##### 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,
    2010oro

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

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

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

Accelerated filer
    þ

Non-accelerated filer
    o

Smaller reporting company
    o(Do not check if a smaller reporting company)   Rule 12b-2 o þ




---



##### 





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

Business


4Item 1A.

Risk Factors


10Item 1B.

Unresolved SEC Comments


18Item 2.

Properties


18Item 3.

Legal Proceedings


22PART II.Item 4.

Reserved


22Item 5.

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


22Item 6.

Selected Financial Data


23Item 7.

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


24Item 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


43Signatures


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




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lease-up higher-than-expected
 3




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PART I  THE
    COMPANY
  Item 1.
    Business  General
           4




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Form 10-K. Form 10-K, Form 10-Q, Form 8-K
  
  Business
    Objectives and Growth Plans
    
    Internal Growth.  We seek to grow internally by
    (i) increasing revenues by renewing or re-leasing spaces
    subject to expiring leases at higher rental levels;
    (ii) increasing occupancy levels at properties where
    vacancies exist and maintaining occupancy elsewhere;
    (iii) controlling and minimizing property operating and
    general and administrative expenses; and (iv) renovating
    existing properties.
    External Growth.  We seek to grow externally
    through (i) additional joint venture investments;
    (ii) the development of industrial properties;
    (iii) the acquisition of portfolios of industrial
    properties, industrial property businesses or individual
    properties which meet our investment parameters and target
    markets; and (iv) the expansion of our properties.   5




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##### Table of Contents



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 improving industrial demand
    expectations; (ii) a history of industry diversity and
    outlook for economic growth; and (iii) sufficient size to
    provide opportunity for ample transaction volume.
    Leasingand Marketing Strategy.  We have
    an operational management strategy designed to enhance tenant
    satisfaction and portfolio performance. We pursue an active
    leasing strategy, which includes broadly marketing available
    space, seeking to renew existing leases at higher rents per
    square foot and seeking leases which provide for the
    pass-through of property-related expenses to the tenant. We also
    have local and national marketing programs which focus on the
    business and real estate brokerage communities and national
    tenants.
    Acquisition/Development Strategy.  Our
    acquisition/development strategy is to invest in properties and
    other assets with higher yield potential in the top industrial
    real estate markets in the United States and select industrial
    real estate markets in Canada.
    Financing Strategy.  To finance acquisitions,
    developments and debt maturities, as market conditions permit,
    we utilize a portion of proceeds from property sales, proceeds
    from mortgage financings, line of credit borrowings under our
    unsecured credit facility, consisting of a $200.0 million
    term loan and a $200.0 million revolving line of credit
    (the Unsecured Credit Facility), and proceeds from
    the issuance, when and as warranted, of additional equity
    securities. We also continually evaluate joint venture
    arrangements as another source of capital. As of
    February 23, 2011, we had approximately $12.3 million
    available for additional borrowings under our Unsecured Credit
    Facility.
    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. In conjunction with the amendment of our Unsecured
    Credit Facility, management identified a pool of real estate
    assets (the Non-Strategic Assets) that it intends to
    market and sell. At December 31, 2010, the Non-Strategic
    Assets consisted of 175 industrial properties comprising
    approximately 15.0 million square feet of GLA and land
    parcels comprising approximately 635 gross acres, of which
    174 industrial properties comprising 14.7 million square
    feet of GLA and all of the land parcels were classified as held
    for sale.
    Liquidity Strategy.  We plan to enhance our
    liquidity through a combination of capital retention, mortgage
    and equity financings, asset sales and certain debt repayments:  
    Capital Retention  We plan to retain capital
    by maintaining a distribution policy that makes per unit
    distributions equivalent to the per share distributions the
    Company is required to make to meet its minimum distribution
    requirements as a REIT. The Operating Partnership did not make
    distributions in 2010 and may not make distributions in 2011
    depending on the Companys taxable income. If, to maintain
    its REIT status, the Company is required to pay common stock
    dividends with respect to 2011, the Company may elect to do so
    by distributing a combination of cash and common shares and the
    Operating Partnership would make corresponding distributions in
    cash and common units.
    Mortgage Financing  During the year ended
    December 31, 2010, we originated $82.5 million in
    mortgage financings with maturities ranging from February 2015
    to October 2020 and interest rates ranging from 5.00% to 7.40%
    (see Note 7 to the Consolidated Financial Statements). We
    believe 6




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these mortgage financings comply with all covenants contained in
    our Unsecured Credit Facility and the indentures governing our
    senior unsecured notes, including coverage ratios and total
    indebtedness, total unsecured indebtedness and total secured
    indebtedness limitations. We continue to engage various lenders
    regarding the origination of additional mortgage financings and
    the terms and conditions thereof. To the extent additional
    mortgage financing is originated, we expect to use proceeds
    received to pay down our other debt. No assurances can be made
    that additional mortgage financing will be obtained.  
    Equity Financing  During the year ended
    December 31, 2010, the Company issued 875,402 shares
    of its common stock, generating $6.0 million in net
    proceeds, under the direct stock purchase component of the
    Companys Dividend Reinvestment and Direct Stock Purchase
    Plan (DRIP). Additionally, the Company issued
    5,469,767 shares of its common stock, generating
    $43.9 million in net proceeds, under the Companys
    at-the-market
    equity offering program (ATM) (see Note 8 to
    the Consolidated Financial Statements). These proceeds were
    contributed to us in exchange for an equivalent number of Units
    and are reflected in our financial statements as a general
    partner contribution. On December 31, 2010, the Company
    concluded the ATM as a result of the expiration of the
    distribution agreements with the sales agents. The Company may
    opportunistically access the equity markets again, subject to
    contractual restrictions, including through a new ATM, and may
    continue to issue shares under the direct stock purchase
    component of the DRIP. To the extent additional equity offerings
    occur, we expect at least a portion of the proceeds received
    will be used to reduce our indebtedness. No assurances can be
    made that additional equity offerings will occur on favorable
    terms or at all.
    Asset Sales  During the year ended
    December 31, 2010, we sold 10 industrial properties and
    several land parcels for gross proceeds of $66.8 million
    (see Note 4 to the Consolidated Financial Statements). We
    are in various stages of discussions with third parties for the
    sale of additional properties and plan to continue to
    selectively market other properties for sale throughout 2011. At
    December 31, 2010, Non-Strategic Assets include 175
    industrial properties comprising approximately 15.0 million
    square feet of GLA and land parcels comprising approximately
    635 gross acres which are classified as held for sale
    (except one industrial property comprising approximately
    0.3 million square feet of GLA). We expect to use at least
    a portion of sales proceeds to reduce our indebtedness. If we
    are unable to sell properties on an advantageous basis, this may
    impair our liquidity and our ability to meet our financial
    covenants.
    Debt Reduction  During the year ended
    December 31, 2010, we paid off $264.8 million of our
    senior unsecured notes, we paid off and retired two secured
    mortgages maturing in September 2024 and December 2010 in the
    aggregate amount of $14.6 million and we made net
    repayments of $79.1 million on our Unsecured Credit
    Facility (see Note 7 to the Consolidated Financial
    Statements). We may from time to time repay additional amounts
    of our outstanding debt. Any repayments would depend upon
    prevailing market conditions, our liquidity requirements,
    contractual restrictions and other factors we consider
    important. Future repayments may materially impact our
    liquidity, future tax liability and results of operations.    Recent
    Developments
     7




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Amended

AmendedAgreement

Agreementthrough

beginningPrevious

September 30,

October 1,Agreement

2011

2011Fixed Charge Coverage Ratio


31.50



31.20



31.20Consolidated Leverage Ratio


£60.0
%


£65.0
%


£60.0
%Ratio of Value of Unencumbered Assets to Outstanding
    Consolidated Senior Unsecured Debt


31.60



31.30



31.60Value of Unencumbered Assets


n/a



3$1.3
    billion



3$1.3
    billionProperty Operating Income Ratio on Unencumbered Assets


n/a



31.30



31.45Indebtedness Subject to Encumbrance


n/a



£40.0
%


£40.0
%Total Unencumbered Assets to Unsecured Indebtedness


n/a



3150.0
%


3150.0
%        8




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Future
    Property Acquisitions, Developments and Property Sales
      and/or
  INDUSTRY
  and/or construction-on-demand
     9




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Item 1A.
    Risk
    Factors  Risk
    Factors
    Disruptions
    in the financial markets could affect our ability to obtain
    financing and may negatively impact our liquidity, financial
    condition and operating results.
      Real
    estate investments value fluctuates depending on
    conditions in the general economy and the real estate business.
    These conditions may limit the Consolidated Operating
    Partnerships revenues and available cash.
    
    general economic conditions;
    local, regional, national and international economic conditions
    and other events and occurrences that affect the markets in
    which we own properties;
    local conditions such as oversupply or a reduction in demand in
    an area;
    the attractiveness of the properties to tenants;
    tenant defaults;
    zoning or other regulatory restrictions;
    competition from other available real estate;
    our ability to provide adequate maintenance and
    insurance; and
    increased operating costs, including insurance premiums and real
    estate taxes. 10




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Many
    real estate costs are fixed, even if income from properties
    decreases.
    The
    Consolidated Operating Partnership may be unable to sell
    properties when appropriate because real estate investments are
    not as liquid as certain other types of assets.
    The
    Consolidated Operating Partnership may be unable to sell
    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; 11




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
    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 such properties
    to our Joint Ventures.  The
    Consolidated Operating Partnership may be unable to renew leases
    or find other lessees.
    The
    Consolidated Operating Partnership may be unable to acquire
    properties on advantageous terms or acquisitions may not perform
    as the Consolidated Operating Partnership expects.
    The
    Company might fail to qualify or remain qualified as a
    REIT.
      Certain
    property transfers may generate prohibited transaction income,
    resulting in a penalty tax on the gain attributable to the
    transaction.
   12




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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.
     13




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Cross-collateralization
    of mortgage loans could result in foreclosure on substantially
    all of the Consolidated Operating Partnerships properties
    if the Consolidated Operating Partnership is unable to service
    its indebtedness.
    The
    Consolidated Operating Partnership may have to make lump-sum
    payments on its existing indebtedness.
    
    $35.0 million aggregate principal amount of
    7.750% Notes due 2032 (the 2032 Notes)
    $190.0 million aggregate principal amount of
    7.600% Notes due 2028 (the 2028 Notes)
    $13.6 million aggregate principal amount of
    7.150% Notes due 2027 (the 2027 Notes)
    $117.8 million aggregate principal amount of
    5.950% Notes due 2017 (the 2017 II Notes)
    $87.3 million aggregate principal amount of
    7.500% Notes due 2017 (the 2017 Notes)
    $160.2 million aggregate principal amount of
    5.750% Notes due 2016 (the 2016 Notes)
    $91.9 million aggregate principal amount of
    6.420% Notes due 2014 (the 2014 Notes);
    $61.8 million aggregate principal amount of
    6.875% Notes due 2012 (the 2012 Notes);
    $128.9 million aggregate principal amount of
    4.625% Notes due 2011 (the 2011 Exchangeable
    Notes)
    $379.1 million in mortgage loans payable, in the aggregate,
    due between March 2011 and October 2020 on certain of our
    mortgage loans payable.
    a $400.0 million Unsecured Credit Facility under which we
    may borrow to finance the acquisition of additional properties
    and for other corporate purposes, including working capital.     14




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There
    is no limitation on debt in the Consolidated Operating
    Partnerships organizational documents.
    Rising
    interest rates on the Consolidated Operating Partnerships
    Unsecured Credit Facility could decrease the Consolidated
    Operating Partnerships available cash.
    The
    Consolidated Operating Partnerships mortgages may impact
    its ability to sell encumbered properties on advantageous terms
    or at all.
    Adverse
    market and economic conditions could cause us to recognize
    additional impairment charges.
     15




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Earnings
    and cash dividends, asset value and market interest rates affect
    the price of the Companys common stock.
    The
    Consolidated Operating Partnership may incur unanticipated costs
    and liabilities due to environmental problems.
  clean-up clean-up
  The
    Consolidated Operating Partnerships insurance coverage
    does not include all potential losses.
   16




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The
    Consolidated Operating Partnership is subject to risks and
    liabilities in connection with its investments in properties
    through Joint Ventures.
    
    joint venturers may share certain approval rights over major
    decisions;
    joint venturers might fail to fund their share of any required
    capital commitments;
    joint venturers might have economic or other business interests
    or goals that are inconsistent with our business interests or
    goals that would affect our ability to operate the property;
    joint venturers may have the power to act contrary to our
    instructions, requests, policies or objectives, including our
    current policy with respect to maintaining the Companys
    qualification as a real estate investment trust;
    the joint venture agreements often restrict the transfer of a
    members or joint venturers interest or
    buy-sell or may otherwise restrict our ability to
    sell the interest when we desire or on advantageous terms;
    disputes between us and our 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
    joint venturers.      We are
    subject to risks associated with our international
    operations.
    
    exposure to the economic fluctuations in the locations in which
    we invest;
    difficulties and costs associated with complying with a wide
    variety of complex laws, treaties and regulations;
    revisions in tax treaties or other laws and regulations,
    including those governing the taxation of our international
    revenues;
    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. 17




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Adverse
    changes in our credit ratings could negatively affect our
    liquidity and business operations.
    Item 1B.
    Unresolved
    SEC Comments    Item 2.
    Properties  General
  and/or
      
    Light industrial properties are of less than 100,000 square
    feet, have a ceiling height of
    16-21 feet,
    are comprised of 5%  50% of office space, contain
    less than 50% of manufacturing space and have a land use ratio
    of 4:1. The land use ratio is the ratio of the total property
    area to the area occupied by the building.
    Bulk warehouse buildings are of more than 100,000 square
    feet, have a ceiling height of at least 22 feet, are
    comprised of 5%  15% of office space, contain less
    than 25% of manufacturing space and have a land use ratio of 2:1.
    R&D/flex buildings are of less than 100,000 square
    feet, have a ceiling height of less than 16 feet, are
    comprised of 50% or more of office space, contain less than 25%
    of manufacturing space and have a land use ratio of 4:1. 18




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
    Regional warehouses are of less than 100,000 square feet,
    have a ceiling height of at least 22 feet, are comprised of
    5%  15% of office space, contain less than 25% of
    manufacturing space and have a land use ratio of 2:1.
    Manufacturing properties are a diverse category of buildings
    that have a ceiling height of 10  18 feet, are
    comprised of 5%  15% of office space, contain at
    least 50% of manufacturing space and have a land use ratio of
    4:1.    Consolidated
    Operating Partnership
    In-Service Property Summary Totals
  Light Industrial


R&D/Flex


Bulk Warehouse


Regional Warehouse


ManufacturingNumber of





Number of





Number of





Number of





Number ofMetropolitan Area

GLA


Properties


GLA


Properties


GLA


Properties


GLA


Properties


GLA


PropertiesAtlanta, GA


666,544



11



140,538



3



3,319,270



12



295,918



4



662,000



3Baltimore, MD


615,752



11



115,985



4



683,135



4











171,000



1Central PA


146,990



2











2,741,350



4















Chicago, IL


744,116



13



248,090



4



2,339,612



13



172,851



4



421,000



2Cincinnati, OH


893,839



10











1,103,830



4



51,070



1







Cleveland, OH


















1,317,799



7















Columbus, OH


217,612



2











2,666,547



8















Dallas, TX


2,201,172



40



511,075



19



2,250,000



17



626,873



9



128,478



1Denver, CO


1,276,308



23



1,053,097



24



290,098



2



343,516



5







Detroit, MI


2,080,159



80



464,026



15



470,745



5



759,851



18



116,250



1Houston, TX


337,547



7



132,997



6



2,041,527



12



446,318



6







Indianapolis, IN


860,781



17



25,000



2



1,406,542



7



162,710



4



71,600



2Inland Empire, CA


66,934



1











759,495



3















Los Angeles, CA


514,193



12



184,064



2



749,008



5



199,555



3







Miami, FL


88,820



1











142,804



1



281,626



6







Milwaukee, WI


431,508



9











1,626,409



6



90,089



1







Minneapolis/St. Paul, MN


1,216,670



13



172,862



2



2,250,076



11



323,805



4



231,202



3N. New Jersey


659,849



11



289,967



6



329,593



2















Nashville, TN


205,205



3











1,555,112



5











109,058



1Philadelphia, PA


















110,422



1



21,512



1







Phoenix, AZ


38,560



1











710,403



5



354,327



5







S. New Jersey


627,680



5











281,100



2



158,867



2







Salt Lake City, UT


583,301



34



146,937



6



279,179



1















San Diego, CA


213,446



8



















108,701



3







Seattle, WA


















258,126



2



132,195



2







St. Louis, MO


823,655



11











1,368,095



4















Tampa, FL


234,679



7



543,742



24



209,500



1















Toronto, ON


57,540



1











559,773



2















Other(a)


597,547



5



40,000



1



1,651,456



9











425,017



2Total


16,400,407



338



4,068,380



118



33,471,006



155



4,529,784



78



2,335,605



16  19




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##### Table of Contents



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


GLA as a%


EncumbrancesNumber of


Occupancy at


of Total


at 12/31/10Metropolitan Area

GLA


Properties


12/31/10


Portfolio


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


5,084,270



33



72
%


8.4
%

$
28,783Baltimore, MD


1,585,872



20



85
%


2.6
%


7,880Central PA


2,888,340



6



79
%


4.7
%


Chicago, IL


3,925,669



36



84
%


6.5
%


33,567Cincinnati, OH


2,048,739



15



79
%


3.4
%


4,986Cleveland, OH


1,317,799



7



99
%


2.2
%


12,030Columbus, OH


2,884,159



10



81
%


4.7
%


Dallas, TX


5,717,598



86



82
%


9.4
%


32,058Denver, CO


2,963,019



54



80
%


4.9
%


27,670Detroit, MI


3,891,031



119



91
%


6.4
%


Houston, TX


2,958,389



31



94
%


4.9
%


25,291Indianapolis, IN


2,526,633



32



85
%


4.2
%


8,131Inland Empire, CA


826,429



4



61
%


1.4
%


Los Angeles, CA


1,646,820



22



76
%


2.7
%


31,984Miami, FL


513,250



8



51
%


0.8
%


Milwaukee, WI


2,148,006



16



90
%


3.5
%


32,383Minneapolis/St. Paul, MN


4,194,615



33



85
%


6.9
%


46,189N. New Jersey


1,279,409



19



85
%


2.1
%


25,791Nashville, TN


1,869,375



9



96
%


3.1
%


6,088Philadelphia, PA


131,934



2



100
%


0.2
%


3,579Phoenix, AZ


1,103,290



11



77
%


1.8
%


14,313S. New Jersey


1,067,647



9



88
%


1.8
%


11,079Salt Lake City, UT


1,009,417



41



94
%


1.7
%


10,560San Diego, CA


322,147



11



90
%


0.5
%


9,754Seattle, WA


390,321



4



83
%


0.6
%


6,022St. Louis, MO


2,191,750



15



96
%


3.6
%


36,569Tampa, FL


987,921



32



79
%


1.6
%


9,708Toronto, ON


617,313



3



100
%


1.0
%


Other(a)


2,714,020



17



93
%


4.4
%


7,214Total or Average


60,805,182



705



84
%


100
%

$
431,629     (a)
    
    Properties are located in Abilene, TX, Wichita, KS, Grand
    Rapids, MI, Orlando, FL, Horn Lake, MS, Shreveport, LA, Kansas
    City, MO, San Antonio, TX, Birmingham, AL, Omaha, NE,
    Jefferson County, KY, Greenville, KY and Sumner, IA.(b)
    
    Certain properties are pledged as collateral under our secured
    financings at December 31, 2010 (see Note 7 to the
    Consolidated Financial Statements). For purposes of this table,
    the total principal balance of a 20




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##### Table of Contents



secured financing that is collateralized by a pool of properties
    is allocated among the properties in the pool based on each
    propertys investment balance. In addition to the amounts
    included in the table, we also have $0.7 million of
    indebtedness which is secured by a letter of credit.  Property
    Acquisition Activity
    Number of







OccupancyMetropolitan Area

Properties


GLA


Property Type

at 12/31/10Houston, TX


1



48,140



Light Industrial



100%Minneapolis/St. Paul, MN


1



285,000



Bulk Warehouse



100%Seattle, WA


1



157,515



Bulk Warehouse



100%Total


3



490,655   Property
    Sales
    Number ofMetropolitan Area

Properties


GLA


Property TypeAtlanta, GA


1



185,950


ManufacturingBaltimore, MD


1



80,000


Light IndustrialDallas, TX


3



370,933


Lt. Industrial/Bulk/Regional WarehouseDetroit, MI


1



39,379


Light IndustrialIndianapolis, IN


1



13,200


R & D/FlexInland Empire, CA


1



47,075


Bulk WarehouseMinneapolis, MN


1



132,000


Bulk WarehouseSt. Louis, MO


1



115,200


Bulk WarehouseTotal


10



983,737   Property
    Acquisitions and Sales Subsequent to Year End
    Tenant
    and Lease Information
  semi-net
 21




---



##### Table of Contents



Lease
    Expirations(1)
    Number of





Percentage of


Annual Base Rent


Percentage of TotalLeases


GLA


GLA


Under Expiring


Annual Base RentYear of Expiration(1)

Expiring


Expiring(2)


Expiring(2)


Leases


Expiring(In thousands)2011


466



7,561,867



15
%

$
36,810



17
%2012


388



8,384,413



17
%


38,285



17
%2013


375



8,043,692



16
%


36,118



16
%2014


203



6,845,334



14
%


28,509



13
%2015


188



5,004,770



10
%


21,401



10
%2016


101



4,231,537



8
%


15,881



7
%2017


41



2,238,415



4
%


10,256



5
%2018


26



1,725,389



3
%


7,493



3
%2019


15



961,589



2
%


5,309



2
%2020


18



2,541,747



5
%


8,402



4
%Thereafter


23



2,906,125



6
%


11,263



6
%Total


1,844



50,444,878



100
%

$
219,727



100
%     (1)
    
    Includes leases that expire on or after January 1, 2011 and
    assumes tenants do not exercise existing renewal, termination or
    purchase options.(2)
    
    Does not include existing vacancies of 10,360,304 aggregate
    square feet.(3)
    
    Annualized base rent is calculated as monthly base rent (cash
    basis) per the terms of the lease, as of December 31, 2010,
    multiplied by 12. If free rent is granted, then the first
    positive rent value is used. Leases denominated in foreign
    currencies are translated using the currency exchange rate at
    December 31, 2010.  Item 3.
    Legal
    Proceedings    Item 4.
    Reserved   PART II  Item 5.
    Market
    for Registrants Partners Capital, Related Partner
    Matters and Issuer Purchases of Equity Securities     22




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##### Table of Contents



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


Year Ended


Year Ended


Year Ended


Year Ended12/31/10


12/31/09


12/31/08


12/31/07


12/31/06(In thousands, except per unit and property data)Statement of Operations Data:Total Revenues

$
252,856


$
315,558


$
410,206


$
272,926


$
213,146Loss from Continuing Operations


(88,749
)


(17,212
)


(107,077
)


(70,390
)


(69,167
)Loss from Continuing Operations Available to Unitholders and
    Participating Securities


(108,235
)


(36,558
)


(118,226
)


(88,930
)


(87,187
)Net (Loss) Income Available to Unitholders and Participating
    Securities

$
(241,184
)

$
(15,189
)

$
24,110


$
149,001


$
103,489Basic and Diluted Earnings Per Weighted Average Units
    Outstanding:Loss from Continuing Operations Available to Unitholders

$
(1.58
)

$
(0.67
)

$
(2.39
)

$
(1.76
)

$
(1.72
)Net (Loss) Income Available to Unitholders

$
(3.53
)

$
(0.28
)

$
0.44


$
2.89


$
2.00Distributions Per Unit

$
0.00


$
0.00


$
2.41


$
2.85


$
2.81Basic and Diluted Weighted Average Number of Units Outstanding


68,327



54,261



49,456



50,597



50,703Balance Sheet Data (End of Period):Real Estate, Before Accumulated Depreciation

$
2,331,596


$
2,965,091


$
3,014,530


$
2,913,267


$
2,826,588Total Assets


2,711,786



3,200,410



3,240,800



3,300,998



3,235,182Indebtedness (Inclusive of Indebtedness Held for Sale)


1,688,005



1,966,167



2,032,635



1,940,747



1,827,155Partners Capital


901,303



1,083,291



999,636



1,087,981



1,190,979Other Data:Cash Flow From Operating Activities

$
48,342


$
139,616


$
63,424


$
106,005


$
66,898Cash Flow From Investing Activities


45,531



37,554



14,556



113,844



119,866Cash Flow From Financing Activities


(252,673
)


1,257



(79,754
)


(230,277
)


(178,451
)  23




---



##### Table of Contents



Item 7.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations  Form 10-K.
  lease-up higher-than-expected
       24




---



##### Table of Contents



25




---



##### Table of Contents



and/or
      CRITICAL
    ACCOUNTING POLICIES
   26




---



##### Table of Contents




    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.
    We review our properties on a periodic basis for possible
    impairment and provide a provision if impairments are
    determined. We utilize the guidelines established under the
    Financial Accounting Standards Boards (the
    FASB) guidance for accounting for the impairment of
    long lived assets to determine if impairment conditions exist.
    We review the expected undiscounted cash flows of each property
    to determine if there are any indications of impairment. If the
    expected undiscounted cash flows of a particular property are
    less than the net book basis of the property, we will recognize
    an impairment charge equal to the amount of carrying value of
    the property that exceeds the fair value of the property. Fair
    value is determined by discounting the future expected cash
    flows of the property. The preparation of the undiscounted cash
    flows and the calculation of fair value involve subjective
    assumptions such as estimated occupancy, rental rates, ultimate
    residual value and hold period. The discount rate used to
    present value the cash flows for determining fair value is also
    subjective.
    Properties are classified as held for sale when all criteria
    within the FASB guidance relating to the disposal of long lived
    assets are met for such properties. When properties are
    classified as held for sale, we cease depreciating the
    properties and estimate the values of such properties and
    measure them at the lower of depreciated cost or fair value,
    less costs to dispose. If circumstances arise that were
    previously considered unlikely, and, as a result, we decide not
    to sell a property previously classified as held for sale, we
    will reclassify such property as held and used. We estimate the
    value of such property and measure it at the lower of its
    carrying amount (adjusted for any depreciation and amortization
    expense that would have been recognized had the property been
    continuously classified as held and used) or fair value at the
    date of the subsequent decision not to sell. Fair value is
    determined by deducting from the estimated sales price of the
    property the estimated costs to close the sale.
    We analyze our investments in Joint Ventures to determine
    whether the joint ventures should be accounted for under the
    equity method of accounting or consolidated into our financial
    statements based on standards set forth under the FASBs
    guidance relating to the consolidation of variable interest
    entities. Based on the guidance set forth in these
    pronouncements, we do not consolidate any of our joint venture
    investments because either the joint venture has been determined
    to be a variable interest entity but we are not the primary
    beneficiary or the joint venture has been determined not to be a
    variable interest entity and we lack control of the joint
    venture. Our assessment of whether we are the primary
    beneficiary of a variable interest entity involves the
    consideration of various factors including the form of our
    ownership interest, our representation on the entitys
    governing body, the size of our investment and future cash flows
    of the entity.
    On a periodic basis, we assess whether there are any indicators
    that the value of our investments in Joint Ventures may be
    impaired. An investment is impaired only if our estimate of the
    value of the 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 27




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##### Table of Contents



determination and calculation of certain costs requires
    estimates by us. Amounts included in capitalized costs are
    included in the investment basis of real estate assets.  
    We are engaged in the acquisition of individual properties as
    well as multi-property portfolios. We are required to allocate
    purchase price between land, building, tenant improvements,
    leasing commissions, in-place leases, tenant relationships and
    above and below market leases. Above-market and below-market
    lease values for acquired properties are recorded based on the
    present value (using a discount rate which reflects the risks
    associated with the leases acquired) of the difference between
    (i) the contractual amounts to be paid pursuant to each
    in-place lease and (ii) our estimate of fair market lease
    rents for each corresponding in-place lease. Acquired above and
    below market leases are amortized over the remaining
    non-cancelable terms of the respective leases as an adjustment
    to rental income. In-place lease and tenant relationship values
    for acquired properties are recorded based on our evaluation of
    the specific characteristics of each tenants lease and our
    overall relationship with the respective tenant. The value
    allocated to in-place lease intangible assets is amortized to
    depreciation and amortization expense over the remaining lease
    term of the respective lease. The value allocated to tenant
    relationships is amortized to depreciation and amortization
    expense over the expected term of the relationship, which
    includes an estimate of the probability of lease renewal and its
    estimated term. We also must allocate purchase price on
    multi-property portfolios to individual properties. The
    allocation of purchase price is based on our assessment of
    various characteristics of the markets where the property is
    located and the expected cash flows of the property.
    In the preparation of our consolidated financial statements,
    significant management judgment is required to estimate our
    current and deferred income tax liabilities, and the
    Companys compliance with REIT qualification requirements.
    Our estimates are based on our interpretation of tax laws. These
    estimates may have an impact on the income tax expense
    recognized. Adjustments may be required by a change in
    assessment of our deferred income tax assets and liabilities,
    changes due to audit adjustments by federal and state tax
    authorities, the Companys inability to qualify as a REIT,
    and changes in tax laws. Adjustments required in any given
    period are included within the income tax provision.
    In assessing the need for a valuation allowance against our
    deferred tax assets, we estimate future taxable income,
    considering the feasibility of ongoing tax planning strategies
    and the realizability of tax loss carryforwards. In the event we
    were to determine that we would not be able to realize all or a
    portion of our deferred tax assets in the future, we would
    reduce such amounts through a charge to income in the period in
    which that determination is made. Conversely, if we were to
    determine that we would be able to realize our deferred tax
    assets in the future in excess of the net carrying amounts, we
    would decrease the recorded valuation allowance through an
    increase to income in the period in which that determination is
    made.  RESULTS
    OF OPERATIONS
  Comparison
    of Year Ended December 31, 2010 to Year Ended
    December 31, 2009
     28




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##### Table of Contents



2010


2009


$ Change


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

$
285,514


$
290,690


$
(5,176
)


(1.8
)%Acquired Properties


1,133







1,133



Sold Properties


1,275



9,431



(8,156
)


(86.5
)%(Re)Developments and Land, Not Included Above


9,360



4,897



4,463



91.1
%Other


8,785



17,558



(8,773
)


(50.0
)%$
306,067


$
322,576


$
(16,509
)


(5.1
)%Discontinued Operations


(54,080
)


(61,975
)


7,895



(12.7
)%Subtotal Revenues

$
251,987


$
260,601


$
(8,614
)


(3.3
)%Construction Revenues


869



54,957



(54,088
)


(98.4
)%Total Revenues

$
252,856


$
315,558


$
(62,702
)


(19.9
)%    29




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##### Table of Contents



2010


2009


$ Change


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

$
92,017


$
94,328


$
(2,311
)


(2.4
)%Acquired Properties


200







200



Sold Properties


544



2,731



(2,187
)


(80.1
)%(Re) Developments and Land, Not Included Above


2,952



3,086



(134
)


(4.3
)%Other


12,733



14,229



(1,496
)


(10.5
)%$
108,446


$
114,374


$
(5,928
)


(5.2
)%Discontinued Operations


(23,303
)


(26,285
)


2,982



(11.3
)%Property Expenses

$
85,143


$
88,089


$
(2,946
)


(3.3
)%Construction Expenses


507



52,720



(52,213
)


(99.0
)%Total Property and Construction Expenses

$
85,650


$
140,809


$
(55,159
)


(39.2
)%            30




---



##### Table of Contents



2010


2009


$ Change


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

$
113,298


$
123,734


$
(10,436
)


(8.4
)%Acquired Properties


603







603



Sold Properties


559



4,199



(3,640
)


(86.7
)%(Re) Developments and Land, Not Included Above


4,553



3,786



767



20.3
%Corporate Furniture, Fixtures and Equipment


1,975



2,192



(217
)


(9.9
)%$
120,988


$
133,911


$
(12,923
)


(9.7
)%Discontinued Operations


(22,076
)


(31,692
)


9,616



(30.3
)%Total Depreciation and Other Amortization

$
98,912


$
102,219


$
(3,307
)


(3.2
)%        31




---



##### Table of Contents



30-year Mark-to-Market Mark-to-Market Mark-to-Market
           32




---



##### Table of Contents



2010


2009($ in 000s)Total Revenues

$
54,080


$
61,975Property Expenses


(23,303
)


(26,285
)Impairment Loss


(152,115
)


(1,317
)Depreciation and Amortization


(22,076
)


(31,692
)Interest Expense


(64
)


(502
)Gain on Sale of Real Estate


10,529



21,014Provision for Income Taxes






(1,824
)Income from Discontinued Operations

$
(132,949
)

$
21,369         Comparison
    of Year Ended December 31, 2009 to Year Ended
    December 31, 2008
     33




---



##### Table of Contents



2009


2008


$ Change


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

$
257,319


$
274,673


$
(17,354
)


(6.3
)%Acquired Properties


23,587



13,635



9,952



73.0
%Sold Properties


5,139



31,198



(26,059
)


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


18,974



11,405



7,569



66.4
%Other


17,557



28,875



(11,318
)


(39.2
)%$
322,576


$
359,786


$
(37,210
)


(10.3
)%Discontinued Operations


(61,975
)


(96,879
)


34,904



(36.0
)%Subtotal Revenues

$
260,601


$
262,907


$
(2,306
)


(0.9
)%Construction Revenues


54,957



147,299



(92,342
)


(62.7
)%Total Revenues

$
315,558


$
410,206


$
(94,648
)


(23.1
)%    34




---



##### Table of Contents



2009


2008


$ Change


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

$
85,731


$
90,652


$
(4,921
)


(5.4
)%Acquired Properties


5,851



2,868



2,983



104.0
%Sold Properties


1,438



10,032



(8,594
)


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


7,125



5,844



1,281



21.9
%Other


14,229



10,421



3,808



36.5
%$
114,374


$
119,817


$
(5,443
)


(4.5
)%Discontinued Operations


(26,285
)


(37,477
)


11,192



(29.9
)%Property Expenses

$
88,089


$
82,340


$
5,749



7.0
%Construction Expenses


52,720



139,539



(86,819
)


(62.2
)%Total Property and Construction Expenses

$
140,809


$
221,879


$
(81,070
)


(36.5
)%            35




---



##### Table of Contents



2009


2008


$ Change


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

$
107,950


$
121,292


$
(13,342
)


(11.0
)%Acquired Properties


12,227



10,279



1,948



19.0
%Sold Properties


1,926



9,586



(7,660
)


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


9,616



6,444



3,172



49.2
%Corporate Furniture, Fixtures and Equipment


2,192



2,257



(65
)


(2.9
)%$
133,911


$
149,858


$
(15,947
)


(10.6
)%Discontinued Operations


(31,692
)


(47,787
)


16,095



(33.7
)%Total Depreciation and Other Amortization

$
102,219


$
102,071


$
148



0.1
%           30-year Mark-to-Market Mark-to-Market
   36




---



##### Table of Contents



Mark-to-Market
            2009


2008($ in 000s)Total Revenues

$
61,975


$
96,879Property Expenses


(26,285
)


(37,477
)Impairment Loss


(1,317
)


Depreciation and Amortization


(31,692
)


(47,787
)Interest Expense


(502
)


(497
)Gain on Sale of Real Estate


21,014



136,384Provision for Income Taxes


(1,824
)


(5,166
)Income from Discontinued Operations

$
21,369


$
142,336      37




---



##### Table of Contents



LIQUIDITY
    AND CAPITAL RESOURCES
    and/or
       38




---



##### Table of Contents



Year
    Ended December 31, 2010
                and/or
 39




---



##### Table of Contents



Contractual
    Obligations and Commitments
    Payments Due by PeriodLess ThanTotal


1 Year


1-3 Years


3-5 Years


Over 5 YearsOperating and Ground Leases(1)

$
33,162


$
1,795


$
2,348


$
1,668


$
27,351Long-term Debt


1,694,579



141,207



470,366



256,255



826,751Interest Expense on Long Term Debt(1)(2)


663,393



85,570



152,063



126,359



299,401Total

$
2,391,134


$
228,572


$
624,777


$
384,282


$
1,153,503     (1)
    
    Not on balance sheet.(2)
    
    Does not include interest expense on our Unsecured Credit
    Facility.  Off-Balance
    Sheet Arrangements
  Regulation S-K,
  Environmental
    Inflation
   40




---



##### Table of Contents



Market
    Risk
    Interest
    Rate Risk
              Foreign
    Currency Exchange Rate Risk
   41




---



##### Table of Contents



Subsequent
    Events
        Related
    Party Transactions
    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 13a-15(b)
  Managements
    Report on Internal Control Over Financial Reporting
   42




---



##### Table of Contents



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. 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)4.4

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)4.5

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)4.6

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)4.7

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)4.8

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)4.9

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)4.10

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)4.11

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) 44




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##### Table of Contents



ExhibitNo.

Description4.12

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)4.13

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)4.14

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)4.15

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)4.16

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

Distribution Agreement among the Company, First Industrial, L.P.
    and J.P. Morgan Securities Inc. dated May 4, 2010
    (incorporated by reference to Exhibit 10.1 of the
    Form 8-K
    of the Company filed May 4, 2010, File
    No. 1-13102)10.3

Sixth Amended and Restated Unsecured Revolving Credit and Term
    Loan Agreement dated as of October 22, 2010 among the
    Operating Partnership, the Company, JP Morgan 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 October 25, 2010, File
    No. 1-13102)21.1

Subsidiaries of the Registrant (incorporated by reference to
    Exhibit 21.1 of the Companys Annual Report on
    Form 10-K
    for the year ended December 31, 2010, 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. 45




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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)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) 46




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##### Table of Contents



ExhibitNo.

Description4.14

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)21.1

Subsidiaries of the Registrant (incorporated by reference to
    Exhibit 21.1 of the Companys Annual Report on
    Form 10-K
    for the year ended December 31, 2010, 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. 47




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##### Table of Contents



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


49Consolidated Balance Sheets of First Industrial,
    L.P. as of December 31, 2010 and 2009


50Consolidated Statements of Operations of First
    Industrial, L.P. for the Years Ended December 31, 2010,
    2009 and 2008


51Consolidated Statements of Comprehensive Income
    of First Industrial, L.P. for the Years Ended December 31,
    2010, 2009 and 2008


52Consolidated Statements of Changes in
    Partners Capital of First Industrial, L.P. for the Years
    Ended December 31, 2010, 2009 and 2008


53Consolidated Statements of Cash Flows of First
    Industrial, L.P. for the Years Ended December 31, 2010,
    2009 and 2008


54Notes to the Consolidated Financial Statements


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


S-1  48




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##### Table of Contents



Report of
    Independent Registered Public Accounting Firm     Internal Control  Integrated
    Framework
           49




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##### Table of Contents



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


December 31,2010


2009(Dollars in thousands except Unit data)ASSETSAssets:Investment in Real Estate:Land

$
485,790


$
661,945Buildings and Improvements


1,843,134



2,279,814Construction in Progress


2,672



23,332Less: Accumulated Depreciation


(443,912
)


(521,021
)Net Investment in Real Estate


1,887,684



2,444,070Real Estate and Other Assets Held for Sale, Net of Accumulated
    Depreciation and Amortization of $148,407 and $1,752 at
    December 31, 2010 and December 31, 2009, respectively


344,353



29,154Investments in and Advances to Other Real Estate Partnerships


252,541



307,806Cash and Cash Equivalents


22,484



181,147Restricted Cash


105



90Tenant Accounts Receivable, Net


2,602



1,818Investments in Joint Ventures


2,451



8,788Deferred Rent Receivable, Net


32,383



33,561Deferred Financing Costs, Net


14,492



14,659Deferred Leasing Intangibles, Net


33,639



51,796Prepaid Expenses and Other Assets, Net


119,052



127,521Total Assets

$
2,711,786


$
3,200,410LIABILITIES AND PARTNERS CAPITALLiabilities:Mortgage and Other Loans Payable, Net

$
431,284


$
370,809Senior Unsecured Debt, Net


879,529



1,140,114Unsecured Credit Facility


376,184



455,244Mortgage Loan Payable on Real Estate Held for Sale, Net,
    Inclusive of $6 of Accrued Interest at December 31, 2010


1,014



Accounts Payable, Accrued Expenses and Other Liabilities, Net


79,949



106,128Deferred Leasing Intangibles, Net


16,145



21,871Rents Received in Advance and Security Deposits


24,469



22,953Leasing Intangibles Held for Sale, Net of Accumulated
    Amortization of $2,642 and $0 at December 31, 2010 and
    December 31, 2009, respectively


1,909



Total Liabilities


1,810,483



2,117,119Commitments and Contingencies






Partners Capital:General Partner Preferred Units (1,550 units issued and
    outstanding at December 31, 2010 and December 31,
    2009, respectively), with a liquidation preference of $275,000,
    respectively


266,211



266,211General Partner Units (68,841,296 and 61,845,214 units
    issued and outstanding at December 31, 2010 and
    December 31, 2009, respectively)


558,496



724,852Limited Partners Units (5,363,151 and 5,390,737 units
    issued and outstanding at December 31, 2010 and
    December 31, 2009, respectively)


93,100



112,214Accumulated Other Comprehensive Loss


(16,504
)


(19,986
)Total Partners Capital


901,303



1,083,291Total Liabilities and Partners Capital

$
2,711,786


$
3,200,410    50




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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 31,2010


2009


2008(In thousands except per unit data)Revenues:Rental Income

$
188,492


$
191,583


$
181,911Tenant Recoveries and Other Income


63,495



69,018



80,996Construction Revenues


869



54,957



147,299Total Revenues


252,856



315,558



410,206Expenses:Property Expenses


85,143



88,089



82,340General and Administrative


26,492



37,567



84,105Restructuring Costs


1,858



7,806



26,711Impairment of Real Estate


34,045



5,617



Depreciation and Other Amortization


98,912



102,219



102,071Construction Expenses


507



52,720



139,539Total Expenses


246,957



294,018



434,766Other Income (Expense):Interest Income


4,426



3,100



3,471Interest Expense


(102,889
)


(114,284
)


(112,642
)Amortization of Deferred Financing Costs


(3,342
)


(3,006
)


(2,840
)Mark-to-Market
    (Loss) Gain on Interest Rate Protection Agreements


(1,107
)


3,667



(3,073
)(Loss) Gain From Early Retirement of Debt


(4,304
)


34,562



2,749Foreign Currency Exchange Loss, Net


(190
)






Total Other Income (Expense)


(107,406
)


(75,961
)


(112,335
)Loss from Continuing Operations Before Equity in Income of Other
    Real Estate Partnerships, Equity in Income (Loss) of Joint
    Ventures and Income Tax (Provision) Benefit


(101,507
)


(54,421
)


(136,895
)Equity in Income of Other Real Estate Partnerships


3,494



18,516



49,759Gain on Sale of Joint Venture Interests


11,226







Equity in Income (Loss) of Joint Ventures


675



(6,470
)


(33,178
)Income Tax (Provision) Benefit


(2,963
)


25,163



13,237Loss from Continuing Operations


(89,075
)


(17,212
)


(107,077
)(Loss) Income from Discontinued Operations (Including Gain on
    Sale of Real Estate of $10,529, $21,014, and $136,384 for the
    Years Ended December 31, 2010, 2009 and 2008, respectively)


(132,949
)


23,193



147,502Provision for Income Taxes Allocable to Discontinued Operations
    (Including $0, $1,462, and $3,732 allocable to Gain on Sale of
    Real Estate for the Years Ended December 31, 2010, 2009 and
    2008, respectively)






(1,824
)


(5,166
)(Loss) Income Before Gain on Sale of Real Estate


(222,024
)


4,157



35,259Gain on Sale of Real Estate


859



313



12,061Provision for Income Taxes Allocable to Gain on Sale of Real
    Estate


(342
)


(143
)


(3,782
)Net (Loss) Income


(221,507
)


4,327



43,538Less: Preferred Unit Distributions


(19,677
)


(19,516
)


(19,428
)Net (Loss) Income Available to Unitholders and Participating
    Securities

$
(241,184
)

$
(15,189
)

$
24,110Basic and Diluted Earnings Per Unit:Loss from Continuing Operations Available to Unitholders

$
(1.58
)

$
(0.67
)

$
(2.39
)(Loss) Income from Discontinued Operations Available to
    Unitholders

$
(1.95
)

$
0.39


$
2.83Net (Loss) Income Available to Unitholders

$
(3.53
)

$
(0.28
)

$
0.44Distributions Per Unit

$
0.00


$
0.00


$
2.41Weighted Average Units Outstanding


68,327



54,261



49,456Net (Loss) Income Available to Unitholders Attributable to:General Partners

$
(222,386
)

$
(13,642
)

$
21,120Limited Partners


(18,798
)


(1,547
)


2,990Net (Loss) Income Available to Unitholders and Participating
    Securities

$
(241,184
)

$
(15,189
)

$
24,110     51




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##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  CONSOLIDATED STATEMENTS OF COMPREHENSIVE
    INCOME
  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2010


2009


2008(Dollars in thousands)Net (Loss) Income

$
(221,507
)

$
4,327


$
43,538Mark-to-Market
    of Interest Rate Protection Agreements, Net of Income Tax
    (Provision) Benefit of $(414), $(450) and $610 for the years
    ended December 31, 2010, 2009 and 2008, respectively


990



(383
)


(8,676
)Amortization of Interest Rate Protection Agreements


2,108



796



(792
)Write-off of Unamortized Settlement Amounts of Interest Rate
    Protection Agreements


(182
)


523



831Foreign Currency Translation Adjustment, Net of Tax Benefit
    (Provision) of $299, $(2,817) and $3,498 for the years ended
    December 31, 2010, 2009 and 2008, respectively


566



1,486



(2,748
)Comprehensive (Loss) Income

$
(218,025
)

$
6,749


$
32,153     52




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##### Table of Contents



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








AccumulatedPartner


General


Limited


OtherPreferred


Partner


Partner


ComprehensiveUnits


Units


Units


Loss


TotalBalance as of December 31, 2007

$
266,211


$
684,606


$
148,187


$
(11,023
)

$
1,087,981Issuance of Common Stock, Net of Issuance Costs






(147
)










(147
)Stock Based Compensation Activity






20,959











20,959Conversion of Units to Common Stock






14,581



(14,581
)






Preferred Dividends


(19,428
)














(19,428
)Distributions






(106,864
)


(15,018
)






(121,882
)Other Comprehensive Income:Net Income


19,428



21,120



2,990







43,538Other Comprehensive Loss














(11,385
)


(11,385
)Total Other Comprehensive Income


















32,153Balance as of December 31, 2008

$
266,211


$
634,255


$
121,578


$
(22,408
)

$
999,636Issuance of Common Stock, Net of Issuance Costs






83,795











83,795Stock Based Compensation Activity






12,660











12,660Conversion of Units to Common Stock






7,817



(7,817
)






Repurchase of Equity Component of Exchangeable Note






(33
)










(33
)Preferred Dividends


(19,516
)














(19,516
)Other Comprehensive Income:Net Income (Loss)


19,516



(13,642
)


(1,547
)






4,327Other Comprehensive Income














2,422



2,422Total Other Comprehensive Income


















6,749Balance as of December 31, 2009

$
266,211


$
724,852


$
112,214


$
(19,986
)

$
1,083,291Issuance of Common Stock, Net of Issuance Costs






49,973











49,973Stock Based Compensation Activity






5,741











5,741Conversion of Units to Common Stock






316



(316
)






Preferred Dividends


(19,677
)














(19,677
)Other Comprehensive Loss:Net Income (Loss)


19,677



(222,386
)


(18,798
)






(221,507
)Other Comprehensive Income














3,482



3,482Total Other Comprehensive Loss


















(218,025
)Balance as of December 31, 2010

$
266,211


$
558,496


$
93,100


$
(16,504
)

$
901,303    53




---



##### Table of Contents



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2010


2009


2008(Dollars in thousands)CASH FLOWS FROM OPERATING ACTIVITIES:Net (Loss) Income

$
(221,507
)

$
4,327


$
43,538Adjustments to Reconcile Net (Loss) Income to Net Cash Provided
    by Operating Activities:Depreciation


92,290



100,145



101,671Amortization of Deferred Financing Costs


3,342



3,006



2,840Other Amortization


37,320



48,804



67,494Impairment of Real Estate


186,160



6,934



Provision for Bad Debt


1,787



3,178



3,092Mark-to-Market
    Loss (Gain) on Interest Rate Protection Agreements


1,107



(3,667
)


3,073Operating Distributions Received in Excess of Equity in (Income)
    Loss of Joint Ventures


2,357



8,789



34,698Gain on Sale of Real Estate


(11,388
)


(21,327
)


(148,445
)Loss (Gain) on Early Retirement of Debt


4,304



(34,562
)


(2,749
)Gain on Sale of Joint Venture Interests


(11,226
)






Equity in Income of Other Real Estate Partnerships


(3,494
)


(18,516
)


(49,759
)Distributions from Investment in Other Real Estate Partnerships


3,494



18,516



49,759Decrease in Developments for Sale Costs






812



1,527(Increase) Decrease in Tenant Accounts Receivable, Prepaid
    Expenses and Other Assets, Net


(1,526
)


51,559



(14,717
)Increase in Deferred Rent Receivable


(6,300
)


(7,104
)


(6,606
)Decrease in Accounts Payable, Accrued Expenses, Other
    Liabilities, Rents Received in Advance and Security Deposits


(21,523
)


(18,709
)


(25,296
)Payments of Premiums and Discounts Associated with Senior
    Unsecured Debt


(6,840
)


(2,576
)


(Increase) Decrease in Restricted Cash


(15
)


7



90Cash Book Overdraft.










3,214Net Cash Provided by Operating Activities


48,342



139,616



63,424CASH FLOWS FROM INVESTING ACTIVITIES:Purchase of and Additions to Investment in Real Estate and Lease
    Costs


(85,757
)


(68,855
)


(528,026
)Net Proceeds from Sales of Investments in Real Estate


64,256



65,689



407,654Investments in and Advances to Other Real Estate Partnerships


(149,773
)


(105,095
)


(40,928
)Distributions from Other Real Estate Partnerships in Excess of
    Equity in Income


205,038



140,073



104,977Contributions to and Investments in Joint Ventures


(777
)


(3,742
)


(17,327
)Distributions and Sales Proceeds from Joint Venture Interests


11,519



6,333



20,985Funding of Notes Receivable










(10,325
)Repayment of Notes Receivable


1,460



3,151



52,842Increase in Lender Escrows


(435
)






Decrease in Restricted Cash










24,704Net Cash Provided by Investing Activities


45,531



37,554



14,556CASH FLOWS FROM FINANCING ACTIVITIES:Offering Costs


(4,228
)


(7,624
)


(400
)Unit Contributions


50,087



84,465



174Unit Distributions






(12,614
)


(145,347
)Repurchase and Retirement of Restricted Units


(298
)


(739
)


(4,847
)Preferred Unit Distributions


(19,677
)


(20,296
)


(19,428
)Repayments on Mortgage Loans Payable


(20,393
)


(13,462
)


(3,271
)Proceeds from Origination of Mortgage Loans Payable


82,495



307,567



Settlement of Interest Rate Protection Agreements






(7,491
)


Payments on Interest Rate Swap Agreement


(450
)


(320
)


Repayments on Senior Unsecured Debt


(259,018
)


(336,196
)


(32,525
)Proceeds from Unsecured Credit Facility


69,097



180,000



550,920Repayments on Unsecured Credit Facility


(149,280
)


(172,000
)


(425,030
)Repurchase of Equity Component Exchangeable Notes






(33
)


Costs Associated with the Early Retirement of Debt


(1,008
)






Net Cash (Used in) Provided by Financing Activities


(252,673
)


1,257



(79,754
)Net Effect of Exchange Rate Changes on Cash and Cash Equivalents


137



76



(278
)Net (Decrease) Increase in Cash and Cash Equivalents


(158,800
)


178,427



(1,774
)Cash and Cash Equivalents, Beginning of Period


181,147



2,644



4,696Cash and Cash Equivalents, End of Period

$
22,484


$
181,147


$
2,644    54




---



##### 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           55




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
        2.
    Basis of
    Presentation    3.
    Summary
    of Significant Accounting Policies    Cash
    and Cash Equivalents
    Restricted
    Cash
    Investment
    in Real Estate and Depreciation
   56




---



##### Table of Contents



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


8 to 50Land Improvements


3 to 20Furniture, Fixtures and Equipment


5 to 10        57




---



##### Table of Contents



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


December 31,2010


2009In-Place Leases

$
41,006


$
61,338Less: Accumulated Amortization


(22,579
)


(29,069
)$
18,427


$
32,269Above Market Leases

$
3,905


$
4,999Less: Accumulated Amortization


(1,240
)


(1,546
)$
2,665


$
3,453Tenant Relationships

$
20,107


$
23,197Less: Accumulated Amortization


(7,560
)


(7,123
)$
12,547


$
16,074Total Deferred Leasing Intangibles, Net

$
33,639


$
51,796     December 31,


December 31,2010


2009Below Market Leases

$
25,497


$
34,090Less: Accumulated Amortization


(9,352
)


(12,219
)Total Deferred Leasing Intangibles, Net

$
16,145


$
21,871     Estimated Net IncreaseEstimated Net Amortization

to Rental Revenuesof In-Place Leases and

Related to AboveTenant Relationships

and Below Market Leases2011

$
6,357


$
1,6892012

$
5,067


$
1,2062013

$
4,174


$
9612014

$
3,294


$
8632015

$
2,559


$
868  58




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Construction
    Revenues and Expenses
  percentage-of-completion
  Foreign
    Currency Transactions and Translation
    Deferred
    Financing Costs
    Investment
    in and Advances to Other Real Estate Partnerships
     59




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Investments
    in Joint Ventures
        Limited
    Partners Units
  one-for-one
    Stock
    Based Compensation
   60




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Revenue
    Recognition
          Gain
    on Sale of Real Estate
    Notes
    Receivable
  and/or
  Income
    Taxes
     61




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      Participating
    Securities
    Earnings
    Per Unit (EPU)
    Derivative
    Financial Instruments
  marked-to-market marked-to-market
  Fair
    Value of Financial Instruments
   62




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Discontinued
    Operations
    Segment
    Reporting
    Recent
    Accounting Pronouncements
      4.
    Investment
    in Real Estate  Acquisitions
       63




---



##### Table of Contents



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

Year EndedDecember 31,

December 31,2010

2009In-Place Leases

$
1,782


$
Above Market Leases

$
239


$
Tenant Relationships

$
1,881


$
     Year Ended

Year EndedDecember 31,

December 31,2010

2009In-Place Leases


100



N/AAbove Market Leases


88



N/ATenant Relationships


165



N/A   Sales
    and Discontinued Operations
         64




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      Year Ended December 31,2010


2009


2008Total Revenues

$
54,080


$
61,975


$
96,879Property Expenses


(23,303
)


(26,285
)


(37,477
)Impairment Loss


(152,115
)


(1,317
)


Depreciation and Amortization


(22,076
)


(31,692
)


(47,787
)Interest Expense


(64
)


(502
)


(497
)Gain on Sale of Real Estate


10,529



21,014



136,384Provision for Income Taxes






(1,824
)


(5,166
)(Loss) Income from Discontinued Operations

$
(132,949
)

$
21,369


$
142,336     Impairment
    Charges
  and/or
   65




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
            Fair Value Measurements on a Non-Recurring Basis Using:Quoted Prices inActive Markets for

Significant Other

Unobservable

TotalFor the Year Ended

Identical Assets

Observable Inputs

Inputs

GainsDescription

December 31, 2010

(Level 1)

(Level 2)

(Level 3)

(Losses)Long-lived Assets Held and Used

$
3,905










$
3,905


$
(1,326
)Long-lived Assets Held for Sale

$
257,305










$
257,305


$
(184,834
)   Fair Value Measurements on a Non-Recurring Basis Using:Quoted Prices inActive Markets for

Significant Other

Unobservable

TotalFor the Year Ended

Identical Assets

Observable Inputs

Inputs

GainsDescription

December 31, 2009

(Level 1)

(Level 2)

(Level 3)

(Losses)Long-lived Assets Held and Used

$
3,830










$
3,830


$
(6,934
)  66




---



##### Table of Contents



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


December 31,2010


2009ASSETSAssets:Investment in Real Estate, Net

$
221,450


$
280,796Real Estate and Other Assets Held for Sale, Net of Accumulated
    Depreciation and Amortization of $16,804 and $1,589 at
    December 31, 2010 and December 31, 2009, respectively


47,938



8,151Note Receivable


239,453



264,740Other Assets, Net


51,875



69,949Total Assets

$
560,716


$
623,636LIABILITIES AND PARTNERS CAPITALLiabilities:Mortgage Loans Payable

$
54,771


$
32,165Other Liabilities


8,547



9,515Leasing Intangibles Held for Sale, Net of Accumulated
    Amortization of $26 and $0 at December 31, 2010 and
    December 31, 2009, respectively


7



Partners Capital


497,391



581,956Total Liabilities and Partners Capital

$
560,716


$
623,636  67




---



##### Table of Contents



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2010


2009


2008Total Revenues (including Interest Income)

$
50,630


$
46,286


$
33,747Property Expenses


(9,582
)


(9,338
)


(10,766
)Interest Expense


(3,213
)


(635
)


Amortization of Deferred Financing Costs


(131
)


(24
)


Impairment Loss


(1,808
)






Depreciation and Other Amortization


(12,605
)


(12,173
)


(13,648
)Income from Continuing Operations


23,291



24,116



9,333(Loss) Income from Discontinued Operations (Including Gain on
    Sale of Real Estate of $563, $3,192, and $35,783 for the years
    ended December 31, 2010, 2009 and 2008


(4,805
)


4,488



40,942Gain (Loss) on Sale of Real Estate






61



(53
)Net Income

$
18,486


$
28,665


$
50,222   6.
    Investments
    in Joint Ventures and Property Management Services         68




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
             69




---



##### Table of Contents



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

Year Ended

Year EndedDecember 31,

December 31,

December 31,2010

2009

2008Contributions

$
777


$
3,742


$
16,623Distributions

$
14,551


$
8,652


$
22,505Fees

$
4,952


$
11,174


$
19,757  70




---



##### Table of Contents



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


December 31,2010


2009Condensed Combined Balance SheetsGross Real Estate Investment

$
210,567


$
1,785,713Less: Accumulated Depreciation


(47,286
)


(126,685
)Net Real Estate


163,281



1,659,028Other Assets


33,351



159,659Total Assets

$
196,632


$
1,818,687Debt

$
157,431


$
1,452,339Other Liabilities


10,849



70,544Equity


28,352



295,804Total Liabilities and Equity

$
196,632


$
1,818,687Companys share of Equity

$
4,344


$
34,310Basis Differentials(1)


(2,089
)


(28,507
)Carrying Value of the Companys investments in Joint
    Ventures

$
2,255


$
5,803     (1)
    
    This amount represents the aggregate difference between our
    historical cost basis and the basis reflected at the joint
    venture level. Basis differentials are primarily comprised of
    impairments we recorded to reduce certain of our investments in
    Joint Ventures to fair value, a gain deferral related to a
    property we sold to the 2003 Net Lease Joint Venture, deferred
    fees and certain equity costs which are not reflected at the
    joint venture level.  Year Ended December 31,2010


2009


2008Condensed Combined Statements of OperationsTotal Revenues

$
61,628


$
91,143


$
86,245Expenses:Operating and Other


28,067



42,172



36,905Interest


32,461



42,194



53,053Depreciation and Amortization


30,877



49,993



46,460Impairment Loss


3,268



150,804



9,951Total Expenses


94,673



285,163



146,369Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $2,761, $1,177 and $34,885 for the years ended
    December 31, 2010, 2009 and 2008, respectively)


3,725



1,846



25,114Gain on Sale of Real Estate


808



8,603



17,092Net Loss

$
(28,512
)

$
(183,571
)

$
(17,918
)Companys Share of Net Income (Loss)


675



(1,276
)


6,661Impairment on the Companys Investments in Joint Ventures






(5,194
)


(39,839
)Equity in Income (Loss) of Joint Ventures

$
675


$
(6,470
)

$
(33,178
)  71




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    and/or
    Fair Value Measurements at December 31, 2009 Using:Quoted Prices inActive Markets for

Significant Other

Unobservable

TotalDecember 31,

Identical Assets

Observable Inputs

Inputs

GainsDescription

2009

(Level 1)

(Level 2)

(Level 3)

(Losses)Unconsolidated Joint Venture Investments

$
3,910











$3,910


$
(5,194
)  72




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  7.
    Indebtedness    EffectiveOutstanding


Interest


InterestBalance at


Rate At


Rate atDecember 31,


December 31,


December 31,


December 31,2010


2009


2010


2010


Maturity DateMortgage and Other Loans Payable, Net*

$
431,284


$
370,809


5.00%
- 9.25%


4.93%
-9.25%



March 2011 -
    October 2020Unamortized Premiums*


(358
)


(1,025
)Mortgage and Other Loans Payable, Gross*

$
430,926


$
369,784Senior Unsecured Notes, Net2016 Notes

$
159,899


$
159,843


5.750%



5.91%




01/15/162017 Notes


87,195



87,187


7.500%



7.52%




12/01/172027 Notes


13,559



13,559


7.150%



7.11%




05/15/272028 Notes


189,869



189,862


7.600%



8.13%




07/15/282011 Notes






143,447


7.375%



7.39%




03/15/112012 Notes


61,774



143,837


6.875%



6.85%




04/15/122032 Notes


34,667



34,651


7.750%



7.87%




04/15/322014 Notes


86,792



105,253


6.420%



6.54%




06/01/142011 Exchangeable Notes


128,137



144,870


4.625%



5.53%




09/15/112017 II Notes


117,637



117,605


5.950%



6.37%




05/15/17Subtotal

$
879,529


$
1,140,114Unamortized Discounts


6,980



11,191Senior Unsecured Notes, Gross

$
886,509


$
1,151,305Unsecured Credit Facility

$
376,184


$
455,244


3.376%



3.376%




09/28/12     *
    
    Excludes $1,008 of Mortgage Loan Payable on Real Estate Held for
    Sale and of $48 of unamortized premiums.  Mortgage
    and Other Loans Payable, Net
    Number of





PropertyIndustrial





CarryingProperties





Value atMortgage

Loan


Interest


Origination


Maturity


Amortization


Collateralizing





December 31,Financing

Principal


Rate


Date


Date


Period


Mortgage


GLA


2010(In millions)I

$
7,780



7.40
%


January 28, 2010



February 5, 2015



25-year



1



0.1


$
8,875II


7,200



7.40
%


January 28, 2010



February 5, 2015



25-year



1



0.2



7,322III


4,300



7.40
%


February 17, 2010



March 5, 2015



25-year



1



0.2



6,827IV.1


8,000



6.50
%


June 22, 2010



July 10, 2020



25-year



2



0.2



8,919IV.2


7,800



6.50
%


June 22, 2010



July 10, 2020



25-year



2



0.2



6,945IV.3


5,500



6.50
%


June 22, 2010



July 10, 2020



25-year



6



0.1



10,003V


32,115



5.55
%


September 29, 2010



October 1, 2020



25-year



10



1.2



38,155VI


9,800



5.00
%


October 7, 2010



November 1, 2015



25-year



2



0.2



10,927$
82,495


























$
97,973    73




---



##### Table of Contents



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


Purchase PriceFor the


For the


For the


For theYear Ended


Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,


December 31,2010


2009


2010


20092009 Notes

$



$
19,279


$



$
19,0642011 Notes


143,498



56,502



147,723



52,4652011 Exchangeable Notes


18,000



53,100



17,936



48,9382012 Notes


82,236



55,935



82,235



48,5192014 Notes


21,062



12,000



17,964



8,8102016 Notes






34,821







24,5112017 Notes






12,747







10,3992017 II Notes






590







4392027 Notes






1,500







1,0782028 Notes






10,000







7,5482032 Notes






15,000







11,313$
264,796


$
271,474


$
265,858


$
233,084      74




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Unsecured
    Credit Facility
        Amended


AmendedAgreement


Agreementthrough


beginningSeptember 30,


October 1,2011


2011Consolidated Leverage Ratio


£65.0
%


£60.0
%Ratio of Value of Unencumbered Assets to Outstanding
    Consolidated Senior Unsecured Debt


31.30



31.60Property Operating Income Ratio on Unencumbered Assets


31.30



31.45  75




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Amount2011

$
141,2072012


462,2632013


8,1032014


200,3842015


55,871Thereafter


826,751Total

$
1,694,579     Fair
    Value
    December 31, 2010


December 31, 2009Carrying


Fair


Carrying


FairAmount


Value


Amount


ValueMortgage and Other Loans Payable, including mortgages Held for
    Sale

$
432,292


$
486,758


$
370,809


$
375,284Senior Unsecured Debt


879,529



851,771



1,140,114



960,452Unsecured Credit Facility


376,184



376,184



455,244



422,561Total

$
1,688,005


$
1,714,713


$
1,966,167


$
1,758,297     8.
    Partners
    Capital  lock-up one-for-one
 76




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Preferred
    Contributions:
  (iii) 3-month
   77




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  3-month 10-year 30-year
     78




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Unit
    Contributions
      at-the-market at-the-market
    Non-Qualified
    Employee Stock Options
   79




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Restricted
    Units
        General Partnership andLimited PartnershipUnits OutstandingBalance at December 31, 2007


50,110,844Issuance of General Partner Units


6,438Issuance of General Partner Restricted Units


605,816Repurchase and Retirement of Restricted Units


(264,713
)Balance at December 31, 2008


50,458,385Issuance of General Partner Units


16,874,884Issuance of General Partner Restricted Units


35,145Repurchase and Retirement of Restricted Units


(132,463
)Balance at December 31, 2009


67,235,951Issuance of General Partner Units


6,518,736Issuance of General Partner Restricted Units


573,198Repurchase and Retirement of Restricted Units


(123,438
)Balance at December 31, 2010


74,204,447   Distributions
  (iii) 3-month
    Year Ended 2010


Year Ended 2009


Year Ended 2008Distribution


Total


Distribution


Total


Distribution


Totalper Unit


Distribution


per Unit


Distribution


per Unit


DistributionGeneral Partner/Limited Partner Units

$
0.0000


$



$
0.0000


$



$
2.4100


$
121,882Series F Preferred Units

$
6,736.1540


$
3,368


$
6,414.5700


$
3,207


$
6,236.0000


$
3,118Series G Preferred Units

$
7,236.0000


$
1,809


$
7,236.0000


$
1,809


$
7,236.0000


$
1,809Series J Preferred Units

$
18,125.2000


$
10,875


$
18,125.2000


$
10,875


$
18,125.2000


$
10,875Series K Preferred Units

$
18,125.2000


$
3,625


$
18,125.2000


$
3,625


$
18,125.2000


$
3,625  80




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  9.
    Supplemental
    Information to Statements of Cash Flows  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2010


2009


2008Interest paid, net of capitalized interest

$
102,270


$
115,451


$
113,062Capitalized Interest

$



$
281


$
7,775Income Taxes Paid (Refunded)

$
3,663


$
(54,173
)

$
2,355Supplemental schedule of noncash investing and financing
    activities:Distribution payable on general and limited partner units

$



$



$
12,614Distribution payable on preferred units

$
452


$
452


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

$



$
1,811


$
Prepaid expenses and other assets, net






289



Accounts payable, accrued expenses and other liabilities, net






(56
)


Total distribution

$



$
2,044


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

$
(316
)

$
(7,817
)

$
(14,581
)General partnership units


316



7,817



14,581$



$



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

$



$



$
(376
)Mortgage debt

$



$



$
(7,852
)In conjunction with certain property sales, we provided seller
    financing:Notes receivable

$
168


$
20,645


$
46,734Write off of fully depreciated assets

$
(52,203
)

$
(50,423
)

$
(64,185
)  81




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  10.
    Earnings
    Per Unit (EPU)    Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2010


2009


2008Numerator:Loss from Continuing Operations, Net of Income Tax

$
(89,075
)

$
(17,212
)

$
(107,077
)Gain on Sale of Real Estate, Net of Income Tax


517



170



8,279Preferred Unit Distributions


(19,677
)


(19,516
)


(19,428
)Loss from Continuing Operations Available to Unitholders

$
(108,235
)

$
(36,558
)

$
(118,226
)(Loss) Income from Discontinued Operations, Net of Income Tax

$
(132,949
)

$
21,369


$
142,336Discontinued Operations Allocable to Participating Securities










(2,550
)(Loss) Income from Discontinued Operations Available to
    Unitholders

$
(132,949
)

$
21,369


$
139,786Net (Loss) Income Available to Unitholders

$
(241,184
)

$
(15,189
)

$
24,110Net Income Allocable to Participating Securities










(2,550
)Net (Loss) Income Available to Unitholders

$
(241,184
)

$
(15,189
)

$
21,560Denominator:Weighted Average Units  Basic and Diluted


68,326,604



54,260,979



49,456,067Basic and Diluted EPU:Loss from Continuing Operations Available to Unitholders

$
(1.58
)

$
(0.67
)

$
(2.39
)(Loss) Income from Discontinued Operations Available to
    Unitholders

$
(1.95
)

$
0.39


$
2.83Net (Loss) Income Available to Unitholders

$
(3.53
)

$
(0.28
)

$
0.44     Allocation





Allocation





Allocationof Net





of Net





of NetIncome





Income





IncomeAvailable to





Available to





Available toUnvested


Participating


Unvested


Participating


Unvested


ParticipatingAwards


Securities For the


Awards


Securities For the


Awards


Securities For theOutstanding


Year Ended


Outstanding


Year Ended


Outstanding


Year Endedat December 31,


December 31,


at December 31,


December 31,


At December 31,


December 31,2010


2010


2009


2009


2008


2008Participating Securities:Restricted Stock Awards


662,092







355,645







757,041Restricted Unit Awards


















4,619662,092


$




355,645


$




761,660


$
2,550  82




---



##### Table of Contents



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


Number of


Number ofAwards


Awards


AwardsOutstanding


Outstanding


Outstanding AtAt December 31,


At December 31,


December 31,2010


2009


2008Non-Participating Securities:Restricted Unit Awards


1,012,800



1,218,800



Options


98,701



139,700



278,601     11.
    Income
    Taxes    2010


2009


2008Current:Federal

$
(887
)

$
38,703


$
5,114State


(45
)


372



814Foreign


(77
)


(835
)


(649
)Deferred:Federal


163



(15,816
)


(526
)State


3



(557
)


(107
)Foreign


(147
)


9



671$
(990
)

$
21,876


$
5,317      83




---



##### Table of Contents



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


2009Investments in Joint Ventures

$
47


$
1,679Fixed assets


1,010



1,074Prepaid rent


71



114Restricted stock


99



34Capitalized Interest


626



Impairment of Real Estate


10,196



Federal net operating loss carrying forward






345State net operating loss carrying forward






11Foreign net operating loss carrying forward


706



77Valuation Allowance


(9,301
)


(1,299
)Other


569



753Total deferred tax assets

$
4,023


$
2,788Straight-line rent


(510
)


(507
)Fixed assets


(2,544
)


(1,358
)Other






(3
)Total deferred tax liabilities

$
(3,054
)

$
(1,868
)Total net deferred tax asset

$
969


$
920      84




---



##### Table of Contents



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


2009


2008Tax provision associated with income from operations on sold
    properties which is included in discontinued operations

$



$
(362
)

$
(1,434
)Tax provision associated with gains and losses on the sale of
    real estate which is included in discontinued operations






(1,462
)


(3,732
)Tax provision associated with gains and losses on the sale of
    real estate


(342
)


(143
)


(3,782
)Income tax (provision) benefit


(648
)


23,843



14,265Income tax (provision) benefit

$
(990
)

$
21,876


$
5,317     2010


2009


2008Tax benefit at federal rate related to continuing operations

$
2,497


$
8,815


$
28,625State tax benefit, net of federal benefit


28



523



2,825Non-deductible permanent items, net


9



(1,652
)


(1,852
)Change in valuation allowance


(3,334
)


16,269



(19,501
)Foreign taxes, net


(193
)


315



347Other


3



(570
)


39Net income tax (provision) benefit

$
(990
)

$
23,700


$
10,483   Michigan
    Tax Issue
  1997-2000) 1997-2000
 85




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  12.
    Restructuring
    Costs          13.
    Future
    Rental Revenues  semi-net
  2011

$
206,8452012


174,7702013


141,0402014


108,5812015


84,537Thereafter


303,727Total

$
1,019,500   14.
    Stock
    Based Compensation   86




---



##### Table of Contents



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


Exercise


AggregateExercise


Price


IntrinsicShares


Price


per Share


ValueOutstanding at December 31, 2008


278,601


$
31.92


$
27.25-$33.15


$
Expired or Terminated


(138,901
)

$
31.94


$
27.69-$33.13Outstanding at December 31, 2009


139,700


$
31.89


$
27.25-$33.15


$
Expired or Terminated


(40,999
)

$
30.96


$
27.25-$33.15Outstanding at December 31, 2010


98,701


$
32.34


$
30.53-$33.15


$
     Number

Weighted

WeightedOutstanding

Average

Averageand

Remaining

ExerciseRange of Exercise Price

Exercisable

Contractual Life

Price$30.53-$31.05


31,901



0.83


$
30.69$33.13-$33.15


66,800



0.26


$
33.13      87




---



##### Table of Contents



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


Fair ValueOutstanding at December 31, 2008


761,660


$
36.00Issued


1,508,745


$
5.01Vested


(571,149
)

$
28.79Forfeited


(124,811
)

$
7.51Outstanding at December 31, 2009


1,574,445


$
11.17Issued


573,198


$
5.82Vested


(349,440
)

$
22.56Forfeited


(123,311
)

$
7.13Outstanding at December 31, 2010


1,674,892


$
17.77        88




---



##### Table of Contents



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

Performance Awards IIExpected dividend yield

0.0%

0.0%Expected stock volatility

57.18% to 119.55%

76.29% to 162.92%Risk-free interest rate

0.40% to 1.84%

0.43% to 2.38%Expected life (years)

1-4

1-4Fair value

$4.49

$2.94   15.
    Derivatives    Mark-to-Market
      (iii) 3-month 30-year
 89




---



##### Table of Contents



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


Fair Value As ofNotional


Fixed


Trade

Maturity

December 31,


December 31,Hedge Product

Amount


Pay Rate


Date

Date

2010


2009Derivatives designated as hedging instruments:Interest Rate Swap Agreement

$
50,000



2.4150
%

March 2008

April 1, 2010


N/A


$
(267
)Total derivatives designated as hedging instruments:

$
50,000











N/A


$
(267
)Derivatives not designated as hedging instruments:Series F Agreement*


50,000



5.2175
%

October 2008

October 1, 2013

$
(523
)


93Total Derivatives

$
100,000








Total

$
(523
)

$
(174
)     *
    
    Fair value excludes quarterly settlement payment due on
    Series F Agreement. As of December 31, 2010 and 2009,
    the outstanding payable was $194 and $152, respectively.    Year EndedDecember 31,

December 31,Interest Rate Products

Location on Statement

2010

2009Loss Recognized in OCI (Effective Portion)

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

$
990


$
(383
)Amortization Reclassified from OCI into Income

Interest Expense

$
(2,108
)

$
(796
)Gain Recognized in Income (Unhedged Position)

Mark-to-Market Gain on Interest Rate Protection Agreements


N/A


$
974   Mark-to-Market
 90




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Mark-to-Market
        Fair Value Measurements at December 31, 2010 Using:Quoted Prices inActive Markets for

Significant Other

UnobservableDecember 31,

Identical Assets

Observable Inputs

InputsDescription

2010

(Level 1)

(Level 2)

(Level 3)Liabilities:Series F Agreement

$
(523
)









$
(523
)   Fair Value Measurements at December 31, 2009 Using:Quoted Prices inActive Markets for

Significant Other

UnobservableDecember 31,

Identical Assets

Observable Inputs

InputsDescription

2009

(Level 1)

(Level 2)

(Level 3)Assets:Series F Agreement

$
93










$
93Liabilities:Interest Rate Swap Agreement

$
(267
)





$
(267
)


     30-year
 91




---



##### Table of Contents



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

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


3,166Ending asset balance at December 31, 2009

$
93Total unrealized losses:Mark-to-Market
    on Series F Agreement


(616
)Ending liability balance at December 31, 2010

$
(523
)   16.
    Related
    Party Transactions      17.
    Commitments
    and Contingencies      Ground
    and Operating Lease Agreements
   92




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  sub-lease
  2011

$
1,7952012


1,2062013


1,1422014


8932015


775Thereafter


27,351Total

$
33,162   18.
    Subsequent
    Events        19.
    Quarterly
    Financial Information (unaudited)      93




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Year Ended December 31, 2010First


Second


Third


FourthQuarter


Quarter


Quarter


QuarterTotal Revenues

$
65,080


$
62,721


$
61,559


$
63,496Equity in (Loss) Income of Joint Ventures


(459
)


582



(398
)


950Equity in Income (Loss) of Other Real Estate Partnerships


2,833



3,049



(4,144
)


1,756Loss from Continuing Operations, Net of Income Tax


(15,347
)


(20,645
)


(32,201
)


(20,882
)(Loss) Income from Discontinued Operations, Net of Income Tax


(4,187
)


5,545



(129,993
)


(4,314
)Gain (Loss) on Sale of Real Estate, Net of Income Tax


731







(214
)


Net Loss


(18,803
)


(15,100
)


(162,408
)


(25,196
)Preferred Unit Distributions


(4,960
)


(4,979
)


(4,884
)


(4,854
)Net Loss Available

$
(23,763
)

$
(20,079
)

$
(167,292
)

$
(30,050
)Income from Continuing Operations Allocable to Participating
    Securities














Discontinued Operations Allocable to Participating Securities














Net Loss Available to Unitholders

$
(23,763
)

$
(20,079
)

$
(167,292
)

$
(30,050
)Basic and Diluted Earnings Per Unit:Loss From Continuing Operations Available to Unitholders

$
(0.29
)

$
(0.38
)

$
(0.54
)

$
(0.37
)(Loss) Income From Discontinued Operations

$
(0.06
)

$
0.08


$
(1.90
)

$
(0.06
)Net Loss Available to Unitholders

$
(0.35
)

$
(0.29
)

$
(2.44
)

$
(0.43
)Weighted Average Units Outstanding - Basic and Diluted


67,187



68,214



68,466



69,413   94




---



##### Table of Contents



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


Second


Third


FourthQuarter


Quarter


Quarter


QuarterTotal Revenues

$
85,619


$
82,572


$
80,569


$
66,798Equity in Income (Loss) of Joint Ventures


29



1,551



(5,889
)


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


4,528



3,718



6,455



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


(15,839
)


(8,590
)


(2,212
)


9,429Income from Discontinued Operations, Net of Income Tax


2,920



4,809



4,912



8,728Gain (Loss) on Sale of Real Estate, Net of Income Tax


477







101



(408
)Net (Loss) Income


(12,442
)


(3,781
)


2,801



17,749Preferred Unit Distributions


(4,857
)


(4,824
)


(4,913
)


(4,922
)Net (Loss) Income Available

$
(17,299
)

$
(8,605
)

$
(2,112
)

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














(22
)Discontinued Operations Allocable to Participating Securities














(48
)Net (Loss) Income Available to Unitholders

$
(17,299
)

$
(8,605
)

$
(2,112
)

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

$
(0.41
)

$
(0.27
)

$
(0.14
)

$
0.06Income From Discontinued Operations

$
0.06


$
0.10


$
0.10


$
0.13Net (Loss) Income Available to Unitholders

$
(0.35
)

$
(0.17
)

$
(0.04
)

$
0.19Weighted Average Units Outstanding - Basic and Diluted


49,919



49,975



50,874



66,135   20.
    Pro Forma
    Financial Information (unaudited)   95




---



##### Table of Contents



FIRST
    INDUSTRIAL, L.P.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   Pro Forma
    Condensed Statements of Operations
  Year EndedDecember 31,2008Pro Forma Revenues

$
415,042Pro Forma Loss from Continuing Operations Available to
    Unitholders, Net of Income Taxes

$
(116,026
)Pro Forma Net Income Available to Unitholders

$
26,310Per Unit Data:Pro Forma Basic and Diluted Earnings Per Unit Data:Loss from Continuing Operations Available to Unitholders

$
(2.35
)Net Income Available to Unitholders

$
0.48  96




---



##### Table of Contents



FIRST
    INDUSTRIAL, LP.SCHEDULE III: 
    REAL ESTATE AND ACCUMULATED DEPRECIATION
    As of December 31, 2010
  (c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


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

McDonough, GA






788



4,544



(1,673
)


349



3,310



3,659



1,963



1994



(l
)1665 Dogwood Drive

Conyers, GA






635



3,662



580



635



4,242



4,877



1,601



1994



(l
)1715 Dogwood

Conyers, GA






288



1,675



675



215



2,423



2,638



828



1994



(l
)11235 Harland Drive

Covington, GA






125



739



181



125



920



1,045



359



1994



(l
)4051 Southmeadow Parkway

Atlanta, GA






726



4,130



875



726



5,005



5,731



1,897



1994



(l
)4071 Southmeadow Parkway

Atlanta, GA






750



4,460



1,460



828



5,842



6,670



2,255



1994



(l
)4081 Southmeadow Parkway

Atlanta, GA






1,012



5,918



1,595



1,157



7,368



8,525



2,819



1994



(l
)5570 Tulane Dr(d)

Atlanta, GA


2,119



527



2,984



686



546



3,651



4,197



1,302



1996



(l
)955 Cobb Place

Kennesaw, GA


3,000



780



4,420



741



804



5,137



5,941



1,837



1997



(l
)1256 Oakbrook Drive

Norcross, GA


1,265



336



1,907



262



339



2,166



2,505



540



2001



(l
)1265 Oakbrook Drive

Norcross, GA


1,264



307



1,742



454



309



2,194



2,503



684



2001



(l
)1280 Oakbrook Drive

Norcross, GA


1,230



281



1,592



306



283



1,896



2,179



495



2001



(l
)1300 Oakbrook Drive

Norcross, GA


1,728



420



2,381



260



423



2,638



3,061



611



2001



(l
)1325 Oakbrook Drive

Norcross, GA


1,363



332



1,879



204



334



2,081



2,415



508



2001



(l
)1351 Oakbrook Drive

Norcross, GA






370



2,099



(1,068
)


141



1,260



1,401



547



2001



(l
)1346 Oakbrook Drive

Norcross, GA






740



4,192



(1,588
)


338



3,006



3,344



1,130



2001



(l
)1412 Oakbrook Drive

Norcross, GA






313



1,776



(988
)


113



988



1,101



439



2001



(l
)3060 South Park Blvd

Ellenwood, GA






1,600



12,464



1,315



1,604



13,775



15,379



2,991



2003



(l
)Greenwood Industrial Park

McDonough, GA


4,563



1,550







7,485



1,550



7,485



9,035



1,195



2004



(l
)46 Kent Drive

Cartersville GA


1,773



794



2,252



6



798



2,254



3,052



472



2005



(l
)100 Dorris Williams

Villa Rica GA


1,947



401



3,754



42



406



3,791



4,197



1,208



2005



(l
)605 Stonehill Drive

Atlanta, GA


1,601



485



1,979



(38
)


490



1,936



2,426



974



2005



(l
)6514 Warren Drive

Norcross, GA






510



1,250



(51
)


513



1,196



1,709



226



2005



(l
)6544 Warren Drive

Norcross, GA






711



2,310



(15
)


715



2,291



3,006



469



2005



(l
)5356 E. Ponce De Leon

Stone Mountain, GA


2,819



604



3,888



210



610



4,092



4,702



1,209



2005



(l
)5390 E. Ponce De Leon

Stone Mountain, GA






397



1,791



95



402



1,881



2,283



486



2005



(l
)195 & 197 Collins Boulevard

Athens, GA






1,410



5,344



(1,838
)


953



3,963



4,916



2,160



2005



(l
)1755 Enterprise Drive

Buford, GA


1,537



712



2,118



11



716



2,125



2,841



482



2006



(l
)4555 Atwater Court

Buford, GA


2,574



881



3,550



485



885



4,031



4,916



941



2006



(l
) S-1




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


Lives (Years)(Dollars in thousands)80 Liberty Industrial Parkway

McDonough, GA






756



3,695



(1,419
)


451



2,581



3,032



609



2007



(l
)596 Bonnie Valentine

Pendergrass, GA






2,580



21,730



2,414



2,594



24,130



26,724



2,439



2007



(l
)11415 Old Roswell Road

Alpharetta, GA






2,403



1,912



315



2,428



2,202



4,630



313



2008



(l
)Baltimore1820 Portal

Baltimore, MD






884



4,891



454



899



5,330



6,229



1,684



1998



(l
)9700 Martin Luther King Hwy

Lanham, MD






700



1,920



289



700



2,209



2,909



472



2003



(l
)9730 Martin Luther King Hwy

Lanham, MD






500



955



518



500



1,473



1,973



482



2003



(l
)4621 Boston Way

Lanham, MD






1,100



3,070



388



1,100



3,458



4,558



827



2003



(l
)4720 Boston Way

Lanham, MD






1,200



2,174



300



1,200



2,474



3,674



585



2003



(l
)22520 Randolph Drive

Dulles, VA


7,880



3,200



8,187



(151
)


3,208



8,028



11,236



1,564



2004



(l
)22630 Dulles Summit Court

Dulles, VA






2,200



9,346



168



2,206



9,508



11,714



2,020



2004



(l
)4201 Forbes Boulevard

Lanham, MD






356



1,823



337



375



2,141



2,516



474



2005



(l
)4370-4383
    Lottsford Vista Rd.

Lanham, MD






279



1,358



215



296



1,556



1,852



358



2005



(l
)4400 Lottsford Vista Rd.

Lanham, MD






351



1,955



201



372



2,135



2,507



435



2005



(l
)4420 Lottsford Vista Road

Lanham, MD






539



2,196



327



568



2,494



3,062



628



2005



(l
)11204 McCormick Road

Hunt Valley, MD






1,017



3,132



67



1,038



3,178



4,216



778



2005



(l
)11110 Pepper Road

Hunt Valley, MD






918



2,529



316



938



2,825



3,763



709



2005



(l
)11100-11120
    Gilroy Road

Hunt Valley, MD






901



1,455



57



919



1,494



2,413



501



2005



(l
)10709 Gilroy Road

Hunt Valley, MD






913



2,705



64



913



2,769



3,682



918



2005



(l
)7120-7132
    Ambassador Road

Baltimore, MD






829



1,329



255



847



1,566



2,413



554



2005



(l
)7142 Ambassador Road

Hunt Valley, MD






924



2,876



1,124



942



3,982



4,924



591



2005



(l
)7144-7162
    Ambassador Road

Baltimore, MD






979



1,672



187



1,000



1,838



2,838



602



2005



(l
)7200 Rutherford Road

Baltimore, MD






1,032



2,150



253



1,054



2,381



3,435



527



2005



(l
)2700 Lord Baltimore Road

Baltimore, MD






875



1,826



772



897



2,576



3,473



795



2005



(l
)1225 Bengies Road

Baltimore, MD






2,640



270



14,581



2,823



14,668



17,491



1,465



2008



(l
)Central Pennsylvania16522 Hunters Green Parkway

Hagerstown, MD






1,390



13,104



3,893



1,863



16,524



18,387



3,071



2003



(l
)6951 Allentown Blvd

Harrisburg, PA






585



3,176



117



601



3,277



3,878



683



2005



(l
)320 Museum Road

Washington, PA






201



1,819



(227
)


169



1,624



1,793



547



2005



(l
)1490 Commerce Avenue

Carlisle, PA






1,500







13,513



2,341



12,672



15,013



1,123



2008



(l
)600 First Avenue

Gouldsboro, PA






7,022







58,132



7,019



58,135



65,154



3,432



2008



(l
)225 Cross Farm Lane

York, PA






4,718







23,567



4,715



23,570



28,285



1,921



2008



(l
) S-2




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


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

Lincolnwood, IL






1,050



5,767



(1,657
)


435



4,725



5,160



2,740



1994



(l
)6750 South Sayre Avenue

Bedford Park, IL






224



1,309



620



224



1,929



2,153



745



1994



(l
)585 Slawin Court

Mount Prospect, IL


3,059



611



3,505



1,608



516



5,208



5,724



2,217



1994



(l
)2300 Windsor Court

Addison, IL






688



3,943



1,180



696



5,115



5,811



2,100



1994



(l
)3505 Thayer Court

Aurora, IL






430



2,472



387



430



2,859



3,289



1,069



1994



(l
)305-311 Era
    Drive

Northbrook, IL






200



1,154



916



205



2,065



2,270



565



1994



(l
)11241 Melrose Street

Franklin Park, IL






332



1,931



70



222



2,111



2,333



1,147



1995



(l
)11939 S Central Avenue

Alsip, IL






1,208



6,843



2,296



1,305



9,042



10,347



2,839



1997



(l
)405 East Shawmut

LaGrange, IL






368



2,083



(284
)


223



1,944



2,167



830



1997



(l
)1010-50
    Sesame Street

Bensenville, IL






979



5,546



3,062



1,048



8,539



9,587



2,640



1997



(l
)7501 South Pulaski

Chicago, IL






318



2,038



(276
)


100



1,980



2,080



1,073



1997



(l
)2120-24
    Roberts

Broadview, IL






220



1,248



196



231



1,433



1,664



464



1998



(l
)800 Business Center Drive

Mount Prospect, IL






631



3,493



328



666



3,786



4,452



936



2000



(l
)580 Slawin Court

Mount Prospect, IL






233



1,292



(216
)


156



1,153



1,309



392



2000



(l
)1150 Feehanville Drive

Mount Prospect, IL






260



1,437



(743
)


75



879



954



410



2000



(l
)19W661 101st Street

Lemont, IL


5,477



1,200



6,643



2,408



1,220



9,031



10,251



2,930



2001



(l
)175 Wall Street

Glendale Heights, IL


1,491



427



2,363



163



433



2,520



2,953



588



2002



(l
)800-820
    Thorndale Avenue

Bensenville, IL


4,449



751



4,159



2,213



761



6,362



7,123



1,837



2002



(l
)251 Airport Road

North Aurora, IL






983







6,783



983



6,783



7,766



1,480



2002



(l
)1661 Feehanville Drive

Mount Prospect, IL






985



5,455



2,155



1,044



7,551



8,595



1,964



2004



(l
)1850 Touhy & 1158 McCage Ave.

Elk Grove Village, IL






1,500



4,842



(163
)


1,514



4,665



6,179



1,003



2004



(l
)1088-1130
    Thorndale Avenue

Bensenville, IL






2,103



3,674



204



2,108



3,873



5,981



1,028



2005



(l
)855-891
    Busse Rd.

Bensenville, IL






1,597



2,767



(76
)


1,601



2,687



4,288



677



2005



(l
)1060-1074 W. Thorndale
    Ave.

Bensenville, IL






1,704



2,108



352



1,709



2,455



4,164



781



2005



(l
)400 Crossroads Pkwy

Bolingbrook, IL


5,747



1,178



9,453



845



1,181



10,295



11,476



2,136



2005



(l
)7609 W. Industrial Drive

Forest Park, IL






1,207



2,343



174



1,213



2,511



3,724



678



2005



(l
)7801 W. Industrial Drive

Forest Park, IL






1,215



3,020



(170
)


1,220



2,845



4,065



687



2005



(l
)725 Kimberly Drive

Carol Stream, IL






793



1,395



182



801



1,569



2,370



313



2005



(l
)17001 S. Vincennes

Thornton, IL






497



504



103



513



591



1,104



287



2005



(l
)1111 Davis Road

Elgin, IL






998



1,859



674



1,046



2,485



3,531



1,049



2006



(l
)2900 W. 166th Street

Markham, IL






1,132



4,293



723



1,134



5,014



6,148



1,139



2007



(l
)555 W. Algonquin Rd.

Arlington Heights, IL


1,953



574



741



2,053



579



2,789



3,368



405



2007



(l
)7000 W. 60th Street

Chicago, IL


1,061



609



932



137



667



1,011



1,678



436



2007



(l
)9501 Nevada

Franklin Park, IL


7,687



2,721



5,630



514



2,737



6,128



8,865



1,027



2008



(l
) S-3




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


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

Elk Grove Village, IL






3,369



6,121



139



3,482



6,147



9,629



905



2008



(l
)16500 W. 103rd Street

Woodridge, IL


2,643



744



2,458



151



760



2,594



3,354



377



2008



(l
)Cincinnati9900-9970
    Princeton

Cincinnati, OH






545



3,088



1,760



566



4,827



5,393



1,920



1996



(l
)2940 Highland Avenue

Cincinnati, OH






1,717



9,730



(883
)


1,126



9,438



10,564



4,194



1996



(l
)4700-4750
    Creek Road

Blue Ash, OH






1,080



6,118



1,112



1,109



7,201



8,310



2,401



1996



(l
)901 Pleasant Valley Drive

Springboro, OH






304



1,721



(257
)


203



1,565



1,768



687



1998



(l
)4436 Mulhauser Road

Hamilton, OH






630







5,076



630



5,076



5,706



1,026



2002



(l
)4438 Mulhauser Road

Hamilton, OH


4,986



779







6,728



779



6,728



7,507



1,706



2002



(l
)420 Wards Corner Road

Loveland, OH






600



1,083



669



606



1,746



2,352



487



2003



(l
)422 Wards Corner Road

Loveland, OH






600



1,811



(179
)


575



1,657



2,232



486



2003



(l
)4663 Dues Drive

Westchester, OH






858



2,273



1,173



875



3,429



4,304



1,939



2005



(l
)9525 Glades Drive

Westchester, OH






347



1,323



115



355



1,430



1,785



330



2007



(l
)9776-9876
    Windisch Road

Westchester, OH






392



1,744



24



394



1,766



2,160



304



2007



(l
)9810-9822
    Windisch Road

Westchester, OH






395



2,541



16



397



2,555



2,952



305



2007



(l
)9842-9862
    Windisch Road

Westchester, OH






506



3,148



47



508



3,193



3,701



377



2007



(l
)9872-9898
    Windisch Road

Westchester, OH






546



3,039



46



548



3,083



3,631



377



2007



(l
)9902-9922
    Windisch Road

Westchester, OH






623



4,003



94



627



4,093



4,720



619



2007



(l
)Cleveland30311 Emerald Valley Pkwy.

Glenwillow, OH






681



11,838



928



691



12,756



13,447



2,072



2006



(l
)30333 Emerald Valley Pkwy.

Glenwillow, OH


4,916



466



5,447



103



475



5,541



6,016



1,080



2006



(l
)7800 Cochran Road

Glenwillow, OH


7,114



972



7,033



171



991



7,185



8,176



1,385



2006



(l
)7900 Cochran Road

Glenwillow, OH






775



6,244



80



792



6,307



7,099



1,104



2006



(l
)7905 Cochran Road

Glenwillow, OH






920



6,174



89



921



6,262



7,183



1,069



2006



(l
)30600 Carter Street

Solon, OH






989



3,042



960



1,022



3,969



4,991



1,741



2006



(l
)8181 Darrow Road

Twinsburg, OH






2,478



6,791



1,865



2,496



8,639



11,135



1,174



2008



(l
)Columbus3800 Lockbourne Industrial Pkwy

Columbus, OH






1,045



6,421



(1,875
)


588



5,003



5,591



2,348



1996



(l
)3880 Groveport Road

Columbus, OH






1,955



12,154



(1,420
)


1,610



11,079



12,689



4,369



1996



(l
)1819 North Walcutt Road

Columbus, OH






637



4,590



(690
)


454



4,083



4,537



1,487



1997



(l
)4115 Leap Road(d)

Hillard, OH






756



4,297



1,511



756



5,808



6,564



1,858



1998



(l
)3300 Lockbourne

Columbus, OH






708



3,920



(2,121
)


156



2,351



2,507



1,513



1998



(l
)1076 Pittsburgh Drive

Delaware, OH






2,265



4,733



(37
)


2,273



4,688



6,961



1,220



2005



(l
)6150 Huntly Road

Columbus, OH






920



4,810



(689
)


791



4,250



5,041



857



2005



(l
)4311 Janitrol Road

Columbus, OH






681



5,941



(3,796
)


227



2,599



2,826



915



2006



(l
) S-4




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


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

Groveport, OH






662



4,332



1,453



675



5,772



6,447



1,033



2007



(l
)Dallas/Fort Worth2406-2416
    Walnut Ridge

Dallas, TX






178



1,006



585



172



1,597



1,769



409



1997



(l
)2401-2419
    Walnut Ridge

Dallas, TX






148



839



299



142



1,144



1,286



287



1997



(l
)900-906
    Great Southwest Pkwy

Arlington, TX






237



1,342



440



270



1,749



2,019



545



1997



(l
)3000 West Commerce

Dallas, TX






456



2,584



983



469



3,554



4,023



1,027



1997



(l
)3030 Hansboro

Dallas, TX






266



1,510



(619
)


85



1,072



1,157



620



1997



(l
)405-407 113th

Arlington, TX






181



1,026



475



185



1,497



1,682



434



1997



(l
)816 111th Street

Arlington, TX


873



251



1,421



132



258



1,546



1,804



512



1997



(l
)7427 Dogwood Park

Richland Hills, TX






96



532



573



102



1,099



1,201



444



1998



(l
)7348-54
    Tower Street

Richland Hills, TX






88



489



225



94



708



802



213



1998



(l
)7339-41
    Tower Street

Richland Hills, TX






98



541



169



104



704



808



192



1998



(l
)7437-45
    Tower Street

Richland Hills, TX






102



563



121



108



678



786



198



1998



(l
)7331-59
    Airport Freeway

Richland Hills, TX






354



1,958



349



372



2,289



2,661



721



1998



(l
)7338-60
    Dogwood Park

Richland Hills, TX






106



587



126



112



707



819



207



1998



(l
)7450-70
    Dogwood Park

Richland Hills, TX






106



584



157



112



735



847



228



1998



(l
)7423-49
    Airport Freeway

Richland Hills, TX






293



1,621



393



308



1,999



2,307



648



1998



(l
)7400 Whitehall Street

Richland Hills, TX






109



603



61



115



658



773



198



1998



(l
)1602-1654
    Terre Colony

Dallas, TX


1,867



458



2,596



805



468



3,391



3,859



841



2000



(l
)2351-2355
    Merritt Drive

Garland, TX






101



574



87



92



670



762



180



2000



(l
)701-735
    North Plano Road

Richardson, TX






696



3,944



(1,760
)


269



2,611



2,880



1,186



2000



(l
)2220 Merritt Drive

Garland, TX






352



1,993



1,088



356



3,077



3,433



936



2000



(l
)2010 Merritt Drive

Garland, TX






350



1,981



578



357



2,552



2,909



794



2000



(l
)2363 Merritt Drive

Garland, TX






73



412



65



47



503



550



157



2000



(l
)2447 Merritt Drive

Garland, TX






70



395



(205
)


23



237



260



119



2000



(l
)2465-2475
    Merritt Drive

Garland, TX






91



514



35



71



569



640



154



2000



(l
)2485-2505
    Merritt Drive

Garland, TX






431



2,440



848



436



3,283



3,719



778



2000



(l
)2081 Hutton Drive  Bldg 1(e)

Carrolton, TX


1,507



448



2,540



(272
)


295



2,421



2,716



725



2001



(l
)2110 Hutton Drive

Carrolton, TX






374



2,117



(260
)


268



1,963



2,231



721



2001



(l
)2025 McKenzie Drive

Carrolton, TX


1,579



437



2,478



348



442



2,821



3,263



774



2001



(l
)2019 McKenzie Drive

Carrolton, TX


1,886



502



2,843



552



507



3,390



3,897



903



2001



(l
)1420 Valwood Parkway  Bldg 1(d)

Carrolton, TX






460



2,608



(1,499
)


112



1,457



1,569



797



2001



(l
)1620 Valwood Parkway(e)

Carrolton, TX






1,089



6,173



(1,613
)


605



5,044



5,649



1,829



2001



(l
)1505 Luna Road  Bldg II

Carrolton, TX






167



948



(425
)


78



612



690



254



2001



(l
)1625 West Crosby Road

Carrolton, TX






617



3,498



(249
)


456



3,410



3,866



1,033



2001



(l
) S-5




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


Lives (Years)(Dollars in thousands)2029-2035
    McKenzie Drive

Carrolton, TX


1,897



306



1,870



680



306



2,550



2,856



1,014



2001



(l
)1840 Hutton Drive(d)

Carrolton, TX






811



4,597



176



695



4,889



5,584



1,362



2001



(l
)1420 Valwood Pkwy  Bldg II

Carrolton, TX






373



2,116



321



377



2,433



2,810



599



2001



(l
)2015 McKenzie Drive

Carrolton, TX


2,106



510



2,891



395



516



3,280



3,796



843



2001



(l
)2009 McKenzie Drive

Carrolton, TX






476



2,699



376



481



3,070



3,551



790



2001



(l
)1505 Luna Road  Bldg I

Carrolton, TX






521



2,953



(1,985
)


130



1,359



1,489



735



2001



(l
)2104 Hutton Drive

Carrolton, TX






246



1,393



(424
)


140



1,075



1,215



372



2001



(l
)900-1100
    Avenue S

Grand Prairie, TX


2,669



623



3,528



1,365



629



4,887



5,516



1,059



2002



(l
)Plano Crossing(f)

Plano, TX


7,709



1,961



11,112



819



1,981



11,911



13,892



2,648



2002



(l
)7413A-C Dogwood Park

Richland Hills, TX






110



623



195



111



817



928



167



2002



(l
)7450 Tower Street

Richland Hills, TX






36



204



183



36



387



423



148



2002



(l
)7436 Tower Street

Richland Hills, TX






57



324



158



58



481



539



172



2002



(l
)7426 Tower Street

Richland Hills, TX






76



429



239



76



668



744



103



2002



(l
)7427-7429
    Tower Street

Richland Hills, TX






75



427



130



76



556



632



111



2002



(l
)2840-2842
    Handley Ederville Rd

Richland Hills, TX






112



635



56



113



690



803



145



2002



(l
)7451-7477
    Airport Freeway

Richland Hills, TX






256



1,453



254



259



1,704



1,963



372



2002



(l
)7415 Whitehall Street

Richland Hills, TX






372



2,107



(194
)


269



2,016



2,285



542



2002



(l
)7450 Whitehall Street

Richland Hills, TX






104



591



288



105



878



983



162



2002



(l
)300 Wesley Way

Richland Hills, TX


908



208



1,181



18



211



1,196



1,407



247



2002



(l
)7451 Dogwood Park

Richland Hills, TX


608



133



753



29



134



781



915



165



2002



(l
)825-827
    Avenue H(d)

Arlington, TX






600



3,006



245



604



3,247



3,851



974



2004



(l
)1013-31
    Avenue M

Grand Prairie, TX






300



1,504



357



302



1,859



2,161



462



2004



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

Grand Prairie, TX


2,253



700



3,509



196



704



3,701



4,405



1,009



2004



(l
)1200-16
    Avenue H(d)

Arlington, TX


1,702



600



2,846



(132
)


604



2,710



3,314



591



2004



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

Grand Prairie, TX






1,000



5,012



113



1,006



5,119



6,125



1,082



2004



(l
)2401-2407
    Centennial Dr

Arlington, TX


1,912



600



2,534



217



604



2,747



3,351



865



2004



(l
)3111 West Commerce Street

Dallas, TX






1,000



3,364



95



1,011



3,448



4,459



1,047



2004



(l
)9150 West Royal Lane

Irving, TX






818



3,767



(1,859
)


368



2,358



2,726



904



2005



(l
)13800 Senlac Drive

Farmers Ranch, TX






823



4,042



146



825



4,186



5,011



1,025



2005



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

Grand Prairie, TX






2,581



16,556



(917
)


2,586



15,634



18,220



4,429



2005



(l
)801-842
    Heinz Way

Grand Prairie, TX






599



3,327



355



601



3,680



4,281



995



2005



(l
)901-937
    Heinz Way

Grand Prairie, TX






493



2,758



(14
)


481



2,756



3,237



851



2005



(l
)3730 Wheeler Avenue

Fort Smith, AR






720



2,800



(658
)


566



2,296



2,862



448



2006



(l
)3301 Century Circle

Irving, TX


2,582



760



3,856



204



771



4,049



4,820



500



2007



(l
)First Garland Dist Ctr.

Garland, TX






1,912







15,155



1,947



15,120



17,067



1,367



2008



(l
) S-6




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


Lives (Years)(Dollars in thousands)Denver4785 Elati

Denver, CO






173



981



132



175



1,111



1,286



336



1997



(l
)4770 Fox Street

Denver, CO






132



750



149



134



897



1,031



265



1997



(l
)3871 Revere

Denver, CO


1,302



361



2,047



282



368



2,322



2,690



725



1997



(l
)4570 Ivy Street

Denver, CO


1,048



219



1,239



165



220



1,403



1,623



468



1997



(l
)5855 Stapleton Drive North

Denver, CO


1,329



288



1,630



142



290



1,770



2,060



566



1997



(l
)5885 Stapleton Drive North

Denver, CO


1,870



376



2,129



392



380



2,517



2,897



860



1997



(l
)5977-5995
    North Broadway

Denver, CO






268



1,518



303



271



1,818



2,089



558



1997



(l
)2952-5978
    North Broadway

Denver, CO






414



2,346



861



422



3,199



3,621



1,004



1997



(l
)4721 Ironton Street

Denver, CO






232



1,313



24



236



1,333



1,569



449



1997



(l
)East 47th Drive  A

Denver, CO






441



2,689



(18
)


441



2,671



3,112



892



1997



(l
)9500 West 49th Street  A

Wheatridge, CO






283



1,625



7



287



1,628



1,915



570



1997



(l
)9500 West 49th Street  B

Wheatridge, CO






225



1,272



109



227



1,379



1,606



486



1997



(l
)9500 West 49th Street  C

Wheatridge, CO






600



3,409



110



601



3,518



4,119



1,146



1997



(l
)9500 West 49th Street  D

Wheatridge, CO






246



1,537



395



247



1,931



2,178



683



1997



(l
)451-591 East
    124th Avenue

Littleton, CO






383



2,145



328



383



2,473



2,856



998



1997



(l
)608 Garrison Street

Lakewood, CO






265



1,501



423



269



1,920



2,189



620



1997



(l
)610 Garrison Street

Lakewood, CO






264



1,494



372



265



1,865



2,130



606



1997



(l
)15000 West 6th Avenue

Golden, CO






913



5,174



769



918



5,938



6,856



1,902



1997



(l
)14998 West 6th Avenue Bldg E

Golden, CO






565



3,199



263



570



3,457



4,027



1,138



1997



(l
)14998 West 6th Avenue Bldg F

Englewood, CO






269



1,525



73



273



1,594



1,867



516



1997



(l
)12503 East Euclid Drive

Denver, CO






1,208



6,905



429



1,000



7,542



8,542



2,804



1997



(l
)6547 South Racine Circle

Englewood, CO


3,003



739



4,241



402



739



4,643



5,382



1,631



1997



(l
)1600 South Abilene

Aurora, CO






465



2,633



(1,134
)


210



1,754



1,964



889



1997



(l
)1620 South Abilene

Aurora, CO






268



1,520



84



270



1,602



1,872



520



1997



(l
)1640 South Abilene

Aurora, CO






368



2,085



(158
)


307



1,988



2,295



719



1997



(l
)13900 East Florida Ave

Aurora, CO






189



1,071



(439
)


81



740



821



393



1997



(l
)11701 East 53rd Avenue

Denver, CO






416



2,355



326



422



2,675



3,097



921



1997



(l
)5401 Oswego Street

Denver, CO






273



1,547



197



278



1,739



2,017



580



1997



(l
)14818 West 6th Avenue Bldg A

Golden, CO






468



2,799



400



468



3,199



3,667



1,141



1997



(l
)14828 West 6th Avenue Bldg B

Golden, CO






503



2,942



199



503



3,141



3,644



1,028



1997



(l
)445 Bryant Street

Denver, CO


6,926



1,829



10,219



2,265



1,829



12,484



14,313



3,794



1998



(l
)3811 Joliet

Denver, CO






735



4,166



448



752



4,597



5,349



1,448



1998



(l
)12055 E 49th Ave/4955 Peoria

Denver, CO






298



1,688



547



305



2,228



2,533



737



1998



(l
)4940-4950
    Paris

Denver, CO






152



861



253



156



1,110



1,266



321



1998



(l
) S-7




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


Lives (Years)(Dollars in thousands)4970 Paris

Denver, CO






95



537



144



97



679



776



208



1998



(l
)7367 South Revere Parkway

Englewood, CO


3,324



926



5,124



818



934



5,934



6,868



2,016



1998



(l
)8200 East Park Meadows Drive(d)

Lone Tree, CO






1,297



7,348



903



1,304



8,244



9,548



2,245



2000



(l
)3250 Quentin(d)

Aurora, CO






1,220



6,911



638



1,230



7,539



8,769



2,043



2000



(l
)Highpoint Bus Ctr B

Littleton, CO






739







3,259



781



3,217



3,998



704



2000



(l
)1130 W. 124th Ave.

Westminster, CO






441







3,766



441



3,766



4,207



1,223



2000



(l
)1070 W. 124th Ave.

Westminster, CO






374







2,771



374



2,771



3,145



654



2000



(l
)1020 W. 124th Ave.

Westminster, CO






374







2,813



374



2,813



3,187



793



2000



(l
)Jeffco Bus Ctr Phase I

Broomfield, CO






312







1,403



370



1,345



1,715



337



2001



(l
)960 W. 124th Ave

Westminster, CO






441







3,395



429



3,407



3,836



991



2001



(l
)8820 W. 116th Street

Broomfield, CO






338



1,918



290



372



2,174



2,546



451



2003



(l
)8835 W. 116th Street

Broomfield, CO






1,151



6,523



1,090



1,304



7,460



8,764



1,601



2003



(l
)18150 E. 32nd Street

Aurora, CO


2,130



563



3,188



651



572



3,830



4,402



1,160



2004



(l
)7005 E. 46th Avenue Drive

Denver, CO


1,462



512



2,025



60



517



2,080



2,597



410



2005



(l
)4001 Salazar Way

Frederick, CO


4,254



1,271



6,508



(88
)


1,276



6,415



7,691



1,137



2006



(l
)1690 S. Abilene

Aurora, CO






406



2,814



(699
)


294



2,227



2,521



570



2006



(l
)5909-5915 N. Broadway

Denver, CO


1,022



495



1,268



183



500



1,446



1,946



396



2006



(l
)555 Corporate Circle

Golden, CO






499



2,673



77



559



2,690



3,249



521



2006



(l
)Detroit238 Executive Drive

Troy, MI






52



173



514



100



639



739



558



1994



(l
)301 Executive Drive

Troy, MI






71



293



627



133



858



991



796



1994



(l
)449 Executive Drive

Troy, MI






125



425



939



218



1,271



1,489



1,181



1994



(l
)501 Executive Drive

Troy, MI






71



236



600



129



778



907



556



1994



(l
)451 Robbins Drive

Troy, MI






96



448



867



192



1,219



1,411



1,098



1994



(l
)1095 Crooks Road

Troy, MI






331



1,017



2,239



360



3,227



3,587



1,882



1994



(l
)1416 Meijer Drive

Troy, MI






94



394



516



121



883



1,004



741



1994



(l
)1624 Meijer Drive

Troy, MI






236



1,406



940



373



2,209



2,582



1,754



1994



(l
)1972 Meijer Drive

Troy, MI






315



1,301



738



372



1,982



2,354



1,466



1994



(l
)1621 Northwood Drive

Troy, MI






85



351



1,014



215



1,235



1,450



1,151



1994



(l
)1707 Northwood Drive

Troy, MI






95



262



1,316



239



1,434



1,673



1,116



1994



(l
)1788 Northwood Drive

Troy, MI






50



196



483



103



626



729



558



1994



(l
)1821 Northwood Drive

Troy, MI






132



523



744



220



1,179



1,399



1,162



1994



(l
)1826 Northwood Drive

Troy, MI






55



208



472



103



632



735



547



1994



(l
)1864 Northwood Drive

Troy, MI






57



190



489



107



629



736



566



1994



(l
)2277 Elliott Avenue

Troy, MI






48



188



411



16



631



647



559



1994



(l
) S-8




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


Lives (Years)(Dollars in thousands)2451 Elliott Avenue

Troy, MI






78



319



751



164



984



1,148



909



1994



(l
)2730 Research Drive

Rochester Hills, MI






903



4,215



1,402



903



5,617



6,520



3,691



1994



(l
)2791 Research Drive

Rochester Hills, MI






557



2,731



719



560



3,447



4,007



2,233



1994



(l
)2871 Research Drive

Rochester Hills, MI






324



1,487



846



327



2,330



2,657



1,518



1994



(l
)3011 Research Drive

Rochester Hills, MI






457



2,104



687



457



2,791



3,248



1,790



1994



(l
)2870 Technology Drive

Rochester Hills, MI






275



1,262



292



279



1,550



1,829



1,079



1994



(l
)2900 Technology Drive

Rochester Hills, MI






214



977



613



219



1,585



1,804



1,004



1994



(l
)2930 Technology Drive

Rochester Hills, MI






131



594



379



138



966



1,104



572



1994



(l
)2950 Technology Drive

Rochester Hills, MI






178



819



381



185



1,193



1,378



763



1994



(l
)23014 Commerce Drive

Farmington Hills, MI






39



203



216



56



402



458



281



1994



(l
)23028 Commerce Drive

Farmington Hills, MI






98



507



278



125



758



883



580



1994



(l
)23035 Commerce Drive

Farmington Hills, MI






71



355



274



93



607



700



441



1994



(l
)23042 Commerce Drive

Farmintgon Hills, MI






67



277



274



89



529



618



417



1994



(l
)23065 Commerce Drive

Farmington Hills, MI






71



408



207



93



593



686



449



1994



(l
)23070 Commerce Drive

Farmington Hills, MI






112



442



346



125



775



900



605



1994



(l
)23079 Commerce Drive

Farmington Hills, MI






68



301



290



79



580



659



402



1994



(l
)23093 Commerce Drive

Farmington Hills, MI






211



1,024



753



295



1,693



1,988



1,356



1994



(l
)23135 Commerce Drive

Farmington Hills, MI






146



701



392



158



1,081



1,239



702



1994



(l
)23163 Commerce Drive

Farmington Hills, MI






111



513



341



138



827



965



576



1994



(l
)23177 Commerce Drive

Farmington Hills, MI






175



1,007



593



254



1,521



1,775



1,094



1994



(l
)23206 Commerce Drive

Farmington Hills, MI






125



531



309



137



828



965



600



1994



(l
)23370 Commerce Drive

Farmington Hills, MI






59



233



175



66



401



467



351



1994



(l
)32450 N Avis Drive

Madison Heights, MI






281



1,590



529



286



2,114



2,400



685



1996



(l
)12707 Eckles Road

Plymouth Township, MI






255



1,445



239



267



1,672



1,939



568



1996



(l
)9300-9328
    Harrison Rd

Romulus, MI






147



834



408



154



1,235



1,389



404



1996



(l
)9330-9358
    Harrison Rd

Romulus, MI






81



456



253



85



705



790



238



1996



(l
)28420-28448
    Highland Rd

Romulus, MI






143



809



268



149



1,071



1,220



332



1996



(l
)28450-28478
    Highland Rd

Romulus, MI






81



461



602



85



1,059



1,144



293



1996



(l
)28421-28449
    Highland Rd

Romulus, MI






109



617



497



114



1,109



1,223



355



1996



(l
)28451-28479
    Highland Rd

Romulus, MI






107



608



379



112



982



1,094



292



1996



(l
)28825-28909
    Highland Rd

Romulus, MI






70



395



293



73



685



758



247



1996



(l
)28933-29017
    Highland Rd

Romulus, MI






112



634



240



117



869



986



270



1996



(l
)28824-28908
    Highland Rd

Romulus, MI






134



760



221



140



975



1,115



346



1996



(l
)28932-29016
    Highland Rd

Romulus, MI






123



694



276



128



965



1,093



306



1996



(l
)9710-9734
    Harrison Rd

Romulus, MI






125



706



187



130



888



1,018



294



1996



(l
) S-9




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


Lives (Years)(Dollars in thousands)9740-9772
    Harrison Rd

Romulus, MI






132



749



226



138



969



1,107



319



1996



(l
)9840-9868
    Harrison Rd

Romulus, MI






144



815



174



151



982



1,133



378



1996



(l
)9800-9824
    Harrison Rd

Romulus, MI






117



664



146



123



804



927



289



1996



(l
)29265-29285
    Airport Dr

Romulus, MI






140



794



254



147



1,041



1,188



380



1996



(l
)29185-29225
    Airport Dr

Romulus, MI






140



792



328



146



1,114



1,260



407



1996



(l
)29149-29165
    Airport Dr

Romulus, MI






216



1,225



250



226



1,465



1,691



513



1996



(l
)29101-29115
    Airport Dr

Romulus, MI






130



738



261



136



993



1,129



348



1996



(l
)29031-29045
    Airport Dr

Romulus, MI






124



704



178



130



876



1,006



343



1996



(l
)29050-29062
    Airport Dr

Romulus, MI






127



718



213



133



925



1,058



297



1996



(l
)29120-29134
    Airport Dr

Romulus, MI






161



912



268



169



1,172



1,341



393



1996



(l
)29200-29214
    Airport Dr

Romulus, MI






170



963



250



178



1,205



1,383



421



1996



(l
)9301-9339
    Middlebelt Rd

Romulus, MI






124



703



291



130



988



1,118



330



1996



(l
)26980 Trolley Industrial Drive

Taylor, MI






450



2,550



(658
)


207



2,135



2,342



1,137



1997



(l
)32975 Capitol Avenue

Livonia, MI






135



748



(49
)


77



757



834



392



1998



(l
)2725 S. Industrial Highway

Ann Arbor, MI






660



3,654



(1,431
)


313



2,570



2,883



1,277



1998



(l
)32920 Capitol Avenue

Livonia, MI






76



422



(98
)


27



373



400



161



1998



(l
)11923 Brookfield Avenue

Livonia, MI






120



665



(350
)


32



403



435



257



1998



(l
)11965 Brookfield Avenue

Livonia, MI






120



665



(411
)


28



346



374



224



1998



(l
)13405 Stark Road

Livonia, MI






46



254



(3
)


30



267



297



99



1998



(l
)1170 Chicago Road

Troy, MI






249



1,380



(455
)


129



1,045



1,174



501



1998



(l
)1200 Chicago Road

Troy, MI






268



1,483



284



286



1,749



2,035



542



1998



(l
)450 Robbins Drive

Troy, MI






166



920



260



178



1,168



1,346



381



1998



(l
)1230 Chicago Road

Troy, MI






271



1,498



166



289



1,646



1,935



516



1998



(l
)12886 Westmore Avenue

Livonia, MI






190



1,050



(413
)


86



741



827



381



1998



(l
)12898 Westmore Avenue

Livonia, MI






190



1,050



(639
)


39



562



601



376



1998



(l
)33025 Industrial Road

Livonia, MI






80



442



(331
)


6



185



191



160



1998



(l
)47711 Clipper Street

Plymouth Township, MI






539



2,983



265



575



3,212



3,787



1,012



1998



(l
)32975 Industrial Road

Livonia, MI






160



887



(231
)


92



724



816



326



1998



(l
)32985 Industrial Road

Livonia, MI






137



761



(368
)


46



484



530



271



1998



(l
)32995 Industrial Road

Livonia, MI






160



887



(344
)


69



634



703



328



1998



(l
)12874 Westmore Avenue

Livonia, MI






137



761



(203
)


58



637



695



347



1998



(l
)33067 Industrial Road

Livonia, MI






160



887



(430
)


54



563



617



319



1998



(l
)1775 Bellingham

Troy, MI






344



1,902



365



367



2,244



2,611



685



1998



(l
)1785 East Maple

Troy, MI






92



507



140



98



641



739



185



1998



(l
)1807 East Maple

Troy, MI






321



1,775



(445
)


189



1,462



1,651



638



1998



(l
) S-10




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


Lives (Years)(Dollars in thousands)980 Chicago

Troy, MI






206



1,141



209



220



1,336



1,556



401



1998



(l
)1840 Enterprise Drive

Rochester Hills, MI






573



3,170



(2,280
)


49



1,414



1,463



1,069



1998



(l
)1885 Enterprise Drive

Rochester Hills, MI






209



1,158



146



223



1,290



1,513



412



1998



(l
)1935-55
    Enterprise Drive

Rochester Hills, MI






1,285



7,144



735



1,371



7,793



9,164



2,426



1998



(l
)5500 Enterprise Court

Warren, MI






675



3,737



517



721



4,208



4,929



1,304



1998



(l
)750 Chicago Road

Troy, MI






323



1,790



498



345



2,266



2,611



731



1998



(l
)800 Chicago Road

Troy, MI






283



1,567



366



302



1,914



2,216



583



1998



(l
)850 Chicago Road

Troy, MI






183



1,016



261



196



1,264



1,460



404



1998



(l
)2805 S. Industrial Highway

Ann Arbor, MI






318



1,762



276



219



2,137



2,356



823



1998



(l
)6833 Center Drive

Sterling Heights, MI






467



2,583



218



493



2,775



3,268



898



1998



(l
)32201 North Avis Drive

Madison Heights, MI






345



1,911



(1,007
)


96



1,153



1,249



681



1998



(l
)1100 East Mandoline Road

Madison Heights, MI






888



4,915



(985
)


402



4,416



4,818



1,937



1998



(l
)30081 Stephenson Highway

Madison Heights, MI






271



1,499



(585
)


108



1,077



1,185



576



1998



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

Lincoln Park, MI






366



3,241



202



291



3,518



3,809



1,468



1998



(l
)4872 S. Lapeer Road

Lake Orion Twsp, MI






1,342



5,441



526



1,412



5,897



7,309



1,809



1999



(l
)1400 Allen Drive

Troy, MI






209



1,154



253



212



1,404



1,616



367



2000



(l
)1408 Allen Drive

Troy, MI






151



834



133



153



965



1,118



264



2000



(l
)1305 Stephenson Hwy

Troy, MI






345



1,907



255



350



2,157



2,507



533



2000



(l
)32505 Industrial Drive

Madison Heights, MI






345



1,910



333



351



2,237



2,588



575



2000



(l
)1799-1813
    Northfield Drive(d)

Rochester Hills, MI






481



2,665



297



490



2,953



3,443



784



2000



(l
)28435 Automation Blvd

Wixom, MI






621







3,736



628



3,729



4,357



608



2004



(l
)32200 N Avis Drive

Madison Heights, MI






503



3,367



(1,368
)


190



2,312



2,502



684



2005



(l
)100 Kay Industrial Drive

Rion Township, MI






677



2,018



682



685



2,692



3,377



925



2005



(l
)1849 West Maple Road

Troy, MI






1,688



2,790



(3,643
)


156



679



835



476



2005



(l
)32650 Capitol Avenue

Livonia, MI






282



1,128



(500
)


167



743



910



148



2005



(l
)11800 Sears Drive

Livonia, MI






693



1,507



1,156



466



2,890



3,356



942



2005



(l
)1099 Chicago Road

Troy, MI






1,277



1,332



(718
)


765



1,126



1,891



639



2005



(l
)42555 Merrill Road

Sterling Heights, MI






1,080



2,300



3,487



1,090



5,777



6,867



1,062



2006



(l
)2441 N. Opdyke Road

Auburn Hills, MI






530



737



16



538



745



1,283



277



2006



(l
)200 Northpointe Drive

Orion Township, MI






723



2,063



36



734



2,088



2,822



454



2006



(l
)Houston2102-2314
    Edwards Street

Houston, TX






348



1,973



1,698



382



3,637



4,019



1,232



1997



(l
)3351 Rauch St

Houston, TX






272



1,541



560



278



2,095



2,373



581



1997



(l
)3851 Yale St

Houston, TX


2,150



413



2,343



482



425



2,813



3,238



986



1997



(l
)3337-3347
    Rauch Street

Houston, TX


962



227



1,287



220



233



1,501



1,734



474



1997



(l
) S-11




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


Lives (Years)(Dollars in thousands)8505 N Loop East

Houston, TX


1,738



439



2,489



662



449



3,141



3,590



961



1997



(l
)4749-4799
    Eastpark Dr

Houston, TX


2,554



594



3,368



1,316



611



4,667



5,278



1,465



1997



(l
)4851 Homestead Road

Houston, TX






491



2,782



949



504



3,718



4,222



1,134



1997



(l
)3365-3385
    Rauch Street

Houston, TX


1,721



284



1,611



696



290



2,301



2,591



686



1997



(l
)5050 Campbell Road

Houston, TX


1,693



461



2,610



427



470



3,028



3,498



985



1997



(l
)4300 Pine Timbers

Houston, TX






489



2,769



702



499



3,461



3,960



1,100



1997



(l
)2500-2530
    Fairway Park Drive

Houston, TX


3,446



766



4,342



2,013



792



6,329



7,121



1,767



1997



(l
)6550 Longpointe

Houston, TX


1,394



362



2,050



469



370



2,511



2,881



803



1997



(l
)1815 Turning Basin Dr

Houston, TX


1,880



487



2,761



637



531



3,354



3,885



1,084



1997



(l
)1819 Turning Basin Dr

Houston, TX






231



1,308



414



251



1,702



1,953



509



1997



(l
)1805 Turning Basin Drive

Houston, TX


2,212



564



3,197



810



616



3,955



4,571



1,272



1997



(l
)9835A Genard Road

Houston, TX






1,505



8,333



3,088



1,581



11,345



12,926



2,854



1999



(l
)9835B Genard Road

Houston, TX






245



1,357



646



256



1,992



2,248



556



1999



(l
)11505 State Highway 225

LaPorte City, TX


4,723



940



4,675



615



940



5,290



6,230



1,100



2005



(l
)1500 E. Main Street

Houston, TX






201



1,328



24



204



1,349



1,553



534



2005



(l
)700 Industrial Blvd

Sugar Land, TX






608



3,679



365



617



4,035



4,652



632



2007



(l
)7230-7238
    Wynnwood

Houston, TX






254



764



66



259



825



1,084



212



2007



(l
)7240-7248
    Wynnwood

Houston, TX






271



726



77



276



798



1,074



213



2007



(l
)7250-7260
    Wynnwood

Houston, TX






200



481



35



203



513



716



121



2007



(l
)7967 Blankenship

Houston, TX






307



1,166



220



307



1,386



1,693



77



2010



(l
)6400 Long Point

Houston, TX


818



188



898



(6
)


188



892



1,080



212



2007



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

Stafford, TX






154



626



(45
)


139



596



735



122



2007



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

Stafford, TX






404



1,698



19



378



1,743



2,121



351



2007



(l
)8850 Jameel

Houston, TX






171



826



63



171



889



1,060



194



2007



(l
)8800 Jameel

Houston, TX






163



798



(154
)


124



683



807



145



2007



(l
)8700 Jameel

Houston, TX






170



1,020



(109
)


120



961



1,081



228



2007



(l
)8600 Jameel

Houston, TX






163



818



(20
)


163



798



961



137



2007



(l
)Indianapolis1445 Brookville Way

Indianapolis, IN






459



2,603



679



476



3,265



3,741



1,149



1996



(l
)1440 Brookville Way

Indianapolis, IN






665



3,770



983



685



4,733



5,418



1,889



1996



(l
)1240 Brookville Way

Indianapolis, IN






247



1,402



322



258



1,713



1,971



643



1996



(l
)1345 Brookville Way

Indianapolis, IN






586



3,321



825



601



4,131



4,732



1,577



1996



(l
)1350 Brookville Way

Indianapolis, IN






205



1,161



312



212



1,466



1,678



543



1996



(l
)1341 Sadlier Circle E Dr

Indianapolis, IN






131



743



202



136



940



1,076



327



1996



(l
)1322-1438
    Sadlier Circle E Dr

Indianapolis, IN






145



822



229



152



1,044



1,196



348



1996



(l
) S-12




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


Lives (Years)(Dollars in thousands)1327-1441
    Sadlier Circle E Dr

Indianapolis, IN






218



1,234



330



225



1,557



1,782



557



1996



(l
)1304 Sadlier Circle E Dr

Indianapolis, IN






71



405



188



75



589



664



187



1996



(l
)1402 Sadlier Circle E Dr

Indianapolis, IN






165



934



266



171



1,194



1,365



404



1996



(l
)1504 Sadlier Circle E Dr

Indianapolis, IN






219



1,238



12



146



1,323



1,469



567



1996



(l
)1365 Sadlier Circle E Dr

Indianapolis, IN






121



688



23



91



741



832



304



1996



(l
)1352-1354
    Sadlier Circle E Dr

Indianapolis, IN






178



1,008



170



166



1,190



1,356



425



1996



(l
)1335 Sadlier Circle E Dr

Indianapolis, IN






81



460



307



85



763



848



308



1996



(l
)1327 Sadlier Circle E Dr

Indianapolis, IN






52



295



88



55



380



435



124



1996



(l
)1425 Sadlier Circle E Dr

Indianapolis, IN






21



117



37



23



152



175



56



1996



(l
)6951 E 30th St

Indianapolis, IN






256



1,449



191



265



1,631



1,896



585



1996



(l
)6701 E 30th St

Indianapolis, IN






78



443



59



82



498



580



180



1996



(l
)6737 E 30th St

Indianapolis, IN






385



2,181



184



398



2,352



2,750



861



1996



(l
)6555 E 30th St

Indianapolis, IN


3,546



484



4,760



1,393



484



6,153



6,637



2,291



1996



(l
)8402-8440 E
    33rd St

Indianapolis, IN






222



1,260



534



230



1,786



2,016



642



1996



(l
)8520-8630 E
    33rd St

Indianapolis, IN






326



1,848



206



281



2,099



2,380



805



1996



(l
)8710-8768 E
    33rd St

Indianapolis, IN






175



993



533



187



1,514



1,701



537



1996



(l
)3316-3346 N. Pagosa
    Court

Indianapolis, IN


1,414



325



1,842



479



335



2,311



2,646



854



1996



(l
)7901 West 21st St.

Indianapolis, IN






1,048



6,027



253



1,048



6,280



7,328



2,132



1997



(l
)1225 Brookville Way

Indianapolis, IN






60







462



68



454



522



173



1997



(l
)6751 E 30th St

Indianapolis, IN






728



2,837



292



741



3,116



3,857



1,029



1997



(l
)9210 E. 146th Street

Noblesville, IN






66



684



834



66



1,518



1,584



815



1998



(l
)5705-97 Park
    Plaza Ct.

Indianapolis, IN


2,163



600



2,194



456



609



2,641



3,250



655



2003



(l
)9319-9341
    Castlegate Drive

Indianapolis, IN






530



1,235



1,003



544



2,224



2,768



738



2003



(l
)1133 Northwest L Street

Richmond, IN


1,008



201



1,358



(23
)


208



1,328



1,536



524



2006



(l
)14425 Bergen Blvd

Noblesville, IN






647







3,861



743



3,765



4,508



495



2007



(l
)Inland Empire3411 N. Perris Boulevard

Riverside, CA






8,125



7,150



(10,542
)


1,838



2,895



4,733



1,842



2007



(l
)100 West Sinclair

Riverside, CA






4,894



3,481



(4,555
)


1,818



2,002



3,820



738



2007



(l
)14050 Day Street

Moreno Valley, CA






2,538



2,538



291



2,565



2,801



5,366



333



2008



(l
)12925 Marlay Avenue

Fontana, CA






6,072



7,891



105



6,090



7,978



14,068



1,230



2008



(l
)Los Angeles1944 Vista Bella Way

Rancho Domingue, CA


3,422



1,746



3,148



584



1,822



3,656



5,478



891



2005



(l
)2000 Vista Bella Way

Rancho Domingue, CA


1,398



817



1,673



278



853



1,915



2,768



451



2005



(l
)2835 East Ana Street

Rancho Domingue, CA


2,959



1,682



2,750



82



1,772



2,742



4,514



808



2005



(l
)665 N. Baldwin Park Blvd.

City of Industry, CA


4,614



2,124



5,219



1,678



2,143



6,878



9,021



1,214



2006



(l
) S-13




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


Lives (Years)(Dollars in thousands)27801 Avenue Scott

Santa Clarita, CA






2,890



7,020



584



2,902



7,592



10,494



1,214



2006



(l
)2610&2660 Columbia St

Torrance, CA


4,698



3,008



5,826



181



3,031



5,984



9,015



963



2006



(l
)433 Alaska Avenue

Torrance, CA






681



168



5



684



170



854



101



2006



(l
)4020 S. Compton Ave

Los Angeles, CA






3,800



7,330



71



3,825



7,376



11,201



978



2006



(l
)21730-21748
    Marilla St.

Chatsworth, CA


3,109



2,585



3,210



126



2,608



3,313



5,921



555



2007



(l
)8015 Paramount

Pico Rivera, CA






3,616



3,902



61



3,657



3,922



7,579



675



2007



(l
)3365 E. Slauson

Vernon, CA






2,367



3,243



40



2,396



3,254



5,650



590



2007



(l
)3015 East Ana

Rancho Domingue, CA






19,678



9,321



7,451



20,144



16,306



36,450



2,316



2007



(l
)19067 Reyes Ave.

Rancho Domingue, CA






9,281



3,920



190



9,381



4,010



13,391



805



2007



(l
)1250 Rancho Conejo Blvd.

Thousand Oaks, CA






1,435



779



36



1,441



809



2,250



160



2007



(l
)1260 Rancho Conejo Blvd.

Thousand Oaks, CA






1,353



722



(898
)


651



526



1,177



138



2007



(l
)1270 Rancho Conejo Blvd.

Thousand Oaks, CA






1,224



716



21



1,229



732



1,961



166



2007



(l
)1280 Rancho Conejo Blvd.

Thousand Oaks, CA


3,234



2,043



3,408



40



2,051



3,440



5,491



567



2007



(l
)1290 Rancho Conejo Blvd

Thousand Oaks, CA


2,788



1,754



2,949



35



1,761



2,977



4,738



494



2007



(l
)18201-18291
    Santa Fe

Rancho Domingue, CA






6,720







8,949



6,897



8,772



15,669



671



2008



(l
)1011 Rancho Conejo

Thousand Oaks, CA


5,762



7,717



2,518



(186
)


7,752



2,296



10,048



407



2008



(l
)2300 Corporate Center Drive

Thousand Oaks, CA






6,506



4,885



(5,254
)


3,236



2,901



6,137



915



2008



(l
)19021 S. Reyes Ave.

Rancho Domingue, CA






8,183



7,501



549



8,545



7,688



16,233



561



2008



(l
)Miami4700 NW 15th Ave

Ft. Lauderdale, FL






908



1,883



310



912



2,189



3,101



360



2007



(l
)4710 NW 15th Ave

Ft. Lauderdale, FL






830



2,722



384



834



3,102



3,936



439



2007



(l
)4720 NW 15th Ave

Ft. Lauderdale, FL






937



2,455



262



942



2,712



3,654



375



2007



(l
)4740 NW 15th Ave

Ft. Lauderdale, FL






1,107



3,111



261



1,112



3,367



4,479



489



2007



(l
)4750 NW 15th Ave

Ft. Lauderdale, FL






947



3,079



756



951



3,831



4,782



532



2007



(l
)4800 NW 15th Ave

Ft. Lauderdale, FL






1,092



3,308



359



1,097



3,662



4,759



673



2007



(l
)Medley Industrial Center

Medley, FL






857



3,428



2,978



864



6,399



7,263



594



2007



(l
)Pan American Business Park

Medley, FL






2,521







633



828



2,326



3,154



50



2008



(l
)Milwaukee6523 N Sydney Place

Glendale, WI






172



976



(46
)


88



1,014



1,102



538



1995



(l
)5355 South Westridge Drive

New Berlin, WI


5,489



1,630



7,058



(306
)


1,646



6,736



8,382



1,001



2004



(l
)320-334 W. Vogel
    Avenue

Milwaukee, WI






506



3,199



80



508



3,277



3,785



1,139



2005



(l
)4950 South 6th Avenue

Milwaukee, WI






299



1,565



57



301



1,620



1,921



672



2005



(l
)1711 Paramount Court

Waukesha, WI


1,329



308



1,762



41



311



1,800



2,111



402



2005



(l
)W140 N9059 Lilly Road

Menomonee Falls, WI






343



1,153



140



366



1,270



1,636



344



2005



(l
)200 W. Vogel Avenue-Bldg B

Milwaukee, WI






301



2,150







302



2,149



2,451



648



2005



(l
) S-14




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


Lives (Years)(Dollars in thousands)4921 S. 2nd Street

Milwaukee, WI






101



713



(221
)


60



533



593



214



2005



(l
)1500 Peebles Drive

Richland Center, WI






1,577



1,018



(387
)


1,434



774



2,208



635



2005



(l
)16600 West Glendale Ave.

New Berlin, WI






704



1,923



468



715



2,380



3,095



710



2006



(l
)2905 S. 160th Street

New Berlin, WI






261



672



312



265



980



1,245



258



2007



(l
)2855 S. 160th Street

New Berlin, WI






221



628



198



225



822



1,047



304



2007



(l
)2485 Commerce Drive

New Berlin, WI






483



1,516



235



491



1,743



2,234



387



2007



(l
)14518 Whittaker Way

Menomonee Falls, WI






437



1,082



125



445



1,199



1,644



358



2007



(l
)Rust-Oleum BTS

Kenosha, WI


14,362



4,100







23,783



3,212



24,671



27,883



1,338



2008



(l
)Menomonee Falls-Barry Land

Menomonee Falls, WI


11,203



1,188







16,945



1,204



16,929



18,133



845



2008



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

Bloomington, MN


4,479



1,358



8,622



5,364



1,499



13,845



15,344



8,401



1994



(l
)7251-7267
    Washington Avenue

Edina, MN






129



382



624



182



953



1,135



745



1994



(l
)7301-7325
    Washington Avenue

Edina, MN






174



391



(70
)


193



302



495



75



1994



(l
)7101 Winnetka Avenue North

Brooklyn Park, MN


5,933



2,195



6,084



3,982



2,228



10,033



12,261



6,173



1994



(l
)9901 West 74th Street

Eden Prairie, MN


3,480



621



3,289



3,281



639



6,552



7,191



4,718



1994



(l
)1030 Lone Oak Road

Eagan, MN


2,358



456



2,703



616



456



3,319



3,775



1,251



1994



(l
)1060 Lone Oak Road

Eagan, MN


3,083



624



3,700



610



624



4,310



4,934



1,844



1994



(l
)5400 Nathan Lane

Plymouth, MN


2,973



749



4,461



935



757



5,388



6,145



2,173



1994



(l
)10120 W 76th Street

Eden Prairie, MN






315



1,804



1,439



315



3,243



3,558



1,042



1995



(l
)12155 Nicollet Ave

Burnsville, MN






286







1,731



288



1,729



2,017



658



1995



(l
)4100 Peavey Road

Chaska, MN






277



2,261



798



277



3,059



3,336



1,061



1996



(l
)5205 Highway 169

Plymouth, MN






446



2,525



427



557



2,841



3,398



1,140



1996



(l
)7100-7198
    Shady Oak Road

Eden Prairie, MN






715



4,054



1,910



736



5,943



6,679



1,816



1996



(l
)7500-7546
    Washington Square

Eden Prairie, MN






229



1,300



782



235



2,076



2,311



653



1996



(l
)7550-7558
    Washington Square

Eden Prairie, MN






153



867



275



157



1,138



1,295



367



1996



(l
)5240-5300
    Valley Industrial Blvd S

Shakopee, MN






362



2,049



810



371



2,850



3,221



927



1996



(l
)500-530
    Kasota Avenue SE

Minneapolis, MN






415



2,354



997



434



3,332



3,766



992



1998



(l
)2530-2570
    Kasota Avenue

St. Paul, MN






407



2,308



737



435



3,017



3,452



953



1998



(l
)5775 12th Avenue

Shakopee, MN


4,009



590







5,827



590



5,827



6,417



1,708



1998



(l
)1157 Valley Park Drive

Shakopee, MN


4,486



760







6,421



888



6,293



7,181



1,807



1999



(l
)9600 West 76th Street

Eden Prairie, MN


2,610



1,000



2,450



48



1,034



2,464



3,498



542



2004



(l
)9700 West 76th Street

Eden Prairie, MN


3,160



1,000



2,709



529



1,038



3,200



4,238



647



2004



(l
)7600 69th Avenue

Greenfield, MN






1,500



8,328



1,808



1,510



10,126



11,636



2,407



2004



(l
)5017 Boone Avenue North

New Hope, MN






1,000



1,599



(19
)


1,009



1,571



2,580



480



2005



(l
)2300 West Highway 13

Burnsville, MN






2,517



6,069



(3,429
)


1,253



3,904



5,157



2,274



2005



(l
) S-15




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


Lives (Years)(Dollars in thousands)1087 Park Place

Shakopee, MN






1,195



4,891



(622
)


1,198



4,266



5,464



635



2005



(l
)5391 12th Avenue SE

Shakopee, MN


5,084



1,392



8,149



201



1,395



8,347



9,742



1,729



2005



(l
)4701 Valley Industrial Blvd S

Shakopee, MN






1,296



7,157



569



1,299



7,723



9,022



2,016



2005



(l
)316 Lake Hazeltine Drive

Chaska, MN






714



944



57



729



986



1,715



362



2006



(l
)1225 Highway 169 North

Plymouth, MN






1,190



1,979



391



1,207



2,353



3,560



711



2006



(l
)7102 Winnetka Avene North

Brooklyn Park, MN


4,534



1,275







6,850



1,343



6,782



8,125



931



2007



(l
)139 Eva Street

St. Paul, MN






2,132



3,105



90



2,175



3,152



5,327



352



2008



(l
)21900 Dodd Boulevard

Lakeville, MN






2,289



7,952



(1
)


2,289



7,952



10,241



223



2009



(l
)Nashville3099 Barry Drive

Portland, TN






418



2,368



(745
)


240



1,801



2,041



870



1996



(l
)3150 Barry Drive

Portland, TN






941



5,333



5,955



981



11,248



12,229



2,391



1996



(l
)5599 Highway 31 West

Portland, TN






564



3,196



(1,618
)


180



1,962



2,142



1,183



1996



(l
)1650 Elm Hill Pike

Nashville, TN






329



1,867



180



300



2,076



2,376



739



1997



(l
)1931 Air Lane Drive

Nashville, TN






489



2,785



397



493



3,178



3,671



1,037



1997



(l
)4640 Cummings Park

Nashville, TN






360



2,040



632



365



2,667



3,032



678



1999



(l
)1740 River Hills Drive

Nashville, TN


3,398



848



4,383



1,385



888



5,728



6,616



2,040



2005



(l
)211 Ellery Court

Nashville, TN


2,690



606



3,192



211



616



3,393



4,009



630



2007



(l
)Rockdale BTS

Gallatin, TN






1,778







24,267



1,778



24,267



26,045



1,287



2008



(l
)Northern New Jersey14 Worlds Fair Drive

Franklin, NJ






483



2,735



610



503



3,325



3,828



1,135



1997



(l
)12 Worlds Fair Drive

Franklin, NJ






572



3,240



682



593



3,901



4,494



1,294



1997



(l
)22 Worlds Fair Drive

Franklin, NJ






364



2,064



665



375



2,718



3,093



951



1997



(l
)26 Worlds Fair Drive

Franklin, NJ






361



2,048



547



377



2,579



2,956



863



1997



(l
)24 Worlds Fair Drive

Franklin, NJ






347



1,968



447



362



2,400



2,762



882



1997



(l
)20 Worlds Fair Drive Lot 13

Sumerset, NJ






9







2,581



691



1,899



2,590



505



1999



(l
)45 Route 46

Pine Brook, NJ






969



5,491



911



978



6,393



7,371



1,770



2000



(l
)43 Route 46

Pine Brook, NJ






474



2,686



435



479



3,116



3,595



741



2000



(l
)39 Route 46

Pine Brook, NJ






260



1,471



191



262



1,660



1,922



433



2000



(l
)26 Chapin Road

Pine Brook, NJ


4,950



956



5,415



802



965



6,208



7,173



1,619



2000



(l
)30 Chapin Road

Pine Brook, NJ


4,833



960



5,440



603



969



6,034



7,003



1,629



2000



(l
)20 Hook Mountain Road

Pine Brook, NJ






1,507



8,542



2,920



1,534



11,435



12,969



3,037



2000



(l
)30 Hook Mountain Road

Pine Brook, NJ






389



2,206



423



396



2,622



3,018



681



2000



(l
)55 Route 46

Pine Brook, NJ






396



2,244



(478
)


300



1,862



2,162



560



2000



(l
)16 Chapin Rod

Pine Brook, NJ


3,708



885



5,015



440



901



5,439



6,340



1,313



2000



(l
)20 Chapin Road

Pine Brook, NJ


4,810



1,134



6,426



664



1,154



7,070



8,224



1,815



2000



(l
) S-16




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


Lives (Years)(Dollars in thousands)Sayreville Lot 4

Sayreville, NJ


3,573



944







4,592



944



4,592



5,536



976



2002



(l
)Sayreville Lot 3

Sayreville, NJ






996







5,380



996



5,380



6,376



866



2003



(l
)309-319
    Pierce Street

Somerset, NJ


3,917



1,300



4,628



1,069



1,309



5,688



6,997



1,417



2004



(l
)Philadelphia3240 S. 78th Street

Philadelphia, PA






515



1,245



(312
)


403



1,045



1,448



311



2005



(l
)2455 Boulevard of Generals

Norristown, PA


3,579



1,200



4,800



1,088



1,226



5,862



7,088



888



2008



(l
)Phoenix1045 South Edward Drive

Tempe, AZ






390



2,160



164



396



2,318



2,714



653



1999



(l
)50 South 56th Street

Chandler, AZ






1,206



3,218



352



1,252



3,524



4,776



712



2004



(l
)4701 W. Jefferson

Phoenix, AZ


2,675



926



2,195



443



929



2,635



3,564



832



2005



(l
)7102 W. Roosevelt

Phoenix, AZ






1,613



6,451



1,107



1,620



7,551



9,171



1,644



2006



(l
)4137 West Adams Street

Phoenix, AZ






990



2,661



150



1,033



2,768



3,801



503



2006



(l
)245 W. Lodge

Tempe, AZ






898



3,066



(2,164
)


349



1,451



1,800



366



2007



(l
)1590 E Riverview Dr.

Phoenix, AZ






1,293



5,950



69



1,292



6,020



7,312



588



2008



(l
)14131 N. Rio Vista Dr.

Peoria, AZ






2,563



9,388



1,652



2,563



11,040



13,603



1,221



2008



(l
)8716 W. Ludlow Drive

Peoria, AZ






2,709



10,970



1,008



2,709



11,978



14,687



1,024



2008



(l
)3815 W. Washington St.

Phoenix, AZ


4,090



1,675



4,514



146



1,719



4,616



6,335



377



2008



(l
)690 91st Avenue

Tolleson, AZ


7,548



1,904



6,805



2,617



1,923



9,403



11,326



1,016



2008



(l
)Salt Lake City512 Lawndale Drive(i)

Salt Lake City, UT






2,705



15,749



2,750



2,705



18,499



21,204



6,146



1997



(l
)1270 West 2320 South

West Valley, UT






138



784



155



143



934



1,077



336



1998



(l
)1275 West 2240 South

West Valley, UT






395



2,241



333



408



2,561



2,969



792



1998



(l
)1288 West 2240 South

West Valley, UT






119



672



125



123



793



916



257



1998



(l
)2235 South 1300 West

West Valley, UT






198



1,120



278



204



1,392



1,596



566



1998



(l
)1293 West 2200 South

West Valley, UT






158



896



94



163



985



1,148



309



1998



(l
)1279 West 2200 South

West Valley, UT






198



1,120



310



204



1,424



1,628



429



1998



(l
)1272 West 2240 South

West Valley, UT






336



1,905



301



347



2,195



2,542



667



1998



(l
)1149 West 2240 South

West Valley, UT






217



1,232



118



225



1,342



1,567



445



1998



(l
)1142 West 2320 South

West Valley, UT






217



1,232



73



225



1,297



1,522



416



1998



(l
)1152 West 2240 South

West Valley, UT






2,067







2,551



1,083



3,535



4,618



985



2000



(l
)1815-1957
    South 4650 West

Salt Lake City, UT


7,255



1,707



10,873



116



1,713



10,983



12,696



1,649



2006



(l
)2100 Alexander Street

West Valley, UT


1,187



376



1,670



(21
)


376



1,649



2,025



208



2007



(l
)2064 Alexander Street

West Valley, UT


2,118



864



2,771



112



869



2,878



3,747



437



2007



(l
)San Diego16275 Technology Drive

San Diego, CA






2,848



8,641



(198
)


2,859



8,432



11,291



1,361



2005



(l
) S-17




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


Lives (Years)(Dollars in thousands)6305 El Camino Real

Carlsbad, CA






1,590



6,360



7,563



1,590



13,923



15,513



1,629



2006



(l
)2325 Camino Vida Roble

Carlsbad, CA


2,192



1,441



1,239



670



1,446



1,904



3,350



329



2006



(l
)2335 Camino Vida Roble

Carlsbad, CA


1,139



817



762



126



821



884



1,705



184



2006



(l
)2345 Camino Vida Roble

Carlsbad, CA


806



562



456



86



565



539



1,104



121



2006



(l
)2355 Camino Vida Roble

Carlsbad, CA


588



481



365



52



483



415



898



98



2006



(l
)2365 Camino Vida Roble

Carlsbad, CA


1,239



1,098



630



(6
)


1,102



620



1,722



155



2006



(l
)2375 Camino Vida Roble

Carlsbad, CA


1,538



1,210



874



173



1,214



1,043



2,257



274



2006



(l
)6451 El Camino Real

Carlsbad, CA






2,885



1,931



461



2,895



2,382



5,277



485



2006



(l
)8572 Spectrum Lane

San Diego, CA


2,252



806



3,225



429



807



3,653



4,460



441



2007



(l
)13100 Gregg Street

Poway, CA






1,040



4,160



474



1,073



4,601



5,674



740



2007



(l
)Seattle1901 Raymond Ave SW

Renton, WA


2,046



4,458



2,659



197



4,594



2,720



7,314



357



2008



(l
)19014 64th Avenue South

Kent, WA


3,160



1,990



3,979



244



2,042



4,172



6,214



497



2008



(l
)18640 68th Ave. South

Kent, WA


816



1,218



1,950



118



1,258



2,028



3,286



277



2008



(l
)Puget Sound Terminal 7

Seattle, WA






9,139



5,881



476



9,340



6,155



15,495



139



2008



(l
)Southern New Jersey8 Springdale Road

Cherry Hill, NJ






258



1,436



782



258



2,218



2,476



669



1998



(l
)111 Whittendale Drive

Morrestown, NJ


1,769



522



2,916



65



522



2,981



3,503



815



2000



(l
)7851 Airport Highway

Pennsauken, NJ






160



508



295



151



812



963



194



2003



(l
)103 Central

Mt. Laurel, NJ






610



1,847



539



619



2,377



2,996



153



2003



(l
)999 Grand Avenue

Hammonton, NJ


5,120



969



8,793



(3,776
)


401



5,585



5,986



2,632



2005



(l
)7890 Airport Hwy/7015 Central

Pennsauken, NJ


1,318



300



989



511



425



1,375



1,800



510



2006



(l
)600 Creek Road

Delanco, NJ






2,125



6,504



(2,098
)


1,475



5,056



6,531



1,660



2007



(l
)1070 Thomas Busch Mem Hwy

Pennsauken, NJ


2,872



1,054



2,278



328



1,084



2,576



3,660



623



2007



(l
)1601 Schlumberger Drive

Moorestown, NJ






560



2,240



(418
)


372



2,010



2,382



452



2007



(l
)St. Louis10431-10449
    Midwest Industrial Blvd

Olivette, MO






237



1,360



371



237



1,731



1,968



665



1994



(l
)10751 Midwest Industrial Boulevard

Olivette, MO






193



1,119



347



194



1,465



1,659



581



1994



(l
)6951 N Hanley(d)

Hazelwood, MO






405



2,295



1,635



419



3,916



4,335



1,269



1996



(l
)1067 Warson-Bldg A

St. Louis, MO






246



1,359



619



251



1,973



2,224



450



2002



(l
)1067 Warson-Bldg B

St. Louis, MO






380



2,103



2,001



388



4,096



4,484



996



2002



(l
)1067 Warson-Bldg C

St. Louis, MO






303



1,680



1,458



310



3,131



3,441



741



2002



(l
)1067 Warson-Bldg D

St. Louis, MO






353



1,952



990



360



2,935



3,295



760



2002



(l
)6821-6857
    Hazelwood Avenue

Berkeley, MO


4,912



985



6,205



854



985



7,059



8,044



1,725



2003



(l
)13701 Rider Trail North

Earth City, MO






800



2,099



498



804



2,593



3,397



598



2003



(l
) S-18




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


Lives (Years)(Dollars in thousands)1908-2000
    Innerbelt(d)

Overland, MO


7,884



1,590



9,026



633



1,591



9,658



11,249



2,577



2004



(l
)9060 Latty Avenue

Berkeley, MO






687



1,947



(235
)


694



1,705



2,399



873



2006



(l
)21-25
    Gateway Commerce Center

Edwardsville, IL


23,773



1,874



31,958



191



1,928



32,095



34,023



3,967



2006



(l
)6647 Romiss Court

St. Louis, MO






230



681



72



241



742



983



145



2008



(l
)Tampa5313 Johns Road

Tampa, FL






204



1,159



241



257



1,347



1,604



480



1997



(l
)5525 Johns Road

Tampa, FL






192



1,086



386



200



1,464



1,664



553



1997



(l
)5709 Johns Road

Tampa, FL






192



1,086



312



200



1,390



1,590



423



1997



(l
)5711 Johns Road

Tampa, FL






243



1,376



191



255



1,555



1,810



522



1997



(l
)5453 W Waters Avenue

Tampa, FL






71



402



133



82



524



606



165



1997



(l
)5455 W Waters Avenue

Tampa, FL






307



1,742



405



326



2,128



2,454



718



1997



(l
)5553 W Waters Avenue

Tampa, FL






307



1,742



417



326



2,140



2,466



717



1997



(l
)5501 W Waters Avenue

Tampa, FL






215



871



447



242



1,291



1,533



463



1997



(l
)5503 W Waters Avenue

Tampa, FL






98



402



287



110



677



787



192



1997



(l
)5555 W Waters Avenue

Tampa, FL






213



1,206



236



221



1,434



1,655



480



1997



(l
)5557 W Waters Avenue

Tampa, FL






59



335



44



62



376



438



120



1997



(l
)5461 W Waters

Tampa, FL






261







1,442



265



1,438



1,703



506



1998



(l
)5481 W. Waters Avenue

Tampa, FL






558







2,496



561



2,493



3,054



696



1999



(l
)4515-4519
    George Road

Tampa, FL


2,491



633



3,587



712



640



4,292



4,932



1,005



2001



(l
)6089 Johns Road

Tampa, FL


883



180



987



73



186



1,054



1,240



249



2004



(l
)6091 Johns Road

Tampa, FL


696



140



730



120



144



846



990



221



2004



(l
)6103 Johns Road

Tampa, FL


1,112



220



1,160



140



226



1,294



1,520



313



2004



(l
)6201 Johns Road

Tampa, FL


1,055



200



1,107



195



205



1,297



1,502



356



2004



(l
)6203 Johns Road

Tampa, FL


1,297



300



1,460



119



311



1,568



1,879



488



2004



(l
)6205 Johns Road

Tampa, FL


1,272



270



1,363



95



278



1,450



1,728



265



2004



(l
)6101 Johns Road

Tampa, FL


902



210



833



127



216



954



1,170



294



2004



(l
)4908 Tampa West Blvd

Tampa, FL






2,622



8,643



(337
)


2,635



8,293



10,928



1,917



2005



(l
)11701 Belcher Road South

Largo, FL






1,657



2,768



(1,701
)


752



1,972



2,724



683



2006



(l
)4900-4914
    Creekside Drive(h)

Clearwater, FL






3,702



7,338



(3,469
)


2,121



5,450



7,571



1,538



2006



(l
)12345 Starkey Road

Largo, FL






898



2,078



(584
)


570



1,822



2,392



475



2006



(l
)Toronto135 Dundas Street

Cambridge, ON






3,128



4,958



(700
)


3,179



4,207



7,386



1,705



2005



(l
)678 Erie Street

Stratford, ON






786



557



(236
)


829



278



1,107



209



2005



(l
)114 Packham Rd

Stratford, ON






1,000



3,526



55



1,012



3,569



4,581



1,094



2007



(l
) S-19




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or


Gross Amount Carried(b)


Completion


At Close of Period 12/31/10


AccumulatedLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Year Acquired/


DepreciableBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/2010


Constructed


Lives (Years)(Dollars in thousands)Other3501 Maple Street

Abilene, TX






67



1,057



482



44



1,562



1,606



1,338



1994



(l
)4200 West Harry Street(e)

Wichita, KS






193



2,224



1,777



532



3,662



4,194



2,509



1994



(l
)5050 Kendrick Court

Grand Rapids, MI






1,721



11,433



(2,675
)


694



9,785



10,479



7,173



1994



(l
)5015 52nd Street SE

Grand Rapids, MI






234



1,321



(205
)


173



1,177



1,350



577



1994



(l
)6266 Hurt Road

Horn Lake, MS






427







3,234



364



3,297



3,661



430



2004



(l
)6266 Hurt Road Building B

Horn Lake, MS














866



97



769



866



218



2004



(l
)6301 Hazeltine National Drive

Orlando, FL


4,027



909



4,613



307



920



4,909



5,829



1,150



2005



(l
)12626 Silicon Drive

San Antonio, TX


3,187



768



3,448



158



779



3,595



4,374



884



2005



(l
)3100 Pinson Valley Parkway

Birmingham, AL






303



742



(215
)


225



605



830



193



2005



(l
)1021 W. First Street, Hwy 93

Sumner, IA






99



2,540



(940
)


54



1,645



1,699



643



2005



(l
)1245 N. Hearne Avenue

Shreveport, LA






99



1,263



(166
)


82



1,114



1,196



391



2005



(l
)10330 I Street

Omaha, NE






1,808



8,340



(1,644
)


1,569



6,935



8,504



2,147



2006



(l
)3200 Pond Station

Jefferson County, KY






2,074







9,681



2,120



9,635



11,755



895



2007



(l
)Pure Fishing BTS

Kansas City, MO






4,152







13,605



4,228



13,529



17,757



749



2008



(l
)600 Greene Drive

Greenville, KY






294



8,570



3



296



8,571



8,867



2,071



2008



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








124,485



620



(21,023
)(m)


93,401



10,682



104,083



537Total



$
431,629


$
649,009


$
1,671,653


$
462,165


$
587,562
(k)

$
2,195,270
(k)

$
2,782,832


$
581,851
(k)  S-20




---



##### Table of Contents





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





Carried AtIncluded


Amounts Within


Close of Periodin Real Estate


Net Investment


December 31,Held for Sale


in Real Estate*


2010*Land

$
101,772


$
485,790


$
587,562Buildings & Improvements


352,136



1,843,134



2,195,270Accumulated Depreciation


(137,939
)


(443,912
)


(581,851
)Subtotal


315,969



1,885,012



2,200,981Construction in Progress


6,163



2,672



8,835Net Investment in Real Estate


322,132



1,887,684



2,209,816Leasing Commissions, Net, Deferred Leasing Intangibles, Net and
    Deferred Rent Receivable, Net


22,221Balance Sheet at December 31, 2010

$
344,353   *
    
    Amounts exclude $33,639 of above market leases and other
    deferred leasing intangibles, net.(l)
    
    Depreciation is computed based upon the following estimated
    lives:  Buildings and Improvements

8 to 50 yearsTenant Improvements, Leasehold Improvements

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




---



##### Table of Contents



2010


2009


2008(Dollars in thousands)Balance, Beginning of Year

$
2,987,950


$
3,035,662


$
2,952,499Acquisition of Real Estate Assets


17,595



208



279,542Construction Costs and Improvements


47,208



51,762



176,506Disposition of Real Estate Assets


(46,458
)


(65,428
)


(340,802
)Impairment of Real Estate


(186,160
)


(6,934
)


Write-off of Fully Depreciated Assets


(28,468
)


(27,320
)


(32,083
)Balance, End of Year

$
2,791,667


$
2,987,950


$
3,035,662     2010


2009


2008Balance, Beginning of Year

$
522,229


$
457,059


$
439,312Depreciation for Year


92,290



100,145



101,541Disposition of Assets


(4,200
)


(7,655
)


(51,711
)Write-off of Fully Depreciated Assets


(28,468
)


(27,320
)


(32,083
)Balance, End of Year

$
581,851


$
522,229


$
457,059  S-22




---



##### Table of Contents



SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of
    1934, the registrant has duly caused this report to be signed on
    its behalf by the undersigned, thereunto duly authorized.



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

Title

Date/s/  W.
    Edwin TylerW.
    Edwin Tyler

Chairman of the Board of Directors

February 23, 2011/s/  Bruce
    W. DuncanBruce
    W. Duncan

President, Chief Executive Officer and Director

February 23, 2011/s/  Michael
    G. DamoneMichael
    G. Damone

Director of Strategic Planning and Director

February 23, 2011/s/  Matthew
    DominskiMatthew
    Dominski

Director

February 23, 2011/s/  H.
    Patrick Hackett, Jr.H.
    Patrick Hackett, Jr.

Director

February 23, 2011/s/  Kevin
    W. LynchKevin
    W. Lynch

Director

February 23, 2011 S-23




---



##### Table of Contents



Signature

Title

Date/s/  John
    E. RauJohn
    E. Rau

Director

February 23, 2011/s/  L.
    Peter SharpeL.
    Peter Sharpe

Director

February 23, 2011/s/  Robert
    J. SlaterRobert
    J. Slater

Director

February 23, 2011  S-24