##### Table of Contents





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

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

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the transition period
    from          to   Commission File Number 1-13102
 FIRST INDUSTRIAL REALTY TRUST,
    INC.
 (Exact name of Registrant as
    specified in its Charter)
  Maryland

36-3935116(State or other jurisdiction
    of
    incorporation or organization)

(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:
 Common Stock
 (Title of Class)
  New York Stock Exchange
 (Name of exchange on which
    registered)
   Depositary
    Shares Each Representing 1/10,000 of a Share of 7.25%
    Series J Cumulative Preferred Stock
    Depositary Shares Each Representing 1/10,000 of a Share of
    7.25% Series K Cumulative Preferred Stock
 (Title of class)
  New York Stock Exchange
 (Name of exchange on which
    registered)
  Securities registered pursuant to Section 12(g) of the
    Act:
 None
  o þ
  o þ
  þ o
  Regulation S-T o o
  Regulation S-K Form 10-K Form 10-K. o
    Large accelerated filer o

Accelerated filer þ

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

Smaller Reporting company o   Rule 12b-2 o þ
      DOCUMENTS
    INCORPORATED BY REFERENCE




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##### 





FIRST
    INDUSTRIAL REALTY TRUST, INC.
  TABLE OF
    CONTENTS
   
 PagePART I.Item 1.


Business


4Item 1A.


Risk Factors


9Item 1B.


Unresolved SEC Comments


17Item 2.


Properties


17Item 3.


Legal Proceedings


22PART II.Item 4.


Reserved


22Item 5.


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


22Item 6.


Selected Financial Data


25Item 7.


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


26Item 7A.


Quantitative and Qualitative Disclosures About
    Market Risk


46Item 8.


Financial Statements and Supplementary Data


46Item 9.


Changes in and Disagreements with Accountants on
    Accounting and Financial Disclosure


46Item 9A.


Controls and Procedures


46Item 9B.


Other Information


47PART III.Item 10.


Directors, Executive Officers and Corporate
    Governance


47Item 11.


Executive Compensation


47Item 12.


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


47Item 13.


Certain Relationships and Related Transactions and Director
    Independence


47Item 14.


Principal Accountant Fees and Services


47PART IV.Item 15.


Exhibits and Financial Statement Schedules


47Signatures


S-25EX-21EX-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
            Form 10-K. Form 10-K, Form 10-Q, Form 8-K
 4




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Business
    Objectives and Growth Plans
    
    Internal Growth.  We seek to grow internally by
    (i) increasing revenues by renewing or re-leasing spaces
    subject to expiring leases at higher rental levels;
    (ii) increasing occupancy levels at properties where
    vacancies exist and maintaining occupancy elsewhere;
    (iii) controlling and minimizing property operating and
    general and administrative expenses; and (iv) renovating
    existing properties.
    External Growth.  We seek to grow externally
    through (i) additional joint venture investments;
    (ii) the development of industrial properties;
    (iii) the acquisition of portfolios of industrial
    properties, industrial property businesses or individual
    properties which meet our investment parameters and target
    markets; and (iv) the expansion of our properties.    Business
    Strategies
    
    Organization Strategy.  We implement our
    decentralized property operations strategy through the
    deployment of experienced regional management teams and local
    property managers. We provide acquisition, development and
    financing assistance, asset management oversight and financial
    reporting functions from our headquarters in Chicago, Illinois
    to support our regional operations. We believe the size of our
    portfolio enables us to realize operating efficiencies by
    spreading overhead among many properties and by negotiating
    purchasing discounts.
    Market Strategy.  Our market strategy is to
    concentrate on the top industrial real estate markets in the
    United States and select industrial real estate markets in
    Canada. These markets have one or more of the following
    characteristics: (i) strong industrial real estate
    fundamentals, including increased industrial demand
    expectations; (ii) a history of and outlook for continued
    economic growth and industry diversity; and
    (iii) sufficient size to provide for ample transaction
    volume.
    Leasing and Marketing Strategy.  We have an
    operational management strategy designed to enhance tenant
    satisfaction and portfolio performance. We pursue an active
    leasing strategy, which includes broadly marketing available
    space, seeking to renew existing leases at higher rents per
    square foot and seeking leases which provide for the
    pass-through of property-related expenses to the tenant. We also
    have local and national marketing programs which focus on the
    business and real estate brokerage communities and national
    tenants.
    Acquisition/Development Strategy.  Our
    acquisition/development strategy is to invest in properties and
    other assets with higher yield potential in the top industrial
    real estate markets in the United States and select industrial
    real estate markets in Canada.
    Disposition Strategy.  We continuously evaluate
    local market conditions and property-related factors in all of
    our markets for purposes of identifying assets suitable for
    disposition. 5




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
    Financing Strategy.  To finance acquisitions
    and developments, as market conditions permit, we utilize a
    portion of proceeds from property sales, proceeds from mortgage
    financings, borrowings under our unsecured line of credit (the
    Unsecured Line of Credit) and proceeds from the
    issuance, when and as warranted, of additional debt and equity
    securities. We also continually evaluate joint venture
    arrangements as another source of capital. As of
    February 26, 2010, we had approximately $7.5 million
    available for additional borrowings under our Unsecured Line of
    Credit.
    Liquidity Strategy.  We plan to enhance our
    liquidity, and reduce our indebtedness, through a combination of
    capital retention, mortgage and equity financings, asset sales
    and debt reduction:  
    Capital Retention  We plan to retain capital
    by distributing the minimum amount of dividends required to
    maintain our REIT status. We did not pay a common stock dividend
    in 2009 and may not pay dividends in 2010 depending on our
    taxable income. If, to maintain our REIT status, we are required
    to pay common stock dividends with respect to 2010, we may elect
    to do so by distributing a combination of cash and common
    shares. Also, if we are not required to pay preferred stock
    dividends to maintain our REIT status, we may elect to suspend
    some or all preferred stock dividends for one or more fiscal
    quarters, which would aid compliance with the fixed charge
    coverage covenant under our Unsecured Line of Credit.
    Mortgage Financing  During the year ended
    December 31, 2009, we originated $339.8 million in
    mortgage financings with maturities ranging from September 2012
    to January 2020 and interest rates ranging from 6.42% to 7.87%
    (see Note 6 to the Consolidated Financial Statements). We
    believe these mortgage financings comply with all covenants
    contained in our Unsecured Line of Credit and our senior debt
    securities, including coverage ratios and total indebtedness,
    total unsecured indebtedness and total secured indebtedness
    limitations. We continue to engage various lenders regarding the
    origination of additional mortgage financings and the terms and
    conditions thereof. To the extent additional mortgage financing
    is originated, we expect the proceeds received will be used to
    pay down our other debt. No assurances can be made that
    additional mortgage financing will be obtained.
    Equity Financing  During the year ended
    December 31, 2009, we sold 3,034,120 shares of the
    Companys common stock, generating $15.9 million in
    net proceeds, under the direct stock purchase component of the
    Companys Dividend Reinvestment and Direct Stock Purchase
    Plan (DRIP). On October 5, 2009, we sold in an
    underwritten public offering 13,635,700 shares of the
    Companys common stock at a price to the public of $5.25
    per share. Total proceeds to us, net of underwriters
    discount and total expenses, were $67.8 million (see
    Note 7 to the Consolidated Financial Statements). We may
    opportunistically access the equity markets again, subject to
    contractual restrictions, and may continue to issue shares under
    the direct stock purchase component of the DRIP. To the extent
    additional equity offerings occur, we expect to use the proceeds
    received to reduce our indebtedness.
    Asset Sales  During the year ended
    December 31, 2009, we sold 15 industrial properties and
    several land parcels for gross proceeds of $100.2 million
    (see Note 9 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 2010. We
    expect to use sales proceeds to reduce our indebtedness. If we
    are unable to sell properties on an advantageous basis, this may
    impair our liquidity and our ability to meet our financial
    covenants.
    Debt Reduction  During the year ended
    December 31, 2009, we repurchased $271.5 million of
    our senior unsecured notes (including $19.3 million of our
    2009 Notes prior to their repayment at maturity on June 15,
    2009) (see Note 6 to the Consolidated Financial
    Statements). On February 8, 2010, we consummated a tender
    offer pursuant to which we purchased $72.7 million of our
    2011 Notes, $66.2 million of our 2012 Notes and
    $21.1 million of our 2014 Notes. In connection with the
    tender offer, we will recognize approximately $0.4 million
    as gain on early retirement of debt. We may from time to time
    repay additional amounts of our outstanding debt. Any repayments
    would depend upon prevailing market conditions, our liquidity
    requirements, contractual restrictions and other factors we
    consider important. Future repayments may materially impact our
    liquidity, future tax liability and results of operations. 6




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Recent
    Developments
        iii) 3-Month 30-year Mark-to-Market
        Future
    Property Acquisitions, Developments and Property Sales
   7




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and/or
  INDUSTRY
  and/or construction-on-demand
     8




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Item 1A.
    Risk
    Factors  Risk
    Factors
    Ongoing
    disruptions in the financial markets could affect our ability to
    obtain financing and may negatively impact our liquidity,
    financial condition and operating results.
      Real
    estate investments value fluctuates depending on
    conditions in the general economy and the real estate business.
    These conditions may limit the Company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. 9




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Many
    real estate costs are fixed, even if income from properties
    decreases.
    The
    Company may be unable to sell properties when appropriate
    because real estate investments are not as liquid as certain
    other types of assets.
    The
    Company may be unable to sell properties on advantageous
    terms.
      The
    Company may be unable to complete development and re-development
    projects on advantageous terms.
   10




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
    we may not be able to obtain financing for development projects
    on favorable terms and complete construction on schedule or
    within budget, resulting in increased debt service expense and
    construction costs and delays in leasing the properties and
    generating cash flow;
    we may not be able to obtain, or may experience delays in
    obtaining, all necessary zoning, land-use, building, occupancy
    and other governmental permits and authorizations;
    the properties may perform below anticipated levels, producing
    cash flow below budgeted amounts and limiting our ability to
    sell such properties to third parties or to sell such properties
    to our Joint Ventures.  The
    Company may be unable to renew leases or find other
    lessees.
    The
    Company may be unable to acquire properties on advantageous
    terms or acquisitions may not perform as the Company
    expects.
    The
    Company might fail to qualify or remain qualified as a
    REIT.
     11




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Certain
    property transfers may generate prohibited transaction income,
    resulting in a penalty tax on the gain attributable to the
    transaction.
    The
    REIT distribution requirements may limit the Companys
    ability to retain capital and require the Company to turn to
    external financing sources.
    Debt
    financing, the degree of leverage and rising interest rates
    could reduce the Companys cash flow.
    Failure
    to comply with covenants in our debt agreements could adversely
    affect our financial condition.
   12




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Cross-collateralization
    of mortgage loans could result in foreclosure on substantially
    all of the Companys properties if the Company is unable to
    service its indebtedness.
    The
    Company may have to make lump-sum payments on its existing
    indebtedness.
    
    $35.0 million aggregate principal amount of
    7.750% Notes due 2032 (the 2032 Notes)
    $190.0 million aggregate principal amount of
    7.600% Notes due 2028 (the 2028 Notes)
    Approximately $13.6 million aggregate principal amount of
    7.150% Notes due 2027 (the 2027 Notes)
    Approximately $117.8 million aggregate principal amount of
    5.950% Notes due 2017 (the 2017 II Notes)
    Approximately $87.3 million aggregate principal amount of
    7.500% Notes due 2017 (the 2017 Notes)
    Approximately $160.2 million aggregate principal amount of
    5.750% Notes due 2016 (the 2016 Notes)
    Approximately $91.9 million aggregate principal amount of
    6.420% Notes due 2014 (the 2014 Notes); (see
    Note 20 to the Consolidated Financial Statements)
    Approximately $77.8 million aggregate principal amount of
    6.875% Notes due 2012 (the 2012 Notes); (see
    Note 20 to the Consolidated Financial Statements)
    $146.9 million aggregate principal amount of
    4.625% Notes due 2011 (the 2011 Exchangeable
    Notes)
    Approximately $70.8 million aggregate principal amount of
    7.375% Notes due 2011 (the 2011 Notes); (see
    Note 20 to the Consolidated Financial Statements)
    $353.5 million in mortgage loans payable, in the aggregate,
    due between December 2010 and January 2020 on certain of
    our mortgage loans payable.
    a $500.0 million Unsecured Line of Credit under which we
    may borrow to finance the acquisition of additional properties
    and for other corporate purposes, including working capital.   13




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There
    is no limitation on debt in the Companys organizational
    documents.
    Rising
    interest rates on the Companys Unsecured Line of Credit
    could decrease the Companys available cash.
    The
    Companys mortgages may impact the Companys ability
    to sell encumbered properties on advantageous terms or at
    all.
    Adverse
    market and economic conditions could cause us to recognize
    additional impairment charges.
     14




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Earnings
    and cash dividends, asset value and market interest rates affect
    the price of the Companys common stock.
    The
    Company may incur unanticipated costs and liabilities due to
    environmental problems.
  clean-up clean-up
  The
    Companys insurance coverage does not include all potential
    losses.
   15




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The
    Company is subject to risks and liabilities in connection with
    its investments in properties through Joint
    Ventures.
    
    co-members or joint venturers may share certain approval rights
    over major decisions;
    co-members or joint venturers might fail to fund their share of
    any required capital commitments;
    co-members or joint venturers might have economic or other
    business interests or goals that are inconsistent with our
    business interests or goals that would affect our ability to
    operate the property;
    co-members or joint venturers may have the power to act contrary
    to our instructions, requests, policies or objectives, including
    our current policy with respect to maintaining our qualification
    as a real estate investment trust;
    the joint venture agreements often restrict the transfer of a
    members or joint venturers interest or
    buy-sell or may otherwise restrict our ability to
    sell the interest when we desire or on advantageous terms;
    disputes between us and our co-members or joint venturers may
    result in litigation or arbitration that would increase our
    expenses and prevent our officers and directors from focusing
    their time and effort on our business and subject the properties
    owned by the applicable joint venture to additional
    risk; and
    we may in certain circumstances be liable for the actions of our
    co-members or joint venturers.      We are
    subject to risks associated with our international
    operations.
    
    exposure to the economic fluctuations in the locations in which
    we invest;
    difficulties and costs associated with complying with a wide
    variety of complex laws, treaties and regulations;
    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. 16




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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.
    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.
    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.
    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. 17




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Property
    Summary
  Light Industrial


R&D/Flex


Bulk Warehouse


Regional Warehouse


ManufacturingNumber of





Number of





Number of





Number of





Number ofMetropolitan Area

GLA


Properties


GLA


Properties


GLA


Properties


GLA


Properties


GLA


PropertiesAtlanta, GA


666,544



11



206,826



5



3,742,667



14



386,207



5



847,950



4Baltimore, MD


848,536



14



198,230



6



683,135



4











171,000



1Central PA


1,134,145



9











3,151,350



6



117,599



3







Chicago, IL


1,009,429



16



248,090



4



2,729,716



15



172,851



4



421,000



2Cincinnati, OH


893,839



10











1,103,830



4



130,870



2







Cleveland, OH


64,000



1











1,317,799



7















Columbus, OH


217,612



2











2,666,547



8



98,800



1







Dallas, TX


2,301,003



41



511,075



19



2,470,542



18



677,433



10



128,478



1Denver, CO


1,276,308



23



1,053,097



24



400,498



3



343,516



5







Detroit, MI


2,448,835



86



487,418



16



630,780



6



759,851



18



116,250



1Houston, TX


289,407



6



132,997



6



2,041,527



12



446,318



6







Indianapolis, IN


860,781



17



38,200



3



2,590,469



10



222,710



5



71,600



2Inland Empire, CA


66,934



1











804,355



3















Los Angeles, CA


544,033



13



184,064



2



749,008



5



281,921



4







Miami, FL


88,820



1











142,804



1



281,626



6







Milwaukee, WI


431,508



9



93,705



2



1,726,929



7



90,089



1







Minneapolis/St.


1,281,625



14



172,862



2



2,095,407



11



323,805



4



355,056



4Paul, MNN. New Jersey


659,849



11



289,967



6



329,593



2















Nashville, TN


205,205



3











1,715,773



6











109,058



1Philadelphia, PA


166,082



5



36,802



2



799,287



3



71,912



2



178,000



2Phoenix, 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


706,201



35



146,937



6



279,179



1















San Diego, CA


213,538



8



















108,701



3







Seattle, WA


















100,611



1



139,435



2







St. Louis, MO


823,655



11











1,728,295



7















Tampa, FL


234,679



7



689,782



27



209,500



1















Toronto, ON


57,540



1











559,773



2















Other(a)


696,547



8



40,000



1



1,951,456



10



88,000



1



425,017



2Total


18,852,895



369



4,530,052



131



37,712,333



174



5,254,838



89



2,823,409



20     (a)
    
    Properties are located in Wichita, KS, Grand Rapids, MI, Des
    Moines, IA, Austin, TX, Orlando, FL, Horn Lake, MS, Shreveport,
    LA, Kansas City, MO, San Antonio, TX, Birmingham, AL,
    Omaha, NE, Jefferson County, KY, Greenville, KY, Sumner, IA, and
    Winchester, VA. 18




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In-Service
    Property Summary Totals
  TotalsAverage


GLA as a %


EncumbrancesNumber of


Occupancy at


of Total


at 12/31/09Metropolitan Area

GLA


Properties


12/31/09


Portfolio


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


5,850,194



39



73
%


8.5
%

$
31,541Baltimore, MD


1,900,901



25



81
%


2.8
%


7,950Central PA


4,403,094



18



79
%


6.4
%


18,309Chicago, IL


4,581,086



41



81
%


6.6
%


27,453Cincinnati, OH


2,128,539



16



82
%


3.1
%


1,691Cleveland, OH


1,381,799



8



95
%


2.0
%


Columbus, OH


2,982,959



11



78
%


4.3
%


Dallas, TX


6,088,531



89



77
%


8.8
%


29,982Denver, CO


3,073,419



55



86
%


4.4
%


26,236Detroit, MI


4,443,134



127



88
%


6.4
%


Houston, TX


2,910,249



30



96
%


4.2
%


21,035Indianapolis, IN


3,783,760



37



89
%


5.5
%


8,531Inland Empire, CA


871,289



4



33
%


1.3
%


Los Angeles, CA


1,759,026



24



89
%


2.5
%


32,540Miami, FL


513,250



8



42
%


0.7
%


Milwaukee, WI


2,342,231



19



90
%


3.4
%


35,142Minneapolis/St. Paul, MN


4,228,755



35



80
%


6.1
%


49,158N. New Jersey


1,279,409



19



90
%


1.9
%


16,188Nashville, TN


2,030,036



10



87
%


2.9
%


8,558Philadelphia, PA


1,252,083



14



95
%


1.8
%


5,242Phoenix, AZ


1,103,290



11



69
%


1.6
%


4,199S. New Jersey


1,067,647



9



73
%


1.5
%


8,667Salt Lake City, UT


1,132,317



42



83
%


1.6
%


10,567San Diego, CA


322,239



11



91
%


0.5
%


2,237Seattle, WA


240,046



3



100
%


0.4
%


6,499St. Louis, MO


2,551,950



18



87
%


3.7
%


29,393Tampa, FL


1,133,961



35



75
%


1.6
%


9,859Toronto, ON


617,313



3



77
%


0.9
%


Other(a)


3,201,020



22



82
%


4.6
%


11,080Total or Average


69,173,527



783



82
%


100.0
%

$
402,057     (a)
    
    Properties are located in Wichita, KS, Grand Rapids, MI, Des
    Moines, IA, Austin, TX, Orlando, FL, Horn Lake, MS, Shreveport,
    LA, Kansas City, MO, San Antonio, TX, Birmingham, AL,
    Omaha, NE, Jefferson County, KY, Greenville, KY, Sumner, IA, and
    Winchester, VA.(b)
    
    Certain properties are pledged as collateral under our secured
    financings at December 31, 2009 (see Note 6 to the
    Consolidated Financial Satements). For purposes of this table,
    the total principal balance of a secured financing that is
    collateralized by a pool of properties is allocated among the
    properties in the pool based on each propertys investment
    balance. In addition to the amounts included in the table, we
    also have a $0.9 million encumbrance which is secured by a
    letter of credit. 19




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##### Table of Contents



Property
    Acquisition & Development Activity
    Occupancy atMetropolitan Area

GLA


Property Type


12/31/09Baltimore, MD


300,000



Bulk Warehouse



21.0
%Central PA


300,000



Bulk Warehouse



0.0
%Central PA


1,279,530



Bulk Warehouse



63.4
%Dallas, TX


435,179



Bulk Warehouse



35.4
%Denver, CO


33,413



Light Industrial



66.7
%Denver, CO


39,434



Light Industrial



81.9
%Denver, CO


33,419



Light Industrial



77.9
%Denver, CO


37,043



R&D/Flex



100.0
%Indianapolis, IN


71,281



Light Industrial



50.0
%Los Angeles, CA


141,100



Bulk Warehouse



0.0
%Miami, FL


88,820



Light Industrial



18.9
%Milwaukee, WI


388,800



Bulk Warehouse



100.0
%Minneapolis/St. Paul, MN


133,166



Bulk Warehouse



78.2
%Nashville, TN


700,000



Bulk Warehouse



100
%Total


3,981,185   Property
    Sales
    Number ofMetropolitan Area

Properties


GLA


Property TypeBaltimore, MD


1



71,572



Light IndustrialColumbus, OH


1



307,200



Bulk WarehouseDallas, TX


1



20,045



Light IndustrialDenver, CO


1



126,384



ManufacturingIndianapolis, IN


3



628,400



Light IndustrialLos Angeles, CA


1



100,000



Light IndustrialMilwaukee, WI


1



39,468



Regional WarehouseN. New Jersey


1



49,707



Light IndustrialPhiladelphia, PA


1



22,095



Light IndustrialPhoenix, AZ


1



82,288



Regional WarehouseSalt Lake City, UT


1



81,000



Light IndustrialS. New Jersey


1



52,800



Light IndustrialToronto, ON


1



342,830



Bulk WarehouseTotal


15



1,923,789  20




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##### Table of Contents



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





Percentage of


Annual Base Rent


Percentage of TotalYear of

Leases


GLA


GLA


Under Expiring


Annual Base RentExpiration

Expiring


Expiring(2)


Expiring(2)


Leases(3)


Expiring(3)(In thousands)2010


600



11,839,452



21
%

$
53,217



21
%2011


422



9,526,823



17
%


46,878



18
%2012


366



8,729,363



15
%


40,881



16
%2013


237



6,122,501



11
%


30,961



12
%2014


166



6,739,334



12
%


26,949



11
%2015


99



3,420,540



6
%


14,336



6
%2016


38



2,818,936



5
%


10,827



4
%2017


20



1,009,228



2
%


5,357



2
%2018


23



1,218,795



2
%


5,721



2
%2019


17



1,026,464



2
%


5,801



2
%Thereafter


22



4,132,774



7
%


14,544



6
%Total


2,010



56,584,210



100
%

$
255,472



100
%     (1)
    
    Includes leases that expire on or after December 31, 2009
    and assumes tenants do not exercise existing renewal,
    termination or purchase options.(2)
    
    Does not include existing vacancies of 12,589,317 aggregate
    square feet.(3)
    
    Annualized base rent is calculated as monthly base rent (cash
    basis) per the terms of the lease, as of December 31, 2009,
    multiplied by 12. If free rent is granted, then the first
    positive rent value is used. Leases denominated in foreign
    currencies are translated using the currency exchange rate at
    December 31, 2009. 21




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##### Table of Contents



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

High

Low

DeclaredDecember 31, 2009

$
5.95


$
4.06


$
0.0000September 30, 2009

$
6.79


$
3.68


$
0.0000June 30, 2009

$
6.30


$
2.40


$
0.0000March 31, 2009

$
7.42


$
1.91


$
0.0000December 31, 2008

$
28.39


$
5.10


$
0.2500September 30, 2008

$
32.13


$
21.94


$
0.7200June 30, 2008

$
32.68


$
27.47


$
0.7200March 31, 2008

$
36.54


$
28.83


$
0.7200       stock-or-cash
   22




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##### Table of Contents



lock-up one-for-one
  Equity
    Compensation Plans
    Number of Securities





Number of Securitiesto be Issued


Weighted-Average


Remaining AvailableUpon Exercise of


Exercise Price of


for Further IssuanceOutstanding Options,


Outstanding Options,


Under EquityPlan Category

Warrants and Rights


Warrants and Rights


Compensation PlansEquity Compensation Plans Approved by Security Holders










1,221,475Equity Compensation Plans Not Approved by Security Holders(1)


139,700


$
31.89



186,640Total


139,700


$
31.89



1,408,115     (1)
    
    See Note 16 of the Notes to Consolidated Financial
    Statements contained herein for a description of the plan. 23




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##### Table of Contents



Performance
    Graph*
    COMPARISON
    OF 5 YEAR CUMULATIVE TOTAL RETURN* Among
    First Industrial Realty Trust, Inc., The S&P 500 Index
    And The FTSE NAREIT Equity REITs Index
  
  
  ©
  12/04

12/05

12/06

12/07

12/08

12/09FIRST INDUSTRIAL REALTY TRUST, INC.

$
100.00


$
101.45


$
131.97


$
104.62


$
25.42


$
17.61S&P 500


100.00



104.91



121.48



128.16



80.74



102.11FTSE NAREIT Equity REITs


100.00



112.16



151.49



127.72



79.53



101.79      24




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##### Table of Contents



Item 6.
    Selected
    Financial Data  Form 10-K.
  (As Adjusted)


(As Adjusted)


(As Adjusted)


(As Adjusted)Year Ended


Year Ended


Year Ended


Year Ended


Year Ended12/31/09


12/31/08


12/31/07


12/31/06


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

$
411,958


$
514,321


$
369,874


$
293,769


$
237,406Interest Income


3,084



3,690



1,926



1,614



1,486Mark-to-Market
    Gain (Loss) on Settlement of Interest Rate Protection Agreements


3,667



(3,073
)






(3,112
)


811Property Expenses


(123,819
)


(121,737
)


(107,653
)


(96,691
)


(77,324
)General and Administrative Expense


(37,835
)


(84,896
)


(92,101
)


(77,497
)


(55,812
)Restructuring Costs


(7,806
)


(27,349
)










Impairment of Real Estate


(6,934
)














Interest Expense


(115,421
)


(113,139
)


(120,894
)


(121,536
)


(108,339
)Amortization of Deferred Financing Costs


(3,030
)


(2,840
)


(3,171
)


(2,656
)


(2,125
)Depreciation and Other Amortization


(147,216
)


(156,070
)


(133,354
)


(112,426
)


(79,019
)Construction Expenses


(52,720
)


(139,539
)


(34,553
)


(10,263
)


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


34,562



2,749



(393
)






82Equity in (Loss) Income of Joint Ventures


(6,470
)


(33,178
)


30,045



30,673



3,699Income Tax Benefit


25,155



12,958



11,200



10,092



14,334Loss from Continuing Operations


(22,825
)


(148,103
)


(79,074
)


(88,033
)


(80,375
)Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $24,206, $172,167, $244,962, $213,442 and
    $132,139 for the Years Ended December 31, 2009, 2008, 2007,
    2006 and 2005, respectively)


28,596



187,351



283,950



260,605



184,344Provision for Income Taxes Allocable to Discontinued Operations
    (Including $1,462, $3,732, $36,032, $47,511 and $20,529
    allocable to Gain on Sale of Real Estate for the Years Ended
    December 31, 2009, 2008, 2007, 2006 and 2005, respectively)


(1,816
)


(4,887
)


(38,673
)


(51,312
)


(23,895
)Gain on Sale of Real Estate


374



12,008



9,425



6,071



29,550Provision for Income Taxes Allocable to Gain on Sale of Real
    Estate


(143
)


(3,782
)


(3,082
)


(2,119
)


(10,871
)Net Income


4,186



42,587



172,546



125,212



98,753Less: Net Loss (Income) Attributable to the Noncontrolling
    Interest


1,547



(2,990
)


(18,841
)


(13,465
)


(11,649
)Net Income Attributable to First Industrial Realty Trust,
    Inc.


5,733



39,597



153,705



111,747



87,104Preferred Dividends


(19,516
)


(19,428
)


(21,320
)


(21,424
)


(10,688
)Redemption of Preferred Stock










(2,017
)


(672
)


Net (Loss) Income Available to First Industrial Realty Trust,
    Inc.s Common Stockholders and Participating Securities

$
(13,783
)

$
20,169


$
130,368


$
89,651


$
76,416Basic and Diluted Earnings Per Weighted Average Common Share
    Outstanding:Loss from Continuing Operations Available to First Industrial
    Realty Trust, Inc.s Common Stockholders

$
(0.78
)

$
(3.23
)

$
(1.90
)

$
(2.10
)

$
(1.48
)Net (Loss) Income Available to First Industrial Realty Trust,
    Inc.s Common Stockholders

$
(0.28
)

$
0.41


$
2.90


$
1.99


$
1.75Distributions Per Share

$
0.00


$
2.410


$
2.850


$
2.810


$
2.785Basic and Diluted Weighted Average Number of Common
    Shares Outstanding


48,695



43,193



44,086



44,012



42,431 25




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##### Table of Contents



(As Adjusted)


(As Adjusted)


(As Adjusted)


(As Adjusted)Year Ended


Year Ended


Year Ended


Year Ended


Year Ended12/31/09


12/31/08


12/31/07


12/31/06


12/31/05(In thousands, except per share and property data)Net Income

$
4,186


$
42,587


$
172,546


$
125,212


$
98,753Comprehensive Income:Reclassification of Settlement of Interest Rate Protection
    Agreements to Net Income


















(159
)Mark-to-Market
    of Interest Rate Protection Agreements, Net of Tax


(383
)


(8,676
)


3,819



(2,800
)


(1,414
)Amortization of Interest Rate Protection Agreements


796



(792
)


(916
)


(912
)


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


523



831











Settlement of Interest Rate Protection Agreements










(4,261
)


(1,729
)


Foreign Currency Translation Adjustment, Net of Tax


1,503



(2,792
)


2,134







Comprehensive Income


6,625



31,158



173,322



119,771



96,095Comprehensive Loss (Income) Attributable to Noncontrolling
    Interest


1,299



(1,599
)


(18,983
)


(12,767
)


(10,812
)Comprehensive Income Attributable to First Industrial Realty
    Trust, Inc.

$
7,924


$
29,559


$
154,339


$
107,004


$
85,283Balance Sheet Data (End of Period):Real Estate, Before Accumulated Depreciation

$
3,319,764


$
3,385,597


$
3,326,268


$
3,219,728


$
3,260,761Real Estate, After Accumulated Depreciation


2,724,869



2,862,489



2,816,287



2,754,310



2,850,195Real Estate Held for Sale, Net


37,305



21,117



37,875



115,961



16,840Total Assets


3,204,586



3,223,501



3,257,888



3,224,215



3,226,243Mortgage Loans Payable, Net, Unsecured Lines of Credit and
    Senior Unsecured Debt, Net


1,998,332



2,032,635



1,940,747



1,827,155



1,813,702Total Liabilities


2,130,339



2,232,785



2,177,832



2,041,370



2,020,361Total Equity


1,074,247



990,716



1,080,056



1,182,845



1,205,882Other Data:Cash Flow From Operating Activities

$
142,179


$
71,185


$
92,989


$
59,551


$
49,350Cash Flow From Investing Activities


4,777



6,274



126,909



129,147



(371,654
)Cash Flow From Financing Activities


32,724



(79,754
)


(230,276
)


(180,800
)


325,617Total In-Service Properties


783



728



804



858



884Total In-Service GLA, in Square Feet


69,173,527



60,580,250



64,028,533



68,610,505



70,193,161In-Service Occupancy Percentage


82
%


92
%*


95
%*


94
%*


92
%*     *
    
    Percentage is calculated under the in-service definition in
    place as of the respective year end.  Item 7.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations  Form 10-K.
  lease-up higher-than-expected
 26




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##### Table of Contents



27




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##### Table of Contents



and/or
      Current
    Business Risks and Uncertainties
     28




---



##### Table of Contents




    Capital Retention We plan to retain capital
    by distributing the minimum amount of dividends required to
    maintain our REIT status. We did not pay a common stock dividend
    in 2009 and may not pay dividends in 2010 depending on our
    taxable income. If, to maintain our REIT status, we are required
    to pay common stock dividends with respect to 2010, we may elect
    to do so by distributing a combination of cash and common
    shares. Also, if we are not required to pay preferred stock
    dividends to maintain our REIT status, we may elect to suspend
    some or all preferred stock dividends for one or more fiscal
    quarters, which would aid compliance with the fixed charge
    coverage covenant under our Unsecured Line of Credit.
    Mortgage Financing During the year ended
    December 31, 2009, we originated $339.8 million in
    mortgage financings with maturities ranging from September 2012
    to January 2020 and interest rates ranging from 6.42% to 7.87%
    (see Note 6 to the Consolidated Financial Statements). We
    believe these mortgage financings comply with all covenants
    contained in our Unsecured Line of Credit and our senior debt
    securities, including coverage ratios and total indebtedness,
    total unsecured indebtedness and total secured indebtedness
    limitations. We continue to engage various lenders regarding the
    origination of additional mortgage financings and the terms and
    conditions thereof. To the extent additional mortgage financing
    is originated, we expect the proceeds received will be used to
    pay down our other debt. No assurances can be made that
    additional mortgage financing will be obtained.
    Equity Financing During the year ended
    December 31, 2009, we sold 3,034,120 shares of the
    Companys common stock, generating approximately
    $15.9 million in net proceeds, under the direct stock
    purchase component of the DRIP. On October 5, 2009, we sold
    in an underwritten public offering 13,635,700 shares of the
    Companys common stock at a price to the public of $5.25
    per share. Total proceeds to us, net of underwriters
    discount and total expenses, were $67.8 million (see
    Note 7 to the Consolidated Financial Statements). We may
    opportunistically access the equity markets again, subject to
    contractual restrictions, and may continue to issue shares under
    the direct stock purchase component of the DRIP. To the extent
    additional equity offerings occur, we expect to use the proceeds
    received to reduce our indebtedness.
    Asset Sales During the year ended
    December 31, 2009, we sold 15 industrial properties and
    several land parcels for gross proceeds of $100.2 million
    (see Note 9 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 2010. We
    expect to use sales 29




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##### Table of Contents



proceeds to pay down additional debt. If we are unable to sell
    properties on an advantageous basis, this may impair our
    liquidity and our ability to meet our financial covenants.  
    Debt Reduction During the year ended
    December 31, 2009, we repurchased $271.5 million of
    our senior unsecured notes (including $19.3 million of our
    2009 Notes prior to their repayment at maturity on June 15,
    2009) (see Note 6 to the Consolidated Financial
    Statements). On February 8, 2010, we consummated a tender
    offer pursuant to which we purchased $72.7 million of our
    2011 Notes, $66.2 million of our 2012 Notes and
    $21.1 million of our 2014. In connection with the tender
    offer, we will recognize approximately $0.4 million as gain
    on early retirement of debt. We may from time to time repay
    additional amounts of our outstanding debt. Any repayments would
    depend upon prevailing market conditions, our liquidity
    requirements, contractual restrictions and other factors we
    consider important. Future repayments may materially impact our
    liquidity, future tax liability and results of operations.    CRITICAL
    ACCOUNTING POLICIES
    
    We maintain an allowance for doubtful accounts which is based on
    estimates of potential losses which could result from the
    inability of our tenants to satisfy outstanding billings with
    us. The allowance for doubtful accounts is an estimate based on
    our assessment of the creditworthiness of our tenants.
    Properties are classified as held for sale when all criteria
    within the Financial Accounting Standards Boards (the
    FASB) guidance relating to the disposal of long
    lived assets are met for such properties. When properties are
    classified as held for sale, we cease depreciating the
    properties and estimate the values of such properties and
    measure them at the lower of depreciated cost or fair value,
    less costs to dispose. If circumstances arise that were
    previously considered unlikely, and, as a result, we decide not
    to sell a property previously classified as held for sale, we
    will reclassify such property as held and used. We estimate the
    value of such property and measure it at the lower of its
    carrying amount (adjusted for any depreciation and amortization
    expense that would have been recognized had the property been
    continuously classified as held and used) or fair value at the
    date of the subsequent decision not to sell. Fair value is
    determined by deducting from the estimated sales price of the
    property the estimated costs to close the sale.
    We review our properties on a periodic basis for possible
    impairment and provide a provision if impairments are
    determined. We utilize the guidelines established under the
    FASBs guidance for accounting for the impairment of long
    lived assets to determine if impairment conditions exist. We
    review the expected undiscounted cash flows of each property to
    determine if there are any indications of impairment. If the
    expected undiscounted cash flows of a particular property are
    less than the net book basis of the property, we will recognize
    an impairment charge equal to the amount of carrying value of
    the property that exceeds the fair value of the property. Fair
    value is determined by discounting the future expected cash
    flows of the property. The preparation of the undiscounted 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.
    We analyze our investments in Joint Ventures to determine
    whether the joint venture should be accounted for under the
    equity method of accounting or consolidated into our financial
    statements based on standards set forth under the FASBs
    guidance relating to the consolidation of variable interest
    entities. Based on the guidance set forth in these
    pronouncements, we do not consolidate any of our 30




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##### Table of Contents



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 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 relationship and
    above and below market leases. Above-market and below-market
    lease values for acquired properties are recorded based on the
    present value (using a discount rate which reflects the risks
    associated with the leases acquired) of the difference between
    (i) the contractual amounts to be paid pursuant to each
    in-place lease and (ii) our estimate of fair market lease
    rents for each corresponding in-place lease. Acquired above and
    below market leases are amortized over the remaining
    non-cancelable terms of the respective leases as an adjustment
    to rental income. In-place lease and tenant relationship values
    for acquired properties are recorded based on our evaluation of
    the specific characteristics of each tenants lease and our
    overall relationship with the respective tenant. The value
    allocated to in-place lease intangible assets is amortized to
    depreciation and amortization expense over the remaining lease
    term of the respective lease. The value allocated to tenant
    relationship is amortized to depreciation and amortization
    expense over the expected term of the relationship, which
    includes an estimate of the probability of lease renewal and its
    estimated term. We also must allocate purchase price on
    multi-property portfolios to individual properties. The
    allocation of purchase price is based on our assessment of
    various characteristics of the markets where the property is
    located and the expected cash flows of the property.
    In the preparation of our consolidated financial statements,
    significant management judgment is required to estimate our
    current and deferred income tax liabilities, and our compliance
    with REIT qualification requirements. Our estimates are based on
    our interpretation of tax laws. These estimates may have an
    impact on the income tax expense recognized. Adjustments may be
    required by a change in assessment of our deferred income tax
    assets and liabilities, changes due to audit adjustments by
    federal and state tax authorities, our inability to qualify as a
    REIT, and changes in tax laws. Adjustments required in any given
    period are included within the income tax provision.
    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 31




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##### Table of Contents



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, 2009 to Year Ended
    December 31, 2008
          32




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##### Table of Contents



2009


2008


$ Change


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

$
291,812


$
310,791


$
(18,979
)


(6.1
)%Acquired Properties


28,594



15,202



13,392



88.1
%Sold Properties


5,458



38,208



(32,750
)


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


23,043



14,894



8,149



54.7
%Other


17,558



28,893



(11,335
)


(39.2
)%$
366,465


$
407,988


$
(41,523
)


(10.2
)%Discontinued Operations


(9,464
)


(40,966
)


31,502



(76.9
)%Subtotal Revenues

$
357,001


$
367,022


$
(10,021
)


(2.7
)%Construction Revenues


54,957



147,299



(92,342
)


(62.7
)%Total Revenues

$
411,958


$
514,321


$
(102,363
)


(19.9
)%     2009


2008


$ Change


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

$
95,140


$
101,999


$
(6,859
)


(6.7
)%Acquired Properties


6,852



3,324



3,528



106.1
%Sold Properties


1,437



12,428



(10,991
)


(88.4
)%(Re) Developments and Land, Not Included Above


8,588



7,444



1,144



15.4
%Other


14,229



10,422



3,807



36.5
%$
126,246


$
135,617


$
(9,371
)


(8.6
)%Discontinued Operations


(2,427
)


(13,880
)


11,453



(82.5
)%Property Expenses

$
123,819


$
121,737


$
2,082



1.7
%Construction Expenses


52,720



139,539



(86,819
)


(62.2
)%Total Property and Construction Expenses

$
176,539


$
261,276


$
(84,737
)


(32.4
)%    33




---



##### Table of Contents



2009


2008


$ Change


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

$
120,865


$
135,553


$
(14,688
)


(10.8
)%Acquired Properties


13,657



11,038



2,619



23.7
%Sold Properties


2,000



11,173



(9,173
)


(82.1
)%(Re) Developments and Land, Not Included Above


11,149



7,951



3,198



40.2
%Corporate Furniture, Fixtures and Equipment


2,192



2,257



(65
)


(2.9
)%$
149,863


$
167,972


$
(18,109
)


(10.8
)%Discontinued Operations


(2,647
)


(11,902
)


9,255



(77.8
)%Total Depreciation and Other Amortization

$
147,216


$
156,070


$
(8,854
)


(5.7
)%    34




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##### Table of Contents



30-year Mark-to-Market Mark-to-Market
  Mark-to-Market
       35




---



##### Table of Contents



2009


2008($ in 000s)Total Revenues

$
9,464


$
40,966Property Expenses


(2,427
)


(13,880
)Depreciation and Amortization


(2,647
)


(11,902
)Gain on Sale of Real Estate


24,206



172,167Provision for Income Taxes


(1,816
)


(4,887
)Income from Discontinued Operations

$
26,780


$
182,464         Comparison
    of Year Ended December 31, 2008 to Year Ended
    December 31, 2007
     36




---



##### Table of Contents



2008


2007


$ Change


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

$
288,329


$
281,350


$
6,979



2.5
%Acquired Properties


47,138



19,408



27,730



142.9
%Sold Properties


27,150



96,536



(69,386
)


(71.9
)%(Re)Developments and Land, Not Included Above


16,475



9,086



7,389



81.3
%Other


28,896



36,888



(7,992
)


(21.7
)%$
407,988


$
443,268


$
(35,280
)


(8.0
)%Discontinued Operations


(40,966
)


(109,022
)


68,056



(62.4
)%Subtotal Revenues

$
367,022


$
334,246


$
32,776



9.8
%Construction Revenues


147,299



35,628



111,671



313.4
%Total Revenues

$
514,321


$
369,874


$
144,447



39.1
%     37




---



##### Table of Contents



2008


2007


$ Change


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

$
92,937


$
87,065


$
5,872



6.7
%Acquired Properties


15,367



4,952



10,415



210.3
%Sold Properties


9,531



29,975



(20,444
)


(68.2
)%(Re) Developments and Land, Not Included Above


7,360



4,914



2,446



49.8
%Other


10,422



16,603



(6,181
)


(37.2
)%$
135,617


$
143,509


$
(7,892
)


(5.5
)%Discontinued Operations


(13,880
)


(35,856
)


21,976



(61.3
)%Property Expenses

$
121,737


$
107,653


$
14,084



13.1
%Construction Expenses


139,539



34,553



104,986



303.8
%Total Property and Construction Expenses

$
261,276


$
142,206


$
119,070



83.7
%         2008


2007


$ Change


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

$
111,671


$
117,781


$
(6,110
)


(5.2
)%Acquired Properties


39,839



14,095



25,744



182.6
%Sold Properties


6,136



29,401



(23,265
)


(79.1
)%(Re) Developments and Land, Not Included Above


8,069



4,418



3,651



82.6
%Corporate Furniture, Fixtures and Equipment


2,257



1,837



420



22.9
%$
167,972


$
167,532


$
440



0.3
%Discontinued Operations


(11,902
)


(34,178
)


22,276



(65.2
)%Total Depreciation and Other Amortization

$
156,070


$
133,354


$
22,716



17.0
%  38




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##### Table of Contents



30-year Mark-to-Market
       39




---



##### Table of Contents



2008


2007($ in 000s)Total Revenues

$
40,966


$
109,022Property Expenses


(13,880
)


(35,856
)Depreciation and Amortization


(11,902
)


(34,178
)Gain on Sale of Real Estate


172,167



244,962Provision for Income Taxes


(4,887
)


(38,673
)Income from Discontinued Operations

$
182,464


$
245,277         LIQUIDITY
    AND CAPITAL RESOURCES
       40




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##### Table of Contents



Year
    Ended December 31, 2009
         41




---



##### Table of Contents



Contractual
    Obligations and Commitments
    Payments Due by PeriodLess ThanTotal


1 Year


1-3 Years


3-5 Years


Over 5 YearsOperating and Ground Leases(1)

$
38,957


$
3,001


$
3,761


$
2,869


$
29,326Long-term Debt


2,008,498



18,650



924,154



235,352



830,342Interest Expense on Long-Term Debt(1)(2)


765,275



104,920



170,584



140,250



349,521Total

$
2,812,730


$
126,571


$
1,098,499


$
378,471


$
1,209,189     (1)
    
    Not on balance sheet.(2)
    
    Does not include interest expense on our Unsecured Line of
    Credit.  Off-Balance
    Sheet Arrangements
    Environmental
    Inflation
   42




---



##### Table of Contents



Market
    Risk
    Interest
    Rate Risk
              Foreign
    Currency Exchange Rate Risk
   43




---



##### Table of Contents



Subsequent
    Events
          Related
    Party Transactions
    Other
    Paid-in-Capital
 44




---



##### Table of Contents



45




---



##### Table of Contents



AdjustmentsBalance Sheet as


Related to


Adjustments


Balance SheetPreviously


Adoption of


Related to


asFiled - as of


Business


Adoption of


Adjusted - as ofDecember 31,


Combination


Convertible Debt


December 31,2008


Guidance


Instrument Guidance


2008Deferred Financing Costs, Net

$
12,197


$



$
(106
)

$
12,091Prepaid Expenses and Other Assets, Net

$
174,743


$
(269
)

$



$
174,474Senior Unsecured Debt, Net

$
1,516,298


$



$
(4,343
)

$
1,511,955Additional
    Paid-in-Capital

$
1,390,358


$



$
7,666


$
1,398,024Distributions in Excess of Accumulated Earnings

$
(366,962
)

$
(255
)

$
(3,012
)

$
(370,229
)Total First Industrial Realty Trust, Inc.s
    Stockholders Equity

$
864,200


$
(255
)

$
4,654


$
868,599Noncontrolling Interest


122,548



(14
)


(417
)


122,117Total Equity

$
986,748


$
(269
)

$
4,237


$
990,716   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
   46




---



##### 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   PART IV  Item 15.
    Exhibits
    and Financial Statement Schedules  Financial Statements, Financial Statement Schedule
    and Exhibits
    Exhibits:
  Exhibits

Description3
.1

Amended and Restated Articles of Incorporation of the Company
    (incorporated by reference to Exhibit 3.1 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 1996,
    File
    No. 1-13102)3
.2

Amended and Restated Bylaws of the Company, dated
    September 4, 1997 (incorporated by reference to
    Exhibit 1 of the Companys
    Form 8-K,
    dated September 4, 1997, as filed on September 29,
    1997, File
    No. 1-13102) 47




---



##### Table of Contents



Exhibits

Description3
.3

Articles of Amendment to the Companys Articles of
    Incorporation, dated June 20, 1994 (incorporated by
    reference to Exhibit 3.2 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 1996,
    File
    No. 1-13102)3
.4

Articles of Amendment to the Companys Articles of
    Incorporation, dated May 31, 1996 (incorporated by
    reference to Exhibit 3.3 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 1996,
    File
    No. 1-13102)3
.5

Articles Supplementary relating to the Companys
    6.236% Series F Flexible Cumulative Redeemable Preferred
    Stock, $0.01 par value (incorporated by reference to
    Exhibit 3.1 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2004,
    File
    No. 1-13102)3
.6

Articles Supplementary relating to the Companys
    7.236% Series G Flexible Cumulative Redeemable Preferred
    Stock, $0.01 par value (incorporated by reference to
    Exhibit 3.2 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2004,
    File
    No. 1-13102)3
.7

Articles Supplementary relating to the Companys
    Junior Participating Preferred Stock, $0.01 par value
    (incorporated by reference to Exhibit 4.10 of
    Form S-3
    of the Company and First Industrial, L.P. dated
    September 24, 1997, Registration
    No. 333-29879)3
.8

Articles Supplementary relating to the Companys 7.25%
    Series J Cumulative Redeemable Preferred Stock,
    $0.01 par value (incorporated by reference to
    Exhibit 4.1 of the
    Form 8-K
    of the Company filed January 17, 2006, File
    No. 1-13102)3
.9

Articles Supplementary relating to the Companys 7.25%
    Series K Cumulative Redeemable Preferred Stock,
    $0.01 par value (incorporated by reference to
    Exhibit 1.6 of the
    Form 8-A
    of the Company, as filed on August 18, 2006, File
    No. 1-13102)4
.1

Deposit Agreement, dated May 27, 2004, by and among the
    Company, EquiServe Inc. and EquiServe Trust Company, N.A.
    and holders from time to time of Series F Depositary
    Receipts (incorporated by reference to Exhibit 4.1 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2004,
    File
    No. 1-13102)4
.2

Deposit Agreement, dated May 27, 2004, by and among the
    Company, EquiServe Inc. and EquiServe Trust Company, N.A.
    and holders from time to time of Series G Depositary
    Receipts (incorporated by reference to Exhibit 4.2 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2004,
    File
    No. 1-13102)4
.3

Remarketing Agreement, dated May 27,2004, relating to
    50,000 depositary shares, each representing 1/100 of a share of
    the Series F Flexible Cumulative Redeemable Preferred
    Stock, by and among Lehman Brothers Inc., the Company and First
    Industrial, L.P. (incorporated by reference to Exhibit 1.2
    of the
    Form 8-K
    of the Company, dated May 27, 2004, File
    No. 1-13102)4
.4

Remarketing Agreement, dated May 27,2004, relating to
    25,000 depositary shares, each representing 1/100 of a share of
    the Series G Flexible Cumulative Redeemable Preferred
    Stock, by and among Lehman Brothers Inc., the Company and First
    Industrial, L.P. (incorporated by reference to Exhibit 1.3
    of the
    Form 8-K
    of the Company, dated May 27, 2004, File
    No. 1-13102)4
.5

Deposit Agreement, dated January 13,2006, by and among the
    Company, Computershare Shareholder Services, Inc. and
    Computershare Trust Company, N.A., as depositary, and
    holders from time to time of Series J Depositary Receipts
    (incorporated by reference to Exhibit 10.1 of the
    Form 8-K
    of the Company, filed January 17, 2006, File
    No. 1-13102)4
.6

Deposit Agreement, dated August 21, 2006, by and among the
    Company, Computershare Shareholder Services, Inc. and
    Computershare Trust Company, N.A., as depositary, and
    holders from time to time of Series K Depositary Receipts
    (incorporated by reference to Exhibit 1.7 of the
    Form 8-A
    of the Company, as filed on August 18, 2006, File
    No. 1-13102)4
.7

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) 48




---



##### Table of Contents



Exhibits

Description4
.8

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
.9

Supplemental Indenture No. 2, dated as of May 22,
    1997, between First Industrial, L.P. and First
    Trust National Association as Trustee relating to
    $100 million of 7 3/8% Notes due 2011(incorporated by
    reference to Exhibit 4.4 of the
    Form 10-Q
    of First Industrial, L.P. for the fiscal quarter ended
    March 31, 1997, File
    No. 333-21873)4
.10

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 First Industrial, L.P., dated November 3, 1997, as filed
    November 3, 1997, File
    No. 333-21873)4
.11

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
.12

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-Q
    of First Industrial, L.P. for the fiscal quarter ended
    March 31, 1997, File
    No. 333-21873)4
.13

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 First Industrial, L.P. dated July 15, 1998, File
    No. 333-21873)4
.14

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 First Industrial, L.P. dated July 15, 1998, File
    No. 333-21873)4
.15

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 First Industrial,
    L.P.s Annual Report on
    Form 10-K
    for the year ended December 31, 2000, File
    No. 333-21873)4
.16

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 First
    Industrial, L.P.s Annual Report on
    Form 10-K
    for the year ended December 31, 2000, File
    No. 333-21873)4
.17

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 First Industrial, L.P.s Annual Report
    on
    Form 10-K
    for the year ended December 31, 2000, File
    No. 333-21873)4
.18

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
    Form 8-K
    of First Industrial, L.P. dated April 4, 2002, File
    No. 333-21873)4
.19

Form of 6.875% Notes due in 2012 in the principal amount of
    $200 million issued by First Industrial, L.P. (incorporated
    by reference to Exhibit 4.2 of the
    Form 8-K
    of First Industrial, L.P., dated April 4, 2002, File
    No. 333-21873)4
.20

Form of 7.75% Notes due 2032 in the principal amount of
    $50.0 million issued by First Industrial, L.P.
    (incorporated by reference to Exhibit 4.3 of the
    Form 8-K
    of First Industrial, L.P., dated April 4, 2002, File
    No. 333-21873)4
.21

Supplemental Indenture No. 8, dated as of May 17,
    2004, relating to 6.42% Senior Notes due June 1, 2014,
    by and between First Industrial, L.P. and U.S. Bank National
    Association (incorporated by reference to Exhibit 4.1 of
    the
    Form 8-K
    of First Industrial, L.P., dated May 27, 2004, File
    No. 333-21873) 49




---



##### Table of Contents



Exhibits

Description4
.22

Supplemental Indenture No. 9, dated as of June 14,
    2004, relating to 5.25% Senior Notes due 2009, by and
    between the Operating Partnership and U.S. Bank National
    Association (incorporated by reference to Exhibit 4.1 of
    the
    Form 8-K
    of First Industrial, L.P., dated June 17, 2004, File
    No. 333-21873)4
.23

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
.24

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 First Industrial, L.P. dated September 25, 2006, File
    No. 333-21873)4
.25

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 First Industrial, L.P. dated September 25, 2006, File
    No. 333-21873)4
.26

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 First Industrial, L.P. dated September 25, 2006, File
    No. 333-21873)4
.27

Supplemental Indenture No. 11, dated as of May 7,
    2007, relating to 5.95% Senior Notes due 2017, 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 May 5, 2007, File
    No. 1-13102)10
.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)10
.2

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 Company, dated September 16, 2004, File
    No. 1-13102)10
.3

Registration Rights Agreement, dated April 29, 1998,
    relating to the Companys Common Stock, par value $0.01 per
    share, between the Company, the Operating Partnership and
    Merrill Lynch, Pierce, Fenner & Smith Incorporated
    (incorporated by reference to Exhibit 4.1 of the
    Form 8-K
    of the Company dated May 1, 1998, File
    No. 1-13102)10
.4

Non-Competition Agreement between Jay H. Shidler and First
    Industrial Realty Trust, Inc. (incorporated by reference to
    Exhibit 10.16 of the Companys Annual Report on
    Form 10-K
    for the year ended December 31, 1994, File
    No. 1-13102)10
.5

Form of Non-Competition Agreement between each of Michael T.
    Tomasz, Paul T. Lambert, Michael J. Havala, Michael W. Brennan,
    Michael G. Damone, Duane H. Lund, and Johannson L. Yap and First
    Industrial Realty Trust, Inc. (incorporated by reference to
    Exhibit 10.14 to the Companys Registration Statement
    on
    Form S-11,
    File
    No. 33-77804)10
.6

1994 Stock Incentive Plan (incorporated by reference to
    Exhibit 10.37 of the Companys Annual Report on
    Form 10-K
    for the year ended December 31, 1994, File
    No. 1-13102)10
.7

First Industrial Realty Trust, Inc. Deferred Income Plan
    (incorporated by reference to Exhibit 10 of the
    Form 10-Q
    of the Company for the fiscal quarter ended March 31, 1996,
    File
    No. 1-13102)10
.8

Contribution Agreement, dated March 19, 1996, among FR
    Acquisitions, Inc. and the parties listed on the signature pages
    thereto (incorporated by reference to Exhibit 10.1 of the
    Form 8-K
    of the Company, dated April 3, 1996, File
    No. 1-13102)10
.9

Contribution Agreement, dated January 31, 1997, among FR
    Acquisitions, Inc. and the parties listed on the signature pages
    thereto (incorporated by reference to Exhibit 10.58 of the
    Companys Annual Report on
    Form 10-K
    for the year ended December 31, 1996, File
    No. 1-13102)10
.10

Separation and Release Agreement between First Industrial Realty
    Trust, Inc. and Michael W. Brennan dated November 26, 2008
    (incorporated by reference to Exhibit 10.2 of the
    Form 8-K
    of the Company filed November 28, 2008, File
    No. 1-13102)10
.11

1997 Stock Incentive Plan (incorporated by reference to
    Exhibit 10.62 of the Companys Annual Report on
    Form 10-K
    for the year ended December 31, 1996, File
    No. 1-13102) 50




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##### Table of Contents



Exhibits

Description10
.12

2001 Stock Incentive Plan (incorporated by reference to
    Exhibit 10.34 of the Companys Annual Report on
    Form 10-K
    for the year ended December 31, 2001, File
    No. 1-13102)10
.13

Separation and Release Agreement between First Industrial Realty
    Trust, Inc. and Michael J. Havala dated December 22, 2008
    (incorporated by reference to Exhibit 10.1 of the
    Form 8-K
    of the Company filed December 23, 2008, File
    No. 1-13102)10
.14

Employment Agreement, dated March 31, 2002, between First
    Industrial Realty Trust, Inc. and Johannson L. Yap (incorporated
    by reference to Exhibit 10.2 of the
    Form 10-Q
    of First Industrial Realty Trust, Inc. for the fiscal quarter
    ended March 31, 2002, File
    No. 1-13102)10
.15

Separation and Release Agreement between First Industrial Realty
    Trust, Inc. and David P. Draft dated November 25, 2008
    (incorporated by reference to Exhibit 10.1 of the
    Form 8-K
    of the Company filed November 28, 2008, File
    No. 1-13102)10
.16

Form of Restricted Stock Award Agreement (incorporated by
    reference to Exhibit 10.3 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2004,
    File
    No. 1-13102)10
.17

Form of Restricted Stock Award Agreement (incorporated by
    reference to Exhibit 10.4 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2004,
    File
    No. 1-13102)10
.18

Form of Restricted Stock Award Agreement (incorporated by
    reference to Exhibit 10.5 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2004,
    File
    No. 1-13102)10
.19

Form of Restricted Stock Award Agreement (incorporated by
    reference to Exhibit 10.6 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2004,
    File
    No. 1-13102)10
.20

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
.21

Form of Restricted Stock Agreement (Directors Annual
    Retainer) (incorporated by reference to Exhibit 10.1 of the
    Form 8-K
    of the Company filed May 19, 2006, File
    No. 1-13102)10
.22

Amendment No. 1 to the Companys 2001 Stock Incentive
    Plan (incorporated by reference to Exhibit 10.2 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2006,
    File
    No. 1-13102)10
.23

Amendment No. 2 to the Companys 2001 Stock Incentive
    Plan (incorporated by reference to Exhibit 10.1 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2007,
    File
    No. 1-13102)10
.24

Amendment No. 1 to the Companys 1994 Stock Incentive
    Plan (incorporated by reference to Exhibit 10.24 of the
    Companys Annual Report on
    Form 10-K
    for the year ended December 31, 2007, File
    No. 1-13102)10
.25

Amendment No. 1 to the Companys 1997 Stock Incentive
    Plan (incorporated by reference to Exhibit 10.25 of the
    Companys Annual Report on
    Form 10-K
    for the year ended December 31, 2007, File
    No. 1-13102)10
.26

Form of Director Restricted Stock Award Agreement (incorporated
    by reference to Exhibit 10.26 of the Companys Annual
    Report on
    Form 10-K
    for the year ended December 31, 2007, File
    No. 1-13102)10
.27

Form of Director Restricted Stock Award Agreement (incorporated
    by reference to Exhibit 10.27 of the Companys Annual
    Report on
    Form 10-K
    for the year ended December 31, 2007, File
    No. 1-13102)10
.28

Form of Employee Restricted Stock Award Agreement (incorporated
    by reference to Exhibit 10.28 of the Companys Annual
    Report on
    Form 10-K
    for the year ended December 31, 2007, File
    No. 1-13102)10
.29

Form of Employee Restricted Stock Award Agreement (incorporated
    by reference to Exhibit 10.29 of the Companys Annual
    Report on
    Form 10-K
    for the year ended December 31, 2007, File
    No. 1-13102)10
.30

Amendment No. 3 to the Companys 2001 Stock Incentive
    Plan (incorporated by reference to Exhibit 10.1 of the
    Form 10-Q
    of the Company for the fiscal quarter ended March 31, 2008,
    File
    No. 1-13102) 51




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##### Table of Contents



Exhibits

Description10
.31

Form of Employee Restricted Stock Unit Award Agreement
    (incorporated by reference to Exhibit 10.2 of the
    Form 10-Q
    of the Company for the fiscal quarter ended March 31, 2008,
    File
    No. 1-13102)10
.32

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)10
.33

First Amendment, dated as of December 29, 2008, to
    Employment Agreement, dated March 31, 2002, between First
    Industrial Realty Trust, Inc. and Johannson L. Yap (incorporated
    by reference to Exhibit 10.33 of the Companys Annual
    Report on
    Form 10-K
    for the year ended December 31, 2008, File
    No. 1-13102)10
.34

Employment Agreement dated January 30, 2006 between First
    Industrial Development Services, Inc. and Gerald A. Pientka
    (incorporated by reference to Exhibit 10.30 of the
    Companys Annual Report on
    Form 10-K
    for the year ended December 31, 2007, File
    No. 1-13102)10
.35

First Amendment, dated as of December 29, 2008, to
    Employment Agreement, dated January 30, 2006, between First
    Industrial Realty Trust, Inc. and Gerald A. Pientka
    (incorporated by reference to Exhibit 10.35 of the
    Companys Annual Report on
    Form 10-K
    for the year ended December 31, 2008, File
    No. 1-13102)10
.36

Employment Agreement dated as of January 9, 2009 among
    First Industrial Realty Trust, Inc., First Industrial L.P. and
    Bruce W. Duncan (incorporated by reference to Exhibit 10.1
    of the
    Form 8-K
    of the Company filed January 12, 2009, File
    No. 1-13102)10
.37

Restricted Stock Unit Award Agreement dated as of
    January 9, 2009 between First Industrial Realty Trust, Inc.
    and Bruce W. Duncan (incorporated by reference to
    Exhibit 10.2 of the
    Form 8-K
    of the Company filed January 12, 2009, File
    No. 1-13102)10
.38

Letter agreement dated October 24, 2008 between the
    Compensation Committee and W. Ed Tyler (incorporated by
    reference to Exhibit 10.1 of the
    Form 8-K
    of the Company filed October 30, 2008, File
    No. 1-13102)10
.39

Severance Agreement and Release and Waiver of Claims between
    Jerry Pientka and First Industrial Investment, Inc. dated
    February 27, 2009 (incorporated by reference to
    Exhibit 10.1 of the Companys
    Form 8-K
    filed March 2, 2009, File
    No. 1-13102)10
.40

2009 Stock Incentive Plan (incorporated by reference to
    Exhibit 10.1 of the Companys
    Form 10-Q
    for the period ended June 30, 2009, File
    No. 1-13102)10
.41

Form of Employee Service Based Bonus Agreement (incorporated by
    reference to Exhibit 10.1 of the
    Form 8-K
    of the Company filed July 15, 2009, File
    No. 1-13102)10
.42

Form of Employee Restricted Stock Unit Award Agreement
    (incorporated by reference to Exhibit 10.2 of the
    Form 8-K
    of the Company filed July 15, 2009, File
    No. 1-13102)10
.43

Amendment No. 1, dated as of February 5, 2009, to the
    Restricted Stock Unit Award Agreement, dated as of
    January 9, 2009, by and between First Industrial Realty
    Trust, Inc. and Bruce W. Duncan (incorporated by reference to
    Exhibit 10.1 of the Companys
    Form 10-Q
    for the period ended March 31, 2009, File
    No. 1-13102)21
*

Subsidiaries of the Registrant23
*

Consent of PricewaterhouseCoopers LLP31
.1*

Certification of Principal Executive Officer pursuant to
    Rule 13a-14(a)
    under the Securities Exchange Act of 1934, as amended31
.2*

Certification of Principal Financial Officer 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.
    
    Indicates a compensatory plan or arrangement contemplated by
    Item 15 a (3) of
    Form 10-K. 52




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##### Table of Contents



EXHIBIT INDEX
  Exhibits

Description3
.1

Amended and Restated Articles of Incorporation of the Company
    (incorporated by reference to Exhibit 3.1 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 1996,
    File
    No. 1-13102)3
.2

Amended and Restated Bylaws of the Company, dated
    September 4, 1997 (incorporated by reference to
    Exhibit 1 of the Companys
    Form 8-K,
    dated September 4, 1997, as filed on September 29,
    1997, File
    No. 1-13102)3
.3

Articles of Amendment to the Companys Articles of
    Incorporation, dated June 20, 1994 (incorporated by
    reference to Exhibit 3.2 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 1996,
    File
    No. 1-13102)3
.4

Articles of Amendment to the Companys Articles of
    Incorporation, dated May 31, 1996 (incorporated by
    reference to Exhibit 3.3 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 1996,
    File
    No. 1-13102)3
.5

Articles Supplementary relating to the Companys
    6.236% Series F Flexible Cumulative Redeemable Preferred
    Stock, $0.01 par value (incorporated by reference to
    Exhibit 3.1 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2004,
    File
    No. 1-13102)3
.6

Articles Supplementary relating to the Companys
    7.236% Series G Flexible Cumulative Redeemable Preferred
    Stock, $0.01 par value (incorporated by reference to
    Exhibit 3.2 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2004,
    File
    No. 1-13102)3
.7

Articles Supplementary relating to the Companys
    Junior Participating Preferred Stock, $0.01 par value
    (incorporated by reference to Exhibit 4.10 of
    Form S-3
    of the Company and First Industrial, L.P. dated
    September 24, 1997, Registration
    No. 333-29879)3
.8

Articles Supplementary relating to the Companys 7.25%
    Series J Cumulative Redeemable Preferred Stock,
    $0.01 par value (incorporated by reference to
    Exhibit 4.1 of the
    Form 8-K
    of the Company filed January 17, 2006, File
    No. 1-13102)3
.9

Articles Supplementary relating to the Companys 7.25%
    Series K Cumulative Redeemable Preferred Stock,
    $0.01 par value (incorporated by reference to
    Exhibit 1.6 of the
    Form 8-A
    of the Company, as filed on August 18, 2006, File
    No. 1-13102)4
.1

Deposit Agreement, dated May 27, 2004, by and among the
    Company, EquiServe Inc. and EquiServe Trust Company, N.A.
    and holders from time to time of Series F Depositary
    Receipts (incorporated by reference to Exhibit 4.1 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2004,
    File
    No. 1-13102)4
.2

Deposit Agreement, dated May 27, 2004, by and among the
    Company, EquiServe Inc. and EquiServe Trust Company, N.A.
    and holders from time to time of Series G Depositary
    Receipts (incorporated by reference to Exhibit 4.2 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2004,
    File
    No. 1-13102)4
.3

Remarketing Agreement, dated May 27,2004, relating to
    50,000 depositary shares, each representing 1/100 of a share of
    the Series F Flexible Cumulative Redeemable Preferred
    Stock, by and among Lehman Brothers Inc., the Company and First
    Industrial, L.P. (incorporated by reference to Exhibit 1.2
    of the
    Form 8-K
    of the Company, dated May 27, 2004, File
    No. 1-13102)4
.4

Remarketing Agreement, dated May 27,2004, relating to
    25,000 depositary shares, each representing 1/100 of a share of
    the Series G Flexible Cumulative Redeemable Preferred
    Stock, by and among Lehman Brothers Inc., the Company and First
    Industrial, L.P. (incorporated by reference to Exhibit 1.3
    of the
    Form 8-K
    of the Company, dated May 27, 2004, File
    No. 1-13102)4
.5

Deposit Agreement, dated January 13,2006, by and among the
    Company, Computershare Shareholder Services, Inc. and
    Computershare Trust Company, N.A., as depositary, and
    holders from time to time of Series J Depositary Receipts
    (incorporated by reference to Exhibit 10.1 of the
    Form 8-K
    of the Company, filed January 17, 2006, File
    No. 1-13102)4
.6

Deposit Agreement, dated August 21, 2006, by and among the
    Company, Computershare Shareholder Services, Inc. and
    Computershare Trust Company, N.A., as depositary, and
    holders from time to time of Series K Depositary Receipts
    (incorporated by reference to Exhibit 1.7 of the
    Form 8-A
    of the Company, as filed on August 18, 2006, File
    No. 1-13102) 53




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##### Table of Contents



Exhibits

Description4
.7

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
.8

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
.9

Supplemental Indenture No. 2, dated as of May 22,
    1997, between First Industrial, L.P. and First
    Trust National Association as Trustee relating to
    $100 million of 7 3/8% Notes due 2011(incorporated by
    reference to Exhibit 4.4 of the
    Form 10-Q
    of First Industrial, L.P. for the fiscal quarter ended
    March 31, 1997, File
    No. 333-21873)4
.10

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 First Industrial, L.P., dated November 3, 1997, as filed
    November 3, 1997, File
    No. 333-21873)4
.11

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
.12

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-Q
    of First Industrial, L.P. for the fiscal quarter ended
    March 31, 1997, File
    No. 333-21873)4
.13

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 First Industrial, L.P. dated July 15, 1998, File
    No. 333-21873)4
.14

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 First Industrial, L.P. dated July 15, 1998, File
    No. 333-21873)4
.15

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 First Industrial,
    L.P.s Annual Report on
    Form 10-K
    for the year ended December 31, 2000, File
    No. 333-21873)4
.16

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 First
    Industrial, L.P.s Annual Report on
    Form 10-K
    for the year ended December 31, 2000, File
    No. 333-21873)4
.17

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 First Industrial, L.P.s Annual Report
    on
    Form 10-K
    for the year ended December 31, 2000, File
    No. 333-21873)4
.18

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
    Form 8-K
    of First Industrial, L.P. dated April 4, 2002, File
    No. 333-21873)4
.19

Form of 6.875% Notes due in 2012 in the principal amount of
    $200 million issued by First Industrial, L.P. (incorporated
    by reference to Exhibit 4.2 of the
    Form 8-K
    of First Industrial, L.P., dated April 4, 2002, File
    No. 333-21873)4
.20

Form of 7.75% Notes due 2032 in the principal amount of
    $50.0 million issued by First Industrial, L.P.
    (incorporated by reference to Exhibit 4.3 of the
    Form 8-K
    of First Industrial, L.P., dated April 4, 2002, File
    No. 333-21873) 54




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##### Table of Contents



Exhibits

Description4
.21

Supplemental Indenture No. 8, dated as of May 17,
    2004, relating to 6.42% Senior Notes due June 1, 2014,
    by and between First Industrial, L.P. and U.S. Bank National
    Association (incorporated by reference to Exhibit 4.1 of
    the
    Form 8-K
    of First Industrial, L.P., dated May 27, 2004, File
    No. 333-21873)4
.22

Supplemental Indenture No. 9, dated as of June 14,
    2004, relating to 5.25% Senior Notes due 2009, by and
    between the Operating Partnership and U.S. Bank National
    Association (incorporated by reference to Exhibit 4.1 of
    the
    Form 8-K
    of First Industrial, L.P., dated June 17, 2004, File
    No. 333-21873)4
.23

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
.24

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 First Industrial, L.P. dated September 25, 2006, File
    No. 333-21873)4
.25

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 First Industrial, L.P. dated September 25, 2006, File
    No. 333-21873)4
.26

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 First Industrial, L.P. dated September 25, 2006, File
    No. 333-21873)4
.27

Supplemental Indenture No. 11, dated as of May 7,
    2007, relating to 5.95% Senior Notes due 2017, 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 May 5, 2007, File
    No. 1-13102)10
.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)10
.2

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 Company, dated September 16, 2004, File
    No. 1-13102)10
.3

Registration Rights Agreement, dated April 29, 1998,
    relating to the Companys Common Stock, par value $0.01 per
    share, between the Company, the Operating Partnership and
    Merrill Lynch, Pierce, Fenner & Smith Incorporated
    (incorporated by reference to Exhibit 4.1 of the
    Form 8-K
    of the Company dated May 1, 1998, File
    No. 1-13102)10
.4

Non-Competition Agreement between Jay H. Shidler and First
    Industrial Realty Trust, Inc. (incorporated by reference to
    Exhibit 10.16 of the Companys Annual Report on
    Form 10-K
    for the year ended December 31, 1994, File
    No. 1-13102)10
.5

Form of Non-Competition Agreement between each of Michael T.
    Tomasz, Paul T. Lambert, Michael J. Havala, Michael W. Brennan,
    Michael G. Damone, Duane H. Lund, and Johannson L. Yap and First
    Industrial Realty Trust, Inc. (incorporated by reference to
    Exhibit 10.14 to the Companys Registration Statement
    on
    Form S-11,
    File
    No. 33-77804)10
.6

1994 Stock Incentive Plan (incorporated by reference to
    Exhibit 10.37 of the Companys Annual Report on
    Form 10-K
    for the year ended December 31, 1994, File
    No. 1-13102)10
.7

First Industrial Realty Trust, Inc. Deferred Income Plan
    (incorporated by reference to Exhibit 10 of the
    Form 10-Q
    of the Company for the fiscal quarter ended March 31, 1996,
    File
    No. 1-13102)10
.8

Contribution Agreement, dated March 19, 1996, among FR
    Acquisitions, Inc. and the parties listed on the signature pages
    thereto (incorporated by reference to Exhibit 10.1 of the
    Form 8-K
    of the Company, dated April 3, 1996, File
    No. 1-13102)10
.9

Contribution Agreement, dated January 31, 1997, among FR
    Acquisitions, Inc. and the parties listed on the signature pages
    thereto (incorporated by reference to Exhibit 10.58 of the
    Companys Annual Report on
    Form 10-K
    for the year ended December 31, 1996, File
    No. 1-13102) 55




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##### Table of Contents



Exhibits

Description10
.10

Separation and Release Agreement between First Industrial Realty
    Trust, Inc. and Michael W. Brennan dated November 26, 2008
    (incorporated by reference to Exhibit 10.2 of the
    Form 8-K
    of the Company filed November 28, 2008, File
    No. 1-13102)10
.11

1997 Stock Incentive Plan (incorporated by reference to
    Exhibit 10.62 of the Companys Annual Report on
    Form 10-K
    for the year ended December 31, 1996, File
    No. 1-13102)10
.12

2001 Stock Incentive Plan (incorporated by reference to
    Exhibit 10.34 of the Companys Annual Report on
    Form 10-K
    for the year ended December 31, 2001, File
    No. 1-13102)10
.13

Separation and Release Agreement between First Industrial Realty
    Trust, Inc. and Michael J. Havala dated December 22, 2008
    (incorporated by reference to Exhibit 10.1 of the
    Form 8-K
    of the Company filed December 23, 2008, File
    No. 1-13102)10
.14

Employment Agreement, dated March 31, 2002, between First
    Industrial Realty Trust, Inc. and Johannson L. Yap (incorporated
    by reference to Exhibit 10.2 of the
    Form 10-Q
    of First Industrial Realty Trust, Inc. for the fiscal quarter
    ended March 31, 2002, File
    No. 1-13102)10
.15

Separation and Release Agreement between First Industrial Realty
    Trust, Inc. and David P. Draft dated November 25, 2008
    (incorporated by reference to Exhibit 10.1 of the
    Form 8-K
    of the Company filed November 28, 2008, File
    No. 1-13102)10
.16

Form of Restricted Stock Award Agreement (incorporated by
    reference to Exhibit 10.3 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2004,
    File
    No. 1-13102)10
.17

Form of Restricted Stock Award Agreement (incorporated by
    reference to Exhibit 10.4 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2004,
    File
    No. 1-13102)10
.18

Form of Restricted Stock Award Agreement (incorporated by
    reference to Exhibit 10.5 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2004,
    File
    No. 1-13102)10
.19

Form of Restricted Stock Award Agreement (incorporated by
    reference to Exhibit 10.6 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2004,
    File
    No. 1-13102)10
.20

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
.21

Form of Restricted Stock Agreement (Directors Annual
    Retainer) (incorporated by reference to Exhibit 10.1 of the
    Form 8-K
    of the Company filed May 19, 2006, File
    No. 1-13102)10
.22

Amendment No. 1 to the Companys 2001 Stock Incentive
    Plan (incorporated by reference to Exhibit 10.2 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2006,
    File
    No. 1-13102)10
.23

Amendment No. 2 to the Companys 2001 Stock Incentive
    Plan (incorporated by reference to Exhibit 10.1 of the
    Form 10-Q
    of the Company for the fiscal quarter ended June 30, 2007,
    File
    No. 1-13102)10
.24

Amendment No. 1 to the Companys 1994 Stock Incentive
    Plan (incorporated by reference to Exhibit 10.24 of the
    Companys Annual Report on
    Form 10-K
    for the year ended December 31, 2007, File
    No. 1-13102)10
.25

Amendment No. 1 to the Companys 1997 Stock Incentive
    Plan (incorporated by reference to Exhibit 10.25 of the
    Companys Annual Report on
    Form 10-K
    for the year ended December 31, 2007, File
    No. 1-13102)10
.26

Form of Director Restricted Stock Award Agreement (incorporated
    by reference to Exhibit 10.26 of the Companys Annual
    Report on
    Form 10-K
    for the year ended December 31, 2007, File
    No. 1-13102)10
.27

Form of Director Restricted Stock Award Agreement (incorporated
    by reference to Exhibit 10.27 of the Companys Annual
    Report on
    Form 10-K
    for the year ended December 31, 2007, File
    No. 1-13102)10
.28

Form of Employee Restricted Stock Award Agreement (incorporated
    by reference to Exhibit 10.28 of the Companys Annual
    Report on
    Form 10-K
    for the year ended December 31, 2007, File
    No. 1-13102) 56




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##### Table of Contents



Exhibits

Description10
.29

Form of Employee Restricted Stock Award Agreement (incorporated
    by reference to Exhibit 10.29 of the Companys Annual
    Report on
    Form 10-K
    for the year ended December 31, 2007, File
    No. 1-13102)10
.30

Amendment No. 3 to the Companys 2001 Stock Incentive
    Plan (incorporated by reference to Exhibit 10.1 of the
    Form 10-Q
    of the Company for the fiscal quarter ended March 31, 2008,
    File
    No. 1-13102)10
.31

Form of Employee Restricted Stock Unit Award Agreement
    (incorporated by reference to Exhibit 10.2 of the
    Form 10-Q
    of the Company for the fiscal quarter ended March 31, 2008,
    File
    No. 1-13102)10
.32

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)10
.33

First Amendment, dated as of December 29, 2008, to
    Employment Agreement, dated March 31, 2002, between First
    Industrial Realty Trust, Inc. and Johannson L. Yap (incorporated
    by reference to Exhibit 10.33 of the Companys Annual
    Report on
    Form 10-K
    for the year ended December 31, 2008, File
    No. 1-13102)10
.34

Employment Agreement dated January 30, 2006 between First
    Industrial Development Services, Inc. and Gerald A. Pientka
    (incorporated by reference to Exhibit 10.30 of the
    Companys Annual Report on
    Form 10-K
    for the year ended December 31, 2007, File
    No. 1-13102)10
.35

First Amendment, dated as of December 29, 2008, to
    Employment Agreement, dated January 30, 2006, between First
    Industrial Realty Trust, Inc. and Gerald A. Pientka
    (incorporated by reference to Exhibit 10.35 of the
    Companys Annual Report on
    Form 10-K
    for the year ended December 31, 2008, File
    No. 1-13102)10
.36

Employment Agreement dated as of January 9, 2009 among
    First Industrial Realty Trust, Inc., First Industrial L.P. and
    Bruce W. Duncan (incorporated by reference to Exhibit 10.1
    of the
    Form 8-K
    of the Company filed January 12, 2009, File
    No. 1-13102)10
.37

Restricted Stock Unit Award Agreement dated as of
    January 9, 2009 between First Industrial Realty Trust, Inc.
    and Bruce W. Duncan (incorporated by reference to
    Exhibit 10.2 of the
    Form 8-K
    of the Company filed January 12, 2009, File
    No. 1-13102)10
.38

Letter agreement dated October 24, 2008 between the
    Compensation Committee and W. Ed Tyler (incorporated by
    reference to Exhibit 10.1 of the
    Form 8-K
    of the Company filed October 30, 2008, File
    No. 1-13102)10
.39

Severance Agreement and Release and Waiver of Claims between
    Jerry Pientka and First Industrial Investment, Inc. dated
    February 27, 2009 (incorporated by reference to
    Exhibit 10.1 of the Companys
    Form 8-K
    filed March 2, 2009, File
    No. 1-13102)10
.40

2009 Stock Incentive Plan (incorporated by reference to
    Exhibit 10.1 of the Companys
    Form 10-Q
    for the period ended June 30, 2009, File
    No. 1-13102)10
.41

Form of Employee Service Based Bonus Agreement (incorporated by
    reference to Exhibit 10.1 of the
    Form 8-K
    of the Company filed July 15, 2009, File
    No. 1-13102)10
.42

Form of Employee Restricted Stock Unit Award Agreement
    (incorporated by reference to Exhibit 10.2 of the
    Form 8-K
    of the Company filed July 15, 2009, File
    No. 1-13102)10
.43

Amendment No. 1, dated as of February 5, 2009, to the
    Restricted Stock Unit Award Agreement, dated as of
    January 9, 2009, by and between First Industrial Realty
    Trust, Inc. and Bruce W. Duncan (incorporated by reference to
    Exhibit 10.1 of the Companys
    Form 10-Q
    for the period ended March 31, 2009, File
    No. 1-13102)21
*

Subsidiaries of the Registrant23
*

Consent of PricewaterhouseCoopers LLP 57




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##### Table of Contents



Exhibits

Description31
.1*

Certification of Principal Executive Officer pursuant to
    Rule 13a-14(a)
    under the Securities Exchange Act of 1934, as amended31
.2*

Certification of Principal Financial Officer 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.
    
    Indicates a compensatory plan or arrangement contemplated by
    Item 15 a (3) of
    Form 10-K. 58




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  INDEX TO
    FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE
   
 PageFINANCIAL STATEMENTSReport of Independent Registered Public
    Accounting Firm


60Consolidated Balance Sheets of First Industrial
    Realty Trust, Inc. (the Company) as of December 31,
    2009 and 2008 (As Adjusted)


61Consolidated Statements of Operations of the
    Company for the Years Ended December 31, 2009, 2008 (As
    Adjusted) and 2007 (As Adjusted)


62Consolidated Statements of Comprehensive Income
    of the Company for the Years Ended December 31, 2009, 2008 (As
    Adjusted) and 2007 (As Adjusted)


63Consolidated Statements of Changes in
    Stockholders Equity of the Company for the Years Ended
    December 31, 2009, 2008 (As Adjusted) and 2007 (As Adjusted)


64Consolidated Statements of Cash Flows of the
    Company for the Years Ended December 31, 2009, 2008 (As
    Adjusted) and 2007 (As Adjusted)


65Notes to the Consolidated Financial Statements


66FINANCIAL STATEMENT SCHEDULESchedule III: Real Estate and Accumulated
    Depreciation


S-1   59




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##### Table of Contents



Report of
    Independent Registered Public Accounting Firm     Internal Control  Integrated Framework
        
   60




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  CONSOLIDATED
    BALANCE SHEETS
  (As Adjusted)December 31,


December 31,2009


2008(In thousands except share and per share data)ASSETSAssets:Investment in Real Estate:Land

$
751,479


$
776,991Buildings and Improvements


2,543,573



2,551,450Construction in Progress


24,712



57,156Less: Accumulated Depreciation


(594,895
)


(523,108
)Net Investment in Real Estate


2,724,869



2,862,489Real Estate and Other Assets Held for Sale, Net of Accumulated
    Depreciation and Amortization of $3,341 and $2,251 at
    December 31, 2009 and December 31, 2008, respectively


37,305



21,117Cash and Cash Equivalents


182,943



3,182Restricted Cash


102



109Tenant Accounts Receivable, Net


2,243



10,414Investments in Joint Ventures


8,788



16,299Deferred Rent Receivable, Net


39,220



32,984Deferred Financing Costs, Net


15,333



12,091Deferred Leasing Intangibles, Net


60,160



90,342Prepaid Expenses and Other Assets, Net


133,623



174,474Total Assets

$
3,204,586


$
3,223,501LIABILITIES AND EQUITYLiabilities:Mortgage and Other Loans Payable, Net

$
402,974


$
77,396Senior Unsecured Debt, Net


1,140,114



1,511,955Unsecured Line of Credit


455,244



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


80,684



128,828Deferred Leasing Intangibles, Net


24,754



30,754Rents Received in Advance and Security Deposits


26,117



26,181Leasing Intangibles Held for Sale, Net of Accumulated
    Amortization of $0 and $254 at December 31, 2009 and
    December 31, 2008, respectively






541Dividends Payable


452



13,846Total Liabilities


2,130,339



2,232,785Commitments and Contingencies






Equity:First Industrial Realty Trust Inc.s
    Stockholders Equity:Preferred Stock ($0.01 par value, 10,000,000 shares
    authorized, 500, 250, 600, and 200 shares of Series F,
    G, J, and K Cumulative Preferred Stock, respectively, issued and
    outstanding at December 31, 2009 and December 31,
    2008, having a liquidation preference of $100,000 per share
    ($50,000), $100,000 per share ($25,000), $250,000 per share
    ($150,000), and $250,000 per share ($50,000), respectively)






Common Stock ($0.01 par value, 100,000,000 shares
    authorized, 66,169,328 and 48,976,296 shares issued and
    61,845,214 and 44,652,182 shares outstanding at
    December 31, 2009 and December 31, 2008, respectively)


662



490Additional
    Paid-in-Capital


1,551,218



1,398,024Distributions in Excess of Accumulated Earnings


(384,013
)


(370,229
)Accumulated Other Comprehensive Loss


(18,408
)


(19,668
)Treasury Shares at Cost (4,324,114 shares at
    December 31, 2009 and December 31, 2008)


(140,018
)


(140,018
)Total First Industrial Realty Trust, Inc.s
    Stockholders Equity


1,009,441



868,599Noncontrolling Interest


64,806



122,117Total Equity


1,074,247



990,716Total Liabilities and Equity

$
3,204,586


$
3,223,501    61




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  CONSOLIDATED
    STATEMENTS OF OPERATIONS
  (As Adjusted)


(As Adjusted)Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2009


2008


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

$
266,419


$
262,274


$
232,659Tenant Recoveries and Other Income


90,582



104,748



101,587Construction Revenues


54,957



147,299



35,628Total Revenues


411,958



514,321



369,874Expenses:Property Expenses


123,819



121,737



107,653General and Administrative


37,835



84,896



92,101Restructuring Costs


7,806



27,349



Impairment of Real Estate


6,934







Depreciation and Other Amortization


147,216



156,070



133,354Construction Expenses


52,720



139,539



34,553Total Expenses


376,330



529,591



367,661Other Income (Expense):Interest Income


3,084



3,690



1,926Interest Expense


(115,421
)


(113,139
)


(120,894
)Amortization of Deferred Financing Costs


(3,030
)


(2,840
)


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


3,667



(3,073
)


Gain (Loss) From Early Retirement of Debt


34,562



2,749



(393
)Total Other Income (Expense)


(77,138
)


(112,613
)


(122,532
)Loss from Continuing Operations Before Equity in (Loss) Income
    of Joint Ventures and Income Tax Benefit


(41,510
)


(127,883
)


(120,319
)Equity in (Loss) Income of Joint Ventures


(6,470
)


(33,178
)


30,045Income Tax Benefit


25,155



12,958



11,200Loss from Continuing Operations


(22,825
)


(148,103
)


(79,074
)Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $24,206, $172,167, and $244,962 for the Years
    Ended December 31, 2009, 2008 and 2007, respectively)


28,596



187,351



283,950Provision for Income Taxes Allocable to Discontinued Operations
    (including $1,462, $3,732, and $36,032 allocable to Gain on Sale
    of Real Estate for the Years Ended December 31, 2009, 2008
    and 2007, respectively)


(1,816
)


(4,887
)


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


3,955



34,361



166,203Gain on Sale of Real Estate


374



12,008



9,425Provision for Income Taxes Allocable to Gain on Sale of Real
    Estate


(143
)


(3,782
)


(3,082
)Net Income


4,186



42,587



172,546Less: Net Loss (Income) Attributable to the Noncontrolling
    Interest


1,547



(2,990
)


(18,841
)Net Income Attributable to First Industrial Realty Trust,
    Inc.


5,733



39,597



153,705Less: Preferred Dividends


(19,516
)


(19,428
)


(21,320
)Less: Redemption of Preferred Stock










(2,017
)Net (Loss) Income Available to First Industrial Realty Trust,
    Inc.s Common Stockholders and Participating Securities

$
(13,783
)

$
20,169


$
130,368Basic and Diluted Earnings Per Share:Loss from Continuing Operations Available to First Industrial
    Realty Trust, Inc.s Common Stockholders

$
(0.78
)

$
(3.23
)

$
(1.90
)Income from Discontinued Operations Attributable to First
    Industrial Realty Trust, Inc.s Common Stockholders

$
0.49


$
3.64


$
4.80Net (Loss) Income Available to First Industrial Realty Trust,
    Inc.s Common Stockholders

$
(0.28
)

$
0.41


$
2.90Weighted Average Shares Outstanding


48,695



43,193



44,086    62




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  CONSOLIDATED
    STATEMENTS OF COMPREHENSIVE INCOME
  (As Adjusted)


(As Adjusted)Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2009


2008


2007(Dollars in thousands)Net Income

$
4,186


$
42,587


$
172,546Settlement of Interest Rate Protection Agreements










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


(383
)


(8,676
)


3,819Amortization of Interest Rate Protection Agreements


796



(792
)


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


523



831



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


1,503



(2,792
)


2,134Comprehensive Income


6,625



31,158



173,322Comprehensive Loss (Income) Attributable to Noncontrolling
    Interest


1,299



(1,599
)


(18,983
)Comprehensive Income Attributable to First Industrial Realty
    Trust, Inc.

$
7,924


$
29,559


$
154,339    63




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  CONSOLIDATED
    STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY
  (As Adjusted)


(As Adjusted)Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2009


2008


2007(Dollars in thousands)Preferred Stock  Beginning of Year

$



$



$
Issuance of Preferred Stock










Redemption of Preferred Stock










Preferred Stock  End of Year

$



$



$
Common Stock  Beginning of Year

$
490


$
480


$
475Net Proceeds from the Issuance of Common Stock


169







Issuance of Restricted Stock






6



5Repurchase and Retirement of Common Stock


(1
)


(2
)


Conversion of Units to Common Stock


4



6



Common Stock  End of Year

$
662


$
490


$
480Additional
    Paid-In-Capital 
    Beginning of Year

$
1,398,024


$
1,362,375


$
1,396,015Offering Costs


(909
)


(321
)


(46
)Issuance of Common Stock


84,535



174



613Issuance of Restricted Stock






(6
)


(5
)Repurchase and Retirement of Restricted Stock/Common Stock


(737
)


(4,579
)


(3,210
)Redemption of Preferred Stock










(47,997
)Conversion of Units to Common Stock


7,813



14,575



2,855Amortization of Restricted Stock and Restricted Unit Awards


13,399



25,806



14,150Repurchase of Equity Component of Exchangeable Notes


(33
)






Reallocation of Partnership Interest


49,126







Additional
    Paid-In-Capital 
    End of Year

$
1,551,218


$
1,398,024


$
1,362,375Dist. In Excess of Accum. Earnings  Beginning of Year

$
(370,229
)

$
(283,268
)

$
(285,290
)Preferred Stock Dividends


(19,516
)


(19,428
)


(21,320
)Distributions $2.41 and $2.85 per Share/Unit at
    December 31, 2008 and 2007, respectively)






(121,882
)


(146,126
)Redemption of Preferred Stock










(2,017
)Repurchase and Retirement of Restricted Stock/Common Stock


(1
)


(266
)


(728
)Net Income Before Noncontrolling Interest


4,186



42,587



172,546Noncontrolling Interest:Allocation of Loss (Income)


1,547



(2,990
)


(18,841
)Distributions ($2.41 and $2.85 per Unit at December 31,
    2008 and 2007, respectively)






15,018



18,508Dist. In Excess of Accum. Earnings  End of Year

$
(384,013
)

$
(370,229
)

$
(283,268
)Treasury Shares, at cost  Beginning of Year

$
(140,018
)

$
(140,018
)

$
(70,588
)Purchase of Treasury Shares










(69,430
)Treasury Shares, at cost  End of Year

$
(140,018
)

$
(140,018
)

$
(140,018
)Accum. Other Comprehensive Loss  Beginning of Year

$
(19,668
)

$
(9,630
)

$
(10,264
)Settlement of Interest Rate Protection Agreements










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


(383
)


(8,676
)


3,819Amortization of Interest Rate Protection Agreements


796



(792
)


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


523



831



Foreign Currency Translation Adjustment, Net of Tax


1,503



(2,792
)


2,134Other Comprehensive Loss (Income) Allocable to Noncontrolling
    Interest


(248
)


1,391



(142
)Reallocation of Partnership Interest


(931
)






Accum. Other Comprehensive Loss  End of Year

$
(18,408
)

$
(19,668
)

$
(9,630
)Total Stockholders Equity at End of Year

$
1,009,441


$
868,599


$
929,939    64




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  CONSOLIDATED
    STATEMENTS OF CASH FLOWS
  (As Adjusted)


(As Adjusted)Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2009


2008


2007CASH FLOWS FROM OPERATING ACTIVITIES:Net Income

$
4,186


$
42,587


$
172,546Adjustments to Reconcile Net Income to Net Cash Provided by
    Operating Activities:Depreciation


112,241



114,925



121,584Amortization of Deferred Financing Costs


3,030



2,840



3,171Other Amortization


52,646



72,035



56,136Impairment of Real Estate


6,934







Provision for Bad Debt


3,259



3,346



2,212Mark-to-Market
    (Gain) Loss on Interest Rate Protection Agreements


(3,667
)


3,073



(Gain) Loss on Early Retirement of Debt


(34,562
)


(2,749
)


393Equity in Loss (Income) of Joint Ventures


6,470



33,178



(30,045
)Distributions from Joint Ventures


2,319



1,520



31,365Decrease in Developments for Sale Costs


812



1,527



1,209Gain on Sale of Real Estate


(24,580
)


(184,175
)


(254,387
)Decrease (Increase) in Tenant Accounts Receivable, Prepaid
    Expenses and Other Assets, Net


51,641



(12,665
)


(20,140
)Increase in Deferred Rent Receivable


(8,350
)


(7,189
)


(9,710
)(Decrease) Increase in Accounts Payable, Accrued Expenses, Other
    Liabilities, Rents Received in Advance and Security Deposits


(27,631
)


(216
)


18,408Decrease (Increase) in Restricted Cash


7



90



(6
)Repayments of Discount on Senior Unsecured Debt


(2,576
)






Cash Book Overdraft.






3,058



253Net Cash Provided by Operating Activities


142,179



71,185



92,989CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of and Additions to Investment in Real Estate and
    Lease Costs


(75,947
)


(583,414
)


(677,461
)Net Proceeds from Sales of Investments in Real Estate


74,982



502,929



800,147Contributions to and Investments in Joint Ventures


(3,742
)


(17,327
)


(27,696
)Distributions from Joint Ventures


6,333



20,985



22,863Funding of Notes Receivable






(10,325
)


(8,385
)Repayment of Notes Receivable


3,151



68,722



26,350Decrease (Increase) in Restricted Cash






24,704



(8,909
)Net Cash Provided by Investing Activities


4,777



6,274



126,909CASH FLOWS FROM FINANCING ACTIVITIES:Offering Costs


(764
)


(321
)


(46
)Proceeds from the Issuance of Common Stock


84,465



174



613Redemption of Preferred Stock










(50,014
)Repurchase and Retirement of Restricted Stock


(739
)


(4,847
)


(3,938
)Proceeds from Senior Unsecured Debt










149,595Payments on Interest Rate Swap Agreement


(320
)






Settlement of Interest Rate Protection Agreements


(7,491
)






(4,261
)Repayments on Senior Unsecured Debt


(336,196
)


(32,525
)


(150,000
)Dividends/Distributions


(12,614
)


(145,347
)


(146,660
)Preferred Stock Dividends


(20,296
)


(19,428
)


(26,023
)Purchase of Treasury Shares










(69,430
)Repayments on Mortgage Loans Payable


(13,513
)


(3,271
)


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


339,783







Proceeds from Unsecured Line of Credit


180,000



550,920



879,129Repayments on Unsecured Line of Credit


(172,000
)


(425,030
)


(764,000
)Debt Issuance Costs and Costs Incurred in Connection with the
    Early Retirement of Debt


(7,558
)


(79
)


(3,766
)Repurchase of Equity Component Exchangeable Notes


(33
)






Net Cash Provided by (Used in) Financing Activities


32,724



(79,754
)


(230,276
)Net Effect of Exchange Rate Changes on Cash and Cash Equivalents


81



(280
)


Net Increase (Decrease) in Cash and Cash Equivalents


179,680



(2,295
)


(10,378
)Cash and Cash Equivalents, Beginning of Year


3,182



5,757



16,135Cash and Cash Equivalents, End of Year

$
182,943


$
3,182


$
5,757    65




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
 (Dollars
    in thousands except share and per share data)
  1.
    Organization
    and Formation of Company              2.
    Current
    Business Risks and Uncertainties     66




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      
    Capital Retention We plan to retain capital
    by distributing the minimum amount of dividends required to
    maintain our REIT status. We did not pay a common stock dividend
    in 2009 and may not pay dividends in 2010 depending on our
    taxable income. If, to maintain our REIT status, we are required
    to pay common stock dividends with respect to 2010, we may elect
    to do so by distributing a combination of cash and common
    shares. Also, if we are not required to pay preferred stock
    dividends to maintain our REIT status, we may elect to suspend
    some or all preferred stock dividends for one or more fiscal
    quarters, which would aid compliance with the fixed charge
    coverage covenant under our Unsecured Line of Credit.
    Mortgage Financing During the year ended
    December 31, 2009, we originated $339,783 in mortgage
    financings with maturities ranging from September 2012 to
    January 2020 and interest rates ranging from 6.42% to 7.87% (see
    Note 6). We believe these mortgage financings comply with
    all covenants contained in our Unsecured Line of Credit and our
    senior debt securities, including coverage ratios and total
    indebtedness, total unsecured indebtedness and total secured
    indebtedness limitations. We continue to engage various lenders
    regarding the origination of additional mortgage financings and
    the terms and conditions thereof. To the extent additional
    mortgage financing is originated, we expect to use proceeds
    received to pay down our other debt. No assurances can be made
    that additional mortgage financing will be obtained.
    Equity Financing During the year ended
    December 31, 2009, we sold 3,034,120 shares of the
    Companys common stock, generating $15,920 in net proceeds,
    under the direct stock purchase component of the Companys
    Dividend Reinvestment and Direct Stock Purchase Plan
    (DRIP). On October 5, 2009, we sold in an
    underwritten public offering 13,635,700 shares of the
    Companys common stock at a price to the public of $5.25
    per share. Total proceeds to us, net of underwriters
    discount and total expenses were $67,780 (see Note 7). We
    may opportunistically access the equity markets again, subject
    to contractual restrictions, and may continue to issue shares
    under the direct stock purchase component of the DRIP. To the
    extent additional equity offerings occur, we expect to use the
    proceeds received to reduce our indebtedness.
    Asset Sales During the year ended
    December 31, 2009 we sold 15 industrial properties and
    several land parcels for gross proceeds of $100,194 (see
    Note 9). We are in various stages of discussions with third
    parties for the sale of additional properties and plan to
    continue to selectively market other properties for sale
    throughout 2010. We expect to use sales proceeds to pay down
    additional debt. If we are unable to sell properties on an
    advantageous basis, this may impair our liquidity and our
    ability to meet our financial covenants. 67




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   
    Debt Reduction During the year ended
    December 31, 2009, we repurchased $271,474 of our senior
    unsecured notes (including $19,279 of our 2009 Notes prior to
    their repayment at maturity on June 15, 2009) (see
    Note 6). On February 8, 2010, we consummated a tender
    offer pursuant to which we purchased $72,702 of our 2011 Notes,
    $66,236 of our 2012 Notes and $21,062 of our 2014 Notes. In
    connection with the tender offer, we will recognize
    approximately $0.4 million as gain on early retirement of
    debt. We may from time to time repay additional amounts of our
    outstanding debt. Any repayments would depend upon prevailing
    market conditions, our liquidity requirements, contractual
    restrictions and other factors we consider important. Future
    repayments may materially impact our liquidity, future tax
    liability and results of operations.    3.
    Basis of
    Presentation      4.
    Summary
    of Significant Accounting Policies    Cash
    and Cash Equivalents
    Restricted
    Cash
    Investment
    in Real Estate and Depreciation
   68




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      YearsBuildings and Improvements

8 to 50Land Improvements

3 to 20Furniture, Fixtures and Equipment

5 to 10      69




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      December 31,


December 31,2009


2008In-Place Leases

$
69,785


$
84,424Less: Accumulated Amortization


(32,788
)


(30,350
)$
36,997


$
54,074Above Market Leases

$
7,298


$
15,830Less: Accumulated Amortization


(2,341
)


(2,607
)$
4,957


$
13,223Tenant Relationships

$
26,278


$
28,717Less: Accumulated Amortization


(8,072
)


(5,672
)$
18,206


$
23,045Total Deferred Leasing Intangibles, Net

$
60,160


$
90,342     December 31,


December 31,2009


2008Below Market Leases

$
39,125


$
42,856Less: Accumulated Amortization


(14,371
)


(12,102
)Total Deferred Leasing Intangibles, Net

$
24,754


$
30,754    70




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Estimated Net Increase toEstimated Net Amortization

Rental Revenues Related toof In-Place Leases and

Above and Below MarketTenant Relationships

Leases2010

$
11,658


$
3,2722011


8,960



1,7872012


7,409



1,2922013


6,284



9942014


4,886



828   Construction
    Revenues and Expenses
  percentage-of-completion
  Foreign
    Currency Transactions and Translation
    Deferred
    Financing Costs
    Investments
    in Joint Ventures
   71




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      Stock
    Based Compensation
    Revenue
    Recognition
          Gain
    on Sale of Real Estate
    Income
    Taxes
   72




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
          Participating
    Securities
    Earnings
    Per Share (EPS)
    Derivative
    Financial Instruments
  marked-to-market marked-to-market
 73




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Fair
    Value of Financial Instruments
    Discontinued
    Operations
    Segment
    Reporting
    Recent
    Accounting Pronouncements
    Paid-in-Capital
 74




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
             75




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      AdjustmentsRelated to


AdjustmentsBalance Sheet as


Adoption of


Related to


Balance Sheet asPreviously


Business


Adoption of


Adjusted - as ofFiled - as of


Combination


Convertible Debt


December 31,December 31, 2008


Guidance


Instrument Guidance


2008Deferred Financing Costs, Net

$
12,197


$



$
(106
)

$
12,091Prepaid Expenses and Other Assets, Net

$
174,743


$
(269
)

$



$
174,474Senior Unsecured Debt, Net

$
1,516,298


$



$
(4,343
)

$
1,511,955Additional
    Paid-in-Capital

$
1,390,358


$



$
7,666


$
1,398,024Distributions in Excess of Accumulated Earnings

$
(366,962
)

$
(255
)

$
(3,012
)

$
(370,229
)Total First Industrial Realty Trust, Inc.s
    Stockholders Equity

$
864,200


$
(255
)

$
4,654


$
868,599Noncontrolling Interest


122,548



(14
)


(417
)


122,117Total Equity

$
986,748


$
(269
)

$
4,237


$
990,716   5.
    Investments
    in Joint Ventures and Property Management Services       76




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      Co-Investment
       77




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
            Year Ended

Year Ended

Year EndedDecember 31,

December 31,

December 31,2009

2008

2007Contributions

$
3,742


$
16,623


$
25,482Distributions

$
8,652


$
22,505


$
54,228Fees

$
11,174


$
19,757


$
25,116  78




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    December 31,


December 31,2009


2008Condensed Combined Balance SheetsGross Real Estate Investment

$
1,785,713


$
1,967,717Less: Accumulated Depreciation


(126,685
)


(93,215
)Net Real Estate


1,659,028



1,874,502Other Assets


159,659



186,881Total Assets

$
1,818,687


$
2,061,383Debt

$
1,452,339


$
1,442,464Other Liabilities


70,544



130,407Equity


295,804



488,512Total Liabilities and Equity

$
1,818,687


$
2,061,383Companys share of Equity

$
34,310


$
56,066Basis Differentials(1)


(28,507
)


(39,767
)Carrying Value of the Companys investments in Joint
    Ventures

$
5,803


$
16,299     (1)
    
    This amount represents the aggregate difference between our
    historical cost basis and the basis reflected at the joint
    venture level. Basis differentials are primarily comprised of
    impairments we recorded to reduce certain of our investments in
    Joint Ventures to fair value, a gain deferral related to a
    property we sold to the 2003 Net Lease Joint Venture, deferred
    fees and certain equity costs which are not reflected at the
    joint venture level.  Year Ended December 31,2009


2008


2007Condensed Combined Statements of OperationsTotal Revenues

$
94,143


$
87,900


$
80,917Expenses:Operating and Other


42,968



37,331



27,070Interest


42,880



53,617



46,974Depreciation and Amortization


50,956



46,944



43,887Impairment Loss


150,804



9,951



Total Expenses


287,608



147,843



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


1,291



24,932



85,687Gain on Sale of Real Estate


8,603



17,093



15,523Net (Loss) Income

$
(183,571
)

$
(17,918
)

$
64,196Companys Share of Net (Loss) Income


(1,276
)


6,661



30,045Impairment on the Companys Investments in Joint Ventures


(5,194
)


(39,839
)


Equity in (Loss) Income of Joint Ventures

$
(6,470
)

$
(33,178
)

$
30,045  79




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   6.
    Mortgage
    and Other Loans Payable, Net, Senior Unsecured Notes, Net and
    Unsecured Line of Credit    Outstanding





EffectiveBalance at


Interest


Interest(As Adjusted)


Rate at


Rate atDecember 31,


December 31,


December 31,


December 31,


Maturity2009


2008


2009


2009


DateMortgage and Other Loans Payable, Net

$
402,974


$
77,396


5.92%
- 9.25%


4.93%
-9.25%



December 2010 - 
    September 2024Unamortized Premiums


(1,025
)


(1,717
)Mortgage Loans Payable, Gross

$
401,949


$
75,679Senior Unsecured Notes, Net2016 Notes

$
159,843


$
194,524


5.750%



5.91%




01/15/162017 Notes


87,187



99,914


7.500%



7.52%




12/01/172027 Notes


13,559



15,056


7.150%



7.11%




05/15/272028 Notes


189,862



199,846


7.600%



8.13%




07/15/282011 Notes


143,447



199,868


7.375%



7.39%




03/15/112012 Notes


143,837



199,546


6.875%



6.85%




04/15/122032 Notes


34,651



49,480


7.750%



7.87%




04/15/322009 Notes






124,980


5.250%



4.10%




06/15/092014 Notes


105,253



114,921


6.420%



6.54%




06/01/142011 Exchangeable Notes*


144,870



195,657


4.625%



4.63%




09/15/112017 II Notes


117,605



118,163


5.950%



6.37%




05/15/17Subtotal

$
1,140,114


$
1,511,955Unamortized Discounts


11,191



16,545Senior Unsecured Notes, Gross

$
1,151,305


$
1,528,500Unsecured Line of Credit

$
455,244


$
443,284


1.256%



1.256%




09/28/12     *
    
    The 2011 Exchangeable Notes have an initial exchange rate of
    19.6356 shares of our common stock per $1,000 principal
    amount, representing an exchange price of approximately $50.93
    per common share which is an exchange premium of approximately
    20% based on the last reported sale price of $42.44 per share of
    our common stock on September 19, 2006. In connection with
    our offering of the 2011 Exchangeable Notes, we entered into
    capped call transactions (the capped call
    transactions) with affiliates of two of the initial
    purchasers of the 2011 Exchangeable Notes (the option
    counterparties) in order to increase the effective
    exchange price of the 2011 Exchangeable Notes to $59.42 per
    share of our common stock, which represents an exchange premium
    of approximately 40% based on the last reported sale price of
    $42.44 per share of the our common stock on September 19,
    2006. The aggregate cost of the capped call transactions was
    approximately $6,835. The capped call transactions are expected
    to reduce the potential dilution with respect to our common
    stock upon exchange of the 2011 Exchangeable Notes to the extent
    the then market value per share of our common stock does not
    exceed the cap price of the capped call transaction during the
    observation period relating to an exchange. The cost of the
    capped call is accounted for as a hedge and included in First
    Industrial Realty Trust, Inc.s Stockholders Equity
    because the derivative is indexed to our own stock and meets the
    scope exception within the derivative guidance. 80




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##### Table of Contents



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





PropertyPrincipal












Industrial





CarryingBalance at












Properties





Value atMortgage

December 31,


Interest


Origination

Maturity

Amortization


Collateralizing


GLA


December 31,Financing

2009


Rate


Date

Date

Period


Mortgage


(In millions)


2009I

$
14,680



7.50
%

May 7, 2009

June 5, 2016


25-year



1



0.6


$
21,992II

$
62,500



7.75
%

May 8, 2009

June 1, 2016


25-year



26



3.1


$
92,982III

$
77,000



7.87
%

June 3, 2009

July 1, 2019


30-year



28



2.6


$
125,691IV

$
2,000



7.50
%

August 27, 2009

September 5, 2014


22-year



1



0.1


$
3,582$
5,850



7.60
%

August 27, 2009

September 5, 2016


25-year



1



0.2


$
9,862$
5,000



7.60
%

August 26, 2009

September 5, 2016


25-year



1



0.2


$
6,562V

$
7,350



6.95
%

September 21, 2009

October 15, 2014


25-year



7



0.2


$
8,271$
4,100



7.05
%

September 21, 2009

October 15, 2014


25-year



1



0.1


$
5,020$
8,900



7.05
%

September 21, 2009

October 15, 2014


25-year



5



0.5


$
11,885VI

$
13,880



6.42
%

September 24, 2009

November 1, 2014


25-year



5



0.3


$
17,812VII

$
27,780



7.50
%

October 1, 2009

October 1, 2014


30-year



8



0.7


$
34,505VIII

$
14,818



6.75
%

October 1, 2009

September 30, 2012*


25-year



5



0.8


$
19,725IX

$
11,375



7.60
%

October 15, 2009

November 5, 2014


25-year



1



0.4


$
14,929X

$
38,200



7.50
%

December 4, 2009

January 1, 2020


30-year



11



1.2


$
56,261XI

$
27,500



6.70
%

December 18, 2009

January 1, 2015


25-year



10



0.8


$
33,814XII

$
18,850



7.50
%

December 29, 2009

December 29, 2014


30-year



14



0.6


$
27,249$
339,783






















$
490,142     *
    
    This mortgage loan has two one-year extension options.          Senior
    Unsecured Notes, Net
   81




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Principal Amount Repurchased


Purchase PriceFor the


For the


For the


For theYear Ended


Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,


December 31,2009


2008


2009


20082009 Notes

$
19,279


$



$
19,064


$
2011 Notes


56,502







52,465



2011 Exchangeable Notes


53,100







48,938



2012 Notes


55,935







48,519



2014 Notes


12,000







8,810



2016 Notes


34,821



5,000



24,511



4,4882017 Notes


12,747







10,399



2017 II Notes


590



31,570



439



28,0372027 Notes


1,500







1,078



2028 Notes


10,000







7,548



2032 Notes


15,000







11,313



$
271,474


$
36,570


$
233,084


$
32,525       Unsecured
    Line of Credit
   82




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
        Amount2010

$
18,6502011


301,6912012


622,4632013


6,9122014


228,440Thereafter


830,342Total

$
2,008,498   Fair
    Value
    December 31, 2009


December 31, 2008(As Adjusted)Carrying


Fair


Carrying


FairAmount


Value


Amount


ValueMortgage and Other Loans Payable

$
402,974


$
407,706


$
77,396


$
75,817Senior Unsecured Debt


1,140,114



960,452



1,511,955



1,101,217Unsecured Line of Credit


455,244



422,561



443,284



400,849Total

$
1,998,332


$
1,790,719


$
2,032,635


$
1,577,883     7.
    Stockholders
    Equity  Preferred
    Stock
  5 8
 83




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    (iii) 3-month
  3-month 10-year 30-year
 84




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
        Stated Value atDecember 31,


December 31,2009


2008Series F Preferred Stock

$
50,000


$
50,000Series G Preferred Stock


25,000



25,000Series J Preferred Stock


150,000



150,000Series K Preferred Stock


50,000



50,000Total

$
275,000


$
275,000   Shares
    of Common Stock
   85




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
        Treasury
    Stock
    Non-Qualified
    Employee Stock Options
      Restricted
    Stock/Units
   86




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##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Shares ofCommon StockOutstandingBalance at December 31, 2006


45,010,630Stock Option Exercises


19,600Issuance of Restricted Stock Shares


459,147Repurchase of Treasury Shares


(1,797,714
)Repurchase and Retirement of Restricted Stock Shares


(139,261
)Conversion of Operating Partnership Units


119,747Balance at December 31, 2007


43,672,149Stock Option Exercises


6,300Issuance of Common Stock


138Issuance of Restricted Stock Shares


605,816Repurchase and Retirement of Restricted Stock Shares


(264,713
)Conversion of Operating Partnership Units


632,492Balance at December 31, 2008


44,652,182Issuance of Common Stock


16,874,884Issuance of Restricted Stock Shares


35,145Repurchase and Retirement of Restricted Stock Shares


(132,463
)Conversion of Operating Partnership Units


415,466Balance at December 31, 2009


61,845,214   Dividends/Distributions
  (iii) 3-month
    Year Ended 2009

Year Ended 2008

Year Ended 2007Dividend/



Dividend/



Dividend/Distribution

Total

Distribution

Total

Distribution

Totalper Share/

Dividend/

per Share/

Dividend/

per Share/

Dividend/Unit

Distribution

Unit

Distribution

Unit

DistributionCommon Stock/Operating Partnership Units

$
0.0000


$



$
2.4100


$
121,882


$
2.8500


$
146,126Series C Preferred Stock

$
N/A


$
N/A


$
N/A


$
N/A


$
94.6353


$
1,893Series F Preferred Stock

$
6,414.5700


$
3,207


$
6,236.0000


$
3,118


$
6,236.0000


$
3,118Series G Preferred Stock

$
7,236.0000


$
1,809


$
7,236.0000


$
1,809


$
7,236.0000


$
1,809Series J Preferred Stock

$
18,125.2000


$
10,875


$
18,125.2000


$
10,875


$
18,125.2000


$
10,875Series K Preferred Stock

$
18,125.2000


$
3,625


$
18,125.2000


$
3,625


$
18,125.2000


$
3,625  87




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Year Ended(As Adjusted)


(As Adjusted)December 31,


December 31,


December 31,2009


2008


2007Noncontrolling Interest, Beginning of Year

$
122,117


$
150,117


$
152,497Net (Loss) Income


(1,547
)


2,990



18,841Other Comprehensive Loss (Income)


248



(1,391
)


142Comprehensive Loss (Income)


(1,299
)


1,599



18,983Conversion of Units to Common Stock


(7,817
)


(14,581
)


(2,855
)Reallocation  Additional Paid In Capital


(49,126
)






Reallocation  Other Comprehensive Income


931







Distributions






(15,018
)


(18,508
)Noncontrolling Interest, End of Year

$
64,806


$
122,117


$
150,117   8.
    Acquisition
    and Development of Real Estate       88




---



##### Table of Contents



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

Year EndedDecember 31,

December 31,2009

2008In-Place Leases

$



$
21,054Above Market Leases

$



$
61Tenant Relationships

$



$
7,163Below Market Leases

$



$
(7,070
)     Year Ended

Year EndedDecember 31,

December 31,2009

2008In-Place Leases


N/A



115Above Market Leases


N/A



43Tenant Relationships


N/A



99Below Market Leases


N/A



137   9.
    Sale of
    Real Estate, Real Estate Held for Sale and Discontinued
    Operations       89




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      Year Ended December 31,2009


2008


2007Total Revenues

$
9,464


$
40,966


$
109,022Property Expenses


(2,427
)


(13,880
)


(35,856
)Depreciation and Amortization


(2,647
)


(11,902
)


(34,178
)Gain on Sale of Real Estate


24,206



172,167



244,962Provision for Income Taxes


(1,816
)


(4,887
)


(38,673
)Income from Discontinued Operations

$
26,780


$
182,464


$
245,277    90




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   10.
    Supplemental
    Information to Statements of Cash Flows    (As Adjusted)


(As Adjusted)Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2009


2008


2007Interest paid, net of capitalized interest

$
115,990


$
113,062


$
118,909Capitalized Interest

$
281


$
7,775


$
8,413Income Taxes (Refunded) Paid

$
(54,173
)

$
2,355


$
42,169Supplemental schedule of noncash investing and financing
    activities:Distribution payable on common stock/Units

$



$
12,614


$
36,079Distribution payable on preferred stock

$
452


$
1,232


$
1,232Exchange of units for common stock:Noncontrolling interest

$
(7,817
)

$
(14,581
)

$
(2,855
)Common stock


4



6



Additional
    paid-in-capital


7,813



14,575



2,855$



$



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

$



$
(464
)

$
(6,095
)Mortgage debt

$



$
(7,852
)

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

$
(55,089
)

$
(72,406
)

$
(45,031
)In conjunction with certain property sales, we provided seller
    financing or assigned a mortgage loan payable:Notes receivable

$
20,645


$
62,613


$
48,282Mortgage Note Payable

$



$



$
769  91




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   11.
    Earnings
    Per Share (EPS)    (As Adjusted)


(As Adjusted)Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2009


2008


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

$
(22,825
)

$
(148,103
)

$
(79,074
)Noncontrolling Interest Allocable to Continuing Operations


4,297



20,656



12,964Loss from Continuing Operations, Net of Noncontrolling Interest
    and Income Tax


(18,528
)


(127,447
)


(66,110
)Gain on Sale of Real Estate


374



12,008



9,425Income Tax Provision Allocable to Gain on Sale of Real Estate


(143
)


(3,782
)


(3,082
)Noncontrolling Interest Allocable to Gain on Sale of Real Estate


(24
)


(1,020
)


(802
)Preferred Stock Dividends


(19,516
)


(19,428
)


(21,320
)Redemption of Preferred Stock










(2,017
)Loss from Continuing Operations Available to First Industrial
    Realty Trust, Inc.s Common Stockholders

$
(37,837
)

$
(139,669
)

$
(83,906
)Income from Discontinued Operations

$
28,596


$
187,351


$
283,950Income Tax Provision Allocable to Discontinued Operations


(1,816
)


(4,887
)


(38,673
)Noncontrolling Interest Allocable to Discontinued Operations


(2,726
)


(22,626
)


(31,003
)Discontinued Operations Allocable to Participating Securities






(2,553
)


(2,597
)Discontinued Operations Attributable to First Industrial Realty
    Trust, Inc.

$
24,054


$
157,285


$
211,677Net (Loss) Income Available


(13,783
)


20,169



130,368Net Income Allocable to Participating Securities






(2,553
)


(2,597
)Net (Loss) Income Available to First Industrial Realty Trust,
    Inc.s Common Stockholders

$
(13,783
)

$
17,616


$
127,771Denominator:Weighted Average Shares  Basic and Diluted


48,695,317



43,192,969



44,085,998Basic and Diluted EPS:Loss from Continuing Operations Available to First Industrial
    Realty Trust, Inc.s Common Stockholders

$
(0.78
)

$
(3.23
)

$
(1.90
)Discontinued Operations Attributable to First Industrial Realty
    Trust, Inc.s Common Stockholders

$
0.49


$
3.64


$
4.80Net (Loss) Income Available to First Industrial Realty Trust,
    Inc.s Common Stockholders

$
(0.28
)

$
0.41


$
2.90     92




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Allocation of





Allocation of





Allocation ofNet Income





Net Income





Net IncomeAvailable to





Available to





Available toParticipating





Participating





ParticipatingSecurities For





Securities For





Securities ForUnvested Awards


the Year


Unvested Awards


the Year


Unvested Awards


the YearOutstanding at


Ended


Outstanding at


Ended


Outstanding at


EndedDecember 31,


December 31,


December 31,


December 31,


December 31,


December 31,2009


2009


2008


2008


2007


2007Participating Securities:Restricted Stock Awards


355,645







757,041







909,966Restricted Unit Awards










4,619







355,645


$




761,660


$
482



909,966


$
2,597       Number of

Number of

Number ofAwards

Awards

AwardsOutstanding At

Outstanding At

Outstanding AtDecember 31,

December 31,

December 31,2009

2008

2007Non-Participating Securities:Restricted Unit Awards


1,218,800







Options


139,700



278,601



355,901     12.
    Income
    Taxes    As a Percentage





As a Percentage2008


of Distributions


2007


of DistributionsOrdinary income

$
0.1127



4.68
%

$
0.6158



21.61
%Long-term capital gains


1.3166



54.63
%


1.2950



45.44
%Unrecaptured Section 1250 gain


0.8141



33.78
%


0.6721



23.58
%Return of capital






0.00
%


0.2671



9.37
%Qualified Dividends


0.1666



6.91
%






0.00
%$
2.4100



100.00
%

$
2.8500



100.00
%  93




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    As a PercentageSeries C Preferred Stock

2007


of DistributionsOrdinary income

$
0.1285



23.84
%Long-term capital gains


0.2703



50.14
%Unrecaptured Section 1250 gain


0.1403



26.02
%Qualified Dividends






0.00
%$
0.5391



100.00
%   As a Percentage





As a Percentage





As a PercentageSeries J Preferred Stock

2009


of Distributions


2008


of Distributions


2007


of DistributionsOrdinary income

$




0.00
%

$
0.0847



4.68
%

$
0.4322



23.84
%Long-term capital gains


1.3697



75.57
%


0.9902



54.63
%


0.9087



50.14
%Unrecaptured Section 1250 gain


0.4428



24.43
%


0.6123



33.78
%


0.4716



26.02
%Qualified Dividends






0.00
%


0.1253



6.91
%






0.00
%$
1.8125



100.00
%

$
1.8125



100.00
%

$
1.8125



100.00
%   As a Percentage





As a Percentage





As a PercentageSeries K Preferred Stock

2009


of Distributions


2008


of Distributions


2007


of DistributionsOrdinary income

$




0.00
%

$
0.0847



4.68
%

$
0.4322



23.84
%Long-term capital gains


1.3697



75.57
%


0.9902



54.63
%


0.9087



50.14
%Unrecaptured Section 1250 gain


0.4428



24.43
%


0.6123



33.78
%


0.4716



26.02
%Qualified Dividends






0.00
%


0.1253



6.91
%






0.00
%$
1.8125



100.00
%

$
1.8125



100.00
%

$
1.8125



100.00
%     2009


2008


2007Current:Federal

$
38,703


$
5,114


$
(28,209
)State


372



814



(4,934
)Foreign


(835
)


(649
)


Deferred:Federal


(15,816
)


(526
)


3,977State


(557
)


(107
)


571Foreign


9



671



$
21,876


$
5,317


$
(28,595
)    94




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
        2009


2008Bad debt expense

$
1


$
196Investment in Joint Ventures


1,679



19,621Fixed assets


1,074



9,625Prepaid rent


114



494Capitalized general and administrative expense under 263A






3,711Deferred losses/gains






71Accrued contingency loss






377Restricted stock


34



2,326Accrual for Restructuring Costs






751Abandoned Project Costs






1,150Federal net operating loss carrying forward


345



State net operating loss carrying forward


11



131Foreign net operating loss carrying forward


77



Valuation Allowance


(1,299
)


(19,501
)Other


752



836Total deferred tax assets

$
2,788


$
19,788Straight-line rent


(507
)


(1,936
)Fixed assets


(1,358
)


(53
)Capitalized interest under 263A






(362
)Other


(3
)


(243
)Total deferred tax liabilities

$
(1,868
)

$
(2,594
)Total net deferred tax asset

$
920


$
17,194    95




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
        2009


2008


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

$
(354
)

$
(1,155
)

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


(1,462
)


(3,732
)


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


(143
)


(3,782
)


(3,082
)Income tax benefit


23,835



13,986



13,160Income tax benefit (expense)

$
21,876


$
5,317


$
(28,595
)     2009


2008


2007Tax benefit at federal rate related to continuing operations

$
8,343


$
28,377


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


493



2,799



1,066Non-deductible permanent items


(1,652
)


(1,852
)


(121
)Prior year provision to return adjustments






7



436Change in valuation allowance


16,269



(19,501
)


Foreign taxes, net


345



344



Old TRS liquidation


70







Other


(176
)


30



38Net income tax benefit

$
23,692


$
10,204


$
10,078   Michigan
    Tax Issue
  1997-2000)
  1997-2000
 96




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    13.
    Impairment
    Charges          Fair Value Measurements atDecember 31, 2009 Using:Quoted Prices inActive Markets for

Significant Other

Unobservable

TotalDecember 31,

Identical Assets

Observable Inputs

Inputs

GainsDescription

2009

(Level 1)

(Level 2)

(Level 3)

(Losses)Inland Empire Property

$
3,830










$
3,830


$
(6,934
)Unconsolidated Joint Venture investments

$
3,910










$
3,910


$
(5,194
)   and/or
 97




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Fair Value MeasurementsUsing SignificantUnobservable Inputs(Level 3)Impairment ChargesBeginning balance at December 31, 2008

$
Total unrealized losses:Impairment on Real Estate


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

$
(12,128
)   14.
    Restructuring
    Costs        15.
    Future
    Rental Revenues  semi-net
  2010

$
239,4352011


198,8472012


157,7222013


120,7922014


88,445Thereafter


407,387Total

$
1,212,628  98




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   16.
    Stock
    Based Compensation      WeightedAverage


Exercise


AggregateExercise


Price


IntrinsicShares


Price


per Share


ValueOutstanding at December 31, 2007


355,901


$
31.68


$
25.13-$33.15


$
3,669Exercised


(6,300
)

$
27.58


$
25.13-$31.13


$
24Expired or Terminated


(71,000
)

$
31.13


$
31.13-$31.13Outstanding at December 31, 2008


278,601


$
31.92


$
27.25-$33.15


$
Expired or Terminated


(138,901
)

$
31.94


$
27.69-$33.13Outstanding at December 31, 2009


139,700


$
31.89


$
27.25-$33.15


$
     Number

Weighted

WeightedOutstanding

Average

Averageand

Remaining

ExerciseRange of Exercise Price

Exercisable

Contractual Life

Price$27.25 - $30.53


42,900



1.18


$
30.07$31.05 - $33.15


96,800



1.40


$
32.70      99




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      WeightedAverageGrant DateShares


Fair ValueOutstanding at December 31, 2007


909,966


$
41.88Issued


610,573


$
31.88Vested


(733,666
)

$
22.97Forfeited


(25,213
)

$
35.17Outstanding at December 31, 2008


761,660


$
36.00Issued


1,508,745


$
5.01Vested


(571,149
)

$
28.79Forfeited


(124,811
)

$
7.51Outstanding at December 31, 2009


1,574,445


$
11.17      100




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  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     17.
    Derivatives    Mark-to-Market
     101




---



##### Table of Contents



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


Fair Value As ofFixed


Trade


Maturity


December 31,


December 31,Hedge Product

Notional Amount


Pay Rate


Date


Date


2009


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

$
59,750



4.0725
%


January 2008



May 8, 2009


$



$
(3,429
)Forward-Starting Agreement 2


59,750



4.0770
%


January 2008



June 3, 2009







(3,452
)Interest Rate Swap Agreement


50,000



2.4150
%


March 2008



April 1, 2010



(267
)


(858
)Total derivatives designated as hedging instruments:

$
169,500














$
(267
)

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


50,000



5.2175
%


October 2008



October 1, 2013



93



(3,073
)Total Derivatives

$
219,500











Total


$
(174
)

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

December 31,Interest Rate Products

Location on Statement

2009

2008Loss Recognized in OCI(Effective Portion)

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

$
(993
)

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

Interest Expense

$
(796
)

$
792Gain Recognized in Income (Unhedged Position)

Mark-to-Market Gain on Interest Rate Protection Agreements

$
974


$
  102




---



##### Table of Contents



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

Significant Other

UnobservableDecember 31,

Identical Assets

Observable Inputs

InputsDescription

2009

(Level 1)

(Level 2)

(Level 3)Liabilities:Interest Rate Swap Agreement

$
267






$
267



Series F Agreement

$
59










$
59     30-year
 103




---



##### Table of Contents



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

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


3,014Ending liability balance at December 31, 2009

$
(59
)   18.
    Related
    Party Transactions    19.
    Commitments
    and Contingencies          Ground
    and Operating Lease Agreements
   104




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  sub-lease
  2010

$
3,0012011


2,1212012


1,6402013


1,5412014


1,328Thereafter


29,326Total

$
38,957   20.
    Subsequent
    Events         105




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
   21.
    Quarterly
    Financial Information (unaudited)      Year Ended December 31, 2009First


Second


Third


FourthQuarter


Quarter


Quarter


QuarterTotal Revenues

$
110,881


$
106,529


$
104,428


$
90,120Equity in Income (Loss) of Joint Ventures


29



1,551



(5,889
)


(2,161
)Noncontrolling Interest Allocable to Continuing Operations


2,658



1,457



1,039



(857
)(Loss) Income from Continuing Operations, Net of Income Tax and
    Noncontrolling Interest


(15,755
)


(7,138
)


(4,041
)


8,406Income from Discontinued Operations, Net of Income Tax


5,410



4,784



7,751



8,835Noncontrolling Interest Allocable to Discontinued Operations


(626
)


(532
)


(839
)


(729
)Gain (Loss) on Sale of Real Estate, Net of Income Tax


477







101



(347
)Noncontrolling Interest Allocable to Gain (Loss) on Sale of Real
    Estate


(50
)






(7
)


33Net (Loss) Income Attributable to First Industrial Realty Trust,
    Inc.


(10,544
)


(2,886
)


2,965



16,198Preferred Stock Dividends


(4,857
)


(4,824
)


(4,913
)


(4,922
)Net (Loss) Income Available

$
(15,401
)

$
(7,710
)

$
(1,948
)

$
11,276Income from Continuing Operations Allocable to Participating
    Securities














(18
)Discontinued Operations Allocable to Participating Securities














(48
)Net (Loss) Income Available to Common Stockholders

$
(15,401
)

$
(7,710
)

$
(1,948
)

$
11,210Basic and Diluted Earnings Per Share:(Loss) Income From Continuing Operations Available

$
(0.46
)

$
(0.27
)

$
(0.20
)

$
0.05Income from Discontinued Operations

$
0.11


$
0.10


$
0.15


$
0.13Net (Loss) Income Available to Common Stockholders

$
(0.35
)

$
(0.17
)

$
(0.04
)

$
0.18Weighted Average Shares Outstanding


44,147



44,439



45,360



60,690   106




---



##### Table of Contents



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


Second


Third


FourthQuarter


Quarter


Quarter


QuarterTotal Revenues

$
109,301


$
126,421


$
136,047


$
145,552Equity in Income (Loss) of Joint Ventures


3,302



3,268



725



(40,473
)Noncontrolling Interest Allocable to Continuing Operations


3,794



3,482



2,549



11,134Loss from Continuing Operations, Net of Income Tax and
    Noncontrolling Interest


(21,090
)


(19,349
)


(12,734
)


(73,971
)Income from Discontinued Operations, Net of Income Tax


79,744



71,600



24,196



6,924Noncontrolling Interest Allocable to Discontinued Operations


(10,175
)


(8,900
)


(3,003
)


(831
)Gain on Sale of Real Estate, Net of Income Tax


5,438



2,788







Noncontrolling Interest Allocable to Gain Sale of Real Estate


(694
)


(346
)






Net Income (Loss) Attributable to First Industrial Realty Trust,
    Inc


53,223



45,793



8,459



(67,878
)Preferred Stock Dividends


(4,857
)


(4,857
)


(4,857
)


(4,857
)Net Income (Loss) Available

$
48,366


$
40,936


$
3,602


$
(72,735
)Discontinued Operations Allocable to Participating Securities


(1,016
)


(1,087
)


(841
)


Net Income (Loss) Available to Common Stockholders

$
47,350


$
39,849


$
2,761


$
(72,735
)Basic and Diluted Earnings Per Share:Loss From Continuing Operations Available

$
(0.49
)

$
(0.50
)

$
(0.41
)

$
(1.81
)Income from Discontinued Operations

$
1.59


$
1.43


$
0.47


$
0.14Net Income (Loss) Available to Common Stockholders

$
1.10


$
0.92


$
0.06


$
(1.67
)Weighted Average Shares Outstanding


42,984



43,128



43,151



43,506   22.
    Pro Forma
    Financial Information (unaudited)   107




---



##### Table of Contents



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Pro Forma
    Condensed Statements of Operations
  (As Adjusted)


(As Adjusted)Year Ended


Year EndedDecember 31,


December 31,2008


2007Pro Forma Revenues

$
519,691


$
387,662Pro Forma Loss from Continuing Operations Available to Common
    Stockholders, Net of Noncontrolling Interest and Income Taxes

$
(136,468
)

$
(64,859
)Pro Forma Net Income Available to Common Stockholders

$
23,371


$
149,415Per Share Data:Pro Forma Basic and Diluted Earnings Per Share Data:Loss from Continuing Operations Available to Common Stockholders

$
(3.16
)

$
(1.47
)Net Income Available to Common Stockholders

$
0.48


$
3.32  108




---



##### Table of Contents



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

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)Atlanta4250 River Green Parkway



Duluth, GA

$



$
264


$
1,522


$
209


$
264


$
1,731


$
1,995


$
648



1994



(l
)3450 Corporate Parkway



Duluth, GA






506



2,904



459



506



3,363



3,869



1,412



1994



(l
)1650 Highway 155



McDonough, GA






788



4,544



366



788



4,910



5,698



1,855



1994



(l
)1665 Dogwood Drive



Conyers, GA






635



3,662



314



635



3,976



4,611



1,491



1994



(l
)1715 Dogwood



Conyers, GA






288



1,675



1,287



288



2,962



3,250



766



1994



(l
)11235 Harland Drive



Covington, GA






125



739



183



125



922



1,047



325



1994



(l
)4051 Southmeadow Parkway



Atlanta, GA






726



4,130



875



726



5,005



5,731



1,765



1994



(l
)4071 Southmeadow Parkway



Atlanta, GA






750



4,460



1,301



828



5,683



6,511



2,100



1994



(l
)4081 Southmeadow Parkway



Atlanta, GA






1,012



5,918



1,652



1,157



7,425



8,582



2,691



1994



(l
)5570 Tulane Dr(d)



Atlanta, GA


2,112



527



2,984



699



546



3,664



4,210



1,241



1996



(l
)955 Cobb Place



Kennesaw, GA


2,952



780



4,420



684



804



5,080



5,884



1,666



1997



(l
)1005 Sigman Road



Conyers, GA


2,246



566



3,134



419



574



3,545



4,119



871



1999



(l
)2050 East Park Drive



Conyers, GA






452



2,504



184



459



2,681



3,140



671



1999



(l
)1256 Oakbrook Drive



Norcross, GA


1,268



336



1,907



286



339



2,190



2,529



544



2001



(l
)1265 Oakbrook Drive



Norcross, GA


1,348



307



1,742



637



309



2,377



2,686



661



2001



(l
)1280 Oakbrook Drive



Norcross, GA


1,227



281



1,592



275



283



1,865



2,148



429



2001



(l
)1300 Oakbrook Drive



Norcross, GA


1,738



420



2,381



241



423



2,619



3,042



539



2001



(l
)1325 Oakbrook Drive



Norcross, GA


1,437



332



1,879



304



334



2,181



2,515



550



2001



(l
)1351 Oakbrook Drive



Norcross, GA






370



2,099



375



373



2,471



2,844



569



2001



(l
)1346 Oakbrook Drive



Norcross, GA






740



4,192



693



744



4,881



5,625



1,032



2001



(l
)1412 Oakbrook Drive



Norcross, GA






313



1,776



262



315



2,036



2,351



480



2001



(l
)3060 South Park Blvd



Ellenwood, GA






1,600



12,464



1,743



1,603



14,204



15,807



2,560



2003



(l
)Greenwood Industrial Park



McDonough, GA


4,533



1,550







7,485



1,550



7,485



9,035



1,007



2004



(l
)46 Kent Drive



Cartersville GA


1,761



794



2,252



6



798



2,254



3,052



387



2005



(l
)100 Dorris Williams



Villa Rica GA


2,235



401



3,754



42



406



3,791



4,197



993



2005



(l
)605 Stonehill Drive



Atlanta, GA


1,621



485



1,979



(38
)


490



1,936



2,426



792



2005



(l
)5095 Phillip Lee Drive



Atlanta, GA






735



3,627



254



740



3,876



4,616



1,175



2005



(l
)6514 Warren Drive



Norcross, GA






510



1,250



(66
)


513



1,181



1,694



182



2005



(l
)6544 Warren Drive



Norcross, GA






711



2,310



(49
)


715



2,257



2,972



374



2005



(l
) S-1




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)720 Industrial Blvd



Dublin, GA






250



2,632



40



255



2,667



2,922



1,371



2005



(l
)5356 E. Ponce De Leon



Stone Mountain, GA


2,855



604



3,888



227



610



4,109



4,719



1,018



2005



(l
)5390 E. Ponce De Leon



Stone Mountain, GA






397



1,791



31



402



1,817



2,219



392



2005



(l
)195 & 197 Collins Boulevard



Athens, GA






1,410



5,344



(553
)


1,426



4,775



6,201



1,809



2005



(l
)1755 Enterprise Drive



Buford, GA


1,596



712



2,118



60



716



2,174



2,890



412



2006



(l
)4555 Atwater Court



Buford, GA


2,612



881



3,550



591



885



4,137



5,022



768



2006



(l
)80 Liberty Industrial Parkway



McDonough, GA






756



3,695



213



763



3,901



4,664



473



2007



(l
)596 Bonnie Valentine



Pendergrass, GA






2,580



21,730



1,434



2,594



23,150



25,744



1,596



2007



(l
)11415 Old Roswell Road



Alpharetta, GA






2,403



1,912



46



2,428



1,933



4,361



160



2008



(l
)Baltimore1820 Portal



Baltimore, MD






884



4,891



454



899



5,330



6,229



1,551



1998



(l
)9700 Martin Luther King Hwy



Lanham, MD






700



1,920



513



700



2,433



3,133



638



2003



(l
)9730 Martin Luther King Hwy



Lanham, MD






500



955



498



500



1,453



1,953



431



2003



(l
)4621 Boston Way



Lanham, MD






1,100



3,070



605



1,100



3,675



4,775



921



2003



(l
)4720 Boston Way



Lanham, MD






1,200



2,174



575



1,200



2,749



3,949



784



2003



(l
)9800 Martin Luther King Hwy



Lanham, MD






1,200



2,457



298



1,200



2,755



3,955



662



2003



(l
)22520 Randolph Drive



Dulles, VA


7,950



3,200



8,187



(162
)


3,208



8,017



11,225



1,314



2004



(l
)22630 Dulles Summit Court



Dulles, VA






2,200



9,346



133



2,206



9,473



11,679



1,796



2004



(l
)4201 Forbes Boulevard



Lanham, MD






356



1,823



323



375



2,127



2,502



365



2005



(l
)4370-4383
    Lottsford Vista Rd



Lanham, MD






279



1,358



215



296



1,556



1,852



287



2005



(l
)4400 Lottsford Vista Rd



Lanham, MD






351



1,955



174



372



2,108



2,480



330



2005



(l
)4420 Lottsford Vista Road



Lanham, MD






539



2,196



327



568



2,494



3,062



491



2005



(l
)11204 McCormick Road



Hunt Valley, MD






1,017



3,132



67



1,038



3,178



4,216



623



2005



(l
)11110 Pepper Road



Hunt Valley, MD






918



2,529



258



938



2,767



3,705



567



2005



(l
)11100-11120
    Gilroy Road



Hunt Valley, MD






901



1,455



57



919



1,494



2,413



404



2005



(l
)318 Clubhouse Lane



Hunt Valley, MD






701



1,691



14



718



1,688



2,406



476



2005



(l
)10709 Gilroy Road



Hunt Valley, MD






913



2,705



46



913



2,751



3,664



737



2005



(l
)10707 Gilroy Road



Hunt Valley, MD






1,111



3,819



127



1,136



3,921



5,057



1,031



2005



(l
)38 Loveton Circle



Sparks, MD






1,648



2,151



(250
)


1,690



1,859



3,549



326



2005



(l
)7120-7132
    Ambassador Road



Baltimore, MD






829



1,329



255



847



1,566



2,413



445



2005



(l
)7142 Ambassador Road



Hunt Valley, MD






924



2,876



444



942



3,302



4,244



464



2005



(l
)7144-7162
    Ambassador Road



Baltimore, MD






979



1,672



188



1,000



1,839



2,839



480



2005



(l
)7223-7249
    Ambassador Road



Woodlawn, MD






1,283



2,674



92



1,311



2,738



4,049



764



2005



(l
)7200 Rutherford Road



Baltimore, MD






1,032



2,150



22



1,054



2,150



3,204



411



2005



(l
)2700 Lord Baltimore Road



Baltimore, MD






875



1,826



753



897



2,557



3,454



625



2005



(l
) S-2




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)1225 Bengies Road



Baltimore, MD






2,640



270



13,266



2,823



13,353



16,176



949



2008



(l
)Central Pennsylvania1214-B Freedom Road



Cranberry Township, PA






31



994



613



200



1,438



1,638



986



1994



(l
)401 Russell Drive



Middletown, PA


1,280



262



857



1,670



287



2,502



2,789



1,549



1994



(l
)2700 Commerce Drive



Middletown, PA






196



997



714



206



1,701



1,907



1,078



1994



(l
)2701 Commerce Drive



Middletown, PA






141



859



1,174



164



2,010



2,174



1,109



1994



(l
)2780 Commerce Drive



Middletown, PA






113



743



1,218



209



1,865



2,074



1,187



1994



(l
)350 Old Silver Spring Road



Mechanicsburg, PA






510



2,890



5,778



541



8,637



9,178



2,484



1997



(l
)16522 Hunters Green Parkway



Hagerstown, MD


13,538



1,390



13,104



3,903



1,863



16,534



18,397



2,719



2003



(l
)18212 Shawley Drive



Hagerstown, MD






1,000



5,847



1,567



1,016



7,398



8,414



1,214



2004



(l
)37 Valleyview Business Park



Jessup, PA






542







2,962



532



2,972



3,504



374



2004



(l
)301 Railroad Avenue



Shiremanstown, PA






1,181



4,447



1,562



1,328



5,862



7,190



1,760



2005



(l
)431 Railroad Avenue



Shiremanstown, PA






1,293



7,164



1,869



1,341



8,985



10,326



1,815



2005



(l
)6951 Allentown Blvd



Harrisburg, PA






585



3,176



132



601



3,292



3,893



569



2005



(l
)320 Museum Road



Washington, PA






201



1,819



57



208



1,869



2,077



457



2005



(l
)1351 Eisenhower Blvd., Bldg 1



Harrisburg, PA


2,070



382



2,343



98



387



2,436



2,823



342



2006



(l
)1351 Eisenhower Blvd., Bldg 2



Harrisburg, PA


1,421



436



1,587



22



443



1,602



2,045



250



2006



(l
)1490 Commerce Avenue



Carlisle, PA






1,500







12,846



2,341



12,005



14,346



760



2008



(l
)600 First Avenue



Gouldsboro, PA






7,022







57,413



7,019



57,416



64,435



1,896



2008



(l
)225 Cross Farm Lane



York, PA






4,718







23,566



4,715



23,569



28,284



1,332



2008



(l
)Chicago720-730
    Landwehr Road



Northbrook, IL






521



2,982



1,118



521



4,100



4,621



1,754



1994



(l
)20W201 101st Street



Lemont, IL


4,000



967



5,554



816



968



6,369



7,337



2,338



1994



(l
)3600 West Pratt Avenue



Lincolnwood, IL






1,050



5,767



1,200



1,050



6,967



8,017



2,649



1994



(l
)6750 South Sayre Avenue



Bedford Park, IL






224



1,309



642



224



1,951



2,175



834



1994



(l
)585 Slawin Court



Mount Prospect, IL


3,299



611



3,505



2,065



615



5,566



6,181



1,922



1994



(l
)2300 Windsor Court



Addison, IL






688



3,943



1,012



696



4,947



5,643



1,716



1994



(l
)3505 Thayer Court



Aurora, IL






430



2,472



91



430



2,563



2,993



980



1994



(l
)305-311 Era
    Drive



Northbrook, IL






200



1,154



935



205



2,084



2,289



527



1994



(l
)3150-3160
    MacArthur Boulevard



Northbrook, IL






429



2,518



33



429



2,551



2,980



992



1994



(l
)365 North Avenue



Carol Stream, IL






1,081



6,882



3,897



1,111



10,749



11,860



4,232



1994



(l
)12241 Melrose Street



Franklin Park, IL






332



1,931



1,307



469



3,101



3,570



1,084



1995



(l
)11939 S Central Avenue



Alsip, IL






1,208



6,843



2,191



1,305



8,937



10,242



2,577



1997



(l
)405 East Shawmut



LaGrange, IL






368



2,083



602



388



2,665



3,053



760



1997



(l
)1010-50
    Sesame Street



Bensenville, IL






979



5,546



2,833



1,048



8,310



9,358



2,190



1997



(l
) S-3




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)7501 South Pulaski



Chicago, IL






318



2,038



1,516



318



3,554



3,872



952



1997



(l
)2120-24
    Roberts



Broadview, IL






220



1,248



479



231



1,716



1,947



707



1998



(l
)800 Business Center Drive



Mount Prospect, IL






631



3,493



292



666



3,750



4,416



840



2000



(l
)580 Slawin Court



Mount Prospect, IL






233



1,292



325



254



1,596



1,850



349



2000



(l
)1150 Feehanville Drive



Mount Prospect, IL






260



1,437



169



273



1,593



1,866



363



2000



(l
)19W661 101st Street



Lemont, IL


5,407



1,200



6,643



2,286



1,220



8,909



10,129



2,461



2001



(l
)175 Wall Street



Glendale Heights, IL


1,482



427



2,363



163



433



2,520



2,953



517



2002



(l
)800-820
    Thorndale Avenue



Bensenville, IL


4,409



751



4,159



2,103



761



6,252



7,013



1,387



2002



(l
)251 Airport Road



North Aurora, IL






983







6,767



983



6,767



7,750



1,247



2002



(l
)1661 Feehanville Drive



Mount Prospect, IL






985



5,455



2,053



1,044



7,449



8,493



1,980



2004



(l
)1850 Touhy & 1158 McCage Ave



Elk Grove Village, IL






1,500



4,842



(201
)


1,514



4,627



6,141



846



2004



(l
)1088-1130
    Thorndale Avenue



Bensenville, IL






2,103



3,674



145



2,108



3,814



5,922



926



2005



(l
)855-891
    Busse Rd



Bensenville, IL






1,597



2,767



(217
)


1,601



2,546



4,147



538



2005



(l
)1060-1074 W. Thorndale
    Ave



Bensenville, IL






1,704



2,108



183



1,709



2,286



3,995



639



2005



(l
)400 Crossroads Pkwy



Bolingbrook, IL


5,824



1,178



9,453



1,252



1,181



10,702



11,883



2,159



2005



(l
)7609 W. Industrial Drive



Forest Park, IL






1,207



2,343



300



1,213



2,637



3,850



640



2005



(l
)7801 W. Industrial Drive



Forest Park, IL






1,215



3,020



20



1,220



3,035



4,255



776



2005



(l
)825 E. 26th Street



LaGrange, IL






1,547



2,078



2,761



1,617



4,769



6,386



1,193



2005



(l
)725 Kimberly Drive



Carol Stream, IL






793



1,395



249



801



1,636



2,437



318



2005



(l
)17001 S. Vincennes



Thornton, IL






497



504



103



513



591



1,104



233



2005



(l
)1111 Davis Road



Elgin, IL






998



1,859



833



1,046



2,644



3,690



977



2006



(l
)2900 W. 166th Street



Markham, IL






1,132



4,293



746



1,134



5,037



6,171



822



2007



(l
)555 W. Algonquin Rd



Arlington Heights, IL


1,988



574



741



2,053



579



2,789



3,368



286



2007



(l
)7000 W. 60th Street



Chicago, IL


1,044



609



932



106



667



980



1,647



298



2007



(l
)9501 Nevada



Franklin Park, IL






2,721



5,630



502



2,737



6,116



8,853



673



2008



(l
)1501 Oakton Street



Elk Grove Village, IL






3,369



6,121



139



3,482



6,147



9,629



586



2008



(l
)16500 W. 103rd Street



Woodridge, IL






744



2,458



140



760



2,583



3,343



231



2008



(l
)Cincinnati9900-9970
    Princeton



Cincinnati, OH






545



3,088



1,836



566



4,903



5,469



1,862



1996



(l
)2940 Highland Avenue



Cincinnati, OH






1,717



9,730



2,263



1,772



11,938



13,710



3,922



1996



(l
)4700-4750
    Creek Road



Blue Ash, OH






1,080



6,118



998



1,109



7,087



8,196



2,332



1996



(l
)901 Pleasant Valley Drive



Springboro, OH






304



1,721



333



316



2,042



2,358



630



1998



(l
)4436 Mulhauser Road



Hamilton, OH






630







5,046



630



5,046



5,676



982



2002



(l
)4438 Mulhauser Road



Hamilton, OH






779







6,792



779



6,792



7,571



1,504



2002



(l
)420 Wards Corner Road



Loveland, OH






600



1,083



932



606



2,009



2,615



662



2003



(l
) S-4




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)422 Wards Corner Road



Loveland, OH






600



1,811



155



605



1,961



2,566



647



2003



(l
)4663 Dues Drive



Westchester, OH






858



2,273



1,265



875



3,521



4,396



1,605



2005



(l
)9345 Princeton-Glendale Road



Westchester, OH


1,691



818



1,648



428



840



2,054



2,894



617



2006



(l
)9525 Glades Drive



Westchester, OH






347



1,323



87



355



1,402



1,757



237



2007



(l
)9776-9876
    Windisch Road



Westchester, OH






392



1,744



24



394



1,766



2,160



208



2007



(l
)9810-9822
    Windisch Road



Westchester, OH






395



2,541



6



397



2,545



2,942



212



2007



(l
)9842-9862
    Windisch Road



Westchester, OH






506



3,148



31



508



3,177



3,685



309



2007



(l
)9872-9898
    Windisch Road



Westchester, OH






546



3,039



65



548



3,102



3,650



296



2007



(l
)9902-9922
    Windisch Road



Westchester, OH






623



4,003



173



627



4,172



4,799



496



2007



(l
)Cleveland2368 E. Enterprise Pkwy



Twinsburg, OH






294



1,857



(153
)


298



1,700



1,998



361



2006



(l
)30311 Emerald Valley Pkwy



Glenwillow, OH






681



11,838



1,055



691



12,883



13,574



1,767



2006



(l
)30333 Emerald Valley Pkwy



Glenwillow, OH






466



5,447



103



475



5,541



6,016



840



2006



(l
)7800 Cochran Road



Glenwillow, OH






972



7,033



146



991



7,160



8,151



1,077



2006



(l
)7900 Cochran Road



Glenwillow, OH






775



6,244



136



792



6,363



7,155



909



2006



(l
)7905 Cochran Road



Glenwillow, OH






920



6,174



103



945



6,252



7,197



873



2006



(l
)30600 Carter Street



Solon, OH






989



3,042



805



1,022



3,814



4,836



1,346



2006



(l
)8181 Darrow Road



Twinsburg, OH






2,478



6,791



604



2,496



7,378



9,874



640



2008



(l
)Columbus3800 Lockbourne Industrial Pkwy



Columbus, OH






1,045



6,421



647



1,045



7,068



8,113



2,260



1996



(l
)3880 Groveport Road



Columbus, OH






1,955



12,154



311



1,955



12,465



14,420



4,062



1996



(l
)1819 North Walcutt Road



Columbus, OH






637



4,590



474



634



5,067



5,701



1,540



1997



(l
)4115 Leap Road(d)



Hillard, OH






756



4,297



1,413



756



5,710



6,466



1,622



1998



(l
)3300 Lockbourne



Columbus, OH






708



3,920



1,234



710



5,152



5,862



1,392



1998



(l
)1076 Pittsburgh Drive



Delaware, OH






2,265



4,733



(234
)


2,273



4,491



6,764



1,053



2005



(l
)6150 Huntly Road



Columbus, OH






920



4,810



8



925



4,813



5,738



724



2005



(l
)4985 Frusta Drive



Obetz, OH






318



837



255



326



1,084



1,410



242



2006



(l
)4311 Janitrol Road



Columbus, OH






681



5,941



(221
)


670



5,731



6,401



723



2006



(l
)4600 S. Hamilton Road



Groveport, OH






662



4,332



1,114



675



5,433



6,108



819



2007



(l
)Dallas/Fort Worth2406-2416
    Walnut Ridge



Dallas, TX






178



1,006



558



172



1,570



1,742



367



1997



(l
)2401-2419
    Walnut Ridge



Dallas, TX






148



839



278



142



1,123



1,265



314



1997



(l
)900-906
    Great Southwest Pkwy



Arlington, TX






237



1,342



575



270



1,884



2,154



651



1997



(l
)3000 West Commerce



Dallas, TX






456



2,584



723



469



3,294



3,763



915



1997



(l
)3030 Hansboro



Dallas, TX






266



1,510



535



276



2,035



2,311



561



1997



(l
) S-5




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)405-407 113th



Arlington, TX






181



1,026



475



185



1,497



1,682



383



1997



(l
)816 111th Street



Arlington, TX


873



251



1,421



128



258



1,542



1,800



466



1997



(l
)7427 Dogwood Park



Richland Hills, TX






96



532



572



102



1,098



1,200



387



1998



(l
)7348-54
    Tower Street



Richland Hills, TX






88



489



225



94



708



802



188



1998



(l
)7339-41
    Tower Street



Richland Hills, TX






98



541



175



104



710



814



189



1998



(l
)7437-45
    Tower Street



Richland Hills, TX






102



563



113



108



670



778



178



1998



(l
)7331-59
    Airport Freeway



Richland Hills, TX






354



1,958



381



372



2,321



2,693



683



1998



(l
)7338-60
    Dogwood Park



Richland Hills, TX






106



587



128



112



709



821



194



1998



(l
)7450-70
    Dogwood Park



Richland Hills, TX






106



584



157



112



735



847



197



1998



(l
)7423-49
    Airport Freeway



Richland Hills, TX






293



1,621



387



308



1,993



2,301



572



1998



(l
)7400 Whitehall Street



Richland Hills, TX






109



603



61



115



658



773



182



1998



(l
)1602-1654
    Terre Colony



Dallas, TX


1,870



458



2,596



801



468



3,387



3,855



739



2000



(l
)3330 Duncanville Road



Dallas, TX






197



1,114



69



199



1,181



1,380



280



2000



(l
)2351-2355
    Merritt Drive



Garland, TX






101



574



129



103



701



804



158



2000



(l
)701-735
    North Plano Road



Richardson, TX






696



3,944



530



705



4,465



5,170



1,023



2000



(l
)2220 Merritt Drive



Garland, TX






352



1,993



1,069



356



3,058



3,414



790



2000



(l
)2010 Merritt Drive



Garland, TX






350



1,981



559



357



2,533



2,890



692



2000



(l
)2363 Merritt Drive



Garland, TX






73



412



191



74



602



676



129



2000



(l
)2447 Merritt Drive



Garland, TX






70



395



77



71



471



542



109



2000



(l
)2465-2475
    Merritt Drive



Garland, TX






91



514



145



92



658



750



143



2000



(l
)2485-2505
    Merritt Drive



Garland, TX






431



2,440



547



436



2,982



3,418



677



2000



(l
)2081 Hutton Drive  Bldg 1(e)



Carrolton, TX


1,875



448



2,540



460



453



2,995



3,448



654



2001



(l
)2110 Hutton Drive



Carrolton, TX






374



2,117



436



377



2,550



2,927



698



2001



(l
)2025 McKenzie Drive



Carrolton, TX


1,583



437



2,478



348



442



2,821



3,263



666



2001



(l
)2019 McKenzie Drive



Carrolton, TX


1,891



502



2,843



553



507



3,391



3,898



780



2001



(l
)1420 Valwood Parkway  Bldg 1(d)



Carrolton, TX






460



2,608



751



466



3,353



3,819



732



2001



(l
)1620 Valwood Parkway(e)



Carrolton, TX






1,089



6,173



1,354



1,100



7,516



8,616



1,633



2001



(l
)1505 Luna Road  Bldg II



Carrolton, TX






167



948



68



169



1,014



1,183



230



2001



(l
)1625 West Crosby Road



Carrolton, TX






617



3,498



584



631



4,068



4,699



951



2001



(l
)2029-2035
    McKenzie Drive



Carrolton, TX






306



1,870



698



306



2,568



2,874



919



2001



(l
)1840 Hutton Drive(d)



Carrolton, TX






811



4,597



849



819



5,438



6,257



1,228



2001



(l
)1420 Valwood Pkwy  Bldg II



Carrolton, TX






373



2,116



348



377



2,460



2,837



582



2001



(l
)2015 McKenzie Drive



Carrolton, TX


2,086



510



2,891



434



516



3,319



3,835



772



2001



(l
)2009 McKenzie Drive



Carrolton, TX






476



2,699



431



481



3,125



3,606



749



2001



(l
) S-6




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)1505 Luna Road  Bldg I



Carrolton, TX






521



2,953



505



529



3,450



3,979



896



2001



(l
)2104 Hutton Drive



Carrolton, TX






246



1,393



184



249



1,574



1,823



340



2001



(l
)900-1100
    Avenue S



Grand Prairie, TX


2,668



623



3,528



1,349



629



4,871



5,500



853



2002



(l
)Plano Crossing(f)



Plano, TX


7,474



1,961



11,112



672



1,981



11,764



13,745



2,294



2002



(l
)7413A-C Dogwood Park



Richland Hills, TX






110



623



150



111



772



883



140



2002



(l
)7450 Tower Street



Richland Hills, TX






36



204



191



36



395



431



134



2002



(l
)7436 Tower Street



Richland Hills, TX






57



324



162



58



485



543



147



2002



(l
)7426 Tower Street



Richland Hills, TX






76



429



59



76



488



564



84



2002



(l
)7427-7429
    Tower Street



Richland Hills, TX






75



427



130



76



556



632



86



2002



(l
)2840-2842
    Handley Ederville Rd



Richland Hills, TX






112



635



59



113



693



806



134



2002



(l
)7451-7477
    Airport Freeway



Richland Hills, TX






256



1,453



235



259



1,685



1,944



342



2002



(l
)7415 Whitehall Street



Richland Hills, TX






372



2,107



425



375



2,529



2,904



505



2002



(l
)7450 Whitehall Street



Richland Hills, TX






104



591



110



105



700



805



122



2002



(l
)300 Wesley Way



Richland Hills, TX


916



208



1,181



18



211



1,196



1,407



217



2002



(l
)7451 Dogwood Park



Richland Hills, TX






133



753



43



134



795



929



155



2002



(l
)825-827
    Avenue H(d)



Arlington, TX






600



3,006



229



604



3,231



3,835



808



2004



(l
)1013-31
    Avenue M



Grand Prairie, TX






300



1,504



89



302



1,591



1,893



418



2004



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



Grand Prairie, TX


2,321



700



3,509



156



704



3,661



4,365



827



2004



(l
)1200-16
    Avenue H(d)



Arlington, TX


1,885



600



2,846



136



604



2,978



3,582



731



2004



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



Grand Prairie, TX






1,000



5,012



223



1,006



5,229



6,235



1,164



2004



(l
)2401-2407
    Centennial Dr



Arlington, TX


1,951



600



2,534



217



604



2,747



3,351



713



2004



(l
)3111 West Commerce Street



Dallas, TX






1,000



3,364



63



1,011



3,416



4,427



872



2004



(l
)9150 West Royal Lane



Irving, TX






818



3,767



351



820



4,116



4,936



828



2005



(l
)13800 Senlac Drive



Farmers Ranch, TX






823



4,042



12



825



4,052



4,877



1,084



2005



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



Grand Prairie, TX






2,581



16,556



(1,307
)


2,586



15,244



17,830



3,659



2005



(l
)801-842
    Heinz Way



Grand Prairie, TX






599



3,327



293



601



3,618



4,219



814



2005



(l
)901-937
    Heinz Way



Grand Prairie, TX






493



2,758



(14
)


481



2,756



3,237



694



2005



(l
)2900 Avenue E



Arlington, TX






296







2,139



296



2,139



2,435



325



2005



(l
)3730 Wheeler Avenue



Fort Smith, AR






720



2,800



28



726



2,822



3,548



356



2006



(l
)3301 Century Circle



Irving, TX


2,589



760



3,856



204



771



4,049



4,820



336



2007



(l
)First Garland Dist Ctr



Garland, TX






1,912







14,612



1,947



14,577



16,524



847



2008



(l
)202-210 N. Great
    Southwesst Pkwy



Grand Prairie, TX






870



2,754



75



892



2,807



3,699



659



2008



(l
) S-7




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)Denver4785 Elati



Denver, CO






173



981



109



175



1,088



1,263



344



1997



(l
)4770 Fox Street



Denver, CO






132



750



72



134



820



954



245



1997



(l
)3871 Revere



Denver, CO


1,465



361



2,047



612



368



2,652



3,020



932



1997



(l
)4570 Ivy Street



Denver, CO


1,045



219



1,239



145



220



1,383



1,603



434



1997



(l
)5855 Stapleton Drive North



Denver, CO


1,421



288



1,630



262



290



1,890



2,180



611



1997



(l
)5885 Stapleton Drive North



Denver, CO


1,885



376



2,129



388



380



2,513



2,893



768



1997



(l
)5977-5995
    North Broadway



Denver, CO






268



1,518



350



271



1,865



2,136



568



1997



(l
)2952-5978
    North Broadway



Denver, CO






414



2,346



795



422



3,133



3,555



925



1997



(l
)4721 Ironton Street



Denver, CO






232



1,313



7



236



1,316



1,552



458



1997



(l
)East 47th Drive  A



Denver, CO






441



2,689



(34
)


441



2,655



3,096



850



1997



(l
)9500 West 49th Street  A



Wheatridge, CO






283



1,625



8



287



1,629



1,916



539



1997



(l
)9500 West 49th Street  B



Wheatridge, CO






225



1,272



108



227



1,378



1,605



438



1997



(l
)9500 West 49th Street  C



Wheatridge, CO






600



3,409



93



601



3,501



4,102



1,116



1997



(l
)9500 West 49th Street  D



Wheatridge, CO






246



1,537



294



247



1,830



2,077



565



1997



(l
)451-591 East
    124th Avenue



Littleton, CO






383



2,145



518



383



2,663



3,046



990



1997



(l
)608 Garrison Street



Lakewood, CO






265



1,501



355



269



1,852



2,121



573



1997



(l
)610 Garrison Street



Lakewood, CO






264



1,494



341



268



1,831



2,099



561



1997



(l
)15000 West 6th Avenue



Golden, CO






913



5,174



859



918



6,028



6,946



1,919



1997



(l
)14998 West 6th Avenue Bldg E



Golden, CO






565



3,199



173



570



3,367



3,937



1,029



1997



(l
)14998 West 6th Avenue Bldg F



Englewood, CO






269



1,525



31



273



1,552



1,825



475



1997



(l
)12503 East Euclid Drive



Denver, CO






1,208



6,905



1,165



1,208



8,070



9,278



2,529



1997



(l
)6547 South Racine Circle



Englewood, CO


2,996



739



4,241



400



739



4,641



5,380



1,495



1997



(l
)1600 South Abilene



Aurora, CO






465



2,633



72



467



2,703



3,170



832



1997



(l
)1620 South Abilene



Aurora, CO






268



1,520



64



270



1,582



1,852



486



1997



(l
)1640 South Abilene



Aurora, CO






368



2,085



108



382



2,179



2,561



669



1997



(l
)13900 East Florida Ave



Aurora, CO






189



1,071



113



190



1,183



1,373



381



1997



(l
)11701 East 53rd Avenue



Denver, CO






416



2,355



193



422



2,542



2,964



836



1997



(l
)5401 Oswego Street



Denver, CO






273



1,547



222



278



1,764



2,042



569



1997



(l
)14818 West 6th Avenue Bldg A



Golden, CO






468



2,799



372



468



3,171



3,639



1,023



1997



(l
)14828 West 6th Avenue Bldg B



Golden, CO






503



2,942



375



503



3,317



3,820



1,120



1997



(l
)445 Bryant Street



Denver, CO


6,856



1,829



10,219



2,083



1,829



12,302



14,131



3,615



1998



(l
)3811 Joliet



Denver, CO






735



4,166



448



752



4,597



5,349



1,330



1998



(l
)12055 E 49th Ave/4955 Peoria



Denver, CO






298



1,688



446



305



2,127



2,432



638



1998



(l
)4940-4950
    Paris



Denver, CO






152



861



184



156



1,041



1,197



313



1998



(l
) S-8




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)4970 Paris



Denver, CO






95



537



121



97



656



753



188



1998



(l
)7367 South Revere Parkway



Englewood, CO


3,299



926



5,124



750



934



5,866



6,800



1,765



1998



(l
)8200 East Park Meadows Drive(d)



Lone Tree, CO






1,297



7,348



861



1,304



8,202



9,506



2,019



2000



(l
)3250 Quentin(d)



Aurora, CO






1,220



6,911



669



1,230



7,570



8,800



1,797



2000



(l
)Highpoint Bus Ctr B



Littleton, CO






739







3,566



781



3,524



4,305



871



2000



(l
)1130 W. 124th Ave



Westminster, CO






441







4,489



441



4,489



4,930



1,697



2000



(l
)1070 W. 124th Ave



Westminster, CO






374







3,042



374



3,042



3,416



650



2000



(l
)1020 W. 124th Ave



Westminster, CO






374







2,924



374



2,924



3,298



747



2000



(l
)Jeffco Bus Ctr Phase I



Broomfield, CO






312







1,403



370



1,345



1,715



289



2001



(l
)960 W. 124th Ave



Westminster, CO






441







3,753



441



3,753



4,194



1,075



2001



(l
)8820 W. 116th Street



Broomfield, CO






338



1,918



282



372



2,166



2,538



386



2003



(l
)8835 W. 116th Street



Broomfield, CO






1,151



6,523



1,106



1,304



7,476



8,780



1,361



2003



(l
)18150 E. 32nd Street



Aurora, CO


2,217



563



3,188



819



572



3,998



4,570



1,183



2004



(l
)3400 Fraser Street



Aurora, CO


2,492



616



3,593



9



620



3,598



4,218



697



2005



(l
)7005 E. 46th Avenue Drive



Denver, CO


1,513



512



2,025



60



517



2,080



2,597



331



2005



(l
)4001 Salazar Way



Frederick, CO






1,271



6,508



26



1,276



6,529



7,805



1,006



2006



(l
)1690 S. Abilene



Aurora, CO






406



2,814



47



411



2,856



3,267



467



2006



(l
)5909-5915
    N. Broadway



Denver, CO


1,047



495



1,268



176



500



1,439



1,939



317



2006



(l
)555 Corporate Circle



Golden, CO






499



2,673



63



559



2,676



3,235



392



2006



(l
)Detroit1731 Thorncroft



Troy, MI






331



1,904



143



331



2,047



2,378



793



1994



(l
)1653 E. Maple



Troy, MI






192



1,104



156



192



1,260



1,452



477



1994



(l
)47461 Clipper



Plymouth Township, MI






122



723



103



122



826



948



338



1994



(l
)238 Executive Drive



Troy, MI






52



173



514



100



639



739



546



1994



(l
)301 Executive Drive



Troy, MI






71



293



657



133



888



1,021



823



1994



(l
)449 Executive Drive



Troy, MI






125



425



944



218



1,276



1,494



1,169



1994



(l
)501 Executive Drive



Troy, MI






71



236



616



129



794



923



546



1994



(l
)451 Robbins Drive



Troy, MI






96



448



861



192



1,213



1,405



1,082



1994



(l
)1095 Crooks Road



Troy, MI






331



1,017



2,238



360



3,226



3,586



1,706



1994



(l
)1416 Meijer Drive



Troy, MI






94



394



520



121



887



1,008



684



1994



(l
)1624 Meijer Drive



Troy, MI






236



1,406



940



373



2,209



2,582



1,660



1994



(l
)1972 Meijer Drive



Troy, MI






315



1,301



738



372



1,982



2,354



1,400



1994



(l
)1621 Northwood Drive



Troy, MI






85



351



1,014



215



1,235



1,450



1,134



1994



(l
)1707 Northwood Drive



Troy, MI






95



262



1,383



239



1,501



1,740



1,117



1994



(l
)1788 Northwood Drive



Troy, MI






50



196



507



103



650



753



574



1994



(l
) S-9




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)1821 Northwood Drive



Troy, MI






132



523



744



220



1,179



1,399



1,149



1994



(l
)1826 Northwood Drive



Troy, MI






55



208



472



103



632



735



541



1994



(l
)1864 Northwood Drive



Troy, MI






57



190



489



107



629



736



560



1994



(l
)2277 Elliott Avenue



Troy, MI






48



188



536



104



668



772



567



1994



(l
)2451 Elliott Avenue



Troy, MI






78



319



766



164



999



1,163



912



1994



(l
)2730 Research Drive



Rochester Hills, MI






903



4,215



1,402



903



5,617



6,520



3,446



1994



(l
)2791 Research Drive



Rochester Hills, MI






557



2,731



719



560



3,447



4,007



2,106



1994



(l
)2871 Research Drive



Rochester Hills, MI






324



1,487



824



327



2,308



2,635



1,344



1994



(l
)3011 Research Drive



Rochester Hills, MI






457



2,104



376



457



2,480



2,937



1,671



1994



(l
)2870 Technology Drive



Rochester Hills, MI






275



1,262



280



279



1,538



1,817



1,028



1994



(l
)2900 Technology Drive



Rochester Hills, MI






214



977



536



219



1,508



1,727



935



1994



(l
)2930 Technology Drive



Rochester Hills, MI






131



594



379



138



966



1,104



545



1994



(l
)2950 Technology Drive



Rochester Hills, MI






178



819



374



185



1,186



1,371



706



1994



(l
)23014 Commerce Drive



Farmington Hills, MI






39



203



216



56



402



458



260



1994



(l
)23028 Commerce Drive



Farmington Hills, MI






98



507



278



125



758



883



550



1994



(l
)23035 Commerce Drive



Farmington Hills, MI






71



355



247



93



580



673



419



1994



(l
)23042 Commerce Drive



Farmintgon Hills, MI






67



277



273



89



528



617



397



1994



(l
)23065 Commerce Drive



Farmington Hills, MI






71



408



207



93



593



686



425



1994



(l
)23070 Commerce Drive



Farmington Hills, MI






112



442



346



125



775



900



573



1994



(l
)23079 Commerce Drive



Farmington Hills, MI






68



301



289



79



579



658



373



1994



(l
)23093 Commerce Drive



Farmington Hills, MI






211



1,024



844



295



1,784



2,079



1,375



1994



(l
)23135 Commerce Drive



Farmington Hills, MI






146



701



377



158



1,066



1,224



653



1994



(l
)23163 Commerce Drive



Farmington Hills, MI






111



513



341



138



827



965



547



1994



(l
)23177 Commerce Drive



Farmington Hills, MI






175



1,007



593



254



1,521



1,775



1,034



1994



(l
)23206 Commerce Drive



Farmington Hills, MI






125



531



307



137



826



963



572



1994



(l
)23370 Commerce Drive



Farmington Hills, MI






59



233



175



66



401



467



333



1994



(l
)6515 Cobb Drive



Sterling Heights, MI






305



1,753



258



305



2,011



2,316



744



1994



(l
)1451 East Lincoln Avenue



Madison Heights, MI






299



1,703



273



306



1,969



2,275



747



1995



(l
)4400 Purks Drive



Auburn Hills, MI






602



3,410



3,201



612



6,601



7,213



2,204



1995



(l
)32450 N Avis Drive



Madison Heights, MI






281



1,590



193



286



1,778



2,064



604



1996



(l
)12707 Eckles Road



Plymouth Township, MI






255



1,445



237



267



1,670



1,937



529



1996



(l
)9300-9328
    Harrison Rd



Romulus, MI






147



834



395



154



1,222



1,376



358



1996



(l
)9330-9358
    Harrison Rd



Romulus, MI






81



456



280



85



732



817



246



1996



(l
)28420-28448
    Highland Rd



Romulus, MI






143



809



113



149



916



1,065



292



1996



(l
)28450-28478
    Highland Rd



Romulus, MI






81



461



500



85



957



1,042



233



1996



(l
) S-10




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)28421-28449
    Highland Rd



Romulus, MI






109



617



385



114



997



1,111



305



1996



(l
)28451-28479
    Highland Rd



Romulus, MI






107



608



335



112



938



1,050



314



1996



(l
)28825-28909
    Highland Rd



Romulus, MI






70



395



306



73



698



771



235



1996



(l
)28933-29017
    Highland Rd



Romulus, MI






112



634



286



117



915



1,032



298



1996



(l
)28824-28908
    Highland Rd



Romulus, MI






134



760



220



140



974



1,114



321



1996



(l
)28932-29016
    Highland Rd



Romulus, MI






123



694



315



128



1,004



1,132



341



1996



(l
)9710-9734
    Harrison Rd



Romulus, MI






125



706



172



130



873



1,003



260



1996



(l
)9740-9772
    Harrison Rd



Romulus, MI






132



749



219



138



962



1,100



288



1996



(l
)9840-9868
    Harrison Rd



Romulus, MI






144



815



169



151



977



1,128



337



1996



(l
)9800-9824
    Harrison Rd



Romulus, MI






117



664



165



123



823



946



281



1996



(l
)29265-29285
    Airport Dr



Romulus, MI






140



794



226



147



1,013



1,160



333



1996



(l
)29185-29225
    Airport Dr



Romulus, MI






140



792



323



146



1,109



1,255



366



1996



(l
)29149-29165
    Airport Dr



Romulus, MI






216



1,225



265



226



1,480



1,706



500



1996



(l
)29101-29115
    Airport Dr



Romulus, MI






130



738



272



136



1,004



1,140



341



1996



(l
)29031-29045
    Airport Dr



Romulus, MI






124



704



166



130



864



994



301



1996



(l
)29050-29062
    Airport Dr



Romulus, MI






127



718



153



133



865



998



287



1996



(l
)29120-29134
    Airport Dr



Romulus, MI






161



912



296



169



1,200



1,369



410



1996



(l
)29200-29214
    Airport Dr



Romulus, MI






170



963



297



178



1,252



1,430



426



1996



(l
)9301-9339
    Middlebelt Rd



Romulus, MI






124



703



239



130



936



1,066



327



1996



(l
)26980 Trolley Industrial Drive



Taylor, MI






450



2,550



926



463



3,463



3,926



1,155



1997



(l
)32975 Capitol Avenue



Livonia, MI






135



748



332



144



1,071



1,215



382



1998



(l
)2725 S. Industrial Highway



Ann Arbor, MI






660



3,654



497



704



4,107



4,811



1,212



1998



(l
)32920 Capitol Avenue



Livonia, MI






76



422



103



82



519



601



148



1998



(l
)11923 Brookfield Avenue



Livonia, MI






120



665



278



128



935



1,063



326



1998



(l
)11965 Brookfield Avenue



Livonia, MI






120



665



67



128



724



852



210



1998



(l
)13405 Stark Road



Livonia, MI






46



254



85



49



336



385



89



1998



(l
)1170 Chicago Road



Troy, MI






249



1,380



255



266



1,618



1,884



464



1998



(l
)1200 Chicago Road



Troy, MI






268



1,483



284



286



1,749



2,035



494



1998



(l
)450 Robbins Drive



Troy, MI






166



920



260



178



1,168



1,346



340



1998



(l
)1230 Chicago Road



Troy, MI






271



1,498



156



289



1,636



1,925



474



1998



(l
)12886 Westmore Avenue



Livonia, MI






190



1,050



194



202



1,232



1,434



355



1998



(l
)12898 Westmore Avenue



Livonia, MI






190



1,050



244



202



1,282



1,484



348



1998



(l
)33025 Industrial Road



Livonia, MI






80



442



108



85



545



630



153



1998



(l
)47711 Clipper Street



Plymouth Township, MI






539



2,983



265



575



3,212



3,787



932



1998



(l
)32975 Industrial Road



Livonia, MI






160



887



196



171



1,072



1,243



311



1998



(l
) S-11




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)32985 Industrial Road



Livonia, MI






137



761



154



147



905



1,052



271



1998



(l
)32995 Industrial Road



Livonia, MI






160



887



187



171



1,063



1,234



302



1998



(l
)12874 Westmore Avenue



Livonia, MI






137



761



206



147



957



1,104



314



1998



(l
)33067 Industrial Road



Livonia, MI






160



887



324



171



1,200



1,371



395



1998



(l
)1775 Bellingham



Troy, MI






344



1,902



365



367



2,244



2,611



618



1998



(l
)1785 East Maple



Troy, MI






92



507



162



98



663



761



172



1998



(l
)1807 East Maple



Troy, MI






321



1,775



375



342



2,129



2,471



593



1998



(l
)980 Chicago



Troy, MI






206



1,141



176



220



1,303



1,523



363



1998



(l
)1840 Enterprise Drive



Rochester Hills, MI






573



3,170



323



611



3,455



4,066



994



1998



(l
)1885 Enterprise Drive



Rochester Hills, MI






209



1,158



146



223



1,290



1,513



375



1998



(l
)1935-55
    Enterprise Drive



Rochester Hills, MI






1,285



7,144



664



1,371



7,722



9,093



2,253



1998



(l
)5500 Enterprise Court



Warren, MI






675



3,737



636



721



4,327



5,048



1,308



1998



(l
)750 Chicago Road



Troy, MI






323



1,790



483



345



2,251



2,596



651



1998



(l
)800 Chicago Road



Troy, MI






283



1,567



351



302



1,899



2,201



530



1998



(l
)850 Chicago Road



Troy, MI






183



1,016



261



196



1,264



1,460



367



1998



(l
)2805 S. Industrial Highway



Ann Arbor, MI






318



1,762



689



340



2,429



2,769



720



1998



(l
)6833 Center Drive



Sterling Heights, MI






467



2,583



218



493



2,775



3,268



826



1998



(l
)32201 North Avis Drive



Madison Heights, MI






345



1,911



232



349



2,139



2,488



629



1998



(l
)1100 East Mandoline Road



Madison Heights, MI






888



4,915



1,686



897



6,592



7,489



1,753



1998



(l
)30081 Stephenson Highway



Madison Heights, MI






271



1,499



353



274



1,849



2,123



544



1998



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



Lincoln Park, MI






366



3,241



1,351



469



4,489



4,958



1,296



1998



(l
)4872 S. Lapeer Road



Lake Orion Twsp, MI






1,342



5,441



792



1,412



6,163



7,575



1,882



1999



(l
)22701 Trolley Industrial



Taylor, MI






795







7,366



849



7,312



8,161



1,738



1999



(l
)1400 Allen Drive



Troy, MI






209



1,154



338



212



1,489



1,701



399



2000



(l
)1408 Allen Drive



Troy, MI






151



834



133



153



965



1,118



226



2000



(l
)1305 Stephenson Hwy



Troy, MI






345



1,907



255



350



2,157



2,507



471



2000



(l
)32505 Industrial Drive



Madison Heights, MI






345



1,910



695



351



2,599



2,950



817



2000



(l
)1799-1813
    Northfield Drive(d)



Rochester Hills, MI






481



2,665



282



490



2,938



3,428



672



2000



(l
)28435 Automation Blvd



Wixom, MI






621







3,810



628



3,803



4,431



577



2004



(l
)32200 N Avis Drive



Madison Heights, MI






503



3,367



1,370



503



4,737



5,240



563



2005



(l
)100 Kay Industrial Drive



Rion Township, MI






677



2,018



404



685



2,414



3,099



840



2005



(l
)1849 West Maple Road



Troy, MI






1,688



2,790



(99
)


1,700



2,679



4,379



402



2005



(l
)35000 Capitol Avenue



Livonia, MI






258



1,032



324



260



1,354



1,614



134



2005



(l
)32650 Capitol Avenue



Livonia, MI






282



1,128



55



284



1,181



1,465



148



2005



(l
)11800 Sears Drive



Livonia, MI






693



1,507



2,053



703



3,550



4,253



755



2005



(l
) S-12




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)1099 Chicago Road



Troy, MI






1,277



1,332



183



1,316



1,476



2,792



530



2005



(l
)42555 Merrill Road



Sterling Heights, MI






1,080



2,300



3,702



1,090



5,992



7,082



1,032



2006



(l
)2441 N. Opdyke Road



Auburn Hills, MI






530



737



16



538



745



1,283



212



2006



(l
)200 Northpointe Drive



Orion Township, MI






723



2,063



36



734



2,088



2,822



348



2006



(l
)Houston2102-2314
    Edwards Street



Houston, TX






348



1,973



1,547



382



3,486



3,868



1,017



1997



(l
)3351 Rauch St



Houston, TX






272



1,541



267



278



1,802



2,080



523



1997



(l
)3851 Yale St



Houston, TX






413



2,343



584



425



2,915



3,340



1,003



1997



(l
)3337-3347
    Rauch Street



Houston, TX


943



227



1,287



220



233



1,501



1,734



443



1997



(l
)8505 N Loop East



Houston, TX


1,724



439



2,489



626



449



3,105



3,554



885



1997



(l
)4749-4799
    Eastpark Dr



Houston, TX


2,459



594



3,368



1,107



611



4,458



5,069



1,295



1997



(l
)4851 Homestead Road



Houston, TX






491



2,782



899



504



3,668



4,172



1,083



1997



(l
)3365-3385
    Rauch Street



Houston, TX






284



1,611



398



290



2,003



2,293



596



1997



(l
)5050 Campbell Road



Houston, TX


1,685



461



2,610



401



470



3,002



3,472



899



1997



(l
)4300 Pine Timbers



Houston, TX






489



2,769



666



499



3,425



3,924



1,031



1997



(l
)2500-2530
    Fairway Park Drive



Houston, TX


3,174



766



4,342



1,434



792



5,750



6,542



1,595



1997



(l
)6550 Longpointe



Houston, TX


1,393



362



2,050



458



370



2,500



2,870



731



1997



(l
)1815 Turning Basin Dr



Houston, TX


1,885



487



2,761



637



531



3,354



3,885



988



1997



(l
)1819 Turning Basin Dr



Houston, TX






231



1,308



489



251



1,777



2,028



585



1997



(l
)1805 Turning Basin Drive



Houston, TX


2,201



564



3,197



775



616



3,920



4,536



1,160



1997



(l
)9835A Genard Road



Houston, TX






1,505



8,333



3,100



1,581



11,357



12,938



2,548



1999



(l
)9835B Genard Road



Houston, TX






245



1,357



646



256



1,992



2,248



485



1999



(l
)11505 State Highway 225



LaPorte City, TX


4,769



940



4,675



615



940



5,290



6,230



910



2005



(l
)1500 E. Main Street



Houston, TX






201



1,328



24



204



1,349



1,553



432



2005



(l
)700 Industrial Blvd



Sugar Land, TX






608



3,679



341



617



4,011



4,628



444



2007



(l
)7230-7238
    Wynnwood



Houston, TX






254



764



79



259



838



1,097



159



2007



(l
)7240-7248
    Wynnwood



Houston, TX






271



726



77



276



798



1,074



150



2007



(l
)7250-7260
    Wynnwood



Houston, TX






200



481



35



203



513



716



86



2007



(l
)6400 Long Point



Houston, TX


802



188



898



(6
)


188



892



1,080



159



2007



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



Stafford, TX






154



626



20



155



645



800



103



2007



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



Stafford, TX






404



1,698



109



413



1,798



2,211



288



2007



(l
)8850 Jameel



Houston, TX






171



826



70



171



896



1,067



164



2007



(l
)8800 Jameel



Houston, TX






163



798







163



798



961



113



2007



(l
)8700 Jameel



Houston, TX






170



1,020



190



170



1,210



1,380



161



2007



(l
)8600 Jameel



Houston, TX






163



818



(30
)


163



788



951



105



2007



(l
) S-13




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)Indianapolis2900 N Shadeland Avenue



Indianapolis, IN






2,057



13,565



4,106



2,057



17,671



19,728



6,249



1996



(l
)1445 Brookville Way



Indianapolis, IN






459



2,603



693



476



3,279



3,755



1,101



1996



(l
)1440 Brookville Way



Indianapolis, IN






665



3,770



1,091



685



4,841



5,526



1,898



1996



(l
)1240 Brookville Way



Indianapolis, IN






247



1,402



346



258



1,737



1,995



616



1996



(l
)1345 Brookville Way



Indianapolis, IN






586



3,321



808



601



4,114



4,715



1,443



1996



(l
)1350 Brookville Way



Indianapolis, IN






205



1,161



308



212



1,462



1,674



482



1996



(l
)1341 Sadlier Circle E Dr



Indianapolis, IN






131



743



197



136



935



1,071



313



1996



(l
)1322-1438
    Sadlier Circle E Dr



Indianapolis, IN






145



822



188



152



1,003



1,155



328



1996



(l
)1327-1441
    Sadlier Circle E Dr



Indianapolis, IN






218



1,234



383



225



1,610



1,835



595



1996



(l
)1304 Sadlier Circle E Dr



Indianapolis, IN






71



405



181



75



582



657



169



1996



(l
)1402 Sadlier Circle E Dr



Indianapolis, IN






165



934



349



171



1,277



1,448



485



1996



(l
)1504 Sadlier Circle E Dr



Indianapolis, IN






219



1,238



391



226



1,622



1,848



519



1996



(l
)1311 Sadlier Circle E Dr



Indianapolis, IN






54



304



109



57



410



467



151



1996



(l
)1365 Sadlier Circle E Dr



Indianapolis, IN






121



688



295



126



978



1,104



357



1996



(l
)1352-1354
    Sadlier Circle E Dr



Indianapolis, IN






178



1,008



348



184



1,350



1,534



488



1996



(l
)1335 Sadlier Circle E Dr



Indianapolis, IN






81



460



326



85



782



867



295



1996



(l
)1327 Sadlier Circle E Dr



Indianapolis, IN






52



295



51



55



343



398



116



1996



(l
)1425 Sadlier Circle E Dr



Indianapolis, IN






21



117



39



23



154



177



53



1996



(l
)6951 E 30th St



Indianapolis, IN






256



1,449



222



265



1,662



1,927



574



1996



(l
)6701 E 30th St



Indianapolis, IN






78



443



59



82



498



580



167



1996



(l
)6737 E 30th St



Indianapolis, IN






385



2,181



307



398



2,475



2,873



921



1996



(l
)6555 E 30th St



Indianapolis, IN


3,611



484



4,760



1,521



484



6,281



6,765



2,286



1996



(l
)8402-8440 E
    33rd St



Indianapolis, IN






222



1,260



542



230



1,794



2,024



595



1996



(l
)8520-8630 E
    33rd St



Indianapolis, IN






326



1,848



595



336



2,433



2,769



832



1996



(l
)8710-8768 E
    33rd St



Indianapolis, IN






175



993



506



187



1,487



1,674



471



1996



(l
)3316-3346 N. Pagosa
    Court



Indianapolis, IN


1,430



325



1,842



512



335



2,344



2,679



924



1996



(l
)7901 West 21st St.



Indianapolis, IN






1,048



6,027



248



1,048



6,275



7,323



1,959



1997



(l
)1225 Brookville Way



Indianapolis, IN






60







461



68



453



521



153



1997



(l
)6751 E 30th St



Indianapolis, IN






728



2,837



271



741



3,095



3,836



934



1997



(l
)9200 East 146th Street



Noblesville, IN






181



1,221



872



181



2,093



2,274



625



1998



(l
)6575 East 30th Street



Indianapolis, IN






118







2,081



128



2,071



2,199



589



1998



(l
)6585 East 30th Street



Indianapolis, IN






196







3,192



196



3,192



3,388



944



1998



(l
)9210 E. 146th Street



Noblesville, IN






66



684



818



66



1,502



1,568



751



1998



(l
)5705-97 Park
    Plaza Ct



Indianapolis, IN


2,236



600



2,194



409



609



2,594



3,203



554



2003



(l
) S-14




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)9319-9341
    Castlegate Drive



Indianapolis, IN






530



1,235



1,083



544



2,304



2,848



698



2003



(l
)1133 Northwest L Street



Richmond, IN


1,254



201



1,358



(90
)


208



1,261



1,469



432



2006



(l
)14425 Bergen Blvd



Noblesville, IN






647







3,861



743



3,765



4,508



310



2007



(l
)Inland Empire3411 N. Perris Boulevard



Riverside, CA






8,125



7,150



99



8,560



6,814



15,374



1,423



2007



(l
)100 West Sinclair



Riverside, CA






6,042



4,298



(5,789
)


2,245



2,306



4,551



754



2007



(l
)14050 Day Street



Moreno Valley, CA






2,538



2,538



288



2,565



2,798



5,363



222



2008



(l
)12925 Marlay Avenue



Fontana, CA






6,072



7,891



(28
)


6,090



7,845



13,935



771



2008



(l
)Los Angeles1944 Vista Bella Way



Rancho Domingue, CA


3,444



1,746



3,148



584



1,822



3,656



5,478



729



2005



(l
)2000 Vista Bella Way



Rancho Domingue, CA


1,397



817



1,673



295



853



1,932



2,785



382



2005



(l
)2835 East Ana Street



Rancho Domingue, CA


3,015



1,682



2,750



141



1,772



2,801



4,573



708



2005



(l
)665 N. Baldwin Park Blvd.



City of Industry, CA


4,575



2,124



5,219



1,662



2,143



6,862



9,005



873



2006



(l
)27801 Avenue Scott



Santa Clarita, CA






2,890



7,020



580



2,902



7,588



10,490



927



2006



(l
)2610&2660 Columbia St



Torrance, CA


4,749



3,008



5,826



344



3,031



6,147



9,178



717



2006



(l
)433 Alaska Avenue



Torrance, CA






681



168



5



684



170



854



78



2006



(l
)4020 S. Compton Ave



Los Angeles, CA






3,800



7,330



71



3,825



7,376



11,201



760



2006



(l
)21730-21748
    Marilla St.



Chatsworth, CA


3,129



2,585



3,210



149



2,608



3,336



5,944



415



2007



(l
)8015 Paramount



Pico Rivera, CA






3,616



3,902



61



3,657



3,922



7,579



495



2007



(l
)3365 E. Slauson



Vernon, CA






2,367



3,243



40



2,396



3,254



5,650



433



2007



(l
)3015 East Ana



Rancho Domingue, CA






19,678



9,321



7,451



20,144



16,306



36,450



1,522



2007



(l
)19067 Reyes Ave



Rancho Domingue, CA






9,281



3,920



119



9,381



3,939



13,320



602



2007



(l
)1250 Rancho Conejo Blvd.



Thousand Oaks, CA






1,435



779



36



1,441



809



2,250



111



2007



(l
)1260 Rancho Conejo Blvd.



Thousand Oaks, CA






1,353



722



227



1,359



943



2,302



102



2007



(l
)1270 Rancho Conejo Blvd.



Thousand Oaks, CA






1,224



716



21



1,229



732



1,961



116



2007



(l
)1280 Rancho Conejo Blvd.



Thousand Oaks, CA


3,213



2,043



3,408



40



2,051



3,440



5,491



397



2007



(l
)1290 Rancho Conejo Blvd



Thousand Oaks, CA


2,769



1,754



2,949



35



1,761



2,977



4,738



346



2007



(l
)18201-18291
    Santa Fe



Rancho Domingue, CA






6,720







8,946



6,897



8,769



15,666



451



2008



(l
)1011 Rancho Conejo



Thousand Oaks, CA


6,249



7,717



2,518



46



7,752



2,528



10,280



447



2008



(l
)2300 Corporate Center Drive



Thousand Oaks, CA






6,506



4,885



51



6,541



4,901



11,442



624



2008



(l
)20700 Denker Avenue



Rancho Domingue, CA






5,767



2,538



2,458



5,964



4,800



10,764



317



2008



(l
)18408 Laurel Park Road



Rancho Domingue, CA






2,850



2,850



643



2,874



3,469



6,343



204



2008



(l
)19021 S. Reyes Ave



Rancho Domingue, CA






8,183



7,501



549



8,545



7,688



16,233



310



2008



(l
)Miami4700 NW 15th Ave



Ft. Lauderdale, FL






908



1,883



155



912



2,034



2,946



234



2007



(l
) S-15




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)4710 NW 15th Ave



Ft. Lauderdale, FL






830



2,722



194



834



2,912



3,746



296



2007



(l
)4720 NW 15th Ave



Ft. Lauderdale, FL






937



2,455



105



942



2,555



3,497



262



2007



(l
)4740 NW 15th Ave



Ft. Lauderdale, FL






1,107



3,111



209



1,112



3,315



4,427



328



2007



(l
)4750 NW 15th Ave



Ft. Lauderdale, FL






947



3,079



521



951



3,596



4,547



346



2007



(l
)4800 NW 15th Ave



Ft. Lauderdale, FL






1,092



3,308



367



1,097



3,670



4,767



542



2007



(l
)Medley Industrial Center



Medley, FL






857



3,428



2,826



864



6,247



7,111



383



2007



(l
)Pan American Business Park



Medley, FL






2,521







7,105



2,588



7,038



9,626







2008



(l
)MilwaukeeN25 W23050 Paul Road



Pewaukee, WI






474



2,723



1,937



485



4,649



5,134



1,906



1994



(l
)N25 W23255 Paul Road



Pewaukee, WI


2,231



569



3,270



379



573



3,645



4,218



1,329



1994



(l
)6523 N Sydney Place



Glendale, WI






172



976



356



176



1,328



1,504



482



1995



(l
)5355 South Westridge Drive



New Berlin, WI


5,674



1,630



7,058



46



1,646



7,088



8,734



1,197



2004



(l
)320-334 W. Vogel
    Avenue



Milwaukee, WI






506



3,199



46



508



3,243



3,751



938



2005



(l
)4950 South 6th Avenue



Milwaukee, WI






299



1,565



47



301



1,610



1,911



556



2005



(l
)1711 Paramount Court



Waukesha, WI


1,327



308



1,762



41



311



1,800



2,111



317



2005



(l
)17005 W. Ryerson Road



New Berlin, WI






403



3,647



16



405



3,661



4,066



860



2005



(l
)W140 N9059 Lilly Road



Menomonee Falls, WI






343



1,153



248



366



1,378



1,744



383



2005



(l
)200 W. Vogel Avenue-Bldg B



Milwaukee, WI






301



2,150







302



2,149



2,451



537



2005



(l
)4921 S. 2nd Street



Milwaukee, WI






101



713



15



101



728



829



182



2005



(l
)1500 Peebles Drive



Richland Center, WI






1,577



1,018



(211
)


1,603



781



2,384



620



2005



(l
)16600 West Glendale Ave



New Berlin, WI






704



1,923



436



715



2,348



3,063



658



2006



(l
)2905 S. 160th Street



New Berlin, WI






261



672



153



265



821



1,086



157



2007



(l
)2855 S. 160th Street



New Berlin, WI






221



628



128



225



752



977



163



2007



(l
)2485 Commerce Drive



New Berlin, WI






483



1,516



216



491



1,724



2,215



267



2007



(l
)14518 Whittaker Way



Menomonee Falls, WI






437



1,082



83



445



1,157



1,602



254



2007



(l
)Rust-Oleum BTS



Kenosha, WI


14,561



4,100







18,448



3,212



19,336



22,548



556



2008



(l
)Menomonee Falls-Barry Land



Menomonee Falls, WI


11,349



1,188







14,076



1,204



14,060



15,264



335



2008



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



Bloomington, MN


4,700



1,358



8,622



5,013



1,499



13,494



14,993



7,867



1994



(l
)7251-7267
    Washington Avenue



Edina, MN






129



382



624



182



953



1,135



736



1994



(l
)7301-7325
    Washington Avenue



Edina, MN






174



391



(55
)


193



317



510



79



1994



(l
)7101 Winnetka Avenue North



Brooklyn Park, MN


5,955



2,195



6,084



3,996



2,228



10,047



12,275



5,913



1994



(l
)9901 West 74th Street



Eden Prairie, MN


3,484



621



3,289



3,271



639



6,542



7,181



4,371



1994



(l
)1030 Lone Oak Road



Eagan, MN


2,326



456



2,703



541



456



3,244



3,700



1,168



1994



(l
)1060 Lone Oak Road



Eagan, MN


3,118



624



3,700



635



624



4,335



4,959



1,747



1994



(l
) S-16




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)5400 Nathan Lane



Plymouth, MN


2,981



749



4,461



935



757



5,388



6,145



1,983



1994



(l
)6655 Wedgewood Road



Maple Grove, MN


6,878



1,466



8,342



3,196



1,466



11,538



13,004



3,942



1994



(l
)10120 W 76th Street



Eden Prairie, MN






315



1,804



1,404



315



3,208



3,523



845



1995



(l
)12155 Nicollet Ave



Burnsville, MN






286







1,731



288



1,729



2,017



619



1995



(l
)4100 Peavey Road



Chaska, MN






277



2,261



843



277



3,104



3,381



1,047



1996



(l
)5205 Highway 169



Plymouth, MN






446



2,525



988



740



3,219



3,959



1,059



1996



(l
)7100-7198
    Shady Oak Road



Eden Prairie, MN






715



4,054



1,209



736



5,242



5,978



1,628



1996



(l
)7500-7546
    Washington Square



Eden Prairie, MN






229



1,300



830



235



2,124



2,359



613



1996



(l
)7550-7558
    Washington Square



Eden Prairie, MN






153



867



203



157



1,066



1,223



325



1996



(l
)5240-5300
    Valley Industrial Blvd S



Shakopee, MN






362



2,049



801



371



2,841



3,212



1,015



1996



(l
)500-530
    Kasota Avenue SE



Minneapolis, MN






415



2,354



775



434



3,110



3,544



935



1998



(l
)2530-2570
    Kasota Avenue



St. Paul, MN






407



2,308



972



467



3,220



3,687



975



1998



(l
)5775 12th Avenue



Shakopee, MN


4,034



590







5,827



590



5,827



6,417



1,389



1998



(l
)1157 Valley Park Drive



Shakopee, MN


4,487



760







6,377



888



6,249



7,137



1,627



1999



(l
)9600 West 76th Street



Eden Prairie, MN






1,000



2,450



48



1,034



2,464



3,498



464



2004



(l
)9700 West 76th Street



Eden Prairie, MN






1,000



2,709



170



1,038



2,841



3,879



532



2004



(l
)7600 69th Avenue



Greenfield, MN






1,500



8,328



1,808



1,510



10,126



11,636



2,041



2004



(l
)5017 Boone Avenue North



New Hope, MN


1,676



1,000



1,599



(57
)


1,009



1,533



2,542



400



2005



(l
)2300 West Highway 13



Burnsville, MN






2,517



6,069



(499
)


2,524



5,563



8,087



1,936



2005



(l
)1087 Park Place



Shakopee, MN






1,195



4,891



(114
)


1,198



4,774



5,972



968



2005



(l
)5391 12th Avenue SE



Shakopee, MN


4,995



1,392



8,149



(10
)


1,395



8,136



9,531



1,405



2005



(l
)4701 Valley Industrial Blvd S



Shakopee, MN






1,296



7,157



(99
)


1,299



7,055



8,354



1,598



2005



(l
)316 Lake Hazeltine Drive



Chaska, MN






714



944



84



729



1,013



1,742



317



2006



(l
)6455 City West Parkway



Eden Prairie, MN






659



3,189



(304
)


665



2,879



3,544



405



2006



(l
)1225 Highway 169 North



Plymouth, MN






1,190



1,979



391



1,207



2,353



3,560



508



2006



(l
)7102 Winnetka Avene North



Brooklyn Park, MN


4,524



1,275







6,849



1,343



6,781



8,124



628



2007



(l
)9200 10th Avenue



Golden Valley, MN






892



2,306



102



902



2,398



3,300



467



2007



(l
)139 Eva Street



St. Paul, MN






2,132



3,105



90



2,175



3,152



5,327



201



2008



(l
)Nashville1621 Heil Quaker Boulevard



Nashville, TN


2,451



413



2,383



1,699



430



4,065



4,495



1,666



1995



(l
)3099 Barry Drive



Portland, TN






418



2,368



162



421



2,527



2,948



836



1996



(l
)3150 Barry Drive



Portland, TN






941



5,333



5,954



981



11,247



12,228



2,096



1996



(l
)5599 Highway 31 West



Portland, TN






564



3,196



288



571



3,477



4,048



1,104



1996



(l
)1650 Elm Hill Pike



Nashville, TN






329



1,867



349



332



2,213



2,545



698



1997



(l
)1931 Air Lane Drive



Nashville, TN






489



2,785



276



493



3,057



3,550



940



1997



(l
) S-17




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)4640 Cummings Park



Nashville, TN






360



2,040



375



365



2,410



2,775



587



1999



(l
)1740 River Hills Drive



Nashville, TN


3,223



848



4,383



1,161



888



5,504



6,392



1,812



2005



(l
)211 Ellery Court



Nashville, TN


2,884



606



3,192



488



616



3,670



4,286



586



2007



(l
)Rockdale BTS



Gallatin, TN






1,778







24,216



1,778



24,216



25,994



584



2008



(l
)Northern New Jersey14 Worlds Fair Drive



Franklin, NJ






483



2,735



574



503



3,289



3,792



1,091



1997



(l
)12 Worlds Fair Drive



Franklin, NJ






572



3,240



554



593



3,773



4,366



1,153



1997



(l
)22 Worlds Fair Drive



Franklin, NJ






364



2,064



614



375



2,667



3,042



855



1997



(l
)26 Worlds Fair Drive



Franklin, NJ






361



2,048



423



377



2,455



2,832



778



1997



(l
)24 Worlds Fair Drive



Franklin, NJ






347



1,968



519



362



2,472



2,834



873



1997



(l
)20 Worlds Fair Drive Lot 13



Sumerset, NJ






9







2,544



691



1,862



2,553



446



1999



(l
)45 Route 46



Pine Brook, NJ






969



5,491



948



978



6,430



7,408



1,619



2000



(l
)43 Route 46



Pine Brook, NJ






474



2,686



273



479



2,954



3,433



662



2000



(l
)39 Route 46



Pine Brook, NJ






260



1,471



198



262



1,667



1,929



394



2000



(l
)26 Chapin Road



Pine Brook, NJ






956



5,415



759



965



6,165



7,130



1,467



2000



(l
)30 Chapin Road



Pine Brook, NJ






960



5,440



778



969



6,209



7,178



1,605



2000



(l
)20 Hook Mountain Road



Pine Brook, NJ






1,507



8,542



2,892



1,534



11,407



12,941



2,597



2000



(l
)30 Hook Mountain Road



Pine Brook, NJ






389



2,206



377



396



2,576



2,972



654



2000



(l
)55 Route 46



Pine Brook, NJ






396



2,244



157



403



2,394



2,797



575



2000



(l
)16 Chapin Rod



Pine Brook, NJ


3,804



885



5,015



412



901



5,411



6,312



1,229



2000



(l
)20 Chapin Road



Pine Brook, NJ


4,861



1,134



6,426



506



1,154



6,912



8,066



1,688



2000



(l
)Sayreville Lot 4



Sayreville, NJ


3,632



944







4,630



944



4,630



5,574



867



2002



(l
)Sayreville Lot 3



Sayreville, NJ






996







5,337



996



5,337



6,333



741



2003



(l
)309-319
    Pierce Street



Somerset, NJ


3,891



1,300



4,628



1,069



1,309



5,688



6,997



1,160



2004



(l
)Philadelphia230-240
    Welsh Pool Road



Exton, PA






154



851



294



170



1,129



1,299



297



1998



(l
)264 Welsh Pool Road



Exton, PA






147



811



293



162



1,089



1,251



303



1998



(l
)254 Welsh Pool Road



Exton, PA






152



842



403



184



1,213



1,397



329



1998



(l
)251 Welsh Pool Road



Exton, PA






144



796



498



159



1,279



1,438



381



1998



(l
)253-255
    Welsh Pool Road



Exton, PA






113



626



152



125



766



891



213



1998



(l
)151-161
    Philips Road



Exton, PA






191



1,059



257



229



1,278



1,507



391



1998



(l
)216 Philips Road



Exton, PA






199



1,100



218



220



1,297



1,517



379



1998



(l
)14 McFadden Road



Palmer, PA


1,686



600



1,349



56



625



1,380



2,005



420



2004



(l
)2801 Red Lion Road



Philadelphia, PA






950



5,916



(542
)


964



5,360



6,324



1,188



2005



(l
)3240 S. 78th Street



Philadelphia, PA






515



1,245



71



540



1,291



1,831



260



2005



(l
) S-18




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)200 Cascade Drive, Bldg. 1



Allen Town, PA






2,133



17,562



902



2,769



17,828



20,597



2,476



2007



(l
)200 Cascade Drive, Bldg. 2



Allen Town, PA






310



2,268



117



316



2,379



2,695



285



2007



(l
)6300 Bristol Pike



Levittown, PA






1,074



2,642



71



1,077



2,710



3,787



556



2008



(l
)2455 Boulevard of Generals



Norristown, PA


3,556



1,200



4,800



1,088



1,226



5,862



7,088



571



2008



(l
)Phoenix1045 South Edward Drive



Tempe, AZ






390



2,160



164



396



2,318



2,714



586



1999



(l
)50 South 56th Street



Chandler, AZ






1,206



3,218



98



1,207



3,315



4,522



590



2004



(l
)4701 W. Jefferson



Phoenix, AZ






926



2,195



443



929



2,635



3,564



685



2005



(l
)7102 W. Roosevelt



Phoenix, AZ






1,613



6,451



1,028



1,620



7,472



9,092



1,229



2006



(l
)4137 West Adams Street



Phoenix, AZ






990



2,661



146



1,033



2,764



3,797



385



2006



(l
)245 W. Lodge



Tempe, AZ






898



3,066



78



914



3,128



4,042



281



2007



(l
)1590 E Riverview Dr.



Phoenix, AZ






1,293



5,950



69



1,292



6,020



7,312



392



2008



(l
)14131 N. Rio Vista Dr.



Peoria, AZ






2,563



9,388



676



2,563



10,064



12,627



722



2008



(l
)8716 W. Ludlow Drive



Peoria, AZ






2,709



10,970



160



2,709



11,130



13,839



654



2008



(l
)3815 W. Washington St.



Phoenix, AZ


4,199



1,675



4,514



146



1,719



4,616



6,335



231



2008



(l
)690 91st Avenue



Tolleson, AZ






1,904



6,805



2,101



1,923



8,887



10,810



549



2008



(l
)Salt Lake City512 Lawndale Drive(i)



Salt Lake City, UT






2,705



15,749



2,746



2,705



18,495



21,200



5,610



1997



(l
)1270 West 2320 South



West Valley, UT






138



784



142



143



921



1,064



308



1998



(l
)1275 West 2240 South



West Valley, UT






395



2,241



474



408



2,702



3,110



878



1998



(l
)1288 West 2240 South



West Valley, UT






119



672



111



123



779



902



236



1998



(l
)2235 South 1300 West



West Valley, UT






198



1,120



270



204



1,384



1,588



530



1998



(l
)1293 West 2200 South



West Valley, UT






158



896



99



163



990



1,153



299



1998



(l
)1279 West 2200 South



West Valley, UT






198



1,120



156



204



1,270



1,474



355



1998



(l
)1272 West 2240 South



West Valley, UT






336



1,905



258



347



2,152



2,499



609



1998



(l
)1149 West 2240 South



West Valley, UT






217



1,232



100



225



1,324



1,549



405



1998



(l
)1142 West 2320 South



West Valley, UT






217



1,232



77



225



1,301



1,526



401



1998



(l
)1152 West 2240 South



West Valley, UT






2,067







2,517



1,083



3,501



4,584



884



2000



(l
)2323 South 900 W



Salt Lake City, UT






886



2,995



59



898



3,042



3,940



822



2006



(l
)1815-1957
    South 4650 West



Salt Lake City, UT


7,240



1,707



10,873



116



1,713



10,983



12,696



1,259



2006



(l
)2100 Alexander Street



West Valley, UT


1,225



376



1,670







376



1,670



2,046



170



2007



(l
)1815-1957
    South 4650 West



West Valley, UT


2,102



864



2,771



82



869



2,848



3,717



308



2007



(l
)San Diego16275 Technology Drive



San Diego, CA






2,848



8,641



42



2,859



8,672



11,531



1,376



2005



(l
)6305 El Camino Real



Carlsbad, CA






1,590



6,360



7,497



1,590



13,857



15,447



1,187



2006



(l
) S-19




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)2325 Camino Vida Roble



Carlsbad, CA






1,441



1,239



651



1,446



1,885



3,331



230



2006



(l
)2335 Camino Vida Roble



Carlsbad, CA






817



762



97



821



855



1,676



162



2006



(l
)2345 Camino Vida Roble



Carlsbad, CA






562



456



58



565



511



1,076



104



2006



(l
)2355 Camino Vida Roble



Carlsbad, CA






481



365



70



483



433



916



100



2006



(l
)2365 Camino Vida Roble



Carlsbad, CA






1,098



630



(16
)


1,102



610



1,712



123



2006



(l
)2375 Camino Vida Roble



Carlsbad, CA






1,210



874



149



1,214



1,019



2,233



213



2006



(l
)6451 El Camino Real



Carlsbad, CA






2,885



1,931



344



2,895



2,265



5,160



378



2006



(l
)8572 Spectrum Lane



San Diego, CA


2,237



806



3,225



429



807



3,653



4,460



323



2007



(l
)13100 Gregg Street



Poway, CA






1,040



4,160



474



1,073



4,601



5,674



531



2007



(l
)Seattle1901 Raymond Ave SW



Renton, WA


2,228



4,458



2,659



197



4,594



2,720



7,314



215



2008



(l
)19014 64th Avenue South



Kent, WA


3,382



1,990



3,979



177



2,042



4,105



6,147



309



2008



(l
)18640 68th Ave. South



Kent, WA


889



1,218



1,950



84



1,258



1,994



3,252



164



2008



(l
)Southern New Jersey8 Springdale Road



Cherry Hill, NJ






258



1,436



771



258



2,207



2,465



647



1998



(l
)111 Whittendale Drive



Morrestown, NJ


1,781



522



2,916



112



522



3,028



3,550



787



2000



(l
)7851 Airport Highway



Pennsauken, NJ






160



508



368



163



873



1,036



268



2003



(l
)103 Central



Mt. Laurel, NJ






610



1,847



1,143



619



2,981



3,600



772



2003



(l
)999 Grand Avenue



Hammonton, NJ


5,555



969



8,793



1,018



979



9,801



10,780



2,151



2005



(l
)7890 Airport Hwy/7015 Central



Pennsauken, NJ


1,331



300



989



511



425



1,375



1,800



401



2006



(l
)600 Creek Road



Delanco, NJ






2,125



6,504



(5
)


2,127



6,497



8,624



1,259



2007



(l
)1070 Thomas Busch Mem Hwy



Pennsauken, NJ






1,054



2,278



318



1,084



2,566



3,650



449



2007



(l
)1601 Schlumberger Drive



Moorestown, NJ






560



2,240



733



608



2,925



3,533



335



2007



(l
)St. Louis8921-8971
    Fost Avenue



Hazelwood, MO






431



2,479



437



431



2,916



3,347



983



1994



(l
)9043-9083
    Frost Avenue



Hazelwood, MO






319



1,838



2,210



319



4,048



4,367



975



1994



(l
)10431-10449
    Midwest Industrial Blvd



Olivette, MO






237



1,360



373



237



1,733



1,970



616



1994



(l
)10751 Midwest Industrial Boulevard



Olivette, MO






193



1,119



570



194



1,688



1,882



735



1994



(l
)6951 N Hanley(d)



Hazelwood, MO






405



2,295



1,480



419



3,761



4,180



1,139



1996



(l
)1067 Warson-Bldg A



St. Louis, MO






246



1,359



696



251



2,050



2,301



453



2002



(l
)1067 Warson-Bldg B



St. Louis, MO






380



2,103



1,975



388



4,070



4,458



809



2002



(l
)1067 Warson-Bldg C



St. Louis, MO






303



1,680



1,256



310



2,929



3,239



691



2002



(l
)1067 Warson-Bldg D



St. Louis, MO






353



1,952



949



360



2,894



3,254



605



2002



(l
)6821-6857
    Hazelwood Avenue



Berkeley, MO


4,977



985



6,205



917



985



7,122



8,107



1,545



2003



(l
) S-20




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)13701 Rider Trail North



Earth City, MO






800



2,099



700



804



2,795



3,599



732



2003



(l
)1908-2000
    Innerbelt(d)



Overland, MO






1,590



9,026



984



1,591



10,009



11,600



2,719



2004



(l
)9060 Latty Avenue



Berkeley, MO






687



1,947



30



694



1,970



2,664



938



2006



(l
)21-25
    Gateway Commerce Center



Edwardsville, IL


24,416



1,874



31,958



191



1,928



32,095



34,023



3,052



2006



(l
)601 Cannonball Lane



OFallon, MO






584



2,336



522



595



2,847



3,442



208



2007



(l
)6647 Romiss Court



St. Louis, MO






230



681



72



241



742



983



97



2008



(l
)Tampa5313 Johns Road



Tampa, FL






204



1,159



231



257



1,337



1,594



431



1997



(l
)5525 Johns Road



Tampa, FL






192



1,086



355



200



1,433



1,633



478



1997



(l
)5709 Johns Road



Tampa, FL






192



1,086



165



200



1,243



1,443



377



1997



(l
)5711 Johns Road



Tampa, FL






243



1,376



172



255



1,536



1,791



470



1997



(l
)5453 W Waters Avenue



Tampa, FL






71



402



135



82



526



608



153



1997



(l
)5455 W Waters Avenue



Tampa, FL






307



1,742



390



326



2,113



2,439



643



1997



(l
)5553 W Waters Avenue



Tampa, FL






307



1,742



423



326



2,146



2,472



659



1997



(l
)5501 W Waters Avenue



Tampa, FL






215



871



446



242



1,290



1,532



380



1997



(l
)5503 W Waters Avenue



Tampa, FL






98



402



162



110



552



662



159



1997



(l
)5555 W Waters Avenue



Tampa, FL






213



1,206



215



221



1,413



1,634



416



1997



(l
)5557 W Waters Avenue



Tampa, FL






59



335



44



62



376



438



111



1997



(l
)5463 W Waters Avenue



Tampa, FL






497



2,751



647



560



3,335



3,895



945



1998



(l
)5461 W Waters



Tampa, FL






261







1,438



265



1,434



1,699



436



1998



(l
)5481 W. Waters Avenue



Tampa, FL






558







2,496



561



2,493



3,054



596



1999



(l
)4515-4519
    George Road



Tampa, FL


2,528



633



3,587



820



640



4,400



5,040



995



2001



(l
)6089 Johns Road



Tampa, FL


898



180



987



77



186



1,058



1,244



217



2004



(l
)6091 Johns Road



Tampa, FL


715



140



730



134



144



860



1,004



187



2004



(l
)6103 Johns Road



Tampa, FL


1,133



220



1,160



148



226



1,302



1,528



253



2004



(l
)6201 Johns Road



Tampa, FL


1,028



200



1,107



124



205



1,226



1,431



278



2004



(l
)6203 Johns Road



Tampa, FL


1,314



300



1,460



118



311



1,567



1,878



446



2004



(l
)6205 Johns Road



Tampa, FL


1,342



270



1,363



75



278



1,430



1,708



213



2004



(l
)6101 Johns Road



Tampa, FL


901



210



833



107



216



934



1,150



238



2004



(l
)4908 Tampa West Blvd



Tampa, FL






2,622



8,643



(337
)


2,635



8,293



10,928



1,592



2005



(l
)7201-7245
    Bryan Dairy Road(d)



Largo, FL






1,895



5,408



570



1,879



5,994



7,873



984



2006



(l
)11701 Belcher Road South



Largo, FL






1,657



2,768



628



1,669



3,384



5,053



551



2006



(l
)4900-4914
    Creekside Drive(h)



Clearwater, FL






3,702



7,338



645



3,730



7,955



11,685



1,276



2006



(l
)12345 Starkey Road



Largo, FL






898



2,078



395



905



2,466



3,371



374



2006



(l
) S-21




---



##### Table of Contents



(c)CostsCapitalizedSubsequent toAcquisition or

Gross Amount Carried(b)

Completion

At Close of Period 12/31/09

Accumulated

Year

DepreciableLocation

(a)

Initial Cost

and Valuation



Building and



Depreciation

Acquired/

LivesBuilding Address



(City/State)

Encumbrances

Land

Buildings

Provision

Land

Improvements

Total

12/31/2009

Constructed

(Years)(Dollars in thousands)Toronto135 Dundas Street



Cambridge, ON






3,128



4,958



(700
)


3,179



4,207



7,386



1,420



2005



(l
)678 Erie Street



Stratford, ON






786



557



(236
)


829



278



1,107



205



2005



(l
)114 Packham Rd



Stratford, ON






1,000



3,526



525



1,012



4,039



5,051



1,275



2007



(l
)Other3501 Maple Street



Abilene, TX






67



1,057



1,478



266



2,336



2,602



1,269



1994



(l
)4200 West Harry Street(e)



Wichita, KS






193



2,224



1,777



532



3,662



4,194



2,407



1994



(l
)5050 Kendrick Court



Grand Rapids, MI






1,721



11,433



7,579



1,721



19,012



20,733



7,310



1994



(l
)5015 52nd Street SE



Grand Rapids, MI






234



1,321



70



234



1,391



1,625



547



1994



(l
)2250 Delaware Ave



Des Moines, IA






277



1,609



591



277



2,200



2,477



598



1998



(l
)9601A Dessau Road



Austin, TX


1,139



255







1,782



366



1,671



2,037



421



1999



(l
)9601C Dessau Road



Austin, TX


1,406



248







2,265



355



2,158



2,513



967



1999



(l
)9601B Dessau Road



Austin, TX


1,175



248







1,852



355



1,745



2,100



459



2000



(l
)6266 Hurt Road



Horn Lake, MS






427







3,537



427



3,537



3,964



361



2004



(l
)6266 Hurt Road Building B



Horn Lake, MS














868



99



769



868



180



2004



(l
)6301 Hazeltine National Drive



Orlando, FL


4,090



909



4,613



262



920



4,864



5,784



921



2005



(l
)12626 Silicon Drive



San Antonio, TX


3,270



768



3,448



266



779



3,703



4,482



798



2005



(l
)3100 Pinson Valley Parkway



Birmingham, AL






303



742



22



310



757



1,067



161



2005



(l
)1021 W. First Street, Hwy 93



Sumner, IA






99



2,540



(96
)


101



2,442



2,543



538



2005



(l
)1245 N. Hearne Avenue



Shreveport, LA






99



1,263



34



102



1,294



1,396



326



2005



(l
)10330 I Street



Omaha, NE






1,808



8,340



15



1,809



8,354



10,163



2,450



2006



(l
)3200 Pond Station



Jefferson County, KY






2,074







9,679



2,119



9,634



11,753



654



2007



(l
)Ozburn Hessey Logistics



Winchester, VA






2,320







10,855



2,401



10,774



13,175



689



2007



(l
)Pure Fishing BTS



Kansas City, MO






4,152







13,602



4,228



13,526



17,754



411



2008



(l
)600 Greene Drive



Greenville, KY






294



8,570



3



296



8,571



8,867



1,462



2008



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










183,630



1,048



7,675
(m)


186,848



5,508



192,356



340Total





$
402,057


$
753,454


$
1,860,763


$
712,694


$
767,724
(k)

$
2,559,190
(k)

$
3,326,914


$
597,461
(k)  S-22




---



##### Table of Contents








NOTES:
  (a)
    
    See description of encumbrances in Note 6 to Notes to
    Consolidated Financial Statements.  (b)
    
    Initial cost for each respective property is tangible purchase
    price allocated in accordance with FASBs guidance on
    business combinations.(c)
    
    Improvements are net of write-off of fully depreciated assets.(d)
    
    Comprised of two properties.(e)
    
    Comprised of three properties.(f)
    
    Comprised of four properties.(g)
    
    Comprised of five properties.(h)
    
    Comprised of eight properties.(i)
    
    Comprised of 28 properties.(j)
    
    These properties represent developable land and redevelopments
    that have not been placed in service.(k)  Gross AmountAmounts





Carried AtIncluded


Amounts Within


Close of Periodin Real Estate


Net Investment


December 31,Held for Sale


in Real Estate*


2009*Land

$
16,245


$
751,479


$
767,724Buildings & Improvements


15,617



2,543,573



2,559,190Accumulated Depreciation


(2,566
)


(594,895
)


(597,461
)Subtotal


29,296



2,700,157



2,729,453Construction in Progress






24,712



24,712Net Investment in Real Estate


29,296



2,724,869



2,754,165Leasing Commissions, Net, Deferred Leasing Intangibles, Net and
    Deferred Rent Receivable, Net


8,009Total at December 31, 2009

$
37,305   *
    Amounts exclude $60,160 of above market 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-23




---



##### Table of Contents



2009


2008


2007(Dollars in thousands)Balance, Beginning of Year

$
3,406,729


$
3,365,500


$
3,331,382Acquisition of Real Estate Assets


208



319,431



440,664Construction Costs and Improvements


47,716



186,997



237,135Disposition of Real Estate Assets


(73,015
)


(429,106
)


(619,785
)Write-off of Fully Depreciated Assets


(30,012
)


(36,093
)


(23,896
)Balance, End of Year

$
3,351,626


$
3,406,729


$
3,365,500     2009


2008


2007Balance, Beginning of Year

$
524,865


$
512,781


$
473,882Depreciation for Year


112,241



114,795



121,714Disposition of Assets


(9,633
)


(66,618
)


(58,919
)Write-off of Fully Depreciated Assets


(30,012
)


(36,093
)


(23,896
)Balance, End of Year

$
597,461


$
524,865


$
512,781  S-24




---



##### Table of Contents



SIGNATURES
    FIRST INDUSTRIAL REALTY TRUST, INC.
  By:
    /s/  Bruce
    W. Duncan        By:
    /s/  Scott
    A. Musil          Signature

Title

Date/s/  W.
    Edwin TylerW.
    Edwin Tyler

Chairman of the Board of Directors

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

President, Chief Executive Officer and Director

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

Director of Strategic Planning and Director

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

Director

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

Director

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

Director

March 1, 2010/s/  Jay
    H. ShidlerJay
    H. Shidler

Director

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

Director

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

Director

March 1, 2010  S-25