##### 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, 2008oro

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

36-3924586(State or other jurisdiction
    of

(I.R.S. Employerincorporation or
    organization)

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

60606Chicago, Illinois

(Zip Code)(Address of principal executive
    offices)   (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
  þ o
  Regulation S-K Form 10-K Form 10-K. o
  Rule 12b-2
  Large accelerated
    filer þ

Accelerated
    filer o

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

Smaller reporting
    company o   Rule 12b-2 o þ




---



##### 





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


Business


4Item 1A.


Risk Factors


7Item 1B.


Unresolved SEC Comments


15Item 2.


Properties


15Item 3.


Legal Proceedings


21Item 4.


Submission of Matters to a Vote of Security
    Holders


21PART II.Item 5.


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


21Item 6.


Selected Financial Data


22Item 7.


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


23Item 7A.


Quantitative and Qualitative Disclosures About
    Market Risk


42Item 8.


Financial Statements and Supplementary Data


42Item 9.


Changes in and Disagreements with Accountants on
    Accounting and Financial Disclosure


42Item 9A.


Controls and Procedures


42Item 9B.


Other Information


43PART III.Item 10.


Directors, Executive Officers and Corporate
    Governance


43Item 11.


Executive Compensation


43Item 12.


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


43Item 13.


Certain Relationships and Related Transactions and Director
    Independence


43Item 14.


Principal Accountant Fees and Services


43PART IV.Item 15.


Exhibits and Financial Statement Schedules


44Signatures


S-20EX-23EX-31.1EX-31.2EX-32   2




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lease-up higher-than-expected
 3




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##### Table of Contents



PART I



THE
    COMPANY  Item 1.
    Business  General
      Development/Repositioning
     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 4000
    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; (iv) renovating
    existing properties; and (v) increasing ancillary revenues
    from non-real estate sources.
    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.
    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. 5




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##### Table of Contents




    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 net sales 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 20, 2009, we had approximately $6.2 million
    available for additional borrowings under our Unsecured Line of
    Credit.
    Liquidity Strategy.  We plan to enhance our
    liquidity through a combination of capital retention, mortgage
    financing and asset sales.  
    Retained Capital  We plan to retain capital by
    adjusting our distribution policy to make per Unit distributions
    equivalent to the per share distributions the Company is
    required to make to meet its minimum distribution requirements
    as a REIT. We will not pay distributions in April 2009 and may
    not pay distributions in future quarters in 2009 depending on
    the Companys taxable income. If the Company is required to
    pay common stock dividends in 2009, we may elect to make
    distributions through some combination of cash, common Units
    and/or the
    Companys common shares.
    Mortgage Financing  In June 2009, we have
    $125.0 million of unsecured debt maturing, and in July 2009
    we have approximately $5.0 million of secured mortgage debt
    maturing. We are in active discussions with various lenders
    regarding the origination of mortgage financing. The total loan
    proceeds are expected to be sufficient to meet these maturities.
    If we fail to timely retire our maturing debt, we will be in
    default under our Unsecured Line of Credit and our senior debt
    securities.
    Asset Sales  We are in various stages of
    discussions with third parties for the sale of properties in the
    three months ended March 31, 2009, and plan to continue to
    market other properties for sale throughout 2009. If we are
    unable to sell properties on an advantageous basis, this may
    impair our liquidity and our ability to meet our financial
    covenants.  Recent
    Developments
      iii) 3-Month
 6




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30-year
    Future
    Property Acquisitions, Developments and Property Sales
      and/or
  INDUSTRY
  and/or construction-on-demand * * *
  Item 1A.
    Risk
    Factors  Risk
    Factors
    Recent
    disruptions in the financial markets could affect our ability to
    obtain financing and may negatively impact our liquidity,
    financial condition and operating results.
      *
 7




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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;
    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.
   8




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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.
    
    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 such properties to third parties or to sell or contribute
    such properties to our Joint Ventures. 9




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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
    Consolidated Operating Partnership might fail to qualify or
    remain qualified as a REIT.
      Certain
    property transfers may generate prohibited transaction income,
    resulting in a penalty tax on the gain attributable to the
    transaction.
   10




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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.
      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.
   11




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The
    Consolidated Operating Partnership may have to make lump-sum
    payments on its existing indebtedness.
    
    $50.0 million aggregate principal amount of
    7.750% Notes due 2032 (the 2032 Notes)
    $200.0 million aggregate principal amount of
    7.600% Notes due 2028 (the 2028 Notes)
    Approximately $15.0 million aggregate principal amount of
    7.150% Notes due 2027 (the 2027 Notes)
    Approximately $118.5 million aggregate principal amount of
    5.950% Notes due 2017 (the 2017 II Notes)
    $100.0 million aggregate principal amount of
    7.500% Notes due 2017 (the 2017 Notes)
    $195.0 million aggregate principal amount of
    5.750% Notes due 2016 (the 2016 Notes)
    $125.0 million aggregate principal amount of
    6.420% Notes due 2014 (the 2014 Notes)
    $200.0 million aggregate principal amount of
    6.875% Notes due 2012 (the 2012 Notes)
    $200.0 million aggregate principal amount of
    4.625% Notes due 2011 (the 2011 Exchangeable
    Notes)
    $200.0 million aggregate principal amount of
    7.375% Notes due 2011(the 2011 Notes)
    $125.0 million aggregate principal amount of
    5.250% Notes due 2009 (the 2009 Notes)
    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.
   12




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Rising
    interest rates on the Consolidated Operating Partnerships
    Unsecured Line of Credit could decrease the Consolidated
    Operating Partnerships available cash.
    Earnings
    and cash dividends, asset value and market interest rates affect
    the price of the Companys common stock.
    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.
   13




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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 its 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 our qualification
    as a real estate investment trust;
    the joint venture agreements often restrict the transfer of a
    members or joint venturers interest or
    buy-sell or may otherwise restrict our ability to
    sell the interest when we desire or on advantageous terms;
    disputes between 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; 14




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
    revisions in tax treaties or other laws and regulations,
    including those governing the taxation of our international
    revenues;
    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.    Acquired
    properties may be located in new markets, where we may face
    risks associated with investing in an unfamiliar
    market.
    Potential
    fluctuations in exchange rates between the U.S. dollar and the
    currencies of the other countries in which we invest may
    adversely affect our results of operations and financial
    position.
    Item 1B.
    Unresolved
    SEC Comments    Item 2.
    Properties  General
  and/or
 15




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




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##### Table of Contents



Consolidated
    Operating Partnership
    Property Summary
  Light Industrial


R&D/Flex


Bulk Warehouse


Regional Warehouse


ManufacturingNumber of





Number of





Number of





Number of





Number ofMetropolitan Area

GLA


Properties


GLA


Properties


GLA


Properties


GLA


Properties


GLA


PropertiesAtlanta, GA(a)


666,544



11



140,538



3



1,998,745



8



215,918



3



847,950



4Baltimore, MD


704,502



12



87,415



3



383,135



3











171,000



1Central PA(b)


146,990



2











1,162,000



2















Chicago, IL


647,364



11



174,841



3



2,063,521



11



172,851



4



421,000



2Cincinnati, OH


654,389



8











1,103,830



4



51,070



1







Cleveland, OH


















608,740



4















Columbus, OH(c)


217,612



2











2,733,541



8















Dallas, TX


2,221,217



41



454,963



18



2,035,363



17



677,433



10



128,478



1Denver, CO


1,170,042



20



1,016,054



23



290,098



2



293,548



4



126,384



1Detroit, MI


2,030,838



80



428,984



14



470,745



5



710,308



17



116,250



1Houston, TX


289,407



6



111,111



5



2,041,527



12



355,793



5







Indianapolis, IN (d,e,f,g)


837,500



17



38,200



3



1,986,942



9



162,710



4



71,600



2Inland Empire, CA


















595,940



2















Los Angeles, CA


490,525



11



184,064



2



586,499



4



199,555



3







Miami, FL


























228,726



5







Milwaukee, WI


238,567



5











1,237,609



5



90,089



1







Minneapolis/St. Paul, MN (h,i)


1,220,776



13



172,862



2



1,830,291



9



323,805



4



231,202



3N. New Jersey


659,849



11



289,967



6



329,593



2















Nashville, TN


205,205



3











855,112



4











109,058



1Philadelphia, PA


















110,422



1



21,512



1







Phoenix, AZ(j)


38,560



1











328,526



2



436,615



6







S. New Jersey(k)


680,480



6











281,100



2



79,329



1







Salt Lake City, UT


583,301



34



146,937



6



279,179



1















San Diego, CA


196,025



7



















69,985



2







Seattle, WA (l,m)


















100,611



1



139,435



2







St. Louis, MO(n)


660,239



9











1,368,095



4















Tampa, FL(o)


234,679



7



486,930



23



209,500



1















Toronto, ON


57,540



1











897,954



3















Other(p)


597,547



5











1,651,456



9















Total


15,449,698



323



3,732,866



111



27,540,074



135



4,228,682



73



2,222,922



16     (a)
    
    One property collateralizes a $2.5 million mortgage loan
    which matures on May 1, 2016.(b)
    
    One property collateralizes a $14.1 million mortgage loan
    which matures on December 1, 2010.(c)
    
    One property collateralizes a $4.8 million mortgage loan
    which matures on December 1, 2019.(d)
    
    Twelve properties collateralize a $0.5 million mortgage
    loan which matures on September 1, 2009.(e)
    
    One property collateralizes a $1.2 million mortgage loan
    which matures on January 1, 2013.(f)
    
    One property collateralizes a $2.3 million mortgage loan
    which matures on January 1, 2012.(g)
    
    One property collateralizes a $1.5 million mortgage loan
    which matures on June 1, 2014.(h)
    
    One property collateralizes a $4.9 million mortgage loan
    which matures on December 1, 2019.(i)
    
    One property collateralizes a $1.7 million mortgage loan
    which matures on September 30, 2024.(j)
    
    One property collateralizes a $4.3 million mortgage loan
    which matures on June 1, 2018. 17




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(k)
    
    One property collateralizes a $6.0 million mortgage loan
    which matures on March 1, 2011.(l)
    
    One property collateralizes a $2.4 million mortgage loan
    which matures on July 1, 2018.(m)
    
    One property collateralizes a $1.0 million mortgage loan
    which matures on July 1, 2018.(n)
    
    One property collateralizes a $13.5 million mortgage loan
    and a $11.5 million mortgage loan which both mature on
    January 1, 2014.(o)
    
    Six properties collateralize a $5.2 million mortgage loan
    which matures on July 1, 2009.(p)
    
    Properties are located in 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%Number of


Occupancy at


of TotalMetropolitan Area

GLA


Properties


12/31/08


PortfolioAtlanta, GA


3,869,695



29



91
%


7.3
%Baltimore, MD


1,346,052



19



97
%


2.5
%Central PA


1,308,990



4



99
%


2.5
%Chicago, IL


3,479,577



31



87
%


6.6
%Cincinnati, OH


1,809,289



13



93
%


3.4
%Cleveland, OH


608,740



4



95
%


1.2
%Columbus, OH


2,951,153



10



83
%


5.5
%Dallas, TX


5,517,454



87



91
%


10.4
%Denver, CO


2,896,126



50



91
%


5.4
%Detroit, MI


3,757,125



117



92
%


7.1
%Houston, TX


2,797,838



28



99
%


5.3
%Indianapolis, IN


3,096,952



35



93
%


5.8
%Inland Empire, CA


595,940



2



0
%


1.1
%Los Angeles, CA


1,460,643



20



98
%


2.7
%Miami, FL


228,726



5



67
%


0.4
%Milwaukee, WI


1,566,265



11



94
%


2.9
%Minneapolis/St. Paul, MN


3,778,936



31



92
%


7.1
%N. New Jersey


1,279,409



19



93
%


2.4
%Nashville, TN


1,169,375



8



97
%


2.2
%Philadelphia, PA


131,934



2



100
%


0.2
%Phoenix, AZ


803,701



9



65
%


1.5
%S. New Jersey


1,040,909



9



83
%


2.0
%Salt Lake City, UT


1,009,417



41



90
%


1.9
%San Diego, CA


266,010



9



97
%


0.5
%Seattle, WA


240,046



3



100
%


0.5
%St. Louis, MO


2,028,334



13



98
%


3.8
%Tampa, FL


931,109



31



83
%


1.8
%Toronto, ON


955,494



4



100
%


1.8
%Other(a)


2,249,003



14



100
%


4.2
%Total or Average


53,174,242



658



91
%


100
%  18




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##### Table of Contents



(a)
    
    Properties are located in 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.  Property
    Acquisition Activity
    AverageNumber of






OccupancyMetropolitan Area

Properties


GLA

Property Type

at 12/31/2008Atlanta, GA


1



80,000


Regional Warehouse


58
%Chicago, IL


3



339,615


Bulk/Regional Warehouse


100
%Cleveland, OH


1



257,000


Bulk Warehouse


28
%Dallas, TX


1



220,542


Bulk Warehouse


100
%Inland Empire, CA


2



271,895


Lt. Ind./Bulk Warehouse


19
%Los Angeles, CA


3



207,304


Lt. Ind./R&D/Flex


100
%Minneapolis, MN


1



165,360


Bulk Warehouse


100
%Philadelphia, PA


1



110,422


Bulk Warehouse


100
%Phoenix, AZ


5



616,077


Bulk/Regional Warehouse


41
%Seattle, WA


3



240,046


Bulk/Regional Warehouse


100
%St. Louis, MO


1



22,411


Light Industrial


100
%Other(a)


1



332,465


Bulk Warehouse


100
%Total


23



2,863,137     (a)
    
    Property is located in Greenville, KY.  Property
    Development Activity
    AverageOccupancyMetropolitan Area

GLA


Property Type


at 12/31/08Miami, FL(a)


24,506



Light Industrial



N/AMilwaukee, WI


600,000



Bulk Warehouse



100
%Nashville, TN(a)


294,000



Bulk Warehouse



N/ANashville, TN(a)


50,000



Light Industrial



N/ANashville, TN


145,450



Bulk Warehouse



100
%Philadelphia, PA


675,000



Bulk Warehouse



100
%St. Louis, MO


400,828



Bulk Warehouse



100
%Total


2,189,784     (a)
    
    Property was sold in 2008. 19




---



##### Table of Contents



Property
    Sales
    Number ofMetropolitan Area

Properties


GLA


Property TypeAtlanta, GA


2



117,706


Lt. Ind./Regional WarehouseBaltimore, MD


2



132,228


Light IndustrialChicago, IL


5



416,221


Lt. Ind./Bulk WarehouseCincinnati, OH


3



421,300


Bulk WarehouseDallas, TX


9



353,312


Lt. Ind./Bulk WarehouseDenver, CO


9



1,256,313


Lt. Ind./Bulk/Regional WarehouseHouston, TX


6



363,662


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


2



249,353


Lt. Ind./Bulk WarehouseLos Angeles, CA


2



93,743


Lt. Ind./Regional WarehouseMilwaukee, WI


2



125,000


Lt. Ind./Bulk WarehouseMinneapolis/St. Paul, MN


11



908,388


Manufact./Lt. Ind./R&D/Flex/Bulk WhseN. New Jersey


9



599,312


Lt. Ind./R&D/Flex/Bulk/Regional WhseNashville, TN


1



50,000


Light IndustrialPhoenix, AZ


1



22,978


Light IndustrialS. New Jersey


15



692,032


Manufacturing/Lt. Ind./Regional WhseSalt Lake City, UT


2



249,302


Bulk WarehouseSt. Louis, MO


3



371,087


Bulk/Regional WarehouseTampa, FL


1



18,445


R&D/FlexOther(a)


4



964,100


Manufacturing/Bulk WarehouseTotal


89



7,404,482     (a)
    
    Properties are located in Kansas City, MO, Corinth, MS, Johnson
    County, KS and Portland, OR.  Property
    Acquisitions, Developments and Sales Subsequent to Year
    End
    Tenant
    and Lease Information
  semi-net
 20




---



##### Table of Contents



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)2009


505



10,691,007



22
%


46,414



21
%2010


429



8,193,655



17
%


40,087



18
%2011


335



7,382,561



15
%


36,707



16
%2012


206



4,904,719



10
%


23,828



11
%2013


170



4,809,132



10
%


25,131



11
%2014


59



2,438,560



5
%


10,578



5
%2015


39



2,018,728



4
%


7,205



3
%2016


24



1,808,892



4
%


7,260



3
%2017


8



689,491



2
%


3,464



2
%2018


19



993,933



2
%


3,870



2
%Thereafter


24



4,445,060



9
%


17,723



8
%Total


1,818



48,375,738



100
%

$
222,267



100
%     (1)
    
    Lease expirations as of December 31, 2008 assume tenants do
    not exercise existing renewal, termination or purchase options.(2)
    
    Does not include existing vacancies of 4,798,504 aggregate
    square feet.  Item 3.
    Legal
    Proceedings    Item 4.
    Submission
    of Matters to a Vote of Security Holders   PART II  Item 5.
    Market
    for Registrants Partners Capital, Related Partner
    Matters and Issuer Purchases of Equity Securities   21




---



##### Table of Contents



DistributionQuarter Ended

DeclaredDecember 31, 2008

$
0.25September 30, 2008

$
0.72June 30, 2008

$
0.72March 31, 2008

$
0.72December 31, 2007

$
0.72September 30, 2007

$
0.71June 30, 2007

$
0.71March 31, 2007

$
0.71       lock-up one-for-one
  Item 6.
    Selected
    Financial Data  Form 10-K.
  Year Ended


Year Ended


Year Ended


Year Ended


Year Ended12/31/08


12/31/07


12/31/06


12/31/05


12/31/04(In thousands, except per unit and property data)Statement of Operations Data:Total Revenues

$
484,178


$
341,487


$
267,311


$
216,443


$
172,471Interest Income


3,471



1,790



947



1,075



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


(3,073
)






(3,112
)


811



1,583Property Expenses


(111,457
)


(99,255
)


(88,504
)


(71,296
)


(57,865
)General and Administrative Expense


(83,836
)


(92,005
)


(76,633
)


(54,846
)


(38,912
)Restructuring Costs


(26,711
)














Interest Expense


(111,559
)


(119,314
)


(121,130
)


(108,164
)


(98,458
)Amortization of Deferred Financing Costs


(2,879
)


(3,210
)


(2,664
)


(2,122
)


(1,928
)Depreciation and Other Amortization


(144,285
)


(119,660
)


(100,053
)


(71,144
)


(51,665
)Construction Expenses


(139,539
)


(34,553
)


(10,263
)


(15,574
)


 22




---



##### Table of Contents



Year Ended


Year Ended


Year Ended


Year Ended


Year Ended12/31/08


12/31/07


12/31/06


12/31/05


12/31/04(In thousands, except per unit and property data)Gain (Loss) from Early Retirement of Debt


2,749



(393
)






82



(515
)Equity in Income of Other Real Estate Partnerships


49,759



26,249



33,531



48,212



29,203Equity in (Loss) Income of Joint Ventures


(33,178
)


29,958



30,671



3,698



35,840Income Tax Benefit


12,259



10,661



9,937



14,343



8,195Loss from Continuing Operations


(104,101
)


(58,245
)


(59,962
)


(38,482
)


(26
)Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $136,384, $237,368, $196,622, $102,926, and
    $81,806 for the Years Ended December 31, 2008, 2007, 2006,
    2005, and 2004, respectively)


145,358



265,453



233,011



143,787



126,702Provision for Income Taxes Allocable to Discontinued Operations
    (Including $3,732, $36,032, $47,511, $20,529 and $8,659
    allocable to Gain on Sale of Real Estate for the Years ended
    December 31, 2008, 2007, 2006, 2005, and 2004, respectively)


(4,188
)


(38,126
)


(51,155
)


(23,904
)


(11,275
)Gain on Sale of Real Estate


12,061



7,879



6,195



28,686



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


(3,782
)


(3,082
)


(2,119
)


(10,871
)


(5,359
)Net Income


45,348



173,879



125,970



99,216



125,154Preferred Unit Distributions


(19,428
)


(21,320
)


(21,424
)


(10,688
)


(14,488
)Redemption of Preferred Units






(2,017
)


(672
)






(7,959
)Net Income Available to Unitholders

$
25,920


$
150,542


$
103,874


$
88,528


$
102,707Basic and Diluted Earnings Per Weighted Average Units
    Outstanding:Loss from Continuing Operations Available to Unitholders

$
(2.33
)

$
(1.52
)

$
(1.54
)

$
(0.64
)

$
(0.27
)Net Income Available to Unitholders

$
0.52


$
2.98


$
2.05


$
1.81


$
2.18Distributions Per Unit

$
2.410


$
2.850


$
2.810


$
2.785


$
2.750Basic and Diluted Weighted Average Number of Units Outstanding


49,456



50,597



50,703



48,968



47,136Net Income

$
45,348


$
173,879


$
125,970


$
99,216


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














(159
)


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


(8,676
)


3,819



(2,800
)


(1,414
)


106Amortization of Interest Rate Protection Agreements


(792
)


(916
)


(912
)


(1,085
)


(512
)Write-off of Unamortized Settlement Amounts of Interest Rate
    Protection Agreements


831















Settlement of Interest Rate Protection Agreements






(4,261
)


(1,729
)






6,816Foreign Currency Translation Adjustment, Net of Tax


(2,748
)


2,134











Other Comprehensive Income

$
33,963


$
174,655


$
120,529


$
96,558


$
131,564Balance Sheet Data (End of Period):Real Estate, Before Accumulated Depreciation

$
3,014,530


$
2,913,267


$
2,826,588


$
2,896,937


$
2,486,414Real Estate, After Accumulated Depreciation


2,559,228



2,476,755



2,424,091



2,541,182



2,165,411Real Estate Held for Sale, Net


21,117



37,875



115,961



16,840



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


344,800



408,849



371,390



378,864



339,967Total Assets


3,241,175



3,301,143



3,235,366



3,230,465



2,721,151Mortgage Loans Payable, Net, Unsecured Lines of Credit and
    Senior Unsecured Debt, Net


2,036,978



1,946,670



1,834,658



1,811,322



1,572,473Total Liabilities


2,245,507



2,218,940



2,051,706



2,016,827



1,711,429Partners Capital


995,668



1,082,203



1,183,660



1,213,638



1,009,722Other Data:Cash Flow From Operating Activities

$
63,424


$
106,005


$
66,898


$
82,831


$
81,015Cash Flow From Investing Activities


14,556



113,844



119,866



(404,742
)


5,570Cash Flow From Financing Activities


(79,754
)


(230,277
)


(178,451
)


325,653



(83,516
)Total In-Service Properties


658



711



764



786



726Total In-Service GLA, in Square Feet


53,174,242



55,377,696



60,306,452



61,674,426



52,330,335In-Service Occupancy Percentage


91
%


95
%


94
%


92
%


91
%   Item 7.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations  Form 10-K.
   23




---



##### Table of Contents



lease-up higher-than-expected
             24




---



##### Table of Contents



and/or
 25




---



##### Table of Contents



Current
    Business Risks and Uncertainties
     26




---



##### Table of Contents




    Retained Capital We plan to retain capital by
    adjusting our distribution policy to make per Unit distributions
    equivalent to the per share distributions the Company is
    required to make to meet its minimum distribution requirements
    as a REIT. We will not pay distributions in April 2009 and may
    not pay distributions in future quarters in 2009 depending on
    the Companys taxable income. If the Company is required to
    pay common stock dividends in 2009, we may elect to make
    distributions through some combination of cash, common Units
    and/or the
    Companys common shares.
    Mortgage Financing In June 2009, we have
    $125.0 million of unsecured debt maturing, and in July 2009
    we have $5.0 million of secured mortgage debt maturing. We
    are in active discussions with various lenders regarding the
    origination of mortgage financing. The total loan proceeds are
    expected to be sufficient to meet these maturities. No
    assurances can be made that new secured financing will be
    obtained. If we fail to timely retire our maturing debt, we will
    be in default under our Unsecured Line of Credit and our senior
    unsecured debt securities.
    Asset Sales We are in various stages of
    discussions with third parties for the sale of properties during
    the three months ended March 31, 2009, and plan to continue
    to market other properties for sale throughout 2009. If we are
    unable to sell properties on an advantageous basis, this may
    impair our liquidity and our ability to meet our financial
    covenants.      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 Financial Accounting Standards Boards (the
    FASB) Statement of Financial Accounting Standards
    (SFAS) No. 144, Accounting for the
    Impairment or Disposal of Long Lived Assets(SFAS 144) 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 27




---



##### Table of Contents



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 SFAS 144
    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 calculation of the fair value involves
    subjective assumptions such as estimated occupancy, rental
    rates, ultimate residual value and the discount rate used to
    present value the cash flows.
    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
    SFAS Interpretation No. 46(R), Consolidation of
    Variable Interest Entities,
    EITF 96-16,
    Investors Accounting for an Investee When the Investor
    Has a Majority of the Voting Interest but the Minority
    Shareholder or Shareholders Have Certain Approval or Veto Rightsand Statement of Position
    78-9,
    Accounting for Investments in Real Estate Ventures.Based
    on the guidance set forth in these pronouncements, 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
    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 in accordance with APB Opinion No. 18,
    The Equity Method of Accounting for Investments in
    Common Stock(APB 18). An investment is
    impaired only if our estimate of the value of the 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. In accordance with
    SFAS No. 141, Business Combinations(SFAS 141), 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 28




---



##### Table of Contents



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 our 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, our inability to qualify as a
    REIT, and changes in tax laws. Adjustments required in any given
    period are included within the income tax provision.    RESULTS
    OF OPERATIONS
  Comparison
    of Year Ended December 31, 2008 to Year Ended
    December 31, 2007
       29




---



##### 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


(22,907
)


(81,020
)


58,113



(71.7
)%Subtotal Revenues

$
336,879


$
305,859


$
31,020



10.1
%Construction Revenues


147,299



35,628



111,671



313.4
%Total Revenues

$
484,178


$
341,487


$
142,691



41.8
%     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


(8,360
)


(27,553
)


19,193



(69.7
)%Property Expenses

$
111,457


$
99,255


$
12,202



12.3
%Construction Expenses


139,539



34,553



104,986



303.8
%Total Property and Construction Expenses

$
250,996


$
133,808


$
117,188



87.6
%    30




---



##### 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


(5,573
)


(25,382
)


19,809



(78.0
)%Total Depreciation and Other Amortization

$
144,285


$
119,660


$
24,625



20.6
%          31




---



##### Table of Contents



30-year
            2008


2007($ in 000s)Total Revenues

$
22,907


$
81,020Property Expenses


(8,360
)


(27,553
)Depreciation and Amortization


(5,573
)


(25,382
)Gain on Sale of Real Estate


136,384



237,368Provision for Income Taxes


(4,188
)


(38,126
)Income from Discontinued Operations

$
141,170


$
227,327    32




---



##### Table of Contents



Comparison
    of Year Ended December 31, 2007 to Year Ended
    December 31, 2006
          33




---



##### Table of Contents



2007


2006


$ Change


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

$
260,387


$
249,270


$
11,117



4.5
%Acquired Properties


47,762



14,369



33,393



232.4
%Sold Properties


37,203



74,238



(37,035
)


(49.9
)%(Re)Developments and Land, Not Included Above


4,637



3,255



1,382



42.5
%Other


36,890



29,958



6,932



23.1
%$
386,879


$
371,090


$
15,789



4.3
%Discontinued Operations


(81,020
)


(114,319
)


33,299



(29.1
)%Subtotal Revenues

$
305,859


$
256,771


$
49,088



19.1
%Construction Revenues


35,628



10,540



25,088



238.0
%Total Revenues

$
341,487


$
267,311


$
74,176



27.7
%     2007


2006


$ Change


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

$
83,576


$
82,204


$
1,372



1.7
%Acquired Properties


11,939



3,451



8,488



246.0
%Sold Properties


11,332



22,274



(10,942
)


(49.1
)%(Re) Developments and Land, Not Included Above


3,359



2,872



487



17.0
%Other


16,602



15,429



1,173



7.6
%$
126,808


$
126,230


$
578



0.5
%Discontinued Operations


(27,553
)


(37,726
)


10,173



(27.0
)%Property Expenses

$
99,255


$
88,504


$
10,751



12.1
%Construction Expenses


34,553



10,263



24,290



236.7
%Total Property and Construction Expenses

$
133,808


$
98,767


$
35,041



35.5
%    34




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##### Table of Contents



2007


2006


$ Change


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

$
95,462


$
94,112


$
1,350



1.4
%Acquired Properties


33,573



11,172



22,401



200.5
%Sold Properties


11,381



26,750



(15,369
)


(57.5
)%(Re) Developments and Land, Not Included Above


2,789



6,310



(3,521
)


(55.8
)%Corporate Furniture, Fixtures and Equipment


1,837



1,913



(76
)


(4.0
)%$
145,042


$
140,257


$
4,785



3.4
%Discontinued Operations


(25,382
)


(40,204
)


14,822



(36.9
)%Total Depreciation and Other Amortization

$
119,660


$
100,053


$
19,607



19.6
%           Accounting for Derivative
    Instruments and Hedging Activities,
 35




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##### Table of Contents



Mark-to-Market/Loss mark-to-market
              2007


2006($ in 000s)Total Revenues

$
81,020


$
114,319Property Expenses


(27,553
)


(37,726
)Depreciation and Amortization


(25,382
)


(40,204
)Gain on Sale of Real Estate


237,368



196,622Provision for Income Taxes


(38,126
)


(51,155
)Income from Discontinued Operations

$
227,327


$
181,856        36




---



##### Table of Contents



LIQUIDITY
    AND CAPITAL RESOURCES
           37




---



##### Table of Contents



Year
    Ended December 31, 2008
               38




---



##### 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*

$
48,107


$
3,864


$
6,464


$
4,307


$
33,472Real Estate Development*


11,932



11,932











Long-term Debt


2,047,463



133,297



423,472



650,582



840,112Interest Expense on Long Term Debt*


791,687



100,221



177,561



117,910



395,995Deferred Acquisition Payment


2,948



2,948











Total

$
2,902,137


$
252,262


$
607,497


$
772,799


$
1,269,579     *
    
    Not on balance sheet.  Off-Balance
    Sheet Arrangements
    Environmental
    Inflation
    Market
    Risk
    Interest
    Rate Risk
   39




---



##### Table of Contents



Foreign
    Currency Exchange Rate Risk
    Subsequent
    Events
   40




---



##### Table of Contents



Related
    Party Transactions
    Other
  Business Combinations
  Noncontrolling Interests in Consolidated Financial
    Statements-and Amendment of ARB No. 51
  Fair Value Measurements The Fair Value Option for Financial Assets and
    Financial Liabilities contract-by-contract
  157-2,
 41




---



##### Table of Contents



Disclosures about Derivative Instruments and Hedging
    Activities  an Amendment of FASB Statement
    No. 133
  14-1, Accounting for Convertible Debt Instruments That May Be
    Settled in Cash upon Conversion (Including Partial Cash
    Settlement) 14-1), 14-1 14-1 14-1
  Item 7A.
    Quantitative
    and Qualitative Disclosures About Market Risk    Item 8.
    Financial
    Statements and Supplementary Data    Item 9.
    Changes
    in and Disagreements with Accountants on Accounting and
    Financial Disclosure    Item 9A.
    Controls
    and Procedures  Evaluation
    of Disclosure Controls and Procedures
    Rule 15(d)-15(b)
 42




---



##### Table of Contents



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   43




---



##### 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)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) 44




---



##### Table of Contents



ExhibitNo.

Description4.12

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)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) 45




---



##### Table of Contents



ExhibitNo.

Description21

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, 2008, 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. 46




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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
    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)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) 47




---



##### 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, 2008, File
    No. 1-13102)23*

Consent of PricewaterhouseCoopers LLP31.1*

Certification of Principal Executive Officer of First Industrial
    Realty31.2*

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



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


50Consolidated Balance Sheets of First Industrial,
    L.P. as of December 31, 2008 and 2007


51Consolidated Statements of Operations of First
    Industrial, L.P. for the Years Ended December 31, 2008,
    2007 and 2006


52Consolidated Statements of Comprehensive Income
    of First Industrial, L.P. for the Years Ended December 31,
    2008, 2007 and 2006


53Consolidated Statements of Changes in
    Partners Capital of First Industrial, L.P. for the Years
    Ended December 31, 2008, 2007 and 2006


54Consolidated Statements of Cash Flows of First
    Industrial, L.P. for the Years Ended December 31, 2008,
    2007 and 2006


55Notes to the Consolidated Financial Statements


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


S-1  49




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##### Table of Contents



Report of
    Independent Registered Public Accounting Firm



To the Partners of

First Industrial, L.P.:



In our opinion, the consolidated financial statements in the
    index appearing under Item 15(a)(1) present fairly, in all
    material respects, the financial position of First Industrial,
    LP. and its subsidiaries (the Consolidated Operating
    Partnership) at December 31, 2008 and 2007, and the
    results of their operations and their cash flows for each of the
    three years in the period ended December 31, 2008 in
    conformity with accounting principles generally accepted in the
    United States of America. In addition, in our opinion, the
    financial statement schedule listed in the index appearing under
    Item 15(a)(2) presents fairly, in all material respects,
    the information set forth therein when read in conjunction with
    the related consolidated financial statements. Also in our
    opinion, the Consolidated Operating Partnership maintained, in
    all material respects, effective internal control over financial
    reporting as of December 31, 2008, based on criteria
    established in Internal Control  Integrated
    Frameworkissued by the Committee of Sponsoring
    Organizations of the Treadway Commission (COSO). The
    Consolidated Operating Partnerships management is
    responsible for these financial statements and financial
    statement schedule, for maintaining effective internal control
    over financial reporting and for its assessment of the
    effectiveness of internal control over financial reporting,
    included in Managements Report on Internal Control Over
    Financial Reporting appearing under Item 9A. Our
    responsibility is to express opinions on these financial
    statements, on the financial statement schedule, and on the
    Consolidated Operating Partnerships internal control over
    financial reporting based on our integrated audits. We conducted
    our audits in accordance with the standards of the Public
    Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audits to obtain
    reasonable assurance about whether the financial statements are
    free of material misstatement and whether effective internal
    control over financial reporting was maintained in all material
    respects. Our audits of the financial statements included
    examining, on a test basis, evidence supporting the amounts and
    disclosures in the financial statements, assessing the
    accounting principles used and significant estimates made by
    management, and evaluating the overall financial statement
    presentation. Our audit of internal control over financial
    reporting included obtaining an understanding of internal
    control over financial reporting, assessing the risk that a
    material weakness exists, and testing and evaluating the design
    and operating effectiveness of internal control based on the
    assessed risk. Our audits also included performing such other
    procedures as we considered necessary in the circumstances. We
    believe that our audits provide a reasonable basis for our
    opinions.



A companys internal control over financial reporting is a
    process designed to provide reasonable assurance regarding the
    reliability of financial reporting and the preparation of
    financial statements for external purposes in accordance with
    generally accepted accounting principles. A companys
    internal control over financial reporting includes those
    policies and procedures that (i) pertain to the maintenance
    of records that, in reasonable detail, accurately and fairly
    reflect the transactions and dispositions of the assets of the
    company; (ii) provide reasonable assurance that
    transactions are recorded as necessary to permit preparation of
    financial statements in accordance with generally accepted
    accounting principles, and that receipts and expenditures of the
    company are being made only in accordance with authorizations of
    management and directors of the company; and (iii) provide
    reasonable assurance regarding prevention or timely detection of
    unauthorized acquisition, use, or disposition of the
    companys assets that could have a material effect on the
    financial statements.



Because of its inherent limitations, internal control over
    financial reporting may not prevent or detect misstatements.
    Also, projections of any evaluation of effectiveness to future
    periods are subject to the risk that controls may become
    inadequate because of changes in conditions, or that the degree
    of compliance with the policies or procedures may deteriorate.





/s/  PricewaterhouseCoopers
    LLP



Chicago, Illinois

March 2, 2009

50




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##### Table of Contents



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


December 31,2008


2007(Dollars in thousands except Unit and per Unit data)ASSETSAssets:Investment in Real Estate:Land

$
684,712


$
584,774Buildings and Improvements


2,274,041



2,258,182Construction in Progress


55,777



70,311Less: Accumulated Depreciation


(455,302
)


(436,512
)Net Investment in Real Estate


2,559,228



2,476,755Real Estate Held for Sale, Net of Accumulated Depreciation and
    Amortization of $2,251 and $3,038 at December 31, 2008 and
    December 31, 2007, respectively


21,117



37,875Investments in and Advances to Other Real Estate Partnerships


344,800



408,849Cash and Cash Equivalents


2,644



4,696Restricted Cash


97



24,891Tenant Accounts Receivable, Net


9,049



7,825Investments in Joint Ventures


16,299



57,543Deferred Rent Receivable, Net


28,372



27,999Deferred Financing Costs, Net


12,197



15,373Deferred Leasing Intangibles, Net


79,483



78,137Prepaid Expenses and Other Assets, Net


167,889



161,200Total Assets

$
3,241,175


$
3,301,143LIABILITIES AND PARTNERS CAPITALLiabilities:Mortgage Loans Payable, Net

$
77,396


$
73,550Senior Unsecured Debt, Net


1,516,298



1,550,991Unsecured Line of Credit


443,284



322,129Accounts Payable, Accrued Expenses and Other Liabilities


144,070



188,269Deferred Leasing Intangibles, Net


27,077



20,153Rents Received in Advance and Security Deposits


22,995



26,537Leasing Intangibles Held for Sale, Net of Accumulated
    Amortization of $254 and $0 at December 31, 2008 and
    December 31, 2007, respectively


541



Dividends Payable


13,846



37,311Total Liabilities


2,245,507



2,218,940Commitments and Contingencies






Partners Capital:General Partner Preferred Units (1,550 units issued and
    outstanding at December 31, 2008 and 2007, respectively),
    with a liquidation preference of $275,000, respectively


266,211



266,211General Partner Units (44,652,182 and 43,672,149 units
    issued and outstanding at December 31, 2008 and 2007,
    respectively)


629,856



678,586Limited Partners Units (5,806,203 and 6,438,695 units
    issued and outstanding at December 31, 2008 and 2007,
    respectively)


122,009



148,429Accumulated Other Comprehensive Loss


(22,408
)


(11,023
)Total Partners Capital


995,668



1,082,203Total Liabilities and Partners Capital

$
3,241,175


$
3,301,143    51




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##### Table of Contents



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2008


2007


2006(In thousands except per unit data)Revenues:Rental Income

$
239,965


$
210,678


$
175,239Tenant Recoveries and Other Income


96,914



95,181



81,532Construction Revenues


147,299



35,628



10,540Total Revenues


484,178



341,487



267,311Expenses:Property Expenses


111,457



99,255



88,504General and Administrative


83,836



92,005



76,633Restructuring Costs


26,711







Depreciation and Other Amortization


144,285



119,660



100,053Construction Expenses


139,539



34,553



10,263Total Expenses


505,828



345,473



275,453Other Income (Expense):Interest Income


3,471



1,790



947Interest Expense


(111,559
)


(119,314
)


(121,130
)Amortization of Deferred Financing Costs


(2,879
)


(3,210
)


(2,664
)Mark-to-Market/Loss
    on Settlement of Interest Rate Protection Agreements


(3,073
)






(3,112
)Gain (Loss) From Early Retirement of Debt


2,749



(393
)


Total Other Income (Expense)


(111,291
)


(121,127
)


(125,959
)Loss from Continuing Operations Before Equity in Income of Other
    Real Estate Partnerships, Equity in (Loss) Income of Joint
    Ventures and Income Tax Benefit


(132,941
)


(125,113
)


(134,101
)Equity in Income of Other Real Estate Partnerships


49,759



26,249



33,531Equity in (Loss) Income of Joint Ventures


(33,178
)


29,958



30,671Income Tax Benefit


12,259



10,661



9,937Loss from Continuing Operations


(104,101
)


(58,245
)


(59,962
)Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $136,384, $237,368, and $196,622 for the Years
    Ended December 31, 2008, 2007 and 2006, respectively)


145,358



265,453



233,011Provision for Income Taxes Allocable to Discontinued Operations
    (Including $3,732, $36,032, and $47,511 allocable to Gain on
    Sale of Real Estate for the Year Ended December 31, 2008,
    2007 and 2006, respectively)


(4,188
)


(38,126
)


(51,155
)Income Before Gain on Sale of Real Estate


37,069



169,082



121,894Gain on Sale of Real Estate


12,061



7,879



6,195Provision for Income Taxes Allocable to Gain on Sale of Real
    Estate


(3,782
)


(3,082
)


(2,119
)Net Income


45,348



173,879



125,970Less: Preferred Unit Distributions


(19,428
)


(21,320
)


(21,424
)Less: Redemption of Preferred Units






(2,017
)


(672
)Net Income Available to Unitholders

$
25,920


$
150,542


$
103,874Basic and Diluted Earnings Per Unit:Loss from Continuing Operations Available to Unitholders

$
(2.33
)

$
(1.52
)

$
(1.54
)Income from Discontinued Operations

$
2.85


$
4.49


$
3.59Net Income Available to Unitholders

$
0.52


$
2.98


$
2.05Weighted Average Units Outstanding


49,456



50,597



50,703Distributions per Unit

$
2.41


$
2.85


$
2.81Net Income Available to Unitholders Attributable to:General Partners

$
22,706


$
131,506


$
90,359Limited Partners


3,214



19,036



13,515Net Income Available to Unitholders

$
25,920


$
150,542


$
103,874    52




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##### Table of Contents



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2008


2007


2006(Dollars in thousands)Net Income

$
45,348


$
173,879


$
125,970Settlement of Interest Rate Protection Agreements






(4,261
)


(1,729
)Mark-to-Market
    of Interest Rate Protection Agreements, Net of Income Tax
    Benefit of $610, $254 and $0 for the years ended
    December 31, 2008, 2007 and 2006, respectively


(8,676
)


3,819



(2,800
)Amortization of Interest Rate Protection Agreements


(792
)


(916
)


(912
)Write-off of Unamortized Settlement Amounts of Interest Rate
    Protection Agreements


831







Foreign Currency Translation Adjustment, Net of Tax Benefit
    (Provision) of $3,498, $(1,149) and $0 for the years ended
    December 31, 2008, 2007 and 2006, respectively


(2,748
)


2,134



Other Comprehensive Income

$
33,963


$
174,655


$
120,529    53




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##### Table of Contents



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2008


2007


2006(Dollars in thousands)General Partner Preferred Units  Beginning of Year

$
266,211


$
314,208


$
303,068Distributions


(19,428
)


(23,337
)


(22,096
)Issuance of Preferred Units










192,624Redemption of Preferred Units






(47,997
)


(181,484
)Net Income


19,428



23,337



22,096General Partner Preferred Units  End of Year

$
266,211


$
266,211


$
314,208General Partner Units  Beginning of Year

$
678,586


$
730,492


$
773,921Offering Costs


(321
)


(46
)


Contributions and Issuance of General Partner Units


174



613



3,820Call Spread










(6,835
)Purchase of General Partnership Units






(69,430
)


Repurchase and Retirement of Restricted Units


(4,847
)


(3,939
)


(2,728
)Distributions


(106,864
)


(127,618
)


(125,986
)Unit Conversions


14,616



2,858



5,144Amortization of General Partner Restricted Units


25,806



14,150



9,624Reclassification to initially adopt SFAS 123R










(16,825
)Net Income


22,706



131,506



90,357General Partner Units  End of Year

$
629,856


$
678,586


$
730,492Unamort. Value of Gen. Partner Restricted Units  Beg.
    of Year

$



$



$
(16,825
)Issuance of General Partner Restricted Units










Amortization of General Partner Restricted Units










Restricted Unit Forfeitures










Reclassification to initially adopt SFAS 123R










16,825Unamort. Value of Gen. Partner Restricted Units  End
    of Year

$



$



$
Limited Partners Units  Beginning of Year

$
148,429


$
150,759


$
159,832Contributions and Issuance of Limited Partner Units










1,288Distributions


(15,018
)


(18,508
)


(18,734
)Unit Conversions


(14,616
)


(2,858
)


(5,144
)Net Income


3,214



19,036



13,517Limited Partners Units  End of Year

$
122,009


$
148,429


$
150,759Accum. Other Comprehensive Loss  Beginning of Year

$
(11,023
)

$
(11,799
)

$
(6,358
)Settlement of Interest Rate Protection Agreements






(4,261
)


(1,729
)Mark to Market of Interest Rate Protection Agreements, Net of
    Tax Benefit


(8,676
)


3,819



(2,800
)Amortization of Interest Rate Protection Agreements


(792
)


(916
)


(912
)Write-off of Unamortized Settlement Amounts of Interest Rate
    Protection Agreements


831







Foreign Currency Translation Adjustment, Net of Tax Benefit
    (Provision)


(2,748
)


2,134



Accum. Other Comprehensive Loss  End of Year

$
(22,408
)

$
(11,023
)

$
(11,799
)Total Partners Capital at End of Year

$
995,668


$
1,082,203


$
1,183,660    54




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##### Table of Contents



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2008


2007


2006(Dollars in thousands)CASH FLOWS FROM OPERATING ACTIVITIES:Net Income

$
45,348


$
173,879


$
125,970Adjustments to Reconcile Net Income to Net Cash Provided by
    Operating Activities:Depreciation


101,671



105,628



107,418Amortization of Deferred Financing Costs


2,879



3,210



2,664Other Amortization


65,914



48,326



35,462Provision for Bad Debt


3,092



1,812



1,906Mark-to-Market
    of Interest Rate Protection Agreements


3,073







(16
)Equity in Loss (Income) of Joint Ventures


33,178



(29,958
)


(30,671
)Distributions from Joint Ventures


1,520



31,365



31,664Gain on Sale of Real Estate


(148,445
)


(245,247
)


(202,817
)(Gain) Loss on Early Retirement of Debt


(2,749
)


393



Equity in Income of Other Real Estate Partnerships


(49,759
)


(26,249
)


(33,531
)Distributions from Investment in Other Real Estate Partnerships


49,759



26,249



33,531Decrease in Developments for Sale Costs


1,527



1,209



5,883Increase in Tenant Accounts Receivable and Prepaid Expenses and
    Other Assets, Net


(14,986
)


(22,529
)


(15,550
)Increase in Deferred Rent Receivable


(6,606
)


(8,810
)


(9,092
)(Decrease) Increase in Accounts Payable, Accrued Expenses, Other
    Liabilities, Rents Received in Advance and Security Deposits


(25,296
)


46,374



14,077Decrease in Restricted Cash


90



6



Cash Book Overdraft.


3,214



347



Net Cash Provided by Operating Activities


63,424



106,005



66,898CASH FLOWS FROM INVESTING ACTIVITIES:Purchase of and Additions to Investment in Real Estate


(528,026
)


(613,696
)


(742,414
)Net Proceeds from Sales of Investments in Real Estate


407,654



760,776



857,670Investments in and Advances to Other Real Estate Partnerships


(40,928
)


(66,322
)


(43,098
)Distributions/Repayments from Other Real Estate Partnerships


104,977



28,858



50,572Contributions to and Investments in Joint Ventures


(17,327
)


(27,696
)


(32,773
)Distributions from Joint Ventures


20,985



22,863



19,734Funding of Notes Receivable


(10,325
)


(8,385
)


Repayment of Mortgage Loans Receivable


52,842



26,350



11,200Decrease (Increase) in Restricted Cash


24,704



(8,904
)


(1,025
)Net Cash Provided by Investing Activities


14,556



113,844



119,866CASH FLOWS FROM FINANCING ACTIVITIES:Offering Costs


(321
)


(46
)


(280
)Unit Contributions


174



613



3,742Proceeds from the Issuance of Preferred Units










200,000Preferred Unit Offering Costs










(7,103
)Unit Distributions


(145,347
)


(146,660
)


(143,858
)Purchase of General Partner Units






(69,430
)


Repurchase of Restricted Units


(4,847
)


(3,939
)


(2,660
)Redemption of Preferred Units






(50,014
)


(182,156
)Preferred Unit Distributions


(19,428
)


(26,023
)


(19,248
)Repayments of Mortgage Loans Payable


(3,271
)


(41,475
)


(10,263
)Proceeds from Senior Unsecured Debt






149,595



399,306Other Costs from Senior Unsecured Debt






(4,261
)


(1,729
)Repayment of Senior Unsecured Debt


(32,525
)


(150,000
)


(150,000
)Proceeds from Unsecured Line of Credit


550,920



879,129



779,300Repayments on Unsecured Line of Credit


(425,030
)


(764,000
)


(1,029,800
)Call Spread










(6,835
)Debt Issuance Costs and Costs Incurred in Connection with the
    EarlyRetirement of Debt


(79
)


(3,766
)


(6,867
)Net Cash Used in Financing Activities


(79,754
)


(230,277
)


(178,451
)Net Effect of Exchange Rate Changes on Cash and Cash Equivalents


(278
)






Net (Decrease) Increase in Cash and Cash Equivalents


(1,774
)


(10,428
)


8,313Cash and Cash Equivalents, Beginning of Period


4,696



15,124



6,811Cash and Cash Equivalents, End of Period

$
2,644


$
4,696


$
15,124    55




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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               56




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    2.
    Current
    Business Risks and Uncertainties        
    Retained Capital We plan to retain capital by
    adjusting our distribution policy to make per Unit distributions
    equivalent to the per share distributions the Company is
    required to make to meet its minimum distribution requirements
    as a REIT. We will not pay distributions in April 2009 and may
    not pay distributions in future quarters in 2009 depending on
    the Companys taxable income. If the Company is required to
    pay common stock dividends in 2009, we may elect to make
    distributions through some combination of cash, common Units
    and/or the
    Companys common shares.
    Mortgage Financing In June 2009, we have
    $125,000 of unsecured debt maturing, and in July 2009 we have
    $5,025 of secured mortgage debt maturing. We are in active
    discussions with various lenders regarding the origination of
    mortgage financing. The total loan proceeds are expected to be
    sufficient to meet these maturities. No assurances can be made
    that new secured financing will be obtained. If we fail to
    timely retire our maturing debt, we will be in default under our
    Unsecured Line of Credit and our senior unsecured debt
    securities.
    Asset Sales We are in various stages of
    discussions with third parties for the sale of properties during
    the first quarter of 2009, and will continue to market other
    properties for sale throughout 2009. If we are unable to sell
    properties on an advantageous basis, this may impair our
    liquidity and our ability to meet our financial covenants.   57




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    3.
    Basis of
    Presentation    4.
    Summary
    of Significant Accounting Policies    Cash
    and Cash Equivalents
    Restricted
    Cash
  and/or
  Investment
    in Real Estate and Depreciation
  Accounting for the
    Impairment or Disposal of Long-Lived Assets
 58




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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 15Furniture, Fixtures and Equipment


5 to 10     Business Combinations
   59




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##### Table of Contents



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


December 31,2008


2007In-Place Leases

$
75,282


$
78,332Less: Accumulated Amortization


(27,426
)


(22,048
)$
47,856


$
56,284Above Market Leases

$
13,130


$
5,069Less: Accumulated Amortization


(1,866
)


(2,023
)$
11,264


$
3,046Tenant Relationships

$
25,361


$
21,597Less: Accumulated Amortization


(4,998
)


(2,790
)$
20,363


$
18,807Total Deferred Leasing Intangibles, Net

$
79,483


$
78,137     December 31,


December 31,2008


2007Below Market Leases

$
37,489


$
28,316Less: Accumulated Amortization


(10,412
)


(8,163
)Total Deferred Leasing Intangibles, Net

$
27,077


$
20,153     Estimated Net IncreaseEstimated Net Amortization


to Rental Revenuesof In-Place Leases and


Related to AboveTenant Relationships


and Below Market Leases2009

$
14,612


$
3,9432010


11,278



2,9802011


8,766



1,6752012


7,244



1,1502013


6,124



875   Construction
    Revenues and Expenses
   60




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##### 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
    The Equity Method of Accounting
    for Investments in Common Stock
  Investments
    in Joint Ventures
   61




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      Stock
    Based Compensation
  Share Based Payment,
  Revenue
    Recognition
    Accounting for Leases
      Gain
    on Sale of Real Estate
    Income
    Taxes
   62




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Accounting for Income
    Taxes
      Earnings
    Per Unit (EPU)
    Fair
    Value of Financial Instruments
  Fair Value Measurements
    Derivative
    Financial Instruments
   63




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Discontinued
    Operations
    Segment
    Reporting
    Recent
    Accounting Pronouncements
  Business Combinations
  Noncontrolling Interests in Consolidated Financial
    Statements-and Amendment of ARB No. 51
  The Fair Value
    Option for Financial Assets and Financial Liabilities contract-by-contract
 64




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  157-2,
  Disclosures about Derivative Instruments and Hedging
    Activities  an Amendment of FASB Statement
    No. 133
  14-1, Accounting for Convertible Debt Instruments That May Be
    Settled in Cash upon Conversion (Including Partial Cash
    Settlement) 14-1), 14-1 14-1 14-1
  5.
    Investments
    in and Advances to Other Real Estate Partnerships   65




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##### Table of Contents



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


December 31,2008


2007ASSETSAssets:Investment in Real Estate, Net

$
303,262


$
339,533Other Assets, Net


56,505



83,939Total Assets

$
359,767


$
423,472LIABILITIES AND PARTNERS CAPITALLiabilities:Other Liabilities

$
11,670


$
11,216Partners Capital


348,097



412,256Total Liabilities and Partners Capital

$
359,767


$
423,472   Condensed
    Combined Statements of Operations:
  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2008


2007


2006Total Revenues (including Interest Income)

$
42,318


$
38,941


$
33,481Property Expenses


(13,504
)


(11,183
)


(9,485
)General and Administrative






(16
)


(149
)Interest Expense










(11
)Amortization of Deferred Financing Costs










(2
)Depreciation and Other Amortization


(16,742
)


(17,769
)


(14,956
)Income Tax Provision






(9
)


Income from Continuing Operations


12,072



9,964



8,878Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $35,783, $7,594, and $16,820 for the years ended
    December 31, 2008, 2007 and 2006


38,203



14,969



25,061(Loss) Gain on Sale of Real Estate


(53
)


1,546



(124
)Net Income

$
50,222


$
26,479


$
33,815   6.
    Investments
    in Joint Ventures and Property Management Services   66




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
               67




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Consolidation of Variable Interest Entities
      Co-Investment
     68




---



##### Table of Contents



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2008


2007


2006Contributions

$
16,623


$
25,482


$
29,194Distributions

$
22,505


$
54,228


$
51,398Fees

$
19,757


$
25,116


$
22,507     December 31,


December 31,2008


2007Condensed Combined Balance SheetsGross Real Estate Investment

$
1,967,717


$
1,777,964Less: Accumulated Depreciation


(93,215
)


(69,811
)Net Real Estate


1,874,502



1,708,153Other Assets


186,881



163,583Total Assets

$
2,061,383


$
1,871,736Debt

$
1,442,464


$
1,264,769Other Liabilities


130,407



112,268Equity


488,512



494,699Total Liabilities and Equity

$
2,061,383


$
1,871,736Consolidated Operating Partnerships share of Equity

$
56,066


$
56,494Basis Differentials(1)


(39,767
)


1,049Carrying Value of the Consolidated Operating Partnerships
    investments in Joint Ventures

$
16,299


$
57,543     (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 in accordance with APB 18, 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.  69




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Year Ended December 31,Condensed Combined Statements
    of Operations

2008


2007


2006Total Revenues

$
91,754


$
85,691


$
71,897Expenses:Operating and Other


38,897



28,238



21,951Interest


55,071



48,345



30,205Depreciation and Amortization


48,768



45,433



38,539Impairment Loss


20,208







Total Expenses


162,944



122,016



90,695Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $33,518, $92,652 and $66,927 for the years ended
    December 31, 2008, 2007 and 2006, respectively)


34,812



84,998



41,732Gain on Sale of Real Estate


18,460



15,523



27,425Net (Loss) Income

$
(17,918
)

$
64,196


$
50,359Consolidated Operating Partnerships Share of Net Income


6,661



29,958



30,671Consolidated Operating Partnerships Impairment in
    Accordance with APB 18


(39,839
)






Equity in (Loss) Income of Joint Ventures

$
(33,178
)

$
29,958


$
30,671  70




---



##### Table of Contents



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


Interest


InterestBalance at


Rate At


Rate atDecember 31,


December 31,


December 31,


December 31,2008


2007


2008


2008


Maturity DateMortgage Loans Payable, Net

$
77,396


$
73,550


5.50%
- 9.25%


4.58%
- 9.25%



July 2009 -
    September 2024Unamortized Premiums


(1,717
)


(2,196
)Mortgage Loans Payable, Gross

$
75,679


$
71,354Senior Unsecured Notes, Net2016 Notes

$
194,524


$
199,442


5.750%



5.91%




01/15/162017 Notes


99,914



99,905


7.500%



7.52%




12/01/172027 Notes


15,056



15,056


7.150%



7.11%




05/15/272028 Notes


199,846



199,838


7.600%



8.13%




07/15/282011 Notes


199,868



199,807


7.375%



7.39%




03/15/112012 Notes


199,546



199,408


6.875%



6.85%




04/15/122032 Notes


49,480



49,457


7.750%



7.87%




04/15/322009 Notes


124,980



124,937


5.250%



4.10%




06/15/092014 Notes


114,921



113,521


6.420%



6.54%




06/01/142011 Exchangeable Notes*


200,000



200,000


4.625%



4.63%




09/15/112017 II Notes


118,163



149,620


5.950%



6.37%




05/15/17Subtotal

$
1,516,298


$
1,550,991Unamortized Discounts


12,202



14,079Senior Unsecured Notes, Gross

$
1,528,500


$
1,565,070Unsecured Line of Credit

$
443,284


$
322,129


1.981%



1.981%




09/28/12     *
    
    Holders of the 2011 Exchangeable Notes may exchange their notes
    for the Companys common shares prior to the close of
    business on the second business day immediately preceding the
    stated maturity date at any time beginning on July 15, 2011
    and also under other certain circumstances. The 2011
    Exchangeable Notes are convertible into common shares of the
    Company at a price of $50.93.  Mortgage
    Loans Payable, Net
    Senior
    Unsecured Notes, Net
   71




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
              Unsecured
    Line of Credit
   72




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      Amount2009

$
133,2972010


15,8152011


407,6572012


648,0592013


2,523Thereafter


840,112Total

$
2,047,463   Fair
    Value
    December 31, 2008


December 31, 2007Carrying


Fair


Carrying


FairAmount


Value


Amount


ValueMortgage Loans Payable

$
77,396


$
75,817


$
73,550


$
74,867Senior Unsecured Debt


1,516,298



1,033,283



1,550,991



1,605,048Unsecured Line of Credit


443,284



400,849



322,129



322,129Total

$
2,036,978


$
1,509,949


$
1,946,670


$
2,002,044      73




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  8.
    Partners
    Capital  lock-up
  Unit
    Contributions
            Treasury
    Stock
   74




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    General Partnership andLimited PartnershipUnits OutstandingBalance at December 31, 2005


51,185,452Issuance of General Partner Units


125,780Issuance of General Partner Restricted Units


319,374Repurchase and Retirement of Restricted Units


(93,007
)Issuance of Limited Partner Units


31,473Balance at December 31, 2006


51,569,072Issuance 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


50,458,385   Preferred
    Contributions:
  5 8 5 8
   75




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  3-month 10-year 30-year
  3-month 10-year 30-year
 76




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
       77




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Distributions
    Year Ended 2008


Year Ended 2007


Year Ended 2006Distribution


Total


Distribution


Total


Distribution


Totalper Unit


Distribution


per Unit


Distribution


per Unit


DistributionGeneral Partner/Limited Partner Units

$
2.4100


$
121,882


$
2.8500


$
146,126


$
2.8100


$
144,720Series C Preferred Units

$



$



$
94.6353


$
1,893


$
215.6240


$
4,313Series F Preferred Units

$
6,236.0000


$
3,118


$
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 I Preferred Units

$



$



$



$



$
470.6667


$
353Series J Preferred Units

$
18,125.2000


$
10,875


$
18,125.2000


$
10,875


$
17,521.0000


$
10,512Series K Preferred Units

$
18,125.2000


$
3,625


$
18,125.2000


$
3,625


$
6,595.6000


$
1,319   9.
    Acquisition
    and Development of Real Estate        Intangible
    Assets Subject To Amortization in the Period of
    Acquisition
   78




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      10.
    Sale of
    Real Estate, Real Estate Held for Sale and Discontinued
    Operations         79




---



##### Table of Contents



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2008


2007


2006Total Revenues

$
22,907


$
81,020


$
114,319Property Expenses


(8,360
)


(27,553
)


(37,726
)Depreciation and Amortization


(5,573
)


(25,382
)


(40,204
)Gain on Sale of Real Estate


136,384



237,368



196,622Provision for Income Taxes


(4,188
)


(38,126
)


(51,155
)Income from Discontinued Operations

$
141,170


$
227,327


$
181,856    80




---



##### Table of Contents



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2008


2007


2006Interest paid, net of capitalized interest

$
113,062


$
118,909


$
114,681Capitalized Interest

$
7,775


$
8,413


$
5,063Income Taxes Paid

$
2,355


$
42,169


$
36,374Supplemental schedule of noncash investing and financing
    activities:Distribution payable on general and limited partner units

$
12,614


$
36,079


$
36,613Distribution payable on preferred units

$
1,232


$
1,232


$
5,935Exchange of Limited partnership units for General partnership
    units:Limited partnership units

$
(14,616
)

$
(2,858
)

$
(5,144
)General partnership units


14,616



2,858



5,144$



$



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

$
(376
)

$
(5,987
)

$
(1,284
)Issuance of Operating Partnership Units

$



$



$
(1,288
)Mortgage debt

$
(7,852
)

$
(38,590
)

$
(33,982
)Write off of fully depreciated assets

$
64,185


$
39,804


$
25,655In conjunction with certain property sales, we provided seller
    financing or assigned a mortgage loan payable:Notes receivable

$
46,734


$
48,282


$
11,200Mortgage note payable

$



$
769


$
  81




---



##### Table of Contents



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2008


2007


2006Numerator:Loss from Continuing Operations

$
(104,101
)

$
(58,245
)

$
(59,962
)Gain on Sale of Real Estate


12,061



7,879



6,195Less: Provision for Income Taxes Allocable to Gain on Sale of
    Real Estate


(3,782
)


(3,082
)


(2,119
)Less: Preferred Unit Distributions


(19,428
)


(21,320
)


(21,424
)Less: Redemption of Preferred Units






(2,017
)


(672
)Loss from Continuing Operations Available to Unitholders, Net of
    Income Taxes  For Basic and Diluted EPU


(115,250
)


(76,785
)


(77,982
)Income from Discontinued Operations


145,358



265,453



233,011Less: Provision for Income Taxes Allocable to Discontinued
    Operations


(4,188
)


(38,126
)


(51,155
)Net Income Available to Unitholders  For Basic and
    Diluted EPU

$
25,920


$
150,542


$
103,874Denominator:Weighted Average Units Outstanding  Basic and Diluted


49,456,067



50,597,150



50,703,004Basic and Diluted EPU:Loss from Continuing Operations Available to Unitholders, Net of
    Income Taxes

$
(2.33
)

$
(1.52
)

$
(1.54
)Discontinued Operations, Net of Income Tax

$
2.85


$
4.49


$
3.59Net Income Available to Unitholders

$
0.52


$
2.98


$
2.05        82




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    13.
    Income
    Taxes    2008


2007


2006Current:Federal

$
5,114


$
(28,209
)

$
(39,531
)State


814



(4,934
)


(7,734
)Foreign


(649
)






Deferred:Federal


(526
)


3,977



3,548State


(107
)


571



695Foreign


671







$
5,317


$
(28,595
)

$
(43,022
)    83




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    2008


2007Bad debt expense

$
196


$
32Investment in Joint Ventures


19,621



2,677Fixed assets


9,625



8,204Prepaid rent


494



215Capitalized general and administrative expense under 263A


3,711



2,671Deferred losses/gains


71



905Capitalized interest under 263A






613Accrued contingency loss


377



289Restricted stock


2,326



2,744Accrual for Restructuring Costs


751



Abandoned Project Costs


1,150



State net operating loss carry forward


131



Valuation Allowance


(19,501
)


Other


836



Total deferred tax assets

$
19,788


$
18,350Straight-line rent


(1,936
)


(967
)Build to suit development






(97
)Fixed assets


(53
)


(130
)Capitalized Interest under 263(A)


(362
)


Other


(243
)


Total deferred tax liabilities

$
(2,594
)

$
(1,194
)Total net deferred tax asset

$
17,194


$
17,156      84




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    2008


2007


2006Tax expense associated with income from operations on sold
    properties which is included in discontinued operations

$
(456
)

$
(2,094
)

$
(3,644
)Tax expense associated with gains and losses on the sale of real
    estate which is included in discontinued operations


(3,732
)


(36,032
)


(47,511
)Tax expense associated with gains and losses on the sale of real
    estate


(3,782
)


(3,082
)


(2,119
)Income tax benefit


13,287



12,613



10,252Income tax benefit (expense)

$
5,317


$
(28,595
)

$
(43,022
)     2008


2007


2006Tax benefit at federal rate related to continuing operations

$
27,751


$
8,174


$
6,771State tax benefit, net of federal benefit


2,734



1,006



808Non-deductible permanent items


(1,852
)


(121
)


(24
)Prior year provision to return adjustments


7



436



484Change in Valuation Allowance


(19,501
)






Foreign Taxes, net


337







Other


29



36



94Net income tax benefit

$
9,505


$
9,531


$
8,133   Accounting
    for Uncertainty in Income Taxes
      14.
    Restructuring
    Costs   85




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    15.
    Future
    Rental Revenues  semi-net
  2009

$
218,2532010


182,7672011


142,3482012


110,8402013


84,749Thereafter


391,970Total

$
1,130,927   16.
    Stock
    Based Compensation      WeightedAverage


Exercise


AggregateExercise


Price


IntrinsicShares


Price


per Share


ValueOutstanding at December 31, 2006


381,976


$
31.65


$
25.13-$33.15


$
5,823Exercised


(19,600
)

$
31.27


$
30.38-$33.13


$
230Expired or Terminated


(6,475
)

$
30.85


$
27.25-$33.13Outstanding 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


$
0  86




---



##### Table of Contents



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


Weighted


WeightedOutstanding


Average


Averageand


Remaining


ExerciseRange of Exercise Price

Exercisable


Contractual Life


Price$27.25 - $30.53


95,601



2.37


$
30.03$31.05 - $33.15


183,000



2.24


$
32.90         WeightedAverageGrant DateShares


Fair ValueOutstanding at December 31, 2006


778,535


$
35.49Issued


459,147


$
46.98Vested


(272,745
)

$
37.74Forfeited


(54,971
)

$
39.59Outstanding 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


$
36.00    87




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    December 31,2008Stock price

$
7.55Exercise price

$
7.94Expected dividend yield


17.6
%Expected stock volatility


133.5
%Risk-free interest rate


0.33
%Expected life (years)


0.81Value

$
2.62     17.
    Derivatives      iii) 3-Month 30-year
 88




---



##### Table of Contents



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

Notional Amount


Strike


Trade Date


Maturity Date


ValueForward-Starting Agreement

$
59,750



4.0725
%


January 2008



May 15, 2014


$
(3,429
)Forward-Starting Agreement


59,750



4.0770
%


January 2008



May 15, 2014



(3,452
)Interest Rate Swap Agreement


50,000



2.4150
%


March 2008



April 1, 2010



(858
)Series F Agreement


50,000



5.2175
%


October 2008



October 1, 2013



(3,073
)Total

$
219,500











Total


$
(10,812
)         Fair Value Measurements at ReportingDate Using:Quoted Prices inActive Markets for


Significant Other


UnobservableDecember 31,


Identical Assets


Observable Inputs


InputsDescription

2008


(Level 1)


(Level 2)


(Level 3)Liabilities:Forward Starting Agreements

$
6,881






$
6,881



Interest Rate Swap Agreement

$
858






$
858



Series F Agreement

$
3,073










$
3,073    89




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    30-year
      Fair Value MeasurementsUsing SignificantUnobservable Inputs(Level 3)DerivativesBeginning liability balance

$
Total unrealized lossesLosses included in earnings


3,073Ending liability balance

$
3,073   18.
    Related
    Party Transactions      19.
    Commitments
    and Contingencies       90




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      Ground
    and Operating Lease Agreements
      2009

$
3,8642010


3,4502011


3,0142012


2,2362013


2,071Thereafter


33,472Total

$
48,107   20.
    Subsequent
    Events         91




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  21.
    Quarterly
    Financial Information (unaudited)    Year Ended December 31, 2008First


Second


Third


FourthQuarter


Quarter


Quarter


QuarterTotal Revenues

$
103,422


$
118,865


$
128,196


$
133,695Equity in Income (Loss) of Joint Ventures


3,302



3,268



725



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


9,099



32,064



3,051



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


(16,805
)


7,361



(14,525
)


(80,132
)Income from Discontinued Operations, Net of Income Tax


72,112



41,609



23,890



3,559Gain on Sale of Real Estate, Net of Income Tax


5,438



2,841







Net Income (Loss)


60,745



51,811



9,365



(76,573
)Preferred Unit Distributions


(4,857
)


(4,857
)


(4,857
)


(4,857
)Net Income (Loss) Available to Unitholders

$
55,888


$
46,954


$
4,508


$
(81,430
)Basic and Diluted Earnings Per Unit:(Loss) Income From Continuing Operations Available to Unitholders

$
(0.33
)

$
0.11


$
(0.39
)

$
(1.71
)Income From Discontinued Operations

$
1.46


$
0.84


$
0.48


$
0.07Net Income (Loss) Available to Unitholders

$
1.13


$
0.95


$
0.09


$
(1.64
)Weighted Average Units Outstanding - Basic


49,407



49,416



49,431



49,569Weighted Average Units Outstanding - Diluted


49,407



49,427



49,431



49,569   92




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Year Ended December 31, 2007First


Second


Third


FourthQuarter


Quarter


Quarter


QuarterTotal Revenues

$
84,911


$
83,769


$
82,371


$
90,436Equity in Income of Joint Ventures


5,631



11,626



6,290



6,411Equity in Income Other Real Estate Partnerships


5,520



4,374



5,275



11,080Loss from Continuing Operations, Net of Income Tax


(15,468
)


(14,563
)


(16,000
)


(12,214
)Income from Discontinued Operations, Net of Income Tax


53,413



55,720



54,354



63,840Gain on Sale of Real Estate, Net of Income Tax


1,261



503



64



2,969Net Income


39,206



41,660



38,418



54,595Preferred Unit Distributions


(5,935
)


(5,671
)


(4,857
)


(4,857
)Redemption of Preferred Units






(2,017
)






Net Income Available to Unitholders

$
33,271


$
33,972


$
33,561


$
49,738Basic and Diluted Earnings Per Unit:Loss From Continuing Operations Available to Unitholders

$
(0.40
)

$
(0.43
)

$
(0.41
)

$
(0.28
)Income From Discontinued Operations

$
1.05


$
1.09


$
1.07


$
1.28Net Income Available to Unitholders

$
0.65


$
0.67


$
0.66


$
1.00Weighted Average Units Outstanding


50,966



50,985



50,735



49,715   22.
    Pro Forma
    Financial Information (unaudited)   93




---



##### Table of Contents



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


Year EndedDecember 31,


December 31,2008


2007Pro Forma Revenues

$
489,014


$
358,036Pro Forma Loss from Continuing Operations Available to
    Unitholders, Net of Income Taxes

$
(113,050
)

$
(60,423
)Pro Forma Net Income Available to Unitholders

$
28,120


$
166,904Per Unit Data:Pro Forma Basic and Diluted Earnings Per Unit Data:Loss from Continuing Operations Available to Unitholders

$
(2.29
)

$
(1.19
)Net Income Available to Unitholders

$
0.57


$
3.30       Pro Forma
    Condensed Statements of Operations
  Year Ended


Year EndedDecember 31,


December 31,2007


2006Pro Forma Revenues

$
389,402


$
323,514Pro Forma Loss from Continuing Operations Available to
    Unitholders, Net of Income Taxes

$
(44,520
)

$
(37,691
)Pro Forma Net Income Available to Unitholders

$
169,199


$
131,442Per Unit Data:Pro Forma Basic and Diluted Earnings Per Unit Data:Loss from Continuing Operations Available to Unitholders

$
(0.88
)

$
(0.74
)Net Income Available to Unitholders

$
3.34


$
2.59  94




---



##### Table of Contents



FIRST
    INDUSTRIAL, LP.
 SCHEDULE III:
    REAL ESTATE AND ACCUMULATED DEPRECIATION
    As of December 31, 2008 (c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/08


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings


Provision


Land


Improvements


Total


12/31/08


Constructed


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

McDonough, GA



788


4,544



356



788



4,900



5,688



1,714



1994



(l
)1665 Dogwood Drive

Conyers, GA



635


3,662



317



635



3,979



4,614



1,377



1994



(l
)1715 Dogwood Drive

Conyers, GA



288


1,675



1,785



288



3,460



3,748



785



1994



(l
)11235 Harland Drive

Covington, GA



125


739



163



125



902



1,027



293



1994



(l
)4051 Southmeadow Parkway

Atlanta, GA



726


4,130



857



726



4,987



5,713



1,637



1994



(l
)4071 Southmeadow Parkway

Atlanta, GA



750


4,460



1,308



828



5,690



6,518



1,973



1994



(l
)4081 Southmeadow Parkway

Atlanta, GA



1,012


5,918



1,726



1,157



7,499



8,656



2,553



1994



(l
)370 Great Southwest Parkway(d)

Atlanta, GA



527


2,984



650



546



3,615



4,161



1,187



1996



(l
)955 Cobb Place

Kennesaw, GA



780


4,420



684



804



5,080



5,884



1,497



1997



(l
)1256 Oakbrook Drive

Norcross, GA



336


1,907



335



339



2,239



2,578



510



2001



(l
)1265 Oakbrook Drive

Norcross, GA



307


1,742



637



309



2,377



2,686



544



2001



(l
)1280 Oakbrook Drive

Norcross, GA



281


1,592



311



283



1,901



2,184



403



2001



(l
)1300 Oakbrook Drive

Norcross, GA



420


2,381



236



423



2,614



3,037



467



2001



(l
)1325 Oakbrook Drive

Norcross, GA



332


1,879



335



334



2,212



2,546



488



2001



(l
)1351 Oakbrook Drive

Norcross, GA



370


2,099



386



373



2,482



2,855



471



2001



(l
)1346 Oakbrook Drive

Norcross, GA



740


4,192



703



744



4,891



5,635



877



2001



(l
)1412 Oakbrook Drive

Norcross, GA



313


1,776



256



315



2,030



2,345



412



2001



(l
)Greenwood Industrrial Park

McDonough, GA



1,550






7,485



1,550



7,485



9,035



818



2004



(l
)3060 South Park Blvd

Ellenwood, GA



1,600


12,464



891



1,603



13,352



14,955



2,171



2003



(l
)46 Kent Drive

Cartersville, GA



794


2,476



(218
)


798



2,254



3,052



303



2005



(l
)100 Dorris Williams Industrial -King

Atlanta, GA

(m)

401


3,754



42



406



3,791



4,197



776



2005



(l
)605 Stonehill Diver

Atlanta, GA



485


1,979



27



490



2,001



2,491



761



2005



(l
)6514 Warren Drive

Norcross, GA



510


1,250



(104
)


513



1,143



1,656



142



2005



(l
)6544 Warren Drive

Norcross, GA



711


2,310



65



715



2,371



3,086



370



2005



(l
)720 Industrial Boulevard

Dublin, GA



250


2,632



40



255



2,667



2,922



1,057



2005



(l
)5356 East Ponce DeLeon

One Mountain, GA



604


3,888



(55
)


610



3,827



4,437



748



2005



(l
)5390 East Ponce DeLeon

One Mountain, GA



397


1,791



(5
)


402



1,781



2,183



283



2005



(l
)1755 Enterprise Drive

Buford, GA



712


2,118



53



716



2,167



2,883



277



2006



(l
)4555 Atwater Court

Buford, GA



881


3,550



558



885



4,104



4,989



508



2006



(l
)80 Liberty Industrial Parkway

McDonough, GA



756


3,695



212



763



3,900



4,663



306



2007



(l
)596 Bonnie Valentine Way

Pendergrass, GA



2,580


21,730



1,203



2,594



22,919



25,513



786



2007



(l
)11415 Old Roswell Road

Alpharetta, GA



2,403


1,912



90



2,427



1,978



4,405



39



2008



(l
)195 & 197 Collins Boulevard

Athens, GA



1,410


5,344



65



1,426



5,393



6,819



1,994



2005



(l
)Baltimore1820 Portal

Baltimore, MD



884


4,891



454



899



5,330



6,229



1,418



1998



(l
) S-1




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/08


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings


Provision


Land


Improvements


Total


12/31/08


Constructed


Lives (Years)(Dollars in thousands)9700 Martin Luther King Hwy

Lanham, MD



700


1,920



555



700



2,475



3,175



646



2003



(l
)9730 Martin Luther King Hwy

Lanham, MD



500


955



508



500



1,463



1,963



388



2003



(l
)4621 Boston Way

Lanham, MD



1,100


3,070



601



1,100



3,671



4,771



780



2003



(l
)4720 Boston Way

Lanham, MD



1,200


2,174



541



1,200



2,715



3,915



695



2003



(l
)2250 Randolph Drive

Dulles, VA



3,200


8,187



36



3,208



8,215



11,423



1,234



2004



(l
)22630 Dulles Summit Court

Dulles, VA



2,200


9,346



131



2,206



9,471



11,677



1,446



2004



(l
)4201 Forbes Boulevard

Lanham, MD



356


1,823



417



375



2,221



2,596



460



2005



(l
)4370-4383
    Lottsford Vista Road

Lanham, MD



279


1,358



171



296



1,512



1,808



227



2005



(l
)4400 Lottsford Vista Road

Lanham, MD



351


1,955



160



372



2,094



2,466



276



2005



(l
)4420 Lottsford Vista Road

Lanham, MD



539


2,196



241



568



2,408



2,976



372



2005



(l
)11204 McCormick Road

Hunt Valley, MD



1,017


3,132



104



1,038



3,215



4,253



506



2005



(l
)11110 Pepper Road

Hunt Valley, MD



918


2,529



271



938



2,780



3,718



445



2005



(l
)11100 Gilroy Road

Hunt Valley, MD



901


1,455



57



919



1,494



2,413



305



2005



(l
)336 Clubhouse

Hunt Valley, MD



982


3,158



544



1,004



3,680



4,684



726



2005



(l
)10709 Gilroy Road

Hunt Valley, MD



913


2,705



46



913



2,751



3,664



556



2005



(l
)7120-7132
    Ambassador Road

Hunt Valley, MD



829


1,329



253



847



1,564



2,411



333



2005



(l
)7142 Ambassador Road

Hunt Valley, MD



924


2,876



415



942



3,273



4,215



345



2005



(l
)7144-7160
    Ambassador Road

Hunt Valley, MD



979


1,672



145



1,000



1,796



2,796



450



2005



(l
)7200 Rutherford

Hunt Valley, MD



1,032


2,150



165



1,054



2,293



3,347



470



2005



(l
)2700 Lord Baltimore

Hunt Valley, MD



875


1,826



275



897



2,079



2,976



520



2005



(l
)9800 Martin Luther King Hwy

Lanham, MD



1,200


2,457



281



1,200



2,738



3,938



554



2003



(l
)Baltimore Crossroads@95

Baltimore, MD



2,640


270



13,041



2,823



13,128



15,951



558



2007



(l
)Central Pennsylvania16522 Hunters Green Parkway

Hagerstown, MD

(n)

1,390


13,104



3,903



1,863



16,534



18,397



2,311



2003



(l
)Golden Eagle Business Center

Harrisburg, PA



585


3,176



161



601



3,321



3,922



444



2005



(l
)320 Museum Road

Washington, PA



201


1,819



57



208



1,869



2,077



347



2005



(l
)Chicago3600 West Pratt Avenue

Lincolnwood, IL



1,050


5,767



1,205



1,050



6,972



8,022



2,485



1994



(l
)6750 South Sayre Avenue

Bedford Park, IL



224


1,309



642



224



1,951



2,175



695



1994



(l
)585 Slawin Court

Mount Prospect, IL



611


3,505



2,055



615



5,556



6,171



1,568



1994



(l
)2300 Windsor Court

Addison, IL



688


3,943



1,023



696



4,958



5,654



1,745



1994



(l
)3505 Thayer Court

Aurora, IL



430


2,472



90



430



2,562



2,992



909



1994



(l
)305-311 Era
    Drive

Northbrook, IL



200


1,154



145



205



1,294



1,499



462



1994



(l
)12241 Melrose Street

Franklin Park, IL



332


1,931



1,334



469



3,128



3,597



1,024



1995



(l
)11939 S Central Avenue

Alsip, IL



1,208


6,843



3,477



1,305



10,223



11,528



2,555



1997



(l
)405 East Shawmut

LaGrange, IL



368


2,083



507



388



2,570



2,958



664



1997



(l
)1010-50
    Sesame Street

Bensenville, IL



979


5,546



2,673



1,048



8,150



9,198



1,913



1997



(l
)7501 S. Pulaski

Chicago, IL



318


2,038



1,516



318



3,554



3,872



800



1997



(l
)2120-24
    Roberts

Broadview, IL



220


1,248



491



231



1,728



1,959



606



1998



(l
)800 Business Center Drive

Mount Prospect, IL



631


3,493



237



666



3,695



4,361



745



2000



(l
)580 Slawin Court

Mount Prospect, IL



233


1,292



317



254



1,588



1,842



293



2000



(l
) S-2




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/08


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings


Provision


Land


Improvements


Total


12/31/08


Constructed


Lives (Years)(Dollars in thousands)1150 Feehanville Drive

Mount Prospect, IL



260


1,437



131



273



1,555



1,828



334



2000



(l
)19W661 101st Street

Lemont, IL



1,200


6,643



2,300



1,220



8,923



10,143



2,143



2001



(l
)175 Wall Street

Glendale Heights, IL



427


2,363



163



433



2,520



2,953



447



2002



(l
)800-820
    Thorndale Avenue

Bensenville, IL



751


4,159



1,638



761



5,787



6,548



961



2002



(l
)1661 Feehanville Drive

Mount Prospect, IL



985


5,455



2,061



1,044



7,457



8,501



1,718



2004



(l
)1850 Touhy &
    1158-60
    McCage Ave

Elk Grove Village, IL



1,500


4,842



164



1,514



4,992



6,506



1,009



2004



(l
)1088-1130
    Thorndale Avenue

Bensenville, IL



2,103


3,674



129



2,108



3,798



5,906



652



2005



(l
)855-891
    Busse(Route 83)

Bensenville, IL



1,597


2,767



(42
)


1,601



2,721



4,322



495



2005



(l
)1060-1074 W. Thorndale
    Ave

Bensenville, IL



1,704


2,108



179



1,709



2,282



3,991



461



2005



(l
)400 Crossroads Parkway

Bolingbrook, IL



1,178


9,453



850



1,181



10,300



11,481



1,603



2005



(l
)7609 West Industrial Drive

Forest Park, IL



1,207


2,343



207



1,213



2,544



3,757



503



2005



(l
)7801 West Industrial Drive

Forest Park, IL



1,215


3,020



19



1,220



3,034



4,254



600



2005



(l
)1111 Davis Road

Elgin, IL



998


1,859



833



1,046



2,644



3,690



706



2006



(l
)2900 W 166th St

Markham, IL



1,132


4,293



269



1,134



4,560



5,694



541



2007



(l
)555 W Algonquin Rd

Arlington Heights, IL



574


741



2,053



579



2,789



3,368



167



2007



(l
)7000 W 60th Street

Chicago, IL



609


932



106



667



980



1,647



161



2007



(l
)9501 Nevada

Franklin Park, IL



2721


5630



500



2,737



6,114



8,851



319



2008



(l
)1501 Oakton Street

Elk Grove Village, IL



3369


6121



69



3,412



6,147



9,559



267



2008



(l
)16500 W 103rd Street

Woodridge, IL



744


2458



101



760



2,544



3,304



85



2008



(l
)251 Airport Road

Aurora, IL



983






6,681



983



6,681



7,664



1,017



2002



(l
)725 Kimberly Drive

Carol Stream, IL



793


1,395



38



801



1,425



2,226



231



2005



(l
)17001 S. Vincennes

Thornton, IL



497


504



103



513



591



1,104



176



2005



(l
)Rust-Oleum BTS

Kenosha, WI



4,100






18,418



3,212



19,306



22,518



76



2008



(l
)Cincinnati9900-9970
    Princeton

Cincinnati, OH



545


3,088



1,887



566



4,954



5,520



1,676



1996



(l
)2940 Highland Avenue

Cincinnati, OH



1,717


9,730



1,794



1,772



11,469



13,241



3,559



1996



(l
)4700-4750
    Creek Road

Blue Ash, OH



1,080


6,118



1,044



1,109



7,133



8,242



2,158



1996



(l
)901 Pleasant Valley Drive

Springboro, OH



304


1,721



333



316



2,042



2,358



560



1998



(l
)4436 Muhlhauser Road

Hamilton, OH



630






5,264



630



5,264



5,894



1,035



2002



(l
)4438 Muhlhauser Road

Hamilton, OH



779






6,795



779



6,795



7,574



1,227



2002



(l
)9525 Glades Drive

West Chester, OH



347


1,323



87



355



1,402



1,757



145



2007



(l
)9776-9876
    Windisch Road

West Chester, OH



392


1,744



20



394



1,762



2,156



123



2007



(l
)9810-9822
    Windisch Road

West Chester, OH



395


2,541



64



397



2,603



3,000



134



2007



(l
)9842-9862
    Windisch Road

West Chester, OH



506


3,148



106



508



3,252



3,760



236



2007



(l
)9872-9898
    Windisch Road

West Chester, OH



546


3,039



47



548



3,084



3,632



170



2007



(l
)9902-9922
    Windisch Road

West Chester, OH



623


4,003



92



627



4,091



4,718



291



2007



(l
)420 Wars Corner Road

Loveland, OH



600


1,083



1,023



606



2,100



2,706



620



2003



(l
)422 Wards Corner Road

Loveland, OH



600


1,811



395



605



2,201



2,806



758



2003



(l
)4663 Dues Drive

West Chester, OH



858


2,273



1,183



875



3,439



4,314



1,213



2005



(l
)8181 Darrow Road

Twinsburg, OH



2478


6,791



78



2,496



6,852



9,348



248



2008



(l
)Cleveland30311 Emerald Valley Parkway

Glenwillow, OH



681


11,838



1,084



691



12,912



13,603



1,227



2006



(l
)30333 Emerald Valley Parkway

Glenwillow, OH



466


5,447



103



475



5,541



6,016



600



2006



(l
) S-3




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/08


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings


Provision


Land


Improvements


Total


12/31/08


Constructed


Lives (Years)(Dollars in thousands)7800 Cochran Road

Glenwillow, OH



972


7,033



146



991



7,160



8,151



769



2006



(l
)7900 Cochran Road

Glenwillow, OH



775


6,244



136



792



6,363



7,155



650



2006



(l
)7905 Cochran Road

Glenwillow, OH



920


6,174



100



945



6,249



7,194



624



2006



(l
)30600 Carter Street

Solon, OH



989


3,042



408



1,022



3,417



4,439



908



2006



(l
)Columbus3800 Lockbourne Industrial Pkwy

Columbus, OH



1,045


6,421



707



1,045



7,128



8,173



2,106



1996



(l
)3880 Groveport Road

Columbus, OH



1,955


12,154



675



1,955



12,829



14,784



4,156



1996



(l
)1819 North Walcutt Road

Columbus, OH



637


4,590



(140
)


634



4,453



5,087



1,408



1997



(l
)4300 Cemetary Road

Hillard, OH



764


620







764



620



1,384



41



1997



(l
)4115 Leap Road(d)

Hillard, OH



756


4,297



1,471



756



5,768



6,524



1,427



1998



(l
)3300 Lockbourne

Columbus, OH



708


3,920



1,258



710



5,176



5,886



1,299



1998



(l
)1076 Pittsburgh Drive

Delaware, OH

(o)

2,265


4,733



62



2,273



4,787



7,060



888



2005



(l
)6150 Huntley Road

Columbus, OH



920


4,810



8



925



4,813



5,738



564



2005



(l
)4600 S. Hamilton Road

Groveport, OH



681


5,941



(142
)


688



5,792



6,480



496



2006



(l
)2200 Spiegel

Groveport, OH



780


3,205



308



793



3,500



4,293



208



2007



(l
)4311 Janitrol Road

Columbus, OH



662


4,332



829



675



5,148



5,823



411



2007



(l
)Dallas/Fort Worth2406-2416
    Walnut Ridge

Dallas, TX



178


1,006



483



172



1,495



1,667



322



1997



(l
)2401-2419
    Walnut Ridge

Dallas, TX



148


839



239



142



1,084



1,226



278



1997



(l
)900-906
    Great Southwest Pkwy

Arlington, TX



237


1,342



596



270



1,905



2,175



598



1997



(l
)3000 West Commerce

Dallas, TX



456


2,584



526



469



3,097



3,566



837



1997



(l
)3030 Hansboro

Dallas, TX



266


1,510



529



276



2,029



2,305



500



1997



(l
)405-407 113th

Arlington, TX



181


1,026



429



185



1,451



1,636



334



1997



(l
)816 111th Street

Arlington, TX



251


1,421



169



258



1,583



1,841



491



1997



(l
)7341 Dogwood Park

Richland Hills, TX



79


435



82



84



512



596



145



1998



(l
)7427 Dogwood Park

Richland Hills, TX



96


532



572



102



1,098



1,200



326



1998



(l
)7348-54
    Tower Street

Richland Hills, TX



88


489



283



94



766



860



216



1998



(l
)7339-41
    Tower Street

Richland Hills, TX



98


541



188



104



723



827



179



1998



(l
)7437-45
    Tower Street

Richland Hills, TX



102


563



85



108



642



750



163



1998



(l
)7331-59
    Airport Freeway

Richland Hills, TX



354


1,958



395



372



2,335



2,707



609



1998



(l
)7338-60
    Dogwood Park

Richland Hills, TX



106


587



127



112



708



820



171



1998



(l
)7450-70
    Dogwood Park

Richland Hills, TX



106


584



127



112



705



817



173



1998



(l
)7423-49
    Airport Freeway

Richland Hills, TX



293


1,621



360



308



1,966



2,274



506



1998



(l
)7400 Whitehall Street

Richland Hills, TX



109


603



91



115



688



803



193



1998



(l
)1602-1654
    Terre Colony

Dallas, TX



458


2,596



765



468



3,351



3,819



640



2000



(l
)3330 Duncanville Road

Dallas, TX



197


1,114



68



199



1,180



1,379



247



2000



(l
)2351-2355
    Merritt Drive

Garland, TX



101


574



112



103



684



787



140



2000



(l
)701-735
    North Plano Road

Richardson, TX



696


3,944



217



705



4,152



4,857



891



2000



(l
)2220 Merritt Drive

Garland, TX



352


1,993



779



356



2,768



3,124



627



2000



(l
)2010 Merritt Drive

Garland, TX



350


1,981



598



357



2,572



2,929



608



2000



(l
)2363 Merritt Drive

Garland, TX



73


412



170



74



581



655



102



2000



(l
)2447 Merritt Drive

Garland, TX



70


395



77



71



471



542



95



2000



(l
)2465-2475
    Merritt Drive

Garland, TX



91


514



145



92



658



750



125



2000



(l
) S-4




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/08


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings


Provision


Land


Improvements


Total


12/31/08


Constructed


Lives (Years)(Dollars in thousands)2485-2505
    Merritt Drive

Garland, TX



431


2,440



562



436



2,997



3,433



587



2000



(l
)2081 Hutton Drive(e)

Carrolton, TX



448


2,540



438



453



2,973



3,426



570



2001



(l
)2110 Hutton Drive

Carrolton, TX



374


2,117



437



377



2,551



2,928



586



2001



(l
)2025 McKenzie Drive

Carrolton, TX



437


2,478



351



442



2,824



3,266



557



2001



(l
)2019 McKenzie Drive

Carrolton, TX



502


2,843



519



507



3,357



3,864



726



2001



(l
)1420 Valwood Parkway  Bldg 1(d)

Carrolton, TX



460


2,608



717



466



3,319



3,785



636



2001



(l
)1620 Valwood Parkway(e)

Carrolton, TX



1,089


6,173



1,266



1,100



7,428



8,528



1,396



2001



(l
)1505 Luna Road  Bldg II

Carrolton, TX



167


948



70



169



1,016



1,185



202



2001



(l
)1625 West Crosby Road

Carrolton, TX



617


3,498



459



631



3,943



4,574



824



2001



(l
)2029-2035
    McKenzie Drive

Carrolton, TX



306


1,870



699



306



2,569



2,875



790



2001



(l
)1840 Hutton Drive(d)

Carrolton, TX



811


4,597



757



819



5,346



6,165



1,040



2001



(l
)1420 Valwood Pkwy  Bldg II

Carrolton, TX



373


2,116



376



377



2,488



2,865



526



2001



(l
)2015 McKenzie Drive

Carrolton, TX



510


2,891



415



516



3,300



3,816



659



2001



(l
)2009 McKenzie Drive

Carrolton, TX



476


2,699



386



481



3,080



3,561



640



2001



(l
)1505 Luna Road  Bldg I

Carrolton, TX



521


2,953



476



529



3,421



3,950



773



2001



(l
)900-1100
    Avenue S

Grand Prairie, TX



623


3,528



1,307



629



4,829



5,458



646



2002



(l
)Plano Crossing(f)

Plano, TX



1,961


11,112



616



1,981



11,708



13,689



1,914



2002



(l
)7413A-C Dogwood Park

Richland Hills, TX



110


623



125



111



747



858



115



2002



(l
)7450 Tower Street

Richland Hills, TX



36


204



191



36



395



431



106



2002



(l
)7436 Tower Street

Richland Hills, TX



57


324



162



58



485



543



118



2002



(l
)7426 Tower Street

Richland Hills, TX



76


429



146



76



575



651



103



2002



(l
)7427-7429
    Tower Street

Richland Hills, TX



75


427



20



76



446



522



69



2002



(l
)2840-2842
    Handley Ederville Rd

Richland Hills, TX



112


635



71



113



705



818



124



2002



(l
)7451-7477
    Airport Freeway

Richland Hills, TX



256


1,453



218



259



1,668



1,927



315



2002



(l
)7415 Whitehall Street

Richland Hills, TX



372


2,107



218



375



2,322



2,697



413



2002



(l
)7450 Whitehall Street

Richland Hills, TX



104


591



110



105



700



805



103



2002



(l
)300 Wesley Way

Richland Hills, TX



208


1,181



18



211



1,196



1,407



187



2002



(l
)825-827
    Avenue H(d)

Arlington, TX



600


3,006



248



604



3,250



3,854



670



2004



(l
)1013-31
    Avenue M

Grand Prairie, TX



300


1,504



83



302



1,585



1,887



332



2004



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

Grand Prairie, TX



700


3,509



156



704



3,661



4,365



670



2004



(l
)1200-16
    Avenue H(d)

Arlington, TX



600


2,846



92



604



2,934



3,538



588



2004



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

Grand Prairie, TX



1,000


5,012



163



1,006



5,169



6,175



929



2004



(l
)2401-2407
    Centennial Dr.

Arlington, TX



600


2,534



209



604



2,739



3,343



564



2004



(l
)3111 West Commerce Street

Dallas, TX



1,000


3,364



63



1,011



3,416



4,427



692



2004



(l
)9150 West Royal Lane

Irving, TX



818


3,767



278



820



4,043



4,863



617



2005



(l
)13800 Senlac Drive

Farmers Ranch, TX



823


4,042



12



825



4,052



4,877



781



2005



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

Grand Prairie, TX



2,581


16,556



635



2,586



17,186



19,772



4,454



2005



(l
)801-842
    Heinz Way

Grand Prairie, TX



599


3,327



142



601



3,467



4,068



612



2005



(l
)901-937
    Heinz Way

Grand Prairie, TX



493


2,758



(14
)


481



2,756



3,237



537



2005



(l
)2900 Avenue E

Arlington, TX



296






2,054



296



2,054



2,350



194



2005



(l
)7451 Dogwood Park

Richland Hills, TX



133


753



25



134



777



911



129



2002



(l
)2104 Hutton Drive

Carrolton, TX



246


1,393



149



249



1,539



1,788



296



2001



(l
)3301 Century Circle

Irving, TX



760


3,856



(16
)


771



3,829



4,600



203



2007



(l
) S-5




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/08


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings


Provision


Land


Improvements


Total


12/31/08


Constructed


Lives (Years)(Dollars in thousands)202-210 N
    Great Southwest Prkwy

Grand Prairie, TX



870


2,754



75



892



2,807



3,699



165



2008



(l
)3730 Wheeler Avenue

Fort Smith, AR



720


2,800



28



726



2,822



3,548



244



2006



(l
)First Garland District Center 2

Garland, TX



1,912






14,459



1,947



14,424



16,371



337



2008



(l
)Denver4785 Elati

Denver, CO



173


981



89



175



1,068



1,243



312



1997



(l
)4770 Fox Street

Denver, CO



132


750



74



134



822



956



229



1997



(l
)3871 Revere

Denver, CO



361


2,047



620



368



2,660



3,028



828



1997



(l
)4570 Ivy Street

Denver, CO



219


1,239



171



220



1,409



1,629



418



1997



(l
)5855 Stapleton Drive North

Denver, CO



288


1,630



228



290



1,856



2,146



544



1997



(l
)5885 Stapleton Drive North

Denver, CO



376


2,129



279



380



2,404



2,784



670



1997



(l
)5977-5995
    North Broadway

Denver, CO



268


1,518



374



271



1,889



2,160



533



1997



(l
)2952-5978
    North Broadway

Denver, CO



414


2,346



831



422



3,169



3,591



923



1997



(l
)4721 Ironton Street

Denver, CO



232


1,313



710



236



2,019



2,255



765



1997



(l
)445 Bryant Street

Denver, CO



1,829


10,219



1,870



1,829



12,089



13,918



3,315



1998



(l
)East 47th Drive  A

Denver, CO



441


2,689



(31
)


441



2,658



3,099



782



1997



(l
)9500 West 49th Street  A

Wheatridge, CO



283


1,625



243



287



1,864



2,151



737



1997



(l
)9500 West 49th Street  B

Wheatridge, CO



225


1,272



108



227



1,378



1,605



390



1997



(l
)9500 West 49th Street  C

Wheatridge, CO



600


3,409



100



601



3,508



4,109



1,022



1997



(l
)9500 West 49th Street  D

Wheatridge, CO



246


1,537



115



247



1,651



1,898



474



1997



(l
)451-591 East
    124th Avenue

Littleton, CO



383


2,145



815



383



2,960



3,343



1,172



1997



(l
)608 Garrison Street

Lakewood, CO



265


1,501



376



269



1,873



2,142



548



1997



(l
)610 Garrison Street

Lakewood, CO



264


1,494



350



268



1,840



2,108



529



1997



(l
)15000 West 6th Avenue

Golden, CO



913


5,174



1,096



918



6,265



7,183



2,013



1997



(l
)14998 West 6th Avenue Bldg E

Golden, CO



565


3,199



239



570



3,433



4,003



984



1997



(l
)14998 West 6th Avenue Bldg F

Englewood, CO



269


1,525



31



273



1,552



1,825



435



1997



(l
)12503 East Euclid Drive

Denver, CO



1,208


6,905



947



1,208



7,852



9,060



2,388



1997



(l
)6547 South Racine Circle

Denver, CO



739


4,241



406



739



4,647



5,386



1,322



1997



(l
)1600 South Abilene

Aurora, CO



465


2,633



67



467



2,698



3,165



763



1997



(l
)1620 South Abilene

Aurora, CO



268


1,520



70



270



1,588



1,858



447



1997



(l
)1640 South Abilene

Aurora, CO



368


2,085



104



382



2,175



2,557



611



1997



(l
)13900 East Florida Ave

Aurora, CO



189


1,071



115



190



1,185



1,375



340



1997



(l
)11701 East 53rd Avenue

Denver, CO



416


2,355



193



422



2,542



2,964



751



1997



(l
)5401 Oswego Street

Denver, CO



273


1,547



428



278



1,970



2,248



695



1997



(l
)3811 Joilet

Denver, CO



735


4,166



448



752



4,597



5,349



1,212



1998



(l
)14818 West 6th Avenue Bldg A

Golden, CO



468


2,799



391



468



3,190



3,658



910



1997



(l
)14828 West 6th Avenue Bldg B

Golden, CO



503


2,942



379



503



3,321



3,824



1,053



1997



(l
)12055 E 49th Ave/4955 Peoria

Denver, CO



298


1,688



499



305



2,180



2,485



669



1998



(l
)4940-4950
    Paris

Denver, CO



152


861



184



156



1,041



1,197



270



1998



(l
)4970 Paris

Denver, CO



95


537



121



97



656



753



168



1998



(l
)7367 South Revere Parkway

Englewood, CO



926


5,124



755



934



5,871



6,805



1,554



1998



(l
)8200 East Park Meadows Drive(d)

Lone Tree, CO



1,297


7,348



976



1,304



8,317



9,621



1,851



2000



(l
)3250 Quentin(d)

Aurora, CO



1,220


6,911



457



1,230



7,358



8,588



1,538



2000



(l
)8835 W. 116th Street

Broomfield, CO



1,151


6,523



975



1,304



7,345



8,649



1,145



2003



(l
) S-6




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/08


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings


Provision


Land


Improvements


Total


12/31/08


Constructed


Lives (Years)(Dollars in thousands)18150 E. 32nd Street

Aurora, CO



563


3,188



803



572



3,982



4,554



1,003



2004



(l
)8820 W. 116th Street

Broomfield, CO



338


1,918



282



372



2,166



2,538



321



2003



(l
)7005 East 46th Avenue

Denver, CO



512


2,025



19



517



2,039



2,556



254



2005



(l
)Hilltop Business Center I  Bldg. B

Littleton, CO



739






3,536



781



3,494



4,275



852



2000



(l
)Jeffco Business Center A

Broomfield, CO



312






1,404



370



1,346



1,716



243



2001



(l
)Park Centre A

Westminister, CO



441






4,489



441



4,489



4,930



1,396



2000



(l
)Park Centre B

Westminister, CO



374






3,156



374



3,156



3,530



684



2000



(l
)Park Centre C

Westminister, CO



374






2,924



374



2,924



3,298



670



2000



(l
)Park Centre D

Westminister, CO



441






3,839



441



3,839



4,280



955



2001



(l
)4001 Salazar Way

Frederick, CO



1,271


6,508



26



1,276



6,529



7,805



755



2006



(l
)1690 S. Abilene

Aurora, CO



406


2,814



83



411



2,892



3,303



372



2006



(l
)9586 Interstate 25 East Frontage

Longmont, CO



898


5,038



12



967



4,981



5,948



643



2005



(l
)555 Corporate Circle

Golden, CO



397


2,673



(51
)


448



2,571



3,019



280



2006



(l
)Detroit238 Executive Drive

Troy, MI



52


173



494



100



619



719



553



1994



(l
)301 Executive Drive

Troy, MI



71


293



731



133



962



1,095



880



1994



(l
)449 Executive Drive

Troy, MI



125


425



1,030



218



1,362



1,580



1,217



1994



(l
)501 Executive Drive

Troy, MI



71


236



678



129



856



985



570



1994



(l
)451 Robbins Drive

Troy, MI



96


448



874



192



1,226



1,418



1,089



1994



(l
)1095 Crooks Road

Troy, MI



331


1,017



2,225



360



3,213



3,573



1,531



1994



(l
)1416 Meijer Drive

Troy, MI



94


394



520



121



887



1,008



624



1994



(l
)1624 Meijer Drive

Troy, MI



236


1,406



940



373



2,209



2,582



1,566



1994



(l
)1972 Meijer Drive

Troy, MI



315


1,301



738



372



1,982



2,354



1,334



1994



(l
)1621 Northwood Drive

Troy, MI



85


351



1,028



215



1,249



1,464



1,140



1994



(l
)1707 Northwood Drive

Troy, MI



95


262



1,383



239



1,501



1,740



1,042



1994



(l
)1788 Northwood Drive

Troy, MI



50


196



546



103



689



792



605



1994



(l
)1821 Northwood Drive

Troy, MI



132


523



757



220



1,192



1,412



1,161



1994



(l
)1826 Northwood Drive

Troy, MI



55


208



484



103



644



747



551



1994



(l
)1864 Northwood Drive

Troy, MI



57


190



437



107



577



684



572



1994



(l
)2277 Elliott Avenue

Troy, MI



48


188



503



104



635



739



579



1994



(l
)2451 Elliott Avenue

Troy, MI



78


319



779



164



1,012



1,176



910



1994



(l
)2730 Research Drive

Rochester Hills, MI



903


4,215



1,402



903



5,617



6,520



3,200



1994



(l
)2791 Research Drive

Rochester Hills, MI



557


2,731



719



560



3,447



4,007



1,980



1994



(l
)2871 Research Drive

Rochester Hills, MI



324


1,487



651



327



2,135



2,462



1,158



1994



(l
)3011 Research Drive

Rochester Hills, MI



457


2,104



406



457



2,510



2,967



1,625



1994



(l
)2870 Technology Drive

Rochester Hills, MI



275


1,262



283



279



1,541



1,820



984



1994



(l
)2900 Technology Drive

Rochester Hills, MI



214


977



536



219



1,508



1,727



863



1994



(l
)2930 Technology Drive

Rochester Hills, MI



131


594



379



138



966



1,104



519



1994



(l
)2950 Technology Drive

Rochester Hills, MI



178


819



374



185



1,186



1,371



648



1994



(l
)23014 Commerce Drive

Farmington Hills, MI



39


203



178



56



364



420



241



1994



(l
)23028 Commerce Drive

Farmington Hills,1 MI



98


507



278



125



758



883



520



1994



(l
)23035 Commerce Drive

Farmington Hills, MI



71


355



263



93



596



689



435



1994



(l
)23042 Commerce Drive

Farmintgon Hills, MI



67


277



310



89



565



654



410



1994



(l
) S-7




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/08


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings


Provision


Land


Improvements


Total


12/31/08


Constructed


Lives (Years)(Dollars in thousands)23065 Commerce Drive

Farmington Hills, MI



71


408



207



93



593



686



402



1994



(l
)23070 Commerce Drive

Farmington Hills, MI



112


442



346



125



775



900



541



1994



(l
)23079 Commerce Drive

Farmington Hills, MI



68


301



216



79



506



585



347



1994



(l
)23093 Commerce Drive

Farmington Hills, MI



211


1,024



844



295



1,784



2,079



1,295



1994



(l
)23135 Commerce Drive

Farmington Hills, MI



146


701



344



158



1,033



1,191



617



1994



(l
)23163 Commerce Drive

Farmington Hills, MI



111


513



342



138



828



966



520



1994



(l
)23177 Commerce Drive

Farmington Hills, MI



175


1,007



596



254



1,524



1,778



977



1994



(l
)23206 Commerce Drive

Farmington Hills, MI



125


531



349



137



868



1,005



587



1994



(l
)23370 Commerce Drive

Farmington Hills, MI



59


233



174



66



400



466



315



1994



(l
)32450 N Avis Drive

Madison Heights, MI



281


1,590



193



286



1,778



2,064



559



1996



(l
)12707 Eckles Road

Plymouth Township, MI



255


1,445



235



267



1,668



1,935



484



1996



(l
)9300-9328
    Harrison Rd

Romulus, MI



147


834



404



154



1,231



1,385



332



1996



(l
)9330-9358
    Harrison Rd

Romulus, MI



81


456



277



85



729



814



214



1996



(l
)28420-28448
    Highland Rd

Romulus, MI



143


809



172



149



975



1,124



327



1996



(l
)28450-28478
    Highland Rd

Romulus, MI



81


461



258



85



715



800



198



1996



(l
)28421-28449
    Highland Rd

Romulus, MI



109


617



404



114



1,016



1,130



285



1996



(l
)28451-28479
    Highland Rd

Romulus, MI



107


608



322



112



925



1,037



271



1996



(l
)28825-28909
    Highland Rd

Romulus, MI



70


395



314



73



706



779



215



1996



(l
)28933-29017
    Highland Rd

Romulus, MI



112


634



322



117



951



1,068



283



1996



(l
)28824-28908
    Highland Rd

Romulus, MI



134


760



221



140



975



1,115



295



1996



(l
)28932-29016
    Highland Rd

Romulus, MI



123


694



311



128



1,000



1,128



346



1996



(l
)9710-9734
    Harrison Rd

Romulus, MI



125


706



95



130



796



926



239



1996



(l
)9740-9772
    Harrison Rd

Romulus, MI



132


749



235



138



978



1,116



292



1996



(l
)9840-9868
    Harrison Rd

Romulus, MI



144


815



169



151



977



1,128



296



1996



(l
)9800-9824
    Harrison Rd

Romulus, MI



117


664



127



123



785



908



244



1996



(l
)29265-29285
    Airport Dr

Romulus, MI



140


794



214



147



1,001



1,148



302



1996



(l
)29185-29225
    Airport Dr

Romulus, MI



140


792



307



146



1,093



1,239



326



1996



(l
)29149-29165
    Airport Dr

Romulus, MI



216


1,225



379



226



1,594



1,820



547



1996



(l
)29101-29115
    Airport Dr

Romulus, MI



130


738



297



136



1,029



1,165



340



1996



(l
)29031-29045
    Airport Dr

Romulus, MI



124


704



168



130



866



996



261



1996



(l
)29050-29062
    Airport Dr

Romulus, MI



127


718



117



133



829



962



252



1996



(l
)29120-29134
    Airport Dr

Romulus, MI



161


912



245



169



1,149



1,318



335



1996



(l
)29200-29214
    Airport Dr

Romulus, MI



170


963



300



178



1,255



1,433



372



1996



(l
)9301-9339
    Middlebelt Rd

Romulus, MI



124


703



289



130



986



1,116



308



1996



(l
)26980 Trolley Industrial Drive

Taylor, MI



450


2,550



935



463



3,472



3,935



1,061



1997



(l
)32975 Capitol Avenue

Livonia, MI



135


748



332



144



1,071



1,215



338



1998



(l
)2725 S. Industrial Highway

Ann Arbor, MI



660


3,654



408



704



4,018



4,722



1,075



1998



(l
)32920 Capitol Avenue

Livonia, MI



76


422



113



82



529



611



141



1998



(l
)11923 Brookfield Avenue

Livonia, MI



120


665



278



128



935



1,063



259



1998



(l
)11965 Brookfield Avenue

Livonia, MI



120


665



67



128



724



852



192



1998



(l
)13405 Stark Road

Livonia, MI



46


254



136



49



387



436



140



1998



(l
)1170 Chicago Road

Troy, MI



249


1,380



255



266



1,618



1,884



419



1998



(l
)1200 Chicago Road

Troy, MI



268


1,483



274



286



1,739



2,025



446



1998



(l
) S-8




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/08


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings


Provision


Land


Improvements


Total


12/31/08


Constructed


Lives (Years)(Dollars in thousands)450 Robbins Drive

Troy, MI



166


920



260



178



1,168



1,346



299



1998



(l
)1230 Chicago Road

Troy, MI



271


1,498



156



289



1,636



1,925



433



1998



(l
)12886 Westmore Avenue

Livonia, MI



190


1,050



194



202



1,232



1,434



323



1998



(l
)12898 Westmore Avenue

Livonia, MI



190


1,050



235



202



1,273



1,475



365



1998



(l
)33025 Industrial Road

Livonia, MI



80


442



92



85



529



614



132



1998



(l
)47711 Clipper Street

Plymouth Township, MI



539


2,983



265



575



3,212



3,787



852



1998



(l
)32975 Industrial Road

Livonia, MI



160


887



343



171



1,219



1,390



413



1998



(l
)32985 Industrial Road

Livonia, MI



137


761



154



147



905



1,052



245



1998



(l
)32995 Industrial Road

Livonia, MI



160


887



187



171



1,063



1,234



270



1998



(l
)12874 Westmore Avenue

Livonia, MI



137


761



239



147



990



1,137



307



1998



(l
)33067 Industrial Road

Livonia, MI



160


887



314



171



1,190



1,361



346



1998



(l
)1775 Bellingham

Troy, MI



344


1,902



297



367



2,176



2,543



556



1998



(l
)1785 East Maple

Troy, MI



92


507



95



98



596



694



153



1998



(l
)1807 East Maple

Troy, MI



321


1,775



371



342



2,125



2,467



533



1998



(l
)980 Chicago

Troy, MI



206


1,141



176



220



1,303



1,523



330



1998



(l
)1840 Enterprise Drive

Rochester Hills, MI



573


3,170



346



611



3,478



4,089



935



1998



(l
)1885 Enterprise Drive

Rochester Hills, MI



209


1,158



146



223



1,290



1,513



338



1998



(l
)1935-55
    Enterprise Drive

Rochester Hills, MI



1,285


7,144



704



1,371



7,762



9,133



2,088



1998



(l
)5500 Enterprise Court

Warren, MI



675


3,737



646



721



4,337



5,058



1,199



1998



(l
)750 Chicago Road

Troy, MI



323


1,790



483



345



2,251



2,596



571



1998



(l
)800 Chicago Road

Troy, MI



283


1,567



351



302



1,899



2,201



478



1998



(l
)850 Chicago Road

Troy, MI



183


1,016



261



196



1,264



1,460



331



1998



(l
)2805 S. Industrial Highway

Ann Arbor, MI



318


1,762



638



340



2,378



2,718



601



1998



(l
)6833 Center Drive

Sterling Heights, MI



467


2,583



218



493



2,775



3,268



754



1998



(l
)32201 North Avis Drive

Madison Heights, MI



345


1,911



232



349



2,139



2,488



567



1998



(l
)1100 East Mandoline Road

Madison Heights, MI



888


4,915



1,023



897



5,929



6,826



1,522



1998



(l
)30081 Stephenson Highway

Madison Heights, MI



271


1,499



349



274



1,845



2,119



494



1998



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

Lincold Park, MI



366


3,241



1,040



469



4,178



4,647



1,098



1998



(l
)4872 S. Lapeer Road

Lake Orion Twsp, MI



1,342


5,441



2,215



1,412



7,586



8,998



2,928



1999



(l
)1400 Allen Drive

Troy, MI



209


1,154



254



212



1,405



1,617



290



2000



(l
)1408 Allen Drive

Troy, MI



151


834



133



153



965



1,118



188



2000



(l
)1305 Stephenson Hwy

Troy, MI



345


1,907



255



350



2,157



2,507



409



2000



(l
)32505 Industrial Drive

Madison Heights, MI



345


1,910



501



351



2,405



2,756



672



2000



(l
)1799-1813
    Northfield Drive(d)

Rochester Hills, MI



481


2,665



291



490



2,947



3,437



591



2000



(l
)32200 N. Avis

Madison Heights, MI



503


3,367



1,348



503



4,715



5,218



412



2005



(l
)100 Kay Industrial

Orion, MI



677


2,018



404



685



2,414



3,099



650



2005



(l
)1849 West Maple Road

Troy, MI



1,688


2,790



30



1,700



2,808



4,508



435



2005



(l
)42555 Merrill Road

Sterling Heights, MI



1,080


2,300



3,702



1,090



5,992



7,082



746



2006



(l
)28435 Automation Blvd.

Wixom, MI



621


3,804



628



3,797



4,425



456







2004



(l
)2441 N. Opdyke Road

Auburn Hills, MI



530


737



16



538



745



1,283



147



2006



(l
)200 Northpointe Drive

Orion Township, MI



723


2,063



36



734



2,088



2,822



241



2006



(l
)32500 Capitol Avenue

Livonia, MI



258


1,032



324



260



1,354



1,614



99



2005



(l
)32650 Capitol Avenue

Livonia, MI



282


1,128



55



284



1,181



1,465



113



2005



(l
) S-9




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/08


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings


Provision


Land


Improvements


Total


12/31/08


Constructed


Lives (Years)(Dollars in thousands)11800 Sears Drive

Livonia, MI



693


1,507



2,053



703



3,550



4,253



521



2005



(l
)1099 Church Road

Troy, MI



702


1,332



657



1,316



1,375



2,691



400



2005



(l
)Houston2102-2314
    Edwards Street

Houston, TX



348


1,973



1,572



382



3,511



3,893



919



1997



(l
)3351 Rauch St

Houston, TX



272


1,541



203



278



1,738



2,016



470



1997



(l
)3851 Yale St

Houston, TX



413


2,343



601



425



2,932



3,357



913



1997



(l
)3337-3347
    Rauch Street

Houston, TX



227


1,287



215



233



1,496



1,729



403



1997



(l
)8505 N Loop East

Houston, TX



439


2,489



729



449



3,208



3,657



906



1997



(l
)4749-4799
    Eastpark Dr

Houston, TX



594


3,368



1,151



611



4,502



5,113



1,148



1997



(l
)4851 Homestead Road

Houston, TX



491


2,782



867



504



3,636



4,140



994



1997



(l
)3365-3385
    Rauch Street

Houston, TX



284


1,611



390



290



1,995



2,285



518



1997



(l
)5050 Campbell Road

Houston, TX



461


2,610



405



470



3,006



3,476



816



1997



(l
)4300 Pine Timbers

Houston, TX



489


2,769



568



499



3,327



3,826



922



1997



(l
)2500-2530
    Fairway Park Drive

Houston, TX



766


4,342



1,007



792



5,323



6,115



1,337



1997



(l
)6550 Longpointe

Houston, TX



362


2,050



516



370



2,558



2,928



710



1997



(l
)1815 Turning Basin Dr

Houston, TX



487


2,761



584



531



3,301



3,832



896



1997



(l
)1819 Turning Basin Dr

Houston, TX



231


1,308



537



251



1,825



2,076



542



1997



(l
)1805 Turning Basin Drive

Houston, TX



564


3,197



721



616



3,866



4,482



1,051



1997



(l
)9835A Genard Road

Houston, TX



1,505


8,333



3,246



1,581



11,503



13,084



2,373



1999



(l
)9835B Genard Road

Houston, TX



245


1,357



646



256



1,992



2,248



414



1999



(l
)11505 State Highway 225

LaPorte City, TX



940


4,675



615



940



5,290



6,230



672



2005



(l
)South by Southwest

Sugarland , TX



608


3,679



270



617



3,940



4,557



277



2007



(l
)7230-7238
    Wynnwood

Houston, TX



254


764



94



259



853



1,112



120



2007



(l
)7240-7248
    Wynnwood

Houston, TX



271


726



77



276



798



1,074



86



2007



(l
)7250-7260
    Wynnwood

Houston, TX



200


481



35



203



513



716



52



2007



(l
)1500 E. Main

LaPorte City, TX



201


1,328



24



204



1,349



1,553



328



2005



(l
)6400 Long Point

Houston, TX



188


898



1



188



899



1,087



120



2007



(l
)12705 S Kirkwood Ste
    100-150

Houston, TX



154


626



9



155



634



789



67



2007



(l
)12705 S Kirkwood Ste
    200-220

Houston, TX



404


1,698



93



413



1,782



2,195



195



2007



(l
)8850 Jameel

Houston, TX



171


826



65



171



891



1,062



103



2007



(l
)8800 Jameel

Houston, TX



163


798



4



163



802



965



108



2007



(l
)8700 Jameel

Houston, TX



170


1,020



128



170



1,148



1,318



88



2007



(l
)8600 Jameel

Houston, TX



163


818



(23
)


163



795



958



85



2007



(l
)Indianapolis7901 West 21st St.

Indianapolis, IN



1,048


6,027



300



1,048



6,327



7,375



1,833



1997



(l
)1445 Brookville Way

Indianapolis, IN



459


2,603



767



476



3,353



3,829



1,151



1996



(l
)1440 Brookville Way

Indianapolis, IN



665


3,770



1,091



685



4,841



5,526



1,683



1996



(l
)1240 Brookville Way

Indianapolis, IN



247


1,402



310



258



1,701



1,959



549



1996



(l
)1345 Brookville Way

Indianapolis, IN

(p)

586


3,321



865



601



4,171



4,772



1,409



1996



(l
)1350 Brookville Way

Indianapolis, IN



205


1,161



291



212



1,445



1,657



444



1996



(l
)1341 Sadlier Circle E Dr

Indianapolis, IN

(q)

131


743



255



136



993



1,129



372



1996



(l
)1322-1438
    Sadlier Circle E Dr

Indianapolis, IN

(q)

145


822



208



152



1,023



1,175



325



1996



(l
)1327-1441
    Sadlier Circle E Dr

Indianapolis, IN

(q)

218


1,234



394



225



1,621



1,846



528



1996



(l
) S-10




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/08


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings


Provision


Land


Improvements


Total


12/31/08


Constructed


Lives (Years)(Dollars in thousands)1304 Sadlier Circle E Dr

Indianapolis, IN

(q)

71


405



112



75



513



588



173



1996



(l
)1402 Sadlier Circle E Dr

Indianapolis, IN

(q)

165


934



367



171



1,295



1,466



450



1996



(l
)1504 Sadlier Circle E Dr

Indianapolis, IN

(q)

219


1,238



390



226



1,621



1,847



460



1996



(l
)1311 Sadlier Circle E Dr

Indianapolis, IN

(q)

54


304



109



57



410



467



136



1996



(l
)1365 Sadlier Circle E Dr

Indianapolis, IN

(q)

121


688



295



126



978



1,104



318



1996



(l
)1352-1354
    Sadlier Circle E Dr

Indianapolis, IN

(q)

178


1,008



396



184



1,398



1,582



496



1996



(l
)1335 Sadlier Circle E Dr

Indianapolis, IN

(q)

81


460



326



85



782



867



242



1996



(l
)1327 Sadlier Circle E Dr

Indianapolis, IN

(q)

52


295



51



55



343



398



107



1996



(l
)1425 Sadlier Circle E Dr

Indianapolis, IN

(q)

21


117



39



23



154



177



48



1996



(l
)6951 E 30th St

Indianapolis, IN



256


1,449



192



265



1,632



1,897



543



1996



(l
)6701 E 30th St

Indianapolis, IN



78


443



59



82



498



580



154



1996



(l
)6737 E 30th St

Indianapolis, IN



385


2,181



305



398



2,473



2,871



851



1996



(l
)1225 Brookville Way

Indianapolis, IN



60






461



68



453



521



133



1997



(l
)6555 E 30th St

Indianapolis, IN



484


4,760



1,616



484



6,376



6,860



2,101



1996



(l
)8402-8440 E
    33rd St

Indianapolis, IN



222


1,260



561



230



1,813



2,043



550



1996



(l
)8520-8630 E
    33rd St

Indianapolis, IN



326


1,848



649



336



2,487



2,823



776



1996



(l
)8710-8768 E
    33rd St

Indianapolis, IN



175


993



417



187



1,398



1,585



414



1996



(l
)3316-3346 N. Pagosa
    Court

Indianapolis, IN



325


1,842



522



335



2,354



2,689



834



1996



(l
)6751 E 30th St

Indianapolis, IN



728


2,837



356



741



3,180



3,921



917



1997



(l
)8525 E. 33rd Street

Indianapolis, IN



1,300


2,091



586



1,308



2,669



3,977



518



2003



(l
)5705-97 Park
    Plaza Ct

Indianapolis, IN

(r)

600


2,194



421



609



2,606



3,215



483



2003



(l
)9319-9341
    Castlegate Drive

Indianapolis, IN



530


1,235



1,017



544



2,238



2,782



656



2003



(l
)9332-9350
    Castlegate Drive

Indianapolis, IN



420


646



701



429



1,338



1,767



428



2003



(l
)1133 Northwest L Street

Richmond, IN

(s)

201


1,358



68



208



1,419



1,627



450



2006



(l
)1380 Perry Road

Plainfield, IN



781


5,156



136



785



5,288



6,073



735



2005



(l
)9210 East 146th Street

Noblesville, IN



66


684



818



66



1,502



1,568



674



1998



(l
)Helmer Spec BTS

Noblesville, IN



647






3,855



743



3,759



4,502



126



2007



(l
)Inland Empire3411 N Perris Blvd

Riverside, CA



8,125


7,150



99



8,560



6,814



15,374



890



2007



(l
)100 W Sinclair

Riverside, CA



6,042


4,298



1,095



5,617



5,818



11,435



480



2007



(l
)14050 Day Street

Moreno Valley, CA



2,538


2,538



258



2,565



2,768



5,333



111



2008



(l
)12925 Marlay Avenue

Fontana, CA



6,072


7,891



(27
)


6,090



7,846



13,936



329



2008



(l
)Los Angeles350-390
    Manville St.

Compton, CA



2,300


3,768



111



2,313



3,866



6,179



738



2004



(l
)1944 Vista Bella Way

Rancho Dominguez, CA



1,746


3,148



584



1,822



3,656



5,478



539



2005



(l
)2000 Vista Bella Way

Rancho Dominguez, CA



817


1,673



295



853



1,932



2,785



297



2005



(l
)2835 East Ana Street Drive

Rancho Dominguez, CA



1,682


2,750



141



1,772



2,801



4,573



535



2005



(l
)665 N. Baldwin Park Blvd

City of Industry, CA



2,124


5,219



1,517



2,143



6,717



8,860



534



2006



(l
)27801 Avenue Scott

Santa Clarita, CA



2,890


7,020



576



2,902



7,584



10,486



639



2006



(l
)2610 & 2660 Columbia Street

Torrance, CA



3,008


5,826



(15
)


3,031



5,788



8,819



434



2006



(l
)433 Alaska Avenue

Torrance, CA



681


168



5



684



170



854



53



2006



(l
)21730-21748
    Marilla Street

Chatsworth, CA



2,585


3,210



145



2,608



3,332



5,940



287



2007



(l
)8015 Paramount

Pico Riviera, CA



3,616


3,902



61



3,657



3,922



7,579



315



2007



(l
) S-11




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/08


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings


Provision


Land


Improvements


Total


12/31/08


Constructed


Lives (Years)(Dollars in thousands)3365 E. Slauson

Los Angeles, CA



2,367


3,243



40



2,396



3,254



5,650



276



2007



(l
)3015 E Ana & 18744 Reyes

Los Angeles, CA



19,678


9,321



7,361



20,144



16,216



36,360



731



2007



(l
)19067 Reyes Ave

Rancho Dominguez, CA



9,281


3,920



119



9,381



3,939



13,320



353



2007



(l
)1250 Rancho Conejo Blvd

Thousand Oaks, CA



1,435


779



36



1,441



809



2,250



63



2007



(l
)1260 Rancho Conejo Blvd

Thousand Oaks, CA



1,353


722



226



1,359



942



2,301



56



2007



(l
)1270 Rancho Conejo Blvd

Thousand Oaks, CA



1,224


716



21



1,229



732



1,961



66



2007



(l
)1280 Rancho Conejo Blvd

Thousand Oaks, CA



2,043


3,408



40



2,051



3,440



5,491



227



2007



(l
)1290 Rancho Conejo Blvd

Thousand Oaks, CA



1,754


2,949



35



1,761



2,977



4,738



197



2007



(l
)1011 Rancho Conejo

Thousand Oaks, CA



7,717


2,518



46



7,752



2,528



10,280



192



2008



(l
)2300 Corporate Center Drive

Thousand Oaks, CA



6,506


4,885



51



6,541



4,901



11,442



268



2008



(l
)1901 Raymond Ave SW  Berg

Renton, WA

(t)

4,458


2,659



211



4,594



2,734



7,328



78



2008



(l
)19014 64th Ave South

Kent, WA



1,990


3,979



147



2,042



4,075



6,117



103



2008



(l
)18640 68th Ave South

Kent, WA

(u)

1,218


1,950



98



1,258



2,008



3,266



59



2008



(l
)Puget Sound Terminal 7

Seattle, WA



9,139


0



185



9,324







9,324







2008



(l
)19021 S Reyes Ave

Rancho Dominguez, CA



8,183


7,501



553



8,565



7,672



16,237



164



2008



(l
)4020 S. Compton Ave

Los Angeles, CA



3,800


7,330



71



3,825



7,376



11,201



543



2006



(l
)Sante Fe

Compton, CA



6,720






8,969



6,897



8,792



15,689



231



2007



(l
)LouisvillePenske BTS

Louisville, KY



2,074






9,679



2,119



9,634



11,753



413



2007



(l
)Miami4700 NW 15th Ave

Ft.Lauderdale, FL



908


1,883



43



912



1,922



2,834



154



2007



(l
)4710 NW 15th Ave

Ft.Lauderdale, FL



830


2,722



167



834



2,885



3,719



175



2007



(l
)4720 NW 15th Ave

Ft.Lauderdale, FL



937


2,455



23



942



2,473



3,415



206



2007



(l
)4740 NW 15th Ave

Ft.Lauderdale, FL



1,107


3,111



24



1,112



3,130



4,242



212



2007



(l
)4750 NW 15th Ave

Ft.Lauderdale, FL



947


3,079



129



951



3,204



4,155



197



2007



(l
)4800 NW 15th Ave

Ft.Lauderdale, FL



1,092


3,308



347



1,097



3,650



4,747



332



2007



(l
)Smurfit Container

Medley, FL



857


3,428



2,762



864



6,183



7,047



175



2007



(l
)Milwaukee6523 N Sydney Place

Glendale, WI



172


976



352



176



1,324



1,500



421



1995



(l
)5355 South Westridge Drive

New Berlin, WI



1,630


7,058



46



1,646



7,088



8,734



976



2004



(l
)320-34 W. Vogel

Milwaukee, WI



506


3,199



40



508



3,237



3,745



735



2005



(l
)4950 S. 6th Avenue

Milwaukee, WI



299


1,565



99



301



1,662



1,963



485



2005



(l
)1711 Paramount Court

Waukesha, WI



308


1,762



41



311



1,800



2,111



231



2005



(l
)W 140 N9059 Lilly Road

Iomonee Falls, WI



343


1,153



248



366



1,378



1,744



291



2005



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

Milwaukee, WI



301


2,150







302



2,149



2,451



425



2005



(l
)16600 West Glendale Avenue

New Berlin, WI



704


1,923



442



715



2,354



3,069



490



2006



(l
)4921 S. 2nd Street

Milwaukee, WI



101


713



3



101



716



817



143



2005



(l
)1500 Peebles Drive

Richland Center, WI



1,577


1,018



(211
)


1,603



781



2,384



488



2005



(l
)2905 S 160th Street

New Berlin, WI



261


672



108



265



776



1,041



87



2007



(l
)2855 S 160th Street

New Berlin, WI



221


628



102



225



726



951



82



2007



(l
)2485 Commerce Drive

New Berlin, WI



483


1,516



175



491



1,683



2,174



150



2007



(l
)14518 Whittaker Way

New Berlin, WI



437


1,082



83



445



1,157



1,602



146



2007



(l
) S-12




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/08


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings


Provision


Land


Improvements


Total


12/31/08


Constructed


Lives (Years)(Dollars in thousands)Minneapolis/St. Paul6201 West 111th Street

Bloomington, MN

(v)

1,358


8,622



4,719



1,499



13,200



14,699



7,340



1994



(l
)7251-7267
    Washington Avenue

Edina, MN



129


382



692



182



1,021



1,203



793



1994



(l
)7301-7325
    Washington Avenue

Edina, MN



174


391



(74
)


193



298



491



53



1994



(l
)7101 Winnetka Avenue North

Brooklyn Park, MN



2,195


6,084



4,078



2,228



10,129



12,357



5,714



1994



(l
)9901 West 74th Street

Eden Prairie, MN



621


3,289



3,268



639



6,539



7,178



4,029



1994



(l
)1030 Lone Oak Road

Eagan, MN



456


2,703



617



456



3,320



3,776



1,152



1994



(l
)1060 Lone Oak Road

Eagan, MN



624


3,700



621



624



4,321



4,945



1,588



1994



(l
)5400 Nathan Lane

Plymouth, MN



749


4,461



923



757



5,376



6,133



1,795



1994



(l
)10120 W 76th Street

Eden Prairie, MN



315


1,804



438



315



2,242



2,557



707



1995



(l
)12155 Nicollet Ave

Burnsville, MN



286






1,731



288



1,729



2,017



573



1995



(l
)4100 Peavey Road

Chaska, MN



277


2,261



844



277



3,105



3,382



969



1996



(l
)5205 Highway 169

Plymouth, MN



446


2,525



988



740



3,219



3,959



967



1996



(l
)7100-7198
    Shady Oak Road

Eden Prairie, MN



715


4,054



1,153



736



5,186



5,922



1,478



1996



(l
)7500-7546
    Washington Square

Eden Prairie, MN



229


1,300



741



235



2,035



2,270



535



1996



(l
)7550-7558
    Washington Square

Eden Prairie, MN



153


867



178



157



1,041



1,198



296



1996



(l
)5240-5300
    Valley Industrial Blvd S

Shakopee, MN



362


2,049



1,022



371



3,062



3,433



1,108



1996



(l
)7102 Winnetka Ave. North

Brooklyn Park, MN



1,275






6,849



1,343



6,781



8,124



325



2007



(l
)1157 Valley Park Drive

Shakopee, MN



760






6,362



888



6,234



7,122



1,428



1999



(l
)500-530
    Kasota Avenue SE

Minneapolis, MN



415


2,354



844



434



3,179



3,613



944



1998



(l
)2530-2570
    Kasota Avenue

St. Paul, MN



407


2,308



972



467



3,220



3,687



848



1998



(l
)9600 West 76th Street

Eden Prairie, MN



1,000


2,450



44



1,034



2,460



3,494



367



2004



(l
)9700 West 76th Street

Eden Prairie, MN



1,000


2,709



138



1,038



2,809



3,847



390



2004



(l
)5017 Boone Avenue North

New Hope, MN

(w)

1,000


1,599



58



1,009



1,648



2,657



550



2005



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

Burnsville, MN



2,517


6,069



(416
)


2,524



5,646



8,170



1,605



2005



(l
)1087 Park Place

Shakopee, MN



1,195


4,891



15



1,198



4,903



6,101



896



2005



(l
)5391 12th Avenue SE

Shakopee, MN



1,392


8,149



(18
)


1,395



8,128



9,523



1,082



2005



(l
)4701 Valley Industrial Boulevard

Shakopee, MN



1,296


7,157



(81
)


1,299



7,073



8,372



1,255



2005



(l
)Park 2000 III

Shakopee, MN



590






5,721



590



5,721



6,311



1,075



1998



(l
)7600 69th Avenue

Greenfield, MN



1,500


8,328



1,808



1,510



10,126



11,636



1,676



2004



(l
)316 Lake Hazeltine Drive

Chaska, MN



714


944



166



729



1,095



1,824



304



2006



(l
)1225 Highway 169 North

Plymouth, MN



1,190


1,979



60



1,207



2,022



3,229



344



2006



(l
)139 Eva Street

St. Paul, MN



2,132


3,105



90



2,175



3,152



5,327



50



2008



(l
)9200 10th Ave

Golden Valley, MN



892


2,306



126



902



2,422



3,324



312



2007



(l
)Nashville3099 Barry Drive

Portland, TN



418


2,368



164



421



2,529



2,950



756



1996



(l
)3150 Barry Drive

Portland, TN



941


5,333



5,946



981



11,239



12,220



1,802



1996



(l
)5599 Highway 31 West

Portland, TN



564


3,196



166



571



3,355



3,926



1,006



1996



(l
)1650 Elm Hill Pike

Nashville, TN



329


1,867



330



332



2,194



2,526



643



1997



(l
)1931 Air Lane Drive

Nashville, TN



489


2,785



288



493



3,069



3,562



847



1997



(l
)4640 Cummings Park

Nashville, TN



360


2,040



306



365



2,341



2,706



513



1999



(l
)1740 River Hills Drive

Nashville, TN



848


4,383



1,052



888



5,395



6,283



1,370



2005



(l
)Royal Park Business Center  211 Ellery Ct

Nashville, TN



606


3,192



524



616



3,706



4,322



358



2007



(l
) S-13




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/08


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings


Provision


Land


Improvements


Total


12/31/08


Constructed


Lives (Years)(Dollars in thousands)600 Greene Drive

Greenville, KY



294


8,570



3



296



8,571



8,867



784



2008



(l
)Northern New Jersey14 Worlds Fair Drive

Franklin, NJ



483


2,735



643



503



3,358



3,861



1,046



1997



(l
)12 Worlds Fair Drive

Franklin, NJ



572


3,240



530



593



3,749



4,342



1,145



1997



(l
)22 Worlds Fair Drive

Franklin, NJ



364


2,064



656



375



2,709



3,084



756



1997



(l
)26 Worlds Fair Drive

Franklin, NJ



361


2,048



376



377



2,408



2,785



713



1997



(l
)24 Worlds Fair Drive

Franklin, NJ



347


1,968



523



362



2,476



2,838



761



1997



(l
)20 Worlds Fair Drive Lot 13

Sumerset, NJ



9






2,543



691



1,861



2,552



396



1999



(l
)45 Route 46

Pine Brook, NJ



969


5,491



967



978



6,449



7,427



1,424



2000



(l
)43 Route 46

Pine Brook, NJ



474


2,686



431



479



3,112



3,591



667



2000



(l
)39 Route 46

Pine Brook, NJ



260


1,471



198



262



1,667



1,929



342



2000



(l
)26 Chapin Road

Pine Brook, NJ



956


5,415



697



965



6,103



7,068



1,311



2000



(l
)30 Chapin Road

Pine Brook, NJ



960


5,440



758



969



6,189



7,158



1,437



2000



(l
)20 Hook Mountain Road

Pine Brook, NJ



1,507


8,542



2,868



1,534



11,383



12,917



2,199



2000



(l
)30 Hook Mountain Road

Pine Brook, NJ



389


2,206



322



396



2,521



2,917



545



2000



(l
)55 Route 46

Pine Brook, NJ



396


2,244



196



403



2,433



2,836



537



2000



(l
)16 Chapin Road

Pine Brook, NJ



885


5,015



508



901



5,507



6,408



1,168



2000



(l
)20 Chapin Road

Pine Brook, NJ



1,134


6,426



525



1,154



6,931



8,085



1,502



2000



(l
)Sayreville Lot 3

Sayreville, NJ



996






5,332



996



5,332



6,328



603



2003



(l
)Sayreville Lot 4

Sayreville, NJ



944






4,752



944



4,752



5,696



887



2002



(l
)309-319
    Pierce Street

Somerset, NJ



1,300


4,628



1,069



1,309



5,688



6,997



903



2004



(l
)Philadelphia3240 S.78th Street

Philadelphia, PA



515


1,245



71



540



1,291



1,831



197



2005



(l
)2455 Boulevard of the Generals

Norristown, PA



1200


4,800



878



1,226



5,652



6,878



256



2008



(l
)Southpoint II

Carlisle, PA



1,500






12,370



2,341



11,529



13,870



427



2007



(l
)Covington Land-E-2

Harrisburg, PA



7,022






57,338



7,023



57,337



64,360



455



2008



(l
)225 Cross Farm Lane

York, PA



4,718






23,553



4,715



23,556



28,271



742



2007



(l
)Phoenix1045 South Edward Drive

Tempe, AZ



390


2,160



200



396



2,354



2,750



559



1999



(l
)46 N. 49th Ave

Phoenix, AZ



283


1,704



800



283



2,504



2,787



545



2002



(l
)50 South 56th Street

Chandler, AZ



1,206


3,218



79



1,207



3,296



4,503



471



2004



(l
)4701 W. Jefferson

Phoenix, AZ



926


2,195



628



929



2,820



3,749



708



2005



(l
)7102 W. Roosevelt

Phoenix, AZ



1,613


6,451



987



1,620



7,431



9,051



823



2006



(l
)4137 West Adams Street

Phoenix, AZ



990


2,661



146



1,033



2,764



3,797



267



2006



(l
)245 W Lodge

Tempe, AZ



898


3,066



68



914



3,118



4,032



203



2007



(l
)1590 E Riverview

Phoenix, AZ



1293


5,950



69



1,292



6,020



7,312



196



2008



(l
)Mack Arrowhead  Bldg A

Phoenix, AZ



2563


9,388



641



2,563



10,029



12,592



324



2008



(l
)Mack Arrowhead  Bldg B

Phoenix, AZ



2709


10,970



160



2,709



11,130



13,839



324



2008



(l
)3815 W Washington  Beltman

Phoenix, AZ

(x)

1675


4,514



199



1,772



4,616



6,388



85



2008



(l
)9102 W. Buckeye Rd (690 91st ave)

Tolleson, AZ



1904


6,805



622



1,923



7,408



9,331



229



2008



(l
)Salt Lake City512 Lawndale Drive(i)

Salt Lake City, UT



2,705


15,749



2,720



2,705



18,469



21,174



5,404



1997



(l
) S-14




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/08


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings


Provision


Land


Improvements


Total


12/31/08


Constructed


Lives (Years)(Dollars in thousands)1270 West 2320 South

West Valley, UT



138


784



184



143



963



1,106



290



1998



(l
)1275 West 2240 South

West Valley, UT



395


2,241



474



408



2,702



3,110



859



1998



(l
)1288 West 2240 South

West Valley, UT



119


672



160



123



828



951



266



1998



(l
)2235 South 1300 West

West Valley, UT



198


1,120



258



204



1,372



1,576



478



1998



(l
)1293 West 2200 South

West Valley, UT



158


896



118



163



1,009



1,172



287



1998



(l
)1279 West 2200 South

West Valley, UT



198


1,120



95



204



1,209



1,413



319



1998



(l
)1272 West 2240 South

West Valley, UT



336


1,905



240



347



2,134



2,481



553



1998



(l
)1149 West 2240 South

West Valley, UT



217


1,232



100



225



1,324



1,549



368



1998



(l
)1142 West 2320 South

West Valley, UT



217


1,232



77



225



1,301



1,526



363



1998



(l
)Metro Business Park

West Valley, UT



2067


0



2,519



1,083



3,503



4,586



772



2000



(l
)1815-1957
    South 4650 West

Salt Lake City, UT



1,707


10,873



162



1,713



11,029



12,742



910



2006



(l
)2100 Alexander Street

West Valley, UT



376


1,670







376



1,670



2,046



104



2007



(l
)2064 Alexander Street

West Valley, UT



864


2,771



34



869



2,800



3,669



177



2007



(l
)Bard Access System -5425 Amelia Earhart

Salt Lake City, UT



615


2,461



43



628



2,491



3,119



99



2007



(l
)San Diego16275 Technology Drive

San Diego, CA



2,848


8,641



42



2,859



8,672



11,531



1,044



2005



(l
)6305 El Camino Real

Carlsbad, CA



1,590


6,360



7,496



1,590



13,856



15,446



745



2006



(l
)8572 Spectrum Lane

San Diego, CA



806


3,225



429



807



3,653



4,460



206



2007



(l
)13100 Gregg St

Poway, CA



1,040


4,160



474



1,073



4,601



5,674



322



2007



(l
)2325 Camino Vida Roble

Carlsbad, CA



1,441


1,239



453



1,446



1,687



3,133



161



2006



(l
)2335 Camino Vida Roble

Carlsbad, CA



817


762



111



821



869



1,690



131



2006



(l
)2345 Camino Vida Roble

Carlsbad, CA



562


456



28



565



481



1,046



77



2006



(l
)2355 Camino Vida Roble

Carlsbad, CA



481


365



59



483



422



905



74



2006



(l
)2365 Camino Vida Roble

Carlsbad, CA



1,098


630



(16
)


1,102



610



1,712



93



2006



(l
)2375 Camino Vida Roble

Carlsbad, CA



1,210


874



154



1,214



1,024



2,238



160



2006



(l
)6451 El Camino Real

Carlsbad, CA



2,885


1,931



254



2,895



2,175



5,070



274



2006



(l
)Southern New Jersey8 Springdale Road

Cherry Hill, NJ



258


1,436



834



258



2,270



2,528



639



1998



(l
)111 Whittendale Drive

Morrestown, NJ



522


2,916



136



522



3,052



3,574



725



2000



(l
)9 Whittendale

Morrestown, NJ



337


1,911



108



343



2,013



2,356



395



2001



(l
)7851 Airport

Pennsauken, NJ



160


508



383



163



888



1,051



263



2003



(l
)103 Central

Mt. Laurel, NJ



610


1,847



1,215



619



3,053



3,672



725



2003



(l
)7890 Airport Hwy/7015 Central

Pennsauken, NJ



300


989



735



425



1,599



2,024



614



2006



(l
)999 Grand Avenue

Hammonton, NJ

(y)

969


8,793



1,561



979



10,344



11,323



2,150



2005



(l
)600 Creek Road

Delanco, NJ



2,125


6,504



(12
)


2,127



6,490



8,617



830



2007



(l
)1070 Thomas Busch Memorial Hwy

Pennsauken, NJ



1,054


2,278



185



1,084



2,433



3,517



353



2007



(l
)1601 Schlumberger Drive

Moorestown, NJ



560


2,240



745



608



2,937



3,545



185



2007



(l
)St. Louis10431-10449
    Midwest Industrial Blvd

Olivette, MO



237


1,360



427



237



1,787



2,024



616



1994



(l
)10751 Midwest Industrial Boulevard

Olivette, MO



193


1,119



452



194



1,570



1,764



676



1994



(l
)6951 N Hanley(d)

Hazelwood, MO



405


2,295



1,322



419



3,603



4,022



1,022



1996



(l
)1037 Warson  Bldg A

St. Louis, MO



246


1,359



694



251



2,048



2,299



357



2002



(l
) S-15




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/08


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings


Provision


Land


Improvements


Total


12/31/08


Constructed


Lives (Years)(Dollars in thousands)1037 Warson  Bldg B

St. Louis, MO



380


2,103



1,895



388



3,990



4,378



640



2002



(l
)1037 Warson  Bldg C

St. Louis, MO



303


1,680



1,211



310



2,884



3,194



506



2002



(l
)1037 Warson  Bldg D

St. Louis, MO



353


1,952



957



360



2,902



3,262



487



2002



(l
)6821-6857
    Hazelwood Ave

Berkeley, MO



985


6,205



913



985



7,118



8,103



1,297



2003



(l
)13701 Rider Trail North

Earth City, MO



800


2,099



729



804



2,824



3,628



663



2003



(l
)1908-2000
    Innerbelt(d)

Overland, MO



1,590


9,026



981



1,591



10,006



11,597



2,242



2004



(l
)9060 Latty Avenue

Berkeley, MO



687


1,947



138



694



2,078



2,772



771



2006



(l
)21-25
    Gateway Commerce Center

Edwardsville, IL

(z)

1,874


31,958



1,343



1,928



33,247



35,175



2,270



2006



(l
)6647 Romiss Court

St. Louis, MO



230


681



72



241



742



983



48



2008



(l
)Cenveno Building  601 Cannonball

OFallon, MO



584


2,336



674



595



2,999



3,594



108



2007



(l
)Pure Fishing BTS

Kansas City, MO



4,152






13,592



4,172



13,572



17,744



75



2008



(l
)Tampa5313 Johns Road

Tampa, FL



204


1,159



217



257



1,323



1,580



386



1997



(l
)5525 Johns Road

Tampa, FL



192


1,086



341



200



1,419



1,619



405



1997



(l
)5709 Johns Road

Tampa, FL



192


1,086



165



200



1,243



1,443



335



1997



(l
)5711 Johns Road

Tampa, FL



243


1,376



175



255



1,539



1,794



427



1997



(l
)5453 W Waters Avenue

Tampa, FL



71


402



135



82



526



608



147



1997



(l
)5455 W Waters Avenue

Tampa, FL



307


1,742



417



326



2,140



2,466



599



1997



(l
)5553 W Waters Avenue

Tampa, FL



307


1,742



476



326



2,199



2,525



593



1997



(l
)5501 W Waters Avenue

Tampa, FL



215


871



399



242



1,243



1,485



321



1997



(l
)5503 W Waters Avenue

Tampa, FL



98


402



162



110



552



662



136



1997



(l
)5555 W Waters Avenue

Tampa, FL



213


1,206



185



221



1,383



1,604



376



1997



(l
)5557 W Waters Avenue

Tampa, FL



59


335



35



62



367



429



101



1997



(l
)5461 W Waters

Tampa, FL



261






1,434



265



1,430



1,695



366



1998



(l
)5481 W. Waters Avenue

Tampa, FL



558






2,302



561



2,299



2,860



546



1999



(l
)4515-4519
    George Road

Tampa, FL



633


3,587



674



640



4,254



4,894



872



2001



(l
)6089 Johns Road

Tampa, FL

(aa)

180


987



88



186



1,069



1,255



201



2004



(l
)6091 Johns Road

Tampa, FL

(aa)

140


730



113



144



839



983



133



2004



(l
)6103 Johns Road

Tampa, FL

(aa)

220


1,160



95



226



1,249



1,475



214



2004



(l
)6201 Johns Road

Tampa, FL

(aa)

200


1,107



115



205



1,217



1,422



237



2004



(l
)6203 Johns Road

Tampa, FL

(aa)

300


1,460



114



311



1,563



1,874



348



2004



(l
)6205 Johns Road

Tampa, FL

(aa)

270


1,363



52



278



1,407



1,685



168



2004



(l
)6101 Johns Road

Tampa, FL



210


833



195



216



1,022



1,238



221



2004



(l
)4908 Tampa West Blvd

Tampa, FL



2,622


8,643



36



2,635



8,666



11,301



1,575



2005



(l
)11701 Belcher Road South

Largo, FL



1,657


2,768



637



1,669



3,393



5,062



436



2006



(l
)4900-4914
    Creekside Drive(h)

Clearwater, FL



3,702


7,338



537



3,730



7,847



11,577



1,077



2006



(l
)12345 Starkey Road

Largo, FL



898


2,078



410



905



2,481



3,386



295



2006



(l
)Toronto114 Packham Rd  Brooks Industries

Stratford, Ontario



1,000


3,526



(170
)


1,012



3,344



4,356



734



2007



(l
)Cambridge Ontario,135 Dundas Street

Canada



3,128


4,958



138



3,179



5,045



8,224



1,917



2005



(l
)Stratford Ontario,678 Erie Street

Canada



786


557



(236
)


829



278



1,107



201



2005



(l
) S-16




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/08


AccumulatedLocation

(a)

Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances

Land

Buildings


Provision


Land


Improvements


Total


12/31/08


Constructed


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

Ajax Ontario, Canada



7,224


13,156



(585
)(ab)


7,039



12,756



19,795



1,541



2008



(l
)Other3501 Maple Street

Abilene, TX



67


1,057



1,473



266



2,331



2,597



1,178



1994



(l
)4200 West Harry Street(e)

Wichita, KS



193


2,224



1,777



532



3,662



4,194



2,285



1994



(l
)5050 Kendrick Court

Grand Rapids, MI



1,721


11,433



7,571



1,721



19,004



20,725



6,546



1994



(l
)5015 52nd Street SE

Grand Rapids, MI



234


1,321



97



234



1,418



1,652



538



1994



(l
)Lake Point IV

Orlando, FL



909


4,613



208



920



4,810



5,730



695



2005



(l
)6266 Hurt Road

Horn Lake, MS



427






3,756



427



3,756



4,183



584



2004



(l
)6266 Hurt Road Building B

Horn Lake, MS










868



99



769



868



136



2004



(l
)12626 Silicon Drive

San Antonio, TX



768


3,448



22



779



3,459



4,238



611



2005



(l
)3100 Pinson Valley Parkway

Birmingham, AL



303


742



21



310



756



1,066



123



2005



(l
)1021 W. First Street, Hwy 93

Sumner, IA



99


2,540



20



100



2,559



2,659



528



2005



(l
)1245 N. Hearne Avenue

Shreveport, LA



99


1,263



33



102



1,293



1,395



248



2005



(l
)10330 I Street

Omaha, NE



1,808


8,340



15



1,809



8,354



10,163



1,783



2006



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





149,502


270



37,107
(ab)


147,583



39,296



186,879



719Total





$680,544

$
1,714,090


$
584,846


$
691,882
(k)

$
2,287,597
(k)

$
2,979,479


$
457,059
(k)   S-17




---



##### 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 SFAS 141.(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*


2008*Land

$
7,170


$
684,712


$
691,882Buildings & Improvements


13,556



2,274,041



2,287,597Accumulated Depreciation


(1,757
)


(455,302
)


(457,059
)Subtotal


18,969



2,503,451



2,522,420Construction in Progress


406



55,777



56,183Net Investment in Real Estate


19,375



2,559,228



2,578,603Leasing Commissions, Net, Deferred Leasing Intangibles, Net and
    Deferred Rent Receivable, Net


1,742Balance Sheet at December 31, 2008

$
21,117 *
    
    Amounts exclude $79,483 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)
    
    This property collateralizes a $2.5 million mortgage loan
    which matures on May 1, 2016.(n)
    
    This property collateralizes a $14.1 million mortgage loan
    which matures on December 1, 2010.(o)
    
    This property collateralizes a $4.9 million mortgage loan
    which matures on December 1, 2019.(p)
    
    This property collateralizes a $1.2 million mortgage loan
    which matures on January 1, 2013.(q)
    
    These properties collateralize a $0.5 million mortgage loan
    which matures on September 1, 2009.(r)
    
    This property collateralizes a $2.3 million mortgage loan
    which matures on January 1, 2012.(s)
    
    This property collateralizes a $1.5 million mortgage loan
    which matures on June 1, 2014.(t)
    
    This property collateralizes a $2.4 million mortgage loan
    which matures on July 1, 2018.(u)
    
    This property collateralizes a $1.0 million mortgage loan
    which matures on July 1, 2018.(v)
    
    This property collateralizes a $4.8 million mortgage loan
    which matures on December 1, 2019.(w)
    
    This property collateralizes a $1.7 million mortgage loan
    which matures on September 30, 2024.(x)
    
    This property collateralizes a $4.3 million mortgage loan
    which matures on June 1, 2018.(y)
    
    This property collateralizes a $6.0 million mortgage loan
    which matures on March 1, 2011.(z)
    
    This property collateralizes a $13.5 million mortgage loan
    and a $11.5 million mortgage loan which both mature on
    January 1, 2014.  (aa)
    
    These properties collateralize a $5.2 million mortgage loan
    which matures on July 1, 2009.(ab)
    
    Includes foreign currency translation adjustments. S-18




---



##### Table of Contents



2008


2007


2006(Dollars in thousands)Balance, Beginning of Year

$
2,952,499


$
2,938,242


$
2,914,916Acquisition of Real Estate Assets


279,542



405,633



511,479Construction Costs and Improvements


176,506



220,571



199,550Disposition of Real Estate Assets


(340,802
)


(590,271
)


(672,099
)Write-off of Fully Depreciated Assets


(32,083
)


(21,676
)


(15,604
)Balance, End of Year

$
3,035,662


$
2,952,499


$
2,938,242     2008


2007


2006Balance, Beginning of Year

$
439,312


$
410,962


$
357,228Depreciation for Year


101,541



105,758



107,352Disposition of Assets


(51,711
)


(55,732
)


(38,014
)Write-off of Fully Depreciated Assets


(32,083
)


(21,676
)


(15,604
)Balance, End of Year

$
457,059


$
439,312


$
410,962  S-19




---



##### Table of Contents



SIGNATURES    FIRST INDUSTRIAL, L.P.
   By:
    FIRST INDUSTRIAL REALTY TRUST, INC.
    as general partner   By:
    /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 2, 2009/s/  Bruce
    W. DuncanBruce
    W. Duncan

President, Chief Executive Officer and
    Director

March 2, 2009John
    Brenninkmeijer

Director

March 2, 2009/s/  Michael
    G. DamoneMichael
    G. Damone

Director of Strategic Planning and
    Director

March 2, 2009Kevin
    W. Lynch

Director

March 2, 2009/s/  John
    E. RauJohn
    E. Rau

Director

March 2, 2009/s/  Jay
    H. ShidlerJay
    H. Shidler

Director

March 2, 2009 S-20




---



##### Table of Contents



Signature

Title

Date/s/  Robert
    J. SlaterRobert
    J. Slater

Director

March 2, 2009/s/  J.
    Steven WilsonJ.
    Steven Wilson

Director

March 2, 2009  S-21