##### Table of Contents





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

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended
    December 31,
    2009oro

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(State or other jurisdiction
    of
    incorporation or organization)

36-3924586(I.R.S. Employer
    Identification No.)311 S. Wacker Drive,
    Suite 3900,
    Chicago, Illinois(Address of principal
    executive offices)

60606(Zip Code)   (312) 344-4300 (Registrants telephone
    number, including area code)
  Securities registered pursuant to Section 12(b) of the
    Act:
 None
  Securities registered pursuant to Section 12(g) of the
    Act:
 None
  o þ
  o þ
  Regulation S-T o o
  þ o
  Regulation S-K Form 10-K Form 10-K. o
  Rule 12b-2
  Large accelerated filer o

Accelerated filer þ

Non-accelerated filero
    (Do not check if a smaller reporting company)

Smaller reporting company o   Rule 12b-2 o þ




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##### 





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


Business


4Item 1A.


Risk Factors


9Item 1B.


Unresolved SEC Comments


17Item 2.


Properties


17Item 3.


Legal Proceedings


22PART II.Item 4.


Reserved


22Item 5.


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


22Item 6.


Selected Financial Data


22Item 7.


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


24Item 7A.


Quantitative and Qualitative Disclosures About
    Market Risk


44Item 8.


Financial Statements and Supplementary Data


44Item 9.


Changes in and Disagreements with Accountants on
    Accounting and Financial Disclosure


44Item 9A.


Controls and Procedures


44Item 9B.


Other Information


45PART III.Item 10.


Directors, Executive Officers and Corporate
    Governance


45Item 11.


Executive Compensation


45Item 12.


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


45Item 13.


Certain Relationships and Related Transactions
    and Director Independence


45Item 14.


Principal Accountant Fees and Services


45PART IV.Item 15.


Exhibits and Financial Statement Schedules


46Signatures


S-23EX-23EX-31.1EX-31.2EX-32   2




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lease-up higher-than-expected
 3




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PART I



THE
    COMPANY  Item 1.
    Business  General
           4




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Form 10-K. Form 10-K, Form 10-Q, Form 8-K
  First
    Industrial Realty Trust, Inc.
    311 S. Wacker, Suite 3900
    Chicago, IL 60606
    Attention: Investor Relations
  Business
    Objectives and Growth Plans
    
    Internal Growth.  We seek 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
    vacancies exist and maintaining occupancy elsewhere;
    (iii) controlling and minimizing property operating and
    general and administrative expenses; and (iv) renovating
    existing properties.
    External Growth.  We seek to grow externally
    through (i) additional joint venture investments;
    (ii) the development of industrial properties;
    (iii) the acquisition of portfolios of industrial
    properties, industrial property businesses or individual
    properties which meet our investment parameters and target
    markets; and (iv) the expansion of our properties.    Business
    Strategies
    
    Organization Strategy.  We implement our
    decentralized property operations strategy through the
    deployment of experienced regional management teams and local
    property managers. We provide acquisition, development and
    financing assistance, asset management oversight and financial
    reporting functions from our headquarters in Chicago, Illinois
    to support our regional operations. We believe the size of our
    portfolio enables us to realize operating efficiencies by
    spreading overhead among many properties and by negotiating
    purchasing discounts. 5




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
    Market Strategy.  Our market strategy is to
    concentrate on the top industrial real estate markets in the
    United States and select industrial real estate markets in
    Canada. These markets have one or more of the following
    characteristics: (i) strong industrial real estate
    fundamentals, including increased industrial demand
    expectations; (ii) a history of and outlook for continued
    economic growth and industry diversity; and
    (iii) sufficient size to provide for ample transaction
    volume.
    Leasingand Marketing Strategy.  We have
    an operational management strategy designed to enhance tenant
    satisfaction and portfolio performance. We pursue an active
    leasing strategy, which includes broadly marketing available
    space, seeking to renew existing leases at higher rents per
    square foot and seeking leases which provide for the
    pass-through of property-related expenses to the tenant. We also
    have local and national marketing programs which focus on the
    business and real estate brokerage communities and national
    tenants.
    Acquisition/Development Strategy.  Our
    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 and select industrial
    real estate markets in Canada.
    Disposition Strategy.  We continuously evaluate
    local market conditions and property-related factors in all of
    our markets for purposes of identifying assets suitable for
    disposition.
    Financing Strategy.  To finance acquisitions
    and developments, as market conditions permit, we utilize a
    portion of proceeds from property sales, proceeds from mortgage
    financings, borrowings under our unsecured line of credit (the
    Unsecured Line of Credit) and proceeds from the
    issuance, when and as warranted, of additional debt and equity
    securities. We also continually evaluate joint venture
    arrangements as another source of capital. As of
    February 26, 2010, we had approximately $7.5 million
    available for additional borrowings under our Unsecured Line of
    Credit.
    Liquidity Strategy.  We plan to enhance our
    liquidity, and reduce our indebtedness, through a combination of
    capital retention, mortgage and equity financings, asset sales
    and debt reduction:  
    Capital Retention We plan to retain capital
    by maintaining a distribution policy that makes per unit
    distributions equivalent to the per share distributions the
    Company is required to make to meet its minimum distribution
    requirements as a REIT. The Operating Partnership did not make
    distributions in 2009 and may not make distributions in 2010
    depending on the Companys taxable income. If, to maintain
    its REIT status, the Company is required to pay common stock
    dividends with respect to 2010, the Company may elect to do so
    by distributing a combination of cash and common shares and the
    Operating Partnership would make corresponding distributions in
    cash and common units. Also, if the Company is not required to
    pay preferred stock dividends to maintain its REIT status, it
    may elect to suspend some or all preferred stock dividends for
    one or more fiscal quarters, which would aid compliance with the
    fixed charge coverage covenant under our Unsecured Line of
    Credit. If the Company did elect to suspend some or all
    preferred stock dividends for one or more fiscal quarters, the
    Operating Partnership would elect to suspend corresponding
    preferred stock unit distributions.
    Mortgage Financing During the year ended
    December 31, 2009, we originated $307.6 million in
    mortgage financings with maturities ranging from September 2012
    to January 2020 and interest rates ranging from 6.42% to 7.87%
    (see Note 7 to the Consolidated Financial Statements). We
    believe these mortgage financings comply with all covenants
    contained in our Unsecured Line of Credit and our senior debt
    securities, including coverage ratios and total indebtedness,
    total unsecured indebtedness and total secured indebtedness
    limitations. We continue to engage various lenders regarding the
    origination of additional mortgage financings and the terms and
    conditions thereof. To the extent additional mortgage financing
    is originated, we expect to use proceeds received to pay down
    our other debt. No assurances can be made that additional
    mortgage financing will be obtained.
    Equity Financing During the year ended
    December 31, 2009, the Company sold 3,034,120 shares
    of its common stock, generating $15.9 million in net
    proceeds, under the direct stock purchase component of the
    Companys Dividend Reinvestment and Direct Stock Purchase
    Plan (DRIP). On 6




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October 5, 2009, the Company sold in an underwritten public
    offering 13,635,700 shares of its common stock at a price
    to the public of $5.25 per share. Total proceeds to the Company,
    net of underwriters discount and total expenses, were
    $67.8 million (see Note 8 to the Consolidated
    Financial Statements). These proceeds were contributed to us in
    exchange for an equivalent number of Units and are reflected in
    our financial statements as a general partner contribution. The
    Company may opportunistically access the equity markets again,
    subject to contractual restrictions, and may continue to issue
    shares under the direct stock purchase component of the DRIP. To
    the extent additional equity offerings occur, we expect the
    proceeds received will be used to reduce our indebtedness.  
    Asset Sales During the year ended
    December 31, 2009, we sold 12 industrial properties and
    several land parcels for gross proceeds of $90.3 million.
    We are in various stages of discussions with third parties for
    the sale of additional properties and plan to continue to
    selectively market other properties for sale throughout 2010. We
    expect to use sales proceeds to reduce our indebtedness . If we
    are unable to sell properties on an advantageous basis, this may
    impair our liquidity and our ability to meet our financial
    covenants.
    Debt Reduction During the year ended
    December 31, 2009, we repurchased $271.5 million of
    our senior unsecured notes (including $19.3 million of our
    2009 Notes prior to their repayment at maturity on June 15,
    2009) (see Note 7 to the Consolidated Financial
    Statements). On February 8, 2010, we consummated a tender
    offer pursuant to which we purchased $72.7 million of our
    2011 Notes, $66.2 million of our 2012 Notes and
    $21.1 million of our 2014 Notes. In connection with the
    tender offer, we will recognize approximately $0.4 million
    as gain on early retirement of debt. We may from time to time
    repay additional amounts of our outstanding debt. Any repayments
    would depend upon prevailing market conditions, our liquidity
    requirements, contractual restrictions and other factors we
    consider important. Future repayments may materially impact our
    liquidity, future tax liability and results of operations.    Recent
    Developments
        iii) 3-Month 30-year Mark-to-Market
 7




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Future
    Property Acquisitions, Developments and Property Sales
      and/or
  INDUSTRY
  and/or construction-on-demand
     8




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Item 1A.
    Risk
    Factors  Risk
    Factors
    Ongoing
    disruptions in the financial markets could affect our ability to
    obtain financing and may negatively impact our liquidity,
    financial condition and operating results.
      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, regional, national and international economic conditions
    and other events and occurrences that affect the markets in
    which we own properties;
    local conditions such as oversupply or a reduction in demand in
    an area;
    the attractiveness of the properties to tenants;
    tenant defaults;
    zoning or other regulatory restrictions;
    competition from other available real estate; 9




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
    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.
      The
    Consolidated Operating Partnership may be unable to complete
    development and re-development projects on advantageous
    terms.
   10




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
    we 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;
    we 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 our ability to
    sell or contribute such properties to third parties or to sell
    or contribute such properties to our Joint Ventures.  The
    Consolidated Operating Partnership may be unable to renew leases
    or find other lessees.
    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
    Company might fail to qualify or remain qualified as a
    REIT.
     11




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Certain
    property transfers may generate prohibited transaction income,
    resulting in a penalty tax on the gain attributable to the
    transaction.
    The
    REIT distribution requirements may limit the Companys
    ability to retain capital and 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.
    Failure
    to comply with covenants in our debt agreements could adversely
    affect our financial condition.
   12




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Cross-collateralization
    of mortgage loans could result in foreclosure on substantially
    all of the Consolidated Operating Partnerships properties
    if the Consolidated Operating Partnership is unable to service
    its indebtedness.
    The
    Consolidated Operating Partnership may have to make lump-sum
    payments on its existing indebtedness.
    
    $35.0 million aggregate principal amount of
    7.750% Notes due 2032 (the 2032 Notes)
    $190.0 million aggregate principal amount of
    7.600% Notes due 2028 (the 2028 Notes)
    Approximately $13.6 million aggregate principal amount of
    7.150% Notes due 2027 (the 2027 Notes)
    Approximately $117.8 million aggregate principal amount of
    5.950% Notes due 2017 (the 2017 II Notes)
    Approximately $87.3 million aggregate principal amount of
    7.500% Notes due 2017 (the 2017 Notes)
    Approximately $160.2 million aggregate principal amount of
    5.750% Notes due 2016 (the 2016 Notes)
    Approximately $91.9 million aggregate principal amount of
    6.420% Notes due 2014 (the 2014 Notes); (see
    Note 21 to the Consolidated Financial Statements)
    Approximately $77.8 million aggregate principal amount of
    6.875% Notes due 2012 (the 2012 Notes); (see
    Note 21 to the Consolidated Financial Statements)
    $146.9 million aggregate principal amount of
    4.625% Notes due 2011 (the 2011 Exchangeable
    Notes)
    Approximately $70.8 million aggregate principal amount of
    7.375% Notes due 2011 (the 2011 Notes); (see
    Note 21 to the Consolidated Financial Statements)
    $324.8 million in mortgage loans payable, in the aggregate,
    due between December 2010 and January 2020 on certain of our
    mortgage loans payable. 13




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
    a $500.0 million Unsecured Line of Credit under which we
    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.
    The
    Consolidated Operating Partnerships mortgages may impact
    its ability to sell encumbered properties on advantageous terms
    or at all.
    Adverse
    market and economic conditions could cause us to recognize
    additional impairment charges.
   14




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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




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The
    Consolidated Operating Partnership is subject to risks and
    liabilities in connection with its investments in properties
    through Joint Ventures.
    
    co-members or joint venturers may share certain approval rights
    over major decisions;
    co-members or joint venturers might fail to fund their share of
    any required capital commitments;
    co-members or joint venturers might have economic or other
    business interests or goals that are inconsistent with our
    business interests or goals that would affect our ability to
    operate the property;
    co-members or joint venturers may have the power to act contrary
    to our instructions, requests, policies or objectives, including
    our current policy with respect to maintaining the
    Companys 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 us and our co-members or joint venturers may
    result in litigation or arbitration that would increase our
    expenses and prevent our officers and directors from focusing
    their time and effort on our business and subject the properties
    owned by the applicable joint venture to additional
    risk; and
    we may in certain circumstances be liable for the actions of our
    co-members or joint venturers.      We are
    subject to risks associated with our international
    operations.
    
    exposure to the economic fluctuations in the locations in which
    we invest;
    difficulties and costs associated with complying with a wide
    variety of complex laws, treaties and regulations;
    revisions in tax treaties or other laws and regulations,
    including those governing the taxation of our international
    revenues; 16




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
    obstacles to the repatriation of earnings and funds;
    currency exchange rate fluctuations between the United States
    dollar and foreign currencies;
    restrictions on the transfer of funds; and
    national, regional and local political uncertainty.      Item 1B.
    Unresolved
    SEC Comments    Item 2.
    Properties  General
  and/or
      
    Light industrial properties are of less than 100,000 square
    feet, have a ceiling height of
    16-21 feet,
    are comprised of 5%  50% of office space, contain
    less than 50% of manufacturing space and have a land use ratio
    of 4:1. The land use ratio is the ratio of the total property
    area to the area occupied by the building.
    Bulk warehouse buildings 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. 17




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
    R&D/flex buildings 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 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.    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


666,544



11



140,538



3



3,319,270



12



295,918



4



847,950



4Baltimore, MD


695,752



12



115,985



4



683,135



4











171,000



1Central PA


146,990



2











2,741,350



4















Chicago, IL


744,116



13



248,090



4



2,339,612



13



172,851



4



421,000



2Cincinnati, OH


893,839



10











1,103,830



4



51,070



1







Cleveland, OH


















1,317,799



7















Columbus, OH


217,612



2











2,666,547



8















Dallas, TX


2,301,003



41



511,075



19



2,470,542



18



677,433



10



128,478



1Denver, CO


1,276,308



23



1,053,097



24



290,098



2



343,516



5







Detroit, MI


2,119,538



81



464,026



15



470,745



5



759,851



18



116,250



1Houston, TX


289,407



6



132,997



6



2,041,527



12



446,318



6







Indianapolis, IN


860,781



17



38,200



3



1,406,542



7



162,710



4



71,600



2Inland Empire, CA


66,934



1











804,355



3















Los Angeles, CA


514,193



12



184,064



2



749,008



5



199,555



3







Miami, FL


88,820



1











142,804



1



281,626



6







Milwaukee, WI


431,508



9











1,626,409



6



90,089



1







Minneapolis/St. Paul, MN


1,220,776



13



172,862



2



2,095,407



11



323,805



4



231,202



3N. New Jersey


659,849



11



289,967



6



329,593



2















Nashville, TN


205,205



3











1,555,112



5











109,058



1Philadelphia, PA


















110,422



1



21,512



1







Phoenix, AZ


38,560



1











710,403



5



354,327



5







S. New Jersey


627,680



5











281,100



2



158,867



2







Salt Lake City, UT


583,301



34



146,937



6



279,179



1















San Diego, CA


213,538



8



















108,701



3







Seattle, WA


















100,611



1



139,435



2







St. Louis, MO


823,655



11











1,483,295



5















Tampa, FL


234,679



7



543,742



24



209,500



1















Toronto, ON


57,540



1











559,773



2















Other(a)


597,547



5



40,000



1



1,651,456



9











425,017



2Total


16,575,675



340



4,081,580



119



33,539,424



156



4,587,584



79



2,521,555



17  18




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(a)
    
    Properties are located in Abilene, TX, Wichita, KS, Grand
    Rapids, MI, Orlando, FL, Horn Lake, MS, Shreveport, LA, Kansas
    City, MO, San Antonio, TX, Birmingham, AL, Omaha, NE,
    Jefferson County, KY, Greenville, KY and Sumner, IA.  Consolidated
    Operating Partnership
    In Service Property Summary Totals
  TotalsAverage


GLA as a%


EncumbrancesNumber of


Occupancy at


of Total


at 12/31/09Metropolitan Area

GLA


Properties


12/31/08


Portfolio


($ in 000s)(b)Atlanta, GA


5,270,220



34



72
%


8.6
%

$
29,295Baltimore, MD


1,665,872



21



78
%


2.7
%


7,950Central PA


2,888,340



6



73
%


4.7
%


13,538Chicago, IL


3,925,669



36



77
%


6.4
%


23,453Cincinnati, OH


2,048,739



15



81
%


3.4
%


Cleveland, OH


1,317,799



7



100
%


2.2
%


Columbus, OH


2,884,159



10



77
%


4.7
%


Dallas, TX


6,088,531



89



77
%


9.9
%


29,982Denver, CO


2,963,019



54



86
%


4.8
%


23,744Detroit, MI


3,930,410



120



86
%


6.4
%


Houston, TX


2,910,249



30



96
%


4.7
%


21,035Indianapolis, IN


2,539,833



33



89
%


4.2
%


8,531Inland Empire, CA


871,289



4



33
%


1.4
%


Los Angeles, CA


1,646,820



22



89
%


2.7
%


32,540Miami, FL


513,250



8



42
%


0.9
%


Milwaukee, WI


2,148,006



16



90
%


3.5
%


32,911Minneapolis/St. Paul, MN


4,044,052



33



79
%


6.6
%


42,280N. New Jersey


1,279,409



19



90
%


2.1
%


16,188Nashville, TN


1,869,375



9



86
%


3.0
%


6,107Philadelphia, PA


131,934



2



100
%


0.2
%


3,556Phoenix, AZ


1,103,290



11



69
%


1.8
%


4,199S. New Jersey


1,067,647



9



73
%


1.8
%


8,667Salt Lake City, UT


1,009,417



41



87
%


1.6
%


10,567San Diego, CA


322,239



11



91
%


0.5
%


2,237Seattle, WA


240,046



3



100
%


0.4
%


6,499St. Louis, MO


2,306,950



16



89
%


3.8
%


29,393Tampa, FL


987,921



32



77
%


1.6
%


9,859Toronto, ON


617,313



3



76
%


1.0
%


Other(a)


2,714,020



17



81
%


4.4
%


7,360Total or Average


61,305,818



711



81
%


100
%

$
369,891     (a)
    
    Properties are located in Abilene, TX, Wichita, KS, Grand
    Rapids, MI, Orlando, FL, Horn Lake, MS, Shreveport, LA, Kansas
    City, MO, San Antonio, TX, Birmingham, AL, Omaha, NE,
    Jefferson County, KY, Greenville, KY and Sumner, IA.(b)
    
    Certain properties are pledged as collateral under our secured
    financings at December 31, 2009 (see Note 7 to the
    Consolidated Financial Statements). For purposes of this table,
    the total principal balance of a 19




---



##### Table of Contents



secured financing that is collateralized by a pool of properties
    is allocated among the properties in the pool based on each
    propertys investment balance. In addition to the amounts
    included in the table, we also have a $0.9 million
    encumbrance which is secured by a letter of credit.  Property
    Acquisition & Development Activity
    OccupancyMetropolitan Area

GLA


Property Type

at 12/31/09Baltimore, MD


300,000



Bulk Warehouse



21.0%Central PA


300,000



Bulk Warehouse



0.0%Central PA


1,279,530



Bulk Warehouse



63.4%Dallas, TX


435,179



Bulk Warehouse



35.4%Denver, CO


33,413



Light Industrial



66.7%Denver, CO


39,434



Light Industrial



81.9%Denver, CO


33,419



Light Industrial



77.9%Denver, CO


37,043



R&D/Flex



100.0%Indianapolis, IN


71,281



Light Industrial



50.0%Los Angeles, CA


141,100



Bulk Warehouse



0.0%Miami, FL


88,820



Light Industrial



18.9%Milwaukee, WI


388,800



Bulk Warehouse



100.0%Minneapolis/St. Paul, MN


133,166



Bulk Warehouse



78.2%Nashville, TN


700,000



Bulk Warehouse



100%Total


3,981,185   Property
    Sales
    Number ofMetropolitan Area

Properties


GLA


Property TypeBaltimore, MD


1



71,572


Light IndustrialColumbus, OH


1



307,200


Bulk WarehouseDallas, TX


1



20,045


Light IndustrialDenver, CO


1



126,384


ManufacturingIndianapolis, IN


3



628,400


Bulk Warehouse/Light IndustrialLos Angeles, CA


1



100,000


Bulk WarehousePhoenix, AZ


1



82,288


Regional WarehouseSalt Lake City, UT


1



81,000


Light IndustrialS. New Jersey


1



52,800


Light IndustrialToronto, ON


1



342,830


Bulk WarehouseTotal


12



1,812,519  20




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##### Table of Contents



Property
    Acquisitions, Developments and Sales Subsequent to Year
    End
    Tenant
    and Lease Information
  semi-net
  Lease
    Expirations(1)
    Number of





Percentage of


Annual Base Rent


Percentage of TotalLeases


GLA


GLA


Under Expiring


Annual Base RentYear of Expiration(1)

Expiring


Expiring(2)


Expiring(2)


Leases


Expiring(In thousands)2010


557



10,451,865



21
%

$
46,497



21
%2011


394



8,159,004



16
%


40,972



18
%2012


336



7,115,833



14
%


33,100



15
%2013


220



5,227,541



11
%


27,283



12
%2014


155



6,106,337



12
%


24,929



11
%2015


91



3,032,504



6
%


12,505



6
%2016


35



2,548,755



5
%


9,893



4
%2017


19



988,858



2
%


5,218



2
%2018


21



1,157,413



2
%


5,355



2
%2019


15



793,170



2
%


4,499



2
%Thereafter


19



3,894,574



9
%


13,822



7
%Total


1,862



49,475,854



100
%

$
224,073



100
%     (1)
    
    Includes leases that expire on or after December 31, 2009
    and assumes tenants do not exercise existing renewal,
    termination or purchase options.(2)
    
    Does not include existing vacancies of 11,829,964 aggregate
    square feet.(3)
    
    Annualized base rent is calculated as monthly base rent (cash
    basis) per the terms of the lease, as of December 31, 2009,
    multiplied by 12. If free rent is granted, then the first
    positive rent value is used. Leases denominated in foreign
    currencies are translated using the currency exchange rate at
    December 31, 2009. 21




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##### Table of Contents



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

DeclaredDecember 31, 2009

$
0.00September 30, 2009

$
0.00June 30, 2009

$
0.00March 31, 2009

$
0.00December 31, 2008

$
0.25September 30, 2008

$
0.72June 30, 2008

$
0.72March 31, 2008

$
0.72       lock-up one-for-one
  Item 6.
    Selected
    Financial Data  Form 10-K.
 22




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##### Table of Contents



(As Adjusted)


(As Adjusted)


(As Adjusted)


(As Adjusted)Year Ended


Year Ended


Year Ended


Year Ended


Year Ended12/31/09


12/31/08


12/31/07


12/31/06


12/31/05(In thousands, except per unit and property data)Statement of Operations Data:Total Revenues

$
369,729


$
474,350


$
332,967


$
262,847


$
214,212Interest Income


3,100



3,471



1,790



947



1,075Mark-to-Market
    Gain (Loss) on Interest Rate Protection Agreements


3,667



(3,073
)






(3,112
)


811Property Expenses


(112,210
)


(108,731
)


(96,901
)


(87,497
)


(70,522
)General and Administrative Expense


(37,567
)


(84,105
)


(92,005
)


(76,633
)


(54,846
)Restructuring Costs


(7,806
)


(26,711
)










Impairment of Real Estate


(6,934
)














Interest Expense


(114,786
)


(113,139
)


(120,894
)


(121,525
)


(108,164
)Amortization of Deferred Financing Costs


(3,006
)


(2,840
)


(3,171
)


(2,654
)


(2,122
)Depreciation and Other Amortization


(131,675
)


(139,920
)


(116,234
)


(97,986
)


(70,111
)Construction Expenses


(52,720
)


(139,539
)


(34,553
)


(10,263
)


(15,574
)Gain (Loss) from Early Retirement of Debt


34,562



2,749



(393
)






82Equity in Income of Other Real Estate Partnerships


18,516



49,759



26,249



33,531



48,212Equity in (Loss) Income of Joint Ventures


(6,470
)


(33,178
)


29,958



30,671



3,698Income Tax Benefit


25,155



12,958



11,208



10,094



14,334Loss from Continuing Operations


(18,445
)


(107,949
)


(61,979
)


(61,580
)


(38,915
)Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $21,014, $136,384, $237,368, $196,622 and
    $102,926 for the Years Ended December 31, 2009, 2008, 2007,
    2006, and 2005, respectively)


24,418



148,095



268,193



234,401



144,211Provision for Income Taxes Allocable to Discontinued Operations
    (Including $1,462, $3,732, $36,032, $47,511 and $20,529
    allocable to Gain on Sale of Real Estate for the Years ended
    December 31, 2009, 2008, 2007, 2006, and 2005, respectively)


(1,816
)


(4,887
)


(38,673
)


(51,312
)


(23,895
)Gain on Sale of Real Estate


313



12,061



7,879



6,195



28,686Provision for Income Taxes Allocable to Gain on Sale of Real
    Estate


(143
)


(3,782
)


(3,082
)


(2,119
)


(10,871
)Net Income


4,327



43,538



172,338



125,585



99,216Preferred Unit Distributions


(19,516
)


(19,428
)


(21,320
)


(21,424
)


(10,688
)Redemption of Preferred Units










(2,017
)


(672
)


Net (Loss) Income Available to Unitholders and Participating
    Securities

$
(15,189
)

$
24,110


$
149,001


$
103,489


$
88,528Basic and Diluted Earnings Per Weighted Average Units
    Outstanding:Loss from Continuing Operations Available to Unitholders

$
(0.70
)

$
(2.41
)

$
(1.59
)

$
(1.57
)

$
(0.65
)Net (Loss) Income Available to Unitholders

$
(0.28
)

$
0.44


$
2.89


$
2.00


$
1.77Distributions Per Unit

$
0.00


$
2.410


$
2.850


$
2.810


$
2.785Basic and Diluted Weighted Average Number of Units Outstanding


54,261



49,456



50,597



50,703



48,968Net Income

$
4,327


$
43,538


$
172,338


$
125,585


$
99,216Other Comprehensive Income:Reclassification of Settlement of Interest Rate Protection
    Agreements to Net Income


















(159
) 23




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##### Table of Contents



(As Adjusted)


(As Adjusted)


(As Adjusted)


(As Adjusted)Year Ended


Year Ended


Year Ended


Year Ended


Year Ended12/31/09


12/31/08


12/31/07


12/31/06


12/31/05(In thousands, except per unit and property data)Mark-to-Market
    of Interest Rate Protection Agreements and Interest Rate Swap
    Agreements, Net of Tax


(383
)


(8,676
)


3,819



(2,800
)


(1,414
)Amortization of Interest Rate Protection Agreements


796



(792
)


(916
)


(912
)


(1,085
)Write-off of Unamortized Settlement Amounts of Interest Rate
    Protection Agreements


523



831











Settlement of Interest Rate Protection Agreements










(4,261
)


(1,729
)


Foreign Currency Translation Adjustment, Net of Tax


1,486



(2,748
)


2,134







Other Comprehensive Income

$
6,749


$
32,153


$
173,114


$
120,144


$
96,558Balance Sheet Data (End of Period):Real Estate, Before Accumulated Depreciation

$
2,965,091


$
3,014,530


$
2,913,267


$
2,826,588


$
2,896,937Real Estate, After Accumulated Depreciation


2,444,070



2,559,228



2,476,755



2,424,091



2,541,182Real Estate Held for Sale, Net


29,154



21,117



37,875



115,961



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


307,806



344,800



408,849



371,390



378,864Total Assets


3,200,410



3,240,800



3,300,998



3,235,182



3,230,465Mortgage and Other Loans Payable, Net, Unsecured Lines of Credit
    and Senior Unsecured Debt, Net


1,966,167



2,032,635



1,940,747



1,827,155



1,811,322Total Liabilities


2,117,119



2,241,164



2,213,017



2,044,203



2,016,827Partners Capital


1,083,291



999,636



1,087,981



1,190,979



1,213,638Other Data:Cash Flow From Operating Activities

$
139,616


$
63,424


$
106,005


$
66,898


$
82,831Cash Flow From Investing Activities


37,554



14,556



113,844



119,866



(404,742
)Cash Flow From Financing Activities


1,257



(79,754
)


(230,277
)


(178,451
)


325,653Total In-Service Properties


711



658



711



764



786Total In-Service GLA, in Square Feet


61,305,818



53,174,242



55,377,696



60,306,452



61,674,426In-Service Occupancy Percentage


81
%


91
%*


95
%*


94
%*


92
%*     *
    
    Percentage is calculated under the in-service definition in
    place as of the respective year end.  Item 7.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations  Form 10-K.
   24




---



##### Table of Contents



lease-up higher-than-expected
               25




---



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and/or
 26




---



##### Table of Contents



Current
    Business Risks and Uncertainties
       27




---



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
    Capital Retention We plan to retain capital
    by maintaining a distribution policy that makes per unit
    distributions equivalent to the per share distributions the
    Company is required to make to meet its minimum distribution
    requirements as a REIT. The Operating Partnership did not make
    distributions in 2009 and may not make distributions in 2010
    depending on the Companys taxable income. If, to maintain
    its REIT status, the Company is required to pay common stock
    dividends with respect to 2010, the Company may elect to do so
    by distributing a combination of cash and common shares and the
    Operating Partnership would make corresponding distributions in
    cash and common units. Also, if the Company is not required to
    pay preferred stock dividends to maintain its REIT status, it
    may elect to suspend some or all preferred stock dividends for
    one or more fiscal quarters, which would aid compliance with the
    fixed charge coverage covenant under our Unsecured Line of
    Credit. If the Company did elect to suspend some or all
    preferred stock dividends for one or more fiscal quarters, the
    Operating Partnership would elect to suspend corresponding
    preferred stock unit distributions.
    Mortgage Financing During the year ended
    December 31, 2009, we originated $307.6 million in
    mortgage financings with maturities ranging from September 2012
    to January 2020 and interest rates ranging from 6.42% to 7.87%
    (see Note 7 to the Consolidated Financial Statements). We
    believe these mortgage financings comply with all covenants
    contained in our Unsecured Line of Credit and our senior debt
    securities, including coverage ratios and total indebtedness,
    total unsecured indebtedness and total secured indebtedness
    limitations. We continue to engage various lenders regarding the
    origination of additional mortgage financings and the terms and
    conditions thereof. To the extent additional mortgage financing
    is originated, we expect to use proceeds received to pay down
    other debt. No assurances can be made that additional mortgage
    financing will be obtained.
    Equity Financing During the year ended
    December 31, 2009, the Company sold 3,034,120 shares
    of its common stock, generating $15.9 million in net
    proceeds, under the direct stock purchase component of the DRIP.
    On October 5, 2009, the Company sold in an underwritten
    public offering 13,635,700 shares of its common stock at a
    price to the public of $5.25 per share. Total proceeds to the
    Company, net of underwriters discount and total expenses,
    were $67.8 million (see Note 8 to the Consolidated
    Financial Statements). These proceeds were contributed to us in
    exchange for an equivalent number of Units. We may
    opportunistically access the equity markets again, subject to
    contractual restrictions, and may continue to issue shares under
    the direct stock purchase component of the DRIP. To the extent
    additional equity offerings occur, we expect to use the proceeds
    received to reduce our indebtedness.
    Asset Sales During the year ended
    December 31, 2009, we sold 12 industrial properties and
    several land parcels for gross proceeds of $90.3 million.
    We are in various stages of discussions with third parties for
    the sale of additional properties and plan to continue to
    selectively market other properties for sale throughout 2010. We
    expect to use sales proceeds to pay down additional debt. If we
    are unable to sell properties on an advantageous basis, this may
    impair our liquidity and our ability to meet our financial
    covenants.
    Debt Reduction During the year ended
    December 31, 2009, we repurchased $271.5 million of
    our senior unsecured notes (including $19.3 million of our
    2009 Notes prior to their repayment at maturity on June 15,
    2009) (see Note 7 to the Consolidated Financial
    Statements). On February 8, 2010, we consummated a tender
    offer pursuant to which we purchased $72.7 million of our
    2011 Notes, $66.2 million of our 2012 Notes and
    $21.1 million of our 2014 Notes. In connection with the
    tender offer, we will recognize approximately $0.4 million
    as gain on early retirement of debt. We may from 28




---



##### Table of Contents



time to time repay additional amounts of our outstanding debt.
    Any repayments would depend upon prevailing market conditions,
    our liquidity requirements, contractual restrictions and other
    factors we consider important. Future repayments may materially
    impact our liquidity, future tax liability and results of
    operations.    CRITICAL
    ACCOUNTING POLICIES
    
    We maintain an allowance for doubtful accounts which is based on
    estimates of potential losses which could result from the
    inability of our tenants to satisfy outstanding billings with
    us. The allowance for doubtful accounts is an estimate based on
    our assessment of the creditworthiness of our tenants.
    Properties are classified as held for sale when all criteria
    within the Financial Accounting Standards Boards (the
    FASB) guidance relating to the disposal of long
    lived assets are met for such properties. When properties are
    classified as held for sale, we cease depreciating the
    properties and estimate the values of such properties and
    measure 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, we decide not
    to sell a property previously classified as held for sale, we
    will reclassify such property as held and used. We estimate the
    value of such property and measure it at the lower of its
    carrying amount (adjusted for any depreciation and amortization
    expense that would have been recognized had the property been
    continuously classified as held and used) or fair value at the
    date of the subsequent decision not to sell. Fair value is
    determined by deducting from the estimated sales price of the
    property the estimated costs to close the sale.
    We review our properties on a periodic basis for possible
    impairment and provide a provision if impairments are
    determined. We utilize the guidelines established under the
    FASBs guidance for accounting for the impairment of long
    lived assets to determine if impairment conditions exist. We
    review 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, we 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 preparation of the undiscounted
    cashflows and the calculation of the fair value involve
    subjective assumptions such as estimated occupancy, rental
    rates, ultimate residual value and hold period. The discount
    rate used to present value the cash flows for determining fair
    value is also subjective.
    We analyze our investments in Joint Ventures to determine
    whether the joint venture should be accounted for under the
    equity method of accounting or consolidated into our financial
    statements based on standards set forth under the FASBs
    guidance relating to the consolidation of variable interest
    entities. Based on the guidance set forth in these
    pronouncements, we do not consolidate any of our joint venture
    investments because either the joint venture has been determined
    to be a variable interest entity but we are not the primary
    beneficiary or the joint venture has been determined not to be a
    variable interest entity and we lack control of the joint
    venture. Our assessment of whether we are the primary
    beneficiary of a variable interest entity involves the
    consideration of various factors including the form of our
    ownership interest, our representation on the entitys
    governing body, the size of our investment and future cash flows
    of the entity.
    On a periodic basis, we assess whether there are any indicators
    that the value of our investments in Joint Ventures may be
    impaired. An investment is impaired only if our estimate of the
    value of the 29




---



##### Table of Contents



investment is less than the carrying value of the investment,
    and such decline in value is deemed to be other than temporary.
    To the extent impairment has occurred, the loss shall be
    measured as the excess of the carrying amount of the investment
    over the fair value of the investment. Our estimates of fair
    value for each investment are based on a number of subjective
    assumptions that are subject to economic and market
    uncertainties including, among others, demand for space, market
    rental rates and operating costs, the discount rate used to
    value the cash flows of the properties and the discount rate
    used to value the Joint Ventures debt.  
    We capitalize (direct and certain indirect) costs incurred in
    developing, renovating, acquiring and rehabilitating real estate
    assets as part of the investment basis. Costs incurred in making
    certain other improvements are also capitalized. During the land
    development and construction periods, we capitalize interest
    costs, real estate taxes and certain general and administrative
    costs of the personnel performing development, renovations or
    rehabilitation up to the time the property is substantially
    complete. The determination and calculation of certain costs
    requires estimates by us. Amounts included in capitalized costs
    are included in the investment basis of real estate assets.
    We are engaged in the acquisition of individual properties as
    well as multi-property portfolios. We are required to allocate
    purchase price between land, building, tenant improvements,
    leasing commissions, in-place leases, tenant relationships 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) our 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. In-place lease and tenant relationship values
    for acquired properties are recorded based on our evaluation of
    the specific characteristics of each tenants lease and our
    overall relationship with the respective tenant. The value
    allocated to in-place lease intangible assets is amortized to
    depreciation and amortization expense over the remaining lease
    term of the respective lease. The value allocated to tenant
    relationship is amortized to depreciation and amortization
    expense over the expected term of the relationship, which
    includes an estimate of the probability of lease renewal and its
    estimated term. We also must allocate purchase price on
    multi-property portfolios to individual properties. The
    allocation of purchase price is based on our assessment of
    various characteristics of the markets where the property is
    located and the expected cash flows of the property.
    In the preparation of our consolidated financial statements,
    significant management judgment is required to estimate our
    current and deferred income tax liabilities, and the
    Companys compliance with REIT qualification requirements.
    Our estimates are based on our interpretation of tax laws. These
    estimates may have an impact on the income tax expense
    recognized. Adjustments may be required by a change in
    assessment of our deferred income tax assets and liabilities,
    changes due to audit adjustments by federal and state tax
    authorities, the Companys inability to qualify as a REIT,
    and changes in tax laws. Adjustments required in any given
    period are included within the income tax provision.
    In assessing the need for a valuation allowance against our
    deferred tax assets, we estimate future taxable income,
    considering the feasibility of ongoing tax planning strategies
    and the realizability of tax loss carryforwards. In the event we
    were to determine that we would not be able to realize all or a
    portion of our deferred tax assets in the future, we would
    reduce such amounts through a charge to income in the period in
    which that determination is made. Conversely, if we were to
    determine that we would be able to realize our deferred tax
    assets in the future in excess of the net carrying amounts, we
    would decrease the recorded valuation allowance through an
    increase to income in the period in which that determination is
    made. 30




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##### Table of Contents



RESULTS
    OF OPERATIONS
  Comparison
    of Year Ended December 31, 2009 to Year Ended
    December 31, 2008
          2009


2008


$ Change


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

$
257,319


$
274,673


$
(17,354
)


(6.3
)%Acquired Properties


23,587



13,635



9,952



73.0
%Sold Properties


5,139



31,198



(26,059
)


(83.5
)%(Re)Developments and Land, Not Included Above


18,974



11,405



7,569



66.4
%Other


17,557



28,875



(11,318
)


(39.2
)%$
322,576


$
359,786


$
(37,210
)


(10.3
)%Discontinued Operations


(7,804
)


(32,735
)


24,931



(76.2
)%Subtotal Revenues

$
314,772


$
327,051


$
(12,279
)


(3.8
)%Construction Revenues


54,957



147,299



(92,342
)


(62.7
)%Total Revenues

$
369,729


$
474,350


$
(104,621
)


(22.1
)%    31




---



##### Table of Contents



2009


2008


$ Change


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

$
85,731


$
90,652


$
(4,921
)


(5.4
)%Acquired Properties


5,851



2,868



2,983



104.0
%Sold Properties


1,438



10,032



(8,594
)


(85.7
)%(Re) Developments and Land, Not Included Above


7,125



5,844



1,281



21.9
%Other


14,229



10,421



3,808



36.5
%$
114,374


$
119,817


$
(5,443
)


(4.5
)%Discontinued Operations


(2,164
)


(11,086
)


8,922



(80.5
)%Property Expenses

$
112,210


$
108,731


$
3,479



3.2
%Construction Expenses


52,720



139,539



(86,819
)


(62.2
)%Total Property and Construction Expenses

$
164,930


$
248,270


$
(83,340
)


(33.6
)%        32




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##### Table of Contents



2009


2008


$ Change


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

$
107,950


$
121,292


$
(13,342
)


(11.0
)%Acquired Properties


12,227



10,279



1,948



19.0
%Sold Properties


1,926



9,586



(7,660
)


(79.9
)%(Re) Developments and Land, Not Included Above


9,616



6,444



3,172



49.2
%Corporate Furniture, Fixtures and Equipment


2,192



2,257



(65
)


(2.9
)%$
133,911


$
149,858


$
(15,947
)


(10.6
)%Discontinued Operations


(2,236
)


(9,938
)


7,702



(77.5
)%Total Depreciation and Other Amortization

$
131,675


$
139,920


$
(8,245
)


(5.9
)%          33




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##### Table of Contents



30-year Mark-to-Market Mark-to-Market
  Mark-to-Market
            2009


2008($ in 000s)Total Revenues

$
7,804


$
32,735Property Expenses


(2,164
)


(11,086
)Depreciation and Amortization


(2,236
)


(9,938
)Gain on Sale of Real Estate


21,014



136,384Provision for Income Taxes


(1,816
)


(4,887
)Income from Discontinued Operations

$
22,602


$
143,208    34




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##### Table of Contents



Comparison
    of Year Ended December 31, 2008 to Year Ended
    December 31, 2007
          35




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##### Table of Contents



2008


2007


$ Change


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

$
255,694


$
249,791


$
5,903



2.4
%Acquired Properties


42,499



16,230



26,269



161.9
%Sold Properties


21,069



78,989



(57,920
)


(73.3
)%(Re)Developments and Land, Not Included Above


11,647



4,980



6,667



133.9
%Other


28,877



36,889



(8,012
)


(21.7
)%$
359,786


$
386,879


$
(27,093
)


(7.0
)%Discontinued Operations


(32,735
)


(89,540
)


56,805



(63.4
)%Subtotal Revenues

$
327,051


$
297,339


$
29,712



10.0
%Construction Revenues


147,299



35,628



111,671



313.4
%Total Revenues

$
474,350


$
332,967


$
141,383



42.5
%     2008


2007


$ Change


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

$
82,379


$
77,330


$
5,049



6.5
%Acquired Properties


14,155



4,352



9,803



225.3
%Sold Properties


7,358



24,921



(17,563
)


(70.5
)%(Re) Developments and Land, Not Included Above


5,504



3,602



1,902



52.8
%Other


10,421



16,603



(6,182
)


(37.2
)%$
119,817


$
126,808


$
(6,991
)


(5.5
)%Discontinued Operations


(11,086
)


(29,907
)


18,821



(62.9
)%Property Expenses

$
108,731


$
96,901


$
11,830



12.2
%Construction Expenses


139,539



34,553



104,986



303.8
%Total Property and Construction Expenses

$
248,270


$
131,454


$
116,816



88.9
%    36




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##### Table of Contents



2008


2007


$ Change


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

$
99,033


$
103,436


$
(4,403
)


(4.3
)%Acquired Properties


37,552



12,244



25,308



206.7
%Sold Properties


4,763



24,679



(19,916
)


(80.7
)%(Re) Developments and Land, Not Included Above


6,253



2,846



3,407



119.7
%Corporate Furniture, Fixtures and Equipment


2,257



1,837



420



22.9
%$
149,858


$
145,042


$
4,816



3.3
%Discontinued Operations


(9,938
)


(28,808
)


18,870



(65.5
)%Total Depreciation and Other Amortization

$
139,920


$
116,234


$
23,686



20.4
%          37




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##### Table of Contents



30-year Mark-to-Market
            2008


2007($ in 000s)Total Revenues

$
32,735


$
89,540Property Expenses


(11,086
)


(29,907
)Depreciation and Amortization


(9,938
)


(28,808
)Gain on Sale of Real Estate


136,384



237,368Provision for Income Taxes


(4,887
)


(38,673
)Income from Discontinued Operations

$
143,208


$
229,520    38




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##### Table of Contents



LIQUIDITY
    AND CAPITAL RESOURCES
    and/or
     39




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##### Table of Contents



Year
    Ended December 31, 2009
               40




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##### 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(1)

$
38,957


$
3,001


$
3,761


$
2,869


$
29,326Long-term Debt


1,976,333



18,326



923,403



226,261



808,343Interest Expense on Long Term Debt(1)(2)


746,419



102,544



165,909



135,771



342,195Total

$
2,761,709


$
123,871


$
1,093,073


$
364,901


$
1,179,864     (1)
    
    Not on balance sheet.(2)
    
    Does not include interest expense on our Unsecured Line of
    Credit.  Off-Balance
    Sheet Arrangements
    Environmental
    Inflation
    Market
    Risk
    Interest
    Rate Risk
     41




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##### Table of Contents



Foreign
    Currency Exchange Rate Risk
    Subsequent
    Events
     42




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##### Table of Contents



Related
    Party Transactions
    Other
           43




---



##### Table of Contents



AdjustmentsAdjustments

Related toBalance Sheet as

Related to

Adoption of

Balance SheetPreviously

Adoption of

Convertible

AsFiled - as of

Business

Debt

Adjusted - as ofDecember 31,

Combination

Instrument

December 31,2008

Guidance

Guidance

2008Deferred Financing Costs, Net

$
12,197


$



$
(106
)

$
12,091Prepaid Expenses and Other Assets, Net

$
167,889


$
(269
)

$



$
167,620Senior Unsecured Debt, Net

$
1,516,298


$



$
(4,343
)

$
1,511,955General Partner Units

$
629,856


$
(255
)

$
4,654


$
634,255Limited Partners Units

$
122,009


$
(14
)

$
(417
)

$
121,578Total Partners Capital

$
995,668


$
(269
)

$
4,237


$
999,636   Item 7A.
    Quantitative
    and Qualitative Disclosures About Market Risk    Item 8.
    Financial
    Statements and Supplementary Data    Item 9.
    Changes
    in and Disagreements with Accountants on Accounting and
    Financial Disclosure    Item 9A.
    Controls
    and Procedures  Evaluation
    of Disclosure Controls and Procedures
   44




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##### Table of Contents



Rule 13a-15(b)
  Managements
    Report on Internal Control Over Financial Reporting
          Changes
    in Internal Control Over Financial Reporting
    Item 9B.
    Other
    Information   PART III  Item 10,
    11, 12, 13 and 14.
    Directors,
    Executive Officers and Corporate Governance, Executive
    Compensation, Security Ownership of Certain Beneficial Owners
    and Management and Related Stockholder Matters, Certain
    Relationships and Related Transactions and Director Independence
    and Principal Accountant Fees and Services   45




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##### Table of Contents



PART IV  Item 15.
    Exhibits
    and Financial Statement Schedules    Exhibits:
  ExhibitNo.

Description3.1

Eleventh Amended and Restated  Partnership Agreement of First
    Industrial, L.P. dated August 21,  2006 (the LP
    Agreement) of the  Company, filed August 22, 2006, File
    No. 1-13102) (incorporated by  reference to Exhibit 10.2 of the
    Form  8-K4.1

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 $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

7.50% Medium-Term Note due 2017 in  principal amount of $100
    million  issued by First Industrial, L.P. (incorporated by
    reference to  Exhibit 4.19 of the Companys Annual Report
    on Form 10-K for the  year ended December 31, 1997, File  No.
    1-13102)4.6

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)4.7

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)4.8

Supplemental Indenture No. 5, dated  as of July 14, 1998,
    between First  Industrial, L.P. and 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)4.9

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)4.10

Supplemental Indenture No. 6, dated  as of March 19, 2001,
    between First Industrial, L.P. and U.S. Bank Trust National
    Association, relating to First Industrial, L.P.s
    7.375% Notes due March 15,  2011(incorporated by reference
    to Exhibit 4.16 of the Operating  Partnerships Annual
    Report on  Form 10-K for the year ended  December 31, 2000,
    File  No. 333-21873) 46




---



##### Table of Contents



ExhibitNo.

Description4.11

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)4.12

Supplemental Indenture No. 7 dated  as of April 15, 2002,
    between First  Industrial, L.P. and U.S. Bank National
    Association, relating to First  Industrial, L.P.s
    6.875% Notes due  2012 and 7.75% Notes due 2032
    (incorporated by reference to Exhibit 4.1 of the Operating
    Partnerships Form 8-K, dated  April 4, 2002, File No.
    333-21873)4.13

Form of 6.875% Notes due in 2012 in  the principal amount
    of $200 million issued by First Industrial, L.P. and
    7.75% Notes due in 2032 in the  principal amount of $50
    million  issued by First Industrial L.P.  (incorporated by
    reference to  Exhibit 4.2 of the Operating  Partnerships
    Form 8-K dated  April 4, 2002, File  No. 333-21873)4.14

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)4.15

Supplemental Indenture No. 8, dated  as of May 17, relating to
    6.42% Senior Notes due June 1,  2014, by and between First
    Industrial,  L.P. and U.S. Bank National Association
    (incorporated by reference to  Exhibit 4.1 of the  Form 8-K of
    the Operating  Partnership, dated May 27, 2004,  File No.
    333-21873)4.16

Supplemental Indenture No. 9, dated  as of June 14, 2004,
    relating to  5.25% Senior Notes due 2009, by and  between
    the Operating Partnership and  U.S. Bank National Association
    (incorporated by reference to  Exhibit 4.1 of the  Form 8-K of
    the Operating  Partnership, dated June 17, 2004,  File No.
    333-21873)4.17

Supplemental Indenture No. 10, dated as of January 10, 2006,
    relating to  5.75% Senior Notes due 2016, by and  between
    the Operating Partnership and  U.S. Bank National Association
    (incorporated by reference to  Exhibit 4.1 of the  Form 8-K of
    the Company, filed  January 11, 2006,
    File No. 1-13102)4.18

Indenture dated as of September 25,  2006 among First
    Industrial, L.P., as  issuer, the Company, as guarantor, and
    U.S. Bank National Association, as  trustee (incorporated by
    reference to  Exhibit 4.1 of the current report on Form 8-K of
    the Operating  Partnership, dated September 25,  2006,
    File No. 333-21873)4.19

Form of 4.625% Exchangeable Senior Note  due 2011 (incorporated
    by reference to Exhibit 4.2 of the current report on Form 8-K of
    the Operating  Partnership, dated September 25,  2006,
    File No. 333-21873)4.20

Registration Rights Agreement dated  September 25, 2006 among
    the  Company, First Industrial, L.P. and the  Initial Purchasers
    named therein  (incorporated by reference to  Exhibit 10.1 of
    the current report  on Form 8-K of the Operating Partnership,
    dated September 25,  2006, File No. 333-21873)4.21

Supplemental Indenture No. 11, dated as of May 7, 2007, relating
    to  5.95% Senior Notes due 2017, by and  between First
    Industrial, L.P. and U.S.  Bank National Association
    (incorporated  by reference to Exhibit 4.1 of the  Form 8-K of
    the Company, filed  May 5, 2007, File  No. 1-13102)10.1

Sales Agreement by and among the  Company, First Industrial,
    L.P. and  Cantor Fitzgerald & Co. dated  September 16, 2004
    (incorporated by  reference to Exhibit 1.1 of the  Form 8-K of
    the Operating Partnership, dated September 16,  2004, File No.
    333-21873)10.2

Fifth Amended and Restated Unsecured  Revolving Credit
    Agreement, dated as of September 28, 2007, among First
    Industrial, L.P., First Industrial  Realty Trust, Inc., JP
    Morgan Chase  Bank, NA and certain other banks  (incorporated by
    reference to  Exhibit 10.1 of the  Form 8-K of the Company
    filed  October 1, 2007, File  No. 1-13102) 47




---



##### Table of Contents



ExhibitNo.

Description10.3

First Amendment, dated as of  August 18, 2008, to the Fifth
    Amended and Restated Unsecured Revolving Credit Agreement dated
    as of  September 28, 2007 among the Operating Partnership, the
    Company,  JPMorgan Chase Bank, N.A. and the other lenders
    thereunder (incorporated by  reference to Exhibit 10.1 of the
    Form 8-K of the Company filed  August 20, 2008, File  No.
    1-13102)21

Subsidiaries of the Registrant  (incorporated by reference to
    Exhibit 21 of the Companys Annual  Report on Form 10-K for
    the  year ended December 31, 2009, 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**

Certification of the Principal Executive Officer and Principal
    Financial Officer pursuant to 18 U.S.C.  Section 1350, as
    adopted pursuant to Section 906 of the Sarbanes-Oxley  Act of
    2002      *
    
    Filed herewith.**
    
    Furnished herewith. 48




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##### Table of Contents



EXHIBIT INDEX
  ExhibitNo.

Description3.1

Eleventh Amended and Restated Partnership Agreement of First
    Industrial, L.P. dated August 21, 2006 (the LP
    Agreement) (incorporated by reference to Exhibit 10.2 of
    the Form 8-K of the Company, filed August 22, 2006, File No.
    1-13102)4.1

Indenture, dated as of May 13, 1997, between First Industrial,
    L.P. and First Trust National Association, as Trustee
    (incorporated by reference to Exhibit 4.1 of the Form 10-Q of
    the Company for the fiscal quarter ended March 31, 1997, as
    amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997,
    File No. 1-13102)4.2

Supplemental Indenture No. 1, dated as of May 13, 1997, between
    First Industrial, L.P. and First Trust National Association as
    Trustee relating to $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 7 3/8% 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

7.50% Medium-Term Note due 2017 in principal amount of $100
    million issued by First Industrial, L.P. (incorporated by
    reference to Exhibit 4.19 of the Companys Annual Report on
    Form 10-K for the year ended December 31, 1997, File No. 1-13102)4.6

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)4.7

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)4.8

Supplemental Indenture No. 5, dated as of July 14, 1998, between
    First Industrial, L.P. and 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)4.9

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)4.10

Supplemental Indenture No. 6, dated as of March 19, 2001,
    between First Industrial, L.P. and U.S. Bank Trust National
    Association, relating to First Industrial, L.P.s
    7.375% Notes due March 15, 2011(incorporated by reference
    to Exhibit 4.16 of the Operating Partnerships Annual
    Report on Form 10-K for the year ended December 31, 2000,
    File No. 333-21873)4.11

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)4.12

Supplemental Indenture No. 7 dated as of April 15, 2002, between
    First Industrial, L.P. and U.S. Bank National Association,
    relating to First Industrial, L.P.s 6.875% Notes due
    2012 and 7.75% Notes due 2032 (incorporated by reference to
    Exhibit 4.1 of the Operating Partnerships Form 8-K,
    dated April 4, 2002, File No. 333-21873) 49




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##### Table of Contents



ExhibitNo.

Description4.13

Form of 6.875% Notes due in 2012 in the principal amount of
    $200 million issued by First Industrial, L.P. and
    7.75% Notes due in 2032 in the principal amount of $50
    million issued by First Industrial L.P. (incorporated by
    reference to Exhibit 4.2 of the Operating Partnerships
    Form 8-K dated April 4, 2002, File No. 333-21873)4.14

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)4.15

Supplemental Indenture No. 8, dated as of May 17, relating to
    6.42% Senior Notes due June 1, 2014, by and between First
    Industrial, L.P. and U.S. Bank National Association
    (incorporated by reference to Exhibit 4.1 of the Form 8-K of the
    Operating Partnership, dated May 27, 2004, File No. 333-21873)4.16

Supplemental Indenture No. 9, dated as of June 14, 2004,
    relating to 5.25% Senior Notes due 2009, by and between the
    Operating Partnership and U.S. Bank National Association
    (incorporated by reference to Exhibit 4.1 of the Form 8-K of the
    Operating Partnership, dated June 17, 2004, File No. 333-21873)4.17

Supplemental Indenture No. 10, dated as of January 10, 2006,
    relating to 5.75% Senior Notes due 2016, by and between the
    Operating Partnership and U.S. Bank National Association
    (incorporated by reference to Exhibit 4.1 of the Form 8-K of the
    Company, filed January 11, 2006, File No. 1-13102)4.18

Indenture dated as of September 25, 2006 among First Industrial,
    L.P., as issuer, the Company, as guarantor, and U.S. Bank
    National Association, as trustee (incorporated by reference to
    Exhibit 4.1 of the current report on Form 8-K of the Operating
    Partnership, dated September 25, 2006,
    File No. 333-21873)4.19

Form of 4.625% Exchangeable Senior Note due 2011 (incorporated
    by reference to Exhibit 4.2 of the current report on Form 8-K of
    the Operating Partnership, dated September 25, 2006,
    File No. 333-21873)4.20

Registration Rights Agreement dated September 25, 2006 among the
    Company, First Industrial, L.P. and the Initial Purchasers named
    therein (incorporated by reference to Exhibit 10.1 of the
    current report on Form 8-K of the Operating Partnership, dated
    September 25, 2006, File No. 333-21873)4.21

Supplemental Indenture No. 11, dated as of May 7, 2007, relating
    to 5.95% Senior Notes due 2017, by and between First
    Industrial, L.P. and U.S. Bank National Association
    (incorporated by reference to Exhibit 4.1 of the Form 8-K of the
    Company, filed May 5, 2007, File No. 1-13102)10.1

Sales Agreement by and among the Company, First Industrial, L.P.
    and Cantor Fitzgerald & Co. dated September 16, 2004
    (incorporated by reference to Exhibit 1.1 of the Form 8-K of the
    Operating Partnership, dated September 16, 2004, File No.
    333-21873)10.2

Fifth Amended and Restated Unsecured Revolving Credit Agreement,
    dated as of September 28, 2007, among First Industrial, L.P.,
    First Industrial Realty Trust, Inc., JP Morgan Chase Bank, NA
    and certain other banks (incorporated by reference to Exhibit
    10.1 of the Form 8-K of the Company filed October 1, 2007, File
    No. 1-13102)10.3

First Amendment, dated as of August 18, 2008, to the Fifth
    Amended and Restated Unsecured Revolving Credit Agreement dated
    as of September 28, 2007 among the Operating Partnership, the
    Company, JPMorgan Chase Bank, N.A. and the other lenders
    thereunder (incorporated by reference to Exhibit 10.1 of the
    Form 8-K of the Company filed August 20, 2008, File No. 1-13102)21

Subsidiaries of the Registrant (incorporated by reference to
    Exhibit 21 of the Companys Annual Report on Form 10-K for
    the year ended December 31, 2009, 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**

Certification of the Principal Executive Officer and Principal
    Financial Officer pursuant to 18 U.S.C. Section 1350, as
    adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
    2002     *
    
    Filed herewith.**
    
    Furnished herewith. 50




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##### Table of Contents



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


52Consolidated Balance Sheets of First Industrial,
    L.P. as of December 31, 2009 and 2008 (As Adjusted)


53Consolidated Statements of Operations of First
    Industrial, L.P. for the Years Ended December 31, 2009,
    2008 (As Adjusted) and 2007 (As Adjusted)


54Consolidated Statements of Comprehensive Income
    of First Industrial, L.P. for the Years Ended December 31,
    2009, 2008 (As Adjusted) and 2007(As Adjusted)


55Consolidated Statements of Changes in
    Partners Capital of First Industrial, L.P. for the Years
    Ended December 31, 2009, 2008 (As Adjusted) and 2007 (As
    Adjusted)


56Consolidated Statements of Cash Flows of First
    Industrial, L.P. for the Years Ended December 31, 2009,
    2008 (As Adjusted) and 2007 (As Adjusted)


57Notes to the Consolidated Financial Statements


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


S-1  51




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##### Table of Contents



Report of
    Independent Registered Public Accounting Firm     Internal Control  Integrated
    Framework
          52




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.



CONSOLIDATED
    BALANCE SHEETS  (As Adjusted)December 31,


December 31,2009


2008(Dollars in thousands except Unit data)ASSETSAssets:Investment in Real Estate:Land

$
661,945


$
684,712Buildings and Improvements


2,279,814



2,274,041Construction in Progress


23,332



55,777Less: Accumulated Depreciation


(521,021
)


(455,302
)Net Investment in Real Estate


2,444,070



2,559,228Real Estate and Other Assets Held for Sale, Net of Accumulated
    Depreciation and Amortization of $1,752 and $2,251 at
    December 31, 2009 and December 31, 2008, respectively


29,154



21,117Investments in and Advances to Other Real Estate Partnerships


307,806



344,800Cash and Cash Equivalents


181,147



2,644Restricted Cash


90



97Tenant Accounts Receivable, Net


1,818



9,049Investments in Joint Ventures


8,788



16,299Deferred Rent Receivable, Net


33,561



28,372Deferred Financing Costs, Net


14,659



12,091Deferred Leasing Intangibles, Net


51,796



79,483Prepaid Expenses and Other Assets, Net


127,521



167,620Total Assets

$
3,200,410


$
3,240,800LIABILITIES AND PARTNERS CAPITALLiabilities:Mortgage and Other Loans Payable, Net

$
370,809


$
77,396Senior Unsecured Debt, Net


1,140,114



1,511,955Unsecured Line of Credit


455,244



443,284Accounts Payable, Accrued Expenses and Other Liabilities, Net


105,676



144,070Deferred Leasing Intangibles, Net


21,871



27,077Rents Received in Advance and Security Deposits


22,953



22,995Leasing Intangibles Held for Sale, Net of Accumulated
    Amortization of $0 and $254 at December 31, 2009 and
    December 31, 2008, respectively






541Distributions Payable


452



13,846Total Liabilities


2,117,119



2,241,164Commitments and Contingencies






Partners Capital:General Partner Preferred Units (1,550 units issued and
    outstanding at December 31, 2009 and December 31,
    2008, respectively), with a liquidation preference of $275,000,
    respectively


266,211



266,211General Partner Units (61,845,214 and 44,652,182 units
    issued and outstanding at December 31, 2009 and
    December 31, 2008, respectively)


724,852



634,255Limited Partners Units (5,390,737 and 5,806,203 units
    issued and outstanding at December 31, 2009 and
    December 31, 2008, respectively)


112,214



121,578Accumulated Other Comprehensive Loss


(19,986
)


(22,408
)Total Partners Capital


1,083,291



999,636Total Liabilities and Partners Capital

$
3,200,410


$
3,240,800    53




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.



CONSOLIDATED
    STATEMENTS OF OPERATIONS  (As Adjusted)


(As Adjusted)Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2009


2008


2007(In thousands except per unit data)Revenues:Rental Income

$
232,913


$
231,231


$
203,003Tenant Recoveries and Other Income


81,859



95,820



94,336Construction Revenues


54,957



147,299



35,628Total Revenues


369,729



474,350



332,967Expenses:Property Expenses


112,210



108,731



96,901General and Administrative


37,567



84,105



92,005Restructuring Costs


7,806



26,711



Impairment of Real Estate


6,934







Depreciation and Other Amortization


131,675



139,920



116,234Construction Expenses


52,720



139,539



34,553Total Expenses


348,912



499,006



339,693Other Income (Expense):Interest Income


3,100



3,471



1,790Interest Expense


(114,786
)


(113,139
)


(120,894
)Amortization of Deferred Financing Costs


(3,006
)


(2,840
)


(3,171
)Mark-to-Market
    Gain (Loss) on Interest Rate Protection Agreements


3,667



(3,073
)


Gain (Loss) From Early Retirement of Debt


34,562



2,749



(393
)Total Other Income (Expense)


(76,463
)


(112,832
)


(122,668
)Loss from Continuing Operations Before Equity in Income of Other
    Real Estate Partnerships, Equity in (Loss) Income of Joint
    Ventures and Income Tax Benefit


(55,646
)


(137,488
)


(129,394
)Equity in Income of Other Real Estate Partnerships


18,516



49,759



26,249Equity in (Loss) Income of Joint Ventures


(6,470
)


(33,178
)


29,958Income Tax Benefit


25,155



12,958



11,208Loss from Continuing Operations


(18,445
)


(107,949
)


(61,979
)Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $21,014, $136,384, and $237,368 for the Years
    Ended December 31, 2009, 2008 and 2007, respectively)


24,418



148,095



268,193Provision for Income Taxes Allocable to Discontinued Operations
    (Including $1,462, $3,732, and $36,032 allocable to Gain on Sale
    of Real Estate for the Year Ended December 31, 2009, 2008
    and 2007, respectively)


(1,816
)


(4,887
)


(38,673
)Income Before Gain on Sale of Real Estate


4,157



35,259



167,541Gain on Sale of Real Estate


313



12,061



7,879Provision for Income Taxes Allocable to Gain on Sale of Real
    Estate


(143
)


(3,782
)


(3,082
)Net Income


4,327



43,538



172,338Less: Preferred Unit Distributions


(19,516
)


(19,428
)


(21,320
)Less: Redemption of Preferred Units










(2,017
)Net (Loss) Income Available to Unitholders and Participating
    Securities

$
(15,189
)

$
24,110


$
149,001Basic and Diluted Earnings Per Unit:Loss from Continuing Operations Available to Unitholders

$
(0.70
)

$
(2.41
)

$
(1.59
)Income from Discontinued Operations Available to Unitholders

$
0.42


$
2.84


$
4.48Net (Loss) Income Available to Unitholders

$
(0.28
)

$
0.44


$
2.89Weighted Average Units Outstanding


54,261



49,456



50,597Net (Loss) Income Available to Unitholders Attributable to:General Partners

$
(13,642
)

$
21,120


$
130,160Limited Partners


(1,547
)


2,990



18,841Net (Loss) Income Available to Unitholders and Participating
    Securities

$
(15,189
)

$
24,110


$
149,001    54




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##### Table of Contents



FIRST
    INDUSTRIAL , LP.



CONSOLIDATED STATEMENTS OF COMPREHENSIVE
    INCOME  (As Adjusted)


(As Adjusted)Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2009


2008


2007(Dollars in thousands)Net Income

$
4,327


$
43,538


$
172,338Settlement of Interest Rate Protection Agreements










(4,261
)Mark-to-Market
    of Interest Rate Protection Agreements, Net of Income Tax
    (Provision) Benefit of $(450), $610 and $254 for the years ended
    December 31, 2009, 2008 and 2007, respectively


(383
)


(8,676
)


3,819Amortization of Interest Rate Protection Agreements


796



(792
)


(916
)Write-off of Unamortized Settlement Amounts of Interest Rate
    Protection Agreements


523



831



Foreign Currency Translation Adjustment, Net of Tax (Provision)
    Benefit of $(2,817), $3,498 and $(1,149) for the years ended
    December 31, 2009, 2008 and 2007, respectively


1,486



(2,748
)


2,134Comprehensive Income

$
6,749


$
32,153


$
173,114    55




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.



CONSOLIDATED
    STATEMENTS OF CHANGES IN PARTNERS
    CAPITAL  (As Adjusted)


(As Adjusted)Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2009


2008


2007(Dollars in thousands)General Partner Preferred Units  Beginning of Year

$
266,211


$
266,211


$
314,208Distributions


(19,516
)


(19,428
)


(23,337
)Redemption of Preferred Units










(47,997
)Net Income


19,516



19,428



23,337General Partner Preferred Units  End of Year

$
266,211


$
266,211


$
266,211General Partner Units  Beginning of Year

$
634,255


$
684,606


$
737,861Offering Costs


(909
)


(321
)


(46
)Contributions and Issuance of General Partner Units


84,704



174



613Purchase of General Partnership Units










(69,430
)Repurchase and Retirement of Restricted Units


(739
)


(4,847
)


(3,939
)Distributions






(106,864
)


(127,618
)Unit Conversions


7,817



14,581



2,855Amortization of General Partner Restricted Awards


13,399



25,806



14,150Repurchase of Equity Component of Exchangeable Notes


(33
)






Net (Loss) Income


(13,642
)


21,120



130,160General Partner Units  End of Year

$
724,852


$
634,255


$
684,606Limited Partners Units  Beginning of Year

$
121,578


$
148,187


$
150,709Distributions






(15,018
)


(18,508
)Unit Conversions


(7,817
)


(14,581
)


(2,855
)Net (Loss) Income


(1,547
)


2,990



18,841Limited Partners Units  End of Year

$
112,214


$
121,578


$
148,187Accum. Other Comprehensive Loss  Beginning of Year

$
(22,408
)

$
(11,023
)

$
(11,799
)Settlement of Interest Rate Protection Agreements










(4,261
)Mark-to-Market
    of Interest Rate Protection Agreements, Net of Tax


(383
)


(8,676
)


3,819Amortization of Interest Rate Protection Agreements


796



(792
)


(916
)Write-off of Unamortized Settlement Amounts of Interest Rate
    Protection Agreements


523



831



Foreign Currency Translation Adjustment, Net of Tax


1,486



(2,748
)


2,134Accum. Other Comprehensive Loss  End of Year

$
(19,986
)

$
(22,408
)

$
(11,023
)Total Partners Capital at End of Year

$
1,083,291


$
999,636


$
1,087,981    56




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##### Table of Contents



FIRST
    INDUSTRIAL, LP.



CONSOLIDATED
    STATEMENTS OF CASH FLOWS  (As Adjusted)


(As Adjusted)Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2009


2008


2007(Dollars in thousands)CASH FLOWS FROM OPERATING ACTIVITIES:Net Income

$
4,327


$
43,538


$
172,338Adjustments to Reconcile Net Income to Net Cash Provided by
    Operating Activities:Depreciation


100,145



101,671



105,628Amortization of Deferred Financing Costs


3,006



2,840



3,171Other Amortization


48,804



67,494



49,906Impairment of Real Estate


6,934







Provision for Bad Debt


3,178



3,092



1,812Mark-to-Market
    (Gain) Loss on Interest Rate Protection Agreements


(3,667
)


3,073



Equity in Loss (Income) of Joint Ventures


6,470



33,178



(29,958
)Distributions from Joint Ventures


2,319



1,520



31,365Gain on Sale of Real Estate


(21,327
)


(148,445
)


(245,247
)(Gain) Loss on Early Retirement of Debt


(34,562
)


(2,749
)


393Equity in Income of Other Real Estate Partnerships


(18,516
)


(49,759
)


(26,249
)Distributions from Investment in Other Real Estate Partnerships


18,516



49,759



26,249Decrease in Developments for Sale Costs


812



1,527



1,209Decrease (Increase) in Tenant Accounts Receivable, Prepaid
    Expenses and Other Assets, Net


51,559



(14,717
)


(22,529
)Increase in Deferred Rent Receivable


(7,104
)


(6,606
)


(8,810
)(Decrease) Increase in Accounts Payable, Accrued Expenses, Other
    Liabilities, Rents Received in Advance and Security Deposits


(18,709
)


(25,296
)


46,374Repayments of Discount on Senior Unsecured Debt


(2,576
)






Decrease in Restricted Cash


7



90



6Cash Book Overdraft.






3,214



347Net Cash Provided by Operating Activities


139,616



63,424



106,005CASH FLOWS FROM INVESTING ACTIVITIES:Purchase of and Additions to Investment in Real Estate and Lease
    Costs


(68,855
)


(528,026
)


(613,696
)Net Proceeds from Sales of Investments in Real Estate


65,689



407,654



760,776Investments in and Advances to Other Real Estate Partnerships


(105,095
)


(40,928
)


(66,322
)Distributions from Other Real Estate Partnerships in Excess of
    Equity in Income


140,073



104,977



28,858Contributions to and Investments in Joint Ventures


(3,742
)


(17,327
)


(27,696
)Distributions from Joint Ventures


6,333



20,985



22,863Funding of Notes Receivable






(10,325
)


(8,385
)Repayment of Notes Receivable


3,151



52,842



26,350Decrease (Increase) in Restricted Cash






24,704



(8,904
)Net Cash Provided by Investing Activities


37,554



14,556



113,844CASH FLOWS FROM FINANCING ACTIVITIES:Offering Costs


(764
)


(321
)


(46
)Unit Contributions


84,465



174



613Unit Distributions


(12,614
)


(145,347
)


(146,660
)Purchase of General Partner Units










(69,430
)Repurchase and Retirement of Restricted Units


(739
)


(4,847
)


(3,939
)Redemption of Preferred Units










(50,014
)Preferred Unit Distributions


(20,296
)


(19,428
)


(26,023
)Repayments on Mortgage Loans Payable


(13,462
)


(3,271
)


(41,475
)Proceeds from Origination of Mortgage Loans Payable


307,567







Proceeds from Senior Unsecured Debt










149,595Settlement of Interest Rate Protection Agreements


(7,491
)






(4,261
)Payments on Interest Rate Swap Agreement


(320
)






Repayments on Senior Unsecured Debt


(336,196
)


(32,525
)


(150,000
)Proceeds from Unsecured Line of Credit


180,000



550,920



879,129Repayments on Unsecured Line of Credit


(172,000
)


(425,030
)


(764,000
)Repurchase of Equity Component Exchangeable Notes


(33
)






Debt Issuance Costs and Costs Incurred in Connection with the
    Early Retirement of Debt


(6,860
)


(79
)


(3,766
)Net Cash Provided by (Used in) Financing Activities


1,257



(79,754
)


(230,277
)Net Effect of Exchange Rate Changes on Cash and Cash Equivalents


76



(278
)


Net Increase (Decrease) in Cash and Cash Equivalents


178,427



(1,774
)


(10,428
)Cash and Cash Equivalents, Beginning of Period


2,644



4,696



15,124Cash and Cash Equivalents, End of Period

$
181,147


$
2,644


$
4,696    57




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.



NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per Unit and Unit data) 1.
    Organization
    and Formation of Partnership             58




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      2.
    Current
    Business Risks and Uncertainties        
    Capital Retention We plan to retain capital
    by maintaining a distribution policy that makes per unit
    distributions equivalent to the per share distributions the
    Company is required to make to meet its minimum distribution
    requirements as a REIT. The Operating Partnership did not make
    distributions in 2009 and may not make distributions in 2010
    depending on the Companys taxable income. If, to maintain
    its REIT status, the Company is required to pay common stock
    dividends with respect to 2010, the Company may elect to do so
    by distributing a combination of cash and common shares and the
    Operating Partnership would make corresponding distributions in
    cash and common units. Also, if the Company is not required to
    pay preferred stock dividends to maintain its REIT status, it
    may elect to suspend some or all preferred stock dividends for
    one or more fiscal quarters, which would aid compliance with the
    fixed charge coverage covenant under our Unsecured Line of
    Credit. If the Company did elect to suspend some or all
    preferred stock dividends for one or more fiscal quarters, the
    Operating Partnership would elect to suspend corresponding
    preferred stock unit distributions. 59




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   
    Mortgage Financing During the year ended
    December 31, 2009, we originated $307,567 in mortgage
    financings with maturities ranging from September 2012 to
    January 2020 and interest rates ranging from 6.42% to 7.87% (see
    Note 7). We believe these mortgage financings comply with
    all covenants contained in our Unsecured Line of Credit and our
    senior debt securities, including coverage ratios and total
    indebtedness, total unsecured indebtedness and total secured
    indebtedness limitations. We continue to engage various lenders
    regarding the origination of additional mortgage financings and
    the terms and conditions thereof. To the extent additional
    mortgage financing is originated, we expect to use proceeds
    received to pay down other debt. No assurances can be made that
    additional mortgage financing will be obtained.
    Equity Financing During the year ended
    December 31, 2009, the Company sold 3,034,120 shares
    of its common stock, generating approximately $15,920 in net
    proceeds, under the direct stock purchase component of the
    Companys Dividend Reinvestment and Direct Stock Purchase
    Plan (DRIP). On October 5, 2009, the Company
    sold in an underwritten public offering 13,635,700 shares
    of its common stock at a price to the public of $5.25 per share.
    Total proceeds to the Company, net of underwriters
    discount and total expenses, were $67,780 (see Note 8).
    These proceeds were contributed to us in exchange for an
    equivalent number of Units. We may opportunistically access the
    equity markets again, subject to contractual restrictions, and
    may continue to issue shares under the direct stock purchase
    component of the DRIP. To the extent additional equity offerings
    occur, we expect to use the proceeds received to reduce our
    indebtedness.
    Asset Sales During the year ended
    December 31, 2009 we sold 12 industrial properties and
    several land parcels for gross proceeds of $90,334. We are in
    various stages of discussions with third parties for the sale of
    additional properties for the 2010 and plan to continue to
    selectively market other properties for sale throughout 2010. We
    expect to use sales proceeds to pay down additional debt. If we
    are unable to sell properties on an advantageous basis, this may
    impair our liquidity and our ability to meet our financial
    covenants.
    Debt Reduction During the year ended
    December 31, 2009, we repurchased $271,474 of our senior
    unsecured notes (including $19,279 of our 2009 Notes prior to
    their repayment at maturity on June 15, 2009) (see
    Note 7). We may from time to time repay additional amounts
    of our outstanding debt. Any repayments would depend upon
    prevailing market conditions, our liquidity requirements,
    contractual restrictions and other factors we consider
    important. On January 8, 2010 we offered to purchase up to
    $125,000 of our outstanding 2011 Notes, 2012 Notes and 2014
    Notes. On January 25, 2010 we increased the offer from
    $125,000 to $160,000. On February 8, 2010, we accepted for
    purchase $72,702 of our 2011 Notes, $66,236 of our 2012 Notes
    and $21,062 million of our 2014 Notes. In connection with
    the tender offer, we will recognize approximately
    $0.4 million as gain on early retirement of debt. Future
    repayments may materially impact our liquidity, future tax
    liability and results of operations.    3.
    Basis of
    Presentation   60




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   4.
    Summary
    of Significant Accounting Policies    Cash
    and Cash Equivalents
    Restricted
    Cash
    Investment
    in Real Estate and Depreciation
     61




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##### Table of Contents



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


8 to 50Land Improvements


3 to 20Furniture, Fixtures and Equipment


5 to 10        62




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##### Table of Contents



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


December 31,2009


2008In-Place Leases

$
61,338


$
75,282Less: Accumulated Amortization


(29,069
)


(27,426
)$
32,269


$
47,856Above Market Leases

$
4,999


$
13,130Less: Accumulated Amortization


(1,546
)


(1,866
)$
3,453


$
11,264Tenant Relationships

$
23,197


$
25,361Less: Accumulated Amortization


(7,123
)


(4,998
)$
16,074


$
20,363Total Deferred Leasing Intangibles, Net

$
51,796


$
79,483     December 31,


December 31,2009


2008Below Market Leases

$
34,090


$
37,489Less: Accumulated Amortization


(12,219
)


(10,412
)Total Deferred Leasing Intangibles, Net

$
21,871


$
27,077     Estimated Net IncreaseEstimated Net Amortization

to Rental Revenuesof In-Place Leases and

Related to AboveTenant Relationships

and Below Market Leases2010

$
10,245


$
2,9892011


7,864



1,6892012


6,492



1,1612013


5,512



8862014


4,322



779   Construction
    Revenues and Expenses
  percentage-of-completion
 63




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Foreign
    Currency Transactions and Translation
    Deferred
    Financing Costs
    Investment
    in and Advances to Other Real Estate Partnerships
      Investments
    in Joint Ventures
   64




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      Limited
    Partners Units
      Stock
    Based Compensation
    Revenue
    Recognition
         65




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Gain
    on Sale of Real Estate
    Income
    Taxes
          Participating
    Securities
    Earnings
    Per Unit (EPU)
    Derivative
    Financial Instruments
   66




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  marked-to-market marked-to-market
  Fair
    Value of Financial Instruments
    Discontinued
    Operations
    Segment
    Reporting
    Recent
    Accounting Pronouncements
     67




---



##### Table of Contents



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

Related toBalance Sheet as

Related to

Adoption of

Balance SheetPreviously

Adoption of

Convertible

AsFiled - as of

Business

Debt

Adjusted - as ofDecember 31,

Combination

Instrument

December 31,2008

Guidance

Guidance

2008Deferred Financing Costs, Net

$
12,197


$



$
(106
)

$
12,091Prepaid Expenses and Other Assets, Net

$
167,889


$
(269
)

$



$
167,620Senior Unsecured Debt, Net

$
1,516,298


$



$
(4,343
)

$
1,511,955General Partner Units

$
629,856


$
(255
)

$
4,654


$
634,255Limited Partners Units

$
122,009


$
(14
)

$
(417
)

$
121,578Total Partners Capital

$
995,668


$
(269
)

$
4,237


$
999,636  68




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   5.
    Investments
    in and Advances to Other Real Estate Partnerships      Condensed
    Combined Balance Sheets:
  December 31,


December 31,2009


2008ASSETSAssets:Investment in Real Estate, Net

$
280,796


$
303,262Note Receivable


264,740



Other Assets, Net


78,100



56,505Total Assets

$
623,636


$
359,767LIABILITIES AND PARTNERS CAPITALLiabilities:Mortgage Loans Payable

$
32,165


$
Other Liabilities


9,515



11,670Partners Capital


581,956



348,097Total Liabilities and Partners Capital

$
623,636


$
359,767   Condensed
    Combined Statements of Operations:
  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2009


2008


2007Total Revenues (including Interest Income)

$
52,235


$
40,173


$
37,073Property Expenses


(11,609
)


(13,004
)


(10,752
)General and Administrative










(16
)Interest Expense


(635
)






Amortization of Deferred Financing Costs


(24
)






Depreciation and Other Amortization


(15,541
)


(16,150
)


(17,120
)Income Tax Provision










(9
)Income from Continuing Operations


24,426



11,019



9,176Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $3,192, $35,783, and $7,594 for the years ended
    December 31, 2009, 2008 and 2007


4,178



39,256



15,757Gain (Loss) on Sale of Real Estate


61



(53
)


1,546Net Income

$
28,665


$
50,222


$
26,479  69




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   6.
    Investments
    in Joint Ventures and Property Management Services           70




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
               71




---



##### Table of Contents



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

Year Ended

Year EndedDecember 31,

December 31,

December 31,2009

2008

2007Contributions

$
3,742


$
16,623


$
25,482Distributions

$
8,652


$
22,505


$
54,228Fees

$
11,174


$
19,757


$
25,116     December 31,


December 31,2009


2008Condensed Combined Balance SheetsGross Real Estate Investment

$
1,785,713


$
1,967,717Less: Accumulated Depreciation


(126,685
)


(93,215
)Net Real Estate


1,659,028



1,874,502Other Assets


159,659



186,881Total Assets

$
1,818,687


$
2,061,383Debt

$
1,452,339


$
1,442,464Other Liabilities


70,544



130,407Equity


295,804



488,512Total Liabilities and Equity

$
1,818,687


$
2,061,383Consolidated Operating Partnerships share of Equity

$
34,310


$
56,066Basis Differentials(1)


(28,507
)


(39,767
)Carrying Value of the Consolidated Operating Partnerships
    investments in Joint Ventures

$
5,803


$
16,299     (1)
    
    This amount represents the aggregate difference between our
    historical cost basis and the basis reflected at the joint
    venture level. Basis differentials are primarily comprised of
    impairments we recorded to reduce certain of our investments in
    Joint Ventures to fair value, a gain deferral related to a
    property we sold to the 2003 Net Lease Joint Venture, deferred
    fees and certain equity costs which are not reflected at the
    joint venture level.  72




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Year Ended December 31,2009


2008


2007Condensed Combined Statements of OperationsTotal Revenues

$
94,143


$
87,900


$
80,917Expenses:Operating and Other


42,968



37,331



27,070Interest


42,880



53,617



46,974Depreciation and Amortization


50,956



46,944



43,887Impairment Loss


150,804



9,951



Total Expenses


287,608



147,843



117,931Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $1,177, $34,885 and $92,652 for the years ended
    December 31, 2009, 2008 and 2007, respectively)


1,291



24,932



85,687Gain on Sale of Real Estate


8,603



17,093



15,523Net (Loss) Income

$
(183,571
)

$
(17,918
)

$
64,196Consolidated Operating Partnerships Share of Net (Loss)
    Income


(1,276
)


6,661



29,958Impairment on the Operating Partnerships Investments in
    Joint Ventures


(5,194
)


(39,839
)


Equity in (Loss) Income of Joint Ventures

$
(6,470
)

$
(33,178
)

$
29,958  73




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   7.
    Mortgage
    and Other Loans Payable, Net, Senior Unsecured Notes, Net and
    Unsecured Line of Credit    Outstanding





EffectiveBalance at


Interest


Interest(As Adjusted)


Rate At


Rate atDecember 31,


December 31,


December 31,


December 31,2009


2008


2009


2009


Maturity DateMortgage and Other Loans Payable, Net

$
370,809


$
77,396


5.92%
- 9.25%


4.93%
-9.25%



December 2010 - 
    September 2024Unamortized Premiums


(1,025
)


(1,717
)Mortgage and Other Loans Payable, Gross

$
369,784


$
75,679Senior Unsecured Notes, Net2016 Notes

$
159,843


$
194,524


5.750%



5.91%




01/15/162017 Notes


87,187



99,914


7.500%



7.52%




12/01/172027 Notes


13,559



15,056


7.150%



7.11%




05/15/272028 Notes


189,862



199,846


7.600%



8.13%




07/15/282011 Notes


143,447



199,868


7.375%



7.39%




03/15/112012 Notes


143,837



199,546


6.875%



6.85%




04/15/122032 Notes


34,651



49,480


7.750%



7.87%




04/15/322009 Notes






124,980


5.250%



4.10%




06/15/092014 Notes


105,253



114,921


6.420%



6.54%




06/01/142011 Exchangeable Notes*


144,870



195,657


4.625%



4.63%




09/15/112017 II Notes


117,605



118,163


5.950%



6.37%




05/15/17Subtotal

$
1,140,114


$
1,511,955Unamortized Discounts


11,191



16,545Senior Unsecured Notes, Gross

$
1,151,305


$
1,528,500Unsecured Line of Credit

$
455,244


$
443,284


1.256%



1.256%




09/28/12     *
    
    The 2011 Exchangeable Notes have an initial exchange rate of
    19.6356 shares of the Companys common stock per
    $1,000 principal amount, representing an exchange price of
    approximately $50.93 per common share which is an exchange
    premium of approximately 20% based on the last reported sale
    price of $42.44 per share of the Companys common stock on
    September 19, 2006. In connection with our offering of the
    2011 Exchangeable Notes, we entered into capped call
    transactions (the capped call transactions) with
    affiliates of two of the initial purchasers of the 2011
    Exchangeable Notes (the option counterparties) in
    order to increase the effective exchange price of the 2011
    Exchangeable Notes to $59.42 per share of the Companys
    common stock, which represents an exchange premium of
    approximately 40% based on the last reported sale price of
    $42.44 per share of the the Companys common stock on
    September 19, 2006. The aggregate cost of the capped call
    transactions was approximately $6,835. The capped call
    transactions are expected to reduce the potential dilution with
    respect to the Companys common stock upon exchange of the
    2011 Exchangeable Notes to the extent the then market value per
    share of the Companys common stock does not exceed the cap
    price of the capped call transaction during the observation
    period relating to an exchange. The cost of the capped call is
    accounted for as a hedge and included in Partners Capital
    because the derivative is indexed to the Companys own
    stock and meets the scope exception within the derivative
    guidance. 74




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Mortgage
    and Other Loans Payable, Net
    Number of





PropertyIndustrial





CarryingPrincipal Balance














Properties





Value atMortgage

at December 31,


Interest


Origination


Maturity


Amortization


Collateralizing





December 31,Financing

2009


Rate


Date


Date


Period


Mortgage


GLA


2009(In millions)I

$
14,680



7.50
%


May 7, 2009



June 5, 2016



25-year



1



0.6


$
21,992II

$
62,500



7.75
%


May 8, 2009



June 1, 2016



25-year



26



3.1


$
92,982III

$
66,575



7.87
%


June 3, 2009



July 1, 2019



30-year



24



2.1


$
112,224IV

$
2,000



7.50
%


August 27, 2009



September 5, 2014



22-year



1



0.1


$
3,582$
5,850



7.60
%


August 27, 2009



September 5, 2016



25-year



1



0.2


$
9,862$
5,000



7.60
%


August 26, 2009



September 5, 2016



25-year



1



0.2


$
6,562V

$
7,350



6.95
%


September 21, 2009



October 15, 2014



25-year



7



0.2


$
8,271$
4,100



7.05
%


September 21, 2009



October 15, 2014



25-year



1



0.1


$
5,020$
8,900



7.05
%


September 21, 2009



October 15, 2014



25-year



5



0.5


$
11,885VI

$
8,689



6.42
%


September 24, 2009



November 1, 2014



25-year



2



0.2


$
11,461VII

$
27,780



7.50
%


October 1, 2009



October 1, 2014



30-year



8



0.7


$
34,505VIII

$
14,818



6.75
%


October 1, 2009



September 30, 2012
*


25-year



5



0.8


$
19,725IX

$
11,375



7.60
%


October 15, 2009



November 5, 2014



25-year



1



0.4


$
14,929X

$
26,600



7.50
%


December 4, 2009



January 1, 2020



30-year



8



0.9


$
40,571XI

$
26,220



6.70
%


December 18, 2009



January 1, 2015



25-year



9



0.8


$
32,574XII

$
15,130



7.50
%


December 29, 2009



December 29, 2014



30-year



11



0.5


$
22,447$
307,567


























$
448,592     *
    
    This mortgage loan has two one-year extension options.          Senior
    Unsecured Notes, Net
   75




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Principal Amount Repurchased


Purchase PriceFor the


For the


For the


For theYear Ended


Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,


December 31,2009


2008


2009


20082009 Notes

$
19,279


$



$
19,064


$
2011 Notes


56,502







52,465



2011 Exchangeable Notes


53,100







48,938



2012 Notes


55,935







48,519



2014 Notes


12,000







8,810



2016 Notes


34,821



5,000



24,511



4,4882017 Notes


12,747







10,399



2017 II Notes


590



31,570



439



28,0372027 Notes


1,500







1,078



2028 Notes


10,000







7,548



2032 Notes


15,000







11,313



$
271,474


$
36,570


$
233,084


$
32,525       Unsecured
    Line of Credit
   76




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
        Amount2010

$
18,3262011


301,3292012


622,0742013


6,4942014


219,767Thereafter


808,343Total

$
1,976,333   Fair
    Value
    December 31, 2009


December 31, 2008(As Adjusted)Carrying


Fair


Carrying


FairAmount


Value


Amount


ValueMortgage and Other Loans Payable

$
370,809


$
375,284


$
77,396


$
75,817Senior Unsecured Debt


1,140,114



960,452



1,511,955



1,101,217Unsecured Line of Credit


455,244



422,561



443,284



400,849Total

$
1,966,167


$
1,758,297


$
2,032,635


$
1,577,883     8.
    Partners
    Capital  lock-up
 77




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Unit
    Contributions
            Restricted
    Units
   78




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    General Partnership andLimited PartnershipUnits OutstandingBalance at December 31, 2006


51,569,072Issuance of General Partner Units


19,600Issuance of General Partner Restricted Units


459,147Repurchase and Retirement of Restricted Units


(1,797,714
)Issuance of Limited Partner Units


(139,261
)Balance at December 31, 2007


50,110,844Issuance of General Partner Units


6,438Issuance of General Partner Restricted Units


605,816Repurchase and Retirement of Restricted Units


(264,713
)Balance at December 31, 2008


50,458,385Issuance of General Partner Units


16,874,884Issuance of General Partner Restricted Units


35,145Repurchase and Retirement of Restricted Units


(132,463
)Balance at December 31, 2009


67,235,951   Treasury
    Stock
    Preferred
    Contributions:
  5 8 5 8
 79




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  (iii) 3-month
  3-month 10-year 30-year
 80




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
       81




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Distributions
    Year Ended 2009


Year Ended 2008


Year Ended 2007Distribution


Total


Distribution


Total


Distribution


Totalper Unit


Distribution


per Unit


Distribution


per Unit


DistributionGeneral Partner/Limited Partner Units

$
0.0000


$



$
2.4100


$
121,882


$
2.8500


$
146,126Series C Preferred Units

$
N/A


$
N/A


$
N/A


$
N/A


$
94.6353


$
1,893Series F Preferred Units

$
6,414.5700


$
3,207


$
6,236.0000


$
3,118


$
6,236.0000


$
3,118Series G Preferred Units

$
7,236.0000


$
1,809


$
7,236.0000


$
1,809


$
7,236.0000


$
1,809Series J Preferred Units

$
18,125.2000


$
10,875


$
18,125.2000


$
10,875


$
18,125.2000


$
10,875Series K Preferred Units

$
18,125.2000


$
3,625


$
18,125.2000


$
3,625


$
18,125.2000


$
3,625   9.
    Acquisition
    and Development of Real Estate       82




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Intangible
    Assets Subject To Amortization in the Period of
    Acquisition
    Year Ended

Year EndedDecember 31,

December 31,2009

2008In-Place Leases

$



$
18,422Above Market Leases

$



$
61Tenant Relationships

$



$
6,962Below Market Leases

$



$
(7,012
)     Year Ended

Year EndedDecember 31,

December 31,2009

2008In-Place Leases


N/A



100Above Market Leases


N/A



43Tenant Relationships


N/A



100Below Market Leases


N/A



138   10.
    Sale of
    Real Estate, Real Estate Held for Sale and Discontinued
    Operations       83




---



##### Table of Contents



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2009


2008


2007Total Revenues

$
7,804


$
32,735


$
89,540Property Expenses


(2,164
)


(11,086
)


(29,907
)Depreciation and Amortization


(2,236
)


(9,938
)


(28,808
)Gain on Sale of Real Estate


21,014



136,384



237,368Provision for Income Taxes


(1,816
)


(4,887
)


(38,673
)Income from Discontinued Operations

$
22,602


$
143,208


$
229,520    84




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   11.
    Supplemental
    Information to Statements of Cash Flows  (As Adjusted)


(As Adjusted)Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2009


2008


2007Interest paid, net of capitalized interest

$
115,451


$
113,062


$
118,909Capitalized Interest

$
281


$
7,775


$
8,413Income Taxes (Refunded) Paid

$
(54,173
)

$
2,355


$
42,169Supplemental schedule of noncash investing and financing
    activities:Distribution payable on general and limited partner units

$



$
12,614


$
36,079Distribution payable on preferred units

$
452


$
1,232


$
1,232Industrial property distribution from Other Real Estate
    Partnerships:Investment in real estate and deferred leasing intangibles, net

$
1,811


$



$
Prepaid expenses and other assets, net


289







Accounts payable, accrued expenses and other liabilities, net


(56
)






Total distribution

$
2,044


$



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

$
(7,817
)

$
(14,581
)

$
(2,855
)General partnership units


7,817



14,581



2,855$



$



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

$



$
(376
)

$
(5,987
)Mortgage debt

$



$
(7,852
)

$
(38,590
)Write off of fully depreciated assets

$
(50,423
)

$
(64,185
)

$
(39,804
)In conjunction with certain property sales, we provided seller
    financing or assigned a mortgage loan payable:Notes receivable

$
20,645


$
46,734


$
48,282Mortgage note payable

$



$



$
769  85




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   12.
    Earnings
    Per Unit (EPU)    (As Adjusted)


(As Adjusted)Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2009


2008


2007Numerator:Loss from Continuing Operations, Net of Income Tax

$
(18,445
)

$
(107,949
)

$
(61,979
)Gain on Sale of Real Estate, Net of Income Tax


170



8,279



4,797Preferred Unit Distributions


(19,516
)


(19,428
)


(21,320
)Redemption of Preferred Units










(2,017
)Loss from Continuing Operations Available to Unitholders

$
(37,791
)

$
(119,098
)

$
(80,519
)Income from Discontinued Operations, Net of Income Tax

$
22,602


$
143,208


$
229,520Discontinued Operations Allocable to Participating Securities






(2,550
)


(2,593
)Income from Discontinued Operations Available to Unitholders

$
22,602


$
140,658


$
226,927Net (Loss) Income Available to Unitholders

$
(15,189
)

$
24,110


$
149,001Net Income Allocable to Participating Securities






(2,550
)


(2,593
)Net (Loss) Income Available to Unitholders

$
(15,189
)

$
21,560


$
146,408Denominator:Weighted Average Units  Basic and Diluted


54,260,979



49,456,067



50,597,150Basic and Diluted EPU:Loss from Continuing Operations Available to Unitholders

$
(0.70
)

$
(2.41
)

$
(1.59
)Income from Discontinued Operations Available to Unitholders

$
0.42


$
2.84


$
4.48Net (Loss) Income Available to Unitholders

$
(0.28
)

$
0.44


$
2.89     Allocation





Allocation





Allocationof Net





of Net





of NetIncome





Income





IncomeAvailable to





Available to





Available toUnvested


Participating


Unvested


Participating


Unvested


ParticipatingAwards


Securities For the


Awards


Securities For the


Awards


Securities For theOutstanding


Year Ended


Outstanding


Year Ended


Outstanding


Year Endedat December 31,


December 31,


at December 31,


December 31,


At December 31,


December 31,2009


2009


2008


2008


2007


2007Participating Securities:Restricted Stock Awards


355,645







757,041







909,966Restricted Unit Awards










4,619







355,645


$




761,660


$
2,550



909,966


$
2,593    86




---



##### Table of Contents



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

Number of

Number ofAwards

Awards

AwardsOutstanding

Outstanding At

Outstanding AtAt December 31,

December 31,

December 31,2009

2008

2007Non-Participating Securities:Restricted Unit Awards


1,218,800







Options


139,700



278,601



355,901     13.
    Income
    Taxes    2009


2008


2007Current:Federal

$
38,703


$
5,114


$
(28,209
)State


372



814



(4,934
)Foreign


(835
)


(649
)


Deferred:Federal


(15,816
)


(526
)


3,977State


(557
)


(107
)


571Foreign


9



671



$
21,876


$
5,317


$
(28,595
)        87




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  2009


2008Bad debt expense

$
1


$
196Investment in Joint Ventures


1,679



19,621Fixed assets


1,074



9,625Prepaid rent


114



494Capitalized general and administrative expense under 263A






3,711Deferred losses/gains






71Accrued contingency loss






377Restricted stock


34



2,326Accrual for Restructuring Costs






751Abandoned Project Costs






1,150Federal net operating loss carrying forward


345



State net operating loss carrying forward


11



131Foreign net operating loss carrying forward


77



Valuation Allowance


(1,299
)


(19,501
)Other


752



836Total deferred tax assets

$
2,788


$
19,788Straight-line rent


(507
)


(1,936
)Fixed assets


(1,358
)


(53
)Capitalized interest under 263A






(362
)Other


(3
)


(243
)Total deferred tax liabilities

$
(1,868
)

$
(2,594
)Total net deferred tax asset

$
920


$
17,194      88




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    2009


2008


2007Tax expense associated with income from operations on sold
    properties which is included in discontinued operations

$
(354
)

$
(1,155
)

$
(2,641
)Tax expense associated with gains and losses on the sale of real
    estate which is included in discontinued operations


(1,462
)


(3,732
)


(36,032
)Tax expense associated with gains and losses on the sale of real
    estate


(143
)


(3,782
)


(3,082
)Income tax benefit


23,835



13,986



13,160Income tax benefit (expense)

$
21,876


$
5,317


$
(28,595
)     2009


2008


2007Tax benefit at federal rate related to continuing operations

$
8,343


$
28,377


$
8,659State tax (expense) benefit, net of federal benefit


493



2,799



1,066Non-deductible permanent items


(1,652
)


(1,852
)


(121
)Prior year provision to return adjustments






7



436Change in valuation allowance


16,269



(19,501
)


Foreign taxes, net


345



344



Old TRS liquidation


70







Other


(176
)


30



38Net income tax benefit

$
23,692


$
10,204


$
10,078   Michigan
    Tax Issue
  1997-2000)
  1997-2000
   89




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   14.
    Impairment
    Charges          Fair Value Measurements atDecember 31, 2009 Using:Quoted Prices inActive Markets for

Significant Other

Unobservable

TotalDecember 31,

Identical Assets

Observable Inputs

Inputs

GainsDescription

2009

(Level 1)

(Level 2)

(Level 3)

(Losses)Inland Empire Property

$
3,830










$
3,830


$
(6,934
)Unconsolidated Joint Venture investments

$
3,910










$
3,910


$
(5,194
)   and/or
    Fair Value MeasurementsUsing SignificantUnobservable Inputs(Level 3)Impairment ChargesBeginning balance at December 31, 2008

$
Total unrealized losses:Impairment on Real Estate


(12,128
)Ending balance at December 31, 2009

$
(12,128
)  90




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   15.
    Restructuring
    Costs        16.
    Future
    Rental Revenues  semi-net
  2010

$
208,4062011


174,4032012


139,8142013


108,2742014


78,596Thereafter


347,225Total

$
1,056,718   17.
    Stock
    Based Compensation     91




---



##### Table of Contents



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


Exercise


AggregateExercise


Price


IntrinsicShares


Price


per Share


ValueOutstanding at December 31, 2007


355,901


$
31.68


$
25.13-$33.15


$
3,669Exercised


(6,300
)

$
27.58


$
25.13-$31.13


$
24Expired or Terminated


(71,000
)

$
31.13


$
31.13-$31.13Outstanding at December 31, 2008


278,601


$
31.92


$
27.25-$33.15


$
Expired or Terminated


(138,901
)

$
31.94


$
27.69-$33.13Outstanding at December 31, 2009


139,700


$
31.89


$
27.25-$33.15


$
     Number

Weighted

WeightedOutstanding

Average

Averageand

Remaining

ExerciseRange of Exercise Price

Exercisable

Contractual Life

Price$27.25-$30.53


42,900



1.18


$
30.07$31.05-$33.15


96,800



1.40


$
32.70      92




---



##### Table of Contents



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


Fair ValueOutstanding at December 31, 2007


909,966


$
41.88Issued


610,573


$
31.88Vested


(733,666
)

$
22.97Forfeited


(25,213
)

$
35.17Outstanding at December 31, 2008


761,660


$
36.00Issued


1,508,745


$
5.01Vested


(571,149
)

$
28.79Forfeited


(124,811
)

$
7.51Outstanding at December 31, 2009


1,574,445


$
11.17      93




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Performance Awards I

Performance Awards IIExpected dividend yield

0.0%

0.0%Expected stock volatility

57.18% to 119.55%

76.29% to 162.92%Risk-free interest rate

0.40% to 1.84%

0.43% to 2.38%Expected life (years)

1-4

1-4Fair value

$4.49

$2.94     18.
    Derivatives    Mark-to-Market
     94




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    (iii) 3-month 30-year
    Fair Value As of


Fair Value As ofNotional


Fixed


Trade

Maturity

December 31,


December 31,Hedge Product

Amount


Pay Rate


Date

Date

2009


2008Derivatives designated as hedging instruments:Forward-Starting Agreement 1

$
59,750



4.0725
%

January 2008

May 8, 2009

$



$
(3,429
)Forward-Starting Agreement 2


59,750



4.0770
%

January 2008

June 3, 2009






(3,452
)Interest Rate Swap Agreement


50,000



2.4150
%

March 2008

April 1, 2010


(267
)


(858
)Total derivatives designated as hedging instruments:

$
169,500










$
(267
)

$
(7,739
)Derivatives not designated as hedging instruments:Series F Agreement*


50,000



5.2175
%

October 2008

October 1, 2013


93



(3,073
)Total Derivatives

$
219,500








Total

$
(174
)

$
(10,812
)     *
    
    Fair value excludes quarterly settlement payment due on
    Series F Agreement. As of December 31, 2009, the
    outstanding payable was $152.    Year EndedDecember 31,


December 31,Interest Rate Products

Location on Statement

2009


2008Loss Recognized in OCI (Effective Portion)

Mark-to-Market on Interest Rate Protection Agreements (OCI)

$
(993
)

$
(7,739
)Amortization Reclassified from OCI into Income

Interest Expense

$
(796
)

$
792Gain Recognized in Income (Unhedged Position)

Mark-to-Market Gain on Interest Rate Protection Agreements

$
974


$
    95




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Mark-to-Market
        Fair Value Measurements at ReportingDate Using:Quoted Prices inActive Markets for

Significant Other

UnobservableDecember 31,

Identical Assets

Observable Inputs

InputsDescription

2009

(Level 1)

(Level 2)

(Level 3)Liabilities:Interest Rate Swap Agreement

$
267






$
267



Series F Agreement

$
59










$
59     30-year
 96




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Fair Value MeasurementsUsing SignificantUnobservable Inputs(Level 3)DerivativesBeginning liability balance at December 31, 2008

$
(3,073
)Total realized gains:Mark-to-Market
    on Series F Agreement


3,014Ending liability balance at December 31, 2009

$
(59
)   19.
    Related
    Party Transactions      20.
    Commitments
    and Contingencies          Ground
    and Operating Lease Agreements
   97




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  sub-lease
  2010

$
3,0012011


2,1212012


1,6402013


1,5412014


1,328Thereafter


29,326Total

$
38,957   21.
    Subsequent
    Events         98




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   22.
    Quarterly
    Financial Information (unaudited)    Year Ended December 31, 2009First


Second


Third


FourthQuarter


Quarter


Quarter


QuarterTotal Revenues

$
99,715


$
96,472


$
93,813


$
79,729Equity in Income (Loss) of Joint Ventures


29



1,551



(5,889
)


(2,161
)Equity in Income of Other Real Estate Partnerships


4,528



3,718



6,455



3,815(Loss) Income from Continuing Operations, Net of Income Tax


(17,261
)


(8,311
)


(2,434
)


9,561Income from Discontinued Operations, Net of Income Tax


4,342



4,530



5,134



8,596Gain (Loss) on Sale of Real Estate, Net of Income Tax


477







101



(408
)Net (Loss) Income


(12,442
)


(3,781
)


2,801



17,749Preferred Unit Distributions


(4,857
)


(4,824
)


(4,913
)


(4,922
)Net (Loss) Income Available

$
(17,299
)

$
(8,605
)

$
(2,112
)

$
12,827Income from Continuing Operations Allocable to Participating
    Securities














(23
)Discontinued Operations Allocable to Participating Securities














(47
)Net (Loss) Income Available to Unitholders

$
(17,299
)

$
(8,605
)

$
(2,112
)

$
12,757Basic and Diluted Earnings Per Unit:(Loss) Income From Continuing Operations Available to Unitholders

$
(0.43
)

$
(0.26
)

$
(0.14
)

$
0.06Income From Discontinued Operations

$
0.09


$
0.09


$
0.10


$
0.13Net (Loss) Income Available to Unitholders

$
(0.35
)

$
(0.17
)

$
(0.04
)

$
0.19Weighted Average Units Outstanding - Basic and Diluted


49,919



49,975



50,874



66,135   99




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  (As Adjusted)Year Ended December 31, 2008First


Second


Third


FourthQuarter


Quarter


Quarter


QuarterTotal Revenues

$
99,665


$
116,953


$
126,347


$
131,385Equity in Income (Loss) of Joint Ventures


3,302



3,268



725



(40,473
)Equity in Income Other Real Estate Partnerships


9,099



32,064



3,051



5,545(Loss) Income from Continuing Operations, Net of Income Tax


(17,815
)


6,954



(15,199
)


(81,889
)Income from Discontinued Operations, Net of Income Tax


72,670



41,569



24,157



4,812Gain on Sale of Real Estate, Net of Income Tax


5,438



2,841







Net Income (Loss)


60,293



51,364



8,958



(77,077
)Preferred Unit Distributions


(4,857
)


(4,857
)


(4,857
)


(4,857
)Net Income (Loss) Available

$
55,436


$
46,507


$
4,101


$
(81,934
)Income from Continuing Operations Allocable to Participating
    Securities






(115
)






Discontinued Operations Allocable to Participating Securities


(1,017
)


(965
)


(841
)


Net Income (Loss) Available to Unitholders

$
54,419


$
45,427


$
3,260


$
(81,934
)Basic and Diluted Earnings Per Unit:(Loss) Income From Continuing Operations Available to Unitholders

$
(0.35
)

$
0.10


$
(0.41
)

$
(1.75
)Income From Discontinued Operations

$
1.45


$
0.82


$
0.47


$
0.10Net Income (Loss) Available to Unitholders

$
1.10


$
0.92


$
0.07


$
(1.65
)Weighted Average Units Outstanding - Basic


49,407



49,416



49,431



49,569Weighted Average Units Outstanding - Diluted


49,407



49,418



49,431



49,569  100




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   23.
    Pro Forma
    Financial Information (unaudited)      Pro Forma
    Condensed Statements of Operations
  (As Adjusted)


(As Adjusted)Year Ended


Year EndedDecember 31,


December 31,2008


2007Pro Forma Revenues

$
479,186


$
349,516Pro Forma Loss from Continuing Operations Available to
    Unitholders, Net of Income Taxes

$
(116,898
)

$
(64,157
)Pro Forma Net Income Available to Unitholders

$
26,310


$
165,363Per Unit Data:Pro Forma Basic and Diluted Earnings Per Unit Data:Loss from Continuing Operations Available to Unitholders

$
(2.36
)

$
(1.27
)Net Income Available to Unitholders

$
0.48


$
3.21  101




---



##### Table of Contents



FIRST
    INDUSTRIAL, LP.SCHEDULE III: 
    REAL ESTATE AND ACCUMULATED DEPRECIATION
    As of December 31, 2009
  (c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

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

McDonough, GA






788



4,544



366



788



4,910



5,698



1,855



1994



(l
)1665 Dogwood Drive

Conyers, GA






635



3,662



314



635



3,976



4,611



1,491



1994



(l
)1715 Dogwood

Conyers, GA






288



1,675



1,287



288



2,962



3,250



766



1994



(l
)11235 Harland Drive

Covington, GA






125



739



183



125



922



1,047



325



1994



(l
)4051 Southmeadow Parkway

Atlanta, GA






726



4,130



875



726



5,005



5,731



1,765



1994



(l
)4071 Southmeadow Parkway

Atlanta, GA






750



4,460



1,301



828



5,683



6,511



2,100



1994



(l
)4081 Southmeadow Parkway

Atlanta, GA






1,012



5,918



1,652



1,157



7,425



8,582



2,691



1994



(l
)5570 Tulane Dr(d)

Atlanta, GA


2,112



527



2,984



699



546



3,664



4,210



1,241



1996



(l
)955 Cobb Place

Kennesaw, GA


2,952



780



4,420



684



804



5,080



5,884



1,666



1997



(l
)1256 Oakbrook Drive

Norcross, GA


1,268



336



1,907



286



339



2,190



2,529



544



2001



(l
)1265 Oakbrook Drive

Norcross, GA


1,348



307



1,742



637



309



2,377



2,686



661



2001



(l
)1280 Oakbrook Drive

Norcross, GA


1,227



281



1,592



275



283



1,865



2,148



429



2001



(l
)1300 Oakbrook Drive

Norcross, GA


1,738



420



2,381



241



423



2,619



3,042



539



2001



(l
)1325 Oakbrook Drive

Norcross, GA


1,437



332



1,879



304



334



2,181



2,515



550



2001



(l
)1351 Oakbrook Drive

Norcross, GA






370



2,099



375



373



2,471



2,844



569



2001



(l
)1346 Oakbrook Drive

Norcross, GA






740



4,192



693



744



4,881



5,625



1,032



2001



(l
)1412 Oakbrook Drive

Norcross, GA






313



1,776



262



315



2,036



2,351



480



2001



(l
)3060 South Park Blvd

Ellenwood, GA






1,600



12,464



1,743



1,603



14,204



15,807



2,560



2003



(l
)Greenwood Industrial Park

McDonough, GA


4,533



1,550







7,485



1,550



7,485



9,035



1,007



2004



(l
)46 Kent Drive

Cartersville GA


1,761



794



2,252



6



798



2,254



3,052



387



2005



(l
)100 Dorris Williams

Villa Rica GA


2,235



401



3,754



42



406



3,791



4,197



993



2005



(l
)605 Stonehill Drive

Atlanta, GA


1,621



485



1,979



(38
)


490



1,936



2,426



792



2005



(l
)6514 Warren Drive

Norcross, GA






510



1,250



(66
)


513



1,181



1,694



182



2005



(l
)6544 Warren Drive

Norcross, GA






711



2,310



(49
)


715



2,257



2,972



374



2005



(l
)720 Industrial Blvd

Dublin, GA






250



2,632



40



255



2,667



2,922



1,371



2005



(l
)5356 E. Ponce De Leon

Stone Mountain, GA


2,855



604



3,888



227



610



4,109



4,719



1,018



2005



(l
)5390 E. Ponce De Leon

Stone Mountain, GA






397



1,791



31



402



1,817



2,219



392



2005



(l
)195 & 197 Collins Boulevard

Athens, GA






1,410



5,344



(553
)


1,426



4,775



6,201



1,809



2005



(l
)1755 Enterprise Drive

Buford, GA


1,596



712



2,118



60



716



2,174



2,890



412



2006



(l
) S-1




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

Lives (Years)(Dollars in thousands)4555 Atwater Court

Buford, GA


2,612



881



3,550



591



885



4,137



5,022



768



2006



(l
)80 Liberty Industrial Parkway

McDonough, GA






756



3,695



213



763



3,901



4,664



473



2007



(l
)596 Bonnie Valentine

Pendergrass, GA






2,580



21,730



1,434



2,594



23,150



25,744



1,596



2007



(l
)11415 Old Roswell Road

Alpharetta, GA






2,403



1,912



46



2,428



1,933



4,361



160



2008



(l
)Baltimore1820 Portal

Baltimore, MD






884



4,891



454



899



5,330



6,229



1,551



1998



(l
)9700 Martin Luther King Hwy

Lanham, MD






700



1,920



513



700



2,433



3,133



638



2003



(l
)9730 Martin Luther King Hwy

Lanham, MD






500



955



498



500



1,453



1,953



431



2003



(l
)4621 Boston Way

Lanham, MD






1,100



3,070



605



1,100



3,675



4,775



921



2003



(l
)4720 Boston Way

Lanham, MD






1,200



2,174



575



1,200



2,749



3,949



784



2003



(l
)9800 Martin Luther King Hwy

Lanham, MD






1,200



2,457



298



1,200



2,755



3,955



662



2003



(l
)22520 Randolph Drive

Dulles, VA


7,950



3,200



8,187



(162
)


3,208



8,017



11,225



1,314



2004



(l
)22630 Dulles Summit Court

Dulles, VA






2,200



9,346



133



2,206



9,473



11,679



1,796



2004



(l
)4201 Forbes Boulevard

Lanham, MD






356



1,823



323



375



2,127



2,502



365



2005



(l
)4370-4383
    Lottsford Vista Rd

Lanham, MD






279



1,358



215



296



1,556



1,852



287



2005



(l
)4400 Lottsford Vista Rd

Lanham, MD






351



1,955



174



372



2,108



2,480



330



2005



(l
)4420 Lottsford Vista Road

Lanham, MD






539



2,196



327



568



2,494



3,062



491



2005



(l
)11204 McCormick Road

Hunt Valley, MD






1,017



3,132



67



1,038



3,178



4,216



623



2005



(l
)11110 Pepper Road

Hunt Valley, MD






918



2,529



258



938



2,767



3,705



567



2005



(l
)11100-11120
    Gilroy Road

Hunt Valley, MD






901



1,455



57



919



1,494



2,413



404



2005



(l
)10709 Gilroy Road

Hunt Valley, MD






913



2,705



46



913



2,751



3,664



737



2005



(l
)7120-7132
    Ambassador Road

Baltimore, MD






829



1,329



255



847



1,566



2,413



445



2005



(l
)7142 Ambassador Road

Hunt Valley, MD






924



2,876



444



942



3,302



4,244



464



2005



(l
)7144-7162
    Ambassador Road

Baltimore, MD






979



1,672



188



1,000



1,839



2,839



480



2005



(l
)7200 Rutherford Road

Baltimore, MD






1,032



2,150



22



1,054



2,150



3,204



411



2005



(l
)2700 Lord Baltimore Road

Baltimore, MD






875



1,826



753



897



2,557



3,454



625



2005



(l
)1225 Bengies Road

Baltimore, MD






2,640



270



13,266



2,823



13,353



16,176



949



2008



(l
)Central Pennsylvania16522 Hunters Green Parkway

Hagerstown, MD


13,538



1,390



13,104



3,903



1,863



16,534



18,397



2,719



2003



(l
)6951 Allentown Blvd

Harrisburg, PA






585



3,176



132



601



3,292



3,893



569



2005



(l
)320 Museum Road

Washington, PA






201



1,819



57



208



1,869



2,077



457



2005



(l
)1490 Commerce Avenue

Carlisle, PA






1,500







12,846



2,341



12,005



14,346



760



2008



(l
)600 First Avenue

Gouldsboro, PA






7,022







57,413



7,019



57,416



64,435



1,896



2008



(l
)225 Cross Farm Lane

York, PA






4,718







23,566



4,715



23,569



28,284



1,332



2008



(l
) S-2




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

Lives (Years)(Dollars in thousands)Chicago3600 West Pratt Avenue

Lincolnwood, IL






1,050



5,767



1,200



1,050



6,967



8,017



2,649



1994



(l
)6750 South Sayre Avenue

Bedford Park, IL






224



1,309



642



224



1,951



2,175



834



1994



(l
)585 Slawin Court

Mount Prospect, IL


3,299



611



3,505



2,065



615



5,566



6,181



1,922



1994



(l
)2300 Windsor Court

Addison, IL






688



3,943



1,012



696



4,947



5,643



1,716



1994



(l
)3505 Thayer Court

Aurora, IL






430



2,472



91



430



2,563



2,993



980



1994



(l
)305-311 Era
    Drive

Northbrook, IL






200



1,154



935



205



2,084



2,289



527



1994



(l
)12241 Melrose Street

Franklin Park, IL






332



1,931



1,307



469



3,101



3,570



1,084



1995



(l
)11939 S Central Avenue

Alsip, IL






1,208



6,843



2,191



1,305



8,937



10,242



2,577



1997



(l
)405 East Shawmut

LaGrange, IL






368



2,083



602



388



2,665



3,053



760



1997



(l
)1010-50
    Sesame Street

Bensenville, IL






979



5,546



2,833



1,048



8,310



9,358



2,190



1997



(l
)7501 South Pulaski

Chicago, IL






318



2,038



1,516



318



3,554



3,872



952



1997



(l
)2120-24
    Roberts

Broadview, IL






220



1,248



479



231



1,716



1,947



707



1998



(l
)800 Business Center Drive

Mount Prospect, IL






631



3,493



292



666



3,750



4,416



840



2000



(l
)580 Slawin Court

Mount Prospect, IL






233



1,292



325



254



1,596



1,850



349



2000



(l
)1150 Feehanville Drive

Mount Prospect, IL






260



1,437



169



273



1,593



1,866



363



2000



(l
)19W661 101st Street

Lemont, IL


5,407



1,200



6,643



2,286



1,220



8,909



10,129



2,461



2001



(l
)175 Wall Street

Glendale Heights, IL


1,482



427



2,363



163



433



2,520



2,953



517



2002



(l
)800-820
    Thorndale Avenue

Bensenville, IL


4,409



751



4,159



2,103



761



6,252



7,013



1,387



2002



(l
)251 Airport Road

North Aurora, IL






983







6,767



983



6,767



7,750



1,247



2002



(l
)1661 Feehanville Drive

Mount Prospect, IL






985



5,455



2,053



1,044



7,449



8,493



1,980



2004



(l
)1850 Touhy & 1158 McCage Ave

Elk Grove Village, IL






1,500



4,842



(201
)


1,514



4,627



6,141



846



2004



(l
)1088-1130
    Thorndale Avenue

Bensenville, IL






2,103



3,674



145



2,108



3,814



5,922



926



2005



(l
)855-891
    Busse Rd

Bensenville, IL






1,597



2,767



(217
)


1,601



2,546



4,147



538



2005



(l
)1060-1074 W. Thorndale
    Ave

Bensenville, IL






1,704



2,108



183



1,709



2,286



3,995



639



2005



(l
)400 Crossroads Pkwy

Bolingbrook, IL


5,824



1,178



9,453



1,252



1,181



10,702



11,883



2,159



2005



(l
)7609 W. Industrial Drive

Forest Park, IL






1,207



2,343



300



1,213



2,637



3,850



640



2005



(l
)7801 W. Industrial Drive

Forest Park, IL






1,215



3,020



20



1,220



3,035



4,255



776



2005



(l
)725 Kimberly Drive

Carol Stream, IL






793



1,395



249



801



1,636



2,437



318



2005



(l
)17001 S. Vincennes

Thornton, IL






497



504



103



513



591



1,104



233



2005



(l
)1111 Davis Road

Elgin, IL






998



1,859



833



1,046



2,644



3,690



977



2006



(l
)2900 W. 166th Street

Markham, IL






1,132



4,293



746



1,134



5,037



6,171



822



2007



(l
)555 W. Algonquin Rd

Arlington Heights, IL


1,988



574



741



2,053



579



2,789



3,368



286



2007



(l
)7000 W. 60th Street

Chicago, IL


1,044



609



932



106



667



980



1,647



298



2007



(l
)9501 Nevada

Franklin Park, IL






2,721



5,630



502



2,737



6,116



8,853



673



2008



(l
) S-3




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

Lives (Years)(Dollars in thousands)1501 Oakton Street

Elk Grove Village, IL






3,369



6,121



139



3,482



6,147



9,629



586



2008



(l
)16500 W. 103rd Street

Woodridge, IL






744



2,458



140



760



2,583



3,343



231



2008



(l
)Cincinnati9900-9970
    Princeton

Cincinnati, OH






545



3,088



1,836



566



4,903



5,469



1,862



1996



(l
)2940 Highland Avenue

Cincinnati, OH






1,717



9,730



2,263



1,772



11,938



13,710



3,922



1996



(l
)4700-4750
    Creek Road

Blue Ash, OH






1,080



6,118



998



1,109



7,087



8,196



2,332



1996



(l
)901 Pleasant Valley Drive

Springboro, OH






304



1,721



333



316



2,042



2,358



630



1998



(l
)4436 Mulhauser Road

Hamilton, OH






630







5,046



630



5,046



5,676



982



2002



(l
)4438 Mulhauser Road

Hamilton, OH






779







6,792



779



6,792



7,571



1,504



2002



(l
)420 Wards Corner Road

Loveland, OH






600



1,083



932



606



2,009



2,615



662



2003



(l
)422 Wards Corner Road

Loveland, OH






600



1,811



155



605



1,961



2,566



647



2003



(l
)4663 Dues Drive

Westchester, OH






858



2,273



1,265



875



3,521



4,396



1,605



2005



(l
)9525 Glades Drive

Westchester, OH






347



1,323



87



355



1,402



1,757



237



2007



(l
)9776-9876
    Windisch Road

Westchester, OH






392



1,744



24



394



1,766



2,160



208



2007



(l
)9810-9822
    Windisch Road

Westchester, OH






395



2,541



6



397



2,545



2,942



212



2007



(l
)9842-9862
    Windisch Road

Westchester, OH






506



3,148



31



508



3,177



3,685



309



2007



(l
)9872-9898
    Windisch Road

Westchester, OH






546



3,039



65



548



3,102



3,650



296



2007



(l
)9902-9922
    Windisch Road

Westchester, OH






623



4,003



173



627



4,172



4,799



496



2007



(l
)Cleveland30311 Emerald Valley Pkwy

Glenwillow, OH






681



11,838



1,055



691



12,883



13,574



1,767



2006



(l
)30333 Emerald Valley Pkwy

Glenwillow, OH






466



5,447



103



475



5,541



6,016



840



2006



(l
)7800 Cochran Road

Glenwillow, OH






972



7,033



146



991



7,160



8,151



1,077



2006



(l
)7900 Cochran Road

Glenwillow, OH






775



6,244



136



792



6,363



7,155



909



2006



(l
)7905 Cochran Road

Glenwillow, OH






920



6,174



103



945



6,252



7,197



873



2006



(l
)30600 Carter Street

Solon, OH






989



3,042



805



1,022



3,814



4,836



1,346



2006



(l
)8181 Darrow Road

Twinsburg, OH






2,478



6,791



604



2,496



7,378



9,874



640



2008



(l
)Columbus3800 Lockbourne Industrial Pkwy

Columbus, OH






1,045



6,421



647



1,045



7,068



8,113



2,260



1996



(l
)3880 Groveport Road

Columbus, OH






1,955



12,154



311



1,955



12,465



14,420



4,062



1996



(l
)1819 North Walcutt Road

Columbus, OH






637



4,590



474



634



5,067



5,701



1,540



1997



(l
)4115 Leap Road(d)

Hillard, OH






756



4,297



1,413



756



5,710



6,466



1,622



1998



(l
)3300 Lockbourne

Columbus, OH






708



3,920



1,234



710



5,152



5,862



1,392



1998



(l
)1076 Pittsburgh Drive

Delaware, OH






2,265



4,733



(234
)


2,273



4,491



6,764



1,053



2005



(l
)6150 Huntly Road

Columbus, OH






920



4,810



8



925



4,813



5,738



724



2005



(l
)4311 Janitrol Road

Columbus, OH






681



5,941



(221
)


670



5,731



6,401



723



2006



(l
) S-4




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

Lives (Years)(Dollars in thousands)4600 S. Hamilton Road

Groveport, OH






662



4,332



1,114



675



5,433



6,108



819



2007



(l
)Dallas/Fort Worth2406-2416
    Walnut Ridge

Dallas, TX






178



1,006



558



172



1,570



1,742



367



1997



(l
)2401-2419
    Walnut Ridge

Dallas, TX






148



839



278



142



1,123



1,265



314



1997



(l
)900-906
    Great Southwest Pkwy

Arlington, TX






237



1,342



575



270



1,884



2,154



651



1997



(l
)3000 West Commerce

Dallas, TX






456



2,584



723



469



3,294



3,763



915



1997



(l
)3030 Hansboro

Dallas, TX






266



1,510



535



276



2,035



2,311



561



1997



(l
)405-407 113th

Arlington, TX






181



1,026



475



185



1,497



1,682



383



1997



(l
)816 111th Street

Arlington, TX


873



251



1,421



128



258



1,542



1,800



466



1997



(l
)7427 Dogwood Park

Richland Hills, TX






96



532



572



102



1,098



1,200



387



1998



(l
)7348-54
    Tower Street

Richland Hills, TX






88



489



225



94



708



802



188



1998



(l
)7339-41
    Tower Street

Richland Hills, TX






98



541



175



104



710



814



189



1998



(l
)7437-45
    Tower Street

Richland Hills, TX






102



563



113



108



670



778



178



1998



(l
)7331-59
    Airport Freeway

Richland Hills, TX






354



1,958



381



372



2,321



2,693



683



1998



(l
)7338-60
    Dogwood Park

Richland Hills, TX






106



587



128



112



709



821



194



1998



(l
)7450-70
    Dogwood Park

Richland Hills, TX






106



584



157



112



735



847



197



1998



(l
)7423-49
    Airport Freeway

Richland Hills, TX






293



1,621



387



308



1,993



2,301



572



1998



(l
)7400 Whitehall Street

Richland Hills, TX






109



603



61



115



658



773



182



1998



(l
)1602-1654
    Terre Colony

Dallas, TX


1,870



458



2,596



801



468



3,387



3,855



739



2000



(l
)3330 Duncanville Road

Dallas, TX






197



1,114



69



199



1,181



1,380



280



2000



(l
)2351-2355
    Merritt Drive

Garland, TX






101



574



129



103



701



804



158



2000



(l
)701-735
    North Plano Road

Richardson, TX






696



3,944



530



705



4,465



5,170



1,023



2000



(l
)2220 Merritt Drive

Garland, TX






352



1,993



1,069



356



3,058



3,414



790



2000



(l
)2010 Merritt Drive

Garland, TX






350



1,981



559



357



2,533



2,890



692



2000



(l
)2363 Merritt Drive

Garland, TX






73



412



191



74



602



676



129



2000



(l
)2447 Merritt Drive

Garland, TX






70



395



77



71



471



542



109



2000



(l
)2465-2475
    Merritt Drive

Garland, TX






91



514



145



92



658



750



143



2000



(l
)2485-2505
    Merritt Drive

Garland, TX






431



2,440



547



436



2,982



3,418



677



2000



(l
)2081 Hutton Drive  Bldg 1(e)

Carrolton, TX


1,875



448



2,540



460



453



2,995



3,448



654



2001



(l
)2110 Hutton Drive

Carrolton, TX






374



2,117



436



377



2,550



2,927



698



2001



(l
)2025 McKenzie Drive

Carrolton, TX


1,583



437



2,478



348



442



2,821



3,263



666



2001



(l
)2019 McKenzie Drive

Carrolton, TX


1,891



502



2,843



553



507



3,391



3,898



780



2001



(l
)1420 Valwood Parkway  Bldg 1(d)

Carrolton, TX






460



2,608



751



466



3,353



3,819



732



2001



(l
)1620 Valwood Parkway(e)

Carrolton, TX






1,089



6,173



1,354



1,100



7,516



8,616



1,633



2001



(l
)1505 Luna Road  Bldg II

Carrolton, TX






167



948



68



169



1,014



1,183



230



2001



(l
) S-5




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

Lives (Years)(Dollars in thousands)1625 West Crosby Road

Carrolton, TX






617



3,498



584



631



4,068



4,699



951



2001



(l
)2029-2035
    McKenzie Drive

Carrolton, TX






306



1,870



698



306



2,568



2,874



919



2001



(l
)1840 Hutton Drive(d)

Carrolton, TX






811



4,597



849



819



5,438



6,257



1,228



2001



(l
)1420 Valwood Pkwy  Bldg II

Carrolton, TX






373



2,116



348



377



2,460



2,837



582



2001



(l
)2015 McKenzie Drive

Carrolton, TX


2,086



510



2,891



434



516



3,319



3,835



772



2001



(l
)2009 McKenzie Drive

Carrolton, TX






476



2,699



431



481



3,125



3,606



749



2001



(l
)1505 Luna Road  Bldg I

Carrolton, TX






521



2,953



505



529



3,450



3,979



896



2001



(l
)2104 Hutton Drive

Carrolton, TX






246



1,393



184



249



1,574



1,823



340



2001



(l
)900-1100
    Avenue S

Grand Prairie, TX


2,668



623



3,528



1,349



629



4,871



5,500



853



2002



(l
)Plano Crossing(f)

Plano, TX


7,474



1,961



11,112



672



1,981



11,764



13,745



2,294



2002



(l
)7413A-C Dogwood Park

Richland Hills, TX






110



623



150



111



772



883



140



2002



(l
)7450 Tower Street

Richland Hills, TX






36



204



191



36



395



431



134



2002



(l
)7436 Tower Street

Richland Hills, TX






57



324



162



58



485



543



147



2002



(l
)7426 Tower Street

Richland Hills, TX






76



429



59



76



488



564



84



2002



(l
)7427-7429
    Tower Street

Richland Hills, TX






75



427



130



76



556



632



86



2002



(l
)2840-2842
    Handley Ederville Rd

Richland Hills, TX






112



635



59



113



693



806



134



2002



(l
)7451-7477
    Airport Freeway

Richland Hills, TX






256



1,453



235



259



1,685



1,944



342



2002



(l
)7415 Whitehall Street

Richland Hills, TX






372



2,107



425



375



2,529



2,904



505



2002



(l
)7450 Whitehall Street

Richland Hills, TX






104



591



110



105



700



805



122



2002



(l
)300 Wesley Way

Richland Hills, TX


916



208



1,181



18



211



1,196



1,407



217



2002



(l
)7451 Dogwood Park

Richland Hills, TX






133



753



43



134



795



929



155



2002



(l
)825-827
    Avenue H(d)

Arlington, TX






600



3,006



229



604



3,231



3,835



808



2004



(l
)1013-31
    Avenue M

Grand Prairie, TX






300



1,504



89



302



1,591



1,893



418



2004



(l
)1172-84
    113th Street(d)

Grand Prairie, TX


2,321



700



3,509



156



704



3,661



4,365



827



2004



(l
)1200-16
    Avenue H(d)

Arlington, TX


1,885



600



2,846



136



604



2,978



3,582



731



2004



(l
)1322-66 N. Carrier
    Parkway(e)

Grand Prairie, TX






1,000



5,012



223



1,006



5,229



6,235



1,164



2004



(l
)2401-2407
    Centennial Dr

Arlington, TX


1,951



600



2,534



217



604



2,747



3,351



713



2004



(l
)3111 West Commerce Street

Dallas, TX






1,000



3,364



63



1,011



3,416



4,427



872



2004



(l
)9150 West Royal Lane

Irving, TX






818



3,767



351



820



4,116



4,936



828



2005



(l
)13800 Senlac Drive

Farmers Ranch, TX






823



4,042



12



825



4,052



4,877



1,084



2005



(l
)801-831 S
    Great Southwest Pkwy(g)

Grand Prairie, TX






2,581



16,556



(1,307
)


2,586



15,244



17,830



3,659



2005



(l
)801-842
    Heinz Way

Grand Prairie, TX






599



3,327



293



601



3,618



4,219



814



2005



(l
)901-937
    Heinz Way

Grand Prairie, TX






493



2,758



(14
)


481



2,756



3,237



694



2005



(l
)2900 Avenue E

Arlington, TX






296







2,139



296



2,139



2,435



325



2005



(l
)3730 Wheeler Avenue

Fort Smith, AR






720



2,800



28



726



2,822



3,548



356



2006



(l
) S-6




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

Lives (Years)(Dollars in thousands)3301 Century Circle

Irving, TX


2,589



760



3,856



204



771



4,049



4,820



336



2007



(l
)First Garland Dist Ctr

Garland, TX






1,912







14,612



1,947



14,577



16,524



847



2008



(l
)202-210 N. Great
    Southwesst Pkwy

Grand Prairie, TX






870



2,754



75



892



2,807



3,699



659



2008



(l
)Denver4785 Elati

Denver, CO






173



981



109



175



1,088



1,263



344



1997



(l
)4770 Fox Street

Denver, CO






132



750



72



134



820



954



245



1997



(l
)3871 Revere

Denver, CO


1,465



361



2,047



612



368



2,652



3,020



932



1997



(l
)4570 Ivy Street

Denver, CO


1,045



219



1,239



145



220



1,383



1,603



434



1997



(l
)5855 Stapleton Drive North

Denver, CO


1,421



288



1,630



262



290



1,890



2,180



611



1997



(l
)5885 Stapleton Drive North

Denver, CO


1,885



376



2,129



388



380



2,513



2,893



768



1997



(l
)5977-5995
    North Broadway

Denver, CO






268



1,518



350



271



1,865



2,136



568



1997



(l
)2952-5978
    North Broadway

Denver, CO






414



2,346



795



422



3,133



3,555



925



1997



(l
)4721 Ironton Street

Denver, CO






232



1,313



7



236



1,316



1,552



458



1997



(l
)East 47th Drive  A

Denver, CO






441



2,689



(34
)


441



2,655



3,096



850



1997



(l
)9500 West 49th Street  A

Wheatridge, CO






283



1,625



8



287



1,629



1,916



539



1997



(l
)9500 West 49th Street  B

Wheatridge, CO






225



1,272



108



227



1,378



1,605



438



1997



(l
)9500 West 49th Street  C

Wheatridge, CO






600



3,409



93



601



3,501



4,102



1,116



1997



(l
)9500 West 49th Street  D

Wheatridge, CO






246



1,537



294



247



1,830



2,077



565



1997



(l
)451-591 East
    124th Avenue

Littleton, CO






383



2,145



518



383



2,663



3,046



990



1997



(l
)608 Garrison Street

Lakewood, CO






265



1,501



355



269



1,852



2,121



573



1997



(l
)610 Garrison Street

Lakewood, CO






264



1,494



341



268



1,831



2,099



561



1997



(l
)15000 West 6th Avenue

Golden, CO






913



5,174



859



918



6,028



6,946



1,919



1997



(l
)14998 West 6th Avenue Bldg E

Golden, CO






565



3,199



173



570



3,367



3,937



1,029



1997



(l
)14998 West 6th Avenue Bldg F

Englewood, CO






269



1,525



31



273



1,552



1,825



475



1997



(l
)12503 East Euclid Drive

Denver, CO






1,208



6,905



1,165



1,208



8,070



9,278



2,529



1997



(l
)6547 South Racine Circle

Englewood, CO


2,996



739



4,241



400



739



4,641



5,380



1,495



1997



(l
)1600 South Abilene

Aurora, CO






465



2,633



72



467



2,703



3,170



832



1997



(l
)1620 South Abilene

Aurora, CO






268



1,520



64



270



1,582



1,852



486



1997



(l
)1640 South Abilene

Aurora, CO






368



2,085



108



382



2,179



2,561



669



1997



(l
)13900 East Florida Ave

Aurora, CO






189



1,071



113



190



1,183



1,373



381



1997



(l
)11701 East 53rd Avenue

Denver, CO






416



2,355



193



422



2,542



2,964



836



1997



(l
)5401 Oswego Street

Denver, CO






273



1,547



222



278



1,764



2,042



569



1997



(l
)14818 West 6th Avenue Bldg A

Golden, CO






468



2,799



372



468



3,171



3,639



1,023



1997



(l
)14828 West 6th Avenue Bldg B

Golden, CO






503



2,942



375



503



3,317



3,820



1,120



1997



(l
)445 Bryant Street

Denver, CO


6,856



1,829



10,219



2,083



1,829



12,302



14,131



3,615



1998



(l
) S-7




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

Lives (Years)(Dollars in thousands)3811 Joliet

Denver, CO






735



4,166



448



752



4,597



5,349



1,330



1998



(l
)12055 E 49th Ave/4955 Peoria

Denver, CO






298



1,688



446



305



2,127



2,432



638



1998



(l
)4940-4950
    Paris

Denver, CO






152



861



184



156



1,041



1,197



313



1998



(l
)4970 Paris

Denver, CO






95



537



121



97



656



753



188



1998



(l
)7367 South Revere Parkway

Englewood, CO


3,299



926



5,124



750



934



5,866



6,800



1,765



1998



(l
)8200 East Park Meadows Drive(d)

Lone Tree, CO






1,297



7,348



861



1,304



8,202



9,506



2,019



2000



(l
)3250 Quentin(d)

Aurora, CO






1,220



6,911



669



1,230



7,570



8,800



1,797



2000



(l
)Highpoint Bus Ctr B

Littleton, CO






739







3,566



781



3,524



4,305



871



2000



(l
)1130 W. 124th Ave

Westminster, CO






441







4,489



441



4,489



4,930



1,697



2000



(l
)1070 W. 124th Ave

Westminster, CO






374







3,042



374



3,042



3,416



650



2000



(l
)1020 W. 124th Ave

Westminster, CO






374







2,924



374



2,924



3,298



747



2000



(l
)Jeffco Bus Ctr Phase I

Broomfield, CO






312







1,403



370



1,345



1,715



289



2001



(l
)960 W. 124th Ave

Westminster, CO






441







3,753



441



3,753



4,194



1,075



2001



(l
)8820 W. 116th Street

Broomfield, CO






338



1,918



282



372



2,166



2,538



386



2003



(l
)8835 W. 116th Street

Broomfield, CO






1,151



6,523



1,106



1,304



7,476



8,780



1,361



2003



(l
)18150 E. 32nd Street

Aurora, CO


2,217



563



3,188



819



572



3,998



4,570



1,183



2004



(l
)7005 E. 46th Avenue Drive

Denver, CO


1,513



512



2,025



60



517



2,080



2,597



331



2005



(l
)4001 Salazar Way

Frederick, CO






1,271



6,508



26



1,276



6,529



7,805



1,006



2006



(l
)1690 S. Abilene

Aurora, CO






406



2,814



47



411



2,856



3,267



467



2006



(l
)5909-5915 N. Broadway

Denver, CO


1,047



495



1,268



176



500



1,439



1,939



317



2006



(l
)555 Corporate Circle

Golden, CO






499



2,673



63



559



2,676



3,235



392



2006



(l
)Detroit238 Executive Drive

Troy, MI






52



173



514



100



639



739



546



1994



(l
)301 Executive Drive

Troy, MI






71



293



657



133



888



1,021



823



1994



(l
)449 Executive Drive

Troy, MI






125



425



944



218



1,276



1,494



1,169



1994



(l
)501 Executive Drive

Troy, MI






71



236



616



129



794



923



546



1994



(l
)451 Robbins Drive

Troy, MI






96



448



861



192



1,213



1,405



1,082



1994



(l
)1095 Crooks Road

Troy, MI






331



1,017



2,238



360



3,226



3,586



1,706



1994



(l
)1416 Meijer Drive

Troy, MI






94



394



520



121



887



1,008



684



1994



(l
)1624 Meijer Drive

Troy, MI






236



1,406



940



373



2,209



2,582



1,660



1994



(l
)1972 Meijer Drive

Troy, MI






315



1,301



738



372



1,982



2,354



1,400



1994



(l
)1621 Northwood Drive

Troy, MI






85



351



1,014



215



1,235



1,450



1,134



1994



(l
)1707 Northwood Drive

Troy, MI






95



262



1,383



239



1,501



1,740



1,117



1994



(l
)1788 Northwood Drive

Troy, MI






50



196



507



103



650



753



574



1994



(l
)1821 Northwood Drive

Troy, MI






132



523



744



220



1,179



1,399



1,149



1994



(l
) S-8




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

Lives (Years)(Dollars in thousands)1826 Northwood Drive

Troy, MI






55



208



472



103



632



735



541



1994



(l
)1864 Northwood Drive

Troy, MI






57



190



489



107



629



736



560



1994



(l
)2277 Elliott Avenue

Troy, MI






48



188



536



104



668



772



567



1994



(l
)2451 Elliott Avenue

Troy, MI






78



319



766



164



999



1,163



912



1994



(l
)2730 Research Drive

Rochester Hills, MI






903



4,215



1,402



903



5,617



6,520



3,446



1994



(l
)2791 Research Drive

Rochester Hills, MI






557



2,731



719



560



3,447



4,007



2,106



1994



(l
)2871 Research Drive

Rochester Hills, MI






324



1,487



824



327



2,308



2,635



1,344



1994



(l
)3011 Research Drive

Rochester Hills, MI






457



2,104



376



457



2,480



2,937



1,671



1994



(l
)2870 Technology Drive

Rochester Hills, MI






275



1,262



280



279



1,538



1,817



1,028



1994



(l
)2900 Technology Drive

Rochester Hills, MI






214



977



536



219



1,508



1,727



935



1994



(l
)2930 Technology Drive

Rochester Hills, MI






131



594



379



138



966



1,104



545



1994



(l
)2950 Technology Drive

Rochester Hills, MI






178



819



374



185



1,186



1,371



706



1994



(l
)23014 Commerce Drive

Farmington Hills, MI






39



203



216



56



402



458



260



1994



(l
)23028 Commerce Drive

Farmington Hills, MI






98



507



278



125



758



883



550



1994



(l
)23035 Commerce Drive

Farmington Hills, MI






71



355



247



93



580



673



419



1994



(l
)23042 Commerce Drive

Farmintgon Hills, MI






67



277



273



89



528



617



397



1994



(l
)23065 Commerce Drive

Farmington Hills, MI






71



408



207



93



593



686



425



1994



(l
)23070 Commerce Drive

Farmington Hills, MI






112



442



346



125



775



900



573



1994



(l
)23079 Commerce Drive

Farmington Hills, MI






68



301



289



79



579



658



373



1994



(l
)23093 Commerce Drive

Farmington Hills, MI






211



1,024



844



295



1,784



2,079



1,375



1994



(l
)23135 Commerce Drive

Farmington Hills, MI






146



701



377



158



1,066



1,224



653



1994



(l
)23163 Commerce Drive

Farmington Hills, MI






111



513



341



138



827



965



547



1994



(l
)23177 Commerce Drive

Farmington Hills, MI






175



1,007



593



254



1,521



1,775



1,034



1994



(l
)23206 Commerce Drive

Farmington Hills, MI






125



531



307



137



826



963



572



1994



(l
)23370 Commerce Drive

Farmington Hills, MI






59



233



175



66



401



467



333



1994



(l
)32450 N Avis Drive

Madison Heights, MI






281



1,590



193



286



1,778



2,064



604



1996



(l
)12707 Eckles Road

Plymouth Township, MI






255



1,445



237



267



1,670



1,937



529



1996



(l
)9300-9328
    Harrison Rd

Romulus, MI






147



834



395



154



1,222



1,376



358



1996



(l
)9330-9358
    Harrison Rd

Romulus, MI






81



456



280



85



732



817



246



1996



(l
)28420-28448
    Highland Rd

Romulus, MI






143



809



113



149



916



1,065



292



1996



(l
)28450-28478
    Highland Rd

Romulus, MI






81



461



500



85



957



1,042



233



1996



(l
)28421-28449
    Highland Rd

Romulus, MI






109



617



385



114



997



1,111



305



1996



(l
)28451-28479
    Highland Rd

Romulus, MI






107



608



335



112



938



1,050



314



1996



(l
)28825-28909
    Highland Rd

Romulus, MI






70



395



306



73



698



771



235



1996



(l
)28933-29017
    Highland Rd

Romulus, MI






112



634



286



117



915



1,032



298



1996



(l
) S-9




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

Lives (Years)(Dollars in thousands)28824-28908
    Highland Rd

Romulus, MI






134



760



220



140



974



1,114



321



1996



(l
)28932-29016
    Highland Rd

Romulus, MI






123



694



315



128



1,004



1,132



341



1996



(l
)9710-9734
    Harrison Rd

Romulus, MI






125



706



172



130



873



1,003



260



1996



(l
)9740-9772
    Harrison Rd

Romulus, MI






132



749



219



138



962



1,100



288



1996



(l
)9840-9868
    Harrison Rd

Romulus, MI






144



815



169



151



977



1,128



337



1996



(l
)9800-9824
    Harrison Rd

Romulus, MI






117



664



165



123



823



946



281



1996



(l
)29265-29285
    Airport Dr

Romulus, MI






140



794



226



147



1,013



1,160



333



1996



(l
)29185-29225
    Airport Dr

Romulus, MI






140



792



323



146



1,109



1,255



366



1996



(l
)29149-29165
    Airport Dr

Romulus, MI






216



1,225



265



226



1,480



1,706



500



1996



(l
)29101-29115
    Airport Dr

Romulus, MI






130



738



272



136



1,004



1,140



341



1996



(l
)29031-29045
    Airport Dr

Romulus, MI






124



704



166



130



864



994



301



1996



(l
)29050-29062
    Airport Dr

Romulus, MI






127



718



153



133



865



998



287



1996



(l
)29120-29134
    Airport Dr

Romulus, MI






161



912



296



169



1,200



1,369



410



1996



(l
)29200-29214
    Airport Dr

Romulus, MI






170



963



297



178



1,252



1,430



426



1996



(l
)9301-9339
    Middlebelt Rd

Romulus, MI






124



703



239



130



936



1,066



327



1996



(l
)26980 Trolley Industrial Drive

Taylor, MI






450



2,550



926



463



3,463



3,926



1,155



1997



(l
)32975 Capitol Avenue

Livonia, MI






135



748



332



144



1,071



1,215



382



1998



(l
)2725 S. Industrial Highway

Ann Arbor, MI






660



3,654



497



704



4,107



4,811



1,212



1998



(l
)32920 Capitol Avenue

Livonia, MI






76



422



103



82



519



601



148



1998



(l
)11923 Brookfield Avenue

Livonia, MI






120



665



278



128



935



1,063



326



1998



(l
)11965 Brookfield Avenue

Livonia, MI






120



665



67



128



724



852



210



1998



(l
)13405 Stark Road

Livonia, MI






46



254



85



49



336



385



89



1998



(l
)1170 Chicago Road

Troy, MI






249



1,380



255



266



1,618



1,884



464



1998



(l
)1200 Chicago Road

Troy, MI






268



1,483



284



286



1,749



2,035



494



1998



(l
)450 Robbins Drive

Troy, MI






166



920



260



178



1,168



1,346



340



1998



(l
)1230 Chicago Road

Troy, MI






271



1,498



156



289



1,636



1,925



474



1998



(l
)12886 Westmore Avenue

Livonia, MI






190



1,050



194



202



1,232



1,434



355



1998



(l
)12898 Westmore Avenue

Livonia, MI






190



1,050



244



202



1,282



1,484



348



1998



(l
)33025 Industrial Road

Livonia, MI






80



442



108



85



545



630



153



1998



(l
)47711 Clipper Street

Plymouth Township, MI






539



2,983



265



575



3,212



3,787



932



1998



(l
)32975 Industrial Road

Livonia, MI






160



887



196



171



1,072



1,243



311



1998



(l
)32985 Industrial Road

Livonia, MI






137



761



154



147



905



1,052



271



1998



(l
)32995 Industrial Road

Livonia, MI






160



887



187



171



1,063



1,234



302



1998



(l
)12874 Westmore Avenue

Livonia, MI






137



761



206



147



957



1,104



314



1998



(l
)33067 Industrial Road

Livonia, MI






160



887



324



171



1,200



1,371



395



1998



(l
) S-10




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

Lives (Years)(Dollars in thousands)1775 Bellingham

Troy, MI






344



1,902



365



367



2,244



2,611



618



1998



(l
)1785 East Maple

Troy, MI






92



507



162



98



663



761



172



1998



(l
)1807 East Maple

Troy, MI






321



1,775



375



342



2,129



2,471



593



1998



(l
)980 Chicago

Troy, MI






206



1,141



176



220



1,303



1,523



363



1998



(l
)1840 Enterprise Drive

Rochester Hills, MI






573



3,170



323



611



3,455



4,066



994



1998



(l
)1885 Enterprise Drive

Rochester Hills, MI






209



1,158



146



223



1,290



1,513



375



1998



(l
)1935-55
    Enterprise Drive

Rochester Hills, MI






1,285



7,144



664



1,371



7,722



9,093



2,253



1998



(l
)5500 Enterprise Court

Warren, MI






675



3,737



636



721



4,327



5,048



1,308



1998



(l
)750 Chicago Road

Troy, MI






323



1,790



483



345



2,251



2,596



651



1998



(l
)800 Chicago Road

Troy, MI






283



1,567



351



302



1,899



2,201



530



1998



(l
)850 Chicago Road

Troy, MI






183



1,016



261



196



1,264



1,460



367



1998



(l
)2805 S. Industrial Highway

Ann Arbor, MI






318



1,762



689



340



2,429



2,769



720



1998



(l
)6833 Center Drive

Sterling Heights, MI






467



2,583



218



493



2,775



3,268



826



1998



(l
)32201 North Avis Drive

Madison Heights, MI






345



1,911



232



349



2,139



2,488



629



1998



(l
)1100 East Mandoline Road

Madison Heights, MI






888



4,915



1,686



897



6,592



7,489



1,753



1998



(l
)30081 Stephenson Highway

Madison Heights, MI






271



1,499



353



274



1,849



2,123



544



1998



(l
)1120 John A. Papalas Drive(e)

Lincoln Park, MI






366



3,241



1,351



469



4,489



4,958



1,296



1998



(l
)4872 S. Lapeer Road

Lake Orion Twsp, MI






1,342



5,441



792



1,412



6,163



7,575



1,882



1999



(l
)1400 Allen Drive

Troy, MI






209



1,154



338



212



1,489



1,701



399



2000



(l
)1408 Allen Drive

Troy, MI






151



834



133



153



965



1,118



226



2000



(l
)1305 Stephenson Hwy

Troy, MI






345



1,907



255



350



2,157



2,507



471



2000



(l
)32505 Industrial Drive

Madison Heights, MI






345



1,910



695



351



2,599



2,950



817



2000



(l
)1799-1813
    Northfield Drive(d)

Rochester Hills, MI






481



2,665



282



490



2,938



3,428



672



2000



(l
)28435 Automation Blvd

Wixom, MI






621







3,810



628



3,803



4,431



577



2004



(l
)32200 N Avis Drive

Madison Heights, MI






503



3,367



1,370



503



4,737



5,240



563



2005



(l
)100 Kay Industrial Drive

Rion Township, MI






677



2,018



404



685



2,414



3,099



840



2005



(l
)1849 West Maple Road

Troy, MI






1,688



2,790



(99
)


1,700



2,679



4,379



402



2005



(l
)35000 Capitol Avenue

Livonia, MI






258



1,032



324



260



1,354



1,614



134



2005



(l
)32650 Capitol Avenue

Livonia, MI






282



1,128



55



284



1,181



1,465



148



2005



(l
)11800 Sears Drive

Livonia, MI






693



1,507



2,053



703



3,550



4,253



755



2005



(l
)1099 Chicago Road

Troy, MI






1,277



1,332



183



1,316



1,476



2,792



530



2005



(l
)42555 Merrill Road

Sterling Heights, MI






1,080



2,300



3,702



1,090



5,992



7,082



1,032



2006



(l
)2441 N. Opdyke Road

Auburn Hills, MI






530



737



16



538



745



1,283



212



2006



(l
)200 Northpointe Drive

Orion Township, MI






723



2,063



36



734



2,088



2,822



348



2006



(l
) S-11




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

Lives (Years)(Dollars in thousands)Houston2102-2314
    Edwards Street

Houston, TX






348



1,973



1,547



382



3,486



3,868



1,017



1997



(l
)3351 Rauch St

Houston, TX






272



1,541



267



278



1,802



2,080



523



1997



(l
)3851 Yale St

Houston, TX






413



2,343



584



425



2,915



3,340



1,003



1997



(l
)3337-3347
    Rauch Street

Houston, TX


943



227



1,287



220



233



1,501



1,734



443



1997



(l
)8505 N Loop East

Houston, TX


1,724



439



2,489



626



449



3,105



3,554



885



1997



(l
)4749-4799
    Eastpark Dr

Houston, TX


2,459



594



3,368



1,107



611



4,458



5,069



1,295



1997



(l
)4851 Homestead Road

Houston, TX






491



2,782



899



504



3,668



4,172



1,083



1997



(l
)3365-3385
    Rauch Street

Houston, TX






284



1,611



398



290



2,003



2,293



596



1997



(l
)5050 Campbell Road

Houston, TX


1,685



461



2,610



401



470



3,002



3,472



899



1997



(l
)4300 Pine Timbers

Houston, TX






489



2,769



666



499



3,425



3,924



1,031



1997



(l
)2500-2530
    Fairway Park Drive

Houston, TX


3,174



766



4,342



1,434



792



5,750



6,542



1,595



1997



(l
)6550 Longpointe

Houston, TX


1,393



362



2,050



458



370



2,500



2,870



731



1997



(l
)1815 Turning Basin Dr

Houston, TX


1,885



487



2,761



637



531



3,354



3,885



988



1997



(l
)1819 Turning Basin Dr

Houston, TX






231



1,308



489



251



1,777



2,028



585



1997



(l
)1805 Turning Basin Drive

Houston, TX


2,201



564



3,197



775



616



3,920



4,536



1,160



1997



(l
)9835A Genard Road

Houston, TX






1,505



8,333



3,100



1,581



11,357



12,938



2,548



1999



(l
)9835B Genard Road

Houston, TX






245



1,357



646



256



1,992



2,248



485



1999



(l
)11505 State Highway 225

LaPorte City, TX


4,769



940



4,675



615



940



5,290



6,230



910



2005



(l
)1500 E. Main Street

Houston, TX






201



1,328



24



204



1,349



1,553



432



2005



(l
)700 Industrial Blvd

Sugar Land, TX






608



3,679



341



617



4,011



4,628



444



2007



(l
)7230-7238
    Wynnwood

Houston, TX






254



764



79



259



838



1,097



159



2007



(l
)7240-7248
    Wynnwood

Houston, TX






271



726



77



276



798



1,074



150



2007



(l
)7250-7260
    Wynnwood

Houston, TX






200



481



35



203



513



716



86



2007



(l
)6400 Long Point

Houston, TX


802



188



898



(6
)


188



892



1,080



159



2007



(l
)12705 S. Kirkwood, Ste
    100-150

Stafford, TX






154



626



20



155



645



800



103



2007



(l
)12705 S. Kirkwood, Ste
    200-220

Stafford, TX






404



1,698



109



413



1,798



2,211



288



2007



(l
)8850 Jameel

Houston, TX






171



826



70



171



896



1,067



164



2007



(l
)8800 Jameel

Houston, TX






163



798







163



798



961



113



2007



(l
)8700 Jameel

Houston, TX






170



1,020



190



170



1,210



1,380



161



2007



(l
)8600 Jameel

Houston, TX






163



818



(30
)


163



788



951



105



2007



(l
)Indianapolis1445 Brookville Way

Indianapolis, IN






459



2,603



693



476



3,279



3,755



1,101



1996



(l
)1440 Brookville Way

Indianapolis, IN






665



3,770



1,091



685



4,841



5,526



1,898



1996



(l
)1240 Brookville Way

Indianapolis, IN






247



1,402



346



258



1,737



1,995



616



1996



(l
) S-12




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

Lives (Years)(Dollars in thousands)1345 Brookville Way

Indianapolis, IN






586



3,321



808



601



4,114



4,715



1,443



1996



(l
)1350 Brookville Way

Indianapolis, IN






205



1,161



308



212



1,462



1,674



482



1996



(l
)1341 Sadlier Circle E Dr

Indianapolis, IN






131



743



197



136



935



1,071



313



1996



(l
)1322-1438
    Sadlier Circle E Dr

Indianapolis, IN






145



822



188



152



1,003



1,155



328



1996



(l
)1327-1441
    Sadlier Circle E Dr

Indianapolis, IN






218



1,234



383



225



1,610



1,835



595



1996



(l
)1304 Sadlier Circle E Dr

Indianapolis, IN






71



405



181



75



582



657



169



1996



(l
)1402 Sadlier Circle E Dr

Indianapolis, IN






165



934



349



171



1,277



1,448



485



1996



(l
)1504 Sadlier Circle E Dr

Indianapolis, IN






219



1,238



391



226



1,622



1,848



519



1996



(l
)1311 Sadlier Circle E Dr

Indianapolis, IN






54



304



109



57



410



467



151



1996



(l
)1365 Sadlier Circle E Dr

Indianapolis, IN






121



688



295



126



978



1,104



357



1996



(l
)1352-1354
    Sadlier Circle E Dr

Indianapolis, IN






178



1,008



348



184



1,350



1,534



488



1996



(l
)1335 Sadlier Circle E Dr

Indianapolis, IN






81



460



326



85



782



867



295



1996



(l
)1327 Sadlier Circle E Dr

Indianapolis, IN






52



295



51



55



343



398



116



1996



(l
)1425 Sadlier Circle E Dr

Indianapolis, IN






21



117



39



23



154



177



53



1996



(l
)6951 E 30th St

Indianapolis, IN






256



1,449



222



265



1,662



1,927



574



1996



(l
)6701 E 30th St

Indianapolis, IN






78



443



59



82



498



580



167



1996



(l
)6737 E 30th St

Indianapolis, IN






385



2,181



307



398



2,475



2,873



921



1996



(l
)6555 E 30th St

Indianapolis, IN


3,611



484



4,760



1,521



484



6,281



6,765



2,286



1996



(l
)8402-8440 E
    33rd St

Indianapolis, IN






222



1,260



542



230



1,794



2,024



595



1996



(l
)8520-8630 E
    33rd St

Indianapolis, IN






326



1,848



595



336



2,433



2,769



832



1996



(l
)8710-8768 E
    33rd St

Indianapolis, IN






175



993



506



187



1,487



1,674



471



1996



(l
)3316-3346 N. Pagosa
    Court

Indianapolis, IN


1,430



325



1,842



512



335



2,344



2,679



924



1996



(l
)7901 West 21st St.

Indianapolis, IN






1,048



6,027



248



1,048



6,275



7,323



1,959



1997



(l
)1225 Brookville Way

Indianapolis, IN






60







461



68



453



521



153



1997



(l
)6751 E 30th St

Indianapolis, IN






728



2,837



271



741



3,095



3,836



934



1997



(l
)9210 E. 146th Street

Noblesville, IN






66



684



818



66



1,502



1,568



751



1998



(l
)5705-97 Park
    Plaza Ct

Indianapolis, IN


2,236



600



2,194



409



609



2,594



3,203



554



2003



(l
)9319-9341
    Castlegate Drive

Indianapolis, IN






530



1,235



1,083



544



2,304



2,848



698



2003



(l
)1133 Northwest L Street

Richmond, IN


1,254



201



1,358



(90
)


208



1,261



1,469



432



2006



(l
)14425 Bergen Blvd

Noblesville, IN






647







3,861



743



3,765



4,508



310



2007



(l
)Inland Empire3411 N. Perris Boulevard

Riverside, CA






8,125



7,150



99



8,560



6,814



15,374



1,423



2007



(l
)100 West Sinclair

Riverside, CA






6,042



4,298



(5,789
)


2,245



2,306



4,551



754



2007



(l
)14050 Day Street

Moreno Valley, CA






2,538



2,538



288



2,565



2,798



5,363



222



2008



(l
)12925 Marlay Avenue

Fontana, CA






6,072



7,891



(28
)


6,090



7,845



13,935



771



2008



(l
) S-13




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

Lives (Years)(Dollars in thousands)Los Angeles1944 Vista Bella Way

Rancho Domingue, CA


3,444



1,746



3,148



584



1,822



3,656



5,478



729



2005



(l
)2000 Vista Bella Way

Rancho Domingue, CA


1,397



817



1,673



295



853



1,932



2,785



382



2005



(l
)2835 East Ana Street

Rancho Domingue, CA


3,015



1,682



2,750



141



1,772



2,801



4,573



708



2005



(l
)665 N. Baldwin Park Blvd.

City of Industry, CA


4,575



2,124



5,219



1,662



2,143



6,862



9,005



873



2006



(l
)27801 Avenue Scott

Santa Clarita, CA






2,890



7,020



580



2,902



7,588



10,490



927



2006



(l
)2610&2660 Columbia St

Torrance, CA


4,749



3,008



5,826



344



3,031



6,147



9,178



717



2006



(l
)433 Alaska Avenue

Torrance, CA






681



168



5



684



170



854



78



2006



(l
)4020 S. Compton Ave

Los Angeles, CA






3,800



7,330



71



3,825



7,376



11,201



760



2006



(l
)21730-21748
    Marilla St.

Chatsworth, CA


3,129



2,585



3,210



149



2,608



3,336



5,944



415



2007



(l
)8015 Paramount

Pico Rivera, CA






3,616



3,902



61



3,657



3,922



7,579



495



2007



(l
)3365 E. Slauson

Vernon, CA






2,367



3,243



40



2,396



3,254



5,650



433



2007



(l
)3015 East Ana

Rancho Domingue, CA






19,678



9,321



7,451



20,144



16,306



36,450



1,522



2007



(l
)19067 Reyes Ave

Rancho Domingue, CA






9,281



3,920



119



9,381



3,939



13,320



602



2007



(l
)1250 Rancho Conejo Blvd.

Thousand Oaks, CA






1,435



779



36



1,441



809



2,250



111



2007



(l
)1260 Rancho Conejo Blvd.

Thousand Oaks, CA






1,353



722



227



1,359



943



2,302



102



2007



(l
)1270 Rancho Conejo Blvd.

Thousand Oaks, CA






1,224



716



21



1,229



732



1,961



116



2007



(l
)1280 Rancho Conejo Blvd.

Thousand Oaks, CA


3,213



2,043



3,408



40



2,051



3,440



5,491



397



2007



(l
)1290 Rancho Conejo Blvd

Thousand Oaks, CA


2,769



1,754



2,949



35



1,761



2,977



4,738



346



2007



(l
)18201-18291
    Santa Fe

Rancho Domingue, CA






6,720







8,946



6,897



8,769



15,666



451



2008



(l
)1011 Rancho Conejo

Thousand Oaks, CA


6,249



7,717



2,518



46



7,752



2,528



10,280



447



2008



(l
)2300 Corporate Center Drive

Thousand Oaks, CA






6,506



4,885



51



6,541



4,901



11,442



624



2008



(l
)19021 S. Reyes Ave

Rancho Domingue, CA






8,183



7,501



549



8,545



7,688



16,233



310



2008



(l
)Miami4700 NW 15th Ave

Ft. Lauderdale, FL






908



1,883



155



912



2,034



2,946



234



2007



(l
)4710 NW 15th Ave

Ft. Lauderdale, FL






830



2,722



194



834



2,912



3,746



296



2007



(l
)4720 NW 15th Ave

Ft. Lauderdale, FL






937



2,455



105



942



2,555



3,497



262



2007



(l
)4740 NW 15th Ave

Ft. Lauderdale, FL






1,107



3,111



209



1,112



3,315



4,427



328



2007



(l
)4750 NW 15th Ave

Ft. Lauderdale, FL






947



3,079



521



951



3,596



4,547



346



2007



(l
)4800 NW 15th Ave

Ft. Lauderdale, FL






1,092



3,308



367



1,097



3,670



4,767



542



2007



(l
)Medley Industrial Center

Medley, FL






857



3,428



2,826



864



6,247



7,111



383



2007



(l
)Pan American Business Park

Medley, FL






2,521







7,105



2,588



7,038



9,626







2008



(l
)Milwaukee6523 N Sydney Place

Glendale, WI






172



976



356



176



1,328



1,504



482



1995



(l
)5355 South Westridge Drive

New Berlin, WI


5,674



1,630



7,058



46



1,646



7,088



8,734



1,197



2004



(l
) S-14




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

Lives (Years)(Dollars in thousands)320-334 W. Vogel
    Avenue

Milwaukee, WI






506



3,199



46



508



3,243



3,751



938



2005



(l
)4950 South 6th Avenue

Milwaukee, WI






299



1,565



47



301



1,610



1,911



556



2005



(l
)1711 Paramount Court

Waukesha, WI


1,327



308



1,762



41



311



1,800



2,111



317



2005



(l
)W140 N9059 Lilly Road

Menomonee Falls, WI






343



1,153



248



366



1,378



1,744



383



2005



(l
)200 W. Vogel Avenue-Bldg B

Milwaukee, WI






301



2,150







302



2,149



2,451



537



2005



(l
)4921 S. 2nd Street

Milwaukee, WI






101



713



15



101



728



829



182



2005



(l
)1500 Peebles Drive

Richland Center, WI






1,577



1,018



(211
)


1,603



781



2,384



620



2005



(l
)16600 West Glendale Ave

New Berlin, WI






704



1,923



436



715



2,348



3,063



658



2006



(l
)2905 S. 160th Street

New Berlin, WI






261



672



153



265



821



1,086



157



2007



(l
)2855 S. 160th Street

New Berlin, WI






221



628



128



225



752



977



163



2007



(l
)2485 Commerce Drive

New Berlin, WI






483



1,516



216



491



1,724



2,215



267



2007



(l
)14518 Whittaker Way

Menomonee Falls, WI






437



1,082



83



445



1,157



1,602



254



2007



(l
)Rust-Oleum BTS

Kenosha, WI


14,561



4,100







18,448



3,212



19,336



22,548



556



2008



(l
)Menomonee Falls-Barry Land

Menomonee Falls, WI


11,349



1,188







14,076



1,204



14,060



15,264



335



2008



(l
)Minneapolis/St. Paul6201 West 111th Street

Bloomington, MN


4,700



1,358



8,622



5,013



1,499



13,494



14,993



7,867



1994



(l
)7251-7267
    Washington Avenue

Edina, MN






129



382



624



182



953



1,135



736



1994



(l
)7301-7325
    Washington Avenue

Edina, MN






174



391



(55
)


193



317



510



79



1994



(l
)7101 Winnetka Avenue North

Brooklyn Park, MN


5,955



2,195



6,084



3,996



2,228



10,047



12,275



5,913



1994



(l
)9901 West 74th Street

Eden Prairie, MN


3,484



621



3,289



3,271



639



6,542



7,181



4,371



1994



(l
)1030 Lone Oak Road

Eagan, MN


2,326



456



2,703



541



456



3,244



3,700



1,168



1994



(l
)1060 Lone Oak Road

Eagan, MN


3,118



624



3,700



635



624



4,335



4,959



1,747



1994



(l
)5400 Nathan Lane

Plymouth, MN


2,981



749



4,461



935



757



5,388



6,145



1,983



1994



(l
)10120 W 76th Street

Eden Prairie, MN






315



1,804



1,404



315



3,208



3,523



845



1995



(l
)12155 Nicollet Ave

Burnsville, MN






286







1,731



288



1,729



2,017



619



1995



(l
)4100 Peavey Road

Chaska, MN






277



2,261



843



277



3,104



3,381



1,047



1996



(l
)5205 Highway 169

Plymouth, MN






446



2,525



988



740



3,219



3,959



1,059



1996



(l
)7100-7198
    Shady Oak Road

Eden Prairie, MN






715



4,054



1,209



736



5,242



5,978



1,628



1996



(l
)7500-7546
    Washington Square

Eden Prairie, MN






229



1,300



830



235



2,124



2,359



613



1996



(l
)7550-7558
    Washington Square

Eden Prairie, MN






153



867



203



157



1,066



1,223



325



1996



(l
)5240-5300
    Valley Industrial Blvd S

Shakopee, MN






362



2,049



801



371



2,841



3,212



1,015



1996



(l
)500-530
    Kasota Avenue SE

Minneapolis, MN






415



2,354



775



434



3,110



3,544



935



1998



(l
)2530-2570
    Kasota Avenue

St. Paul, MN






407



2,308



972



467



3,220



3,687



975



1998



(l
)5775 12th Avenue

Shakopee, MN


4,034



590







5,827



590



5,827



6,417



1,389



1998



(l
)1157 Valley Park Drive

Shakopee, MN


4,487



760







6,377



888



6,249



7,137



1,627



1999



(l
) S-15




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

Lives (Years)(Dollars in thousands)9600 West 76th Street

Eden Prairie, MN






1,000



2,450



48



1,034



2,464



3,498



464



2004



(l
)9700 West 76th Street

Eden Prairie, MN






1,000



2,709



170



1,038



2,841



3,879



532



2004



(l
)7600 69th Avenue

Greenfield, MN






1,500



8,328



1,808



1,510



10,126



11,636



2,041



2004



(l
)5017 Boone Avenue North

New Hope, MN


1,676



1,000



1,599



(57
)


1,009



1,533



2,542



400



2005



(l
)2300 West Highway 13

Burnsville, MN






2,517



6,069



(499
)


2,524



5,563



8,087



1,936



2005



(l
)1087 Park Place

Shakopee, MN






1,195



4,891



(114
)


1,198



4,774



5,972



968



2005



(l
)5391 12th Avenue SE

Shakopee, MN


4,995



1,392



8,149



(10
)


1,395



8,136



9,531



1,405



2005



(l
)4701 Valley Industrial Blvd S

Shakopee, MN






1,296



7,157



(99
)


1,299



7,055



8,354



1,598



2005



(l
)316 Lake Hazeltine Drive

Chaska, MN






714



944



84



729



1,013



1,742



317



2006



(l
)1225 Highway 169 North

Plymouth, MN






1,190



1,979



391



1,207



2,353



3,560



508



2006



(l
)7102 Winnetka Avene North

Brooklyn Park, MN


4,524



1,275







6,849



1,343



6,781



8,124



628



2007



(l
)9200 10th Avenue

Golden Valley, MN






892



2,306



102



902



2,398



3,300



467



2007



(l
)139 Eva Street

St. Paul, MN






2,132



3,105



90



2,175



3,152



5,327



201



2008



(l
)Nashville3099 Barry Drive

Portland, TN






418



2,368



162



421



2,527



2,948



836



1996



(l
)3150 Barry Drive

Portland, TN






941



5,333



5,954



981



11,247



12,228



2,096



1996



(l
)5599 Highway 31 West

Portland, TN






564



3,196



288



571



3,477



4,048



1,104



1996



(l
)1650 Elm Hill Pike

Nashville, TN






329



1,867



349



332



2,213



2,545



698



1997



(l
)1931 Air Lane Drive

Nashville, TN






489



2,785



276



493



3,057



3,550



940



1997



(l
)4640 Cummings Park

Nashville, TN






360



2,040



375



365



2,410



2,775



587



1999



(l
)1740 River Hills Drive

Nashville, TN


3,223



848



4,383



1,161



888



5,504



6,392



1,812



2005



(l
)211 Ellery Court

Nashville, TN


2,884



606



3,192



488



616



3,670



4,286



586



2007



(l
)Rockdale BTS

Gallatin, TN






1,778







24,216



1,778



24,216



25,994



584



2008



(l
)Northern New Jersey14 Worlds Fair Drive

Franklin, NJ






483



2,735



574



503



3,289



3,792



1,091



1997



(l
)12 Worlds Fair Drive

Franklin, NJ






572



3,240



554



593



3,773



4,366



1,153



1997



(l
)22 Worlds Fair Drive

Franklin, NJ






364



2,064



614



375



2,667



3,042



855



1997



(l
)26 Worlds Fair Drive

Franklin, NJ






361



2,048



423



377



2,455



2,832



778



1997



(l
)24 Worlds Fair Drive

Franklin, NJ






347



1,968



519



362



2,472



2,834



873



1997



(l
)20 Worlds Fair Drive Lot 13

Sumerset, NJ






9







2,544



691



1,862



2,553



446



1999



(l
)45 Route 46

Pine Brook, NJ






969



5,491



948



978



6,430



7,408



1,619



2000



(l
)43 Route 46

Pine Brook, NJ






474



2,686



273



479



2,954



3,433



662



2000



(l
)39 Route 46

Pine Brook, NJ






260



1,471



198



262



1,667



1,929



394



2000



(l
)26 Chapin Road

Pine Brook, NJ






956



5,415



759



965



6,165



7,130



1,467



2000



(l
)30 Chapin Road

Pine Brook, NJ






960



5,440



778



969



6,209



7,178



1,605



2000



(l
) S-16




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

Lives (Years)(Dollars in thousands)20 Hook Mountain Road

Pine Brook, NJ






1,507



8,542



2,892



1,534



11,407



12,941



2,597



2000



(l
)30 Hook Mountain Road

Pine Brook, NJ






389



2,206



377



396



2,576



2,972



654



2000



(l
)55 Route 46

Pine Brook, NJ






396



2,244



157



403



2,394



2,797



575



2000



(l
)16 Chapin Rod

Pine Brook, NJ


3,804



885



5,015



412



901



5,411



6,312



1,229



2000



(l
)20 Chapin Road

Pine Brook, NJ


4,861



1,134



6,426



506



1,154



6,912



8,066



1,688



2000



(l
)Sayreville Lot 4

Sayreville, NJ


3,632



944







4,630



944



4,630



5,574



867



2002



(l
)Sayreville Lot 3

Sayreville, NJ






996







5,337



996



5,337



6,333



741



2003



(l
)309-319
    Pierce Street

Somerset, NJ


3,891



1,300



4,628



1,069



1,309



5,688



6,997



1,160



2004



(l
)Philadelphia3240 S. 78th Street

Philadelphia, PA






515



1,245



71



540



1,291



1,831



260



2005



(l
)2455 Boulevard of Generals

Norristown, PA


3,556



1,200



4,800



1,088



1,226



5,862



7,088



571



2008



(l
)Phoenix1045 South Edward Drive

Tempe, AZ






390



2,160



164



396



2,318



2,714



586



1999



(l
)50 South 56th Street

Chandler, AZ






1,206



3,218



98



1,207



3,315



4,522



590



2004



(l
)4701 W. Jefferson

Phoenix, AZ






926



2,195



443



929



2,635



3,564



685



2005



(l
)7102 W. Roosevelt

Phoenix, AZ






1,613



6,451



1,028



1,620



7,472



9,092



1,229



2006



(l
)4137 West Adams Street

Phoenix, AZ






990



2,661



146



1,033



2,764



3,797



385



2006



(l
)245 W. Lodge

Tempe, AZ






898



3,066



78



914



3,128



4,042



281



2007



(l
)1590 E Riverview Dr.

Phoenix, AZ






1,293



5,950



69



1,292



6,020



7,312



392



2008



(l
)14131 N. Rio Vista Dr.

Peoria, AZ






2,563



9,388



676



2,563



10,064



12,627



722



2008



(l
)8716 W. Ludlow Drive

Peoria, AZ






2,709



10,970



160



2,709



11,130



13,839



654



2008



(l
)3815 W. Washington St.

Phoenix, AZ


4,199



1,675



4,514



146



1,719



4,616



6,335



231



2008



(l
)690 91st Avenue

Tolleson, AZ






1,904



6,805



2,101



1,923



8,887



10,810



549



2008



(l
)Salt Lake City512 Lawndale Drive(i)

Salt Lake City, UT






2,705



15,749



2,746



2,705



18,495



21,200



5,610



1997



(l
)1270 West 2320 South

West Valley, UT






138



784



142



143



921



1,064



308



1998



(l
)1275 West 2240 South

West Valley, UT






395



2,241



474



408



2,702



3,110



878



1998



(l
)1288 West 2240 South

West Valley, UT






119



672



111



123



779



902



236



1998



(l
)2235 South 1300 West

West Valley, UT






198



1,120



270



204



1,384



1,588



530



1998



(l
)1293 West 2200 South

West Valley, UT






158



896



99



163



990



1,153



299



1998



(l
)1279 West 2200 South

West Valley, UT






198



1,120



156



204



1,270



1,474



355



1998



(l
)1272 West 2240 South

West Valley, UT






336



1,905



258



347



2,152



2,499



609



1998



(l
)1149 West 2240 South

West Valley, UT






217



1,232



100



225



1,324



1,549



405



1998



(l
)1142 West 2320 South

West Valley, UT






217



1,232



77



225



1,301



1,526



401



1998



(l
)1152 West 2240 South

West Valley, UT






2,067







2,517



1,083



3,501



4,584



884



2000



(l
) S-17




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

Lives (Years)(Dollars in thousands)1815-1957
    South 4650 West

Salt Lake City, UT


7,240



1,707



10,873



116



1,713



10,983



12,696



1,259



2006



(l
)2100 Alexander Street

West Valley, UT


1,225



376



1,670







376



1,670



2,046



170



2007



(l
)1815-1957
    South 4650 West

West Valley, UT


2,102



864



2,771



82



869



2,848



3,717



308



2007



(l
)San Diego16275 Technology Drive

San Diego, CA






2,848



8,641



42



2,859



8,672



11,531



1,376



2005



(l
)6305 El Camino Real

Carlsbad, CA






1,590



6,360



7,497



1,590



13,857



15,447



1,187



2006



(l
)2325 Camino Vida Roble

Carlsbad, CA






1,441



1,239



651



1,446



1,885



3,331



230



2006



(l
)2335 Camino Vida Roble

Carlsbad, CA






817



762



97



821



855



1,676



162



2006



(l
)2345 Camino Vida Roble

Carlsbad, CA






562



456



58



565



511



1,076



104



2006



(l
)2355 Camino Vida Roble

Carlsbad, CA






481



365



70



483



433



916



100



2006



(l
)2365 Camino Vida Roble

Carlsbad, CA






1,098



630



(16
)


1,102



610



1,712



123



2006



(l
)2375 Camino Vida Roble

Carlsbad, CA






1,210



874



149



1,214



1,019



2,233



213



2006



(l
)6451 El Camino Real

Carlsbad, CA






2,885



1,931



344



2,895



2,265



5,160



378



2006



(l
)8572 Spectrum Lane

San Diego, CA


2,237



806



3,225



429



807



3,653



4,460



323



2007



(l
)13100 Gregg Street

Poway, CA






1,040



4,160



474



1,073



4,601



5,674



531



2007



(l
)Seattle1901 Raymond Ave SW

Renton, WA


2,228



4,458



2,659



197



4,594



2,720



7,314



215



2008



(l
)19014 64th Avenue South

Kent, WA


3,382



1,990



3,979



177



2,042



4,105



6,147



309



2008



(l
)18640 68th Ave. South

Kent, WA


889



1,218



1,950



84



1,258



1,994



3,252



164



2008



(l
)Southern New Jersey8 Springdale Road

Cherry Hill, NJ






258



1,436



771



258



2,207



2,465



647



1998



(l
)111 Whittendale Drive

Morrestown, NJ


1,781



522



2,916



112



522



3,028



3,550



787



2000



(l
)7851 Airport Highway

Pennsauken, NJ






160



508



368



163



873



1,036



268



2003



(l
)103 Central

Mt. Laurel, NJ






610



1,847



1,143



619



2,981



3,600



772



2003



(l
)999 Grand Avenue

Hammonton, NJ


5,555



969



8,793



1,018



979



9,801



10,780



2,151



2005



(l
)7890 Airport Hwy/7015 Central

Pennsauken, NJ


1,331



300



989



511



425



1,375



1,800



401



2006



(l
)600 Creek Road

Delanco, NJ






2,125



6,504



(5
)


2,127



6,497



8,624



1,259



2007



(l
)1070 Thomas Busch Mem Hwy

Pennsauken, NJ






1,054



2,278



318



1,084



2,566



3,650



449



2007



(l
)1601 Schlumberger Drive

Moorestown, NJ






560



2,240



733



608



2,925



3,533



335



2007



(l
)St. Louis10431-10449
    Midwest Industrial Blvd

Olivette, MO






237



1,360



373



237



1,733



1,970



616



1994



(l
)10751 Midwest Industrial Boulevard

Olivette, MO






193



1,119



570



194



1,688



1,882



735



1994



(l
)6951 N Hanley(d)

Hazelwood, MO






405



2,295



1,480



419



3,761



4,180



1,139



1996



(l
)1067 Warson-Bldg A

St. Louis, MO






246



1,359



696



251



2,050



2,301



453



2002



(l
)1067 Warson-Bldg B

St. Louis, MO






380



2,103



1,975



388



4,070



4,458



809



2002



(l
) S-18




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

Lives (Years)(Dollars in thousands)1067 Warson-Bldg C

St. Louis, MO






303



1,680



1,256



310



2,929



3,239



691



2002



(l
)1067 Warson-Bldg D

St. Louis, MO






353



1,952



949



360



2,894



3,254



605



2002



(l
)6821-6857
    Hazelwood Avenue

Berkeley, MO


4,977



985



6,205



917



985



7,122



8,107



1,545



2003



(l
)13701 Rider Trail North

Earth City, MO






800



2,099



700



804



2,795



3,599



732



2003



(l
)1908-2000
    Innerbelt(d)

Overland, MO






1,590



9,026



984



1,591



10,009



11,600



2,719



2004



(l
)9060 Latty Avenue

Berkeley, MO






687



1,947



30



694



1,970



2,664



938



2006



(l
)21-25
    Gateway Commerce Center

Edwardsville, IL


24,416



1,874



31,958



191



1,928



32,095



34,023



3,052



2006



(l
)601 Cannonball Lane

OFallon, MO






584



2,336



522



595



2,847



3,442



208



2007



(l
)6647 Romiss Court

St. Louis, MO






230



681



72



241



742



983



97



2008



(l
)Tampa5313 Johns Road

Tampa, FL






204



1,159



231



257



1,337



1,594



431



1997



(l
)5525 Johns Road

Tampa, FL






192



1,086



355



200



1,433



1,633



478



1997



(l
)5709 Johns Road

Tampa, FL






192



1,086



165



200



1,243



1,443



377



1997



(l
)5711 Johns Road

Tampa, FL






243



1,376



172



255



1,536



1,791



470



1997



(l
)5453 W Waters Avenue

Tampa, FL






71



402



135



82



526



608



153



1997



(l
)5455 W Waters Avenue

Tampa, FL






307



1,742



390



326



2,113



2,439



643



1997



(l
)5553 W Waters Avenue

Tampa, FL






307



1,742



423



326



2,146



2,472



659



1997



(l
)5501 W Waters Avenue

Tampa, FL






215



871



446



242



1,290



1,532



380



1997



(l
)5503 W Waters Avenue

Tampa, FL






98



402



162



110



552



662



159



1997



(l
)5555 W Waters Avenue

Tampa, FL






213



1,206



215



221



1,413



1,634



416



1997



(l
)5557 W Waters Avenue

Tampa, FL






59



335



44



62



376



438



111



1997



(l
)5461 W Waters

Tampa, FL






261







1,438



265



1,434



1,699



436



1998



(l
)5481 W. Waters Avenue

Tampa, FL






558







2,496



561



2,493



3,054



596



1999



(l
)4515-4519
    George Road

Tampa, FL


2,528



633



3,587



820



640



4,400



5,040



995



2001



(l
)6089 Johns Road

Tampa, FL


898



180



987



77



186



1,058



1,244



217



2004



(l
)6091 Johns Road

Tampa, FL


715



140



730



134



144



860



1,004



187



2004



(l
)6103 Johns Road

Tampa, FL


1,133



220



1,160



148



226



1,302



1,528



253



2004



(l
)6201 Johns Road

Tampa, FL


1,028



200



1,107



124



205



1,226



1,431



278



2004



(l
)6203 Johns Road

Tampa, FL


1,314



300



1,460



118



311



1,567



1,878



446



2004



(l
)6205 Johns Road

Tampa, FL


1,342



270



1,363



75



278



1,430



1,708



213



2004



(l
)6101 Johns Road

Tampa, FL


901



210



833



107



216



934



1,150



238



2004



(l
)4908 Tampa West Blvd

Tampa, FL






2,622



8,643



(337
)


2,635



8,293



10,928



1,592



2005



(l
)11701 Belcher Road South

Largo, FL






1,657



2,768



628



1,669



3,384



5,053



551



2006



(l
)4900-4914
    Creekside Drive(h)

Clearwater, FL






3,702



7,338



645



3,730



7,955



11,685



1,276



2006



(l
)12345 Starkey Road

Largo, FL






898



2,078



395



905



2,466



3,371



374



2006



(l
) S-19




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

AccumulatedLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Year Acquired/

DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

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

Cambridge, ON






3,128



4,958



(700
)


3,179



4,207



7,386



1,420



2005



(l
)678 Erie Street

Stratford, ON






786



557



(236
)


829



278



1,107



205



2005



(l
)114 Packham Rd

Stratford, ON






1,000



3,526



525



1,012



4,039



5,051



1,275



2007



(l
)Other3501 Maple Street

Abilene, TX






67



1,057



1,478



266



2,336



2,602



1,269



1994



(l
)4200 West Harry Street(e)

Wichita, KS






193



2,224



1,777



532



3,662



4,194



2,407



1994



(l
)5050 Kendrick Court

Grand Rapids, MI






1,721



11,433



7,579



1,721



19,012



20,733



7,310



1994



(l
)5015 52nd Street SE

Grand Rapids, MI






234



1,321



70



234



1,391



1,625



547



1994



(l
)6266 Hurt Road

Horn Lake, MS






427







3,537



427



3,537



3,964



361



2004



(l
)6266 Hurt Road Building B

Horn Lake, MS














868



99



769



868



180



2004



(l
)6301 Hazeltine National Drive

Orlando, FL


4,090



909



4,613



262



920



4,864



5,784



921



2005



(l
)12626 Silicon Drive

San Antonio, TX


3,270



768



3,448



266



779



3,703



4,482



798



2005



(l
)3100 Pinson Valley Parkway

Birmingham, AL






303



742



22



310



757



1,067



161



2005



(l
)1021 W. First Street, Hwy 93

Sumner, IA






99



2,540



(96
)


101



2,442



2,543



538



2005



(l
)1245 N. Hearne Avenue

Shreveport, LA






99



1,263



34



102



1,294



1,396



326



2005



(l
)10330 I Street

Omaha, NE






1,808



8,340



15



1,809



8,354



10,163



2,450



2006



(l
)3200 Pond Station

Jefferson County, KY






2,074







9,679



2,119



9,634



11,753



654



2007



(l
)Pure Fishing BTS

Kansas City, MO






4,152







13,602



4,228



13,526



17,754



411



2008



(l
)600 Greene Drive

Greenville, KY






294



8,570



3



296



8,571



8,867



1,462



2008



(l
)Redevelopments /Developments / Developable Land(j)








147,075



620



7,254
(m)


149,983



4,975



154,958



194Total



$
369,891


$
665,613


$
1,672,405


$
626,591


$
677,095
(k)

$
2,287,523
(k)

$
2,964,618


$
522,229
(k)  S-20




---



##### Table of Contents





NOTES:
  (a)
    
    See description of encumbrances in Note 7 to Notes to
    Consolidated Financial Statements.  (b)
    
    Initial cost for each respective property is tangible purchase
    price allocated in accordance with FASBs guidance on
    business combinations.(c)
    
    Improvements are net of write-off of fully depreciated assets.(d)
    
    Comprised of two properties.(e)
    
    Comprised of three properties.(f)
    
    Comprised of four properties.(g)
    
    Comprised of five properties.(h)
    
    Comprised of eight properties.(i)
    
    Comprised of 28 properties.(j)
    
    These properties represent developable land and redevelopments
    that have not been placed in service.(k)  Gross AmountAmounts





Carried AtIncluded


Amounts Within


Close of Periodin Real Estate


Net Investment


December 31,Held for Sale


in Real Estate*


2009*Land

$
15,150


$
661,945


$
677,095Buildings & Improvements


7,709



2,279,814



2,287,523Accumulated Depreciation


(1,208
)


(521,021
)


(522,229
)Subtotal


21,651



2,420,738



2,442,389Construction in Progress






23,332



23,332Net Investment in Real Estate


21,651



2,444,070



2,465,721Leasing Commissions, Net, Deferred Leasing Intangibles, Net and
    Deferred Rent Receivable, Net


7,503Balance Sheet at December 31, 2009

$
29,154   *
    
    Amounts exclude $51,796 of above market leases and other
    deferred leasing intangibles, net.(l)
    
    Depreciation is computed based upon the following estimated
    lives:  Buildings and Improvements

8 to 50 yearsTenant Improvements, Leasehold Improvements

Life of lease    (m)
    
    Includes foreign currency translation adjustments.   S-21




---



##### Table of Contents



2009


2008


2007(Dollars in thousands)Balance, Beginning of Year

$
3,035,662


$
2,952,499


$
2,938,242Acquisition of Real Estate Assets


208



279,542



405,633Construction Costs and Improvements


44,828



176,506



220,571Disposition of Real Estate Assets


(65,428
)


(340,802
)


(590,271
)Write-off of Fully Depreciated Assets


(27,320
)


(32,083
)


(21,676
)Balance, End of Year

$
2,987,950


$
3,035,662


$
2,952,499     2009


2008


2007Balance, Beginning of Year

$
457,059


$
439,312


$
410,962Depreciation for Year


100,145



101,541



105,758Disposition of Assets


(7,655
)


(51,711
)


(55,732
)Write-off of Fully Depreciated Assets


(27,320
)


(32,083
)


(21,676
)Balance, End of Year

$
522,229


$
457,059


$
439,312  S-22




---



##### Table of Contents



SIGNATURES    FIRST INDUSTRIAL, L.P.
  By:
    FIRST INDUSTRIAL REALTY TRUST, INC.
    as general partnerBy:
    /s/  Bruce
    W. Duncan        By:
    /s/  Scott
    A. Musil          Signature

Title

Date/s/  W.
    Edwin TylerW.
    Edwin Tyler

Chairman of the Board of Directors

March 1, 2010/s/  Bruce
    W. DuncanBruce
    W. Duncan

President, Chief Executive Officer and Director

March 1, 2010/s/  Michael
    G. DamoneMichael
    G. Damone

Director of Strategic Planning and Director

March 1, 2010/s/  H.
    Patrick Hackett, Jr.H.
    Patrick Hackett, Jr.

Director

March 1, 2010/s/  Kevin
    W. LynchKevin
    W. Lynch

Director

March 1, 2010/s/  John
    E. RauJohn
    E. Rau

Director

March 1, 2010 S-23




---



##### Table of Contents



Signature

Title

Date/s/  Jay
    H. ShidlerJay
    H. Shidler

Director

March 1, 2010/s/  Robert
    J. SlaterRobert
    J. Slater

Director

March 1, 2010/s/  J.
    Steven WilsonJ.
    Steven Wilson

Director

March 1, 2010  S-24