matures on January 1, 2013.(i)
    
    One property collateralizes a $2.0 million mortgage loan
    which matures on September 30, 2024.(j)
    
    One property collateralizes a $3.2 million mortgage loan
    which matures on May 1, 2016.(k)
    
    One property collateralizes a $7.1 million mortgage loan
    which matures on March 1, 2011.(l)
    
    One property collateralizes a $2.5 million mortgage loan
    which matures on January 1, 2012. 18




---



##### Table of Contents



Consolidated
    Operating Partnership
    Property Summary Totals
  TotalsAverage


GLA as a %Number of


Occupancy at


of TotalMetropolitan Area

GLA


Properties(b)


12/31/05(b)


Portfolio(b)Atlanta, GA


5,202,959



36



86
%


8.4
%Baltimore, MD


2,410,367



23



96
%


3.9
%Central Pennsylvania


847,990



5



100
%


1.37
%Chicago, IL


4,163,622



38



85
%


6.8
%Cincinnati, OH


2,936,391



22



94
%


4.8
%Cleveland, OH


462,000



1



100
%


0.7
%Columbus, OH


2,452,752



8



95
%


4.0
%Dallas, TX


5,892,103



102



89
%


9.6
%Denver, CO


4,820,707



81



93
%


7.8
%Des Moines, IA


150,444



1



100
%


0.2
%Detroit, MI


3,645,682



118



90
%


5.9
%Grand Rapids, MI


61,250



1



100
%


0.1
%Houston, TX


3,612,557



30



94
%


5.9
%Indianapolis, IN


3,904,871



47



93
%


6.3
%Los Angeles, CA


1,043,033



10



99
%


1.7
%Louisville, KY


443,500



2



89
%


0.7
%Milwaukee, WI


1,934,474



14



98
%


3.1
%Minneapolis/St. Paul, MN


4,519,690



47



91
%


7.3
%Nashville, TN


1,651,566



13



91
%


2.7
%N. New Jersey


2,126,396



31



92
%


3.4
%Philadelphia, PA


21,512



1



100
%


0.0
%Phoenix, AZ


1,236,338



14



90
%


2.0
%Portland, OR


36,000



1



100
%


0.1
%Raleigh, NC


397,120



2



100
%


0.6
%Salt Lake City, UT


950,287



40



94
%


1.5
%San Diego, CA


781,621



12



80
%


1.3
%S. New Jersey


1,481,339



25



100
%


2.4
%St. Louis, MO


1,317,999



12



95
%


2.1
%Tampa, FL


1,311,450



36



88
%


2.1
%Toronto, ON


336,540



2



100
%


0.5
%Other(a)


1,521,866



11



100
%


2.5
%Total or Average


61,674,426



786



92
%


100.0
%     (a)
    
    Properties are located in Wichita, KS, McAllen, TX, Malvern, AK,
    Kansas City, MO, San Antonio, TX, Byhalia, MS, Birmingham,
    AL, Shreveport, LA and Greenville, SC.(b)
    
    Includes only in-service properties. 19




---



##### Table of Contents



Other
    Real Estate Partnerships
    Property Summary
  in-service
  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










109,294



3



237,338



2



90,289



1







Baltimore, MD


152,904



2



82,245



2























Central Pennsylvania


715,240



5











300,000



1



117,599



3







Chicago, IL


265,313



3











390,432



2



50,009



1







Denver, CO


















110,400



1















Des Moines, IA


























88,000



1







Detroit, MI


340,347



6



23,392



1



160,035



1















Indianapolis, IN


















1,527,127



5



60,000



1







Los Angeles, CA


86,084



3



18,921



4























Milwaukee, WI










93,705



2



100,520



1



39,468



1







Minneapolis/St. Paul, MN


































532,119



3Nashville, TN


















160,661



1















N. New Jersey


194,157



3































Philadelphia, PA


1,030,494



21



126,692



5



221,937



2



139,316



2



30,000



1S. New Jersey


45,770



1































St. Louis, MO


















245,000



2















Tampa, FL










44,427



1























Other(a)


99,000



3











490,500



1















Total


2,929,309



47



498,676



18



3,943,950



19



584,681



10



562,119



4     (a)
    
    Properties are located in Austin, TX and Sparks, NV. 20




---



##### Table of Contents



Other
    Real Estate Partnerships
    Property Summary Totals
  TotalsAverage


GLA as a %Number of


Occupancy at


of TotalMetropolitan Area

GLA


Properties(b)


12/31/05(b)


Portfolio(b)Atlanta, GA


436,921



6



94
%


5.1
%Baltimore, MD


235,149



4



94
%


2.8
%Central Pennsylvania


1,132,839



9



99
%


13.3
%Chicago, IL


705,754



6



87
%


8.3
%Denver, CO


110,400



1



93
%


1.3
%Des Moines, IA


88,000



1



87
%


1.0
%Detroit, MI


523,774



8



91
%


6.1
%Indianapolis, IN


1,587,127



6



92
%


18.6
%Los Angeles, CA


105,005



7



99
%


1.2
%Milwaukee, WI


233,693



4



98
%


2.7
%Minneapolis/St. Paul, MN


532,119



3



92
%


6.2
%Nashville, TN


160,661



1



92
%


1.9
%N. New Jersey


194,157



3



92
%


2.3
%Philadelphia, PA


1,548,439



31



98
%


18.2
%S. New Jersey


45,770



1



100
%


0.5
%St. Louis, MO


245,000



2



96
%


2.9
%Tampa, FL


44,427



1



88
%


0.5
%Other(a)


589,500



4



100
%


6.9
%Total or Average


8,518,735



98



92
%


100.0
%     (a)
    
    Properties are located in Austin, TX and Sparks, NV.(b)
    
    Includes only in-service properties.  Property
    Acquisition Activity
    AverageNumber







OccupancyMetropolitan Area

of Properties


GLA


Property Type

at 12/31/05(c)Indianapolis, IN(a)


1



286,555


Bulk Warehouse


N/ASan Diego, CA


1



111,920


Bulk Warehouse


N/ANashville, TN


1



177,004


Bulk Warehouse


100
%Cincinnati, OH


1



176,000


Bulk Warehouse


N/ADallas, TX


1



99,831


Light Industrial


N/ACentral PA(a)


1



249,600


Bulk Warehouse


N/AChicago, IL


1



97,450


Light Industrial


N/ADallas, TX(a)


1



73,986


Light Industrial


N/AHouston, TX(a)


1



74,716


Light Industrial


N/AMilwaukee, WI


4



368,462


Light Industrial & Bulk
    Warehouse


89
%Minneapolis, MN


1



83,285


R&D/Flex


100
%Des Moines(a)


1



90,000


Regional Warehouse


N/A 21




---



##### Table of Contents



AverageNumber







OccupancyMetropolitan Area

of Properties


GLA


Property Type

at 12/31/05(c)Des Moines(a)


1



200,000


Bulk Warehouse


N/ADes Moines(a)


1



131,169


Manufacturing


N/AIndianapolis


1



260,400


Bulk Warehouse


100
%Houston


1



200,000


Bulk Warehouse


100
%Phoenix, Chicago


3



371,000


Regional & Bulk Warehouse


100
%Des Moines(a)


1



400,000


Bulk Warehouse


N/APhoenix, AZ(a)


1



56,801


Light Industrial


N/AMilwaukee, WI(a)


1



160,000


Bulk Warehouse


N/ADallas, TX(a)


1



395,970


Bulk Warehouse


N/ADenver, CO


1



36,828


Light Industrial


100
%Dallas, TX


1



41,019


Light Industrial


100
%Baltimore, MD


4



115,985


R&D/Flex


87
%Minneapolis, MN


1



413,239


Light Industrial


N/APhoenix, AZ


3



384,683


Bulk Warehouse


N/ADetroit, MI


1



55,000


Light Industrial


N/AAtlanta, GA & Columbus, OH


3



720,953


Bulk Warehouse


100
%Atlanta, GA


1



90,000


Light Industrial


100
%Chicago, IL(a)


1



74,960


Manufacturing


N/ADetroit, MI


1



53,550


Light Industrial


100
%Milwaukee, WI


1



44,342


Light Industrial


100
%S. New Jersey


1



355,000


R&D/Flex/Light Industrial


100
%Cincinnati, OH


1



175,250


Light Industrial


N/ALos Angeles, CA


2



119,104


Light Industrial


N/ADallas/ Chicago/ Minneapolis


18



2,432,884


Light Industrial, R&D/Flex,
    Regional & Bulk Warehouse


99
%Los Angeles, CA(a)


1



33,145


Light Industrial


N/AAtlanta, GA


1



152,819


Bulk Warehouse


100
%Orlando, FL


1



78,997


Light Industrial


N/AChicago, IL


2



303,760


Bulk Warehouse


100
%Chicago, IL


1



35,000


Regional Warehouse


100
%Detroit, MI


3



138,103


Light Industrial


100
%Detroit, MI


1



116,937


Bulk Warehouse


N/ANashville, TN


1



535,000


Bulk Warehouse


100
%Detroit, MI


1



18,550


R&D/Flex


N/AMilwaukee/Cincinnati


13



1,556,659


Light
    Industrial/Regional & Bulk Warehouse


100
%Atlanta, GA


2



110,529


Light Industrial


90
%Central PA


1



81,600


Light Industrial


100
%Dallas, TX


1



48,118


Regional Warehouse


N/ACentral PA


1



106,637


Bulk Warehouse


N/AVarious


20



3,591,433


Lt Ind/R&D
    Flex/Mfg/Reg & Bulk Whse


100
%Milwaukee, WI


1



36,608


Light Industrial


N/ANashville, TN


1



51,528


Regional Warehouse


N/ADetroit, MI


1



40,000


Light Industrial


100
%Indianapolis, IN


5



325,379


Light Industrial/R&D
    Flex/Regional Warehouse


100
%Houston, TX


1



38,950


R&D/Flex


N/AHouston, TX


1



31,540


R&D/Flex


N/ALos Angeles, CA


1



70,000


Light Industrial


95
%Atlanta, GA


2



287,600


Light Industrial/Bulk Warehouse


100
%Denver, CO


1



126,384


Manufacturing


100
%Tampa, FL


1



209,500


Bulk Warehouse


100
%Detroit, MI


1



88,700


Light Industrial


N/ABaltimore, MD(b)


16



951,820


Light Industrial/R&D Flex


95
%San Diego, CA


1



65,755


Light Industrial


100
%149



18,407,997     (a)
    
    Property was sold in 2005. 22




---



##### Table of Contents



(b)
    
    Property acquired through foreclosure.(c)
    
    Includes only in-service properties.    Number







OccupancyMetropolitan Area

of Properties


GLA


Property Type

at 12/31/05(a)Philadelphia, PA


1



178,537


Bulk Warehouse


100
%Denver, CO


1



110,400


Bulk Warehouse


100
%N. New Jersey


1



49,707


Light Industrial


100
%Central PA


1



243,380


Light Industrial


N/ACentral PA


1



332,170


Light Industrial


100
%Milwaukee, WI


1



100,520


Bulk Warehouse


100
%Atlanta, GA


1



296,059


Bulk Warehouse


N/AVarious


4



235,149


Lt Ind/R&D
    Flex/Mfg/Reg & Bulk Whse


100
%Chicago, IL


1



156,621


Light Industrial


100
%12



1,702,543     (a)
    
    Includes only in-service properties.  Property
    Development Activity
    AverageOccupancyMetropolitan Area

GLA


Property Type

at 12/31/05Cedar Rapids, IA(a)


750,000


Bulk Warehouse


N/ATampa, FL(a)


27,980


R&D/Flex


N/ASt. Louis, MO(a)


144,400


Bulk Warehouse


N/ACincinnati, OH


180,000


Bulk Warehouse


100
%Cincinnati, OH


236,250


Bulk Warehouse


100
%Columbus, OH(a)


128,537


Bulk Warehouse


N/ADetroit, MI


63,000


Regional Warehouse


100
%Denver, CO


16,120


R&D/Flex


100
%Tampa, FL


38,780


R&D/Flex


N/APhoenix, AZ


500,000


Bulk Warehouse


100
%Nashville, TN(a)


325,000


Bulk Warehouse


N/AMalvern, AK


140,000


Bulk Warehouse


100
%2,550,067     (a)
    
    Property was sold in 2005.   23




---



##### Table of Contents



Property
    Sales
    Number ofMetropolitan Area

Properties


GLA


Property TypeSt. Louis, MO


1



248,635


Bulk WarehouseCedar Rapids, IA


1



750,000


Bulk WarehouseIndianapolis


1



286,555


Bulk WarehouseDetroit, MI


1



127,800


Bulk WarehouseMilwaukee, WI


1



104,190


Bulk WarehouseCincinnati, OH


1



143,438


Bulk WarehouseMiami, FL


1



268,539


Bulk WarehouseMinneapolis, MN


1



49,190


R&D/FlexMinneapolis, MN


1



81,927


Light IndustrialNashville, TN


1



518,400


Bulk WarehouseNorthern New Jersey


1



194,258


Bulk WarehouseHouston, TX


1



48,000


Light IndustrialNorthern New Jersey


2



29,000


R&D Flex/Light IndustrialTampa, FL


1



27,980


R&D/FlexPhoenix, AZ


2



99,436


Light IndustrialCincinnati, OH


1



345,000


Bulk WarehouseNorthern New Jersey


1



208,000


Bulk WarehouseLos Angeles, CA


2



30,157


Light IndustrialHouston, TX


1



74,716


Light IndustrialMinneapolis, MN


1



47,263


Light IndustrialBaltimore, MD


3



190,456


Light IndustrialCentral PA


1



249,640


Bulk WarehouseTampa, FL


1



41,377


Regional WarehouseChicago, IL


1



288,000


Bulk WarehouseLos Angeles, CA


3



245,302


Regional & Bulk WarehouseBaltimore, MD


2



125,000


Light IndustrialMilwaukee, WI


1



160,000


Bulk WarehouseCentral PA


1



252,000


Bulk WarehouseAtlanta, GA


1



239,435


ManufacturingPhoenix, AZ


3



407,205


Bulk WarehouseDes Moines, IA


1



90,000


Regional WarehouseLos Angeles, CA


1



68,446


Regional WarehouseSt. Louis, MO


2



318,200


Bulk WarehouseSouthern New Jersey






25,779


Light IndustrialTampa, FL


1



38,780


R&D/FlexDallas, TX


3



262,686


Lt Industrial/Regional &
    Bulk WarehouseDenver, CO


1



34,740


Light IndustrialChicago, IL


1



31,175


Light IndustrialChicago, IL


1



74,960


Manufacturing 24




---



##### Table of Contents



Number ofMetropolitan Area

Properties


GLA


Property TypeColumbus, OH


1



128,537


Bulk WarehouseNorthern New Jersey


1



266,338


Bulk WarehouseDenver, CO


1



14,822


R&D/FlexSouthern New Jersey


1



14,400


R&D/FlexAtlanta, GA


1



36,000


Light IndustrialLos Angeles, CA


2



73,000


Light IndustrialLos Angeles, CA


1



33,145


Light IndustrialSalt Lake City, UT


4



100,072


Light IndustrialPhoenix, AZ


1



56,801


Light IndustrialTampa, FL


6



179,494


R&D/FlexDes Moines, IA


3



731,169


Manufacturing/Bulk WarehouseOther, NH


1



107,908


R&D/FlexNashville, TN


1



325,000


Bulk WarehouseNorthern New Jersey


1



158,242


Bulk WarehouseNorthern New Jersey


1



87,500


Regional WarehouseTampa, FL


3



73,723


R&D Flex/Light IndustrialDallas, TX


1



395,970


Bulk WarehouseAtlanta, GA


1



1,054,500


Bulk Warehouse82



10,662,286     Number ofMetropolitan Area

Properties


GLA


Property TypeCentral PA


1



112,500


Bulk WarehousePhiladelphia, PA


1



61,157


Light IndustrialPhiladelphia, PA


1



72,000


Regional WarehouseBaltimore, MD


1



65,860


Light IndustrialIndianapolis


1



192,000


Bulk WarehouseAtlanta, GA


1



59,959


Light IndustrialPhiladelphia, PA


1



26,827


ManufacturingAtlanta, GA


1



44,242


R&D/FlexAtlanta, GA


1



800,000


Bulk WarehouseCentral PA


1



100,000


Bulk WarehouseCentral PA


1



198,386


Bulk WarehousePhiladelphia, PA


1



40,000


Light IndustrialChicago, IL


1



49,730


R&D/FlexCentral PA


1



300,000


Bulk Warehouse14



2,122,661   Property
    Acquisitions, Developments and Sales Subsequent to Year
    End
   25




---



##### Table of Contents



Tenant
    and Lease Information
      Annual Base RentNumber of





Percentage of


Under Expiring


Percentage of TotalLeases


GLA


GLA


Leases


Annual Base RentYear of Expiration(1)

Expiring


Expiring(2)


Expiring


(In thousands)


Expiring(2)2006


713



12,732,193



22
%


52,856



24
%2007


487



9,558,856



17
%


39,933



18
%2008


468



8,754,317



15
%


36,707



16
%2009


269



5,086,545



9
%


22,181



10
%2010


240



5,317,872



9
%


21,668



10
%2011


85



2,189,336



4
%


7,619



3
%2012


31



1,085,093



2
%


3,404



2
%2013


30



2,177,011



4
%


7,263



3
%2014


19



1,022,704



2
%


3,682



2
%2015


35



3,216,067



6
%


11,055



5
%Thereafter


34



5,498,145



10
%


15,104



7
%Total


2,411



56,638,139



100.0
%

$
221,472



100.0
%     (1)
    
    Lease expirations as of December 31, 2005 assume tenants do
    not exercise existing renewal, termination, or purchase options.(2)
    
    Does not include existing vacancies of 5,036,287 aggregate
    square feet.   26




---



##### Table of Contents



Annual Base RentNumber of





Percentage of


Under Expiring


Percentage of TotalLeases


GLA


GLA


Leases


Annual Base RentYear of Expiration(1)

Expiring


Expiring(2)


Expiring


(In thousands)


Expiring(2)2006


72



1,411,048



17.2
%


6,794



19
%2007


47



1,054,689



12.9
%


5,061



15
%2008


41



1,925,609



23.5
%


7,784



22
%2009


35



880,319



10.8
%


4,113



12
%2010


34



953,549



11.6
%


4,176



12
%2011


16



955,757



11.7
%


3,868



11
%2012


6



242,826



3.0
%


1,033



3
%2013


7



371,684



4.5
%


1,145



3
%2014


2



109,697



1.3
%


279



1
%2015


3



244,803



3.0
%


812



2
%Thereafter


1



37,765



0.5
%







%Total


264



8,187,746



100.0
%

$
35,065



100.0
%     (1)
    
    Lease expirations as of December 31, 2005 assume tenants do
    not exercise existing renewal, termination, or purchase options.(2)
    
    Does not include existing vacancies of 330,989 aggregate square
    feet.  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     27




---



##### Table of Contents



DistributionQuarter Ended

DeclaredDecember 31, 2005

$
0.7000September 30, 2005

$
0.6950June 30, 2005

$
0.6950March 31, 2005

$
0.6950December 31, 2004

$
0.6950September 30, 2004

$
0.6850June 30, 2004

$
0.6850March 31,2004

$
0.6850       lock-up one-for-one
 28




---



##### Table of Contents



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


Year Ended


Year Ended


Year Ended


Year Ended12/31/05


12/31/04


12/31/03


12/31/02


12/31/01(In thousands, except per unit
    and property data)Statement of Operations
    Data:Total Revenues

$
323,357


$
258,768


$
236,165


$
220,847


$
233,685Interest Income


1,075



2,025



1,698



121



265Market-to-Market/Gain
    on Settlement of Interest Rate Protection Agreement


811



1,583











Property Expenses


(108,519
)


(87,461
)


(80,562
)


(73,062
)


(72,153
)Expenses from Build to Suit
    Development for Sale


(15,574
)














General and Administrative Expense


(54,846
)


(38,912
)


(25,607
)


(19,230
)


(17,990
)Interest Expense


(108,164
)


(98,458
)


(94,637
)


(87,069
)


(78,841
)Amortization of Deferred Financing
    Costs


(2,122
)


(1,928
)


(1,761
)


(1,858
)


(1,742
)Depreciation and Other Amortization


(105,714
)


(77,404
)


(60,046
)


(49,387
)


(45,775
)Gain (Loss) from Early Retirement
    of Debt (b)


82



(515
)






(888
)


(10,309
)Valuation Provision on Real
    Estate (a)


















(6,490
)Equity in Income of Other Real
    Estate Partnerships


48,212



29,203



43,332



53,038



47,949Equity in Income (Loss) of Joint
    Ventures


3,698



35,840



539



463



(791
)Income Tax Benefit


12,033



7,673



5,147



2,193



197(Loss) Income from Continuing
    Operations


(5,671
)


30,414



24,268



45,168



48,005Income from Discontinued Operations
    (Including Gain on Sale of Real Estate of $102,742, $81,806,
    $74,797 and $37,106 for the Year Ended December 31, 2005,
    2004, 2003 and 2002), (c)


108,482



95,740



102,943



80,701



48,307Provision for Income Taxes
    Allocable to Discontinued Operations (Including $19,719, $8,267,
    $1,988 and $1,435 allocable to Gain on Sale of Real Estate for
    the years ended December 31, 2005, 2004, 2003 and 2002,
    respectively)


(21,754
)


(10,800
)


(3,427
)


(2,465
)


(1,248
)Gain on Sale of Real Estate


28,870



15,112



9,594



16,408



42,942Provision for Income Taxes
    Allocable to Gain on Sale of Real Estate


(10,711
)


(5,312
)


(2,322
)


(3,394
)


(43
)Net Income


99,216



125,154



131,056



136,418



137,963Redemption of Preferred Units






(7,959
)






(3,707
)


Preferred Unit Distributions


(10,688
)


(14,488
)


(20,176
)


(23,432
)


(28,924
)Net Income Available to Unitholders

$
88,528


$
102,707


$
110,880


$
109,279


$
109,039 29




---



##### Table of Contents



Year Ended


Year Ended


Year Ended


Year Ended


Year Ended12/31/05


12/31/04


12/31/03


12/31/02


12/31/01(In thousands, except per unit
    and property data)Income from Continuing Operations
    Available to Unitholders Per Weighted Average Unit Outstanding:Basic

$
0.04


$
0.38


$
0.25


$
0.68


$
1.35Diluted

$
0.04


$
0.37


$
0.25


$
0.67


$
1.34Net Income Available to Unitholders
    Per Weighted Average Unit Outstanding:Basic

$
1.81


$
2.18


$
2.45


$
2.38


$
2.37Diluted

$
1.80


$
2.16


$
2.44


$
2.37


$
2.36Distributions Per Unit

$
2.7850


$
2.7500


$
2.7400


$
2.7250


$
2.6525Weighted Average Number of Units
    Outstanding:Basic


48,968



47,136



45,322



45,841



45,949Diluted


49,193



47,467



45,443



46,079



46,258Net Income

$
99,216


$
125,154


$
131,056


$
136,418


$
137,963Other Comprehensive (Loss) Income:Cumulative Transition Adjustment


















(14,920
)Settlement of Interest Rate
    Protection Agreements






6,816







1,772



(191
)Reclassification of Settlement of
    Interest Rate Protection Agreements to Net Income


(159
)














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


(1,414
)


106



251



(126
)


(231
)Write-off of Unamortized Interest
    Rate Protection Agreements Due to Early Retirement of Debt


















2,156Amortization of Interest Rate
    Protection Agreements


(1,085
)


(512
)


198



176



805Comprehensive Income

$
96,558


$
131,564


$
131,505


$
138,240


$
125,582Balance Sheet Data (End of
    Period):Real Estate, Before Accumulated
    Depreciation


2,896,937


$
2,486,414


$
2,352,026


$
2,316,970


$
2,311,883Real Estate, After Accumulated
    Depreciation


2,541,182



2,165,411



2,056,338



2,055,595



2,082,590Real Estate Held for Sale, Net


16,840



50,286







7,040



28,702Investment in and Advances to Other
    Real Estate Partnerships


378,864



339,967



374,906



377,776



378,350Total Assets


3,230,465



2,721,151



2,633,262



2,585,805



2,580,652Mortgage Loans Payable, Net,
    Unsecured Lines of Credit and Senior Unsecured Debt, Net


1,811,322



1,572,473



1,451,269



1,402,069



1,277,722Total Liabilities


2,016,827



1,711,429



1,570,195



1,525,587



1,400,727Partners Capital


1,213,638



1,009,722



1,063,067



1,060,218



1,179,925Other Data:Cash Flow From Operating Activities

$
82,831


$
81,015


$
91,266


$
138,453


$
145,986Cash Flow From Investing Activities


(404,742
)


5,570



18,115



11,007



(80,236
)Cash Flow From Financing Activities


325,653



(83,516
)


(109,381
)


(149,460
)


(69,394
)Total In-Service Properties


786



726



729



798



812Total In-Service GLA, in Square Feet


61,674,426



52,330,335



48,527,601



49,867,755



52,214,832In-Service Occupancy Percentage


92
%


91
%


90
%


89
%


91
%     (a)
    
    Represents a valuation provision on real estate relating to
    certain properties located in Columbus, Ohio, Des Moines,
    Iowa and Grand Rapids, Michigan.(b)
    
    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 30




---



##### Table of Contents



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 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 $.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
    $.9 million which is comprised of the amount paid above the
    carrying amount of the senior unsecured debt, the write-off of
    pro rata unamortized deferred financing costs and legal costs.
    In 2001, the Consolidated Operating Partnership, paid off and
    retired certain mortgage loans and senior unsecured debt. The
    Consolidated Operating Partnership recorded a loss from the
    early retirement of debt of approximately $10.3 million,
    which is comprised of the amount paid above the carrying amount
    of the senior unsecured debt, the write-off of unamortized
    deferred financing costs, the write-off of the unamortized
    portion of an interest rate protection agreement which was used
    to fix the interest rate on the senior unsecured debt prior to
    issuance, the settlement of an interest rate protection
    agreement used to fix the retirement price of the senior
    unsecured debt, prepayment fees, legal costs and other expenses.(c)
    
    On January 1, 2002, the Consolidated Operating Partnership
    adopted the Financial Accounting Standards Boards
    (FASB) Statement of Financial Accounting Standards
    No. 144, Accounting for the Impairment or Disposal of
    Long Lived Assets (FAS 144). FAS 144
    addresses financial accounting and reporting for the disposal of
    long lived assets. FAS 144 requires that the results of
    operations and gains or losses on the sale of property be
    presented in discontinued operations if both of the following
    criteria are met: (a) the operations and cash flows of the
    property have been (or will be) eliminated from the ongoing
    operations of the Consolidated Operating Partnership as a result
    of the disposal transaction and (b) the Consolidated
    Operating Partnership will not have any significant continuing
    involvement in the operations of the property after the disposal
    transaction. FAS 144 also requires prior period results of
    operations for these properties to be restated and presented in
    discontinued operations in prior consolidated statements of
    operations.  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



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 the Consolidated
    Operating Partnership has entered into a binding contract to
    sell such properties. When properties are classified as held for
    sale, the Consolidated 34




---



##### Table of Contents



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
    contract 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 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 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, 2005 to Year Ended
    December 31, 2004
     35




---



##### 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 Placed 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


(19,897
)


(38,239
)


18,342



(48.0
)%Total Revenues

$
323,357


$
258,768


$
64,589



25.0
%   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 Placed 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


(7,102
)


(13,234
)


6,132



(46.3
)%Total Property Expenses

$
124,093


$
87,461


$
36,632



41.9
%    36




---



##### 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
%Acquried 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
    & Equipment


1,371



1,279



92



7.2
%112,396



87,866



24,530



27.9
%Discontinued Operations


(6,682
)


(10,462
)


3,780



(36.1
)%Total Depreciation and Other
    Amortization

$
105,714


$
77,404


$
28,310



36.6
%           settlement/mark-to-market
 37




---



##### Table of Contents



re-classed
              Year EndedDecember 31,2005


2004Total Revenues

$
19,897


$
38,239Operating Expenses


(7,102
)


(13,234
)Interest Expense


(373
)


(609
)Depreciation and Amortization


(6,682
)


(10,462
)Provision for Income Taxes
    Allocable to Operations


(2,035
)


(2,533
)Gain on Sale of Real Estate


102,742



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


(19,719
)


(8,267
)Income from Discontinued Operations

$
86,728


$
84,940    38




---



##### Table of Contents



Comparison
    of Year Ended December 31, 2004 to Year Ended
    December 31, 2003
          2004


2003


$ Change


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

$
212,298


$
215,026


$
(2,728
)


(1.3
)%Acquired Properties


41,935



9,895



32,040



323.8
%Sold Properties


18,440



50,982



(32,542
)


(63.8
)%Properties Not Placed in-service


15,593



15,915



(322
)


(2.0
)%Other


8,741



7,641



1,100



14.4
%297,007



299,459



(2,452
)


(0.8
)%Discontinued Operations


(38,239
)


(63,294
)


25,055



(39.6
)%Total Revenues

$
258,768


$
236,165


$
22,603



9.6
%  39




---



##### Table of Contents



2004


2003


$ Change


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

$
69,071


$
71,946


$
(2,875
)


(4.0
)%Acquired Properties


12,443



3,008



9,435



313.7
%Sold Properties


5,917



16,177



(10,260
)


(63.4
)%Properties Not Placed in-service


7,156



5,373



1,783



33.2
%Other


6,108



4,375



1,733



39.6
%100,695



100,879



(184
)


(0.2
)%Discontinued Operations


(13,234
)


(20,317
)


7,083



(34.9
)%Total Property Expenses

$
87,461


$
80,562


$
6,899



8.6
%         2004


2003


$ Change


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

$
59,775


$
54,756


$
5,019



9.2
%Acquried Properties


15,796



3,710



12,086



325.8
%Sold Properties


4,107



10,438



(6,331
)


(60.7
)%Properties Not in-service and Other


6,909



4,190



2,719



64.9
%Corporate Furniture, Fixtures
    & Equipment


1,279



1,222



57



4.7
%87,866



74,316



13,550



18.2
%Discontinued Operations


(10,462
)


(14,270
)


3,808



(26.7
)%Total Depreciation and Other
    Amortization

$
77,404


$
60,046


$
17,358



28.9
%      40




---



##### Table of Contents



41




---



##### Table of Contents



Year EndedDecember 31,2004


2003Total Revenues

$
38,239


$
63,294Operating Expenses


(13,234
)


(20,317
)Interest Expense


(609
)


(561
)Depreciation and Amortization


(10,462
)


(14,270
)Provision for Income Taxes
    Allocable to Operations


(2,533
)


(1,439
)Gain on Sale of Real Estate


81,806



74,797Provision for Income Taxes
    Allocable to Gain on Sale


(8,267
)


(1,988
)Income from Discontinued Operations

$
84,940


$
99,516       LIQUIDITY
    AND CAPITAL RESOURCES
       42




---



##### Table of Contents



Year
    Ended December 31, 2005
             43




---



##### Table of Contents



44




---



##### 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*

$
40,660


$
1,678


$
3,185


$
3,167


$
32,630Real Estate Development*


93,784



93,784











Long-term Debt


1,823,975



280,026



486,986



147,435



909,528Interest Expense on Long Term Debt*


858,708



95,641



152,739



137,137



473,191Total

$
2,817,127


$
471,129


$
642,910


$
287,739


$
1,415,349     *
    
    Not on balance sheet.  Off-Balance
    Sheet Arrangements
    Environmental
    Inflation
    Ratio of
    Earnings to Fixed Charges
   45




---



##### Table of Contents



Market
    Risk
              Subsequent
    Events
       46




---



##### Table of Contents



5 8
   47




---



##### Table of Contents



Related
    Party Transactions
    Other
      and/or
    EITF 04-05,
 48




---



##### Table of Contents



EITF 04-05, EITF 04-05
  EITF 05-6, EITF 05-6
  Item 7A.
    Quantitative
    and Qualitative Disclosures About Market Risk    Item 8.
    Financial
    Statements and Supplementary Data  page F-1
  Item 9.
    Changes
    in and Disagreements with Accountants on Accounting and
    Financial Disclosure    Item 9A.
    Controls
    and Procedures  Disclosure
    Controls and Procedures
    Rule 15d-15(b)
  Managements
    Report on Internal Control Over Financial Reporting
   49




---



##### Table of Contents



page F-2 Form 10-K.
  Changes
    in Internal Control Over Financial Reporting
  Form 8-K Form 10-K Form 10-Q
       50




---



##### Table of Contents



Item 9B.
    Other
    Information   PART III  Item 10, 11,
    12, 13 and 14.
    Directors
    and Executive Officers of the Registrant, Executive
    Compensation, Security Ownership of Certain Beneficial Owners
    and Management and Related Stockholder Matters, Certain
    Relationships and Related Transactions and Principal Accountant
    Fees and Services   PART IV  Item 15.
    Exhibits
    and Financial Statement Schedules  page F-1.
  Exhibits:
  Exhibit No.

Description3
.1

Tenth Amended and Restated Limited
    Partnership Agreement of First Industrial, L.P. (the LP
    Agreement) dated January 13, 2006 (incorporated by
    reference to Exhibit 10.2 of the
    Form 8-K
    of the Company filed January 17, 2006, File
    No. 1-13102)3
.2

Amendment No. 1 dated
    January 20, 2006 to the LP Agreement (incorporated by
    reference to Exhibit 10.20 of the Companys Annual
    Report on
    Form 10-K
    for the fiscal year ended December 31, 2005, File
    No. 1-13102) 51




---



##### Table of Contents



Exhibit No.

Description4
.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 fiscal 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 fiscal 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 the 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)4
.13

Supplemental Indenture No. 7
    dated as of April 15, 2002, between First Industrial, L.P.
    and the 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) 52




---



##### Table of Contents



Exhibit No.

Description4
.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
    of First Industrial, L.P. 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 First Industrial, L.P., 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 First Industrial, L.P., 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)10
.1

Sales Agreement by and among the
    Company and 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 First Industrial, L.P., 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, 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, 2005, 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 amended.31
.2*

Certification of Principal
    Financial Officer of First Industrial Realty Trust, Inc.,
    registrants sole general partner, pursuant to
    Rule 13a-14(a)
    under the Securities Exchange Act of 1934, as amended.32
.1**

Certification of the Principal
    Executive Officer and the Principal Financial Officer pursuant
    to 18 U.S.C. Section 1350, as adopted pursuant to
    Section 906 of the Sarbanes  Oxley Act of
    2002.     *
    
    Filed herewith.**
    
    Furnished herewith 53




---



##### Table of Contents



EXHIBIT INDEX
  Exhibit No.

Description3
.1

Tenth Amended and Restated Limited
    Partnership Agreement of First Industrial, L.P. (the LP
    Agreement) dated January 13, 2006 (incorporated by
    reference to Exhibit 10.2 of the
    Form 8-K
    of the Company filed January 17, 2006, File
    No. 1-13102)3
.2

Amendment No. 1 dated
    January 20, 2006 to the LP Agreement (incorporated by
    reference to Exhibit 10.20 of the Companys Annual
    Report on
    Form 10-K
    for the fiscal year ended December 31, 2005, 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 fiscal 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 fiscal 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 the 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) 54




---



##### Table of Contents



Exhibit No.

Description4
.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)4
.13

Supplemental Indenture No. 7
    dated as of April 15, 2002, between First Industrial, L.P.
    and the 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
    of First Industrial, L.P. 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 First Industrial, L.P., 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 First Industrial, L.P., 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)10
.1

Sales Agreement by and among the
    Company and 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 First Industrial, L.P., 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, 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, 2005, 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 amended31
.2*

Certification of Principal
    Financial Officer of First Industrial Realty Trust, Inc.,
    registrants sole general partner, pursuant to
    Rule 13a-14(a)
    under the Securities Exchange Act of 1934, as amended32
.1**

Certification of the Principal
    Executive Officer and the Principal Financial Officer pursuant
    to 18 U.S.C. Section 1350, as adopted pursuant to
    Section 906 of the Sarbanes  Oxley Act of
    2002     *
    
    Filed herewith.**
    
    Furnished herewith 55




---



##### Table of Contents



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


F-2Consolidated
    Balance Sheets of First Industrial, L.P. as of December 31,
    2005 and 2004


F-4Consolidated
    Statements of Operations of First Industrial, L.P. for the Years
    Ended December 31, 2005, 2004 and 2003


F-5Consolidated
    Statements of Comprehensive Income of First Industrial, L.P. for
    the Years Ended December 31, 2005, 2004 and 2003


F-6Consolidated
    Statements of Changes in Partners Capital of First
    Industrial L.P. for the Years Ended December 31, 2005, 2004
    and 2003


F-7Consolidated
    Statements of Cash Flows of First Industrial L.P. for the Years
    Ended December 31, 2005, 2004 and 2003


F-8Notes to the
    Consolidated Financial Statements


F-9   OTHER
    REAL ESTATE PARTNERSHIPS
  INDEX TO
    FINANCIAL STATEMENTS
  PageFINANCIAL STATEMENTSReport of
    Independent Auditors


F-50Combined Balance
    Sheets of the Other Real Estate Partnerships as of
    December 31, 2005 and 2004


F-51Combined Statements
    of Operations of the Other Real Estate Partnerships for the
    Years Ended December 31, 2005, 2004 and 2003


F-52Combined Statements
    of Changes in Partners Capital of the Other Real Estate
    Partnerships for the Years Ended December 31, 2005, 2004
    and 2003


F-53Combined Statements
    of Cash Flows of the Other Real Estate Partnerships for the
    Years Ended December 31, 2005, 2004 and 2003


F-54Notes to Combined
    Financial Statements


F-55   FIRST
    INDUSTRIAL, L.P.
  FINANCIAL
    STATEMENT SCHEDULE
  PageFINANCIAL STATEMENT
    SCHEDULESchedule III: Real
    Estate and Accumulated Depreciation


S-1  F-1




---



##### 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
 F-2




---



##### Table of Contents



F-3




---



##### Table of Contents



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


December 31,2005


2004(Dollars in thousands, except
    share and per share data)ASSETSAssets:Investment in Real Estate:Land

$
490,359


$
423,836Buildings and Improvements


2,340,504



2,039,486Construction in Progress


66,074



23,092Less: Accumulated Depreciation


(355,755
)


(321,003
)Net Investment in Real Estate


2,541,182



2,165,411Real Estate Held for Sale, Net of
    Accumulated Depreciation and Amortization of $1,622 and $2,908
    at December 31, 2005 and December 31, 2004


16,840



50,286Investments in and Advances to
    Other Real Estate Partnerships


378,864



339,967Cash and Cash Equivalents


6,811



3,069Restricted Cash


14,945



25Tenant Accounts Receivable, Net


7,627



6,509Investments in Joint Ventures


44,330



5,489Deferred Rent Receivable, Net


21,520



15,928Deferred Financing Costs, Net


10,907



11,569Deferred Leasing Intangibles, Net


70,879



38,200Prepaid Expenses and Other Assets,
    Net


116,560



84,698Total Assets

$
3,230,465


$
2,721,151LIABILITIES AND PARTNERS
    CAPITALLiabilities:Mortgage Loans Payable, Net

$
54,929


$
57,449Senior Unsecured Debt, Net


1,298,893



1,347,524Unsecured Lines of Credit


457,500



167,500Accounts Payable and Accrued
    Expenses


116,249



68,577Deferred Leasing Intangibles, Net


22,169



8,451Rents Received in Advance and
    Security Deposits


27,578



26,441Dividends Payable


39,509



35,487Total Liabilities


2,016,827



1,711,429Commitments and Contingencies






Partners Capital:General Partner Preferred Units
    (21,500 and 20,750 units issued and outstanding at
    December 31, 2005 and 2004, respectively), with a
    liquidation preference of $312,500 and $125,000, respectively


303,068



121,584General Partner Units (44,444,710
    and 42,834,091 units issued and outstanding at
    December 31, 2005 and 2004, respectively)


773,921



757,840Unamortized Value of General
    Partnership Restricted Units


(16,825
)


(19,611
)Limited Partners Units
    (6,740,742 and 6,455,914 units issued and outstanding at
    December 31, 2005 and 2004, respectively)


159,832



153,609Accumulated Other Comprehensive
    Loss


(6,358
)


(3,700
)Total Partners Capital


1,213,638



1,009,722Total Liabilities and
    Partners Capital

$
3,230,465


$
2,721,151     F-4




---



##### Table of Contents



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2005


2004


2003(In thousands except per unit
    data)Revenues:Rental Income

$
222,997


$
193,156


$
176,720Tenant Recoveries and Other Income


84,119



65,612



59,445Build to Suit Development for Sale
    Revenues


16,241



Total Revenues


323,357



258,768



236,165Expenses:Real Estate Taxes


47,003



40,026



37,121Repairs and Maintenance


24,677



20,862



19,053Property Management


17,042



11,699



8,955Utilities


10,721



8,695



7,299Insurance


2,317



2,882



2,469Other


6,759



3,297



5,665General and Administrative


54,846



38,912



25,607Amortization of Deferred Financing
    Costs


2,122



1,928



1,761Depreciation and Other Amortization


105,714



77,404



60,046Expenses from Build to Suit
    Development for Sale


15,574







Total Expenses


286,775



205,705



167,976Other Income/Expense:Interest Income


1,075



2,025



1,698Mark-to-Market/Gain on Settlement
    of Interest Rate Protection Agreements


811



1,583



Interest Expense


(108,164
)


(98,458
)


(94,637
)Gain (Loss) From Early Retirement
    of Debt


82



(515
)


Total Other Income/Expense


(106,196
)


(95,365
)


(92,939
)Loss from Continuing Operations
    Before Equity in Income of Other Real Estate Partnerships,
    Equity in Income of Joint Ventures and Income Tax Benefit


(69,614
)


(42,302
)


(24,750
)Equity in Income of Other Real
    Estate Partnerships


48,212



29,203



43,332Equity in Income of Joint Ventures


3,698



35,840



539Income Tax Benefit


12,033



7,673



5,147(Loss) Income from Continuing
    Operations


(5,671
)


30,414



24,268Income from Discontinued Operations
    (Including Gain on Sale of Real Estate of $102,742, $81,806 and
    $74,797 for the Years Ended December 31, 2005, 2004 and
    2003 respectively)


108,482



95,740



102,943Provision for Income Taxes
    Allocable to Discontinued Operations (Including $19,719, $8,267
    and $1,988 allocable to Gain on Sale of Real Estate for the Year
    Ended December 31, 2005, 2004 and 2003, respectively)


(21,754
)


(10,800
)


(3,427
)Income Before Gain on Sale of Real
    Estate


81,057



115,354



123,784Gain on Sale of Real Estate


28,870



15,112



9,594Provision for Income Taxes
    Allocable to Gain on Sale of Real Estate


(10,711
)


(5,312
)


(2,322
)Net Income


99,216



125,154



131,056Less: Preferred Unit Distributions


(10,688
)


(14,488
)


(20,176
)Less: Redemption of Preferred Units






(7,959
)


Net Income Available to Unitholders

$
88,528


$
102,707


$
110,880Basic Earnings Per Unit:Income from Continuing Operations
    Available to Unitholders

$
0.04


$
0.38


$
0.25Income from Discontinued Operations

$
1.77


$
1.80


$
2.20Net Income Available to Unitholders

$
1.81


$
2.18


$
2.45Weighted Average Units Outstanding


48,968



47,136



45,322Diluted Earnings Per Unit:Income from Continuing Operations
    Available to Unitholders

$
0.04


$
0.37


$
0.25Income from Discontinued Operations

$
1.76


$
1.79


$
2.19Net Income Available to Unitholders

$
1.80


$
2.16


$
2.44Weighted Average Units Outstanding


49,193



47,467



45,443Distributions Per Unit

$
2.7850


$
2.7500


$
2.7400     F-5




---



##### Table of Contents



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2005


2004


2003(Dollars in thousands)Net Income

$
99,216


$
125,154


$
131,056Other Comprehensive (Loss)
    Income:Settlement of Interest Rate
    Protection Agreements






6,816



Reclassification of Settlement of
    Interest Rate Protection Agreements to Net Income


(159
)






Mark-to-Market
    of Interest Rate Protection Agreements


(1,414
)


106



251Amortization of Interest Rate
    Protection Agreements


(1,085
)


(512
)


198Comprehensive Income

$
96,558


$
131,564


$
131,505    F-6




---



##### Table of Contents



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2005


2004


2003(Dollars in thousands)General Partner Preferred
    Units  Beginning of Year

$
121,584


$
240,697


$
240,697Distributions


(10,688
)


(22,447
)


(20,176
)Issuance of Preferred Units


181,484



194,424



Redemption of Preferred Units






(313,537
)


Net Income


10,688



22,447



20,176General Partner Preferred
    Units  End of Year

$
303,068


$
121,584


$
240,697General Partner
    Units  Beginning of Year

$
757,840


$
687,721


$
665,647Contributions and Issuance of
    General Partner Units


56,122



99,280



15,117Issuance of General Partner
    Restricted Units


8,381



8,379



20,641Purchase of General Partnership
    Units










(997
)Repurchase and Retirement of
    Restricted Units/Units


(3,285
)


(3,751
)


(1,865
)Restricted Unit Forfeitures


(2,972
)


(14,095
)


Amortization of Stock Based
    Compensation










54Distributions


(120,995
)


(114,569
)


(108,171
)Unit Conversions


1,951



6,195



2,750Net Income


76,879



88,680



94,545General Partner
    Units  End of Year

$
773,921


$
757,840


$
687,721Unamort. Value of Gen. Partner
    Restricted Units  Beg. of Year

$
(19,611
)

$
(19,035
)

$
(4,307
)Issuance of General Partner
    Restricted Units


(8,381
)


(8,379
)


(20,641
)Amortization of General Partner
    Restricted Units


8,845



6,866



5,913Restricted Unit Forfeitures


2,322



937



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

$
(16,825
)

$
(19,611
)

$
(19,035
)Limited Partners
    Units  Beginning of Year

$
153,609


$
163,794


$
168,740Contributions and Issuance of
    Limited Partner Units


14,698







Distributions


(18,173
)


(18,017
)


(18,531
)Unit Conversions


(1,951
)


(6,195
)


(2,750
)Net Income


11,649



14,027



16,335Limited Partners
    Units  End of Year

$
159,832


$
153,609


$
163,794Accum. Other Comprehensive
    Loss  Beginning of Year

$
(3,700
)

$
(10,110
)

$
(10,559
)Settlement of Interest Rate
    Protection Agreements






6,816



Reclassification of Settlement of
    Interest Rate Protection Agreements to Net Income


(159
)






Mark to Market of Interest Rate
    Protection Agreements


(1,414
)


106



251Amortization of Interest Rate
    Protection Agreements


(1,085
)


(512
)


198Accum. Other Comprehensive
    Loss  End of Year

$
(6,358
)

$
(3,700
)

$
(10,110
)Total Partners Capital at
    End of Year

$
1,213,638


$
1,009,722


$
1,063,067    F-7




---



##### Table of Contents



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2005


2004


2003(Dollars in thousands)CASH FLOWS FROM OPERATING
    ACTIVITIES:Net Income

$
99,216


$
125,154


$
131,056Adjustments to Reconcile Net Income
    to Net Cash Provided by Operating Activities:Depreciation


86,588



71,785



63,281Amortization of Deferred Financing
    Costs


2,122



1,928



1,761Other Amortization


31,031



20,661



16,174Provision for Bad Debt


1,689



(1,474
)


(160
)Mark-to-Market of /Loss on
    Settlement of Interest Rate Protection Agreements


(143
)






Equity in Income of Joint Ventures


(3,698
)


(34,990
)


(539
)Distributions from Joint Ventures


3,866



34,990



539Gain on Sale of Real Estate


(131,612
)


(83,160
)


(80,193
)(Gain) Loss on Early Retirement of
    Debt


(82
)


515



Equity in Income of Other Real
    Estate Partnerships


(48,212
)


(29,203
)


(43,332
)Distributions from Investment in
    Other Real Estate Partnerships


48,212



29,203



43,332Increase in Build to Suit
    Development for Sale Costs Receivable


(16,241
)






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


(13,835
)


(53,510
)


(23,076
)Increase in Deferred Rent Receivable


(7,485
)


(5,254
)


(2,629
)Increase (Decrease) in Accounts
    Payable and Accrued Expenses and Rents Received in Advance and
    Security Deposits


31,415



4,370



(14,948
)Net Cash Provided by Operating
    Activities


82,831



81,015



91,266CASH FLOWS FROM INVESTING
    ACTIVITIES:Purchase of and Additions to
    Investment in Real Estate


(846,033
)


(469,668
)


(280,049
)Net Proceeds from Sales of
    Investments in Real Estate


478,937



324,919



303,171Investments in and Advances to
    Other Real Estate Partnerships


(122,606
)


(68,134
)


(59,430
)Distributions/Repayments from Other
    Real Estate Partnerships


83,709



103,073



62,300Contributions to and Investments in
    Joint Ventures


(45,175
)


(5,422
)


(5,711
)Distributions from Joint Ventures


2,971



15,535



2,859Repayment and Sale of Mortgage
    Loans Receivable


58,375



44,418



27,500(Increase) Decrease in Restricted
    Cash


(14,920
)


60,849



(32,525
)Net Cash (Used in) Provided by
    Investing Activities


(404,742
)


5,570



18,115CASH FLOWS FROM FINANCING
    ACTIVITIES:Unit Contributions


55,754



86,121



14,799Proceeds from the Issuance of
    Preferred Units


187,500



200,000



Preferred Unit Offering Costs


(5,906
)


(5,576
)


Unit Distributions


(137,672
)


(130,220
)


(125,916
)Purchase of General Partner Units










(997
)Repurchase of Restricted Units


(3,285
)


(3,751
)


(1,865
)Redemption of Preferred Units






(321,438
)


Preferred Unit Distributions


(8,162
)


(13,256
)


(20,176
)Repayments of Mortgage Loans Payable


(1,951
)


(5,931
)


(1,018
)Proceeds from Mortgage Loan Payable


1,167



1,400



Proceeds from Senior Unsecured Debt






134,496



Other Proceeds from Senior
    Unsecured Debt






6,816



Repayment of Senior Unsecured Debt


(50,000
)






Proceeds from Unsecured Lines of
    Credit


647,500



581,000



264,300Repayments on Unsecured Lines of
    Credit


(357,500
)


(609,400
)


(238,700
)Book Overdraft.










312Cost of Debt Issuance and
    Prepayment Fees


(1,792
)


(3,777
)


(120
)Net Cash Provided by (Used in)
    Financing Activities


325,653



(83,516
)


(109,381
)Net Increase in Cash and Cash
    Equivalents


3,742



3,069



Cash and Cash Equivalents,
    Beginning of Period


3,069







Cash and Cash Equivalents, End of
    Period

$
6,811


$
3,069


$
    F-8




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands) 1.
    Organization
    and Formation of Partnership           F-9




---



##### 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
   F-10




---



##### 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        F-11




---



##### Table of Contents



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


December 31,2005


2004In-Place Leases

$
71,818


$
37,047Less: Accumulated Amortization


(5,829
)


(2,315
)$
65,989


$
34,732Above Market Leases

$
6,524


$
4,348Less: Accumulated Amortization


(1,634
)


(880
)$
4,890


$
3,468     December 31,


December 31,2005


2004Below Market Leases

$
25,058


$
10,222Less: Accumulated Amortization


(2,889
)


(1,771
)$
22,169


$
8,451     2006

$
5,2082007


5,3852008


5,5442009


5,7032010


5,493Total

$
27,333   Build
    to Suit for Sale Revenues and Expenses
  build-to-suit percentage-of-completion SOP 81-1
  Deferred
    Financing Costs
   F-12




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Investment
    in and Advances to Other Real Estate Partnerships
    Investments
    in Joint Ventures
    Stock
    Based Compensation
     F-13




---



##### Table of Contents



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


2004


2003Net Income Available to
    Unitholders  as reported

$
88,528


$
102,707


$
110,880Add: Stock-Based Employee
    Compensation Expense Included in Net Income Available to
    Unitholders  as reported










54Less: Total Stock-Based Employee
    Compensation Expense - Determined Under the Fair Value Method


(100
)


(420
)


(1,350
)Net Income Available to
    Unitholders  pro forma

$
88,428


$
102,287


$
109,584Net Income Available to
    Unitholders per Unit  as
    reported  Basic

$
1.81


$
2.18


$
2.45Net Income Available to
    Unitholders per Unit  pro
    forma  Basic

$
1.81


$
2.17


$
2.42Net Income Available to
    Unitholders per Unit  as
    reported  Diluted

$
1.80


$
2.16


$
2.44Net Income Available to
    Unitholders per Unit  pro
    forma  Diluted

$
1.80


$
2.15


$
2.41The 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/A



N/AExpected stock price volatility


N/A



N/A



N/ARisk-free interest rate


N/A



N/A



N/AExpected life of options


N/A



N/A



N/ANo options were granted during
    2005, 2004 and 2003.   Revenue
    Recognition
         F-14




---



##### 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
   F-15




---



##### 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
      and/or
 F-16




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      EITF 04-05, EITF 04-05, EITF 04-05
  No. 05-6, EITF 05-6
  Reclassification
    4.
    Investments
    in and Advances to Other Real Estate Partnerships   F-17




---



##### Table of Contents



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


December 31,2005


2004ASSETSAssets:Investment in Real Estate, Net

$
309,013


$
312,679Other Assets, Net


87,866



39,829Total Assets


396,879



352,508LIABILITIES AND PARTNERS
    CAPITALLiabilities:Mortgage Loans Payable

$
2,380


$
2,456Other Liabilities


12,492



7,136Total Liabilities


14,872



9,592Partners Capital


382,007



342,916Total Liabilities and
    Partners Capital

$
396,879


$
352,508   Condensed
    Combined Statements of Operations:
  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2005


2004


2003Total Revenues (including Interest
    Income)

$
44,093


$
39,537


$
42,068Property Expenses


(13,387
)


(12,317
)


(12,166
)Interest Expense


(175
)


(178
)


(256
)Amortization of Deferred Financing
    Costs


(4
)


(3
)


(3
)Depreciation and Other Amortization


(13,894
)


(10,533
)


(9,662
)Loss on Early Retirement of Debt










(1,466
)Equity in Income of Joint Ventures






1,461



Income from Continuing Operations


16,663



17,967



18,515Income from Discontinued
    Operations (Including Gain on Sale of Real Estate of $29,213,
    $6,439 and $4,689 for the years ended December 31, 2005,
    2004 and 2003


31,004



9,853



18,932Gain on Sale of Real Estate


863



1,643



6,198Net Income

$
48,500


$
29,463


$
43,645   5.
    Investments
    in Joint Ventures   F-18




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
               F-19




---



##### Table of Contents



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2005


2004


2003Contributions

$
43,311


$
3,676


$
5,558Distributions

$
6,837


$
50,525


$
3,398Fees

$
8,301


$
2,689


$
2,173  F-20




---



##### Table of Contents



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


December 31,2005


2004Condensed Combined Balance
    SheetsGross Real Estate Investment

$
1,410,389


$
120,633Less: Accumulated Depreciation


(30,497
)


(9,308
)Net Real Estate


1,379,892



111,325Other Assets


256,233



16,637Total Assets

$
1,636,125


$
127,962Debt

$
1,174,296


$
88,398Other Liabilities


46,962



5,711Equity


414,867



33,853Total Liabilities and Equity

$
1,636,125


$
127,962Consolidated Operating
    Partnerships share of Equity

$
44,772


$
4,580Basis Differentials(1)


(442
)


909Carrying Value of the Consolidated
    Operating Partnerships investments in joint ventures

$
44,330


$
5,489     (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 and certain acquisition costs which are not
    reflected at the joint venture level.  Year Ended
    December 31,2005


2004


2003Condensed Combined Statements
    of OperationsTotal Revenues

$
59,411


$
32,353


$
35,603ExpensesOperating and Other


16,128



11,593



9,725Interest


20,995



7,712



7,353Depreciation and Amortization


32,150



12,540



17,585Total Expenses


69,273



31,845



34,663Gain (Loss) on Sale of Real Estate


10,761



81,431



(2,069
)Net Income (Loss)


899



81,939



(1,129
)Consolidated Operating
    Partnerships share of Net Income

$
3,698


$
35,840


$
539   6.  Mortgage
    Loans Payable, Net, Senior Unsecured Debt, Net and Unsecured
    Lines of Credit
  Mortgage
    Loans Payable, Net
   F-21




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  16.75-year
  20-year
  22-year
  22-year
  30-year
  30-year
 F-22




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      30-year
  20-year
     F-23




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  20-year
  15-year
  20-year
  Senior
    Unsecured Debt, Net
     F-24




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
             F-25




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
           F-26




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
        Unsecured
    Lines of Credit
  Line-of-Credit
   F-27




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     Outstanding Balance at


Accrued Interest Payable
    at


Interest Rate atDecember 31,


December 31,


December 31,


December 31,


December 31,


Maturity2005


2004


2005


2004


2005


DateMortgage Loans Payable,
    NetAssumed Loan I

$
2,320


$
2,874


$



$
22



9.250
%


09/01/09Assumed Loan II


1,805



1,995







15



9.250
%


01/01/13Acquisition Mortgage Loan IV


1,936



2,037



14



15



8.950
%


10/01/06Acquisition Mortgage Loan VIII


5,308



5,461



37



38



8.260
%


12/01/19Acquisition Mortgage Loan IX


5,505



5,664



38



39



8.260
%


12/01/19Acquisition Mortgage Loan X


15,733
(1)


16,251
(1)


98



99



8.250
%


12/01/10Acquisition Mortgage Loan XII


2,503
(1)


2,565
(1)


15



15



7.540
%


01/01/12Acquisition Mortgage Loan XIII



(3)


13,862
(1)






42



5.600
%


11/10/12Acquisition Mortgage Loan XIV


6,392
(1)


6,740
(1)


34



13



6.940
%


07/01/09Acquisition Mortgage Loan XV


1,167















0.000
%


01/12/06Acquisition Mortgage Loan XVI


1,960
(1)






9







5.500
%


09/30/24Acquisition Mortgage Loan XVII


3,209
(1)






18







7.375
%


05/01/16Acquisition Mortgage Loan XVIII


7,091
(1)






42







7.580
%


03/01/11Total

$
54,929


$
57,449


$
305


$
298Senior Unsecured Debt,
    Net2005 Notes

$

(4)

$
50,000


$



$
383



6.900
%


11/21/052006 Notes


150,000



150,000



875



875



7.000
%


12/01/062007 Notes


149,992
(2)


149,988
(2)


1,456



1,456



7.600
%


05/15/072017 Notes


99,886
(2)


99,876
(2)


625



625



7.500
%


12/01/172027 Notes


15,054
(2)


15,053
(2)


138



138



7.150
%


05/15/272028 Notes


199,823
(2)


199,815
(2)


7,009



7,009



7.600
%


07/15/282011 Notes


199,685
(2)


199,624
(2)


4,343



4,343



7.375
%


03/15/112012 Notes


199,132
(2)


198,994
(2)


2,903



2,903



6.875
%


04/15/122032 Notes


49,413
(2)


49,390
(2)


818



818



7.750
%


04/15/322009 Notes


124,849
(2)


124,806
(2)


292



292



5.250
%


06/15/092014 Notes


111,059
(2)


109,978
(2)


669



669



6.420
%


06/01/14Total

$
1,298,893


$
1,347,524


$
19,128


$
19,511Unsecured Lines of
    Credit2005 Unsecured Line of Credit I

$
332,500


$
167,500


$
1,833


$
549



4.845
%


09/28/082005 Unsecured Line of
    Credit II


125,000







232







4.995
%


03/15/06Total

$
457,500


$
167,500


$
2,065


$
549     (1)
    
    At December 31, 2005, the Acquisition Mortgage Loan X, the
    Acquisition Mortgage Loan XII, the Acquisition Mortgage Loan
    XIV, the Acquisition Mortgage Loan XVI, the Acquisition Mortgage
    Loan XVII, the Acquisition Mortgage Loan XVIII, includes
    unamortized premiums of $1,909, $228, $432, $26, $246, and $681,
    respectively. At December 31, 2004, the Acquisition
    Mortgage Loan X, the Acquisition Mortgage Loan XII,the
    Acquisition Mortgage Loan XIII, and the Acquisition Mortgage
    Loan XIV include unamortized premiums of $2,291, $267, $453 and
    $553, respectively. F-28




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   (2)
    
    At December 31, 2005, the 2007 Notes, 2017 Notes, 2027
    Notes, 2028 Notes, 2011 Notes, 2012 Notes, 2032 Notes, 2009
    Notes and the 2014 Notes are net of unamortized discounts of $8,
    $114, $16, $177, $315, $868, $587, $151, and $13,941,
    respectively. At December 31, 2004, the 2007 Notes, 2017
    Notes, 2027 Notes, 2028 Notes, the 2011 Notes, 2012 Notes, 2032
    Notes, 2009 Notes and the 2014 Notes are net of unamortized
    discounts of $12, $124, $17, $185, $376, $1,006, $610, $194 and
    $15,022, respectively.(3)
    
    On July 13, 2005, the Acquisition Mortgage Loan XIII
    was assumed by a third party in connection with the sale of the
    properties that collateralized the loan.(4)
    
    On November 21, 2005, the 2005 Notes were paid off and
    retired.    Amount2006

$
280,0282007


152,1532008


334,8332009


132,1952010


15,240Thereafter


909,528Total

$
1,823,977   Fair
    Value
    December 31, 2005


December 31, 2004Carrying


Fair


Carrying


FairAmount


Value


Amount


ValueMortgage Loans Payable

$
54,929


$
56,455


$
57,449


$
60,286Senior Unsecured Debt


1,298,893



1,415,268



1,347,524



1,503,012Unsecured Lines of Credit


457,500



457,500



167,500



167,500Total

$
1,811,322


$
1,929,223


$
1,572,473


$
1,730,798     Other
    Comprehensive Income
   F-29




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
          mark-to-market/gain
   F-30




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  mark-to-market
  mark-to-market
  7.
    Partners
    Capital  lock-up one-for-one
  Unit
    Contributions:
     F-31




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
              General Partnership andLimited PartnershipUnits OutstandingBalance at December 31,
    2002


45,410,277Issuance of General Partner Units


542,744Issuance of General Partner
    Restricted Units


704,844Repurchase and Retirement of
    Restricted Units


(66,183
)Purchase of General Partnership
    Units


(37,300
)Balance 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


51,185,452  F-32




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Preferred
    Contributions:
  th 5 8 5 8
  th
  th
  th
 F-33




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  3-month 10-year 30-year
  3-month 10-year 30-year
   F-34




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      Distributions:
       F-35




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     Repurchase
    of Units:
    8.
    Acquisition
    and Development of Real Estate       F-36




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Intangible
    Assets Subject To Amortization in the Period of
    Acquisition
    9.
    Sale of
    Real Estate, Real Estate Held for Sale and Discontinued
    Operations         F-37




---



##### Table of Contents



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2005


2004


2003Total Revenues

$
19,897


$
38,239


$
63,294Operating Expenses


(7,102
)


(13,234
)


(20,317
)Interest Expense


(373
)


(609
)


(561
)Depreciation and Amortization


(6,682
)


(10,462
)


(14,270
)Provision for Income Taxes
    Allocable to Operations


(2,035
)


(2,533
)


(1,439
)Gain on Sale of Real Estate


102,742



81,806



74,797Provision for Income Taxes
    Allocable Gain on Sale of Real Estate


(19,719
)


(8,267
)


(1,988
)Income from Discontinued Operations

$
86,728


$
84,940


$
99,516    F-38




---



##### 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 31,2005


2004


2003Interest paid, net of capitalized
    interest

$
107,397


$
98,733


$
95,180Interest capitalized

$
3,271


$
1,304


$
761Income Taxes Paid

$
36,080


$
7,936


$
1,367Supplemental schedule of noncash
    investing and financing activities:Distribution payable on general
    and limited units

$
35,752


$
34,255


$
31,889Distribution payable on preferred
    units

$
3,757


$
1,232


$
Exchange of Limited partnership
    units for General partnership units:Limited partnership units

$
(1,951
)

$
(6,195
)

$
(2,750
)General partnership units


1,951



6,195



2,750$



$



$
In conjunction with the property
    and land acquisitions, the following assets and liabilities were
    assumed:Deferred purchase price

$



$



$
(10,425
)Accounts payable and accrued
    expenses

$
(4,248
)

$
(3,181
)

$
(1,897
)Issuance of Operating Partnership
    Units

$
(14,698
)

$



$
Mortgage debt

$
(11,545
)

$
(18,244
)

$
(20,751
)Foreclosed property acquisition
    and write-off of a mortgage loan receivable

$
3,870


$



$
Write off of fully depreciated
    assets

$
59,920


$
21,487


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

$
42,543


$
30,250


$
29,203Mortgage note payable

$
13,242


$



$
  F-39




---



##### 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 31,2005


2004


2003Numerator:(Loss) Income from Continuing
    Operations

$
(5,671
)

$
30,414


$
24,268Gain on Sale of Real Estate


28,870



15,112



9,594Less: Provision for Income Taxes
    Allocable to Gain on Sale of Real Estate


(10,711
)


(5,312
)


(2,322
)Less: Preferred Unit Distributions


(10,688
)


(14,488
)


(20,176
)Less: Redemption of Preferred Units






(7,959
)


Income from Continuing Operations
    Available to Unitholders  For Basic and Diluted
    EPU


1,800



17,767



11,364Income from Discontinued Operations


108,482



95,740



102,943Less: Provision for Income Taxes
    Allocable to Discontinued Operations


(21,754
)


(10,800
)


(3,427
)Net Income Available to
    Unitholders  For Basic and Diluted EPU

$
88,528


$
102,707


$
110,880Denominator:Weighted Average Units
    Outstanding  Basic


48,968,191



47,136,296



45,321,775Effect of Dilutive Securities of
    the Company that Result in the Issuance of General Partner Units:Employee and Director Common Stock
    Options


141,625



227,423



91,599Employee and Director Shares of
    Restricted Stock


82,888



103,551



29,561Weighted Average Units
    Outstanding  Diluted


49,192,704



47,467,270



45,442,935Basic EPU:Income from Continuing Operations
    Available to Unitholders

$
0.04


$
0.38


$
0.25Discontinued Operations, Net of
    Income Tax

$
1.77


$
1.80


$
2.20Net Income Available to Unitholders

$
1.81


$
2.18


$
2.45Diluted EPU:Income from Continuing Operations
    Available to Unitholders

$
0.04


$
0.37


$
0.25Discontinued Operations, Net of
    Income Tax

$
1.76


$
1.79


$
2.19Net Income Available to Unitholders

$
1.80


$
2.16


$
2.44      F-40




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    12.
    Income
    Taxes    2005


2004


2003Current:Federal

$
(19,265
)

$
(8,074
)

$
(873
)State


(4,519
)


(1,654
)


(218
)Deferred:Federal


4,299



1,070



391State


1,009



219



98$
(18,476
)

$
(8,439
)

$
(602
)      2005


2004


2003Bad debt expense

$
118


$



$
Investment in partnerships


648







Fixed assets


4,363



2,012



310Prepaid rent


461



323



149Capitalized general and
    administrative expense under 263(A)


2,696



818



576Deferred losses/gains


878



334



1,054Mark-to-market of interest rate
    protection agreements


6







Capitalized interest under 263(A)


184







117Total deferred tax asset

$
9,354


$
3,487


$
2,206   2005


2004


2003Straight Line Rent


(923
)


(430
)


(438
)Build to suit development


(66
)






Total deferred tax liabilities

$
(989
)

$
(430
)

$
(438
)Total net deferred tax asset

$
8,365


$
3,057


$
1,768    F-41




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
     2005


2004


2003Tax expense associated with income
    from operations on sold properties which is included in
    discontinued operations

$
(2,035
)

$
(2,533
)

$
(1,439
)Tax expense associated with gains
    and losses on the sale of real estate which is included in
    discontinued operations


(19,719
)


(8,267
)


(1,988
)Tax expense associated with gains
    and losses on the sale of real estate


(10,711
)


(5,312
)


(2,322
)Income tax benefit


13,989



7,673



5,147Income tax expense

$
(18,476
)

$
(8,439
)

$
(602
)       2005


2004


2003Tax benefit at Federal rate
    related to continuing operations

$
1,479


$
2,099


$
2,008State tax benefit, net of Federal
    benefit expense


213



418



295Meals and entertainment


(19
)


(16
)


(12
)Prior year provision to return
    adjustments


1,577



(112
)


518State tax rate differential


43



12



(27
)Other


(15
)


(40
)


43Net income tax benefit

$
3,278


$
2,361


$
2,825     13.
    Future
    Rental Revenues    2006

$
238,9072007


202,9012008


162,9032009


128,5052010


98,532Thereafter


392,062Total

$
1,223,810  F-42




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   14.
    Employee
    Benefit Plans      WeightedAverage

Exercise PriceShares

Exercise Price

per ShareOutstanding at December 31,
    2002


3,142,635


$
30.06


$
18.25 - $33.15Exercised


(531,473
)

$
27.99


$
20.25 - $33.13Expired or Terminated


(107,149
)

$
31.34


$
25.13 - $33.13Outstanding at December 31,
    2003


2,504,013


$
30.45


$
18.25 - $33.15Exercised


(1,663,652
)

$
30.33


$
18.25 - $33.15Expired or Terminated


(16,940
)

$
30.17


$
22.75 - $33.13Outstanding at December 31,
    2004


823,421


$
30.74


$
18.25 - $33.15Exercised


(248,881
)

$
29.57


$
18.25 - $33.13Expired or Terminated


(27,817
)

$
30.71


$
25.13 - $33.13Outstanding at December 31,
    2005


546,723


$
31.27


$
22.75 - $33.15     Weighted

WeightedNumber

Average

AverageOutstanding

Remaining

ExerciseRange of Exercise
    Price

and Exercisable

Contractual Life

Price$22.75 - $27.69


49,070



2.74


$
26.25$30.00 - $33.15


497,653



4.8


$
31.76      F-43




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
       15.
    Related
    Party Transactions      16.
    Commitments
    and Contingencies         F-44




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Ground
    and Operating Lease Agreements
    2006

$
1,6782007


1,1712008


2,0142009


1,6572010


1,510Thereafter


32,630Total

$
40,660   17.
    Subsequent
    Events          5 8
     F-45




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
           F-46




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   18.
    Quarterly
    Financial Information (unaudited)    Year Ended December 31,
    2005First


Second


Third


FourthQuarter


Quarter


Quarter


QuarterTotal Revenues

$
71,745


$
70,910


$
76,664


$
104,038Equity in Income (Loss) of Joint
    Ventures


(122
)


(98
)


3,977



(59
)Equity in Income Other Real Estate
    Partnerships


6,743



9,786



20,490



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


(3,748
)


(4,419
)


7,368



(4,953
)Income from Discontinued
    Operations, Net of Income Tax


9,286



27,490



17,754



32,279Gain on Sale of Real Estate, Net
    of Income Tax


13,137



1,734



1,661



1,627Net 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

$
0.15


$
(0.10
)

$
0.14


$
(0.14
)Income From Discontinued Operations

$
0.19


$
0.56


$
0.36


$
0.65Net 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

$
0.14


$
(0.10
)

$
0.14


$
(0.14
)Income From Discontinued Operations

$
0.19


$
0.56


$
0.36


$
0.65Net Income Available to Unitholders

$
0.33


$
0.46


$
0.50


$
0.51Weighted Average Units Outstanding


48,934



48,759



49,248



49,436   F-47




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Year Ended December 31,
    2004First


Second


Third


FourthQuarter


Quarter


Quarter


QuarterTotal Revenues

$
63,628


$
61,823


$
63,854


$
69,463Equity in Income (Loss) of Joint
    Ventures


245



300



35,303



(8
)Equity in Income Other Real Estate
    Partnerships


7,381



7,191



6,173



8,458Income (Loss) from Continuing
    Operations, Net of Income Tax


2,833



(69
)


29,260



(1,272
)Income from Discontinued
    Operations, Net of Income Tax


26,754



27,315



10,903



19,624Gain on Sale of Real Estate, Net
    of Income Tax


2,385



1,183



1,973



4,265Net Income


31,972



28,429



42,136



22,617Preferred Unit Distributions


(5,044
)


(4,790
)


(2,344
)


(2,310
)Redemption of Preferred Units






(7,359
)


(600
)


Net Income Available to Unitholders

$
26,928


$
16,280


$
39,192


$
20,307Basic Earnings Per Unit:Income (Loss) From Continuing
    Operations Available to Unitholders

$
0.00


$
(0.24
)

$
0.60


$
0.01Income From Discontinued Operations

$
0.58


$
0.58


$
0.23


$
0.42Net Income Available to Unitholders

$
0.58


$
0.35


$
0.83


$
0.43Weighted Average Units Outstanding


46,229



46,909



46,996



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

$
0.00


$
(0.24
)

$
0.60


$
0.01Income From Discontinued Operations

$
0.57


$
0.58


$
0.23


$
0.41Net Income Available to Unitholders

$
0.58


$
0.35


$
0.83


$
0.43Weighted Average Units Outstanding


46,694



46,909



47,310



47,467  F-48




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
   NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   19.
    Pro Forma
    Financial Information (unaudited)      Pro Forma
    Condensed Statements of Operations
  Year Ended


Year EndedDecember 31,


December 31,2005


2004Total Revenues

$
341,238


$
285,473Income from Continuing Operations
    Available to Unitholders


7,634



28,089Income from Discontinued
    Operations, Net of Income Taxes


85,745



86,049Net Income


104,067



136,585Less: Preferred Dividends


(10,688
)


(14,488
)Less: Redemption of Preferred Stock






(7,959
)Net Income Available to Unitholders

$
93,379


$
114,138Income from Continuing Operations
    Available to Unitholders, Net of Minority Interest Per Weighted
    Average Unit Outstanding:Basic

$
0.16


$
0.60Diluted

$
0.16


$
0.59Income from Discontinued
    Operations, Net of Minority Interest and Income Taxes Per
    Weighted Average Unit Outstanding:Basic

$
1.75


$
1.83Diluted

$
1.74


$
1.81Net Income Available to
    Unitholders Per Weighted Average Unit Outstanding:Basic

$
1.91


$
2.42Diluted

$
1.90


$
2.40  F-49




---



##### Table of Contents



Report of
    Independent Auditors         
  F-50




---



##### Table of Contents



OTHER
    REAL ESTATE PARTNERSHIPS
  COMBINED BALANCE SHEETS
  December 31,


December 31,2005


2004(Dollars in thousands)ASSETSAssets:Investment in Real Estate:Land

$
51,047


$
48,290Buildings and Improvements


312,777



321,770Less: Accumulated Depreciation


(54,811
)


(57,381
)Net Investment in Real Estate


309,013



312,679Real Estate Held For Sale, Net of
    Accumulated Depreciation and Amortization of $466 at
    December 31, 2004






2,504Cash and Cash Equivalents


1,388



1,847Restricted Cash


14,636



Tenant Accounts Receivable, Net


1,270



478Deferred Rent Receivable


3,390



2,386Deferred Financing Costs, Net


2



6Deferred Leasing Intangibles, Net


7,659



757Mortgage Loans Receivable


24,118



16,336Prepaid Expenses and Other Assets,
    Net


35,403



15,515Total Assets

$
396,879


$
352,508LIABILITIES AND PARTNERS
    CAPITALLiabilities:Mortgage Loans Payable, Net

$
2,380


$
2,456Accounts Payable and Accrued
    Expenses


5,649



2,704Deferred Leasing Intangibles, Net


2,138



248Rents Received in Advance and
    Security Deposits


4,705



4,184Total Liabilities


14,872



9,592Commitments and Contingencies






Partners Capital


382,007



342,916Total Liabilities and
    Partners Capital

$
396,879


$
352,508    F-51




---



##### Table of Contents



OTHER
    REAL ESTATE PARTNERSHIPS
  COMBINED STATEMENTS OF OPERATIONS
  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2005


2004


2003(Dollars in thousands)Revenues:Rental Income

$
34,935


$
30,358


$
35,204Tenant Recoveries and Other Income


8,816



7,575



6,152Total Revenues


43,751



37,933



41,356Expenses:Real Estate Taxes


5,912



5,291



5,333Repairs and Maintenance


2,887



2,573



2,511Property Management


1,440



1,297



1,367Utilities


2,006



1,890



1,622Insurance


340



361



320Other


802



905



1,013Amortization of Deferred Financing
    Costs


4



3



3Depreciation and Other Amortization


13,894



10,533



9,662Total Expenses


27,285



22,853



21,831Other Income/Expense:Interest Income


342



1,604



712Interest Expense


(175
)


(178
)


(256
)Loss from Early Retirement of Debt










(1,466
)Total Other Income/Expense


167



1,426



(1,010
)Equity in Income of Joint Ventures






1,461



Income from Continuing Operations


16,633



17,967



18,515Income from Discontinued
    Operations (Including Gain on Sale of Real Estate of $29,213,
    $6,439, and $4,689 for the Years Ended December 31, 2005,
    2004 and 2003)


31,004



9,853



18,932Income Before Gain on Sale of Real
    Estate


47,637



27,820



37,447Gain on Sale of Real Estate


863



1,643



6,198Net Income

$
48,500


$
29,463


$
43,645    F-52




---



##### Table of Contents



OTHER
    REAL ESTATE PARTNERSHIPS
  COMBINED STATEMENTS OF CHANGES IN
    PARTNERS CAPITAL
  Total(Dollars in thousands)Balance at December 31, 2002

$
381,130Contributions


59,857Distributions


(106,459
)Net Income


43,645Balance 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

$
382,007    F-53




---



##### Table of Contents



OTHER
    REAL ESTATE PARTNERSHIPS
  COMBINED STATEMENTS OF CASH FLOWS
  Year Ended


Year Ended


Year EndedDecember 31, 2005


December 31, 2004


December 31, 2003(Dollars in thousands)CASH FLOWS FROM OPERATING
    ACTIVITIES:Net Income

$
48,500


$
29,463


$
43,645Adjustments to Reconcile Net
    Income to Net Cash Provided by Operating Activities:Depreciation


12,749



10,963



10,621Amortization of Deferred Financing
    Costs


4



3



3Loss from Early Retirement of Debt










1,466Other Amortization


2,697



1,872



1,672Gain on Sale of Real Estate


(30,076
)


(8,082
)


(10,887
)Equity in Net Income of Joint
    Ventures






(1,461
)


Distributions from Joint Ventures










Provision for Bad Debt


128







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


(20,007
)


8,645



(3,054
)Change in Deferred Rent Receivable


(1,974
)


(1,517
)


32Change in Accounts Payable and
    Accrued Expenses and Rents Received in Advance and Security
    Deposits


2,838



(14,963
)


8,185Change in Restricted Cash










2,742Net Cash Provided by Operating
    Activities


14,859



24,923



54,425CASH FLOWS FROM INVESTING
    ACTIVITIES:Purchase of and Additions to
    Investment in Real Estate


(74,734
)


(15,799
)


(33,415
)Net Proceeds from Sales of
    Investment in Real Estate


81,249



26,017



18,818Repayment and Sale of Mortgage
    Loans Receivable


25,185



66,631



48,386Funding of Mortgage Loan Receivable


(22,936
)


(57,446
)


Change in Restricted Cash


(14,636
)


21,132



(21,106
)Net Cash (Used in) Provided by
    Investing Activities


(5,872
)


40,535



12,683CASH FLOWS FROM FINANCING
    ACTIVITIES:Contributions


123,344



68,770



59,857Distributions


(132,753
)


(133,490
)


(106,459
)Repayments on Mortgage Loans
    Payable


(37
)


(34
)


(37,511
)Proceeds From U.S. Government
    Securities










15,832Net Cash Used in Financing
    Activities


(9,446
)


(64,754
)


(68,281
)Net (Decrease) Increase in Cash
    and Cash Equivalents


(459
)


704



(1,173
)Cash and Cash Equivalents,
    Beginning of Period


1,847



1,143



2,316Cash and Cash Equivalents, End of
    Period

$
1,388


$
1,847


$
1,143    F-54




---



##### 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






F-55



---



##### Table of Contents





OTHER
    REAL ESTATE PARTNERSHIPS




NOTES TO
    COMBINED FINANCIAL
    STATEMENTS  (Continued)






Investment
    in Real Estate and Depreciation












|                                  |  |         
|--------------------------------- |  | --------
|                                  |  | Years   
|                                 
|Buildings and Improvements        |  | 20 to 50
|Land Improvements                 |  | 15      
|Furniture, Fixtures and Equipment |  | 5 to 10 











F-56



---



##### Table of Contents



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


December 31,2005


2004In-Place Leases

$
6,856


$
584Less: Accumulated Amortization


(407
)


(16
)$
6,449


$
568Above Market Leases

$
1,434


$
262Less: Accumulated Amortization


(224
)


(73
)$
1,210


$
189     December 31,


December 31,2005


2004Below Market Leases

$
2,652


$
315Less: Accumulated Amortization


(514
)


(67
)$
2,138


$
248   Deferred
    Financing Costs
    Revenue
    Recognition
         F-57




---



##### Table of Contents





OTHER
    REAL ESTATE PARTNERSHIPS




NOTES TO
    COMBINED FINANCIAL
    STATEMENTS  (Continued)






Gain
    on Sale of Real Estate








Income
    Taxes








Fair
    Value of Financial Instruments








Discontinued
    Operations








Reclassifications








Recent
    Accounting Pronouncements






F-58



---



##### Table of Contents





OTHER
    REAL ESTATE PARTNERSHIPS




NOTES TO
    COMBINED FINANCIAL
    STATEMENTS  (Continued)






and/or








EITF 04-05, EITF 04-05, EITF 04-05




|   |                                
|-- | -------------------------------
|4. | Mortgage
    Loans Payable, Net



30-year


F-59



---



##### Table of Contents



OTHER
    REAL ESTATE PARTNERSHIPS
  NOTES TO
    COMBINED FINANCIAL
    STATEMENTS  (Continued)
     Outstanding Balance at

Accrued Interest Payable
    at

Interest Rate atDecember 31,

December 31,

December 31,

December 31,

December 31,

MaturityMortgage Loans Payable

2005

2004

2005

2004

2005

DateAcquisition Mortgage Loan V

$
2,380
(1)

$
2,456
(1)

$
18


$
18



9.010
%

09/01/06     (1)
    
    At December 31, 2005 and 2004, the Acquisition Mortgage
    Loan V is net of an unamortized premium of $24 and $63,
    respectively.    Amount2006


2,356Total

$
2,356   Fair
    Value:
    December 31, 2005

December 31, 2004Carrying

Fair

Carrying

FairAmount

Value

Amount

ValueMortgage Loan Payable

$
2,380


$
2,409


$
2,456


$
2,590     5.
    Acquisition
    and Development of Real Estate        Intangible
    Assets Subject to Amortization in the Period of
    Acquisition   F-60




---



##### Table of Contents





OTHER
    REAL ESTATE PARTNERSHIPS




NOTES TO
    COMBINED FINANCIAL
    STATEMENTS  (Continued)






|   |                                                                                   
|-- | ----------------------------------------------------------------------------------
|6. | Sale of
    Real Estate, Real Estate Held For Sale and Discontinued
    Operations



















|                                    |  |              |        |   |              |   |        |              |  |   |        |  
|----------------------------------- |  | ------------ | ------ | - | ------------ | - | ------ | ------------ |  | - | ------ | -
|                                    |  | Year Ended   |        |   | Year Ended   |   |        | Year Ended   | 
|                                    |  | December 31, |        |   | December 31, |   |        | December 31, | 
|                                    |  | 2005         |        |   | 2004         |   |        | 2003         | 
|                                   
|Total Revenues                      |  | $            | 5,234  |   |              | $ | 8,173  |              |  | $ | 20,742 |  
|Operating Expenses                  |  |              | (1,733 | ) |              |   | (2,626 | )            |  |   | (3,895 | )
|Depreciation and Amortization       |  |              | (1,710 | ) |              |   | (2,133 | )            |  |   | (2,604 | )
|Gain on Sale of Real Estate         |  |              | 29,213 |   |              |   | 6,439  |              |  |   | 4,689  |  
|                                    |  |              |        |   |              |   |        |              |  |   |        |  
|Income from Discontinued Operations |  | $            | 31,004 |   |              | $ | 9,853  |              |  | $ | 18,932 |  
|                                    |  |              |        |   |              |   |        |              |  |   |        |  







F-61



---



##### Table of Contents





OTHER
    REAL ESTATE PARTNERSHIPS




NOTES TO
    COMBINED FINANCIAL
    STATEMENTS  (Continued)






|   |                                                         
|-- | --------------------------------------------------------
|7. | Supplemental
    Information to Statements of Cash Flows







|                                                                                                                                              |  |              |        |  |              |   |       |              |  |   |        | 
|--------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------ | ------ |  | ------------ | - | ----- | ------------ |  | - | ------ | 
|                                                                                                                                              |  | Year Ended   |        |  | Year Ended   |   |       | Year Ended   | 
|                                                                                                                                              |  | December 31, |        |  | December 31, |   |       | December 31, | 
|                                                                                                                                              |  | 2005         |        |  | 2004         |   |       | 2003         | 
|                                                                                                                                             
|Interest paid                                                                                                                                 |  | $            | 175    |  |              | $ | 178   |              |  | $ | 415    | 
|                                                                                                                                              |  |              |        |  |              |   |       |              |  |   |        | 
|                                                                                                                                             
|In conjunction with certain
    property sales, the Other Real Estate Partnerships provided
    seller financing on behalf of certain buyers:
|                                                                                                                                              |  |              |        |  |              |   |       |              |  |   |        | 
|Notes Receivable                                                                                                                              |  | $            | 11,265 |  |              | $ | 4,450 |              |  | $ | 17,170 | 
|                                                                                                                                              |  |              |        |  |              |   |       |              |  |   |        | 





|   |                           
|-- | --------------------------
|8. | Future
    Rental Revenues







|           |  |   |         | 
|---------- |  | - | ------- | 
|2006       |  | $ | 36,295  | 
|2007       |  |   | 31,996  | 
|2009       |  |   | 25,100  | 
|2009       |  |   | 19,163  | 
|2010       |  |   | 13,860  | 
|Thereafter |  |   | 26,358  | 
|           |  |   |         | 
|Total      |  | $ | 152,772 | 
|           |  |   |         | 





|   |                               
|-- | ------------------------------
|9. | Related
    Party Transactions











|    |                                  
|--- | ---------------------------------
|10. | Commitments
    and Contingencies











|    |                      
|--- | ---------------------
|11. | Subsequent
    Events









F-62



---



##### Table of Contents



FIRST
    INDUSTRIAL LP
  SCHEDULE III:
  REAL
    ESTATE AND ACCUMULATED DEPRECIATION
 As of
    December 31, 2005
  (r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

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

McDonough, GA




788



4,544



204



788



4,748



5,536



1,331


1991

(n)14101 Industrial Park Boulevard

Covington, GA




285



1,658



703



285



2,361



2,646



581


1984

(n)801-804 Blacklawn Road

Conyers, GA




361



2,095



842



361



2,937



3,298



807


1982

(n)1665 Dogwood Drive

Conyers, GA




635



3,662



78



635



3,739



4,374



1,072


1973

(n)1715 Dogwood Drive

Conyers, GA




288



1,675



80



288



1,755



2,043



493


1973

(n)11235 Harland Drive

Covington, GA




125



739



88



125



827



952



226


1988

(n)4050 Southmeadow Parkway

Atlanta, GA




401



2,813



311



425



3,100



3,525



889


1991

(n)4051 Southmeadow Parkway

Atlanta, GA




726



4,130



1,084



726



5,214



5,940



1,594


1989

(n)4071 Southmeadow Parkway

Atlanta, GA




750



4,460



974



828



5,356



6,184



1,518


1991

(n)4081 Southmeadow Parkway

Atlanta, GA




1,012



5,918



1,586



1,157



7,359



8,516



1,842


1989

(n)370 Great Southwest Parkway(j)

Atlanta, GA




527



2,984



579



546



3,544



4,089



847


1986

(n)955 Cobb Place

Kennesaw, GA




780



4,420



417



804



4,813



5,617



1,000


1991

(n)220 Greenwood Court

McDonough, GA




1,700







9,402



1,700



9,402



11,102



943


2000

(n)1256 Oakbrook Drive

Norcross, GA




336



1,907



310



339



2,215



2,553



286


1984

(n)1265 Oakbrook Drive

Norcross, GA




307



1,742



185



309



1,926



2,235



209


1984

(n)1266 Oakbrook Drive

Norcross, GA




234



1,326



54



235



1,378



1,613



152


1984

(n)1275 Oakbrook Drive

Norcross, GA




400



2,269



99



403



2,365



2,768



260


1986

(n)1280 Oakbrook Drive

Norcross, GA




281



1,592



235



283



1,826



2,108



225


1986

(n)1300 Oakbrook Drive

Norcross, GA




420



2,381



185



423



2,563



2,986



274


1986

(n)1325 Oakbrook Drive

Norcross, GA




332



1,879



207



334



2,084



2,417



238


1986

(n)1351 Oakbrook Drive

Norcross, GA




370



2,099



118



373



2,215



2,588



252


1984

(n)1346 Oakbrook Drive

Norcross, GA




740



4,192



128



744



4,315



5,059



484


1985

(n)1412 Oakbrook Drive

Norcross, GA




313



1,776



206



315



1,980



2,296



227


1985

(n)7800 The Bluffs

Austell, GA




490



2,415



447



496



2,856



3,352



247


1995

(n)Greenwood Industrial Park

McDonough, GA




1,550







7,485



1,550



7,485



9,035



252


2003

(n) S-1




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)3060 South Park Blvd

Ellenwood, GA




1,600



12,464



961



1,603



13,422



15,025



1,120


1992

(n)46 Kent Drive

Cartersville, GA




875



2,476



13



879



2,485



3,364



55


2001

(n)100 Dorris Williams
    Industrial  King

Atlanta, GA

(i)


401



3,754



42



406



3,791



4,197



127


2000

(n)605 Stonehill Diver

Atlanta, GA




485



1,979



24



490



1,998



2,488



93


1970

(n)6514 Warren Drive

Norcross, GA




510



1,250



9



513



1,256



1,769



58


1999

(n)6544 Warren Drive(q)

Norcross, GA




711



2,310



16



715



2,322



3,037



58


1999

(n)720 Industrial Boulevard

Dublin, GA




250



2,632



18



252



2,648



2,900



56


1973/2000

(n)5356 East Ponce DeLeon

One Mountain, GA




604



3,888



20



607



3,905



4,512



25


1982

(n)5390 East Ponce DeLeon

One Mountain, GA




397



1,791



11



399



1,800



2,199



11


1982

(n)195 & 197 Collins Boulevard

Athens, GA




1,410



5,344



37



1,419



5,372



6,791



107


1969/1984

(n)4349 Avery Drive

Gainsville, GA




1,862



4,322



34



1,873



4,344



6,218



75


1977

(n)Baltimore3431 Benson

Baltimore, MD




553



3,062



317



562



3,370



3,932



667


1988

(n)1820 Portal

Baltimore, MD

(f)


884



4,891



455



899



5,330



6,230



1,018


1982

(n)8900 Yellow Brick Road

Baltimore, MD




447



2,473



372



475



2,817



3,292



550


1982

(n)7476 New Ridge

Hanover, MD




394



2,182



385



401



2,560



2,961



471


1987

(n)504 Advantage Way

Aberdeen, MD




2,799



15,864



813



2,802



16,674



19,476



1,154


1987/92

(n)9700 Martin Luther King Hwy

Lanham, MD




700



1,920



720



700



2,640



3,340



276


1980

(n)9730 Martin Luther King Hwy

Lanham, MD




500



955



678



500



1,633



2,133



146


1980

(n)4600 Boston Way

Lanham, MD




1,400



2,482



217



1,400



2,699



4,099



242


1980

(n)4621 Boston Way

Lanham, MD




1,100



3,070



369



1,100



3,439



4,539



286


1980

(n)4720 Boston Way

Lanham, MD




1,200



2,174



930



1,200



3,104



4,304



321


1979

(n)2250 Randolph Drive

Dulles, VA




3,200



8,187



36



3,208



8,215



11,423



363


1999

(n)22630 Dulles Summit Court

Dulles, VA




2,200



9,346



127



2,206



9,467



11,673



397


1998

(n)4201 Forbes Boulevard(q)

Lanham, MD




356



1,823



191



375



1,995



2,370



49


1989

(n)4370-4383
    Lottsford Vista Road

Lanham, MD




279



1,358



68



296



1,408



1,705



45


1989

(n)4400 Lottsford Vista Road

Lanham, MD




351



1,955



108



372



2,042



2,414



54


1989

(n)4420 Lottsford Vista Road

Lanham, MD




539



2,196



118



568



2,285



2,853



66


1989

(n)11204 McCormick Road

Hunt Valley, MD




1,017



3,132



81



1,038



3,192



4,230



18


1962

(n)11110 Pepper Road(q)

Hunt Valley, MD




918



2,529



68



938



2,577



3,515



12


1964

(n)11100 Gilroy Road

Hunt Valley, MD




901



1,455



43



919



1,480



2,399



8


1972

(n) S-2




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)336 Clubhouse(q)

Hunt Valley, MD




982



3,158



82



1,004



3,218



4,222



18


1976

(n)10709 Gilroy Road

Hunt Valley, MD




907



2,884



(173
)


913



2,705



3,618



15


1978

(n)10947 Golden West

Hunt Valley, MD




1,134



3,436



64



1,135



3,499



4,634



13


1983

(n)7120-7132
    Ambassador Road

Hunt Valley, MD




829



1,329



15



847



1,326



2,173



9


1970

(n)7142 Ambassador Road(q)

Hunt Valley, MD




924



2,876



71



942



2,929



3,871



9


1973

(n)7144-7160
    Ambassador Road

Hunt Valley, MD




979



1,672



67



1,000



1,718



2,718



14


1974

(n)7200 Rutherford(q)

Hunt Valley, MD




1,032



2,150



62



1,054



2,190



3,244



17


1978

(n)2700 Lord Baltimore(q)

Hunt Valley, MD




875



1,826



(58
)


897



1,746



2,643



13


1978

(n)9800 Martin Luther King Hwy

Lanham, MD




1,200



2,457



543



1,200



3,000



4,200



258


1978

(n)4501 Hollins Ferry Road

Baltimore, MD




3,000



10,108



929



3,058



10,979



14,037



509


1982/92

(n)11212 McCormick Road(q)

Hunt Valley, MD




776



623



37



798



638



1,436



6


1961/1973

(n)Central Pennsylvania16522 Hunters Green Parkway

Hagerstown, MD

(g)


1,390



13,104



3,902



1,863



16,534



18,396



1,088


2000

(n)Golden Eagle Business Center

Harrisburg, PA




585



3,176



83



600



3,245



3,844



57


2000

(n)270 Old Silver Spring Road

Mechanicsburg, PA




350







3,649



350



3,649



3,999



332


2001

(n)37 Valleyview Business Park

Jessup, PA




542







2,971



542



2,972



3,513



77


2004

(n)170 Marcel Drive(q)

Winchester, VA




1,544



5,463



266



1,544



5,730



7,273






1997

(n)320 Museum Road

Washington, PA




201



1,819



33



205



1,849



2,053



18


1967/75

(n)Chicago3600 West Pratt Avenue

Lincolnwood, IL




1,050



5,767



1,238



1,050



7,005



8,055



2,021


1953/88

(n)6750 South Sayre Avenue

Bedford Park, IL




224



1,309



433



224



1,742



1,966



441


1975

(n)585 Slawin Court

Mount Prospect, IL




611



3,505



183



611



3,688



4,300



1,021


1992

(n)2300 Windsor Court

Addison, IL




688



3,943



504



696



4,439



5,135



1,344


1986

(n)3505 Thayer Court

Aurora, IL




430



2,472



35



430



2,507



2,938



717


1989

(n)305-311 Era Drive

Northbrook, IL




200



1,154



146



205



1,296



1,501



361


1978

(n)4330 South Racine Avenue

Chicago, IL




448



1,893



550



468



2,424



2,891



1,872


1978

(n)12241 Melrose Street

Franklin Park, IL




332



1,931



1,826



469



3,620



4,089



1,091


1969

(n)11939 S Central Avenue

Alsip, IL




1,208



6,843



2,155



1,305



8,900



10,205



1,829


1972

(n)405 East Shawmut

LaGrange, IL




368



2,083



365



387



2,428



2,815



486


1965

(n)1010-50 Sesame Street

Bensenville, IL




979



5,546



2,285



1,048



7,761



8,810



1,305


1976

(n)7401 South Pulaski

Chicago, IL




664



3,763



1,215



669



4,974



5,643



1,024


1975/86

(n)7501 S. Pulaski

Chicago, IL




318



2,038



738



318



2,777



3,094



514


1975/86

(n)385 Fenton Lane

West Chicago, IL




868



4,918



567



884



5,468



6,352



1,263


1990

(n) S-3




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)905 Paramount

Batavia, IL




243



1,375



391



252



1,757



2,009



355


1977

(n)1005 Paramount

Batavia, IL




282



1,600



454



293



2,043



2,336



401


1978

(n)2120-24 Roberts

Broadview, IL




220



1,248



369



231



1,607



1,838



391


1960

(n)700 Business Center Drive

Mount Prospect, IL




270



1,492



120



288



1,594



1,882



202


1980

(n)800 Business Center Drive

Mount Prospect, IL




631



3,493



233



666



3,691



4,358



468


1988/99

(n)580 Slawin Court

Mount Prospect, IL




233



1,292



234



254



1,505



1,760



180


1985

(n)1150 Feehanville Drive

Mount Prospect, IL




260



1,437



131



273



1,555



1,829



203


1983

(n)1200 Business Center D rive

Mount Prospect, IL




765



4,237



335



814



4,524



5,338



576


1988/2000

(n)1331 Business Center Drive

Mount Prospect, IL




235



1,303



136



255



1,419



1,674



181


1985

(n)19W661 101st Street

Lemont, IL




1,200



6,643



1,400



1,220



8,023



9,242



844


1988

(n)175 Wall Street

Glendale Heights, IL




427



2,363



191



433



2,548



2,981



236


1990

(n)800-820 Thorndale Avenue

Bensenville, IL




751



4,159



109



761



4,258



5,019



326


1985

(n)830-890 Supreme Drive

Bensenville, IL




671



3,714



247



679



3,953



4,632



406


1981

(n)1661 Feehanville Drive

Mount Prospect, IL




985



5,455



1,134



1,044



6,530



7,574



845


1986

(n)2250 Arthur Avenue

Elk Grove Village, IL




800



1,543



41



809



1,576



2,384



208


1973/86

(n)1850 Touhy & 1158-60
    McCage Ave

Elk Grove Village, IL




1,500



4,842



57



1,514



4,885



6,399



351


1978

(n)1088-1130
    Thorndale Avenue(q)

Bensenville, IL




2,103



3,674



12



2,108



3,681



5,789



93


1983

(n)855-891 Busse(Route 83)

Bensenville, IL




1,597



2,767



11



1,601



2,774



4,375



72


1983

(n)1060-1074 W. Thorndale
    Ave.(q)

Bensenville, IL




1,704



2,108



31



1,709



2,134



3,843



61


1982

(n)400 Crossroads Parkway

Bolingbrook, IL




1,178



9,453



26



1,181



9,476



10,657



159


1988

(n)7609 West Industrial Drive(q)

Forest Park, IL




1,207



2,343



161



1,213



2,497



3,711



69


1974

(n)7801 West Industrial Drive

Forest Park, IL




1,215



3,020



19



1,220



3,034



4,254



74


1976

(n)501 Airport Road(q)

Aurora, IL




694







5,256



694



5,256



5,950



415


2002

(n)251 Airport Road(q)

Aurora, IL




983







6,653



983



6,654



7,636



657


2002

(n)1900-1960
    Devon Avenue(q)

Elk Grove Village, IL




1,154



2,552



195



1,167



2,734



3,901



124


1979

(n)3686 South Central

Rockford, IL




200



2,520



11



200



2,531



2,731



72


1998

(n)749 Southrock

Rockford, IL




379



2,814



13



380



2,825



3,206



105


1992

(n)725 Kimberly Drive

Carol Stream, IL




793



1,395



10



801



1,397



2,198



23


1987

(n)2802 Bloomington Road

Champaign, IL




1,002



7,544



45



1,007



7,583



8,591



47


1996

(n)17001 S. Vincennes

Thornton, IL




497



504



6



500



507



1,007



9


1974

(n) S-4




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)Cincinnati9900-9970
    Princeton

Cincinnati, OH




545



3,088



1,709



566



4,775



5,342



1,315


1970

(n)2940 Highland Avenue

Cincinnati, OH




1,717



9,730



2,258



1,772



11,933



13,705



3,151


1969/74

(n)4700-4750
    Creek Road

Blue Ash, OH




1,080



6,118



772



1,109



6,860



7,970



1,788


1960

(n)12072 Best Place

Springboro, OH




426







3,177



443



3,160



3,604



610


1984

(n)901 Pleasant Valley Drive

Springboro, OH




304



1,721



166



316



1,875



2,191



370


1984/94

(n)4440 Mulhauser Road

Cincinnati, OH




655



39



5,741



655



5,780



6,435



1,197


1999

(n)4434 Mulhauser Road

Cincinnati, OH




444



16



4,684



463



4,681



5,144



764


1999

(n)9449 Glades Drive

Hamilton, OH




465







4,080



477



4,068



4,545



581


1999

(n)420 Wards Corner Road

Loveland, OH




600



1,083



1,010



606



2,087



2,693



324


1985

(n)422 Wards Corner Road

Loveland, OH




600



1,811



451



605



2,256



2,862



354


1985

(n)4436 Muhlhauser Road

Hamilton, OH




630







5,663



630



5,664



6,293



607


2001

(n)4438 Muhlhauser Road

Hamilton, OH




779







6,823



779



6,823



7,602



680


2000

(n)9200 Brookfield Court(q)

Florence, KY




578



3,551



72



582



3,619



4,201



120


1996

(n)4663 Dues Drive(q)

West Chester, OH




858



2,273



204



875



2,460



3,335



130


1972

(n)7401 Fremont Pike #1

Perrysburg, OH




291



1,130



26



296



1,151



1,447



7


1955/70

(n)7401 Fremont Pike #2

Perrysburg, OH




280



1,088



25



285



1,108



1,393



7


1980

(n)7401 Fremont Pike #3

Perrysburg, OH




334



1,300



30



340



1,324



1,664



8


1984

(n)7401 Fremont Pike #4

Perrysburg, OH




502



1,952



44



511



1,987



2,498



13


1985

(n)7401 Fremont Pike #5

Perrysburg, OH




340



1,323



31



346



1,347



1,694



8


1990

(n)7401 Fremont Pike #6

Perrysburg, OH




340



1,323



31



346



1,347



1,694



8


1990

(n)7401 Fremont Pike #7

Perrysburg, OH




357



1,389



33



364



1,415



1,779



9


1991

(n)7401 Fremont Pike #8

Perrysburg, OH




704



2,739



64



717



2,789



3,507



18


1993

(n)7401 Fremont Pike #9

Perrysburg, OH




18



68



2



18



70



88



0


1998

(n)7401 Fremont Pike #10

Perrysburg, OH




38



149



4



39



152



191



1


1951

(n)Cleveland1 Allen Bradley Drive

Mayfield Heights, OH




3,034



48,475



269



3,051



48,726



51,778



276


1995

(n)Columbus3800 Lockbourne Industrial Pkwy

Columbus, OH




1,045



6,421



14



1,045



6,435



7,480



1,529


1986

(n)3880 Groveport Road

Columbus, OH




1,955



12,154



600



1,955



12,755



14,709



3,087


1986

(n)1819 North Walcutt Road

Columbus, OH




637



4,590



(296
)


637



4,294



4,931



1,105


1973

(n)4300 Cemetary Road(q)

Hillard, OH




764



6,248



(1,424
)


764



4,823



5,588



1,133


1968/74

(n) S-5




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)4115 Leap Road(j)

Hillard, OH




756



4,297



495



756



4,781



5,537



892


1977

(n)3300 Lockbourne

Columbus, OH




708



3,920



1,241



710



5,159



5,869



1,075


1964

(n)1076 Pittsburgh Drive

Delaware, OH




2,497



5,103



22



2,505



5,117



7,622



157


1996

(n)6150 Huntley Road

Columbus, OH




986



5,162



16



989



5,175



6,164



101


2002

(n)Dallas/Fort Worth1275-1281
    Roundtable Drive

Dallas, TX




117



839



53



117



892



1,009



184


1966

(n)2406-2416
    Walnut Ridge

Dallas, TX




178



1,006



290



183



1,291



1,474



278


1978

(n)12750 Perimeter Drive

Dallas, TX




638



3,618



635



660



4,232



4,892



805


1979

(n)1324-1343
    Roundtable Drive

Dallas, TX




178



1,006



227



184



1,227



1,411



240


1972

(n)2401-2419
    Walnut Ridge

Dallas, TX




148



839



119



153



953



1,106



201


1978

(n)4248-4252
    Simonton

Farmers Ranch, TX




888



5,032



412



920



5,412



6,332



1,169


1973

(n)900-906 Great Southwest Pkwy

Arlington, TX




237



1,342



596



270



1,905



2,175



368


1972

(n)2179 Shiloh Road

Garland, TX




251



1,424



68



256



1,486



1,742



299


1982

(n)2159 Shiloh Road

Garland, TX




108



610



40



110



648



758



130


1982

(n)2701 Shiloh Road

Garland, TX




818



4,636



1,209



923



5,740



6,663



1,275


1981

(n)12784 Perimeter Drive(k)

Dallas, TX




350



1,986



461



396



2,401



2,797



494


1981

(n)3000 West Commerce

Dallas, TX




456



2,584



530



469



3,101



3,570



599


1980

(n)3030 Hansboro

Dallas, TX




266



1,510



385



276



1,885



2,161



382


1971

(n)5222 Cockrell Hill

Dallas, TX




296



1,677



389



306



2,056



2,363



390


1973

(n)405-407 113th

Arlington, TX




181



1,026



431



185



1,452



1,637



264


1969

(n)816 111th Street

Arlington, TX




251



1,421



224



258



1,638



1,896



330


1972

(n)7341 Dogwood Park

Richland Hills, TX




79



435



219



84



649



732



152


1973

(n)7427 Dogwood Park

Richland Hills, TX




96



532



556



102



1,083



1,185



142


1973

(n)7348-54 Tower Street

Richland Hills, TX




88



489



196



94



679



773



120


1978

(n)7370 Dogwood Park

Richland Hills, TX




91



503



97



96



594



691



122


1987

(n)7339-41 Tower Street

Richland Hills, TX




98



541



66



104



601



705



109


1980

(n)7437-45 Tower Street

Richland Hills, TX




102



563



79



108



635



743



124


1977

(n)7331-59 Airport Freeway

Richland Hills, TX




354



1,958



363



372



2,303



2,675



411


1987

(n)7338-60 Dogwood Park

Richland Hills, TX




106



587



102



112



683



796



127


1978

(n)7450-70 Dogwood Park

Richland Hills, TX




106



584



125



112



703



815



140


1985

(n)7423-49 Airport Freeway

Richland Hills, TX




293



1,621



334



308



1,940



2,248



421


1985

(n)7400 Whitehall Street

Richland Hills, TX




109



603



91



115



688



804



126


1994

(n)1602-1654
    Terre Colony

Dallas, TX




458



2,596



230



468



2,816



3,284



467


1981

(n) S-6




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)3330 Duncanville Road

Dallas, TX




197



1,114



28



199



1,139



1,338



158


1987

(n)6851-6909
    Snowden Road

Fort Worth, TX




1,025



5,810



483



1,038



6,280



7,318



905


1985/86

(n)2351-2355
    Merritt Drive

Garland, TX




101



574



125



103



698



800



118


1986

(n)10575 Vista Park

Dallas, TX




366



2,074



214



371



2,283



2,654



322


1988

(n)701-735 North Plano Road

Richardson, TX




696



3,944



118



705



4,053



4,758



576


1972/94

(n)2259 Merritt Drive

Garland, TX




96



544



45



97



588



685



82


1986

(n)2260 Merritt Drive

Garland, TX




319



1,806



47



323



1,849



2,172



259


1986/99

(n)2220 Merritt Drive

Garland, TX




352



1,993



258



356



2,247



2,603



297


1986/2000

(n)2010 Merritt Drive

Garland, TX




350



1,981



112



354



2,088



2,442



304


1986

(n)2363 Merritt Drive

Garland, TX




73



412



117



74



529



602



67


1986

(n)2447 Merritt Drive

Garland, TX




70



395



81



71



475



546



57


1986

(n)2465-2475
    Merritt Drive

Garland, TX




91



514



21



92



535



626



74


1986

(n)2485-2505
    Merritt Drive

Garland, TX




431



2,440



415



436



2,849



3,285



356


1986

(n)2081 Hutton
    Drive    Bldg 1(k)

Carrolton, TX




448



2,540



480



453



3,016



3,468



459


1981

(n)2150 Hutton Drive

Carrolton, TX




192



1,089



315



194



1,402



1,596



231


1980

(n)2110 Hutton Drive

Carrolton, TX




374



2,117



172



377



2,285



2,662



310


1985

(n)2025 McKenzie Drive

Carrolton, TX




437



2,478



431



442



2,904



3,346



447


1985

(n)2019 McKenzie Drive

Carrolton, TX




502



2,843



174



507



3,012



3,519



418


1985

(n)1420 Valwood
    Parkway  Bldg 1(j)

Carrolton, TX




460



2,608



609



466



3,212



3,677



429


1986

(n)1620 Valwood Parkway(k)

Carrolton, TX




1,089



6,173



1,165



1,100



7,327



8,427



1,095


1986

(n)1505 Luna
    Road  Bldg II

Carrolton, TX




167



948



160



169



1,106



1,275



151


1988

(n)1625 West Crosby Road

Carrolton, TX




617



3,498



678



631



4,162



4,793



670


1988

(n)2029-2035
    McKenzie Drive

Carrolton, TX




306



1,870



1,015



306



2,885



3,191



625


1985

(n)1840 Hutton Drive(j)

Carrolton, TX




811



4,597



521



819



5,111



5,930



656


1986

(n)1420 Valwood
    Pkwy  Bldg II

Carrolton, TX




373



2,116



422



377



2,534



2,912



376


1986

(n)2015 McKenzie Drive

Carrolton, TX




510



2,891



316



516



3,202



3,717



392


1986

(n)2105 McDaniel Drive

Carrolton, TX




502



2,844



735



507



3,573



4,080



448


1986

(n)2009 McKenzie Drive

Carrolton, TX




476



2,699



506



481



3,201



3,682



413


1987

(n)1505 Luna
    Road  Bldg I

Carrolton, TX




521



2,953



571



529



3,516



4,045



412


1988

(n)900-1100
    Avenue S

Grand Prairie, TX




623



3,528



325



629



3,846



4,475



437


1985

(n)15001 Trinity Blvd

Ft. Worth, TX




529



2,998



50



534



3,043



3,578



253


1984

(n) S-7




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)Plano Crossing(l)

Plano, TX




1,961



11,112



171



1,981



11,263



13,243



943


1998

(n)7413A-C Dogwood Park

Richland Hills, TX




110



623



102



111



724



835



58


1990

(n)7450 Tower Street

Richland Hills, TX




36



204



160



36



363



399



23


1977

(n)7436 Tower Street

Richland Hills, TX




57



324



147



58



471



528



31


1979

(n)7501 Airport Freeway

Richland Hills, TX




113



638



50



115



686



800



67


1983

(n)7426 Tower Street

Richland Hills, TX




76



429



18



76



446



522



36


1978

(n)7427-7429
    Tower Street

Richland Hills, TX




75



427



15



76



441



517



36


1981

(n)2840-2842
    Handley Ederville Rd

Richland Hills, TX




112



635



34



113



668



781



56


1977

(n)7451-7477
    Airport Freeway

Richland Hills, TX




256



1,453



211



259



1,661



1,920



189


1984

(n)7415 Whitehall Street

Richland Hills, TX




372



2,107



137



375



2,241



2,616



200


1986

(n)7450 Whitehall Street

Richland Hills, TX




104



591



10



105



600



705



49


1978

(n)7430 Whitehall Street

Richland Hills, TX




143



809



15



144



822



966



68


1985

(n)7420 Whitehall Street

Richland Hills, TX




110



621



28



111



648



759



60


1985

(n)300 Wesley Way

Richland Hills, TX




208



1,181



17



211



1,196



1,407



98


1995

(n)825-827 Avenue H(j)

Arlington, TX




600



3,006



193



604



3,195



3,799



210


1979

(n)1013-31 Avenue M

Grand Prairie, TX




300



1,504



52



302



1,554



1,856



101


1978

(n)1172-84 113th Street(j)

Grand Prairie, TX




700



3,509



30



704



3,534



4,239



199


1980

(n)1200-16 Avenue H(j)

Arlington, TX




600



2,846



(17
)


604



2,825



3,429



181


1981/82

(n)1322-66 N. Carrier
    Parkway(k)

Grand Prairie, TX




1,000



5,012



58



1,006



5,064



6,070



297


1979

(n)2401-2407
    Centennial Dr.

Arlington, TX




600



2,534



60



604



2,591



3,194



161


1977

(n)3111 West Commerce Street

Dallas, TX




1,000



3,364



45



1,011



3,398



4,409



202


1979

(n)4201 Kellway

Addison, TX




306



1,342



56



317



1,387



1,704



57


1980

(n)9150 West Royal Lane(q)

Irving, TX




818



3,767



18



820



3,783



4,603



74


1985

(n)13800 Senlac Drive

Farmers Ranch, TX




823



4,042



12



825



4,052



4,877



96


1988

(n)801-831 S. Great
    Southwest Pkwy(q)

Grand Prairie, TX




2,581



16,556



257



2,586



16,808



19,394



538


1975

(n)801-842 Heinz Way(q)

Grand Prairie, TX




599



3,327



34



601



3,359



3,960



73


1977

(n)901-937 Heinz Way

Grand Prairie, TX




493



2,823



7



494



2,829



3,323



70


1997

(n)2104 Hutton Drive

Carrolton, TX




246



1,393



172



249



1,563



1,811



199


1990

(n)7451 Dogwood Park

Richland Hills, TX




133



753



195



134



947



1,081



156


1977

(n)2821 Cullen Street

Fort Worth, TX




71



404



6



72



409



481



33


1961

(n)2900 Avenue E(q)

Arlington, TX




296







1,936



296



1,936



2,232



39


1968

(n) S-8




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)14500 E. Beltwood(q)

Dallas, TX




309



1,368



18



312



1,383



1,695



14


1980

(n)Denver7100 North
    Broadway  1

Denver, CO




201



1,141



405



215



1,532



1,748



360


1978

(n)7100 North
    Broadway  2

Denver, CO




203



1,150



272



204



1,420



1,624



325


1978

(n)7100 North
    Broadway  3

Denver, CO




139



787



152



140



938



1,078



217


1978

(n)7100 North
    Broadway  5

Denver, CO




178



1,018



149



178



1,167



1,345



276


1978

(n)7100 North
    Broadway  6

Denver, CO




269



1,526



372



271



1,896



2,167



484


1978

(n)20100 East 32nd Avenue Parkway

Aurora, CO




314



1,888



173



314



2,060



2,374



540


1997

(n)700 West 48th Street

Denver, CO




302



1,711



439



307



2,145



2,452



508


1984

(n)702 West 48th Street

Denver, CO




135



763



128



139



886



1,025



216


1984

(n)6425 North Washington

Denver, CO




374



2,118



318



385



2,424



2,809



543


1983

(n)3370 North Peoria Street

Aurora, CO




163



924



70



163



994



1,157



225


1978

(n)3390 North Peoria Street

Aurora, CO




145



822



85



147



906



1,052



200


1978

(n)3508-3538
    North Peoria Street

Aurora, CO




260



1,472



485



264



1,953



2,217



482


1978

(n)3568 North Peoria Street

Aurora, CO




222



1,260



355



225



1,612



1,837



376


1978

(n)4785 Elati

Denver, CO




173



981



212



175



1,192



1,367



295


1972

(n)4770 Fox Street

Denver, CO




132



750



118



134



866



1,000



194


1972

(n)1550 W. Evans

Denver, CO




385



2,200



411



385



2,610



2,995



549


1975

(n)3751-71 Revere Street

Denver, CO




262



1,486



208



267



1,689



1,957



371


1980

(n)3871 Revere

Denver, CO




361



2,047



559



368



2,599



2,967



550


1980

(n)4570 Ivy Street

Denver, CO




219



1,239



174



220



1,411



1,632



324


1985

(n)5855 Stapleton Drive North

Denver, CO




288



1,630



282



290



1,911



2,201



428


1985

(n)5885 Stapleton Drive North

Denver, CO




376



2,129



175



380



2,300



2,680



458


1985

(n)5977-5995
    North Broadway

Denver, CO




268



1,518



446



271



1,961



2,232



392


1978

(n)2952-5978
    North Broadway

Denver, CO




414



2,346



728



422



3,067



3,489



682


1978

(n)4721 Ironton Street

Denver, CO




232



1,313



1,520



236



2,827



3,064



987


1969

(n)7100 North
    Broadway  7

Denver, CO




215



1,221



227



217



1,445



1,663



361


1985

(n)7100 North
    Broadway  8

Denver, CO




79



448



104



80



551



631



112


1985

(n)6804 East 48th Avenue

Denver, CO




253



1,435



403



256



1,835



2,092



369


1973

(n)445 Bryant Street

Denver, CO




1,829



10,219



1,719



1,829



11,938



13,767



2,458


1960

(n)East
    47th Drive  A

Denver, CO




441



2,689



(6
)


441



2,683



3,124



576


1997

(n)9500 West
    49th Street  A

Wheatridge, CO




283



1,625



328



286



1,951



2,236



459


1997

(n) S-9




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)9500 West
    49th Street  B

Wheatridge, CO




225



1,272



70



226



1,341



1,567



270


1997

(n)9500 West
    49th Street  C

Wheatridge, CO




600



3,409



126



600



3,536



4,136



738


1997

(n)9500 West
    49th Street  D

Wheatridge, CO




246



1,537



179



246



1,716



1,962



555


1997

(n)8100 South Park
    Way  A

Littleton, CO




423



2,507



192



423



2,699



3,121



565


1997

(n)8100 South Park
    Way  B

Littleton, CO




103



582



162



104



743



847



177


1984

(n)8100 South Park
    Way  C

Littleton, CO




568



3,219



223



575



3,435



4,010



698


1984

(n)451-591 East 124th Avenue

Littleton, CO




383



2,145



805



383



2,950



3,333



665


1979

(n)608 Garrison Street

Lakewood, CO




265



1,501



395



267



1,894



2,161



396


1984

(n)610 Garrison Street

Lakewood, CO




264



1,494



438



266



1,931



2,196



439


1984

(n)15000 West 6th Avenue

Golden, CO




913



5,174



1,232



916



6,404



7,320



1,498


1985

(n)14998 West 6th Avenue
    Bldg E

Golden, CO




565



3,199



224



568



3,419



3,987



757


1995

(n)14998 West 6th Avenue
    Bldg F

Englewood, CO




269



1,525



86



271



1,610



1,881



360


1995

(n)12503 East Euclid Drive

Denver, CO




1,208



6,905



769



1,208



7,675



8,882



1,731


1986

(n)6547 South Racine Circle

Denver, CO




739



4,241



152



739



4,393



5,132



889


1996

(n)7800 East Iliff Avenue

Denver, CO




188



1,067



245



190



1,310



1,500



258


1983

(n)2369 South Trenton Way

Denver, CO




292



1,656



170



294



1,825



2,118



408


1983

(n)2422 S. Trenton Way

Denver, CO




241



1,364



243



243



1,605



1,848



348


1983

(n)2452 South Trenton Way

Denver, CO




421



2,386



201



426



2,582



3,008



532


1983

(n)1600 South Abilene

Aurora, CO




465



2,633



79



467



2,710



3,177



573


1986

(n)1620 South Abilene

Aurora, CO




268



1,520



101



270



1,619



1,890



340


1986

(n)1640 South Abilene

Aurora, CO




368



2,085



141



382



2,213



2,594



490


1986

(n)13900 East Florida Ave

Aurora, CO




189



1,071



79



190



1,149



1,339



244


1986

(n)14401-14492
    East 33rd Place

Aurora, CO




440



2,519



298



440



2,817



3,257



583


1979

(n)11701 East 53rd Avenue

Denver, CO




416



2,355



194



422



2,542



2,964



528


1985

(n)5401 Oswego Street

Denver, CO




273



1,547



329



278



1,871



2,148



457


1985

(n)3811 Joilet

Denver, CO




735



4,166



448



752



4,597



5,349



859


1977

(n)2630 West 2nd Avenue

Denver, CO




51



286



5



51



291



342



61


1970

(n)2650 West 2nd Avenue

Denver, CO




221



1,252



191



223



1,441



1,664



306


1970

(n)14818 West 6th Avenue
    Bldg A

Golden, CO




468



2,799



389



468



3,188



3,656



801


1985

(n)14828 West 6th Avenue
    Bldg B

Golden, CO




503



2,942



541



503



3,482



3,985



815


1985

(n)12055 E 49th Ave/4955 Peoria

Denver, CO




298



1,688



562



305



2,243



2,547



518


1984

(n)4940-4950
    Paris

Denver, CO




152



861



174



156



1,032



1,187



199


1984

(n)4970 Paris

Denver, CO




95



537



69



97



604



701



112


1984

(n) S-10




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)7367 South Revere Parkway

Englewood, CO




926



5,124



264



934



5,380



6,314



1,067


1997

(n)8200 East Park Meadows Drive(j)

Lone Tree, CO




1,297



7,348



983



1,304



8,324



9,628



1,192


1984

(n)3250 Quentin(j)

Aurora, CO




1,220



6,911



617



1,230



7,518



8,747



1,100


1984/2000

(n)11585 E. 53rd Ave.(j)

Denver, CO




1,770



10,030



1,090



1,780



11,110



12,890



1,286


1984

(n)10500 East 54th Ave.(k)

Denver, CO




1,253



7,098



937



1,260



8,027



9,287



1,045


1986

(n)8835 W. 116th Street

Broomfield, CO




1,151



6,523



870



1,304



7,240



8,544



520


2002

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

Englewood, CO




2,500



8,549



172



2,504



8,717



11,221



508


1974

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

Englewood, CO




1,700



7,787



64



1,702



7,849



9,551



428


1974

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

Englewood, CO




1,600



6,592



161



1,602



6,750



8,353



433


1974

(n)18150 E. 32nd Street

Aurora, CO




563



3,188



1,168



572



4,347



4,919



718


2000

(n)8820 W. 116th Street(q)

Broomfield, CO




338



1,918



316



372



2,199



2,571



145


2001

(n)7005 East 46th Avenue

Denver, CO




512



2,025



22



517



2,042



2,559



49


1996

(n)Hilltop Business Center
    I  Bldg. B(q)

Littleton, CO




739







3,577



739



3,578



4,316



416


2001

(n)Jeffco Business Center A

Broomfield, CO




312







1,730



370



1,671



2,042



358


2001

(n)Park Centre A(q)

Westminister, CO




441







4,241



441



4,241



4,682



545


2001

(n)Park Centre B(q)

Westminister, CO




374







3,222



374



3,221



3,596



471


2001

(n)Park Centre C(q)

Westminister, CO




374







3,022



374



3,022



3,396



422


2001

(n)Park Centre D(q)

Westminister, CO




441







3,772



441



3,771



4,213



546


2001

(n)9586 Interstate 25 East Frontage

Longmont, CO




898



5,038



229



939



5,226



6,165



27


1997

(n)Des Moines1021 W. First Street, Hwy
    93

Sumner, IA




99



2,540



17



100



2,556



2,656



28


1990/1995

(n)Detroit238 Executive Drive

Troy, MI




52



173



554



100



679



779



555


1973

(n)256 Executive Drive

Troy, MI




44



146



436



85



541



626



439


1974

(n)301 Executive Drive

Troy, MI




71



293



731



133



962



1,095



718


1974

(n)449 Executive Drive

Troy, MI




125



425



1,030



218



1,362



1,580



1,002


1975

(n)501 Executive Drive

Troy, MI




71



236



678



129



856



985



446


1984

(n)451 Robbins Drive

Troy, MI




96



448



961



192



1,313



1,505



923


1975

(n)1095 Crooks Road

Troy, MI




331



1,017



1,006



360



1,994



2,354



1,153


1986

(n)1416 Meijer Drive

Troy, MI




94



394



342



121



709



830



483


1980

(n) S-11




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)1624 Meijer Drive

Troy, MI




236



1,406



902



373



2,171



2,544



1,357


1984

(n)1972 Meijer Drive

Troy, MI




315



1,301



721



372



1,965



2,337



1,143


1985

(n)1621 Northwood Drive

Troy, MI




85



351



918



215



1,140



1,354



951


1977

(n)1707 Northwood Drive

Troy, MI




95



262



1,221



239



1,339



1,578



841


1983

(n)1788 Northwood Drive

Troy, MI




50



196



549



103



692



795



488


1977

(n)1821 Northwood Drive

Troy, MI




132



523



742



220



1,177



1,397



975


1977

(n)1826 Northwood Drive

Troy, MI




55



208



394



103



554



657



461


1977

(n)1864 Northwood Drive

Troy, MI




57



190



437



107



577



684



479


1977

(n)2277 Elliott Avenue

Troy, MI




48



188



501



104



633



737



479


1975

(n)2451 Elliott Avenue

Troy, MI




78



319



742



164



975



1,139



790


1974

(n)2730 Research Drive

Rochester Hills, MI




903



4,215



674



903



4,889



5,792



2,715


1988

(n)2791 Research Drive

Rochester Hills, MI




557



2,731



707



560



3,435



3,995



1,603


1991

(n)2871 Research Drive

Rochester Hills, MI




324



1,487



372



327



1,856



2,183



932


1991

(n)2911 Research Drive

Rochester Hills, MI




504



2,136



654



504



2,790



3,294



1,345


1992

(n)3011 Research Drive

Rochester Hills, MI




457



2,104



346



457



2,450



2,907



1,392


1988

(n)2870 Technology Drive

Rochester Hills, MI




275



1,262



228



279



1,486



1,765



840


1988

(n)2900 Technology Drive

Rochester Hills, MI




214



977



531



219



1,503



1,722



650


1992

(n)2920 Technology Drive

Rochester Hills, MI




153



671



196



153



868



1,020



420


1992

(n)2930 Technology Drive

Rochester Hills, MI




131



594



380



138



966



1,105



440


1991

(n)2950 Technology Drive

Rochester Hills, MI




178



819



223



185



1,035



1,220



524


1991

(n)23014 Commerce Drive

Farmington Hills, MI




39



203



169



56



355



411



209


1983

(n)23028 Commerce Drive

Farmington Hills, MI




98



507



247



125



727



852



436


1983

(n)23035 Commerce Drive

Farmington Hills, MI




71



355



262



93



596



688



344


1983

(n)23042 Commerce Drive

Farmintgon Hills, MI




67



277



306



89



561



650



330


1983

(n)23065 Commerce Drive

Farmington Hills, MI




71



408



213



93



599



692



352


1983

(n)23070 Commerce Drive

Farmington Hills, MI




112



442



759



125



1,188



1,313



777


1983

(n)23079 Commerce Drive

Farmington Hills, MI




68



301



316



79



605



685



309


1983

(n)23093 Commerce Drive

Farmington Hills, MI




211



1,024



844



295



1,784



2,079



1,053


1983

(n)23135 Commerce Drive

Farmington Hills, MI




146



701



256



158



945



1,103



521


1986

(n)23163 Commerce Drive

Farmington Hills, MI




111



513



313



138



799



937



438


1986

(n)23177 Commerce Drive

Farmington Hills, MI




175



1,007



612



254



1,540



1,794



852


1986

(n)23206 Commerce Drive

Farmington Hills, MI




125



531



324



137



842



980



477


1985

(n)23370 Commerce Drive

Farmington Hills, MI




59



233



308



66



534



600



304


1980

(n) S-12




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)32450 N Avis Drive

Madison Heights, MI




281



1,590



99



286



1,684



1,970



332


1974

(n)12707 Eckles Road

Plymouth Township, MI




255



1,445



109



267



1,543



1,809



363


1990

(n)9300-9328
    Harrison Rd

Romulus, MI




147



834



393



154



1,219



1,374



300


1978

(n)9330-9358
    Harrison Rd

Romulus, MI




81



456



302



85



754



839



194


1978

(n)28420-28448
    Highland Rd

Romulus, MI




143



809



212



149



1,015



1,164



265


1979

(n)28450-28478
    Highland Rd

Romulus, MI




81



461



272



85



730



815



196


1979

(n)28421-28449
    Highland Rd

Romulus, MI




109



617



291



114



903



1,017



261


1980

(n)28451-28479
    Highland Rd

Romulus, MI




107



608



177



112



780



892



210


1980

(n)28825-28909
    Highland Rd

Romulus, MI




70



395



267



73



659



732



169


1981

(n)28933-29017
    Highland Rd

Romulus, MI




112



634



150



117



779



896



198


1982

(n)28824-28908
    Highland Rd

Romulus, MI




134



760



219



140



972



1,113



215


1982

(n)28932-29016
    Highland Rd

Romulus, MI




123



694



322



128



1,011



1,139



230


1982

(n)9710-9734
    Harrison Rd

Romulus, MI




125



706



149



130



850



980



205


1987

(n)9740-9772
    Harrison Rd

Romulus, MI




132



749



130



138



872



1,011



208


1987

(n)9840-9868
    Harrison Rd

Romulus, MI




144



815



168



151



977



1,127



243


1987

(n)9800-9824
    Harrison Rd

Romulus, MI




117



664



94



123



753



876



172


1987

(n)29265-29285
    Airport Dr

Romulus, MI




140



794



289



147



1,076



1,223



294


1983

(n)29185-29225
    Airport Dr

Romulus, MI




140



792



258



146



1,044



1,191



246


1983

(n)29149-29165
    Airport Dr

Romulus, MI




216



1,225



227



226



1,442



1,668



328


1984

(n)29101-29115
    Airport Dr

Romulus, MI




130



738



249



136



981



1,117



237


1985

(n)29031-29045
    Airport Dr

Romulus, MI




124



704



123



130



821



951



202


1985

(n)29050-29062
    Airport Dr

Romulus, MI




127



718



156



133



868



1,001



234


1986

(n)29120-29134
    Airport Dr

Romulus, MI




161



912



298



169



1,203



1,371



301


1986

(n)29200-29214
    Airport Dr

Romulus, MI




170



963



337



178



1,292



1,469



347


1985

(n)9301-9339
    Middlebelt Rd

Romulus, MI




124



703



195



130



892



1,022



216


1983

(n)26980 Trolley Industrial Drive

Taylor, MI




450



2,550



1,017



463



3,554



4,017



799


1997

(n)32975 Capitol Avenue

Livonia, MI




135



748



332



144



1,071



1,215



207


1978

(n)2725 S. Industrial Highway

Ann Arbor, MI




660



3,654



322



704



3,931



4,636



748


1997

(n)32920 Capitol Avenue

Livonia, MI




76



422



83



82



499



581



93


1973

(n)11923 Brookfield Avenue

Livonia, MI




120



665



460



128



1,116



1,245



378


1973

(n)11965 Brookfield Avenue

Livonia, MI




120



665



67



128



724



852



138


1973

(n)13405 Stark Road

Livonia, MI




46



254



136



49



387



436



75


1980

(n)1170 Chicago Road

Troy, MI




249



1,380



232



266



1,595



1,861



292


1983

(n) S-13




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)1200 Chicago Road

Troy, MI




268



1,483



226



286



1,691



1,977



307


1984

(n)450 Robbins Drive

Troy, MI




166



920



223



178



1,132



1,309



210


1976

(n)1230 Chicago Road

Troy, MI




271



1,498



142



289



1,622



1,911



308


1996

(n)12886 Westmore Avenue

Livonia, MI




190



1,050



186



202



1,224



1,426



227


1981

(n)12898 Westmore Avenue

Livonia, MI




190



1,050



235



202



1,273



1,475



241


1981

(n)33025 Industrial Road

Livonia, MI




80



442



130



85



567



652



108


1980

(n)47711 Clipper Street

Plymouth Township, MI




539



2,983



265



575



3,212



3,787



611


1996

(n)32975 Industrial Road

Livonia, MI




160



887



341



171



1,217



1,388



242


1984

(n)32985 Industrial Road

Livonia, MI




137



761



149



147



900



1,047



167


1985

(n)32995 Industrial Road

Livonia, MI




160



887



180



171



1,056



1,227



211


1983

(n)12874 Westmore Avenue

Livonia, MI




137



761



239



147



990



1,137



176


1984

(n)33067 Industrial Road

Livonia, MI




160



887



305



171



1,181



1,352



211


1984

(n)1775 Bellingham

Troy, MI




344



1,902



238



367



2,117



2,484



394


1987

(n)1785 East Maple

Troy, MI




92



507



86



98



587



685



111


1985

(n)1807 East Maple

Troy, MI




321



1,775



199



342



1,953



2,295



376


1984

(n)980 Chicago

Troy, MI




206



1,141



103



220



1,230



1,450



234


1985

(n)1840 Enterprise Drive

Rochester Hills, MI




573



3,170



328



611



3,460



4,071



653


1990

(n)1885 Enterprise Drive

Rochester Hills, MI




209



1,158



115



223



1,259



1,482



240


1990

(n)1935-55 Enterprise Drive

Rochester Hills, MI




1,285



7,144



701



1,371



7,759



9,130



1,474


1990

(n)5500 Enterprise Court

Warren, MI




675



3,737



447



721



4,138



4,859



783


1989

(n)750 Chicago Road

Troy, MI




323



1,790



337



345



2,105



2,450



400


1986

(n)800 Chicago Road

Troy, MI




283



1,567



525



302



2,073



2,375



494


1985

(n)850 Chicago Road

Troy, MI




183



1,016



232



196



1,235



1,431



221


1984

(n)2805 S. Industrial Highway

Ann Arbor, MI




318



1,762



264



340



2,004



2,344



424


1990

(n)6833 Center Drive

Sterling Heights, MI




467



2,583



206



493



2,763



3,256



541


1998

(n)32201 North Avis Drive

Madison Heights, MI




345



1,911



519



349



2,427



2,776



594


1974

(n)1100 East Mandoline Road

Madison Heights, MI




888



4,915



1,620



897



6,526



7,423



1,438


1967

(n)30081 Stephenson Highway

Madison Heights, MI




271



1,499



379



274



1,874



2,149



368


1967

(n)1120 John A. Papalas Drive(k)

Lincoln Park, MI




586



3,241



543



593



3,777



4,370



720


1985

(n)4872 S. Lapeer Road

Lake Orion Twsp, MI




1,342



5,441



1,921



1,412



7,292



8,704



1,570


1999

(n)1400 Allen Drive

Troy, MI




209



1,154



120



212



1,271



1,483



160


1979

(n)1408 Allen Drive

Troy, MI




151



834



171



153



1,003



1,156



182


1979

(n)1305 Stephenson Hwy

Troy, MI




345



1,907



154



350



2,055



2,406



270


1979

(n) S-14




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)32505 Industrial Drive

Madison Heights, MI




345



1,910



418



351



2,322



2,673



338


1979

(n)1799-1813
    Northfield Drive(j)

Rochester Hills, MI




481



2,665



135



490



2,792



3,281



390


1980

(n)32200 N. Avis(q)

Madison Heights, MI




503



3,367



0



503



3,367



3,870



49


1973

(n)100 Kay Industrial

Orion, MI




677



2,018



380



685



2,390



3,075



80


1987

(n)1849 West Maple Road

Troy, MI




1,688



2,790



26



1,699



2,806



4,504



23


1986

(n)28435 Automation Blvd.

Wixom, MI




621







3,663



621



3,663



4,284



99


2004

(n)12163 Globe Street(q)

Detroit, MI




595



979



154



596



1,132



1,728



49


1980

(n)32500 Capitol Avenue

Livonia, MI




258



1,032



11



260



1,041



1,301



9


1970

(n)32650 Capitol Avenue

Livonia, MI




282



1,128



50



284



1,176



1,460



10


1970

(n)32700 Capitol Avenue(q)

Livonia, MI




399



1,596



23



401



1,617



2,018



13


1970

(n)11800 Sears Drive(q)

Livonia, MI




693



1,507



30



703



1,527



2,230



60


1971

(n)10675 Middlebelt Road(q)

Romulus, MI




219



875



98



226



966



1,192



8


1966

(n)1099 Church Road

Troy, MI




702



1,332



45



721



1,358



2,079



21


1980

(n)Grand Rapids5050 Kendrick Court(q)

Grand Rapids, MI




1,721



11,433



5,302



1,721



16,735



18,455



4,573


1988/94

(n)5015 52nd Street SE

Grand Rapids, MI




234



1,321



143



234



1,464



1,698



436


1987

(n)Houston2102-2314
    Edwards Street

Houston, TX




348



1,973



902



382



2,841



3,223



531


1961

(n)4545 Eastpark Drive

Houston, TX




235



1,331



715



240



2,041



2,281



437


1972

(n)3351 Rauch St

Houston, TX




272



1,541



189



278



1,724



2,002



338


1970

(n)3851 Yale St

Houston, TX




413



2,343



694



425



3,026



3,451



667


1971

(n)3337-3347
    Rauch Street

Houston, TX




227



1,287



216



233



1,498



1,731



299


1970

(n)8505 N Loop East

Houston, TX




439



2,489



618



449



3,097



3,546



615


1981

(n)4749-4799
    Eastpark Dr

Houston, TX




594



3,368



1,125



611



4,476



5,087



916


1979

(n)4851 Homestead Road

Houston, TX




491



2,782



900



504



3,669



4,174



725


1973

(n)3365-3385
    Rauch Street

Houston, TX




284



1,611



163



290



1,768



2,058



386


1970

(n)5050 Campbell Road

Houston, TX




461



2,610



330



470



2,930



3,401



588


1970

(n)4300 Pine Timbers

Houston, TX




489



2,769



587



499



3,345



3,845



670


1980

(n)2500-2530
    Fairway Park Drive

Houston, TX




766



4,342



695



792



5,010



5,802



997


1974

(n)6550 Longpointe

Houston, TX




362



2,050



519



370



2,560



2,930



499


1980

(n)1815 Turning Basin Dr

Houston, TX




487



2,761



521



531



3,238



3,769



643


1980

(n)1819 Turning Basin Dr

Houston, TX




231



1,308



550



251



1,837



2,088



355


1980

(n)1805 Turning Basin Drive

Houston, TX




564



3,197



686



616



3,831



4,447



779


1980

(n) S-15




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)7000 Empire Drive

Houston, TX




450



2,552



1,185



452



3,736



4,187



977


1980

(n)9777 West Gulfbank Drive

Houston, TX




1,216



6,899



1,398



1,216



8,297



9,513



1,900


1980

(n)9835A Genard Road

Houston, TX




1,505



8,333



3,301



1,581



11,558



13,139



1,841


1980

(n)9835B Genard Road

Houston, TX




245



1,357



463



256



1,809



2,065



257


1980

(n)10161 Harwin Drive

Houston, TX




505



2,861



792



511



3,648



4,158



628


1979/1981

(n)10165 Harwin Drive

Houston, TX




218



1,234



673



220



1,905



2,125



277


1979/1981

(n)10175 Harwin Drive

Houston, TX




267



1,515



344



270



1,856



2,126



364


1979/1981

(n)10325-10415
    Landsbury Drive(k)

Houston, TX




696



3,854



439



704



4,284



4,989



411


1982

(n)8705 City Park Loop

Houston, TX




710



2,983



956



714



3,935



4,649



335


1982

(n)11505 State Highway 225

LaPorte City, TX




940



4,675



615



940



5,290



6,230



148


2003

(n)6955 Portwest Drive(q)

Houston, TX




314



1,686



19



318



1,701



2,019



6


1985

(n)6925 Portwest Drive(q)

Houston, TX




402



1,360



19



407



1,374



1,781



7


1985

(n)600 Kenrick

Houston, TX




900



1,791



156



913



1,934



2,847



156


1981

(n)1500 E. Main

LaPorte City, TX




201



1,328



9



202



1,336



1,538



17


1972/1982

(n)Indianapolis2400 North Shadeland

Indianapolis, IN




142



802



198



149



993



1,142



217


1970

(n)2402 North Shadeland

Indianapolis, IN




466



2,640



612



489



3,229



3,718



730


1970

(n)7901 West 21st St.

Indianapolis, IN




1,048



6,027



414



1,048



6,441



7,489



1,437


1985

(n)1445 Brookville Way

Indianapolis, IN




459



2,603



730



476



3,317



3,793



895


1989

(n)1440 Brookville Way

Indianapolis, IN




665



3,770



769



685



4,520



5,205



1,055


1990

(n)1240 Brookville Way

Indianapolis, IN




247



1,402



317



258



1,709



1,967



426


1990

(n)1220 Brookville Way

Indianapolis, IN




223



40



68



226



104



331



20


1990

(n)1345 Brookville Way

Indianapolis, IN

(s)


586



3,321



837



601



4,142



4,744



1,078


1992

(n)1350 Brookville Way

Indianapolis, IN




205



1,161



213



212



1,368



1,579



342


1994

(n)1341 Sadlier Circle E Dr

Indianapolis, IN

(c)


131



743



377



136



1,115



1,251



289


1971/1992

(n)1322-1438
    Sadlier Circle E Dr

Indianapolis, IN

(c)


145



822



271



152



1,087



1,239



300


1971/1992

(n)1327-1441
    Sadlier Circle E Dr

Indianapolis, IN

(c)


218



1,234



433



225



1,660



1,885



398


1992

(n)1304 Sadlier Circle E Dr

Indianapolis, IN

(c)


71



405



150



75



552



627



151


1971/1992

(n)1402 Sadlier Circle E Dr

Indianapolis, IN

(c)


165



934



434



171



1,363



1,533



351


1970/1992

(n)1504 Sadlier Circle E Dr

Indianapolis, IN

(c)


219



1,238



269



226



1,500



1,725



343


1971/1992

(n)1311 Sadlier Circle E Dr

Indianapolis, IN

(c)


54



304



98



57



399



455



90


1971/1992

(n)1365 Sadlier Circle E Dr

Indianapolis, IN

(c)


121



688



283



126



966



1,092



202


1971/1992

(n) S-16




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)1352-1354
    Sadlier Circle E Dr

Indianapolis, IN

(c)


178



1,008



373



184



1,374



1,558



328


1970/1992

(n)1335 Sadlier Circle E Dr

Indianapolis, IN

(c)


81



460



172



85



628



712



177


1971/1992

(n)1327 Sadlier Circle E Dr

Indianapolis, IN

(c)


52



295



78



55



370



425



105


1971/1992

(n)1425 Sadlier Circle E Dr

Indianapolis, IN

(c)


21



117



39



23



154



177



36


1971/1992

(n)1230 Brookville Way

Indianapolis, IN




103



586



60



109



641



750



158


1995

(n)6951 E 30th St

Indianapolis, IN




256



1,449



234



265



1,674



1,939



413


1995

(n)6701 E 30th St

Indianapolis, IN




78



443



43



82



482



564



119


1995

(n)6737 E 30th St

Indianapolis, IN




385



2,181



285



398



2,452



2,851



632


1995

(n)1225 Brookville Way

Indianapolis, IN




60







416



68



408



476



91


1997

(n)6555 E 30th St

Indianapolis, IN




484



4,760



1,623



484



6,382



6,867



1,632


1969/1981

(n)2432-2436
    Shadeland

Indianapolis, IN




212



1,199



465



230



1,645



1,875



419


1968

(n)8402-8440
    E 33rd St.

Indianapolis, IN




222



1,260



663



230



1,915



2,145



454


1977

(n)8520-8630
    E 33rd St.

Indianapolis, IN




326



1,848



741



336



2,580



2,916



625


1976

(n)8710-8768
    E 33rd St.

Indianapolis, IN




175



993



436



187



1,416



1,603



347


1979

(n)3316-3346 N. Pagosa
    Court

Indianapolis, IN




325



1,842



622



335



2,453



2,788



590


1977

(n)3331 Raton Court

Indianapolis, IN




138



802



241



138



1,043



1,181



300


1979

(n)6751 E 30th St.

Indianapolis, IN




728



2,837



257



741



3,081



3,822



649


1997

(n)8525 E. 33rd Street

Indianapolis, IN




1,300



2,091



908



1,308



2,991



4,299



650


1978

(n)5705-97 Park Plaza Ct

Indianapolis, IN

(t)


600



2,194



890



609



3,075



3,684



472


1977

(n)9319-9341
    Castlegate Drive

Indianapolis, IN




530



1,235



1,005



544



2,227



2,770



257


1983

(n)9332-9350
    Castlegate Drive

Indianapolis, IN




420



646



683



429



1,320



1,749



197


1983

(n)2855 Michigan Road

Madison, IN




504



1,169



11



509



1,174



1,684



97


1962

(n)9210 East 146th Street

Noblesville, IN




66



684



799



66



1,483



1,549



443


1978

(n)6101-6119
    Guion Road

Indianapolis, IN




400



661



440



405



1,096



1,501



165


1976

(n)1380 Perry Road

Plainfield, IN




781



5,156



31



781



5,187



5,968



160


1997

(n)3300 Tenth Street

Indianapolis, IN




301



3,428



21



303



3,447



3,750



55


1961/2002

(n)4640 Martin Luther King Jr.
    Boulevard

Anderson, IN




161



664



6



163



669



831



10


1999

(n)7225 America Way(q)

Anderson, IN




251



1,049



(41
)


253



1,006



1,259



11


1996

(n)6512 Production Drive

Anderson, IN




58



281



3



58



284



342



3


1995

(n)6628 Production Drive

Anderson, IN




150



680



7



151



686



837



7


1995

(n)2902 Enterprise Drive

Anderson, IN




230



4,573



44



232



4,615



4,847



32


1995

(n)Los
    Angeles S-17




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)19914 Via Baron Way

Rancho Dominguez, CA

(d)


1,590



9,010



235



1,616



9,219



10,835



815


1973

(n)14141 Alondra Blvd.

Santa Fe Springs, CA




2,570



14,565



4,295



2,598



18,833



21,430



1,425


1969

(n)12616 Yukon Ave

Hawthorne, CA




685



3,884



94



696



3,967



4,663



349


1987

(n)3355 El Segundo Blvd(k)

Hawthorne, CA




267



1,510



1,187



418



2,546



2,964



263


1959

(n)12621 Cerise

Hawthorne, CA




265



2,344



(773
)


265



1,572



1,837



158


1959

(n)333 Turnbull Canyon Road

City of Industry, CA




2,700



1,824



266



2,700



2,090



4,790



201


1968/1985

(n)350-390 Manville St.

Compton, CA




2,300



3,768



103



2,313



3,857



6,171



196


1979

(n)1944 Vista Bella Way(q)

Rancho Dominguez, CA




1,746



3,148



586



1,821



3,659



5,480



79


1976

(n)2000 Vista Bella Way(q)

Rancho Dominguez, CA




817



1,673



291



852



1,929



2,781



40


1971

(n)2835 East Ana Street Drive

Rancho Dominguez, CA




1,682



2,750



13



1,770



2,675



4,445



13


1972/2000

(n)Louisville9001 Cane Run Road

Louisville, KY




524







5,577



560



5,541



6,101



1,426


1998

(n)9101 Cane Run Road

Louisville, KY




608







6,114



608



6,113



6,722



749


2000

(n)Milwaukee6523 N Sydney Place

Glendale, WI




172



976



197



176



1,170



1,346



293


1978

(n)8800 W Bradley

Milwaukee, WI




375



2,125



215



388



2,327



2,715



543


1982

(n)4560 N 124th Street

Wauwatosa, WI




118



667



85



129



741



870



159


1976

(n)4410-80 North 132nd Street

Butler, WI




355







4,023



359



4,019



4,378



570


1999

(n)5355 South Westridge Drive

New Berlin, WI




1,630



7,058



92



1,646



7,134



8,780



331


1997

(n)320-34 W. Vogel

Milwaukee, WI




506



3,199



14



508



3,211



3,719



171


1970

(n)4950 S. 6th Avenue

Milwaukee, WI




299



1,565



7



301



1,571



1,871



105


1970

(n)1711 Paramount Court

Waukesha, WI




308



1,762



19



311



1,778



2,089



45


1997

(n)W 140 N9059 Lilly Road(q)

Iomonee Falls, WI




343



1,153



93



366



1,223



1,589



12


1995

(n)N120W18485 Freistadt Road

Germantown, WI




700



3,183



49



704



3,228



3,932



223


1996

(n)4921 S. 2nd Street(q)

Milwaukee, WI




101



713



2



101



715



816



31


1970

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

Milwaukee, WI




301



2,150



10



302



2,159



2,461



102


1970

(n)187 Kohlman Road

Fond du Lac, WI




547



2,125



47



556



2,163



2,719



14


1992/95

(n)247 Kohlman Road

Fond du Lac, WI




346



1,346



30



352



1,370



1,722



9


1992/95

(n)122-342 Kohlman Road

Fond du Lac, WI




2,624



10,205



221



2,669



10,381



13,050



65


1978/91

(n)1500 Peebles Drive

Richland Center, WI




1,577



1,018



15



1,588



1,022



2,610



51


1967/72

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

Bloomington, MN




357



1,320



1,241



386



2,532



2,918



1,315


1980

(n)6201 West 111th Street

Bloomington, MN

(e)


1,358



8,622



3,794



1,499



12,276



13,774



5,803


1987

(n) S-18




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)6403-6545
    Cecilia Drive

Bloomington, MN




366



1,363



1,135



395



2,469



2,864



1,349


1980

(n)6925-6943
    Washington Avenue

Edina, MN




117



504



1,104



237



1,488



1,725



1,097


1972

(n)6955-6973
    Washington Avenue

Edina, MN




117



486



529



207



926



1,132



791


1972

(n)7251-7267
    Washington Avenue

Edina, MN




129



382



717



182



1,046



1,228



750


1972

(n)7301-7325
    Washington Avenue

Edina, MN




174



391



122



193



494



687



97


1972

(n)7101 Winnetka Avenue North

Brooklyn Park, MN




2,195



6,084



3,364



2,228



9,416



11,643



4,900


1990

(n)7600 Golden Triangle Drive

Eden Prairie, MN




566



1,394



1,156



615



2,501



3,116



1,400


1989

(n)9901 West 74th Street

Eden Prairie, MN




621



3,289



2,991



639



6,262



6,901



3,102


1983/88

(n)12220-12222
    Nicollet Avenue

Burnsville, MN




105



425



380



114



797



910



466


1989/90

(n)12250-12268
    Nicollet Avenue

Burnsville, MN




260



1,054



474



296



1,492



1,788



675


1989/90

(n)12224-12226
    Nicollet Avenue

Burnsville, MN




190



770



715



207



1,468



1,675



557


1989/90

(n)1030 Lone Oak Road

Eagan, MN




456



2,703



573



456



3,276



3,732



856


1988

(n)1060 Lone Oak Road

Eagan, MN




624



3,700



722



624



4,422



5,046



1,189


1988

(n)5400 Nathan Lane

Plymouth, MN




749



4,461



923



757



5,376



6,133



1,761


1990

(n)10120 W 76th Street

Eden Prairie, MN




315



1,804



1,361



315



3,164



3,480



1,272


1987

(n)7615 Golden Triangle

Eden Prairie, MN




268



1,532



686



268



2,218



2,486



514


1987

(n)7625 Golden Triangle

Eden Prairie, MN




415



2,375



1,106



415



3,481



3,896



954


1987

(n)2605 Fernbrook Lane North

Plymouth, MN




443



2,533



646



445



3,177



3,621



767


1987

(n)12155 Nicollet Ave

Burnsville, MN




286







1,725



288



1,723



2,011



437


1995

(n)73rd Avenue North

Brooklyn Park, MN




504



2,856



540



512



3,388



3,900



848


1995

(n)2720 Arthur Street

Roseville, MN




824



4,671



548



832



5,210



6,043



1,319


1995

(n)4100 Peavey Road

Chaska, MN




277



2,261



770



277



3,031



3,308



682


1988

(n)11300 Hamshire Ave South

Bloomington, MN




527



2,985



1,457



541



4,428



4,969



868


1983

(n)375 Rivertown Drive

Woodbury, MN




1,083



6,135



2,698



1,503



8,413



9,916



1,773


1996

(n)5205 Highway 169

Plymouth, MN




446



2,525



1,073



740



3,303



4,043



831


1960

(n)6451-6595
    Citywest Parkway

Eden Prairie, MN




525



2,975



1,369



538



4,330



4,869



1,027


1984

(n)7100-7198
    Shady Oak Road

Eden Prairie, MN




715



4,054



1,144



736



5,178



5,913



1,490


1982/2002

(n)7500-7546
    Washington Square

Eden Prairie, MN




229



1,300



739



235



2,034



2,269



422


1975

(n)7550-7558
    Washington Square

Eden Prairie, MN




153



867



176



157



1,039



1,196



219


1975

(n)5240-5300
    Valley Industrial Blvd S

Shakopee, MN




362



2,049



973



371



3,012



3,383



669


1973

(n)7125 Northland Terrace

Brooklyn Park, MN




660



3,740



931



767



4,564



5,331



1,035


1996

(n)6477-6525
    City West Parkway

Eden Prairie, MN




810



4,590



1,001



819



5,582



6,401



1,173


1984

(n) S-19




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)1157 Valley Park Drive

Shakopee, MN




760







6,144



888



6,016



6,904



983


1997

(n)500-530 Kasota Avenue SE

Minneapolis, MN




415



2,354



1,008



432



3,345



3,777



794


1976

(n)770-786 Kasota Avenue SE

Minneapolis, MN




333



1,888



531



347



2,405



2,752



478


1976

(n)800 Kasota Avenue SE

Minneapolis, MN




524



2,971



742



597



3,640



4,236



761


1976

(n)2530-2570
    Kasota Avenue

St. Paul, MN




407



2,308



758



465



3,008



3,473



598


1976

(n)1280 Energy Park Drive

St. Paul, MN




700



2,779



23



705



2,797



3,502



155


1984

(n)9600 West 76th Street

Eden Prairie, MN




1,000



2,450



34



1,034



2,449



3,484



96


1997

(n)9700 West 76th Street

Eden Prairie, MN




1,000



2,709



133



1,038



2,804



3,842



128


1984/97

(n)5017 Boone Avenue North

New Hope, MN

(h)


1,000



1,599



58



1,009



1,648



2,657



120


1971/74

(n)2300 West Highway 13(I-35 Dist
    Ctr)(q)

Burnsville, MN




2,517



6,069



325



2,524



6,387



8,911



405


1970/76

(n)1087 Park Place

Shakopee, MN




1,195



4,891



15



1,198



4,903



6,101



110


1996/2000

(n)5391 12th Avenue SE

Shakopee, MN




1,392



8,149



22



1,395



8,168



9,563



167


1998

(n)4701 Valley Industrial Boulevard

Shakopee, MN




1,296



7,157



18



1,299



7,172



8,471



219


1997

(n)7600 69th Avenue

Greenfield, MN




1,500



8,328



1,808



1,510



10,126



11,636



579


2004

(n)Park 2000 III(q)

Shakopee, MN




590







4,953



590



4,953



5,543



445


2001

(n)Nashville3099 Barry Drive

Portland, TN




418



2,368



148



421



2,512



2,933



602


1995

(n)3150 Barry Drive

Portland, TN




941



5,333



309



981



5,602



6,583



1,297


1993

(n)5599 Highway 31 West

Portland, TN




564



3,196



211



571



3,400



3,971



829


1995

(n)1650 Elm Hill Pike

Nashville, TN




329



1,867



110



332



1,975



2,306



424


1984

(n)1931 Air Lane Drive

Nashville, TN




489



2,785



245



493



3,026



3,519



644


1984

(n)470 Metroplex Drive(j)

Nashville, TN




619



3,507



1,195



626



4,695



5,321



1,214


1986

(n)1150 Antiock Pike

Nashville, TN




661



3,748



423



669



4,164



4,832



911


1987

(n)4640 Cummings Park

Nashville, TN




360



2,040



174



365



2,209



2,574



335


1986

(n)556 Metroplex Drive

Nashville, TN




227



1,285



111



231



1,392



1,623



188


1983

(n)1740 River Hills Drive

Nashville, TN




848



4,383



223



888



4,566



5,454



278


1978

(n)375 Belvedere Drive

Gallatin, TN




221



3,179



40



221



3,218



3,440



227


1979/85

(n)575 Church Drive(q)

Nashville, TN




485



1,411



174



499



1,571



2,070



12


1994

(n)100 Rockwell Drive

Nashville, TN




501



4,260



45



506



4,299



4,806



52


1975/80

(n)Northern New Jersey14 Worlds Fair Drive

Franklin, NJ




483



2,735



440



503



3,154



3,658



679


1980

(n) S-20




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)12 Worlds Fair Drive

Franklin, NJ




572



3,240



552



593



3,770



4,363



796


1981

(n)22 Worlds Fair Drive

Franklin, NJ




364



2,064



310



375



2,363



2,738



463


1983

(n)26 Worlds Fair Drive

Franklin, NJ




361



2,048



201



377



2,233



2,611



485


1984

(n)24 Worlds Fair Drive

Franklin, NJ




347



1,968



404



362



2,358



2,719



542


1984

(n)20 Worlds Fair Drive Lot 13

Sumerset, NJ




9







2,641



691



1,959



2,650



280


1999

(n)45 Route 46

Pine Brook, NJ




969



5,491



444



978



5,925



6,904



900


1974/1987

(n)43 Route 46

Pine Brook, NJ




474



2,686



421



479



3,103



3,581



483


1974/1987

(n)39 Route 46

Pine Brook, NJ




260



1,471



163



262



1,631



1,893



230


1970

(n)26 Chapin Road

Pine Brook, NJ




956



5,415



516



965



5,922



6,886



798


1983

(n)30 Chapin Road

Pine Brook, NJ




960



5,440



376



969



5,807



6,776



794


1983

(n)20 Hook Mountain Road

Pine Brook, NJ




1,507



8,542



1,002



1,534



9,518



11,052



1,228


1972/1984

(n)30 Hook Mountain Road

Pine Brook, NJ




389



2,206



313



396



2,512



2,908



348


1972/1987

(n)55 Route 46

Pine Brook, NJ




396



2,244



161



403



2,398



2,801



313


1978/1994

(n)16 Chapin Road

Pine Brook, NJ




885



5,015



306



901



5,306



6,206



716


1987

(n)20 Chapin Road

Pine Brook, NJ




1,134



6,426



351



1,154



6,757



7,911



936


1987

(n)Sayreville Lot 3

Sayreville, NJ




996







5,301



996



5,301



6,297



182


2002

(n)Sayreville Lot 4

Sayreville, NJ




944







4,633



944



4,633



5,577



367


2001

(n)400 Raritan Center Parkway

Edison, NJ




829



4,722



481



836



5,197



6,033



565


1983

(n)300 Columbus Circle

Edison, NJ




1,257



7,122



913



1,269



8,023



9,292



903


1983

(n)400 Apgar

Franklin Township, NJ




780



4,420



580



796



4,985



5,780



480


1987

(n)500 Apgar

Franklin Township, NJ




361



2,044



257



368



2,294



2,662



285


1987

(n)201 Circle Dr. North

Piscataway, NJ




840



4,760



489



857



5,232



6,089



497


1987

(n)1 Pearl Ct.

Allendale, NJ




623



3,528



625



649



4,127



4,775



324


1978

(n)2 Pearl Ct.

Allendale, NJ




255



1,445



1,180



403



2,477



2,880



191


1979

(n)3 Pearl Ct.

Allendale, NJ




440



2,491



201



458



2,673



3,131



247


1978

(n)4 Pearl Ct.

Allendale, NJ




450



2,550



611



469



3,142



3,611



309


1979

(n)5 Pearl Ct.

Allendale, NJ




505



2,860



530



526



3,370



3,895



321


1977

(n)59 Route 17

Allendale, NJ




518



2,933



1,059



539



3,970



4,509



414


1979

(n)309-319 Pierce Street

Somerset, NJ




1,300



4,628



67



1,309



4,685



5,995



263


1986

(n)12 Thornton Road

Oakland, NJ




1,300



3,652



55



1,316



3,691



5,007



185


1981

(n)OrlandoLake Point IV(q)

Tampa, FL




909



4,613



53



920



4,654



5,575



87


1987

(n) S-21




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)Philadelphia3240 S.78th Street

Philadelphia, PA




515



1,245



50



532



1,278



1,810



10


1980

(n)Phoenix1045 South Edward Drive

Tempe, AZ




390



2,160



86



394



2,242



2,636



371


1976

(n)46 N. 49th Ave.

Phoenix, AZ




283



1,704



718



283



2,422



2,706



341


1986

(n)240 N. 48th Ave.

Phoenix, AZ




482



1,913



95



482



2,009



2,490



209


1977

(n)220 N. 48th Ave.

Phoenix, AZ




530



1,726



143



531



1,868



2,399



179


1977

(n)54 N. 48th Ave.

Phoenix, AZ




130



625



39



131



663



794



62


1977

(n)64 N. 48th Ave.

Phoenix, AZ




180



458



55



181



512



693



57


1977

(n)236 N. 48th Ave.

Phoenix, AZ




120



322



34



120



356



476



38


1977

(n)10 S. 48th Ave.

Phoenix, AZ




510



1,687



166



512



1,851



2,363



179


1977

(n)115 E. Watkins St.

Phoenix, AZ




170



816



112



171



928



1,098



81


1979

(n)135 E. Watkins St.

Phoenix, AZ




380



1,962



127



382



2,087



2,469



202


1977

(n)10220 S. 51st Street

Phoenix, AZ




400



1,493



47



406



1,535



1,940



112


1985

(n)50 South 56th Street

Chandler, AZ




1,200



3,333



(49
)


1,207



3,277



4,484



118


1991/97

(n)4701 W. Jefferson

Phoenix, AZ




926



2,195



628



929



2,820



3,749



129


1984

(n)725 No. 73rd Avenue(q)

Phoenix, AZ




791



4,201



887



795



5,083



5,879



166


2005

(n)825 No. 73rd Avenue(q)

Phoenix, AZ




696



3,726



180



699



3,903



4,602



94


2005

(n)7225 W. Roosevelt(q)

Phoenix, AZ




704



3,376



534



707



3,907



4,614



105


2005

(n)Portland2315 NW 21st Place

Portland, OR




301



1,247



10



303



1,255



1,558



8


1966/79

(n)Raleigh70 Reems Creek

Asheville, NC




1,816



4,943



36



1,826



4,969



6,795



38


1979/81

(n)101 Reliance Road

Kings Mountain, NC




402



3,482



428



405



3,907



4,312



47


1981

(n)Salt Lake City512 Lawndale Drive(m)

Salt Lake City, UT




2,705



15,749



2,636



2,705



18,385



21,089



4,142


1981

(n)1270 West 2320 South

West Valley, UT




138



784



167



143



947



1,090



217


1986/92

(n)1275 West 2240 South

West Valley, UT




395



2,241



473



408



2,702



3,109



548


1986/92

(n)1288 West 2240 South

West Valley, UT




119



672



170



123



838



960



208


1986/92

(n)2235 South 1300 West

West Valley, UT




198



1,120



265



204



1,379



1,583



330


1986/92

(n)1293 West 2200 South

West Valley, UT




158



896



192



163



1,084



1,247



263


1986/92

(n)1279 West 2200 South

West Valley, UT




198



1,120



68



204



1,182



1,386



248


1986/92

(n)1272 West 2240 South

West Valley, UT




336



1,905



471



347



2,365



2,712



626


1986/92

(n) S-22




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)1149 West 2240 South

West Valley, UT




217



1,232



77



225



1,302



1,526



258


1986/92

(n)1142 West 2320 South

West Valley, UT




217



1,232



190



225



1,415



1,640



354


1997

(n)1152 West 2240 South

West Valley, UT




2,067







3,295



2,114



3,249



5,363



441


1999

(n)369 Orange Street

Salt Lake City, UT




600



2,855



187



602



3,039



3,642



286


1980

(n)1330 W. 3300 South Avenue

Ogden, UT




1,100



2,353



611



1,100



2,964



4,064



280


1982

(n)San Diego9051 Siempre Viva Rd.

San Diego, CA




540



1,598



198



541



1,796



2,336



184


1989

(n)9163 Siempre Viva Rd.

San Diego, CA




430



1,621



211



431



1,832



2,262



156


1989

(n)9295 Siempre Viva Rd.

San Diego, CA




540



1,569



138



541



1,706



2,247



159


1989

(n)9255 Customhouse Plaza

San Diego, CA




3,230



11,030



822



3,234



11,848



15,082



1,041


1989

(n)16275 Technology Drive

San Diego, CA




2,848



8,641



42



2,859



8,672



11,531



29


1963/85

(n)42374 Avenida Alvarado(k)

Temecula, CA




797



4,514



334



812



4,832



5,644



368


1987

(n)9375 Customhouse Plaza

San Diego, CA




430



1,384



211



431



1,595



2,025



150


1989

(n)9465 Customhouse Plaza

San Diego, CA




430



1,437



180



431



1,616



2,047



156


1989

(n)9485 Customhouse Plaza

San Diego, CA




1,200



2,792



249



1,201



3,039



4,241



262


1989

(n)2675 Customhouse Court

San Diego, CA




590



2,082



139



591



2,220



2,811



205


1989

(n)1725 Dornoch Court(q)

San Diego, CA




1,896



5,435



557



1,899



5,989



7,888



145


1987

(n)Southern New Jersey5 North Olnev Ave

Cherry Hill, NJ




157



1,524



(475
)


157



1,049



1,206



200


1963/1985

(n)2 Springdale Road

Cherry Hill, NJ




126



701



141



126



843



969



156


1968

(n)4 Springdale Road(j)

Cherry Hill, NJ




332



1,853



967



332



2,820



3,152



459


1963/85

(n)8 Springdale Road

Cherry Hill, NJ




258



1,436



704



258



2,140



2,398



412


1966

(n)2050 Springdale Road

Cherry Hill, NJ




277



1,545



1,165



277



2,709



2,986



542


1965

(n)16 Springdale Road

Cherry Hill, NJ




240



1,336



129



240



1,466



1,705



276


1967

(n)5 Esterbrook Lane

Cherry Hill, NJ




240



1,336



236



240



1,572



1,812



289


1966/88

(n)2 Pin Oak Lane

Cherry Hill, NJ




314



1,757



606



314



2,363



2,677



454


1968

(n)28 Springdale Road

Cherry Hill, NJ




190



1,060



208



190



1,269



1,459



235


1967

(n)3 Esterbrook Lane

Cherry Hill, NJ




198



1,102



486



198



1,588



1,786



286


1968

(n)4 Esterbrook Lane

Cherry Hill, NJ




232



1,294



43



232



1,336



1,569



257


1969

(n)26 Springdale Road

Cherry Hill, NJ




226



1,257



501



226



1,757



1,983



322


1968

(n)1 Keystone Ave.

Cherry Hill, NJ




218



1,223



934



218



2,157



2,375



404


1969

(n)21 Olnev Ave.

Cherry Hill, NJ




68



380



65



68



445



513



82


1969

(n)19 Olnev Ave.

Cherry Hill, NJ




200



1,119



1,112



200



2,231



2,431



384


1971

(n) S-23




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)2 Keystone Ave.

Cherry Hill, NJ




214



1,194



545



214



1,739



1,953



341


1970

(n)18 Olnev Ave

Cherry Hill, NJ




247



1,382



100



247



1,482



1,729



281


1974

(n)2030 Springdale Rod

Cherry Hill, NJ




523



2,914



1,499



523



4,413



4,936



878


1977

(n)111 Whittendale Drive

Morrestown, NJ




515



2,916



138



522



3,046



3,568



459


1991/96

(n)9 Whittendale

Morrestown, NJ




337



1,911



78



343



1,983



2,326



224


2000

(n)7851 Airport

Pennsauken, NJ




160



508



382



163



888



1,050



103


1966

(n)103 Central

Mt. Laurel, NJ




610



1,847



1,552



619



3,390



4,009



404


1970

(n)999 Grand Avenue

Hammonton, NJ

(u)


969



8,793



96



979



8,879



9,858



343


1980

(n)7860-7870
    Airport

Pennsauken, NJ




120



366



278



122



642



764



82


1968

(n)St. Louis2121 Chapin Industrial Drive

Vinita Park, MO




606



4,384



(4,136
)


614



240



854



87


1969/94

(n)10431-10449
    Midwest Industrial Blvd

Olivette, MO




237



1,360



512



237



1,872



2,109



601


1967

(n)10751 Midwest Industrial Boulevard

Olivette, MO




193



1,119



355



194



1,474



1,667



450


1965

(n)6951 N Hanley(j)

Hazelwood, MO




405



2,295



1,305



419



3,586



4,005



809


1965

(n)1037 Warson  Bldg
    A(q)

St. Louis, MO




246



1,359



185



251



1,539



1,790



134


1968

(n)1037 Warson  Bldg
    B(q)

St. Louis, MO




380



2,103



885



388



2,980



3,368



213


1968

(n)1037 Warson  Bldg
    C(q)

St. Louis, MO




303



1,680



504



310



2,177



2,487



186


1968

(n)1037 Warson  Bldg
    D(q)

St. Louis, MO




353



1,952



151



360



2,095



2,455



189


1968

(n)6821-6857
    Hazelwood Ave

Berkeley, MO




985



6,205



702



985



6,907



7,892



668


2001

(n)13701 Rider Trail North

Earth City, MO




800



2,099



484



804



2,579



3,383



363


1985

(n)1908-2000
    Innerbelt(j)

Overland, MO




1,590



9,026



670



1,591



9,696



11,286



1,007


1987

(n)8449-95 Mid-County Industrial

Vinita Park, MO




520



1,590



178



520



1,768



2,288



183


1988

(n)84104-76 Mid County Industrial

Vinita Park, MO




540



2,109



(34
)


540



2,075



2,615



204


1989

(n)2001 Innerbelt Business Center

Overland, MO




1,050



4,451



169



1,050



4,620



5,670



438


1987

(n)Tampa6202 Benjamin Road

Tampa, FL




203



1,151



456



211



1,598



1,810



372


1981

(n)6204 Benjamin Road

Tampa, FL




432



2,445



367



454



2,789



3,244



590


1982

(n)6206 Benjamin Road

Tampa, FL




397



2,251



463



416



2,695



3,111



564


1983

(n)6302 Benjamin Road

Tampa, FL




214



1,212



222



224



1,424



1,648



302


1983

(n)6304 Benjamin Road

Tampa, FL




201



1,138



183



209



1,312



1,522



286


1984

(n) S-24




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)6306 Benjamin Road

Tampa, FL




257



1,457



231



269



1,676



1,945



330


1984

(n)6308 Benjamin Road

Tampa, FL




345



1,958



336



362



2,278



2,639



473


1984

(n)5313 Johns Road

Tampa, FL




204



1,159



201



257



1,307



1,564



254


1991

(n)5602 Thompson Center Court

Tampa, FL




115



652



131



120



778



898



174


1972

(n)5525 Johns Road

Tampa, FL




192



1,086



76



200



1,155



1,354



232


1993

(n)5709 Johns Road

Tampa, FL




192



1,086



165



200



1,244



1,443



287


1990

(n)5711 Johns Road

Tampa, FL




243



1,376



120



255



1,483



1,738



300


1990

(n)5453 W Waters Avenue

Tampa, FL




71



402



105



82



496



578



105


1987

(n)5455 W Waters Avenue

Tampa, FL




307



1,742



269



326



1,993



2,318



403


1987

(n)5553 W Waters Avenue

Tampa, FL




307



1,742



195



326



1,918



2,244



385


1987

(n)5501 W Waters Avenue

Tampa, FL




154



871



192



162



1,055



1,217



223


1990

(n)5503 W Waters Avenue

Tampa, FL




71



402



50



75



448



523



94


1990

(n)5555 W Waters Avenue

Tampa, FL




213



1,206



138



221



1,336



1,557



280


1990

(n)5557 W Waters Avenue

Tampa, FL




59



335



35



62



366



429



73


1990

(n)5461 W Waters

Tampa, FL




261







1,197



265



1,193



1,458



209


1998

(n)5481 W. Waters Avenue

Tampa, FL




558







2,306



561



2,304



2,865



382


1999

(n)4515-4519
    George Road

Tampa, FL




633



3,587



503



640



4,083



4,723



499


1985

(n)6301 Benjamin Road

Tampa, FL




292



1,657



84



295



1,739



2,033



206


1986

(n)5723 Benjamin Road

Tampa, FL




406



2,301



54



409



2,352



2,761



263


1986

(n)6313 Benjamin Road

Tampa, FL




229



1,296



134



231



1,428



1,659



191


1986

(n)5801 Benjamin Road

Tampa, FL




564



3,197



141



569



3,334



3,903



373


1986

(n)5802 Benjamin Road

Tampa, FL




686



3,889



471



692



4,355



5,047



521


1986

(n)5925 Benjamin Road

Tampa, FL




328



1,859



361



331



2,217



2,548



238


1986

(n)6089 Johns Road

Tampa, FL

(v)


180



987



40



186



1,022



1,207



48


1985

(n)6091 Johns Road(q)

Tampa, FL

(v)


140



730



22



144



748



892



38


1986

(n)6103 Johns Road

Tampa, FL

(v)


220



1,160



42



226



1,196



1,422



56


1986

(n)6201 Johns Road(q)

Tampa, FL

(v)


200



1,107



51



205



1,153



1,358



69


1981

(n)6203 Johns Road(q)

Tampa, FL

(v)


300



1,460



56



311



1,506



1,816



102


1987

(n)6205 Johns Road(q)

Tampa, FL

(v)


270



1,363



18



278



1,373



1,651



50


2000

(n)6101 Johns Road(q)

Tampa, FL




210



833



36



216



862



1,079



57


1981

(n)4908 Tampa West Blvd

Tampa, FL




2,622



8,643



31



2,630



8,666



11,296



44


1979/83

(n) S-25




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


at Close of Period
    12/31/05


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Built/

DepreciableBuilding Address

(City/State)

Encumbrances

Land


Buildings


Provision


Land


Improvements


Total


12/31/05


Renovated

Lives (Years)(Dollars in thousands)Toronto135 Dundas Street

Cambridge Ontario, Canada




3,128



4,958



133



3,176



5,043



8,219



104


1953/59

(n)678 Erie Street

Stratford Ontario, Canada




786



557



43



800



586



1,386



37


1955/76

(n)(n)Other4200 West Harry Street(k)

Wichita, KS




193



2,224



1,777



532



3,662



4,194



1,918


1972

(n)6601 S. 33rd Street

McAllen, TX




231



1,276



166



233



1,440



1,673



240


1975

(n)3501 Maple Street(q)

Abilene, TX




67



1,057



1,354



266



2,212



2,478



974


1980

(n)6266 Hurt Road(q)

Horn Lake, MS




427







2,250



427



2,250



2,677



239


1963

(n)6266 Hurt Road Building B(q)

Horn Lake, MS












867



99



767



867



4


1963

(n)6266 Hurt Road Building C(q)

Horn Lake, MS












292



278



14



292



1


1963

(n)1105 Industrial Lane

Malvern, AK




135







5,957



177



5,915



6,092



25


2005

(n)7601 NW 107th Terrace

Kansas City, MO




746



4,712



13



748



4,723



5,471



171


1982/87

(n)12626 Silicon Drive

San Antonio, TX




768



3,448



20



776



3,459



4,236



75


1981/95

(n)100 Nemec Way

Byhalia, MS




488



11,438



340



797



11,469



12,266



203


1988/92

(n)3100 Pinson Valley Parkway

Birmingham, AL




303



742



6



305



746



1,051



6


1970

(n)1245 N. Hearne Avenue

Shreveport, LA




99



1,263



11



100



1,272



1,373



13


1981/2004

(n)5024 Pelham Road

Greenville, SC




2,258



5,011



41



2,272



5,038



7,310



58


1977/1992

(n)Redevelopments / Developments /
    Developable Land






54,010



2,245



58,366



69,755



44,866



114,621



605468,246


$
1,887,021


$
493,320


$
496,880


$
2,351,707


$
2,848,587


$
357,228
(p)  S-26




---



##### 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)
    
    These properties collateralize the Assumed Loan I.(d)
    
    This property collateralizes the Acquisition Mortgage Loan VIII.(e)
    
    This property collateralizes the Acquisition Mortgage Loan IX.(f)
    
    This property collateralizes the Acquisition Mortgage Loan IV.(g)
    
    This property collateralizes the Acquisition Mortgage Loan X.(h)
    
    This property collateralizes the Acquisition Mortgage Loan XVI.(i)
    
    This property collateralizes the Acquisition Mortgage Loan XVII.(j)
    
    Comprised of two properties.(k)
    
    Comprised of three properties.(l)
    
    Comprised of four properties.(m)
    
    Comprised of 28 properties.(n)
    
    Depreciation is computed based upon the following estimated
    lives:  Buildings, Improvements


20 to 50 yearsTenant Improvements, Leasehold
    Improvements


Life of leaseFurniture, Fixtures and Equipment


5 to 10 years   (o)
    
    These properties represent developable land and redevelopments
    that have not been placed in service.(p)
    
    Excludes $66,328 of Construction in Progress (including $254 of
    construction in progress included in held for sale), and
    includes real estate held for sale of $6,521 (Land), $11,203
    (Buildings and Improvements), and $1,473 (Accumulated
    Depreciation).(q)
    
    Property is not in-service as of 12/31/05.(r)
    
    Improvements are net of write-off of fully depreciated assets.(s)
    
    This property collateralizes the Assumed Loan II.(t)
    
    This property collateralizes the Acquisition Mortgage Loan XII.(u)
    
    This property collateralizes the Acquisition Mortgage Loan XVIII.(v)
    
    These properties collateralize the Acquisition Mortgage Loan XIV.   S-27




---



##### Table of Contents



FIRST
    INDUSTRIAL LP
    SCHEDULE III:
    REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)
    As of December 31, 2005
    (Dollars in thousands)
    2005


2004


2003Balance, Beginning of Year

$
2,537,513


$
2,352,026


$
2,325,826Acquisition, Construction Costs
    and Improvements


810,266



493,012



302,720Disposition of Assets


(403,651
)


(288,433
)


(276,520
)Write-off of Fully Depreciated
    Assets


(29,212
)


(19,092
)


Balance, End of Year

$
2,914,916


$
2,537,513


$
2,352,026     2005


2004


2003Balance, Beginning of Year

$
323,493


$
295,688


$
263,404Depreciation for Year


86,587



71,779



63,281Disposition of Assets


(24,088
)


(24,882
)


(30,997
)Write-off of Fully Depreciated
    Assets


(28,764
)


(19,092
)


Balance, End of Year

$
357,228


$
323,493


$
295,688  S-28




---



##### Table of Contents



SIGNATURES    FIRST INDUSTRIAL, L.P.
  By:
    FIRST INDUSTRIAL REALTY TRUST, INC.    By:
    /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

March 15, 2006/s/  Michael W.
    BrennanMichael
    W. Brennan

President, Chief Executive
    Officer
    and Director

March 15, 2006/s/  Michael G.
    DamoneMichael
    G. Damone

Director of Strategic Planning
    and Director

March 15, 2006 S-29




---



##### Table of Contents



Signature

Title

Date/s/  Kevin W. LynchKevin
    W. Lynch

Director

March 15, 2006/s/  John E. RauJohn
    E. Rau

Director

March 15, 2006/s/  Robert J. SlaterRobert
    J. Slater

Director

March 15, 2006/s/  W. Edwin TylerW.
    Edwin Tyler

Director

March 15, 2006/s/  J. Steven WilsonJ.
    Steven Wilson

Director

March 15, 2006/s/  James F. MillarJames
    F. Millar

Director

March 15, 2006  S-30