##### 





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

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended
    December 31, 2007oro

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 4000, 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
  þ o
  o þ
  þ o
  Regulation S-K Form 10-K Form 10-K. þ
    Large accelerated
    filer þ

Accelerated
    filer o

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

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




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


Business


3Item 1A.


Risk Factors


7Item 1B.


Unresolved SEC Comments


13Item 2.


Properties


13Item 3.


Legal Proceedings


20Item 4.


Submission of Matters to a Vote of Security Holders


20PART II.Item 5.


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


21Item 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


41Item 8.


Financial Statements and Supplementary Data


42Item 9.


Changes in and Disagreements with Accountants on Accounting and
    Financial Disclosure


42Item 9A.


Controls and Procedures


42Item 9B.


Other Information


42PART III.Item 10.


Directors, Executive Officers and Corporate Governance


43Item 11.


Executive Compensation


43Item 12.


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


43Item 13.


Certain Relationships and Related Transactions and Director
    Independence


43Item 14.


Principal Accountant Fees and Services


43PART IV.Item 15.


Exhibits and Financial Statement Schedules


43Signatures


S-31   lease-up higher-than-expected
 2




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PART I  THE COMPANY
  Item 1.
    Business  General
              Form 10-K. Form 10-K, Form 10-Q,
 3




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Form 8-K
  First
    Industrial Realty Trust, Inc.
    311 S. Wacker, Suite 4000
    Chicago, IL 60606
    Attn: Investor Relations
  Business
    Objectives and Growth Plans
    
    Internal Growth.  We seek to grow internally by
    (i) increasing revenues by renewing or re-leasing spaces
    subject to expiring leases at higher rental levels;
    (ii) increasing occupancy levels at properties where
    vacancies exist and maintaining occupancy elsewhere;
    (iii) controlling and minimizing property operating and
    general and administrative expenses; (iv) renovating
    existing properties; and (v) increasing ancillary revenues
    from non-real estate sources.
    External Growth.  We seek to grow externally
    through (i) the development of industrial properties;
    (ii) the acquisition of portfolios of industrial
    properties, industrial property businesses or individual
    properties which meet our investment parameters and target
    markets; (iii) additional joint venture investments; and
    (iv) the expansion of our properties.
    Corporate Services.  Through our corporate
    services program, we build for, purchase from, and lease and
    sell industrial properties to companies that need industrial
    facilities. We seek to grow this business by targeting both
    large and middle-market public and private companies.  Business
    Strategies
    
    Organization Strategy.  We implement our
    decentralized property operations strategy through the
    deployment of experienced regional management teams and local
    property managers. Each operating region is headed by a managing
    director who is a senior executive officer of, and has an equity
    interest in, the Company. 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, the Netherlands and Belgium. These markets have one or
    more of the following characteristic: (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 4




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##### 



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, the Netherlands and Belgium. Of
    the 804 industrial properties in our in-service portfolio at
    December 31, 2007, 112 properties have been developed by us
    or our former management. We will continue to leverage the
    development capabilities of our management, many of whom are
    leading industrial property developers in their respective
    markets.
    Disposition Strategy.  We continuously evaluate
    local market conditions and property-related factors in all of
    our markets for purposes of identifying assets suitable for
    disposition.
    Financing Strategy.  We plan on utilizing a
    portion of net sales proceeds from property sales, borrowings
    under our unsecured line of credit and proceeds from the
    issuance, when and as warranted, of additional debt and equity
    securities to finance future acquisitions and developments. We
    also continually evaluate joint venture arrangements as another
    source of capital. As of February 15, 2008, we had
    approximately $47.9 million available for additional
    borrowings under our unsecured line of credit (the
    Unsecured Line of Credit).  Recent
    Developments
                 5




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##### 



Future
    Property Acquisitions, Developments and Property Sales
      and/or
  INDUSTRY
  and/or construction-on-demand
    *
    
    Source: Torto Wheaton Research 6




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##### 



Item 1A.
    Risk
    Factors  Risk
    Factors
    Real
    estate investments value fluctuates depending on
    conditions in the general economy and the real estate business.
    These conditions may limit the 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.  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.
   7




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The
    Company may be unable to acquire properties on advantageous
    terms or acquisitions may not perform as the Company
    expects.
    The
    Company may be unable to complete development and re-development
    projects on advantageous terms.
    
    we may not be able to obtain financing for development projects
    on favorable terms and complete construction on schedule or
    within budget, resulting in increased debt service expense and
    construction costs and delays in leasing the properties and
    generating cash flow;
    we may not be able to obtain, or may experience delays in
    obtaining, all necessary zoning, land-use, building, occupancy
    and other governmental permits and authorizations;
    the properties may perform below anticipated levels, producing
    cash flow below budgeted amounts and limiting our ability to
    sell such properties to third parties or to sell such properties
    to our joint ventures.  The
    Company may be unable to renew leases or find other
    lessees.
   8




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The
    Company might fail to qualify or remain qualified as a
    REIT.
      Certain
    property transfers may generate prohibited transaction income,
    resulting in a penalty tax on the gain attributable to the
    transaction.
    The
    REIT distribution requirements may require the Company to turn
    to external financing sources.
    Debt
    financing, the degree of leverage and rising interest rates
    could reduce the Companys cash flow.
    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.
   9




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##### 



The
    Company may have to make lump-sum payments on its existing
    indebtedness.
    
    $50.0 million aggregate principal amount of
    7.75% Notes due 2032 (the 2032 Notes)
    $200.0 million aggregate principal amount of
    7.60% Notes due 2028 (the 2028 Notes)
    approximately $15.0 million aggregate principal amount of
    7.15% Notes due 2027 (the 2027 Notes)
    $150.0 million aggregate principal amount of
    5.95% Notes due 2017 (the 2017 II Notes)
    $100.0 million aggregate principal amount of
    7.50% Notes due 2017 (the 2017 Notes)
    $200.0 million aggregate principal amount of
    5.75% Notes due 2016 (the 2016 Notes)
    $125.0 million aggregate principal amount of
    6.42% Notes due 2014 (the 2014 Notes)
    $200.0 million aggregate principal amount of
    6.875% Notes due 2012 (the 2012 Notes)
    $200.0 million aggregate principal amount of
    4.625% Notes due 2011 (the 2011 Exchangeable
    Notes)
    $200.0 million aggregate principal amount of
    7.375% Notes due 2011 (the 2011 Notes)
    $125.0 million aggregate principal amount of
    5.25% Notes due 2009 (the 2009 Notes)
    $500.0 million Unsecured Line of Credit under which we may
    borrow to finance the acquisition of additional properties and
    for other corporate purposes, including working capital.      There
    is no limitation on debt in the Companys organizational
    documents.
   10




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##### 



Rising
    interest rates on the Companys Unsecured Line of Credit
    could decrease the Companys available cash.
    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.
   11




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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; 12




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##### 




    revisions in tax treaties or other laws and regulations,
    including those governing the taxation of our international
    revenues;
    obstacles to the repatriation of earnings and funds;
    currency exchange rate fluctuations between the United States
    dollar and foreign currencies;
    restrictions on the transfer of funds; and
    national, regional and local political uncertainty.    Acquired
    properties may be located in new markets, where we may face
    risks associated with investing in an unfamiliar
    market.
    Potential
    fluctuations in exchange rates between the U.S. dollar and the
    currencies of the other countries in which we invest may
    adversely affect our results of operations and financial
    position.
    Item 1B.
    Unresolved
    SEC Comments    Item 2.
    Properties  General
  and/or
   13




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##### 




    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. 14




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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(a)


696,922



12



206,826



5



2,650,542



11



393,535



5



847,950



4Baltimore, MD


989,634



16



169,660



5



383,135



3











171,000



1Central PA(b)


541,722



7











897,000



3



117,599



3







Chicago, IL


1,019,409



18



174,841



3



2,346,598



12



169,989



4



421,000



2Cincinnati, OH


604,389



7











1,525,130



7



130,870



2







Cleveland, OH


64,000



1











608,740



4















Columbus, OH(c)


217,612



2











2,442,967



7



98,800



1







Dallas, TX


2,475,044



49



454,963



18



1,762,736



16



677,433



10



128,478



1Denver, CO


1,248,829



21



1,016,054



23



1,399,876



8



521,664



8



126,384



1Detroit, MI


2,361,883



85



452,376



15



530,843



5



710,308



17



116,250



1Houston, TX


330,322



7



111,111



5



2,233,064



13



355,793



5







Indianapolis, IN(d,e,f,g)


909,253



18



38,200



3



3,348,469



13



222,710



5



71,600



2Inland Empire, CA


















595,940



2















Los Angeles, CA


460,820



10











374,702



3



199,555



3







Louisville, KY


















124,935



1















Miami, FL


























228,726



5







Milwaukee, WI


263,567



6



93,705



2



838,129



6



129,557



2







Minneapolis/St. Paul, MN(h,i)


1,567,075



18



419,834



5



1,810,141



9



321,305



4



994,077



9Nashville, TN


204,918



3











870,323



5











109,058



1N. New Jersey


1,159,629



20



413,167



7



441,467



3



58,585



1







Philadelphia, PA


878,456



18



127,802



5



732,265



3



211,228



4



30,000



1Phoenix, AZ


61,538



2











131,000



1



256,615



4







Salt Lake City, UT


706,201



35



146,937



6



648,625



4















San Diego, CA


112,773



5



















69,985



2







S. New Jersey(j)


1,356,377



20











281,100



2



118,496



2



22,738



1St. Louis, MO(k)


545,747



7











1,887,790



8



96,392



1







Tampa, FL(l)


234,679



7



486,192



23



209,500



1















Toronto, ON


57,540



1











897,954



3















Other(m)


696,547



8











1,727,328



9



88,000



1



36,000



1Total


19,764,886



403



4,311,668



125



31,700,299



162



5,177,145



89



3,074,535



25     (a)
    
    One property collateralizes a $2.8 million mortgage loan
    which matures on May 1, 2016.(b)
    
    One property collateralizes a $14.7 million mortgage loan
    which matures on December 1, 2010.(c)
    
    One property collateralizes a $5.0 million mortgage loan
    which matures on December 1, 2019.(d)
    
    Twelve properties collateralize a $1.1 million mortgage
    loan which matures on September 1, 2009.(e)
    
    One property collateralizes a $1.4 million mortgage loan
    which matures on January 1, 2013.(f)
    
    One property collateralizes a $2.4 million mortgage loan
    which matures on January 1, 2012.(g)
    
    One property collateralizes a $1.7 million mortgage loan
    which matures on June 1, 2014.(h)
    
    One property collateralizes a $5.1 million mortgage loan
    which matures on December 1, 2019.(i)
    
    One property collateralizes a $1.8 million mortgage loan
    which matures on September 30, 2024.(j)
    
    One property collateralizes a $6.4 million mortgage loan
    which matures on March 1, 2011. 15




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##### 



(k)
    
    One property collateralizes a $13.8 million mortgage loan
    and a $11.7 million mortgage loan which both mature on
    January 1, 2014.(l)
    
    Six properties collateralize a $5.7 million mortgage loan
    which matures on July 1, 2009.(m)
    
    Properties are located in Wichita, KS, Grand Rapids, MI, Austin,
    TX, Orlando, FL, Johnson County, MS, Horn Lake, MS, Shreveport,
    LA, Kansas City, MO, San Antonio, TX, Birmingham, AL,
    Portland, OR, Des Moines, IA, Sumner, IA, Omaha, NE, and
    Winchester, VA.  Property
    Summary Totals
  TotalsAverage


GLA as a%Number of


Occupancy at


of TotalMetropolitan Area

GLA


Properties(b)


12/31/07(b)


Portfolio(b)Atlanta, GA


4,795,775



37



93
%


7.5
%Baltimore, MD


1,713,429



25



100
%


2.7
%Central, PA


1,556,321



13



100
%


2.4
%Chicago, IL


4,131,837



39



97
%


6.5
%Cincinnati, OH


2,260,389



16



98
%


3.5
%Cleveland, OH


672,740



5



100
%


1.1
%Columbus, OH


2,759,379



10



90
%


4.3
%Dallas, TX/Ft. Worth, TX


5,498,654



94



91
%


8.6
%Denver, CO


4,312,807



61



91
%


6.7
%Detroit, MI


4,171,660



123



81
%


6.5
%Houston, TX


3,030,290



30



99
%


4.7
%Indianapolis, IN


4,590,232



41



97
%


7.2
%Inland Empire, CA


595,940



2



100
%


0.9
%Los Angeles, CA


1,035,077



16



85
%


1.6
%Louisville, KY


124,935



1



100
%


0.2
%Miami, FL


228,726



5



99
%


0.4
%Milwaukee, WI


1,324,958



16



91
%


2.1
%Minneapolis/St. Paul, MN


5,112,432



45



95
%


8.0
%Nashville, TN


1,184,299



9



93
%


1.8
%N. New Jersey


2,072,848



31



95
%


3.2
%Philadelphia, PA


1,979,751



31



98
%


3.1
%Phoenix, AZ


449,153



7



100
%


0.7
%Salt Lake City, UT


1,501,763



45



94
%


2.3
%San Diego, CA


182,758



7



92
%


0.3
%S. New Jersey


1,778,711



25



98
%


2.8
%St. Louis, MO


2,529,929



16



99
%


4.0
%Tampa, FL


930,371



31



93
%


1.5
%Toronto, ON


955,494



4



100
%


1.5
%Other(a)


2,547,875



19



100
%


4.0
%Total or Average


64,028,533



804



95
%


100.0
%     (a)
    
    Properties are located in Wichita, KS, Grand Rapids, MI, Austin,
    TX, Orlando, FL, Johnson County, KS, Horn Lake, MS, Shreveport,
    LA, Kansas City, MO, San Antonio, TX, Birmingham, AL,
    Portland, OR, Des Moines, IA, Sumner, IA, Omaha, NE, and
    Winchester, VA.(b)
    
    Includes only in-service properties. 16




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Property
    Acquisition Activity
    AverageNumber of








Occupancy atMetropolitan Area

Properties


GLA


Property Type


12/31/2007(b)Atlanta, GA


2



972,125



Bulk Warehouse



N/AChicago, IL


3



276,643



Lt. Ind./Bulk/Regional Warehouse



100
%Cincinnati, OH


6



329,070



Lt. Ind./Regional Warehouse



99
%Columbus, OH(a)


1



340,000



Bulk Warehouse



N/AColumbus, OH


2



547,406



Bulk Warehouse



N/ADallas, TX


1



106,210



Bulk Warehouse



100
%Houston, TX(a)


31



1,070,233



Various



N/AHouston, TX


14



451,370



Lt. Ind./Regional Warehouse/R&D Flex



85
%Inland Empire, CA


2



595,940



Bulk Warehouse



100
%Los Angeles, CA(a)


1



27,692



Regional Warehouse



N/ALos Angeles, CA


12



918,974



Lt. Ind./Bulk/Regional Warehouse



100
%Miami, FL


7



424,730



Bulk/Regional Warehouse



99
%Milwaukee, WI


4



192,941



Light Industrial



N/AMinneapolis, MN


1



132,000



Bulk Warehouse



N/ANashville, TN


1



76,016



Light Industrial



100
%Philadelphia, PA(a)


1



137,036



Bulk Warehouse



N/APhiladelphia, PA


2



560,728



Bulk/Regional Warehouse



100
%Phoenix, AZ


1



39,360



Regional Warehouse



100
%S. New Jersey(a)


2



157,450



Bulk/Regional Warehouse



N/AS. New Jersey


3



360,638



Bulk/Regional Warehouse



100
%Salt Lake City, UT


3



185,000



Light Industrial



100
%San Diego, CA


2



70,414



Regional Warehouse



100
%St. Louis, MO(a)


1



226,576



Bulk Warehouse



N/ASt. Louis


1



115,200



Bulk Warehouse



N/AToronto, ON


1



276,124



Bulk Warehouse



100
%Total


105



8,589,876     (a)
    
    Property was sold in 2007.(b)
    
    Includes only in-service properties. 17




---



##### 



Property
    Development Activity
    AverageOccupancyMetropolitan Area

GLA


Property Type


at 12/31/07Baltimore, MD


300,000



Bulk Warehouse



100
%Baltimore, MD(a)


130,200



Bulk Warehouse



N/ADallas, TX(a)


125,085



Bulk Warehouse



N/ADenver, CO


20,320



R&D/Flex



100
%Denver, CO


39,434



Light Industrial



100
%Indianapolis, IN


71,753



Light Industrial



100
%Indianapolis, IN


177,600



Bulk Warehouse



100
%Indianapolis, IN(a)


241,824



Bulk Warehouse



N/AKansas City, KS


446,500



Bulk Warehouse



100
%Louisville, KY


118,159



Bulk Warehouse



100
%Minneapolis, MN


170,824



Bulk Warehouse



100
%Minneapolis/St. Paul, MN(a)


340,478



Bulk Warehouse



N/APhoenix, AZ(a)


335,039



Bulk Warehouse



N/ASalt Lake City, UT(a)


92,290



Regional Warehouse



N/ATotal


2,609,506     (a)
    
    Property was sold in 2007.   18




---



##### 



Property
    Sales
    Number ofMetropolitan Area

Properties


GLA


Property TypeAtlanta, GA


4



421,036



Light Industrial/Bulk/Regional WarehouseBaltimore, MD


2



657,800



Bulk WarehouseCentral, PA


1



49,350



Light IndustrialChicago, IL


8



1,003,748



Light Industrial/Bulk/Regional WarehouseCincinnati, OH


1



240,000



Bulk WarehouseColumbus, OH


1



340,000



Bulk WarehouseDallas, TX


4



1,189,403



Light Industrial/Bulk WarehouseDenver, CO


25



966,117



R&D Flex/Light IndustrialDetroit, MI


3



154,011



Light Industrial/R&D/FlexHouston, TX


36



1,437,659



Lt. Ind/R&D/Flex/RegionalIndianapolis, IN


9



1,022,376



Bulk/Lt. Ind/R&D/Flex/RegionalLos Angeles, CA


5



482,833



Regional/Bulk Warehouse/Lt. Ind.Louisville, KY


2



443,500



Bulk WarehouseMinneapolis/St. Paul, MN


5



415,882



Light Industrial/R&D/FlexN. New Jersey


2



154,965



Bulk WarehouseNashville, TN


5



866,121



Light Industrial/Bulk WarehousePhiladelphia, PA


2



160,086



Bulk Warehouse/R&D FlexPhoenix, AZ


10



780,601



Regional/Bulk Warehouse/Light IndustrialS. New Jersey


5



273,076



Light Industrial/Regional/Bulk WarehouseSalt Lake City, UT


3



363,562



Regional/Bulk WarehouseSan Diego, CA


9



672,009



Regional/Bulk WarehouseTampa, FL


19



686,092



R&D/Flex/Light IndustrialOther(a)


3



922,576



Regional/Bulk WarehouseTotal


164



13,702,803     (a)
    
    Properties are located in Shreveport, LA, McAllen, TX, and
    Kansas City, MO.  Property
    Acquisitions, Developments and Sales Subsequent to Year
    End
   19




---



##### 



Tenant
    and Lease Information
  semi-net
    Number of





Percentage of


Annual Base Rent


Percentage of TotalYear of

Leases


GLA


GLA


Under Expiring


Annual Base RentExpiration(1)

Expiring


Expiring(2)


Expiring


Leases


Expiring(2)(In thousands)2008


657



12,568,701



21
%


54,285



20
%2009


478



10,086,353



17
%


47,399



17
%2010


469



9,595,302



16
%


44,412



16
%2011


279



7,710,427



13
%


37,761



14
%2012


213



6,097,906



10
%


29,083



11
%2013


83



3,632,234



6
%


15,358



6
%2014


36



1,814,585



3
%


8,712



3
%2015


35



2,556,108



4
%


8,064



3
%2016


23



1,414,386



2
%


5,474



2
%2017


14



1,310,972



2
%


5,905



2
%Thereafter


33



4,112,248



7
%


16,077



6
%Total


2,320



60,899,222



100.0
%

$
272,530



100.0
%     (1)
    
    Lease expirations as of December 31, 2007 assume tenants do
    not exercise existing renewal, termination or purchase options.(2)
    
    Does not include existing vacancies of 3,129,311 aggregate
    square feet.  Item 3.
    Legal
    Proceedings    Item 4.
    Submission
    of Matters to a Vote of Security Holders   20




---



##### 



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, 2007

$
42.71


$
34.60


$
0.7200September 30, 2007

$
41.28


$
37.63


$
0.7100June 30, 2007

$
45.77


$
38.76


$
0.7100March 31, 2007

$
49.51


$
44.44


$
0.7100December 31, 2006

$
50.52


$
43.70


$
0.7100September 30, 2006

$
44.25


$
37.25


$
0.7000June 30, 2006

$
41.79


$
36.50


$
0.7000March 31, 2006

$
43.24


$
37.73


$
0.7000             lock-up
 21




---



##### 



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










1,743,543Equity Compensation Plans Not Approved by Security Holders(1)


355,901


$
31.68



84,274Total


355,901


$
31.68



1,827,817     (1)
    
    See Notes 3 and 13 of the Notes to Consolidated Financial
    Statements contained herein for a description of the plan. 22




---



##### 



Performance
    Graph*
    COMPARISON
    OF 5 YEAR CUMULATIVE TOTAL RETURN*
  
  12/02

12/03

12/04

12/05

12/06

12/07FIRST INDUSTRIAL REALTY TRUST, INC.

$
100.00


$
131.43


$
170.19


$
172.67


$
224.61


$
178.05S&P 500


100.00



128.68



142.69



149.70



173.34



182.87NAREIT Equity


100.00



137.13



180.44



202.38



273.34



230.45      23




---



##### 



Total Number


Approximateof Shares


Dollar Value ofPurchased as


Shares that MayTotal





Part of Publicly


Yet beNumber of


Average


Announced


PurchasedShares


Price Paid


Plans or


Under the PlansPeriod

Purchased


per Share


Programs


or Programs(1)January 1, 2007  July 31, 2007













$
29,513,176August 1, 2007  August 31, 2007


645,083


$
39.46



645,083


$
4,060,637September 1, 2007  September 30, 2007


98,431


$
39.90



98,431


$
100,132,878October 1, 2007  October 31, 2007













$
100,132,878November 1, 2007  November 30, 2007


1,054,200


$
37.93



1,054,200


$
60,144,757December 1, 2007  December 31, 2007













$
60,144,757Total


1,797,714


$
38.59



1,797,714     (1)
    
    In March 2000 and in September 2007, our Board of Directors
    authorized a stock repurchase plan pursuant to which we are
    permitted to purchase up to $100.0 million and
    $100.0 million, respectively, of our outstanding common
    stock. During the year ended December 31, 2007, we
    repurchased 1,797,714 shares at an average price per share
    of $38.59 ($38.62 per share, including brokerage commissions).
    During November 2007 we completed the March 2000 Program. 24




---



##### 



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


Year Ended


Year Ended


Year Ended


Year Ended12/31/07


12/31/06


12/31/05


12/31/04


12/31/03(In thousands, except per unit and property data)Statement of Operations Data:Total Revenues

$
434,927


$
350,924


$
287,663


$
232,786


$
217,925Interest Income


1,926



1,614



1,486



3,632



2,416Mark-to-Market/(Loss) Gain on Settlement of Interest Rate
    Protection Agreements






(3,112
)


811



1,583



Property Expenses


(129,403
)


(115,230
)


(95,172
)


(78,632
)


(73,428
)General and Administrative Expense


(92,101
)


(77,497
)


(55,812
)


(39,569
)


(26,953
)Interest Expense


(119,314
)


(121,141
)


(108,339
)


(98,636
)


(94,895
)Amortization of Deferred Financing Costs


(3,210
)


(2,666
)


(2,125
)


(1,931
)


(1,764
)Depreciation and Other Amortization


(153,682
)


(130,582
)


(94,490
)


(69,326
)


(56,788
)Contractor Expenses


(34,553
)


(10,263
)


(15,574
)






(Loss) Gain from Early Retirement from Debt


(393
)






82



(515
)


(1,466
)Equity in Income of Joint Ventures


30,045



30,673



3,699



37,301



539Income Tax Benefit


10,571



9,882



14,337



8,195



5,878Minority Interest Allocable to Continuing Operations


9,944



11,593



9,695



3,774



7,033Loss from Continuing Operations


(45,243
)


(55,805
)


(53,739
)


(1,338
)


(21,503
)Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $244,962, $213,442, $132,139, $88,245 and $79,485
    for the Years Ended December 31, 2007, 2006, 2005, 2004,
    and 2003, respectively)


260,975



240,145



167,406



129,625



149,330Provision for Income Taxes Allocable to Discontinued Operations
    (Including $36,032, $47,511, $20,529, $8,659 and $2,154
    allocable to Gain on Sale of Real Estate for the Years ended
    December 31, 2007, 2006, 2005, 2004, and 2003, respectively)


(38,044
)


(51,102
)


(23,898
)


(11,275
)


(3,866
)Minority Interest Allocable to Discontinued Operations


(28,178
)


(24,594
)


(18,886
)


(16,238
)


(21,427
)Gain on Sale of Real Estate


9,425



6,071



29,550



16,755



15,794Provision for Income Taxes Allocable to Gain on Sale of Real
    Estate


(3,082
)


(2,119
)


(10,871
)


(5,359
)


(2,614
)Minority Interest Allocable to Gain on Sale of Real Estate


(802
)


(514
)


(2,458
)


(1,564
)


(1,941
)Net Income


155,051



112,082



87,104



110,606



113,773Redemption of Preferred Stock


(2,017
)


(672
)






(7,959
)


Preferred Dividends


(21,320
)


(21,424
)


(10,688
)


(14,488
)


(20,176
)Net Income Available to Common Stockholders

$
131,174


$
89,986


$
76,416


$
88,159


$
93,597Basic and Diluted Earnings Per Weighted Average Common Share
    Outstanding:Loss from Continuing Operations Available to Common Stockholders

$
(1.43
)

$
(1.69
)

$
(1.14
)

$
(0.34
)

$
(0.79
)Net Income Available to Common Stockholders

$
2.99


$
2.04


$
1.80


$
2.17


$
2.43Distributions Per Share

$
2.8500


$
2.8100


$
2.7850


$
2.7500


$
2.7400Basic and Diluted Weighted Average Number of Common Shares
    Outstanding


44,086



44,012



42,431



40,557



38,542Net Income

$
155,051


$
112,082


$
87,104


$
110,606


$
113,773Other Comprehensive Income (Loss):Settlement of Interest Rate Protection Agreements


(4,261
)


(1,729
)






6,816



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










(159
)






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


3,819



(2,800
)


(1,414
)


106



251Amortization of Interest Rate Protection Agreements


(916
)


(912
)


(1,085
)


(512
)


198Foreign Currency Translation Adjustment, Net of Tax Provision


2,134















Other Comprehensive (Income) Loss Allocable to Minority Interest


(142
)


698



837







Other Comprehensive Income

$
155,685


$
107,339


$
85,283


$
117,016


$
114,222 25




---



##### 



Year Ended


Year Ended


Year Ended


Year Ended


Year Ended12/31/07


12/31/06


12/31/05


12/31/04


12/31/03(In thousands, except per unit and property data)Balance Sheet Data (End of Period):Real Estate, Before Accumulated Depreciation

$
3,326,268


$
3,219,728


$
3,260,761


$
2,856,474


$
2,738,034Real Estate, After Accumulated Depreciation


2,816,287



2,754,310



2,850,195



2,478,091



2,388,782Real Estate Held for Sale, Net


37,875



115,961



16,840



52,790



Total Assets


3,258,033



3,224,399



3,226,243



2,721,890



2,648,023Mortgage Loans Payable, Net, Unsecured Lines of Credit and
    Senior Unsecured Debt, Net


1,946,670



1,834,658



1,813,702



1,574,929



1,453,798Total Liabilities


2,183,755



2,048,873



2,020,361



1,719,463



1,591,732Stockholders Equity


923,919



1,022,979



1,043,562



845,494



889,173Other Data:Cash Flow From Operating Activities

$
92,736


$
59,551


$
49,350


$
77,657


$
103,156Cash Flow From Investing Activities


126,909



129,147



(371,654
)


9,992



29,037Cash Flow From Financing Activities


(230,023
)


(180,800
)


325,617



(83,546
)


(131,372
)Total In-Service Properties


804



858



884



827



834Total In-Service GLA, in Square Feet


64,028,533



68,610,505



70,193,161



61,670,735



57,925,466In-Service Occupancy Percentage


95
%


94
%


92
%


90
%


88
%   Item 7.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations  Form 10-K.
  lease-up
     26




---



##### 



and/or
 27




---



##### 



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 our management
    has approved the sales of 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 28




---



##### 



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 quarterly basis for possible
    impairment and provide a provision if impairments are
    determined. We utilize the guidelines established under
    Financial Accounting Standards Boards (FASB)
    Statement of Financial Accounting Standards (FAS)
    No. 144, Accounting for the Impairment or Disposal
    of Long Lived Assets (FAS 144) to
    determine if impairment conditions exist. We review the expected
    undiscounted cash flows of each property to determine if there
    are any indications of impairment. If the expected undiscounted
    cash flows of a particular property are less than the net book
    basis of the property, we will recognize an impairment charge
    equal to the amount of carrying value of the property that
    exceeds the fair value of the property. Fair value is determined
    by discounting the future expected cash flows of the property.
    The calculation of the fair value involves subjective
    assumptions such as estimated occupancy, rental rates, ultimate
    residual value and the discount rate used to present value the
    cash flows.
    We are engaged in the acquisition of individual properties as
    well as multi-property portfolios. In accordance with
    FAS No. 141, Business Combinations
    (FAS 141), we are required to allocate
    purchase price between land, building, tenant improvements,
    leasing commissions, in please 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 our assessment of various
    characteristics of the markets where the property is located and
    the expected cash flows of the property.
    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 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 FAS Interpretation
    No. 46(R), Consolidation of Variable Interest
    Entities,
    EITF 96-16,
    Investors Accounting for an Investee When the Investor
    Has a Majority of the Voting Interest but the Minority
    Shareholder or Shareholders Have Certain Approval or Veto
    Rights and Statement of Position
    78-9,
    Accounting for Investments in Real Estate Ventures. Based
    on the guidance set forth in these pronouncements, we do not
    consolidate any of our joint venture investments because either
    the joint venture has been determined not to be a variable
    interest entity or it has been determined we are not the primary
    beneficiary. Our assessment of whether we are the primary
    beneficiary of a variable interest involves the consideration of
    various factors including the form of our 29




---



##### 



ownership interest, our representation on the entitys
    governing body, the size of our investment and future cash flows
    of the entity.  
    In the preparation of our consolidated financial statements,
    significant management judgment is required to estimate our
    current and deferred income tax liabilities, and our compliance
    with REIT qualification requirements. Our estimates are based on
    our interpretation of tax laws. These estimates may have an
    impact on the income tax expense recognized. Adjustments may be
    required by a change in assessment of our deferred income tax
    assets and liabilities, changes due to audit adjustments by
    federal and state tax authorities, our inability to qualify as a
    REIT, and changes in tax laws. Adjustments required in any given
    period are included within the income tax provision.  RESULTS
    OF OPERATIONS
  Comparison
    of Year Ended December 31, 2007 to Year Ended
    December 31, 2006
          30




---



##### 



2007


2006


$ Change


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

$
301,404


$
289,761


$
11,643



4.0
%Acquired Properties


55,724



16,844



38,880



230.8
%Sold Properties


41,037



80,409



(39,372
)


(49.0
)%(Re)Developments and Land, Not Included Above


8,213



5,973



2,240



37.5
%Other


36,890



29,958



6,932



23.1
%$
443,268


$
422,945


$
20,323



4.8
%Discontinued Operations


(43,969
)


(82,561
)


38,592



(46.7
)%Subtotal Revenues

$
399,299


$
340,384


$
58,915



17.3
%Contractor Revenues


35,628



10,540



25,088



238.0
%Total Revenues

$
434,927


$
350,924


$
84,003



23.9
%     2007


2006


$ Change


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

$
96,368


$
94,400


$
1,968



2.1
%Acquired Properties


13,680



4,037



9,643



238.9
%Sold Properties


12,346



23,532



(11,186
)


(47.5
)%(Re) Developments and Land, Not Included Above


4,512



3,979



533



13.4
%Other


16,603



15,427



1,176



7.6
%$
143,509


$
141,375


$
2,134



1.5
%Discontinued Operations


(14,106
)


(26,145
)


12,039



(46.0
)%Property Expenses

$
129,403


$
115,230


$
14,173



12.3
%Contractor Expenses


34,553



10,263



24,290



236.7
%Total Property and Contractor Expenses

$
163,956


$
125,493


$
38,463



30.6
%    31




---



##### 



2007


2006


$ Change


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

$
109,896


$
107,451


$
2,445



2.3
%Acquired Properties


38,988



13,727



25,261



184.0
%Sold Properties


12,568



28,383



(15,815
)


(55.7
)%(Re) Developments and Land, Not Included Above


4,243



8,821



(4,578
)


(51.9
)%Corporate Furniture, Fixtures and Equipment


1,837



1,913



(76
)


(4.0
)%$
167,532


$
160,295


$
7,237



4.5
%Discontinued Operations


(13,850
)


(29,713
)


15,863



(53.4
)%Total Depreciation and Other Amortization

$
153,682


$
130,582


$
23,100



17.7
%           Accounting for Derivative Instruments and
    Hedging Activities,
 32




---



##### 



2007


2006($ in 000s)Total Revenues

$
43,969


$
82,561Property Expenses


(14,106
)


(26,145
)Depreciation and Amortization


(13,850
)


(29,713
)Gain on Sale of Real Estate


244,962



213,442Provision for Income Taxes


(38,044
)


(51,102
)Minority Interest


(28,178
)


(24,594
)Income from Discontinued Operations

$
194,753


$
164,449      33




---



##### 



Comparison
    of Year Ended December 31, 2006 to Year Ended
    December 31, 2005
        2006


2005


$ Change


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

$
257,525


$
255,963


$
1,562



0.6
%Acquired Properties


86,150



18,565



67,585



364.0
%Sold Properties


27,072



63,585



(36,513
)


(57.4
)%(Re)Developments and Land, Not Included Above


22,217



18,789



3,428



18.2
%Other


29,981



19,118



10,863



56.8
%$
422,945


$
376,020


$
49,925



12.5
%Discontinued Operations


(82,561
)


(104,598
)


22,037



(21.1
)%Subtotal Revenues

$
340,384


$
271,422


$
68,962



25.4
%Contractor Revenues


10,540



16,241



(5,701
)


(35.1
)%Total Revenues

$
350,924


$
287,663


$
63,261



22.0
%     34




---



##### 



2006


2005


$ Change


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

$
87,047


$
85,220


$
1,827



2.1
%Acquired Properties


21,784



5,688



16,096



283.0
%Sold Properties


7,603



19,385



(11,782
)


(60.8
)%(Re)Developments and Land, Not Included Above


9,512



9,005



507



5.6
%Other


15,429



11,321



4,108



36.3
%$
141,375


$
130,619


$
10,756



8.2
%Discontinued Operations


(26,145
)


(35,447
)


9,302



(26.2
)%Property Expenses

$
115,230


$
95,172


$
20,058



21.1
%Contractor Expenses


10,263



15,574



(5,311
)


(34.1
)%Total Property and Contractor Expenses

$
125,493


$
110,746


$
14,747



13.3
%       2006


2005


$ Change


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

$
82,896


$
84,009


$
(1,113
)


(1.3
)%Acquired Properties


51,652



11,808



39,844



337.4
%Sold Properties


9,584



20,644



(11,060
)


(53.6
)%(Re)Developments and Land, Not Included Above


14,250



10,169



4,081



40.1
%Corporate Furniture, Fixtures and Equipment


1,913



1,371



542



39.5
%160,295



128,001



32,294



25.2
%Discontinued Operations


(29,713
)


(33,511
)


3,798



(11.3
)%Total Depreciation and Other Amortization

$
130,582


$
94,490


$
36,092



38.2
%    35




---



##### 



36




---



##### 



Year EndedDecember 31,2006


2005($ in 000s)Total Revenues

$
82,561


$
104,598Property Expenses


(26,145
)


(35,447
)Interest Expense






(373
)Depreciation and Amortization


(29,713
)


(33,511
)Gain on Sale of Real Estate


213,442



132,139Provision for Income Taxes


(51,102
)


(23,898
)Minority Interest


(24,594
)


(18,886
)Income from Discontinued Operations


164,449



124,622       LIQUIDITY
    AND CAPITAL RESOURCES
         37




---



##### 



Year
    Ended December 31, 2007
               38




---



##### 



Contractual
    Obligations and Commitments
    Payments Due by PeriodLess ThanTotal


1 Year


1-3 Years


3-5 Years


Over 5 YearsOperating and Ground Leases*

$
52,764


$
3,339


$
5,821


$
4,692


$
38,912Real Estate Development*


64,641



63,335



1,306







Long-term Debt


1,958,553



3,111



148,412



933,757



873,273Interest Expense on Long-Term Debt*


894,138



104,003



196,559



141,551



452,025Total

$
2,970,096


$
173,788


$
352,098


$
1,080,000


$
1,364,210     *
    
    Not on balance sheet.  Off-Balance
    Sheet Arrangements
    Environmental
    Inflation
   39




---



##### 



Market
    Risk
    Interest
    Rate Risk
              Foreign
    Currency Exchange Rate Risk
    Subsequent
    Events
     40




---



##### 



Related
    Party Transactions
    Other
  Fair Value Measurements
  The Fair Value Option for Financial Assets and
    Financial Liabilities
  Business Combinations
  Noncontrolling Interests in Consolidated Financial
    Statements-and Amendment of ARB No. 51
  Item 7A.
    Quantitative
    and Qualitative Disclosures About Market Risk   41




---



##### 



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
          Changes
    in Internal Control Over Financial Reporting
    Item 9B.
    Other
    Information   42




---



##### 



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)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) 43




---



##### 



Exhibits

Description4
.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)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 $150 million of 7.60% Notes due 2007
    and $100 million of 7.15% Notes due 2027 (incorporated by
    reference to Exhibit 4.2 of the Form 10-Q of the Company for the
    fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A
    No. 1 of the Company filed May 30, 1997, File No. 1-13102)4
.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
    73/8% 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) 44




---



##### 



Exhibits

Description4
.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 dueJune 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) 45




---



##### 



Exhibits

Description10
.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

Employment Agreement, dated June 21, 2005, between the Company
    and Michael W. Brennan (incorporated by reference to Exhibit
    10.1 of the Companys Form 8-K filed June 24, 2005
    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

Employment Agreement, dated March 31, 2002, between First
    Industrial Realty Trust, Inc. and Michael J. Havala
    (incorporated by reference to Exhibit 10.1 of the Form 10-Q of
    First Industrial Realty Trust, Inc. for the fiscal quarter ended
    March 31, 2002, 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

Employment Agreement, dated March 25, 2002, between First
    Industrial Realty Trust, Inc. and David P. Draft (incorporated
    by reference to Exhibit 10.3 of the Form 10-Q of First
    Industrial Realty Trust, Inc. for the fiscal quarter ended March
    31, 2002, 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) 46




---



##### 



Exhibits

Description10
.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 Plan10
.25*

Amendment No. 1 to the Companys 1997 Stock Incentive Plan10
.26*

Form of Director Restricted Stock Award Agreement10
.27*

Form of Director Restricted Stock Award Agreement10
.28*

Form of Employee Restricted Stock Award Agreement10
.29*

Form of Employee Restricted Stock Award Agreement10
.30*

Employment Agreement dated January 30, 2006 between First
    Industrial Development Services, Inc. and Gerald A. Pientka10
.31

Employment Agreement dated September 10, 2007 between First
    Industrial Realty Trust, Inc. and Robert Cutlip (incorporated by
    reference to Exhibit 10.1 of the Form 8-K of the Company filed
    September 12, 2007, 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. 47




---



##### 



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) 48




---



##### 



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 $150 million of 7.60% Notes due 2007
    and $100 million of 7.15% Notes due 2027 (incorporated by
    reference to Exhibit 4.2 of the Form 10-Q of the Company for the
    fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A
    No. 1 of the Company filed May 30, 1997, File No. 1-13102)4
.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
    73/8% 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 FirstIndustrial, 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) 49




---



##### 



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) 50




---



##### 



Exhibits

Description10
.10

Employment Agreement, dated June 21, 2005, between the Company
    and Michael W. Brennan (incorporated by reference to Exhibit
    10.1 of the Companys Form 8-K filed June 24, 2005
    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

Employment Agreement, dated March 31, 2002, between First
    Industrial Realty Trust, Inc. and Michael J. Havala
    (incorporated by reference to Exhibit 10.1 of the Form 10-Q of
    First Industrial Realty Trust, Inc. for the fiscal quarter ended
    March 31, 2002, 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

Employment Agreement, dated March 25, 2002, between First
    Industrial Realty Trust, Inc. and David P. Draft (incorporated
    by reference to Exhibit 10.3 of the Form 10-Q of First
    Industrial Realty Trust, Inc. for the fiscal quarter ended March
    31, 2002, 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 Plan10
.25*

Amendment No. 1 to the Companys 1997 Stock Incentive Plan10
.26*

Form of Director Restricted Stock Award Agreement10
.27*

Form of Director Restricted Stock Award Agreement10
.28*

Form of Employee Restricted Stock Award Agreement10
.29*

Form of Employee Restricted Stock Award Agreement10
.30*

Employment Agreement dated January 30, 2006 between First
    Industrial Development Services, Inc. and Gerald A. Pientka10
.31

Employment Agreement dated September 10, 2007 between First
    Industrial Realty Trust, Inc. and Robert Cutlip (incorporated by
    reference to Exhibit 10.1 of the Form 8-K of the Company filed
    September 12, 2007, File No. 1-13102)21
*

Subsidiaries of the Registrant23
*

Consent of PricewaterhouseCoopers LLP 51




---



##### 



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. 52




---



##### 



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


54Consolidated Balance Sheets of First Industrial Realty Trust,
    Inc. (the Company) as of December 31, 2007 and
    2006


55Consolidated Statements of Operations of the Company for the
    Years Ended December 31, 2007, 2006 and 2005


56Consolidated Statements of Comprehensive Income of the Company
    for the Years Ended December 31, 2007, 2006 and 2005


57Consolidated Statements of Changes in Stockholders Equity
    of the Company for the Years Ended December 31, 2007, 2006
    and 2005


58Consolidated Statements of Cash Flows of the Company for the
    Years Ended December 31, 2007, 2006 and 2005


59Notes to the Consolidated Financial Statements


60FINANCIAL STATEMENT SCHEDULESchedule III: Real Estate and Accumulated Depreciation


S-1   FIRSTCAL
    INDUSTRIAL, L.L.C.
  INDEX TO
    FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE
  PageFINANCIAL STATEMENTSReport of Independent Registered Public Accounting Firm


92Consolidated Statements of Financial Position of FirstCal
    Industrial, L.L.C. as of December 31, 2007 and 2006 (not
    covered by the report included herein)


93Consolidated Statements of Operations of FirstCal Industrial,
    L.L.C. for the Years Ended December 31, 2007 and 2006 (not
    covered by the report included herein) and for the period from
    March 18, 2005 (inception) to December 31, 2005


94Consolidated Statements of Changes in Members Capital of
    FirstCal Industrial, L.L.C. for the Years Ended
    December 31, 2007 and 2006 (not covered by the report
    included herein) and for the period from March 18, 2005
    (inception) to December 31, 2005


95Consolidated Statements of Cash Flows of FirstCal Industrial,
    L.L.C. for the Years Ended December 31, 2007 and 2006 (not
    covered by the report included herein) and for the period from
    March 18, 2005 (inception) to December 31, 2005


96Notes to the Consolidated Financial Statements


97  53




---



##### 



Report of
    Independent Registered Public Accounting Firm     Internal Control  Integrated Framework
      
    54




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.



CONSOLIDATED
    BALANCE SHEETS  December 31,


December 31,2007


2006(Dollars in thousands, except share and per share data)ASSETSAssets:Investment in Real Estate:Land

$
655,523


$
558,425Buildings and Improvements


2,599,784



2,626,284Construction in Progress


70,961



35,019Less: Accumulated Depreciation


(509,981
)


(465,418
)Net Investment in Real Estate


2,816,287



2,754,310Real Estate Held for Sale, Net of Accumulated Depreciation and
    Amortization of $3,038 and $9,688 at December 31, 2007 and
    December 31, 2006, respectively


37,875



115,961Cash and Cash Equivalents


5,757



16,135Restricted Cash


24,903



15,970Tenant Accounts Receivable, Net


9,665



8,014Investments in Joint Ventures


57,543



55,527Deferred Rent Receivable, Net


32,665



28,839Deferred Financing Costs, Net


15,373



15,210Deferred Leasing Intangibles, Net


87,019



86,265Prepaid Expenses and Other Assets, Net


170,946



128,168Total Assets

$
3,258,033


$
3,224,399LIABILITIES AND STOCKHOLDERS EQUITYLiabilities:Mortgage Loans Payable, Net

$
73,550


$
77,926Senior Unsecured Debt, Net


1,550,991



1,549,732Unsecured Line of Credit


322,129



207,000Accounts Payable and Accrued Expenses


146,308



119,027Deferred Leasing Intangibles, Net


22,041



19,486Rents Received in Advance and Security Deposits


31,425



30,844Leasing Intangibles Held for Sale, Net of Accumulated
    Amortization of $0 and $183 at December 31, 2007 and
    December 31, 2006, respectively






2,310Dividends Payable


37,311



42,548Total Liabilities


2,183,755



2,048,873Commitments and Contingencies






Minority Interest


150,359



152,547Stockholders 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, 2007, 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. At December 31, 2006,
    10,000,000 shares authorized, 20,000, 500, 250, 600 and
    200 shares of Series C, F, G, J and K Cumulative
    Preferred Stock, respectively, issued and outstanding, having a
    liquidation preference of $2,500 per share ($50,000), $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, 47,996,263 and 47,537,030 shares issued and
    43,672,149 and 45,010,630 shares outstanding at
    December 31, 2007 and December 31, 2006, respectively)


480



475Additional
    Paid-in-Capital


1,354,674



1,388,311Distributions in Excess of Accumulated Earnings


(281,587
)


(284,955
)Accumulated Other Comprehensive Loss


(9,630
)


(10,264
)Treasury Shares at Cost (4,324,114 and 2,526,400 shares at
    December 31, 2007 and December 31, 2006, respectively)


(140,018
)


(70,588
)Total Stockholders Equity


923,919



1,022,979Total Liabilities and Stockholders Equity

$
3,258,033


$
3,224,399    55




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.



CONSOLIDATED
    STATEMENTS OF OPERATIONS  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2007


2006


2005(In thousands except per share data)Revenues:Rental Income

$
281,747


$
239,448


$
194,500Tenant Recoveries and Other Income


117,552



100,936



76,922Contractor Revenues


35,628



10,540



16,241Total Revenues


434,927



350,924



287,663Expenses:Property Expenses


129,403



115,230



95,172General and Administrative


92,101



77,497



55,812Depreciation and Other Amortization


153,682



130,582



94,490Contractor Expenses


34,553



10,263



15,574Total Expenses


409,739



333,572



261,048Other Income/Expense:Interest Income


1,926



1,614



1,486Interest Expense


(119,314
)


(121,141
)


(108,339
)Amortization of Deferred Financing Costs


(3,210
)


(2,666
)


(2,125
)Mark-to-Market/(Loss) Gain on Settlement of Interest Rate
    Protection Agreements






(3,112
)


811(Loss) Gain From Early Retirement of Debt


(393
)






82Total Other Income/Expense


(120,991
)


(125,305
)


(108,085
)Loss from Continuing Operations Before Equity in Income of Joint
    Ventures, Income Tax Benefit and Income Allocated To Minority
    Interest


(95,803
)


(107,953
)


(81,470
)Equity in Income of Joint Ventures


30,045



30,673



3,699Income Tax Benefit


10,571



9,882



14,337Minority Interest Allocable to Continuing Operations


9,944



11,593



9,695Loss from Continuing Operations


(45,243
)


(55,805
)


(53,739
)Income from Discontinued Operations (Including Gain on Sale of
    Real Estate of $244,962, $213,442, and $132,139 for the Years
    Ended December 31, 2007, 2006 and 2005, respectively)


260,975



240,145



167,406Provision for Income Taxes Allocable to Discontinued Operations
    (including $36,032, $47,511, and $20,529 allocable to Gain on
    Sale of Real Estate for the Years Ended December 31, 2007,
    2006 and 2005, respectively)


(38,044
)


(51,102
)


(23,898
)Minority Interest Allocable to Discontinued Operations


(28,178
)


(24,594
)


(18,886
)Income Before Gain on Sale of Real Estate


149,510



108,644



70,883Gain on Sale of Real Estate


9,425



6,071



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


(3,082
)


(2,119
)


(10,871
)Minority Interest Allocable to Gain on Sale of Real Estate


(802
)


(514
)


(2,458
)Net Income


155,051



112,082



87,104Less: Preferred Dividends


(21,320
)


(21,424
)


(10,688
)Less: Redemption of Preferred Stock


(2,017
)


(672
)


Net Income Available to Common Stockholders

$
131,714


$
89,986


$
76,416Basic and Diluted Earnings Per Share:Loss from Continuing Operations Available to Common Stockholders

$
(1.43
)

$
(1.69
)

$
(1.14
)Income from Discontinued Operations

$
4.42


$
3.74


$
2.94Net Income Available to Common Stockholders

$
2.99


$
2.04


$
1.80Weighted Average Shares Outstanding


44,086



44,012



42,431Dividends/Distributions declared per Common Share/Unit
    Outstanding

$
2.8500


$
2.8100


$
2.7850    56




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.



CONSOLIDATED
    STATEMENTS OF COMPREHENSIVE INCOME  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2007


2006


2005(Dollars in thousands)Net Income

$
155,051


$
112,082


$
87,104Other Comprehensive Income (Loss):Settlement of Interest Rate Protection Agreements


(4,261
)


(1,729
)


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










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


3,819



(2,800
)


(1,414
)Amortization of Interest Rate Protection Agreements


(916
)


(912
)


(1,085
)Foreign Currency Translation Adjustment, Net of Tax Provision


2,134







Other Comprehensive (Income) Loss Allocable to Minority Interest


(142
)


698



837Other Comprehensive Income

$
155,685


$
107,339


$
85,283    57




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.



CONSOLIDATED
    STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2007


2006


2005(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

$
475


$
470


$
454Net Proceeds from the Issuance of Common Stock






1



15Issuance of Restricted Stock


5



3



2Repurchase and Retirement of Common Stock






(1
)


(1
)Restricted Stock Forfeitures










(1
)Conversion of Units to Common Stock






2



1Common Stock  End of Year

$
480


$
475


$
470Additional
    Paid-In-Capital 
    Beginning of Year

$
1,388,311


$
1,384,712


$
1,142,356Net Proceeds from the Issuance of Common Stock


567



3,819



56,109Issuance of Restricted Stock


(5
)


(3
)


8,379Repurchase and Retirement of Restricted Stock/Common Stock


(3,210
)


(2,463
)


(2,741
)Restricted Stock Forfeitures










(2,825
)Call Spread






(6,835
)


Net Proceeds from the Issuance of Preferred Stock






192,624



181,484Redemption of Preferred Stock


(47,997
)


(181,484
)


Conversion of Units to Common Stock


2,858



5,142



1,950Reclassification to initially adopt SFAS No. 123R






(16,825
)


Amortization of Restricted Stock Grants


14,150



9,624



Additional
    Paid-In-Capital 
    End of Year

$
1,354,674


$
1,388,311


$
1,384,712Dist. In Excess of Accum. Earnings  Beginning of Year

$
(284,955
)

$
(248,686
)

$
(203,417
)Preferred Stock Dividends


(21,320
)


(21,424
)


(10,688
)Distributions ($2.8500, $2.8100 and $2.7850 per Share/Unit at
    December 31, 2007, 2006 and 2005, respectively)


(146,126
)


(144,720
)


(139,168
)Redemption of Preferred Stock


(2,017
)


(672
)


Repurchase and Retirement of Restricted Stock/Common Stock


(728
)


(269
)


(543
)Restricted Stock Forfeitures










(147
)Net Income Before Minority Interest


174,087



125,597



98,753Minority Interest:Allocation of Income


(19,036
)


(13,515
)


(11,649
)Distributions ($2.8500, $2.8100 and $2.7850 per Unit at
    December 31, 2007, 2006 and 2005, respectively)


18,508



18,734



18,173Dist. In Excess of Accum. Earnings  End of Year

$
(281,587
)

$
(284,955
)

$
(248,686
)Unearned Value of Rest. Stock Grants  Beginning of
    Year

$



$
(16,825
)

$
(19,611
)Issuance of Restricted Stock










(8,381
)Amortization of Restricted Stock Grants










8,845Restricted Stock Forfeitures










2,322Reclassification to initially adopt SFAS No. 123R






16,825



Unearned Value of Rest. Stock Grants  End of Year

$



$



$
(16,825
)Treasury Shares, at cost  Beginning of Year

$
(70,588
)

$
(70,588
)

$
(70,588
)Purchase of Treasury Shares


(69,430
)






Treasury Shares, at cost  End of Year

$
(140,018
)

$
(70,588
)

$
(70,588
)Accum. Other Comprehensive Loss  Beginning of Year

$
(10,264
)

$
(5,521
)

$
(3,700
)Settlement of Interest Rate Protection Agreements


(4,261
)


(1,729
)


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










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


3,819



(2,800
)


(1,414
)Amortization of Interest Rate Protection Agreements


(916
)


(912
)


(1,085
)Foreign Currency Translation Adjustment, Net of Tax Provision


2,134







Other Comprehensive (Income) Loss Allocable to Minority Interest


(142
)


698



837Accum. Other Comprehensive Loss  End of Year

$
(9,630
)

$
(10,264
)

$
(5,521
)Total Stockholders Equity at End of Year

$
923,919


$
1,022,979


$
1,043,562    58




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.



CONSOLIDATED
    STATEMENTS OF CASH FLOWS  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2007


2006


2005CASH FLOWS FROM OPERATING ACTIVITIES:Net Income

$
155,051


$
112,082


$
87,104Adjustments to Reconcile Net Income to Net Cash Provided by
    Operating Activities:Allocation of Income to Minority Interest


19,036



13,515



11,649Depreciation


121,584



121,347



99,338Amortization of Deferred Financing Costs


3,210



2,666



2,125Other Amortization


54,556



40,965



33,728Provision for Bad Debt


2,212



2,289



1,817Mark-to-Market/Loss on Settlement of Interest Rate Protection
    Agreements






(16
)


(143
)Loss (Gain) From Early Retirement of Debt


393







(82
)Equity in Income of Joint Ventures


(30,045
)


(30,673
)


(3,699
)Distributions from Joint Ventures


31,365



31,664



3,866Decrease (Increase) in Developments for Sale Costs


1,209



5,883



(16,241
)Gain on Sale of Real Estate


(254,387
)


(219,513
)


(161,689
)Increase in Tenant Accounts Receivable and Prepaid Expenses and
    Other Assets, Net


(20,140
)


(16,524
)


(23,371
)Increase in Deferred Rent Receivable


(9,710
)


(10,154
)


(9,459
)Increase in Accounts Payable and Accrued Expenses and Rents
    Received in Advance and Security Deposits


18,408



6,020



24,407Increase in Restricted Cash


(6
)






Net Cash Provided by Operating Activities


92,736



59,551



49,350CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of and Additions to Investment in Real Estate


(677,461
)


(813,840
)


(920,707
)Net Proceeds from Sales of Investments in Real Estate


800,147



907,428



537,252Contributions to and Investments in Joint Ventures


(27,696
)


(32,773
)


(45,175
)Distributions from Joint Ventures


22,863



19,734



2,971Funding of Notes Receivable


(8,385
)






Repayment and Sale of Mortgage Loans Receivable


26,350



34,987



83,561(Increase) Decrease in Restricted Cash


(8,909
)


13,611



(29,556
)Net Cash Provided by (Used in) Investing Activities


126,909



129,147



(371,654
)CASH FLOWS FROM FINANCING ACTIVITIES:Net Proceeds from the Issuance of Common Stock


567



3,462



55,754Proceeds from the Issuance of Preferred Stock






200,000



187,500Preferred Stock Offering Costs






(7,103
)


(5,906
)Redemption of Preferred Stock


(50,014
)


(182,156
)


Repurchase of Restricted Stock


(3,938
)


(2,660
)


(3,285
)Proceeds from Senior Unsecured Debt


149,595



399,306



Other Costs from Senior Unsecured Debt


(4,261
)


(1,729
)


Repayment of Senior Unsecured Debt


(150,000
)


(150,000
)


(50,000
)Dividends/Distributions


(146,660
)


(143,858
)


(137,672
)Preferred Stock Dividends


(26,023
)


(19,248
)


(8,162
)Purchase of Treasury Shares


(69,430
)






Proceeds from Mortgage Loans Payable










1,167Repayments of Mortgage Loans Payable


(41,475
)


(12,618
)


(1,987
)Proceeds from Unsecured Lines of Credit


879,129



779,300



647,500Repayments on Unsecured Lines of Credit


(764,000
)


(1,029,800
)


(357,500
)Call Spread






(6,835
)


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


(3,766
)


(6,861
)


(1,792
)Cash Book Overdraft.


253







Net Cash (Used in) Provided by Financing Activities


(230,023
)


(180,800
)


325,617Net (Decrease) Increase in Cash and Cash Equivalents


(10,378
)


7,898



3,313Cash and Cash Equivalents, Beginning of Period


16,135



8,237



4,924Cash and Cash Equivalents, End of Period

$
5,757


$
16,135


$
8,237    59




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.



NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS

(Dollars
    in thousands, except per share amounts)  1.
    Organization
    and Formation of Company            2.
    Basis of
    Presentation     60




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  3.
    Summary
    of Significant Accounting Policies    Cash
    and Cash Equivalents
    Restricted
    Cash
    Investment
    in Real Estate and Depreciation
      YearsBuildings and Improvements


8 to 50Land Improvements


1 to 15Furniture, Fixtures and Equipment


5 to 10  61




---



##### 



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


December 31,2007


2006In-Place Leases

$
86,398


$
81,422Less: Accumulated Amortization


(24,860
)


(15,361
)$
61,538


$
66,061Above Market Leases

$
6,440


$
6,933Less: Accumulated Amortization


(2,519
)


(2,177
)$
3,921


$
4,756Tenant Relationships

$
24,970


$
16,657Less: Accumulated Amortization


(3,410
)


(1,209
)$
21,560


$
15,448Total Deferred Leasing Intangibles, Net


87,019



86,265  62




---



##### 



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


December 31,2007


2006Below Market Leases

$
31,668


$
25,735Less: Accumulated Amortization


(9,627
)


(6,249
)Total Deferred Leasing Intangibles, Net

$
22,041


$
19,486     Estimated Net Increase toEstimated Net Amortization


Rental Revenues Related toof In-Place Leases and


Above and Below MarketTenant Relationships


Leases2008

$
15,110


$
3,9482009


12,829



3,1602010


11,046



2,3732011


9,592



1,4802012


7,942



1,077   Contractor
    Revenues and Expenses
    Foreign
    Currency Transactions and Translation
    Deferred
    Financing Costs
   63




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Investments
    in Joint Ventures
    Stock
    Based Compensation
      2005Net Income Available to Common Stockholders  as
    reported

$
76,416Add: Stock-Based Employee Compensation Expense Included in Net
    Income Available to Common Stockholders, Net of Minority
    Interest  as reported


Less: Total Stock-Based Employee Compensation Expense, Net of
    Minority Interest  Determined Under the Fair Value
    Method


(87
)Net Income Available to Common Stockholders  pro forma

$
76,329Net Income Available to Common Stockholders per
    Share  as reported  Basic

$
1.80Net Income Available to Common Stockholders per
    Share  pro forma  Basic

$
1.80Net Income Available to Common Stockholders per
    Share  as reported  Diluted

$
1.80Net Income Available to Common Stockholders per
    Share  pro forma  Diluted

$
1.80     Revenue
    Recognition
   64




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
          Gain
    on Sale of Real Estate
    Income
    Taxes
    Accounting for Income Taxes
      Earnings
    Per Common Share
   65




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Fair
    Value of Financial Instruments
      Derivative
    Financial Instruments
    Discontinued
    Operations
    Segment
    Reporting
    Recent
    Accounting Pronouncements
  Fair Value Measurements
 66




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    The Fair Value Option for Financial Assets and
    Financial Liabilities
  Business Combinations
  Noncontrolling Interests in Consolidated Financial
    Statements-and Amendment of ARB No. 51
  4.
    Investments
    in Joint Ventures and Property Management Services         67




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Co-Investment
                 68




---



##### 



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2007


2006


2005Contributions

$
25,482


$
29,194


$
43,311Distributions

$
54,228


$
51,398


$
6,837Fees

$
25,116


$
22,507


$
8,301     December 31,


December 31,2007


2006Condensed Combined Balance SheetsGross Real Estate Investment

$
1,777,964


$
1,685,969Less: Accumulated Depreciation


(69,811
)


(72,398
)Net Real Estate


1,708,153



1,613,571Other Assets


163,583



224,048Total Assets

$
1,871,736


$
1,837,619Debt

$
1,264,769


$
1,276,001Other Liabilities


112,268



108,430Equity


494,699



453,188Total Liabilities and Equity

$
1,871,736


$
1,837,619Companys share of Equity

$
56,494


$
53,151Basis Differentials(1)


1,049



2,376Carrying Value of the Companys investments in joint
    ventures

$
57,543


$
55,527     (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
    gain deferrals related to properties we sold to the Joint
    Ventures, deferred fees and certain equity costs which are not
    reflected at the joint venture level.  69




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Year Ended December 31,2007


2006


2005Condensed Combined Statements of OperationsTotal Revenues

$
127,928


$
163,443


$
59,411Expenses:Operating and Other


43,449



55,070



16,128Interest


63,768



61,524



20,995Depreciation and Amortization


64,690



90,842



32,150Total Expenses


171,907



207,436



69,273Gain on Sale of Real Estate


108,175



94,352



10,761Net Income


64,196



50,359



899Companys share of Net Income

$
30,045


$
30,673


$
3,699   5.
    Mortgage
    Loans Payable, Net, Senior Unsecured Notes, Net and Unsecured
    Line of Credit    EffectiveOutstanding


Interest


InterestBalance at


Rate at


Rate atDecember 31,


December 31,


December 31,


December 31,


Maturity2007


2006


2007


2007


DateMortgage Loans Payable, Net

$
73,550


$
77,926


5.50%
- 9.25%


4.58%
- 9.25%



July 2009 - 
    September 2024Unamortized Premiums


(2,196
)


(2,919
)Mortgage Loans Payable, Gross

$
71,354


$
75,007Senior Unsecured Notes, Net2007 Notes






149,998


7.600%



7.61%




05/15/072016 Notes


199,442



199,372


5.750%



5.91%




01/15/162017 Notes


99,905



99,895


7.500%



7.52%




12/01/172027 Notes


15,056



15,055


7.150%



7.11%




05/15/272028 Notes


199,838



199,831


7.600%



8.13%




07/15/282011 Notes


199,807



199,746


7.375%



7.39%




03/15/112012 Notes


199,408



199,270


6.875%



6.85%




04/15/122032 Notes


49,457



49,435


7.750%



7.87%




04/15/322009 Notes


124,937



124,893


5.250%



4.10%




06/15/092014 Notes


113,521



112,237


6.420%



6.54%




06/01/142011 Exchangeable Notes


200,000



200,000


4.625%



4.63%




09/15/112017 II Notes


149,620






5.950%



6.37%




05/15/17Subtotal

$
1,550,991


$
1,549,732Unamortized Discounts


14,079



15,338Senior Unsecured Notes, Gross

$
1,565,070


$
1,565,070Unsecured Line of Credit

$
322,129


$
207,000


5.787%



5.787%




09/28/12   Mortgage
    Loans Payable, Net
   70




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Senior
    Unsecured Notes, Net
      trading-day trading-day
 71




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      Unsecured
    Line of Credit
      Amount2008

$
3,1112009


132,9592010


15,4532011


407,2692012


526,488Thereafter


873,273Total

$
1,958,553  72




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Fair
    Value
    December 31, 2007


December 31, 2006Carrying


Fair


Carrying


FairAmount


Value


Amount


ValueMortgage Loans Payable

$
73,550


$
74,867


$
77,926


$
78,730Senior Unsecured Debt


1,550,991



1,605,048



1,549,732



1,636,318Unsecured Line of Credit


322,129



322,129



207,000



207,000Total

$
1,946,670


$
2,002,044


$
1,834,658


$
1,922,048     Other
    Comprehensive Income
         73




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  6.
    Stockholders
    Equity  Preferred
    Stock
  5 8
  3-month 10-year 30-year
  3-month 10-year 30-year
 74




---



##### 



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




---



##### 



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


December 31,2007


2006Series C Preferred Stock

$



$
50,000Series 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


$
325,000   Shares
    of Common Stock
      Treasury
    Stock
      Non-Qualified
    Employee Stock Options
        Restricted
    Stock
   76




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      Shares ofCommon StockOutstandingBalance at December 31, 2004


42,834,091Issuance of Common Stock and Stock Option Exercises


1,480,942Issuance of Restricted Stock Shares


200,042Repurchase and Retirement of Restricted Stock Shares


(152,009
)Conversion of Operating Partnership Units


81,644Balance at December 31, 2005


44,444,710Stock Option Exercises


125,780Issuance of Restricted Stock Shares


319,374Repurchase and Retirement of Restricted Stock Shares


(93,007
)Conversion of Operating Partnership Units


213,773Balance at December 31, 2006


45,010,630Issuance of Common Stock and Stock 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, 2005


43,672,149   Dividends/Distributions
    Year Ended 2007


Year Ended 2006


Year Ended 2005Dividend/





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

$
2.8500


$
146,126


$
2.8100


$
144,720


$
2.7850


$
139,168Series C Preferred Stock

$
94.6353


$
1,893


$
215.6240


$
4,313


$
215.6240


$
4,313Series F Preferred Stock

$
6,236.0000


$
3,118


$
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 I Preferred Stock

$



$



$
470.6667


$
353


$
1,930.2431


$
1,448Series J Preferred Stock

$
18,125.2000


$
10,875


$
17,521.0000


$
10,512


$



$
Series K Preferred Stock

$
18,125.2000


$
3,625


$
6,595.6000


$
1,319


$



$
  77




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  7.
    Acquisition
    and Development of Real Estate        Intangible
    Assets Subject To Amortization in the Period of
    Acquisition
      8.
    Sale of
    Real Estate, Real Estate Held for Sale and Discontinued
    Operations   78




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
            Year Ended December 31,2007


2006


2005Total Revenues

$
43,969


$
82,561


$
104,598Property Expenses


(14,106
)


(26,145
)


(35,447
)Interest Expense










(373
)Depreciation and Amortization


(13,850
)


(29,713
)


(33,511
)Gain on Sale of Real Estate


244,962



213,442



132,139Provision for Income Taxes


(38,044
)


(51,102
)


(23,898
)Minority Interest


(28,178
)


(24,594
)


(18,886
)Income from Discontinued Operations

$
194,753


$
164,449


$
124,622    79




---



##### 



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


Year Ended


Year EndedDecember 31,


December 31,


December 31,2007


2006


2005Interest paid, net of capitalized interest

$
118,909


$
114,709


$
107,573Capitalized Interest

$
8,413


$
5,159


$
3,271Income Taxes Paid

$
42,169


$
36,374


$
36,080Supplemental schedule of noncash investing and financing
    activities:Distribution payable on common stock/Units

$
36,079


$
36,613


$
35,752Distribution payable on preferred stock

$
1,232


$
5,935


$
3,757Exchange of units for common stock:Minority interest

$
(2,858
)

$
(5,144
)

$
(1,951
)Common stock






2



1Additional
    paid-in-capital


2,858



5,142



1,950$



$



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

$
(6,095
)

$
(1,928
)

$
(4,735
)Issuance of Operating Partnership Units

$



$
(1,288
)

$
(14,698
)Mortgage debt

$
(38,590
)

$
(33,982
)

$
(11,545
)Foreclosed property acquisition and write-off of a Mortgage loan
    receivable

$



$



$
3,870Write-off of fully depreciated assets

$
45,031


$
30,596


$
67,814In conjunction with certain property sales, we provided seller
    financing or assigned a mortgage loan payable:Notes receivable

$
48,282


$
11,200


$
76,744Mortgage Note Payable

$
769


$



$
13,242  80




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  10.
    Earnings
    Per Share (EPS)    Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2007


2006


2005Numerator:Loss from Continuing Operations

$
(45,243
)

$
(55,805
)

$
(53,739
)Gain on Sale of Real Estate, Net of Minority Interest and Income
    Tax


5,541



3,438



16,221Less: Preferred Stock Dividends


(21,320
)


(21,424
)


(10,688
)Less: Redemption of Preferred Stock


(2,017
)


(672
)


Loss from Continuing Operations Available to Common
    Stockholders, Net of Minority Interest and Income
    Tax  For Basic and Diluted EPS


(63,039
)


(74,463
)


(48,206
)Discontinued Operations, Net of Minority Interest and Income Tax


194,753



164,449



124,622Net Income Available to Common Stockholders  For
    Basic and Diluted EPS

$
131,714


$
89,986


$
76,416Denominator:Weighted Average Shares  Basic and Diluted


44,085,998



44,011,503



42,431,109Basic and Diluted EPS:Loss from Continuing Operations Available to Common
    Stockholders, Net of Minority Interest and Income Tax

$
(1.43
)

$
(1.69
)

$
(1.14
)Discontinued Operations, Net of Minority Interest and Income Tax

$
4.42


$
3.74


$
2.94Net Income Available to Common Stockholders

$
2.99


$
2.04


$
1.80        81




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    11.
    Income
    Taxes    As a Percentage





As a Percentage





As a Percentage2007


of Distributions


2006


of Distributions


2005


of DistributionsOrdinary income

$
0.6158



21.61
%

$
0.2613



9.30
%

$
0.3278



11.77
%Long-term capital gains


1.2950



45.44
%


0.3364



11.97
%


0.4289



15.40
%Unrecaptured Section 1250 gain


0.6721



23.58
%


0.2408



8.57
%


0.2158



7.75
%Return of capital


0.2671



9.37
%


1.3918



49.53
%


1.6276



58.44
%Qualified Dividends






0.00
%


0.5797



20.63
%


0.1849



6.64
%$
2.8500



100.00
%

$
2.810



100.00
%

$
2.785



100.00
%     As a Percentage





As a Percentage





As a PercentageSeries C Preferred Stock

2007


of Distributions


2006


of Distributions


2005


of DistributionsOrdinary income

$
0.1285



23.84
%

$
0.3972



18.42
%

$
0.5992



27.79
%Long-term capital gains


0.2703



50.14
%


0.5115



23.72
%


0.8023



37.21
%Unrecaptured Section 1250 gain


0.1403



26.02
%


0.3661



16.98
%


0.4041



18.74
%Qualified Dividends






0.00
%


0.8814



40.88
%


0.3506



16.26
%$
0.5391



100.00
%

$
2.1562



100.00
%

$
2.1562



100.00
%   As a Percentage





As a PercentageSeries J Preferred Stock

2007


of Distributions


2006


of DistributionsOrdinary income

$
0.4322



23.84
%

$
0.3227



18.42
%Long-term capital gains


0.9087



50.14
%


0.4156



23.72
%Unrecaptured Section 1250 gain


0.4716



26.02
%


0.2975



16.98
%Qualified Dividends






0.00
%


0.7163



40.88
%$
1.8125



100.00
%

$
1.7521



100.00
%   As a Percentage





As a PercentageSeries K Preferred Stock

2007


of Distributions


2006


of DistributionsOrdinary income

$
0.4322



23.84
%

$
0.1215



18.42
%Long-term capital gains


0.9087



50.14
%


0.1564



23.72
%Unrecaptured Section 1250 gain


0.4716



26.02
%


0.1120



16.98
%Qualified Dividends






0.00
%


0.2696



40.88
%$
1.8125



100.00
%

$
0.6595



100.00
%  82




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    2007


2006


2005Current:Federal

$
(28,209
)

$
(39,531
)

$
(19,265
)State


(4,934
)


(7,734
)


(4,519
)Deferred:Federal


3,977



3,548



4,299State


571



695



1,009$
(28,595
)

$
(43,022
)

$
(18,476
)       2007


2006


2005Bad debt expense

$
32


$
119


$
118Investment in joint ventures


2,677



2,519



648Fixed assets


8,204



7,133



4,363Prepaid rent


215



556



461Capitalized general and administrative expense under 263A


2,671



2,408



2,696Deferred losses/gains


905



968



878Mark-to-Market of interest rate protection agreements










6Capitalized interest under 263A


613



191



184Accrued contingency loss


289



297



Restricted stock


2,744







Total deferred tax assets

$
18,350


$
14,191


$
9,354Straight-line rent


(967
)


(1,483
)


(923
)Build to suit development


(97
)


(100
)


(66
)Fixed assets


(130
)






Total deferred tax liabilities

$
(1,194
)

$
(1,583
)

$
(989
)Total net deferred tax asset

$
17,156


$
12,608


$
8,365    83




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    2007


2006


2005Tax expense associated with income from operations on sold
    properties which is included in discontinued operations

$
(2,012
)

$
(3,591
)

$
(3,369
)Tax expense associated with gains and losses on the sale of real
    estate which is included in discontinued operations


(36,032
)


(47,511
)


(20,529
)Tax expense associated with gains and losses on the sale of real
    estate


(3,082
)


(2,119
)


(10,871
)Income tax benefit


12,531



10,199



16,293Income tax expense

$
(28,595
)

$
(43,022
)

$
(18,476
)     2007


2006


2005Tax benefit at federal rate related to continuing operations

$
8,100


$
6,725


$
3,058State tax benefit, net of federal benefit


998



801



442Meals and entertainment


(121
)


(24
)


(19
)Prior year provision to return adjustments


436



484



1,886Other


36



94



55Net income tax benefit

$
9,449


$
8,080


$
5,422        84




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  12.
    Future
    Rental Revenues  semi-net
  2008

$
266,8852009


223,7192010


174,8162011


128,0022012


93,790Thereafter


303,081Total

$
1,190,293   13.
    Stock
    Based Compensation      WeightedAverage


Exercise


AggregateExercise


Price


IntrinsicShares


Price


per Share


ValueOutstanding at December 31, 2005


546,723


$
31.27


$
22.75-$33.15


$
3,954Exercised


(125,780
)

$
30.24


$
22.75-$33.15


$
1,846Expired or Terminated


(38,967
)

$
30.88


$
27.25-$33.13Outstanding at December 31, 2006


381,976


$
31.65


$
25.13-$33.15


$
5,823Exercised


(19,600
)

$
31.27


$
30.38-$33.13


$
230Expired or Terminated


(6,475
)

$
30.85


$
27.25-$33.13Outstanding at December 31, 2007


355,901


$
31.68


$
25.13-$33.15


$
3,669     Number


Weighted


WeightedOutstanding


Average


Averageand


Remaining


ExerciseRange of Exercise Price

Exercisable


Contractual Life


Price$25.13 - $30.53


100,101



3.31



29.85$31.05 - $33.15


255,800



2.43



32.40  85




---



##### 



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


Fair ValueOutstanding at December 31, 2005


700,023


$
34.23Issued


319,374


$
38.05Vested


(217,168
)

$
36.57Forfeited


(23,694
)

$
34.55Outstanding at December 31, 2006


778,535


$
35.49Issued


459,147


$
46.98Vested


(272,745
)

$
37.74Forfeited


(54,971
)

$
39.59Outstanding at December 31, 2007


909,966


$
41.88   14.
    Related
    Party Transactions    15.
    Commitments
    and Contingencies   86




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
        Ground
    and Operating Lease Agreements
      2008

$
3,3392009


3,0772010


2,7442011


2,5342012


2,158Thereafter


38,912Total

$
52,764   16.
    Subsequent
    Events         87




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  17.
    Quarterly
    Financial Information (unaudited)      Year Ended December 31, 2007First


Second


Third


FourthQuarter


Quarter


Quarter


QuarterTotal Revenues

$
107,174


$
107,339


$
105,675


$
114,739Equity in Income of Joint Ventures


5,631



11,626



6,376



6,412Minority Interest Allocable to Continuing Operations


2,577



2,363



2,411



2,593Loss from Continuing Operations, Net of Income Tax and Minority
    Interest


(11,648
)


(8,790
)


(11,961
)


(12,844
)Income from Discontinued Operations, Net of Income Tax


50,818



52,325



52,689



67,099Minority Interest Allocable to Discontinued Operations


(6,434
)


(6,562
)


(6,623
)


(8,559
)Gain on Sale of Real Estate, Net of Income Tax


2,806



503



63



2,971Minority Interest Allocable to Gain on Sale of Real Estate


(355
)


(63
)


(8
)


(376
)Net Income


35,187



37,413



34,160



48,291Preferred Stock Dividends


(5,935
)


(5,671
)


(4,857
)


(4,857
)Less: Redemption of Preferred Stock






(2,017
)






Net Income Available to Common Stockholders

$
29,252


$
29,725


$
29,303


$
43,434Basic and Diluted Earnings Per Share:Loss From Continuing Operations

$
(0.34
)

$
(0.36
)

$
(0.38
)

$
(0.35
)Income from Discontinued Operations

$
1.00


$
1.03


$
1.04


$
1.35Net Income Available to Common Stockholders

$
0.66


$
0.67


$
0.66


$
1.00Weighted Average Shares Outstanding


44,410



44,471



44,240



43,234   88




---



##### 



FIRST
    INDUSTRIAL REALTY TRUST, INC.
  NOTES TO CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  Year Ended December 31, 2006First


Second


Third


FourthQuarter


Quarter


Quarter


QuarterTotal Revenues

$
80,851


$
84,041


$
85,249


$
100,783Equity in Income (Loss) of Joint Ventures


(34
)


7,307



4,747



18,654Minority Interest Allocable to Continuing Operations


3,312



2,641



3,397



2,243Loss from Continuing Operations, Net of Income Tax and Minority
    Interest


(16,359
)


(13,376
)


(17,447
)


(8,623
)Income from Discontinued Operations, Net of Income Tax


44,285



51,025



52,079



41,654Minority Interest Allocable to Discontinued Operations


(5,838
)


(6,638
)


(6,765
)


(5,353
)Gain (Loss) on Sale of Real Estate, Net of Income Tax


982



1,475



1,729



(234
)Minority Interest Allocable to (Gain) Loss Sale of Real Estate


(127
)


(192
)


(225
)


30Net Income


22,943



32,294



29,371



27,474Preferred Stock Dividends


(5,019
)


(5,029
)


(5,442
)


(5,934
)Less: Redemption of Preferred Stock


(672
)










Net Income Available to Common Stockholders

$
17,252


$
27,265


$
23,929


$
21,540Basic and Diluted Earnings Per Share:Loss From Continuing Operations

$
(0.48
)

$
(0.39
)

$
(0.49
)

$
(0.33
)Income from Discontinued Operations

$
0.88


$
1.01


$
1.03


$
0.82Net Income Available to Common Stockholders

$
0.39


$
0.62


$
0.54


$
0.49Weighted Average Shares Outstanding


43,887



44,006



44,032



44,118   18.  Pro
    Forma Financial Information (unaudited)
   89




---



##### 



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


Year EndedDecember 31,


December 31,2007


2006Pro Forma Revenues

$
441,933


$
371,713Pro Forma Loss from Continuing Operations Available to Common
    Stockholders, Net of Minority Interest and Income Taxes

$
(44,798
)

$
(49,248
)Pro Forma Net Income Available to Common Stockholders

$
149,955


$
115,200Per Share Data:Pro Forma Basic and Diluted Earnings Per Share Data:Loss from Continuing Operations Available to Common Stockholders

$
(1.02
)

$
(1.12
)Net Income Available to Common Stockholders

$
3.40


$
2.62       Pro Forma
    Condensed Statements of Operations
  Year Ended


Year EndedDecember 31,


December 31,2006


2005Pro Forma Revenues

$
409,229


$
355,126Pro Forma Loss from Continuing Operations Available to Common
    Stockholders, Net of Minority Interest and Income Taxes

$
(58,391
)

$
(36,017
)Pro Forma Net Income Available to Common Stockholders

$
94,029


$
77,290Per Share Data:Pro Forma Basic and Diluted Earnings Per Share Data:Loss from Continuing Operations Available to Common Stockholders

$
(1.33
)

$
(0.85
)Net Income Available to Common Stockholders

$
2.14


$
1.82  90




---



##### 



FIRSTCAL
    INDUSTRIAL, LLC
    INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
  PageFINANCIAL STATEMENTSReport of Independent Registered Public Accounting Firm


92Consolidated Statements of Financial Position of FirstCal
    Industrial, L.L.C. as of December 31, 2007 and 2006 (not
    covered by the report included herein)


93Consolidated Statements of Operations of FirstCal Industrial,
    L.L.C. for the Years Ended December 31, 2007 and 2006 (not
    covered by the report included herein) and for the period from
    March 18, 2005 (inception) to December 31, 2005


94Consolidated Statements of Changes in Members Capital of
    FirstCal Industrial, L.L.C. for the Years Ended
    December 31, 2007 and 2006 and for the period from
    March 18, 2005 (inception) to December 31, 2005


95Consolidated Statements of Cash Flows of FirstCal Industrial,
    L.L.C. for the Years Ended December 31, 2007 and 2006 (not
    covered by the report included herein) and for the period from
    March 18, 2005 (inception) to December 31, 2005


96Notes to the Consolidated Financial Statements


97   91




---



##### 



Report of
    Independent Registered Accounting Firm       
   92




---



##### 



FIRSTCAL
    INDUSTRIAL, LLC



CONSOLIDATED
    STATEMENTS OF FINANCIAL POSITION  December 31,


December 31,2007


2006(Not covered by the


(Not covered by thereport included herein)


report included herein)($ in 000s)ASSETSAssets:Investment in Real Estate:Land and Land Improvements

$
440,136


$
257,758Buildings and Improvements


146,282



142,403Furniture and Fixtures


106



Construction in Progress


83,558



46,776Gross Real Estate Investment


670,082



446,937Less: Accumulated Depreciation


(6,420
)


(6,416
)Net Investment in Real Estate


663,662



440,521Real Estate Held for Sale, net of Accumulated Depreciation and
    Amortization of $2,658 and $717 at December 31, 2007 and
    December 31, 2006, respectively


57,509



9,411Cash and Cash Equivalents


13,234



3,018Restricted Cash


4,238



3,571Tenant Accounts Receivable, Net


156



384Deferred Rent Receivable


3,981



923Deferred Financing Costs, Net


1,943



748Prepaid Expenses and Other Assets, Net


7,904



15,159Total Assets

$
752,627


$
473,735LIABILITIES AND MEMBERS CAPITALLiabilities:Unsecured Line of Credit

$
211,015


$
305,643Related Party Notes


277,500



Accounts Payable and Accrued Expenses


29,111



18,469Rents Received in Advance and Security Deposits


1,880



1,344Other Liabilities, Net


1,138



1,604Total Liabilities


520,644



327,060Commitments and Contingencies






Members Capital


231,983



146,675Total Liabilities and Members Capital

$
752,627


$
473,735    93




---



##### 



FIRSTCAL
    INDUSTRIAL, LLC



CONSOLIDATED
    STATEMENTS OF OPERATIONS  Period fromMarch 18,Year Ended


Year Ended


2005December 31,


December 31,


(inception)2007


2006


through(Not covered by the


(Not covered by the


December 31,report included herein)


report included herein)


2005($ in 000s)Revenues:Rental Income

$
7,312


$
4,192


$
427Tenant Recoveries and Other Income


2,142



925



94Total Revenues


9,454



5,117



521Expenses:Real Estate Tax


3,544



1,386



258Repairs and Maintenance


771



261



49Property Management


134



124



15Utilities


452



272



21Insurance


317



67



5Other


1,208



354



20General and Administrative


1,305



1,143



246Depreciation and Other Amortization


5,584



5,837



383Total Expenses


13,315



9,444



997Other Income (Expense):Interest Income


642



283



10Interest Expense


(19,108
)


(12,530
)


(3,941
)Amortization of Deferred Financing Costs


(316
)


(576
)


(221
)Total Other Income (Expense)


(18,782
)


(12,823
)


(4,152
)Loss from Continuing Operations

$
(22,643
)

$
(17,150
)


(4,628
)Income (Loss) from Discontinued Operations (Including Gain on
    Sale of Real Estate of $35,765, $34,669 and $0 for the years
    ended December 31, 2007, December 31, 2006 and for the
    period from March 18, 2005 through December 31, 2005,
    respectively)


35,160



32,971



(2,096
)Income Before Gain on Sale of Real Estate

$
12,517


$
15,821


$
(6,724
)Gain on Sale of Real Estate


19,411



27,535



9,434Net Income

$
31,928


$
43,356



2,710    94




---



##### 



FIRSTCAL
    INDUSTRIAL, LLC



CONSOLIDATED
    STATEMENTS OF CHANGES IN MEMBERS CAPITAL

For the
    Years Ended December 31, 2007 and 2006 (not covered by the
    report included herein) and for the Period from March 18,
    2005 (inception) through December 31, 2005  Total


CSJV FirstCal, LLC


FR FirstCal, LLC($ in 000s)Balance at March 18, 2005 (Inception)

$



$



$
Cash Contributions


126,656



113,990



12,666Cash Distributions


(26,046
)


(19,966
)


(6,080
)Net Income


2,711



(1,035
)


3,746Balance at December 31, 2005

$
103,321


$
92,989


$
10,332Cash Contributions


136,677



123,009



13,668Cash Distributions


(136,679
)


(106,302
)


(30,377
)Net Income


43,356



22,311



21,045Balance at December 31, 2006

$
146,675


$
132,007


$
14,668Cash Contributions


167,812



151,031



16,781Cash Distributions


(114,432
)


(87,408
)


(27,024
)Net Income


31,928



13,080



18,848Balance at December 31, 2007

$
231,983


$
208,710


$
23,273    95




---



##### 



FIRSTCAL
    INDUSTRIAL, LLC



CONSOLIDATED
    STATEMENTS OF CASH FLOWS  Period fromMarch 18,Year Ended


Year Ended


2005December 31,


December 31,


(inception)2007


2006


through(Not covered by the


(Not covered by the


December 31,report included herein)


report included herein)


2005($ in 000s)CASH FLOWS FROM OPERATING ACTIVITIES:Net Income

$
31,928


$
43,356


$
2,711Adjustments to Reconcile Net Income to Net Cash Used in
    Operating Activities:Gain on Sale of Real Estate


(55,176
)


(62,204
)


(9,434
)Depreciation and Amortization


10,473



14,741



6,735Deferred Financing Cost Amortization


316



576



221Provision for Bad Debt


(136
)


153



16Decrease (Increase) in Tenant Accounts Receivable and Prepaid
    Expenses and Other Assets


(9
)


(717
)


(1,370
)Increase in Deferred Rent Receivable


(4,183
)


(1,075
)


(1,074
)Increase in Accounts Payable and Accrued Expenses, Rents
    Received in Advance and Security Deposits and Other Liabilities


9,082



1,214



1,790Net Cash Used in Operating Activities


(7,705
)


(3,956
)


(405
)CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of and Additions to Investment in Real Estate


(449,374
)


(374,400
)


(322,003
)Net Proceeds from Sales of Investments in Real Estate


233,221



275,338



27,309Increase in Restricted Cash


(599
)


(2,293
)


Net Cash Used in Investing Activities


(216,752
)


(101,355
)


(294,694
)CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from Unsecured Lines of Credit


283,138



442,608



188,938Repayments on Unsecured Lines of Credit


(377,766
)


(314,588
)


(11,315
)Proceeds / (Repayments of) from Related Party Note


277,500



(30,964
)


30,964Cost of Debt Issuance


(1,511
)


(594
)


(951
)Increase in Restricted Cash


(68
)


(1,278
)


Contributions from Members


167,812



136,677



126,656Distributions to Members


(114,432
)


(136,679
)


(26,046
)Net Cash Provided by Financing Activities


234,673



95,182



308,246Net Increase / (Decrease) in Cash and Cash Equivalents


10,216



(10,129
)


13,147Cash and Cash Equivalents, Beginning of Period


3,018



13,147



Cash and Cash Equivalents, End of Period

$
13,234


$
3,018


$
13,147Supplemental Information:Interest Paid, Net of Capitalized Interest

$
18,548


$
11,666


$
3,470Capitalized Interest

$
3,397


$
1,480


$
292Accounts Receivable Write Off

$
250


$



$
Non-Cash Investing Activities:Security Deposits Assumed in Conjunction with the Acquisition of
    Real Estate

$



$
330


$
1,078Real Estate Taxes Assumed in Conjunction with the Acquisition of
    Real Estate

$
285


$
140


$
82Liabilities Assumed in Conjunction with Sale of Real Estate

$
1,954


$
368


$
534Capital Expenditures Recorded, Included in Liabilities

$
2,212


$
5,512


$
9,476Write-off of Fully Amortized Assets

$
2,181


$
3,588


$
1,653    96




---



##### 



FIRSTCAL
    INDUSTRIAL, LLC
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
    AMOUNTS AS OF DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
    ENDED NOT
    COVERED BY THE REPORT INCLUDED HEREIN
    ($ in 000s)  1.
    Organization
    and Formation of Joint Venture        2.
    Summary
    of Significant Accounting Policies  Basis
    of Presentation
    Management
    Estimates
    Cash
    and Cash Equivalents
   97




---



##### 



FIRSTCAL
    INDUSTRIAL, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 AMOUNTS AS OF DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS
    THEN ENDED NOT
 COVERED BY THE REPORT INCLUDED HEREIN
 ($ in 000s)
  Restricted
    Cash
    Investment
    in Real Estate and Depreciation
      YearsBuildings and Improvements

10 to 45Land Improvements

3 to 15      98




---



##### 



FIRSTCAL
    INDUSTRIAL, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 AMOUNTS AS OF DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS
    THEN ENDED NOT
 COVERED BY THE REPORT INCLUDED HEREIN
 ($ in 000s)
        December 31,


December 31,2007


2006In-Place Leases

$
1,672


$
6,585Less: Accumulated Amortization


(666
)


(1,760
)$
1,006


$
4,825Above Market Leases

$
741


$
5,349Less: Accumulated Amortization.


(465
)


(604
)$
276


$
4,745Tenant Relationship

$
609


$
2,721Less: Accumulated Amortization.


(121
)


(249
)$
488


$
2,472Deferred Leasing Intangibles included in the Joint
    Ventures other liabilities consist of the following:Below Market Leases

$
135


$
1,336Less: Accumulated Amortization


(110
)


(444
)$
25


$
892    99




---



##### 



FIRSTCAL
    INDUSTRIAL, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 AMOUNTS AS OF DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS
    THEN ENDED NOT
 COVERED BY THE REPORT INCLUDED HEREIN
 ($ in 000s)
    Estimated NetEstimated Net Amortization of


Decrease to Rental RevenuesIn-Place Leases and Tenant


Related to Above and BelowRelationships


Market Leases2008

$
374


$
1522009


287



932010


263



52011


206



12012


169



   Deferred
    Financing Costs
    Revenue
    Recognition
        Gain
    on Sale of Real Estate
    Income
    Taxes
   100




---



##### 



FIRSTCAL
    INDUSTRIAL, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 AMOUNTS AS OF DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS
    THEN ENDED NOT
 COVERED BY THE REPORT INCLUDED HEREIN
 ($ in 000s)
    Fair
    Value of Financial Instruments
      Discontinued
    Operations
    3.
    Unsecured
    Lines of Credit and Due to Related Party       101




---



##### 



FIRSTCAL
    INDUSTRIAL, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 AMOUNTS AS OF DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS
    THEN ENDED NOT
 COVERED BY THE REPORT INCLUDED HEREIN
 ($ in 000s)
                98-14,
 102




---



##### 



FIRSTCAL
    INDUSTRIAL, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 AMOUNTS AS OF DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS
    THEN ENDED NOT
 COVERED BY THE REPORT INCLUDED HEREIN
 ($ in 000s)
    Outstanding


AccruedBalance at


Interest


Interest Rate atDecember 31,


at December 31,


December 31,


Maturity2007


2007


2007


DateUnsecured Lines of CreditJune 2005 LOC

$
11,015


$
78



7.250
%


4/21/2009January 2006 LOC


125,000



510



5.065
%


1/1/2009February 2006 LOC


75,000



360



5.953
%


2/1/2009Total

$
211,015


$
948Related Party NotesJune 2007 Note

$
155,000


$
671



3.910
%


9/30/2009November 2007 Note I


100,000



225



5.405
%


11/15/2011November 2007 Note II


22,500



51



5.430
%


11/15/2013Total

$
277,500


$
1,895   Outstanding


AccruedBalance at


Interest at


Interest Rate atDecember 31,


December 31,


December 31,


Maturity2006


2006


2006


DateUnsecured Lines of CreditJune 2005 LOC

$
105,643


$
406



5.646
%


4/21/2009January 2006 LOC


125,000



545



5.065
%


1/1/2009February 2006 LOC


75,000



384



5.953
%


2/1/2009Total

$
305,643


$
1,335     Amount2008

$
2009


366,0152010


2011


100,0002012


Thereafter


22,500Total

$
488,515    103




---



##### 



FIRSTCAL
    INDUSTRIAL, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 AMOUNTS AS OF DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS
    THEN ENDED NOT
 COVERED BY THE REPORT INCLUDED HEREIN
 ($ in 000s)
  Fair
    Value of Financial Instruments
    December 31,


December 31,2007


2006Carrying Value


Fair Value


Carrying Value


Fair ValueUnsecured Lines of CreditJune 2005 LOC

$
11,015


$
11,015


$
105,643


$
105,643January 2006 LOC


125,000



119,831



125,000



123,294February 2006 LOC


75,000



72,200



75,000



75,686Total

$
211,015


$
203,046


$
305,643


$
304,623Related Party NotesJune 2007 Note


155,000



155,000







November 2007 Note I


100,000



100,000







November 2007 Note II


22,500



22,500







Total

$
277,500


$
277,500


$



$
     4.
    Acquisition
    and Development of Real Estate      Total Revenues

$
941Cost of Goods Sold


(134
)Operating Expenses


(594
)General and Administrative


(151
)Income from Operations

$
62  104




---



##### 



FIRSTCAL
    INDUSTRIAL, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 AMOUNTS AS OF DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS
    THEN ENDED NOT
 COVERED BY THE REPORT INCLUDED HEREIN
 ($ in 000s)
      Intangible
    Assets Subject To Amortization in the Period of
    Acquisition
      5.
    Sale of
    Real Estate, Real Estate Held for Sale and Discontinued
    Operations       105




---



##### 



FIRSTCAL
    INDUSTRIAL, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 AMOUNTS AS OF DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS
    THEN ENDED NOT
 COVERED BY THE REPORT INCLUDED HEREIN
 ($ in 000s)
      2007


2006


2005Total Revenues

$
7,769


$
12,894


$
6,881Operating Expenses


(3,439
)


(5,309
)


(2,552
)Depreciation and Amortization


(4,588
)


(8,729
)


(6,155
)General and Administrative


(347
)


(554
)


(270
)Gain on Sale of Real Estate


35,765



34,669



Income (Loss) from Discontinued Operations

$
35,160


$
32,971


$
(2,096
)   6.
    Future
    Minimum Rental Revenues  semi-net
  2008

$
13,7392009


13,2562010


13,1942011


13,1672012


12,924Thereafter


56,975Total

$
123,255   Credit
    Risk
    7.
    Members
    Equity  Capital
    Contributions
   106




---



##### 



FIRSTCAL
    INDUSTRIAL, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 AMOUNTS AS OF DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS
    THEN ENDED NOT
 COVERED BY THE REPORT INCLUDED HEREIN
 ($ in 000s)
  Distributions
    and Allocations of Profits and Losses
    8.
    Related
    Party Transactions         107




---



##### 



FIRSTCAL
    INDUSTRIAL, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
 AMOUNTS AS OF DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS
    THEN ENDED NOT
 COVERED BY THE REPORT INCLUDED HEREIN
 ($ in 000s)
          9.
    Commitments
    and Contingencies      10.
    Subsequent
    Events       108




---



##### 





FIRST
    INDUSTRIAL REALTY TRUST, INC.



SCHEDULE III:



REAL
    ESTATE AND ACCUMULATED DEPRECIATION

As Of
    December 31, 2007 (c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


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

Duluth, GA





$
264


$
1,522


$
215


$
264


$
1,737


$
2,001


$
587



1994



(m
)3450 Corporate Parkway

Duluth, GA






506



2,904



452



506



3,356



3,861



1,235



1994



(m
)1650 GA Highway 155

McDonough, GA






788



4,544



289



788



4,833



5,622



1,576



1994



(m
)1665 Dogwood Drive

Conyers, GA






635



3,662



482



635



4,144



4,778



1,618



1994



(m
)1715 Dogwood Drive

Conyers, GA






288



1,675



1,744



288



3,419



3,707



639



1994



(m
)11235 Harland Drive

Covington, GA






125



739



161



125



900



1,024



278



1994



(m
)4050 Southmeadow Parkway

Atlanta, GA






401



2,813



328



425



3,117



3,542



1,113



1994



(m
)4051 Southmeadow Parkway

Atlanta, GA






726



4,130



1,328



726



5,458



6,184



1,939



1994



(m
)4071 Southmeadow Parkway

Atlanta, GA






750



4,460



1,307



828



5,690



6,517



1,816



1994



(m
)4081 Southmeadow Parkway

Atlanta, GA






1,012



5,918



1,733



1,157



7,506



8,663



2,321



1994



(m
)370 Great Southwest Parkway(d)

Atlanta, GA






527



2,984



655



546



3,619



4,165



1,080



1996



(m
)955 Cobb Place

Kennesaw, GA






780



4,420



636



804



5,032



5,836



1,325



1997



(m
)1005 Sigman Road

Conyers, GA






566



3,134



419



574



3,545



4,119



689



1999



(m
)2050 East Park Drive

Conyers, GA






452



2,504



111



459



2,608



3,067



535



1999



(m
)1256 Oakbrook Drive

Norcross, GA






336



1,907



387



339



2,291



2,630



468



2001



(m
)1265 Oakbrook Drive

Norcross, GA






307



1,742



636



309



2,377



2,686



427



2001



(m
)1266 Oakbrook Drive

Norcross, GA






234



1,326



141



235



1,465



1,701



244



2001



(m
)1280 Oakbrook Drive

Norcross, GA






281



1,592



346



283



1,937



2,219



370



2001



(m
)1300 Oakbrook Drive

Norcross, GA






420



2,381



209



423



2,588



3,011



410



2001



(m
)1325 Oakbrook Drive

Norcross, GA






332



1,879



320



334



2,197



2,531



385



2001



(m
)1351 Oakbrook Drive

Norcross, GA






370



2,099



246



373



2,343



2,716



388



2001



(m
)1346 Oakbrook Drive

Norcross, GA






740



4,192



489



744



4,676



5,420



719



2001



(m
)1412 Oakbrook Drive

Norcross, GA






313



1,776



198



315



1,972



2,288



352



2001



(m
)Greenwood Industrrial Park

McDonough, GA






1,550







7,485



1,550



7,485



9,035



629



2004



(m
)3060 South Park Blvd

Ellenwood, GA






1,600



12,464



862



1,603



13,323



14,926



1,781



2003



(m
) S-1




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)46 Kent Drive

Cartersville, GA






875



2,476



13



879



2,485



3,364



241



2005



(m
)100 Dorris Williams Industrial -King

Atlanta, GA


(n
)


401



3,754



42



406



3,791



4,197



560



2005



(m
)605 Stonehill Diver

Atlanta, GA






485



1,979



27



490



2,001



2,491



538



2005



(m
)5095 Phillips Lee Drive

Atlanta, GA






735



3,627



232



740



3,854



4,594



604



2005



(m
)6514 Warren Drive

Norcross, GA






510



1,250



(132
)


513



1,115



1,628



105



2005



(m
)6544 Warren Drive

Norcross, GA






711



2,310



63



715



2,369



3,083



259



2005



(m
)720 Industrial Boulevard

Dublin, GA






250



2,632



40



255



2,667



2,922



723



2005



(m
)5356 East Ponce DeLeon

One Mountain, GA






604



3,888



12



610



3,894



4,504



547



2005



(m
)5390 East Ponce DeLeon

One Mountain, GA






397



1,791



16



402



1,802



2,204



227



2005



(m
)1755 Enterprise Drive

Buford, GA






712



2,118



52



716



2,166



2,882



179



2006



(m
)4555 Atwater Court

Buford, GA






881



3,550



300



885



3,846



4,731



280



2006



(m
)80 Liberty Industrial Parkway

McDonough, GA






756



3,695



176



763



3,864



4,627



139



2007



(m
)195 & 197 Collins Boulevard

Athens, GA






1,410



5,344



65



1,426



5,393



6,819



1,388



2005



(m
)596 Bonnie Valentine Way

Pendergrass, GA






2,580



21,730



144



2,596



21,857



24,454



53



2007



(m
)Baltimore1820 Portal

Baltimore, MD






884



4,891



455



899



5,330



6,230



1,284



1998



(m
)8900 Yellow Brick Road

Baltimore, MD






447



2,473



384



475



2,829



3,304



672



1998



(m
)9700 Martin Luther King Hwy

Lanham, MD






700



1,920



728



700



2,648



3,348



625



2003



(m
)9730 Martin Luther King Hwy

Lanham, MD






500



955



501



500



1,456



1,956



286



2003



(m
)4621 Boston Way

Lanham, MD






1,100



3,070



780



1,100



3,850



4,950



788



2003



(m
)4720 Boston Way

Lanham, MD






1,200



2,174



686



1,200



2,860



4,060



669



2003



(m
)2250 Randolph Drive

Dulles, VA






3,200



8,187



36



3,208



8,215



11,423



944



2004



(m
)22630 Dulles Summit Court

Dulles, VA






2,200



9,346



128



2,206



9,468



11,674



1,097



2004



(m
)4201 Forbes Boulevard

Lanham, MD






356



1,823



396



375



2,200



2,575



319



2005



(m
)4370-4383
    Lottsford Vista Road

Lanham, MD






279



1,358



192



296



1,533



1,829



174



2005



(m
)4400 Lottsford Vista Road

Lanham, MD






351



1,955



93



372



2,027



2,399



185



2005



(m
)4420 Lottsford Vista Road

Lanham, MD






539



2,196



241



568



2,408



2,976



254



2005



(m
)11204 McCormick Road

Hunt Valley, MD






1,017



3,132



99



1,038



3,210



4,248



341



2005



(m
)11110 Pepper Road

Hunt Valley, MD






918



2,529



253



938



2,762



3,700



299



2005



(m
) S-2




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)11100 Gilroy Road

Hunt Valley, MD






901



1,455



43



919



1,480



2,399



206



2005



(m
)318 Clubhouse

Hunt Valley, MD






701



1,691



(4
)


718



1,670



2,388



246



2005



(m
)336 Clubhouse

Hunt Valley, MD






982



3,158



633



1,004



3,769



4,773



545



2005



(m
)10709 Gilroy Road

Hunt Valley, MD






907



2,884



(173
)


913



2,705



3,618



375



2005



(m
)10707 Gilroy Road

Hunt Valley, MD






1,111



3,819



96



1,136



3,890



5,026



526



2005



(m
)10947 Golden West

Hunt Valley, MD






1,134



3,436



70



1,135



3,504



4,640



322



2005



(m
)38 Loveton Circle

Hunt Valley, MD






1,648



2,151



(174
)


1,690



1,935



3,625



245



2005



(m
)7120-7132
    Ambassador Road

Hunt Valley, MD






829



1,329



254



847



1,565



2,412



230



2005



(m
)7142 Ambassador Road

Hunt Valley, MD






924



2,876



115



942



2,973



3,915



229



2005



(m
)7144-7160
    Ambassador Road

Hunt Valley, MD






979



1,672



101



1,000



1,752



2,752



302



2005



(m
)7223-7249
    Ambassador Road

Hunt Valley, MD






1,283



2,674



229



1,311



2,875



4,186



507



2005



(m
)7200 Rutherford

Hunt Valley, MD






1,032



2,150



122



1,054



2,250



3,304



316



2005



(m
)2700 Lord Baltimore

Hunt Valley, MD






875



1,826



262



897



2,066



2,963



346



2005



(m
)9800 Martin Luther King Hwy

Lanham, MD






1,200



2,457



309



1,200



2,766



3,966



478



2003



(m
)Central Pennsylvania1214-B Freedom Road

Cranberry Township, PA






31



994



612



200



1,438



1,637



874



1994



(m
)401 Russell Drive

Middletown, PA






262



857



2,065



287



2,896



3,184



1,785



1994



(m
)2700 Commerce Drive

Middletown, PA






196



997



710



206



1,697



1,903



956



1994



(m
)2701 Commerce Drive

Middletown, PA






141



859



1,174



164



2,010



2,174



975



1994



(m
)2780 Commerce Drive

Middletown, PA






113



743



1,169



209



1,817



2,025



982



1994



(m
)350 Old Silver Springs Road

Mechanicsburg, PA






510



2,890



5,678



541



8,537



9,078



1,906



1997



(m
)16522 Hunters Green Parkway

Hagerstown, MD


(o
)


1,390



13,104



3,902



1,863



16,534



18,396



1,903



2003



(m
)18212 Shawley Drive

Hagerstown, MD






1,000



5,847



501



1,016



6,332



7,348



693



2004



(m
)301 Railroad Avenue

Shiremanstown, PA






1,181



4,447



1,530



1,328



5,830



7,158



1,018



2005



(m
)431 Railroad Avenue

Shiremanstown, PA






1,293



7,164



1,695



1,341



8,810



10,152



1,160



2005



(m
)Golden Eagle Business Center

Harrisburg, PA






585



3,176



120



601



3,281



3,881



302



2005



(m
)37 Valleyview Business Park

Jessup, PA






542







2,972



542



2,972



3,513



225



2004



(m
)1351 Eisenhower Blvd., Bldg 1

Harrisburg, PA






382



2,343



25



387



2,363



2,750



170



2006



(m
)1351 Eisenhower Blvd., Bldg 2

Harrisburg, PA






436



1,587



16



443



1,596



2,039



125



2006



(m
) S-3




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)320 Museum Road

Washington, PA






201



1,819



57



208



1,869



2,077



237



2005



(m
)Chicago720-730
    Landwehr Road

Northbrook, IL






521



2,982



1,340



521



4,322



4,843



1,494



1994



(m
)20W201 101st Street

Lemont, IL






967



5,554



650



968



6,204



7,171



2,089



1994



(m
)3600 West Pratt Avenue

Lincolnwood, IL






1,050



5,767



1,199



1,050



6,966



8,016



2,368



1994



(m
)6750 South Sayre Avenue

Bedford Park, IL






224



1,309



585



224



1,894



2,118



561



1994



(m
)585 Slawin Court

Mount Prospect, IL






611



3,505



941



611



4,446



5,058



1,230



1994



(m
)2300 Windsor Court

Addison, IL






688



3,943



590



696



4,525



5,221



1,625



1994



(m
)3505 Thayer Court

Aurora, IL






430



2,472



33



430



2,505



2,936



844



1994



(m
)305-311 Era
    Drive

Northbrook, IL






200



1,154



146



205



1,296



1,501



431



1994



(m
)12241 Melrose Street

Franklin Park, IL






332



1,931



1,901



469



3,695



4,164



1,480



1995



(m
)3150-3160
    MacArthur Boulevard

Northbrook, IL






429



2,518



32



429



2,551



2,979



864



1994



(m
)365 North Avenue

Carol Stream, IL






1,081



6,882



4,609



1,111



11,460



12,572



3,898



1994



(m
)305-307 East
    North Ave

Carol Stream, IL






126







2,648



128



2,647



2,775



417



2000



(m
)11939 S Central Avenue

Alsip, IL






1,208



6,843



3,185



1,305



9,931



11,235



2,440



1997



(m
)405 East Shawmut

LaGrange, IL






368



2,083



434



388



2,497



2,884



675



1997



(m
)1010-50
    Sesame Street

Bensenville, IL






979



5,546



2,300



1,048



7,776



8,825



1,688



1997



(m
)7501 S. Pulaski

Chicago, IL






318



2,038



895



318



2,934



3,251



669



1997



(m
)385 Fenton Lane

West Chicago, IL






868



4,918



(242
)


884



4,658



5,543



1,198



1998



(m
)905 Paramount

Batavia, IL






243



1,375



439



252



1,804



2,056



459



1998



(m
)1005 Paramount

Batavia, IL






282



1,600



451



293



2,040



2,333



546



1998



(m
)2120-24
    Roberts

Broadview, IL






220



1,248



460



231



1,698



1,929



456



1998



(m
)700 Business Center Drive

Mount Prospect, IL






270



1,492



297



288



1,771



2,059



287



2000



(m
)800 Business Center Drive

Mount Prospect, IL






631



3,493



237



666



3,695



4,361



630



2000



(m
)580 Slawin Court

Mount Prospect, IL






233



1,292



234



254



1,505



1,760



255



2000



(m
)1150 Feehanville Drive

Mount Prospect, IL






260



1,437



131



273



1,555



1,829



291



2000



(m
)19W661 101st Street

Lemont, IL






1,200



6,643



2,300



1,220



8,923



10,142



1,692



2001



(m
)175 Wall Street

Glendale Heights, IL






427



2,363



163



433



2,520



2,953



377



2002



(m
)800-820
    Thorndale Avenue

Bensenville, IL






751



4,159



637



761



4,786



5,547



623



2002



(m
)1661 Feehanville Drive

Mount Prospect, IL






985



5,455



1,962



1,044



7,358



8,402



1,395



2004



(m
)2250 Arthur Avenue

Elk Grove Village, IL






800



1,543



(3
)


811



1,529



2,340



330



2004



(m
) S-4




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)1850 Touhy &
    1158-60
    McCage Ave

Elk Grove Village, IL






1,500



4,842



57



1,514



4,885



6,399



795



2004



(m
)1088-1130
    Thorndale Avenue

Bensenville, IL






2,103



3,674



4



2,108



3,673



5,781



496



2005



(m
)855-891
    Busse(Route 83)

Bensenville, IL






1,597



2,767



(28
)


1,601



2,735



4,336



363



2005



(m
)1060-1074 W. Thorndale
    Ave

Bensenville, IL






1,704



2,108



31



1,709



2,134



3,843



341



2005



(m
)400 Crossroads Parkway

Bolingbrook, IL






1,178



9,453



723



1,181



10,173



11,354



971



2005



(m
)7609 West Industrial Drive

Forest Park, IL






1,207



2,343



207



1,213



2,544



3,757



347



2005



(m
)7801 West Industrial Drive

Forest Park, IL






1,215



3,020



19



1,220



3,034



4,254



425



2005



(m
)825 East 26th Street

LaGrange Park, IL






1,547



2,078



2,432



1,617



4,440



6,057



543



2005



(m
)1111 Davis Road

Elgin, IL






998



1,859



635



1,046



2,447



3,493



460



2006



(m
)2900 W 166th St

Markham, IL






1,132



4,293



2



1,133



4,294



5,427



268



2007



(m
)555 W Algonquin Rd

Arlington Heights, IL






574



741



2,049



579



2,785



3,364



48



2007



(m
)7000 W 60th Street

Chicago, IL






609



932



106



667



980



1,647



23



2007



(m
)251 Airport Road

Aurora, IL






983







6,659



983



6,660



7,642



1,302



2002



(m
)725 Kimberly Drive

Carol Stream, IL






793



1,395



(20
)


801



1,367



2,168



156



2005



(m
)17001 S. Vincennes

Thornton, IL






497



504



30



513



518



1,031



120



2005



(m
)Cincinnati9900-9970
    Princeton

Cincinnati, OH






545



3,088



2,179



566



5,245



5,811



1,748



1996



(m
)2940 Highland Avenue

Cincinnati, OH






1,717



9,730



2,162



1,772



11,837



13,609



3,894



1996



(m
)4700-4750
    Creek Road

Blue Ash, OH






1,080



6,118



673



1,109



6,761



7,870



2,116



1996



(m
)12072 Best Place

Springboro, OH






426







3,198



443



3,181



3,625



801



1998



(m
)901 Pleasant Valley Drive

Springboro, OH






304



1,721



332



316



2,042



2,357



490



1998



(m
)4434 Mulhauser Road

Cincinnati, OH






444



16



4,721



463



4,718



5,181



954



1999



(m
)9449 Glades Drive

Hamilton, OH






465







4,057



477



4,045



4,522



753



2000



(m
)4436 Muhlhauser Road

Hamilton, OH






630







5,672



630



5,672



6,302



1,225



2002



(m
)4438 Muhlhauser Road

Hamilton, OH






779







7,354



779



7,354



8,133



1,406



2002



(m
)9345 Princeton-Glendale Road

West Chester, OH






818



1,648



360



827



1,998



2,826



239



2006



(m
)9525 Glades Drive

West Chester, OH






347



1,323



37



355



1,351



1,707



71



2007



(m
)9776-9876
    Windisch Road

West Chester, OH






392



1,744



11



394



1,753



2,147



41



2007



(m
)9810-9822
    Windisch Road

West Chester, OH






395



2,541



16



397



2,556



2,952



39



2007



(m
)9842-9862
    Windisch Road

West Chester, OH






506



3,148



22



508



3,168



3,676



54



2007



(m
)9872-9898
    Windisch Road

West Chester, OH






546



3,039



17



548



3,054



3,602



45



2007



(m
) S-5




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)9902-9922
    Windisch Road

West Chester, OH






623



4,003



22



627



4,021



4,648



81



2007



(m
)420 Wars Corner Road

Loveland, OH






600



1,083



994



606



2,071



2,677



477



2003



(m
)422 Wards Corner Road

Loveland, OH






600



1,811



441



605



2,246



2,852



653



2003



(m
)4663 Dues Drive

West Chester, OH






858



2,273



1,174



875



3,430



4,305



825



2005



(m
)Cleveland2368 E. Enterprise Parkway

Twinsburg, OH






294



1,857



29



298



1,881



2,180



219



2006



(m
)30311 Emerald Valley Parkway

Glenwillow, OH






681



11,838



320



691



12,148



12,839



708



2006



(m
)30333 Emerald Valley Parkway

Glenwillow, OH






466



5,447



104



475



5,541



6,017



361



2006



(m
)7800 Cochran Road

Glenwillow, OH






972



7,033



66



980



7,091



8,071



461



2006



(m
)7900 Cochran Road

Glenwillow, OH






775



6,244



136



792



6,363



7,155



391



2006



(m
)7905 Cochran Road

Glenwillow, OH






920



6,174



173



945



6,323



7,268



436



2006



(m
)30600 Carter Street

Solon, OH






989



3,492



(231
)


1,022



3,227



4,249



540



2006



(m
)Columbus3800 Lockbourne Industrial Pkwy

Columbus, OH






1,045



6,421



392



1,045



6,813



7,858



1,915



1996



(m
)3880 Groveport Road

Columbus, OH






1,955



12,154



696



1,955



12,850



14,805



3,861



1996



(m
)1819 North Walcutt Road

Columbus, OH






637



4,590



(309
)


634



4,284



4,918



1,350



1997



(m
)4300 Cemetary Road

Hillard, OH






764



6,248



(5,628
)


764



620



1,384



18



1997



(m
)4115 Leap Road(d)

Hillard, OH






756



4,297



1,121



756



5,418



6,174



1,211



1998



(m
)3300 Lockbourne

Columbus, OH






708



3,920



1,671



710



5,589



6,299



1,534



1998



(m
)1076 Pittsburgh Drive

Delaware, OH


(p
)


2,497



5,103



37



2,505



5,132



7,637



695



2005



(m
)6150 Huntley Road

Columbus, OH






986



5,162



17



990



5,175



6,165



447



2005



(m
)4985 Frusta Drive

Obetz, OH






318



837



28



326



858



1,184



139



2006



(m
)4600 S. Hamilton Road

Groveport, OH






681



5,941



77



688



6,011



6,699



296



2006



(m
)2200 Spiegel

Groveport, OH






780



3,700



(209
)


793



3,478



4,271



91



2007



(m
)4311 Janitrol Road

Columbus, OH






662



4,332



76



675



4,396



5,070



65



2007



(m
)Dallas/Fort Worth1275-1281
    Roundtable Drive

Dallas, TX






117



839



39



117



878



995



221



1997



(m
)2406-2416
    Walnut Ridge

Dallas, TX






178



1,006



247



183



1,247



1,431



287



1997



(m
)1324-1343
    Roundtable Drive

Dallas, TX






178



1,006



227



184



1,227



1,411



306



1997



(m
)2401-2419
    Walnut Ridge

Dallas, TX






148



839



128



153



962



1,115



266



1997



(m
) S-6




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)900-906
    Great Southwest Pkwy

Arlington, TX






237



1,342



596



270



1,905



2,175



521



1997



(m
)3000 West Commerce

Dallas, TX






456



2,584



535



469



3,106



3,575



763



1997



(m
)3030 Hansboro

Dallas, TX






266



1,510



477



276



1,977



2,253



448



1997



(m
)405-407 113th

Arlington, TX






181



1,026



424



185



1,445



1,630



294



1997



(m
)816 111th Street

Arlington, TX






251



1,421



266



258



1,680



1,938



509



1997



(m
)7341 Dogwood Park

Richland Hills, TX






79



435



237



84



666



750



255



1998



(m
)7427 Dogwood Park

Richland Hills, TX






96



532



571



102



1,098



1,200



265



1998



(m
)7348-54
    Tower Street

Richland Hills, TX






88



489



283



94



766



860



182



1998



(m
)7370 Dogwood Park

Richland Hills, TX






91



503



128



96



626



722



131



1998



(m
)7339-41
    Tower Street

Richland Hills, TX






98



541



189



104



724



828



151



1998



(m
)7437-45
    Tower Street

Richland Hills, TX






102



563



86



108



642



750



144



1998



(m
)7331-59
    Airport Freeway

Richland Hills, TX






354



1,958



377



372



2,316



2,689



591



1998



(m
)7338-60
    Dogwood Park

Richland Hills, TX






106



587



118



112



699



811



156



1998



(m
)7450-70
    Dogwood Park

Richland Hills, TX






106



584



130



112



708



820



183



1998



(m
)7423-49
    Airport Freeway

Richland Hills, TX






293



1,621



312



308



1,918



2,226



466



1998



(m
)7400 Whitehall Street

Richland Hills, TX






109



603



91



115



688



804



170



1998



(m
)1602-1654
    Terre Colony

Dallas, TX






458



2,596



783



468



3,369



3,837



567



2000



(m
)3330 Duncanville Road

Dallas, TX






197



1,114



32



199



1,143



1,342



215



2000



(m
)2351-2355
    Merritt Drive

Garland, TX






101



574



120



103



693



795



121



2000



(m
)701-735
    North Plano Road

Richardson, TX






696



3,944



248



705



4,183



4,888



795



2000



(m
)2220 Merritt Drive

Garland, TX






352



1,993



727



356



2,716



3,072



506



2000



(m
)2010 Merritt Drive

Garland, TX






350



1,981



619



357



2,592



2,949



505



2000



(m
)2363 Merritt Drive

Garland, TX






73



412



93



74



504



578



85



2000



(m
)2447 Merritt Drive

Garland, TX






70



395



77



71



471



542



82



2000



(m
)2465-2475
    Merritt Drive

Garland, TX






91



514



141



92



654



746



107



2000



(m
)2485-2505
    Merritt Drive

Garland, TX






431



2,440



445



436



2,879



3,315



503



2000



(m
)2081 Hutton Drive(e)

Carrolton, TX






448



2,540



407



453



2,942



3,395



510



2001



(m
)2150 Hutton Drive

Carrolton, TX






192



1,089



410



194



1,497



1,692



278



2001



(m
)2110 Hutton Drive

Carrolton, TX






374



2,117



353



377



2,466



2,843



387



2001



(m
)2025 McKenzie Drive

Carrolton, TX






437



2,478



369



442



2,842



3,284



544



2001



(m
)2019 McKenzie Drive

Carrolton, TX






502



2,843



538



507



3,376



3,883



653



2001



(m
) S-7




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)1420 Valwood Parkway  Bldg 1(d)

Carrolton, TX






460



2,608



746



466



3,349



3,814



577



2001



(m
)1620 Valwood Parkway(e)

Carrolton, TX






1,089



6,173



1,112



1,100



7,274



8,374



1,347



2001



(m
)1505 Luna Road  Bldg II

Carrolton, TX






167



948



96



169



1,042



1,210



205



2001



(m
)1625 West Crosby Road

Carrolton, TX






617



3,498



679



631



4,163



4,794



935



2001



(m
)2029-2035
    McKenzie Drive

Carrolton, TX






306



1,870



1,053



306



2,923



3,229



993



2001



(m
)1840 Hutton Drive(d)

Carrolton, TX






811



4,597



677



819



5,267



6,085



959



2001



(m
)1420 Valwood Pkwy  Bldg II

Carrolton, TX






373



2,116



363



377



2,475



2,852



456



2001



(m
)2015 McKenzie Drive

Carrolton, TX






510



2,891



408



516



3,294



3,810



585



2001



(m
)2105 McDaniel Drive

Carrolton, TX






502



2,844



735



507



3,573



4,080



662



2001



(m
)2009 McKenzie Drive

Carrolton, TX






476



2,699



441



481



3,136



3,617



601



2001



(m
)1505 Luna Road  Bldg I

Carrolton, TX






521



2,953



579



529



3,524



4,053



704



2001



(m
)900-1100
    Avenue S

Grand Prairie, TX






623



3,528



801



629



4,323



4,951



661



2002



(m
)Plano Crossing(f)

Plano, TX






1,961



11,112



396



1,981



11,488



13,469



1,557



2002



(m
)7413A-C Dogwood Park

Richland Hills, TX






110



623



110



111



732



843



95



2002



(m
)7450 Tower Street

Richland Hills, TX






36



204



192



36



395



431



78



2002



(m
)7436 Tower Street

Richland Hills, TX






57



324



161



58



485



543



89



2002



(m
)7501 Airport Freeway

Richland Hills, TX






113



638



90



115



726



840



114



2002



(m
)7426 Tower Street

Richland Hills, TX






76



429



146



76



575



651



77



2002



(m
)7427-7429
    Tower Street

Richland Hills, TX






75



427



21



76



447



523



59



2002



(m
)2840-2842
    Handley Ederville Rd

Richland Hills, TX






112



635



65



113



699



812



106



2002



(m
)7451-7477
    Airport Freeway

Richland Hills, TX






256



1,453



195



259



1,645



1,904



268



2002



(m
)7415 Whitehall Street

Richland Hills, TX






372



2,107



196



375



2,299



2,675



331



2002



(m
)7450 Whitehall Street

Richland Hills, TX






104



591



110



105



700



805



82



2002



(m
)7430 Whitehall Street

Richland Hills, TX






143



809



16



144



823



967



110



2002



(m
)7420 Whitehall Street

Richland Hills, TX






110



621



47



111



666



777



99



2002



(m
)300 Wesley Way

Richland Hills, TX






208



1,181



17



211



1,196



1,407



157



2002



(m
)825-827
    Avenue H(d)

Arlington, TX






600



3,006



250



604



3,252



3,856



520



2004



(m
)1013-31
    Avenue M

Grand Prairie, TX






300



1,504



78



302



1,580



1,882



261



2004



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

Grand Prairie, TX






700



3,509



59



704



3,564



4,268



501



2004



(m
)1200-16
    Avenue H(d)

Arlington, TX






600



2,846



80



604



2,922



3,526



444



2004



(m
) S-8




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)1322-66 N. Carrier
    Parkway(e)

Grand Prairie, TX






1,000



5,012



164



1,006



5,170



6,176



755



2004



(m
)2401-2407
    Centennial Dr.

Arlington, TX






600



2,534



141



604



2,672



3,275



422



2004



(m
)3111 West Commerce Street

Dallas, TX






1,000



3,364



69



1,011



3,421



4,433



580



2004



(m
)4201 Kellway

Addison, TX






306



1,342



31



317



1,361



1,679



140



2005



(m
)9150 West Royal Lane

Irving, TX






818



3,767



292



820



4,058



4,877



439



2005



(m
)13800 Senlac Drive

Farmers Ranch, TX






823



4,042



12



825



4,052



4,877



553



2005



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

Grand Prairie, TX






2,581



16,556



502



2,586



17,053



19,639



3,142



2005



(m
)801-842
    Heinz Way

Grand Prairie, TX






599



3,327



110



601



3,435



4,036



430



2005



(m
)901-937
    Heinz Way

Grand Prairie, TX






493



2,823



(53
)


481



2,782



3,263



404



2005



(m
)2900 Avenue E

Arlington, TX






296







1,970



296



1,970



2,266



133



2005



(m
)7451 Dogwood Park

Richland Hills, TX






133



753



195



134



947



1,081



262



2002



(m
)2104 Hutton Drive

Carrolton, TX






246



1,393



182



249



1,572



1,821



288



2001



(m
)3301 Century Circle

Irving, TX






760



3,856



54



769



3,901



4,670



125



2007



(m
)3730 Wheeler Avenue

Fort Smith, AR






720



2,800



27



726



2,822



3,547



131



2006



(m
)Denver4785 Elati

Denver, CO






173



981



178



175



1,157



1,333



344



1997



(m
)4770 Fox Street

Denver, CO






132



750



116



134



864



998



266



1997



(m
)1550 W. Evans

Denver, CO






385



2,200



451



385



2,650



3,035



690



1997



(m
)3871 Revere

Denver, CO






361



2,047



606



368



2,645



3,014



717



1997



(m
)4570 Ivy Street

Denver, CO






219



1,239



172



220



1,409



1,630



368



1997



(m
)5855 Stapleton Drive North

Denver, CO






288



1,630



262



290



1,890



2,180



525



1997



(m
)5885 Stapleton Drive North

Denver, CO






376



2,129



268



380



2,392



2,773



602



1997



(m
)5977-5995
    North Broadway

Denver, CO






268



1,518



424



271



1,939



2,210



520



1997



(m
)2952-5978
    North Broadway

Denver, CO






414



2,346



700



422



3,039



3,461



800



1997



(m
)4721 Ironton Street

Denver, CO






232



1,313



709



236



2,017



2,254



719



1997



(m
)445 Bryant Street

Denver, CO






1,829



10,219



1,539



1,829



11,757



13,587



2,961



1998



(m
)East 47th Drive  A

Denver, CO






441



2,689



(17
)


441



2,672



3,113



728



1997



(m
)9500 West 49th Street  A

Wheatridge, CO






283



1,625



328



286



1,951



2,236



663



1997



(m
)9500 West 49th Street  B

Wheatridge, CO






225



1,272



102



226



1,373



1,599



342



1997



(m
)9500 West 49th Street  C

Wheatridge, CO






600



3,409



126



600



3,536



4,136



955



1997



(m
)9500 West 49th Street  D

Wheatridge, CO






246



1,537



89



246



1,626



1,872



455



1997



(m
) S-9




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)451-591 East
    124th Avenue

Littleton, CO






383



2,145



816



383



2,961



3,344



1,006



1997



(m
)608 Garrison Street

Lakewood, CO






265



1,501



408



267



1,907



2,173



521



1997



(m
)610 Garrison Street

Lakewood, CO






264



1,494



433



266



1,925



2,191



562



1997



(m
)15000 West 6th Avenue

Golden, CO






913



5,174



1,145



916



6,317



7,233



1,910



1997



(m
)14998 West 6th Avenue Bldg E

Golden, CO






565



3,199



209



568



3,405



3,973



968



1997



(m
)14998 West 6th Avenue Bldg F

Englewood, CO






269



1,525



57



271



1,580



1,851



429



1997



(m
)12503 East Euclid Drive

Denver, CO






1,208



6,905



977



1,208



7,883



9,091



2,251



1997



(m
)6547 South Racine Circle

Denver, CO






739



4,241



208



739



4,449



5,188



1,153



1997



(m
)1600 South Abilene

Aurora, CO






465



2,633



83



467



2,714



3,181



717



1997



(m
)1620 South Abilene

Aurora, CO






268



1,520



101



270



1,619



1,889



443



1997



(m
)1640 South Abilene

Aurora, CO






368



2,085



111



382



2,183



2,564



581



1997



(m
)13900 East Florida Ave

Aurora, CO






189



1,071



125



190



1,195



1,385



318



1997



(m
)11701 East 53rd Avenue

Denver, CO






416



2,355



193



422



2,542



2,964



666



1997



(m
)5401 Oswego Street

Denver, CO






273



1,547



419



278



1,960



2,238



624



1997



(m
)3811 Joilet

Denver, CO






735



4,166



448



752



4,597



5,349



1,095



1998



(m
)14818 West 6th Avenue Bldg A

Golden, CO






468



2,799



354



468



3,152



3,621



859



1997



(m
)14828 West 6th Avenue Bldg B

Golden, CO






503



2,942



559



503



3,501



4,004



1,087



1997



(m
)12055 E 49th Ave/4955 Peoria

Denver, CO






298



1,688



439



305



2,120



2,424



577



1998



(m
)4940-4950
    Paris

Denver, CO






152



861



187



156



1,045



1,200



268



1998



(m
)4970 Paris

Denver, CO






95



537



121



97



656



753



145



1998



(m
)7367 South Revere Parkway

Englewood, CO






926



5,124



620



934



5,736



6,670



1,441



1998



(m
)8200 East Park Meadows Drive(d)

Lone Tree, CO






1,297



7,348



1,215



1,304



8,556



9,860



1,766



2000



(m
)3250 Quentin(d)

Aurora, CO






1,220



6,911



603



1,230



7,503



8,733



1,521



2000



(m
)11585 E. 53rd Ave.(d)

Denver, CO






1,770



10,030



945



1,780



10,965



12,745



1,918



2001



(m
)10500 East 54th Ave.(e)

Denver, CO






1,253



7,098



892



1,260



7,983



9,242



1,688



2001



(m
)8835 W. 116th Street

Broomfield, CO






1,151



6,523



975



1,304



7,345



8,649



934



2003



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

Englewood, CO






2,500



8,549



168



2,504



8,713



11,217



1,104



2004



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

Englewood, CO






1,700



7,787



1,413



1,702



9,198



10,900



1,007



2004



(m
) S-10




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)3201-3273 S. Platte
    River Dr.

Englewood, CO






1,600



6,592



167



1,602



6,757



8,359



982



2004



(m
)18150 E. 32nd Street

Aurora, CO






563



3,188



1,033



572



4,212



4,784



1,116



2004



(m
)8820 W. 116th Street

Broomfield, CO






338



1,918



392



372



2,275



2,647



322



2003



(m
)3400 Fraser Street

Aurora, CO






616



3,593



9



620



3,598



4,218



409



2005



(m
)7005 East 46th Avenue

Denver, CO






512



2,025



19



517



2,039



2,556



183



2005



(m
)Hilltop Business Center I  Bldg. B

Littleton, CO






739







3,500



781



3,457



4,239



693



2000



(m
)Jeffco Business Center A

Broomfield, CO






312







1,382



370



1,324



1,694



199



2001



(m
)Park Centre A

Westminister, CO






441







4,282



441



4,281



4,723



1,105



2000



(m
)Park Centre B

Westminister, CO






374







2,986



374



2,986



3,360



634



2000



(m
)Park Centre C

Westminister, CO






374







2,876



374



2,876



3,250



549



2000



(m
)Park Centre D

Westminister, CO






441







3,737



441



3,737



4,178



764



2001



(m
)4001 Salazar Way

Frederick, CO






1,271



6,577



(43
)


1,276



6,529



7,805



504



2006



(m
)1690 S. Abilene

Aurora, CO






406



2,814



83



411



2,892



3,302



230



2006



(m
)5909-5915 N. Broadway

Denver, CO






495



1,268



38



500



1,301



1,801



146



2006



(m
)9586 Interstate 25 East Frontage

Longmont, CO






898



5,038



377



967



5,346



6,313



667



2005



(m
)555 Corporate Circle

Golden, CO






397



2,673



(62
)


448



2,561



3,009



171



2006



(m
)Detroit1731 Thorncroft

Troy, MI






331



1,904



173



331



2,077



2,408



703



1994



(m
)1653 E. Maple

Troy, MI






192



1,104



156



192



1,260



1,451



402



1994



(m
)47461 Clipper

Plymouth Township, MI






122



723



128



122



851



973



276



1994



(m
)238 Executive Drive

Troy, MI






52



173



554



100



679



779



623



1994



(m
)301 Executive Drive

Troy, MI






71



293



731



133



962



1,095



859



1994



(m
)449 Executive Drive

Troy, MI






125



425



1,030



218



1,362



1,580



1,145



1994



(m
)501 Executive Drive

Troy, MI






71



236



678



129



856



985



529



1994



(m
)451 Robbins Drive

Troy, MI






96



448



961



192



1,313



1,505



1,106



1994



(m
)1095 Crooks Road

Troy, MI






331



1,017



2,216



360



3,204



3,564



1,359



1994



(m
)1416 Meijer Drive

Troy, MI






94



394



496



121



863



984



563



1994



(m
)1624 Meijer Drive

Troy, MI






236



1,406



940



373



2,209



2,582



1,472



1994



(m
)1972 Meijer Drive

Troy, MI






315



1,301



738



372



1,982



2,354



1,268



1994



(m
)1621 Northwood Drive

Troy, MI






85



351



954



215



1,176



1,390



1,075



1994



(m
)1707 Northwood Drive

Troy, MI






95



262



1,310



239



1,428



1,667



967



1994



(m
) S-11




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)1788 Northwood Drive

Troy, MI






50



196



549



103



692



795



568



1994



(m
)1821 Northwood Drive

Troy, MI






132



523



756



220



1,192



1,411



1,099



1994



(m
)1826 Northwood Drive

Troy, MI






55



208



394



103



554



657



520



1994



(m
)1864 Northwood Drive

Troy, MI






57



190



437



107



577



684



541



1994



(m
)2277 Elliott Avenue

Troy, MI






48



188



501



104



633



737



545



1994



(m
)2451 Elliott Avenue

Troy, MI






78



319



766



164



999



1,163



896



1994



(m
)2730 Research Drive

Rochester Hills, MI






903



4,215



800



903



5,015



5,918



3,012



1994



(m
)2791 Research Drive

Rochester Hills, MI






557



2,731



719



560



3,447



4,007



1,854



1994



(m
)2871 Research Drive

Rochester Hills, MI






324



1,487



647



327



2,131



2,458



1,057



1994



(m
)3011 Research Drive

Rochester Hills, MI






457



2,104



406



457



2,510



2,967



1,546



1994



(m
)2870 Technology Drive

Rochester Hills, MI






275



1,262



284



279



1,541



1,821



934



1994



(m
)2900 Technology Drive

Rochester Hills, MI






214



977



534



219



1,506



1,725



792



1994



(m
)2930 Technology Drive

Rochester Hills, MI






131



594



380



138



966



1,105



493



1994



(m
)2950 Technology Drive

Rochester Hills, MI






178



819



353



185



1,165



1,350



591



1994



(m
)23014 Commerce Drive

Farmington Hills, MI






39



203



169



56



355



411



242



1994



(m
)23028 Commerce Drive

Farmington Hills, MI






98



507



247



125



727



852



492



1994



(m
)23035 Commerce Drive

Farmington Hills, MI






71



355



262



93



596



688



405



1994



(m
)23042 Commerce Drive

Farmintgon Hills, MI






67



277



311



89



565



655



382



1994



(m
)23065 Commerce Drive

Farmington Hills, MI






71



408



207



93



593



686



378



1994



(m
)23070 Commerce Drive

Farmington Hills, MI






112



442



398



125



827



952



559



1994



(m
)23079 Commerce Drive

Farmington Hills, MI






68



301



316



79



605



685



387



1994



(m
)23093 Commerce Drive

Farmington Hills, MI






211



1,024



844



295



1,784



2,079



1,214



1994



(m
)23135 Commerce Drive

Farmington Hills, MI






146



701



295



158



984



1,142



591



1994



(m
)23163 Commerce Drive

Farmington Hills, MI






111



513



342



138



828



966



491



1994



(m
)23177 Commerce Drive

Farmington Hills, MI






175



1,007



573



254



1,501



1,755



924



1994



(m
)23206 Commerce Drive

Farmington Hills, MI






125



531



350



137



868



1,006



550



1994



(m
)23370 Commerce Drive

Farmington Hills, MI






59



233



308



66



534



600



391



1994



(m
)1451 East Lincoln Avenue

Madison Heights, MI






299



1,703



228



306



1,925



2,231



618



1995



(m
)4400 Purks Drive

Auburn Hills, MI






602



3,410



2,998



612



6,398



7,010



1,789



1995



(m
)6515 Cobb Drive

Sterling Heights, MI






305



1,753



325



305



2,078



2,382



668



1994



(m
)32450 N Avis Drive

Madison Heights, MI






281



1,590



193



286



1,778



2,064



514



1996



(m
)12707 Eckles Road

Plymouth Township, MI






255



1,445



140



267



1,573



1,840



442



1996



(m
) S-12




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)9300-9328
    Harrison Rd

Romulus, MI






147



834



336



154



1,162



1,317



346



1996



(m
)9330-9358
    Harrison Rd

Romulus, MI






81



456



295



85



747



832



196



1996



(m
)28420-28448
    Highland Rd

Romulus, MI






143



809



190



149



993



1,142



311



1996



(m
)28450-28478
    Highland Rd

Romulus, MI






81



461



313



85



771



856



245



1996



(m
)28421-28449
    Highland Rd

Romulus, MI






109



617



386



114



998



1,112



270



1996



(m
)28451-28479
    Highland Rd

Romulus, MI






107



608



309



112



912



1,024



236



1996



(m
)28825-28909
    Highland Rd

Romulus, MI






70



395



313



73



705



778



180



1996



(m
)28933-29017
    Highland Rd

Romulus, MI






112



634



289



117



919



1,036



226



1996



(m
)28824-28908
    Highland Rd

Romulus, MI






134



760



234



140



987



1,128



276



1996



(m
)28932-29016
    Highland Rd

Romulus, MI






123



694



330



128



1,019



1,147



321



1996



(m
)9710-9734
    Harrison Rd

Romulus, MI






125



706



142



130



842



973



263



1996



(m
)9740-9772
    Harrison Rd

Romulus, MI






132



749



164



138



906



1,044



273



1996



(m
)9840-9868
    Harrison Rd

Romulus, MI






144



815



146



151



954



1,105



285



1996



(m
)9800-9824
    Harrison Rd

Romulus, MI






117



664



126



123



785



907



218



1996



(m
)29265-29285
    Airport Dr

Romulus, MI






140



794



254



147



1,042



1,188



297



1996



(m
)29185-29225
    Airport Dr

Romulus, MI






140



792



302



146



1,088



1,234



286



1996



(m
)29149-29165
    Airport Dr

Romulus, MI






216



1,225



379



226



1,594



1,820



464



1996



(m
)29101-29115
    Airport Dr

Romulus, MI






130



738



292



136



1,024



1,160



305



1996



(m
)29031-29045
    Airport Dr

Romulus, MI






124



704



144



130



842



972



257



1996



(m
)29050-29062
    Airport Dr

Romulus, MI






127



718



101



133



813



946



229



1996



(m
)29120-29134
    Airport Dr

Romulus, MI






161



912



244



169



1,149



1,317



306



1996



(m
)29200-29214
    Airport Dr

Romulus, MI






170



963



281



178



1,236



1,414



353



1996



(m
)9301-9339
    Middlebelt Rd

Romulus, MI






124



703



284



130



981



1,111



266



1996



(m
)26980 Trolley Industrial Drive

Taylor, MI






450



2,550



1,019



463



3,556



4,019



1,035



1997



(m
)32975 Capitol Avenue

Livonia, MI






135



748



332



144



1,071



1,215



295



1998



(m
)2725 S. Industrial Highway

Ann Arbor, MI






660



3,654



484



704



4,094



4,798



978



1998



(m
)32920 Capitol Avenue

Livonia, MI






76



422



88



82



504



586



124



1998



(m
)11923 Brookfield Avenue

Livonia, MI






120



665



495



128



1,151



1,280



484



1998



(m
)11965 Brookfield Avenue

Livonia, MI






120



665



67



128



724



852



174



1998



(m
)13405 Stark Road

Livonia, MI






46



254



136



49



387



436



119



1998



(m
)1170 Chicago Road

Troy, MI






249



1,380



256



266



1,618



1,885



373



1998



(m
)1200 Chicago Road

Troy, MI






268



1,483



274



286



1,739



2,025



398



1998



(m
) S-13




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)450 Robbins Drive

Troy, MI






166



920



272



178



1,180



1,358



270



1998



(m
)1230 Chicago Road

Troy, MI






271



1,498



156



289



1,636



1,925



391



1998



(m
)12886 Westmore Avenue

Livonia, MI






190



1,050



194



202



1,232



1,434



290



1998



(m
)12898 Westmore Avenue

Livonia, MI






190



1,050



235



202



1,273



1,475



324



1998



(m
)33025 Industrial Road

Livonia, MI






80



442



130



85



567



652



158



1998



(m
)47711 Clipper Street

Plymouth Township, MI






539



2,983



265



575



3,212



3,787



772



1998



(m
)32975 Industrial Road

Livonia, MI






160



887



343



171



1,219



1,390



356



1998



(m
)32985 Industrial Road

Livonia, MI






137



761



149



147



900



1,047



219



1998



(m
)32995 Industrial Road

Livonia, MI






160



887



186



171



1,062



1,233



274



1998



(m
)12874 Westmore Avenue

Livonia, MI






137



761



239



147



990



1,137



263



1998



(m
)33067 Industrial Road

Livonia, MI






160



887



305



171



1,181



1,352



301



1998



(m
)1775 Bellingham

Troy, MI






344



1,902



297



367



2,176



2,543



502



1998



(m
)1785 East Maple

Troy, MI






92



507



159



98



660



758



146



1998



(m
)1807 East Maple

Troy, MI






321



1,775



359



342



2,113



2,455



479



1998



(m
)980 Chicago

Troy, MI






206



1,141



176



220



1,303



1,523



297



1998



(m
)1840 Enterprise Drive

Rochester Hills, MI






573



3,170



347



611



3,479



4,090



835



1998



(m
)1885 Enterprise Drive

Rochester Hills, MI






209



1,158



134



223



1,278



1,501



305



1998



(m
)1935-55
    Enterprise Drive

Rochester Hills, MI






1,285



7,144



701



1,371



7,759



9,130



1,883



1998



(m
)5500 Enterprise Court

Warren, MI






675



3,737



500



721



4,191



4,912



992



1998



(m
)750 Chicago Road

Troy, MI






323



1,790



472



345



2,240



2,585



586



1998



(m
)800 Chicago Road

Troy, MI






283



1,567



540



302



2,087



2,390



674



1998



(m
)850 Chicago Road

Troy, MI






183



1,016



262



196



1,265



1,461



295



1998



(m
)2805 S. Industrial Highway

Ann Arbor, MI






318



1,762



478



340



2,218



2,558



570



1998



(m
)6833 Center Drive

Sterling Heights, MI






467



2,583



218



493



2,775



3,268



683



1998



(m
)32201 North Avis Drive

Madison Heights, MI






345



1,911



476



349



2,383



2,732



776



1998



(m
)1100 East Mandoline Road

Madison Heights, MI






888



4,915



1,262



897



6,168



7,066



1,590



1998



(m
)30081 Stephenson Highway

Madison Heights, MI






271



1,499



399



274



1,895



2,169



485



1998



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

Lincold Park, MI






366



3,241



949



469



4,087



4,556



977



1998



(m
)4872 S. Lapeer Road

Lake Orion Twsp, MI






1,342



5,441



2,200



1,412



7,571



8,983



2,448



1999



(m
)22701 Trolley Industrial

Taylor, MI






795







7,223



849



7,168



8,017



1,236



1999



(m
)1400 Allen Drive

Troy, MI






209



1,154



243



212



1,394



1,606



235



2000



(m
)1408 Allen Drive

Troy, MI






151



834



171



153



1,003



1,156



271



2000



(m
) S-14




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)1305 Stephenson Hwy

Troy, MI






345



1,907



231



350



2,133



2,483



366



2000



(m
)32505 Industrial Drive

Madison Heights, MI






345



1,910



418



351



2,322



2,673



560



2000



(m
)1799-1813
    Northfield Drive(d)

Rochester Hills, MI






481



2,665



254



490



2,910



3,400



530



2000



(m
)32200 N. Avis

Madison Heights, MI






503



3,367



1,225



503



4,592



5,095



261



2005



(m
)100 Kay Industrial

Orion, MI






677



2,018



403



685



2,414



3,098



460



2005



(m
)1849 West Maple Road

Troy, MI






1,688



2,790



30



1,700



2,808



4,508



302



2005



(m
)42555 Merrill Road

Sterling Heights, MI






1,080



2,300



3,702



1,090



5,992



7,082



459



2006



(m
)28435 Automation Blvd.

Wixom, MI






621







3,804



628



3,797



4,425



337



2004



(m
)2441 N. Opdyke Road

Auburn Hills, MI






530



737



16



538



745



1,283



82



2006



(m
)200 Northpointe Drive

Orion Township, MI






723



2,063



36



734



2,088



2,822



134



2006



(m
)32500 Capitol Avenue

Livonia, MI






258



1,032



275



260



1,305



1,565



65



2005



(m
)32650 Capitol Avenue

Livonia, MI






282



1,128



54



284



1,181



1,464



79



2005



(m
)11800 Sears Drive

Livonia, MI






693



1,507



1,240



703



2,737



3,440



464



2005



(m
)1099 Church Road

Troy, MI






702



1,332



45



721



1,358



2,079



274



2005



(m
)Houston2102-2314
    Edwards Street

Houston, TX






348



1,973



1,436



382



3,375



3,757



731



1997



(m
)3351 Rauch St

Houston, TX






272



1,541



203



278



1,738



2,016



425



1997



(m
)3851 Yale St

Houston, TX






413



2,343



639



425



2,971



3,395



839



1997



(m
)3337-3347
    Rauch Street

Houston, TX






227



1,287



215



233



1,498



1,730



365



1997



(m
)8505 N Loop East

Houston, TX






439



2,489



741



449



3,220



3,670



816



1997



(m
)4749-4799
    Eastpark Dr

Houston, TX






594



3,368



987



611



4,339



4,949



1,097



1997



(m
)4851 Homestead Road

Houston, TX






491



2,782



874



504



3,642



4,147



892



1997



(m
)3365-3385
    Rauch Street

Houston, TX






284



1,611



517



290



2,122



2,412



439



1997



(m
)5050 Campbell Road

Houston, TX






461



2,610



388



470



2,988



3,458



746



1997



(m
)4300 Pine Timbers

Houston, TX






489



2,769



597



499



3,355



3,854



857



1997



(m
)2500-2530
    Fairway Park Drive

Houston, TX






766



4,342



753



792



5,069



5,861



1,310



1997



(m
)6550 Longpointe

Houston, TX






362



2,050



549



370



2,591



2,961



664



1997



(m
)1815 Turning Basin Dr

Houston, TX






487



2,761



581



531



3,298



3,829



821



1997



(m
)1819 Turning Basin Dr

Houston, TX






231



1,308



571



251



1,858



2,109



500



1997



(m
)1805 Turning Basin Drive

Houston, TX






564



3,197



718



616



3,863



4,478



961



1997



(m
)9835A Genard Road

Houston, TX






1,505



8,333



3,011



1,581



11,268



12,849



2,413



1999



(m
) S-15




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)9835B Genard Road

Houston, TX






245



1,357



463



256



1,809



2,065



348



1999



(m
)8705 City Park Loop

Houston, TX






710



2,983



933



714



3,912



4,626



590



2003



(m
)11505 State Highway 225

LaPorte City, TX






940



4,675



615



940



5,290



6,230



529



2005



(m
)6955 Portwest Drive

Houston, TX






314



1,686



354



320



2,033



2,354



196



2005



(m
)6925 Portwest Drive

Houston, TX






402



1,360



234



407



1,589



1,996



199



2005



(m
)South by Southwest

Sugarland , TX






608



3,679



257



617



3,928



4,544



114



2007



(m
)7230-7238
    Wynnwood

Houston, TX






254



764



28



259



787



1,046



36



2007



(m
)7240-7248
    Wynnwood

Houston, TX






271



726



26



276



747



1,023



30



2007



(m
)7250-7260
    Wynnwood

Houston, TX






200



481



18



203



496



699



20



2007



(m
)1500 E. Main

LaPorte City, TX






201



1,328



24



204



1,349



1,553



225



2005



(m
)3300 Claymore Park Drive

Houston, TX






232



812



2



232



814



1,046



33



2007



(m
)6400 Long Point

Houston, TX






188



898



1



188



899



1,088



60



2007



(m
)12705 S Kirkwood Ste
    100-150

Houston, TX






154



626



5



154



631



785



39



2007



(m
)12705 S Kirkwood Ste
    200-220

Houston, TX






404



1,698



52



412



1,742



2,154



123



2007



(m
)8850 Jameel

Houston, TX






171



826



15



171



841



1,012



45



2007



(m
)8800 Jameel

Houston, TX






163



798







163



798



961



59



2007



(m
)8700 Jameel

Houston, TX






170



1,020



(4
)


170



1,016



1,186



35



2007



(m
)8600 Jameel

Houston, TX






163



818







163



817



981



55



2007



(m
)9362 Wallisville

Houston, TX






114



564



1



114



565



679



42



2007



(m
)9366 Wallisville

Houston, TX






233



1,200



14



233



1,214



1,447



74



2007



(m
)Indianapolis2900 N Shadeland Avenue

Indianapolis, IN






2,057



13,565



3,605



2,057



17,169



19,226



5,412



1996



(m
)7901 West 21st St.

Indianapolis, IN






1,048



6,027



435



1,048



6,462



7,510



1,922



1997



(m
)1445 Brookville Way

Indianapolis, IN






459



2,603



802



476



3,389



3,865



1,100



1996



(m
)1440 Brookville Way

Indianapolis, IN






665



3,770



1,087



685



4,838



5,523



1,473



1996



(m
)1240 Brookville Way

Indianapolis, IN






247



1,402



349



258



1,741



1,999



530



1996



(m
)1345 Brookville Way

Indianapolis, IN


(q
)


586



3,321



904



601



4,209



4,810



1,327



1996



(m
)1350 Brookville Way

Indianapolis, IN






205



1,161



271



212



1,425



1,636



424



1996



(m
)1341 Sadlier Circle E Dr

Indianapolis, IN


(r
)


131



743



313



136



1,050



1,187



379



1996



(m
)1322-1438
    Sadlier Circle E Dr

Indianapolis, IN


(r
)


145



822



291



152



1,107



1,259



365



1996



(m
) S-16




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


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

Indianapolis, IN


(r
)


218



1,234



403



225



1,630



1,854



481



1996



(m
)1304 Sadlier Circle E Dr

Indianapolis, IN


(r
)


71



405



153



75



554



629



198



1996



(m
)1402 Sadlier Circle E Dr

Indianapolis, IN


(r
)


165



934



392



171



1,320



1,491



453



1996



(m
)1504 Sadlier Circle E Dr

Indianapolis, IN


(r
)


219



1,238



289



226



1,520



1,745



415



1996



(m
)1311 Sadlier Circle E Dr

Indianapolis, IN


(r
)


54



304



106



57



406



463



120



1996



(m
)1365 Sadlier Circle E Dr

Indianapolis, IN


(r
)


121



688



289



126



972



1,098



279



1996



(m
)1352-1354
    Sadlier Circle E Dr

Indianapolis, IN


(r
)


178



1,008



399



184



1,400



1,584



442



1996



(m
)1335 Sadlier Circle E Dr

Indianapolis, IN


(r
)


81



460



309



85



765



850



193



1996



(m
)1327 Sadlier Circle E Dr

Indianapolis, IN


(r
)


52



295



53



55



345



400



103



1996



(m
)1425 Sadlier Circle E Dr

Indianapolis, IN


(r
)


21



117



39



23



154



177



44



1996



(m
)6951 E 30th St

Indianapolis, IN






256



1,449



220



265



1,659



1,924



538



1996



(m
)6701 E 30th St

Indianapolis, IN






78



443



41



82



480



562



142



1996



(m
)6737 E 30th St

Indianapolis, IN






385



2,181



295



398



2,462



2,860



779



1996



(m
)1225 Brookville Way

Indianapolis, IN






60







458



68



450



518



113



1997



(m
)6555 E 30th St

Indianapolis, IN






484



4,760



1,833



484



6,593



7,077



2,042



1996



(m
)8402-8440 E
    33rd St

Indianapolis, IN






222



1,260



593



230



1,845



2,075



540



1996



(m
)8520-8630 E
    33rd St

Indianapolis, IN






326



1,848



731



336



2,570



2,906



857



1996



(m
)8710-8768 E
    33rd St

Indianapolis, IN






175



993



370



187



1,350



1,537



377



1996



(m
)3316-3346 N. Pagosa
    Court

Indianapolis, IN






325



1,842



583



335



2,415



2,750



794



1996



(m
)6751 E 30th St

Indianapolis, IN






728



2,837



277



741



3,101



3,842



835



1997



(m
)9200 East 146th Street

Noblesville, IN






181



1,221



992



181



2,213



2,394



613



1998



(m
)6575 East 30th Street

Indianapolis, IN






118







2,014



128



2,004



2,132



470



1998



(m
)6585 East 30th Street

Indianapolis, IN






196







3,231



196



3,231



3,427



762



1998



(m
)8525 E. 33rd Street

Indianapolis, IN






1,300



2,091



687



1,308



2,771



4,078



492



2003



(m
)5705-97 Park
    Plaza Ct

Indianapolis, IN


(s
)


600



2,194



792



609



2,977



3,586



797



2003



(m
)9319-9341
    Castlegate Drive

Indianapolis, IN






530



1,235



1,001



544



2,222



2,766



512



2003



(m
)9332-9350
    Castlegate Drive

Indianapolis, IN






420



646



662



429



1,299



1,728



391



2003



(m
)1133 Northwest L Street

Richmond, IN


(t
)


201



1,358



51



208



1,403



1,611



299



2006



(m
)1380 Perry Road

Plainfield, IN






781



5,156



35



785



5,187



5,972



543



2005



(m
)9210 East 146th Street

Noblesville, IN






66



684



818



66



1,502



1,568



596



1998



(m
)Helmer Spec BTS  1

Noblesville, IN






547







4,701



628



4,619



5,248



13



2007



(m
) S-17




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)Genco BTS

Indianapolis, IN






886







6,819



1,037



6,668



7,705







2007



(m
)Inland Empire3411 N Perris Blvd

Riverside, CA






8,125



7,150



68



8,166



7,177



15,343



390



2007



(m
)100 W Sinclair

Riverside, CA






6,042



4,298



44



6,072



4,313



10,384



180



2007



(m
)Los Angeles350-390
    Manville St.

Compton, CA






2,300



3,768



103



2,313



3,857



6,171



558



2004



(m
)1944 Vista Bella Way

Rancho Dominguez, CA






1,746



3,148



646



1,821



3,719



5,540



415



2005



(m
)2000 Vista Bella Way

Rancho Dominguez, CA






817



1,673



294



852



1,932



2,784



211



2005



(m
)2835 East Ana Street Drive

Rancho Dominguez, CA






1,682



2,750



134



1,770



2,796



4,566



360



2005



(m
)665 N. Baldwin Park Blvd

City of Industry, CA






2,124



5,219



(135
)


2,139



5,069



7,208



284



2006



(m
)27801 Avenue Scott

Santa Clarita, CA






2,890



7,020



469



2,902



7,476



10,379



353



2006



(m
)2610 & 2660 Columbia Street

Torrance, CA






3,008



5,826



(71
)


3,031



5,732



8,763



223



2006



(m
)433 Alaska Avenue

Torrance, CA






681



168



5



684



170



854



29



2006



(m
)21730-21748
    Marilla Street

Chatsworth, CA






2,585



3,210



90



2,608



3,277



5,885



130



2007



(m
)8015 Paramount

Pico Riviera, CA






3,616



3,902



51



3,653



3,916



7,569



135



2007



(m
)3365 E. Slauson

Los Angeles, CA






2,367



3,243



37



2,393



3,254



5,647



118



2007



(m
)3015 E Ana & 18744 Reyes

Los Angeles, CA






19,678



9,321



655



20,140



9,514



29,654



677



2007



(m
)19067 Reyes Ave

Rancho Dominguez, CA






9,281



3,920



107



9,373



3,936



13,308



104



2007



(m
)1250 Rancho Conejo Blvd

Thousand Oaks, CA






1,435



779



8



1,440



782



2,222



15



2007



(m
)1260 Rancho Conejo Blvd

Thousand Oaks, CA






1,353



722



9



1,358



726



2,084



13



2007



(m
)1270 Rancho Conejo Blvd

Thousand Oaks, CA






1,224



716



7



1,229



719



1,947



17



2007



(m
)1280 Rancho Conejo Blvd

Thousand Oaks, CA






2,043



3,408



19



2,050



3,420



5,470



57



2007



(m
)1290 Rancho Conejo Blvd

Thousand Oaks, CA






1,754



2,949



17



1,760



2,959



4,720



49



2007



(m
)4020 S. Compton Ave

Los Angeles, CA






3,800



7,330



71



3,825



7,376



11,201



326



2006



(m
)500 N Nash St

El Segundo, CA






1,189



3,167



99



1,198



3,257



4,455



65



2007



(m
)4790 Valley Blvd

Los Angeles, CA






960



3,840



33



966



3,866



4,833



26



2007



(m
)LouisvillePenske BTS

Louisville, KY






2,074







9,639



2,079



9,634



11,713



172



2007



(m
)Miami4700 NW 15th Ave

Ft.Lauderdale, FL






908



1,883



57



912



1,936



2,848



94



2007



(m
)4710 NW 15th Ave

Ft.Lauderdale, FL






830



2,722



54



834



2,772



3,606



109



2007



(m
)4720 NW 15th Ave

Ft.Lauderdale, FL






937



2,455



72



942



2,523



3,464



141



2007



(m
) S-18




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)4740 NW 15th Ave

Ft.Lauderdale, FL






1,107



3,111



70



1,112



3,176



4,288



198



2007



(m
)4750 NW 15th Ave

Ft.Lauderdale, FL






947



3,079



82



951



3,157



4,108



122



2007



(m
)4800 NW 15th Ave

Ft.Lauderdale, FL






1,092



3,308



140



1,097



3,443



4,540



141



2007



(m
)Smurfit Container

Medley, FL






857



3,428



181



864



3,602



4,466



24



2007



(m
)MilwaukeeN25 W23050 Paul Road

Pewaukee, WI






474



2,723



1,932



485



4,645



5,130



1,479



1994



(m
)N25 W23255 Paul Road

Pewaukee, WI






569



3,270



183



569



3,453



4,022



1,117



1994



(m
)N27 W23293 Roundy Drive

Pewaukee, WI






412



2,837



102



420



2,931



3,351



965



1994



(m
)6523 N Sydney Place

Glendale, WI






172



976



349



176



1,322



1,498



362



1995



(m
)4560 N 124th Street

Wauwatosa, WI






118



667



85



129



741



870



196



1997



(m
)4410-80
    North 132nd Street

Butler, WI






355







3,967



359



3,963



4,322



721



1999



(m
)5355 South Westridge Drive

New Berlin, WI






1,630



7,058



94



1,646



7,136



8,782



798



2004



(m
)320-34 W. Vogel

Milwaukee, WI






506



3,199



73



508



3,270



3,778



581



2005



(m
)4950 S. 6th Avenue

Milwaukee, WI






299



1,565



85



301



1,648



1,949



357



2005



(m
)1711 Paramount Court

Waukesha, WI






308



1,762



19



311



1,778



2,089



199



2005



(m
)17005 W. Ryerson Road

New Berlin, WI






403



3,647



(63
)


405



3,581



3,987



444



2005



(m
)W 140 N9059 Lilly Road

Iomonee Falls, WI






343



1,153



242



366



1,372



1,738



196



2005



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

Milwaukee, WI






301



2,150



13



302



2,162



2,464



349



2005



(m
)16600 West Glendale Avenue

New Berlin, WI






704



1,923



372



715



2,284



2,999



314



2006



(m
)4921 S. 2nd Street

Milwaukee, WI






101



713



2



101



715



816



106



2005



(m
)1500 Peebles Drive

Richland Center, WI






1,577



1,018



35



1,603



1,027



2,630



639



2005



(m
)2905 S 160th Street

New Berlin, WI






261



672



18



265



686



951



23



2007



(m
)2855 S 160th Street

New Berlin, WI






221



628



23



225



647



872



22



2007



(m
)2485 Commerce Drive

New Berlin, WI






483



1,516



20



491



1,528



2,019



41



2007



(m
)14518 Whittaker Way

New Berlin, WI






437



1,082



62



445



1,135



1,581



42



2007



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

Bloomington, MN






357



1,320



1,257



386



2,548



2,934



1,541



1994



(m
)6201 West 111th Street

Bloomington, MN


(u
)


1,358



8,622



4,421



1,499



12,903



14,401



6,819



1994



(m
)6403-6545
    Cecilia Drive

Bloomington, MN






366



1,363



1,168



395



2,502



2,897



1,603



1994



(m
)7251-7267
    Washington Avenue

Edina, MN






129



382



710



182



1,038



1,221



792



1994



(m
)7301-7325
    Washington Avenue

Edina, MN






174



391



84



193



456



649



193



1994



(m
) S-19




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)7101 Winnetka Avenue North

Brooklyn Park, MN






2,195



6,084



4,126



2,228



10,177



12,405



5,465



1994



(m
)7600 Golden Triangle Drive

Eden Prairie, MN






566



1,394



1,894



615



3,240



3,854



1,668



1994



(m
)9901 West 74th Street

Eden Prairie, MN






621



3,289



3,283



639



6,554



7,193



3,810



1994



(m
)1030 Lone Oak Road

Eagan, MN






456



2,703



563



456



3,266



3,721



1,048



1994



(m
)1060 Lone Oak Road

Eagan, MN






624



3,700



717



624



4,417



5,042



1,519



1994



(m
)5400 Nathan Lane

Plymouth, MN






749



4,461



1,167



757



5,620



6,377



2,054



1994



(m
)10120 W 76th Street

Eden Prairie, MN






315



1,804



1,025



315



2,828



3,144



1,257



1995



(m
)7615 Golden Triangle

Eden Prairie, MN






268



1,532



785



268



2,316



2,584



716



1995



(m
)7625 Golden Triangle

Eden Prairie, MN






415



2,375



1,032



415



3,407



3,822



1,117



1995



(m
)12155 Nicollet Ave

Burnsville, MN






286







1,731



288



1,729



2,017



528



1995



(m
)6655 Wedgewood Road

Maple Grove, MN






1,466



8,342



3,291



1,466



11,633



13,099



3,516



1994



(m
)900 Apollo Road

Eagan, MN






1,029



5,855



1,202



1,030



7,056



8,086



2,191



1995



(m
)7316 Aspen Lane North

Brooklyn Park, MN






368



2,156



746



377



2,893



3,270



874



1995



(m
)4100 Peavey Road

Chaska, MN






277



2,261



830



277



3,091



3,368



861



1996



(m
)11300 Hamshire Ave South

Bloomington, MN






527



2,985



1,469



541



4,440



4,981



1,092



1996



(m
)5205 Highway 169

Plymouth, MN






446



2,525



1,002



740



3,232



3,972



886



1996



(m
)6451-6595
    Citywest Parkway

Eden Prairie, MN






525



2,975



1,347



538



4,309



4,847



1,265



1996



(m
)7100-7198
    Shady Oak Road

Eden Prairie, MN






715



4,054



1,254



736



5,288



6,023



1,831



1996



(m
)7500-7546
    Washington Square

Eden Prairie, MN






229



1,300



776



235



2,071



2,306



585



1996



(m
)7550-7558
    Washington Square

Eden Prairie, MN






153



867



171



157



1,034



1,191



270



1996



(m
)5240-5300
    Valley Industrial Blvd S

Shakopee, MN






362



2,049



1,005



371



3,044



3,415



965



1996



(m
)7102 Winnetka Ave. North

Brooklyn Park, MN






1,275







6,505



1,337



6,443



7,780



25



2007



(m
)6477-6525
    City West Parkway

Eden Prairie, MN






810



4,590



1,049



819



5,629



6,449



1,558



1997



(m
)1157 Valley Park Drive

Shakopee, MN






760







6,192



888



6,064



6,952



1,247



1999



(m
)500-530
    Kasota Avenue SE

Minneapolis, MN






415



2,354



894



432



3,231



3,664



924



1998



(m
)770-786
    Kasota Avenue SE

Minneapolis, MN






333



1,888



510



347



2,383



2,730



561



1998



(m
)800 Kasota Avenue SE

Minneapolis, MN






524



2,971



921



597



3,819



4,416



971



1998



(m
)2530-2570
    Kasota Avenue

St. Paul, MN






407



2,308



841



465



3,091



3,556



804



1998



(m
)1280 Energy Park Drive

St. Paul, MN






700



2,779



23



705



2,797



3,502



387



2004



(m
)9600 West 76th Street

Eden Prairie, MN






1,000



2,450



47



1,034



2,462



3,497



281



2004



(m
) S-20




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)9700 West 76th Street

Eden Prairie, MN






1,000



2,709



145



1,038



2,815



3,854



295



2004



(m
)5017 Boone Avenue North

New Hope, MN


(v
)


1,000



1,599



58



1,009



1,648



2,657



407



2005



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

Burnsville, MN






2,517



6,069



604



2,524



6,665



9,190



2,072



2005



(m
)1087 Park Place

Shakopee, MN






1,195



4,891



15



1,198



4,903



6,101



634



2005



(m
)5391 12th Avenue SE

Shakopee, MN






1,392



8,149



185



1,395



8,331



9,726



943



2005



(m
)4701 Valley Industrial Boulevard

Shakopee, MN






1,296



7,157



(81
)


1,299



7,073



8,372



886



2005



(m
)Park 2000 III

Shakopee, MN






590







5,619



590



5,619



6,209



802



1998



(m
)7600 69th Avenue

Greenfield, MN






1,500



8,328



1,808



1,510



10,126



11,636



1,310



2004



(m
)316 Lake Hazeltine Drive

Chaska, MN






714



944



166



729



1,095



1,824



187



2006



(m
)6455 City West Parkway

Eden Prairie, MN






659



3,189



92



665



3,274



3,939



701



2006



(m
)1225 Highway 169 North

Plymouth, MN






1,190



1,979



59



1,207



2,022



3,228



191



2006



(m
)9200 10th Ave

Golden Valley, MN






892



2,306



(5
)


902



2,291



3,193



155



2007



(m
)Nashville1621 Heil Quaker Boulevard

Nashville, TN






413



2,383



1,687



430



4,053



4,483



1,301



1995



(m
)3099 Barry Drive

Portland, TN






418



2,368



121



421



2,486



2,907



697



1996



(m
)3150 Barry Drive

Portland, TN






941



5,333



520



981



5,813



6,794



1,605



1996



(m
)5599 Highway 31 West

Portland, TN






564



3,196



131



571



3,320



3,891



919



1996



(m
)1650 Elm Hill Pike

Nashville, TN






329



1,867



265



332



2,129



2,461



550



1997



(m
)1931 Air Lane Drive

Nashville, TN






489



2,785



272



493



3,053



3,546



820



1997



(m
)4640 Cummings Park

Nashville, TN






360



2,040



210



365



2,245



2,610



450



1999



(m
)1740 River Hills Drive

Nashville, TN






848



4,383



572



888



4,915



5,803



954



2005



(m
)Royal Park Business Center  211 Ellery Ct

Nashville, TN






606



3,192



107



616



3,289



3,905



83



2007



(m
)Northern New Jersey14 Worlds Fair Drive

Franklin, NJ






483



2,735



605



503



3,320



3,823



926



1997



(m
)12 Worlds Fair Drive

Franklin, NJ






572



3,240



538



593



3,756



4,349



1,038



1997



(m
)22 Worlds Fair Drive

Franklin, NJ






364



2,064



469



375



2,522



2,897



612



1997



(m
)26 Worlds Fair Drive

Franklin, NJ






361



2,048



357



377



2,388



2,766



635



1997



(m
)24 Worlds Fair Drive

Franklin, NJ






347



1,968



525



362



2,478



2,840



671



1997



(m
)20 Worlds Fair Drive Lot 13

Sumerset, NJ






9







2,549



691



1,867



2,558



342



1999



(m
)45 Route 46

Pine Brook, NJ






969



5,491



811



978



6,293



7,271



1,242



2000



(m
) S-21




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)43 Route 46

Pine Brook, NJ






474



2,686



387



479



3,069



3,547



686



2000



(m
)39 Route 46

Pine Brook, NJ






260



1,471



223



262



1,691



1,953



339



2000



(m
)26 Chapin Road

Pine Brook, NJ






956



5,415



583



965



5,988



6,953



1,135



2000



(m
)30 Chapin Road

Pine Brook, NJ






960



5,440



770



969



6,201



7,170



1,226



2000



(m
)20 Hook Mountain Road

Pine Brook, NJ






1,507



8,542



2,650



1,534



11,166



12,700



1,847



2000



(m
)30 Hook Mountain Road

Pine Brook, NJ






389



2,206



368



396



2,567



2,963



509



2000



(m
)55 Route 46

Pine Brook, NJ






396



2,244



239



403



2,476



2,879



486



2000



(m
)16 Chapin Road

Pine Brook, NJ






885



5,015



375



901



5,375



6,275



1,049



2000



(m
)20 Chapin Road

Pine Brook, NJ






1,134



6,426



300



1,154



6,706



7,860



1,068



2000



(m
)Sayreville Lot 3

Sayreville, NJ






996







5,315



996



5,315



6,311



458



2003



(m
)Sayreville Lot 4

Sayreville, NJ






944







4,749



944



4,749



5,693



713



2002



(m
)400 Raritan Center Parkway

Edison, NJ






829



4,722



525



851



5,226



6,077



851



2001



(m
)300 Columbus Circle

Edison, NJ






1,257



7,122



969



1,277



8,071



9,348



1,457



2001



(m
)400 Apgar

Franklin Township, NJ






780



4,420



758



822



5,136



5,958



816



2002



(m
)500 Apgar

Franklin Township, NJ






361



2,044



449



368



2,486



2,854



444



2002



(m
)1 Pearl Ct

Allendale, NJ






623



3,528



1,305



649



4,806



5,455



688



2002



(m
)2 Pearl Ct

Allendale, NJ






255



1,445



1,294



403



2,590



2,994



371



2002



(m
)3 Pearl Ct

Allendale, NJ






440



2,491



259



458



2,731



3,189



354



2002



(m
)5 Pearl Ct

Allendale, NJ






505



2,860



546



526



3,386



3,911



501



2002



(m
)6 Pearl Ct

Allendale, NJ






1,160



6,575



779



1,177



7,337



8,514



1,060



2002



(m
)7 Pearl Ct

Allendale, NJ






513



2,907



245



520



3,145



3,665



418



2002



(m
)59 Route 17

Allendale, NJ






518



2,933



1,133



539



4,044



4,583



847



2002



(m
)309-319
    Pierce Street

Somerset, NJ






1,300



4,628



947



1,309



5,566



6,875



648



2004



(m
)50 Triangle Blvd

Carlstadt, NJ






497



2,195



259



532



2,419



2,951



249



2005



(m
)Philadelphia230-240
    Welsh Pool Road

Exton, PA






154



851



142



170



977



1,147



237



1998



(m
)264 Welsh Pool Road

Exton, PA






147



811



84



162



880



1,042



215



1998



(m
)254 Welsh Pool Road

Exton, PA






152



842



370



184



1,179



1,364



269



1998



(m
)213 Welsh Pool Road

Exton, PA






149



827



171



173



974



1,147



242



1998



(m
)251 Welsh Pool Road

Exton, PA






144



796



394



159



1,176



1,334



238



1998



(m
)253-255
    Welsh Pool Road

Exton, PA






113



626



175



125



789



914



196



1998



(m
)151-161
    Philips Road

Exton, PA






191



1,059



266



229



1,287



1,516



323



1998



(m
) S-22




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)216 Philips Road

Exton, PA






199



1,100



238



220



1,317



1,537



327



1998



(m
)964 Postal Road

Lehigh, PA






215



1,216



124



224



1,330



1,554



227



2001



(m
)966 Postal Road

Lehigh, PA






268



1,517



133



279



1,639



1,918



294



2001



(m
)999 Postal Road

Lehigh, PA






439



2,486



655



458



3,122



3,580



595



2001



(m
)7331 William Avenue

Lehigh, PA






311



1,764



144



325



1,894



2,219



321



2001



(m
)7350 William Ave

Lehigh, PA






552



3,128



767



576



3,871



4,447



890



2001



(m
)7377 William Ave

Lehigh, PA






290



1,645



235



303



1,867



2,170



370



2001



(m
)2000 Cabot Boulevard West

Langhorne, PA






414



2,346



660



424



2,996



3,420



466



2002



(m
)2005 Cabot Boulevard West

Langhorne, PA






315



1,785



222



322



2,000



2,322



328



2002



(m
)2010 Cabot Boulevard West

Langhorne, PA






513



2,907



581



525



3,476



4,001



535



2002



(m
)2200 Cabot Boulevard West

Langhorne, PA






428



2,427



346



438



2,763



3,201



495



2002



(m
)2260-2270
    Cabot Boulevard West

Langhorne, PA






361



2,044



484



369



2,520



2,889



434



2002



(m
)3000 Cabot Boulevard West

Langhorne, PA






509



2,886



652



521



3,526



4,047



624



2002



(m
)180 Wheeler Court

Langhorne, PA






447



2,533



240



458



2,762



3,220



433



2002



(m
)2512 Metropolitan Drive

Trevose, PA






242



1,369



248



248



1,610



1,858



271



2002



(m
)2515 Metropolitan Drive

Trevose, PA






259



1,466



203



265



1,663



1,928



271



2002



(m
)2450 Metropolitan Drive

Trevose, PA






571



3,234



586



586



3,805



4,391



663



2002



(m
)4667 Somerton Road

Trevose, PA






637



3,608



782



652



4,375



5,027



911



2002



(m
)835 Wheeler Way

Langhorne, PA






293



1,658



525



319



2,156



2,475



450



2002



(m
)14 McFadden Road

Palmer, PA






600



1,349



56



625



1,380



2,005



257



2004



(m
)2801 Red Lion Road

Philadelphia, PA






950



5,916



88



964



5,990



6,954



1,317



2005



(m
)200 Cascade Drive  Bldg 1

Allentown, PA






2,133



17,562



913



2,769



17,838



20,608



835



2007



(m
)200 Cascade Drive  Bldg 2

Allentown, PA






310



2,268



106



316



2,369



2,684



88



2007



(m
)3240 S.78th Street

Philadelphia, PA






515



1,245



71



540



1,291



1,831



135



2005



(m
)Phoenix1045 South Edward Drive

Tempe, AZ






390



2,160



86



394



2,242



2,636



495



1999



(m
)46 N. 49th Ave

Phoenix, AZ






283



1,704



718



283



2,422



2,706



572



2002



(m
)10220 S. 51st Street

Phoenix, AZ






400



1,493



184



406



1,671



2,077



245



2004



(m
)50 South 56th Street

Chandler, AZ






1,200



3,333



(31
)


1,207



3,294



4,502



353



2004



(m
)4701 W. Jefferson

Phoenix, AZ






926



2,195



628



929



2,820



3,749



515



2005



(m
)7102 W. Roosevelt

Phoenix, AZ






1,613



6,451



984



1,620



7,428



9,048



418



2006



(m
)4137 West Adams Street

Phoenix, AZ






990



2,661



146



1,033



2,764



3,797



148



2006



(m
) S-23




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)245 W Lodge

Tempe, AZ






898



3,066



37



907



3,095



4,001



92



2007



(m
)Salt Lake City512 Lawndale Drive(i)

Salt Lake City, UT






2,705



15,749



2,924



2,705



18,672



21,377



5,382



1997



(m
)1270 West 2320 South

West Valley, UT






138



784



203



143



983



1,126



268



1998



(m
)1275 West 2240 South

West Valley, UT






395



2,241



473



408



2,702



3,109



755



1998



(m
)1288 West 2240 South

West Valley, UT






119



672



147



123



816



938



254



1998



(m
)2235 South 1300 West

West Valley, UT






198



1,120



259



204



1,373



1,577



427



1998



(m
)1293 West 2200 South

West Valley, UT






158



896



69



163



960



1,124



231



1998



(m
)1279 West 2200 South

West Valley, UT






198



1,120



47



204



1,161



1,365



289



1998



(m
)1272 West 2240 South

West Valley, UT






336



1,905



247



347



2,141



2,488



514



1998



(m
)1149 West 2240 South

West Valley, UT






217



1,232



99



225



1,324



1,549



331



1998



(m
)1142 West 2320 South

West Valley, UT






217



1,232



88



225



1,313



1,538



337



1998



(m
)1152 West 2240 South

West Valley, UT






2,067







3,549



2,114



3,503



5,617



657



2000



(m
)369 Orange Street

Salt Lake City, UT






600



2,855



163



606



3,012



3,618



430



2003



(m
)2323 South 900 W

Salt Lake City, UT






886



2,995



59



898



3,041



3,940



432



2006



(m
)9140 South 150 East-Eckman

Sandy City, UT






1,417



3,668



189



1,580



3,694



5,274



248



2006



(m
)4625 West 1730 South

Salt Lake City, UT






903



4,005



20



907



4,021



4,928



215



2006



(m
)1815-1957
    South 4650 West

Salt Lake City, UT






1,707



10,873



170



1,713



11,037



12,750



510



2006



(m
)2100 Alexander Street

West Valley, UT






373



1,675



(2
)


376



1,670



2,046



38



2007



(m
)2064 Alexander Street

West Valley, UT






864



2,771



(9
)


869



2,758



3,626



76



2007



(m
)Bard Access System -5425 Amelia Earhart

Salt Lake City, UT






615



2,461



43



628



2,491



3,119



8



2007



(m
)San Diego16275 Technology Drive

San Diego, CA






2,848



8,641



42



2,859



8,672



11,531



706



2005



(m
)6305 El Camino Real

Carlsbad, CA






1,590



6,360



214



1,590



6,574



8,163



345



2006



(m
)8572 Spectrum Lane

San Diego, CA






806



3,225



402



807



3,626



4,433



89



2007



(m
)13100 Gregg St

Poway, CA






1,040



4,160



271



1,073



4,399



5,471



115



2007



(m
)2325 Camino Vida Roble

Carlsbad, CA






1,441



1,239



42



1,446



1,276



2,722



105



2006



(m
)2335 Camino Vida Roble

Carlsbad, CA






817



762



100



821



858



1,679



84



2006



(m
)2345 Camino Vida Roble

Carlsbad, CA






562



456



28



565



481



1,046



51



2006



(m
)2355 Camino Vida Roble

Carlsbad, CA






481



365



59



483



422



905



49



2006



(m
)2365 Camino Vida Roble

Carlsbad, CA






1,098



630



9



1,102



634



1,737



86



2006



(m
)2375 Camino Vida Roble

Carlsbad, CA






1,210



874



121



1,214



991



2,205



103



2006



(m
) S-24




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)6451 El Camino Real

Carlsbad, CA






2,885



1,931



52



2,895



1,973



4,868



197



2006



(m
)Southern New Jersey4 Springdale Road(d)

Cherry Hill, NJ






332



1,853



1,291



332



3,144



3,476



733



1998



(m
)8 Springdale Road

Cherry Hill, NJ






258



1,436



854



258



2,290



2,548



580



1998



(m
)2050 Springdale Road

Cherry Hill, NJ






277



1,545



1,052



277



2,597



2,874



599



1998



(m
)16 Springdale Road

Cherry Hill, NJ






240



1,336



134



240



1,471



1,710



350



1998



(m
)5 Esterbrook Lane

Cherry Hill, NJ






240



1,336



236



240



1,572



1,812



368



1998



(m
)2 Pin Oak Lane

Cherry Hill, NJ






314



1,757



810



314



2,567



2,881



658



1998



(m
)28 Springdale Road

Cherry Hill, NJ






190



1,060



213



190



1,273



1,463



304



1998



(m
)3 Esterbrook Lane

Cherry Hill, NJ






198



1,102



486



198



1,588



1,786



371



1998



(m
)26 Springdale Road

Cherry Hill, NJ






226



1,257



589



226



1,846



2,072



455



1998



(m
)1 Keystone Ave

Cherry Hill, NJ






218



1,223



963



218



2,186



2,404



515



1998



(m
)21 Olnev Ave

Cherry Hill, NJ






68



380



75



68



455



523



106



1998



(m
)19 Olnev Ave

Cherry Hill, NJ






200



1,119



1,130



200



2,249



2,449



483



1998



(m
)2 Keystone Ave

Cherry Hill, NJ






214



1,194



551



214



1,746



1,959



471



1998



(m
)18 Olnev Ave

Cherry Hill, NJ






247



1,382



515



247



1,896



2,143



418



1998



(m
)2030 Springdale Rod

Cherry Hill, NJ






523



2,914



1,389



523



4,304



4,826



1,118



1998



(m
)111 Whittendale Drive

Morrestown, NJ






522



2,916



130



522



3,046



3,568



636



2000



(m
)9 Whittendale

Morrestown, NJ






337



1,911



108



343



2,013



2,356



335



2001



(m
)1931 Olney Road

Cherry Hill, NJ






262



1,486



117



267



1,598



1,865



217



2002



(m
)7851 Airport

Pennsauken, NJ






160



508



382



163



888



1,050



210



2003



(m
)103 Central

Mt. Laurel, NJ






610



1,847



1,542



619



3,380



3,999



855



2003



(m
)7890 Airport Hwy/7015 Central

Pennsauken, NJ






300



989



1,062



425



1,926



2,351



714



2006



(m
)999 Grand Avenue

Hammonton, NJ


(w
)


969



8,793



713



979



9,495



10,475



1,541



2005



(m
)600 Creek Road

Delanco, NJ






2,125



6,504



4



2,126



6,507



8,633



419



2007



(m
)1070 Thomas Busch Memorial Hwy

Pennsauken, NJ






1,054



2,278



65



1,084



2,313



3,397



151



2007



(m
)1601 Schlumberger Drive

Moorestown, NJ






560



2,240



272



608



2,464



3,072



61



2007



(m
)St. Louis8921-8971
    Fost Avenue

Hazelwood, MO






431



2,479



68



431



2,547



2,979



856



1994



(m
)9043-9083
    Frost Avenue

Hazelwood, MO






319



1,838



712



319



2,550



2,869



815



1994



(m
) S-25




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)10431-10449
    Midwest Industrial Blvd

Olivette, MO






237



1,360



555



237



1,915



2,152



766



1994



(m
)10751 Midwest Industrial Boulevard

Olivette, MO






193



1,119



368



194



1,487



1,681



589



1994



(m
)6951 N Hanley(d)

Hazelwood, MO






405



2,295



1,382



419



3,663



4,082



998



1996



(m
)1037 Warson  Bldg A

St. Louis, MO






246



1,359



623



251



1,977



2,228



260



2002



(m
)1037 Warson  Bldg B

St. Louis, MO






380



2,103



1,730



388



3,825



4,212



487



2002



(m
)1037 Warson  Bldg C

St. Louis, MO






303



1,680



1,224



310



2,897



3,207



447



2002



(m
)1037 Warson  Bldg D

St. Louis, MO






353



1,952



766



360



2,711



3,071



341



2002



(m
)6821-6857
    Hazelwood Ave

Berkeley, MO






985



6,205



775



985



6,979



7,965



1,073



2003



(m
)13701 Rider Trail North

Earth City, MO






800



2,099



653



804



2,748



3,552



545



2003



(m
)1908-2000
    Innerbelt(d)

Overland, MO






1,590



9,026



1,057



1,591



10,083



11,673



1,951



2004



(m
)8449-95
    Mid-County Industrial

Vinita Park, MO






520



1,590



222



520



1,812



2,332



384



2004



(m
)84104-76 Mid
    County Industrial

Vinita Park, MO






540



2,109



132



540



2,241



2,781



440



2004



(m
)2001 Innerbelt Business Center

Overland, MO






1,050



4,451



256



1,050



4,707



5,757



910



2004



(m
)9060 Latty Avenue

Berkeley, MO






687



1,947



43



694



1,984



2,678



480



2006



(m
)21-25
    Gateway Commerce Center

Edwardsville, IL


(x
)


1,874



31,958



371



1,928



32,275



34,203



1,230



2006



(m
)Cenveno Building  601 Cannonball

OFallon, MO






584



2,336



34



595



2,359



2,954



8



2007



(m
)Tampa5313 Johns Road

Tampa, FL






204



1,159



219



257



1,325



1,582



342



1997



(m
)5525 Johns Road

Tampa, FL






192



1,086



435



200



1,513



1,713



357



1997



(m
)5709 Johns Road

Tampa, FL






192



1,086



168



200



1,246



1,446



332



1997



(m
)5711 Johns Road

Tampa, FL






243



1,376



183



255



1,546



1,801



388



1997



(m
)5453 W Waters Avenue

Tampa, FL






71



402



138



82



529



611



142



1997



(m
)5455 W Waters Avenue

Tampa, FL






307



1,742



387



326



2,111



2,436



537



1997



(m
)5553 W Waters Avenue

Tampa, FL






307



1,742



267



326



1,990



2,316



517



1997



(m
)5501 W Waters Avenue

Tampa, FL






154



871



133



142



1,015



1,157



290



1997



(m
)5503 W Waters Avenue

Tampa, FL






71



402



41



66



449



514



118



1997



(m
)5555 W Waters Avenue

Tampa, FL






213



1,206



143



221



1,340



1,562



369



1997



(m
) S-26




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)5557 W Waters Avenue

Tampa, FL






59



335



47



62



379



442



100



1997



(m
)5463 W Waters Avenue

Tampa, FL






497



2,751



782



560



3,470



4,030



883



1998



(m
)5461 W Waters

Tampa, FL






261







1,406



265



1,402



1,667



297



1998



(m
)5481 W. Waters Avenue

Tampa, FL






558







2,283



561



2,280



2,841



492



1999



(m
)4515-4519
    George Road

Tampa, FL






633



3,587



636



640



4,216



4,856



743



2001



(m
)6089 Johns Road

Tampa, FL


(y
)


180



987



104



186



1,086



1,271



166



2004



(m
)6091 Johns Road

Tampa, FL


(y
)


140



730



51



144



777



921



107



2004



(m
)6103 Johns Road

Tampa, FL


(y
)


220



1,160



75



226



1,230



1,455



165



2004



(m
)6201 Johns Road

Tampa, FL


(y
)


200



1,107



88



205



1,190



1,395



176



2004



(m
)6203 Johns Road

Tampa, FL


(y
)


300



1,460



105



311



1,555



1,865



265



2004



(m
)6205 Johns Road

Tampa, FL


(y
)


270



1,363



46



278



1,402



1,679



123



2004



(m
)6101 Johns Road

Tampa, FL






210



833



179



216



1,006



1,222



147



2004



(m
)4908 Tampa West Blvd

Tampa, FL






2,622



8,643



36



2,635



8,666



11,301



1,072



2005



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

Largo, FL






1,895



5,408



525



1,909



5,918



7,827



466



2006



(m
)11701 Belcher Road South

Largo, FL






1,657



2,768



314



1,669



3,070



4,739



318



2006



(m
)4900-4914
    Creekside Drive(h)

Clearwater, FL






3,702



7,338



301



3,730



7,611



11,341



718



2006



(m
)4908 Creekside Drive

Clearwater, FL






506



645



329



509



971



1,480



82



2006



(m
)12345 Starkey Road

Largo, FL






898



2,078



292



905



2,363



3,268



168



2006



(m
)Toronto114 Packham Rd  Brooks Industries

Stratford, Ontario






1,000



3,526



55



1,012



3,569



4,581



281



2007



(m
)135 Dundas Street

Cambridge Ontario, Canada






3,128



4,958



138



3,179



5,045



8,224



1,344



2005



(m
)678 Erie Street

Stratford Ontario, Canada






786



557



78



829



592



1,421



459



2005



(m
)777 Bayly Street West

Ajax Ontario, Canada






7,224



13,156



4,119
(z)


8,707



15,792



24,499



971



2006



(m
)Other3501 Maple Street

Abilene, TX






67



1,057



1,422



266



2,280



2,546



1,140



1994



(m
)4200 West Harry Street(e)

Wichita, KS






193



2,224



1,777



532



3,662



4,194



2,162



1994



(m
)5050 Kendrick Court

Grand Rapids, MI






1,721



11,433



7,230



1,721



18,663



20,383



5,829



1994



(m
)5015 52nd Street SE

Grand Rapids, MI






234



1,321



141



234



1,462



1,696



544



1994



(m
)2250 Delaware Ave

Des Moines, IA






277



1,609



612



277



2,222



2,499



559



1998



(m
)9601A Dessau Road

Austin, TX






255







2,184



366



2,073



2,439



645



1999



(m
)9601B Dessau Road

Austin, TX






248







1,855



355



1,747



2,102



332



2000



(m
) S-27




---



##### 



(c)CostsCapitalizedSubsequent to





Gross Amount CarriedAcquisition or





At Close of Period 12/31/07(b)


Completion











Accumulated


Year


DepreciableLocation

(a)


Initial Cost


and Valuation





Building and





Depreciation


Acquired/


LivesBuilding Address

(City/State)

Encumbrances


Land


Buildings


Provision


Land


Improvements


Total


12/31/07


Constructed


(Years)(Dollars in thousands)9601C Dessau Road

Austin, TX






248







2,186



355



2,079



2,434



855



1999



(m
)Lake Point IV

Orlando, FL






909



4,613



129



920



4,731



5,651



498



2005



(m
)Ozburn Hessey Logistics  BTS

Winchester, VA






2,320







10,821



2,401



10,740



13,141



151



2007



(m
)6266 Hurt Road

Horn Lake, MS






427







3,270



427



3,271



3,697



459



2004



(m
)6266 Hurt Road Building B

Horn Lake, MS














868



99



769



868



92



2004



(m
)7601 NW 107th Terrace

Kansas City, MO






746



4,712



50



750



4,758



5,508



987



2005



(m
)12626 Silicon Drive

San Antonio, TX






768



3,448



22



779



3,459



4,238



432



2005



(m
)3100 Pinson Valley Parkway

Birmingham, AL






303



742



21



310



756



1,066



84



2005



(m
)1021 W. First Street, Hwy 93

Sumner, IA






99



2,540



20



100



2,559



2,659



365



2005



(m
)1245 N. Hearne Avenue

Shreveport, LA






99



1,263



33



102



1,293



1,395



169



2005



(m
)2315 NW 21st Place

Portland, OR






301



1,247



39



309



1,278



1,587



110



2005



(m
)10330 I Street

Omaha, NE






1,808



8,340



15



1,809



8,354



10,163



1,115



2006



(m
)Kimberly Clark BTS

Johnson County, KS














17,518



25



17,492



17,518



57



2007



(m
)Redevelopments / Developments / Developable Land(k)








110,947



698



64,480
(z)


116,478



59,655



176,134



652$
639,306


$
2,047,081


$
608,144


$
661,619
(1)

$
2,632,920
(1)

$
3,294,539


$
512,781
(l)  S-28




---



##### 





NOTES:
  (a)
    
    See description of encumbrances in Note 5 to Notes to
    Consolidated Financial Statements.(b)
    
    Initial cost for each respective property is tangible purchase
    price allocated in accordance with SFAS No. 141.(c)
    
    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)
    
    Not used.(k)
    
    These properties represent developable land and redevelopments
    that have not been placed in service.(l)  Gross AmountAmounts





Carried AtIncluded


Amounts Within


Close of Periodin Real Estate


Net Investment


December 31,Held for Sale


in Real Estate


2007Land

$
6,096


$
655,523


$
661,619Buildings & Improvements


33,136



2,599,784



2,632,920Accumulated Depreciation


(2,800
)


(509,981
)


(512,781
)Subtotal


36,432



2,745,326



2,781,758Construction in Progress






70,961



70,961Net Investment in Real Estate


36,432



2,816,287



2,852,719Leasing Commissions, Net, Deferred Leasing Intangibles, Net and
    Deferred Rent Receivable, Net


1,443Total at December 31, 2007

$
37,875 (m)
    
    Depreciation is computed based upon the following estimated
    lives:  Buildings and Improvements

8 to 50 yearsTenant Improvements, Leasehold Improvements

Life of lease   (n)
    
    This property collateralizes a $2.8 million mortgage loan
    which matures on May 1, 2016.(o)
    
    This property collateralizes a $14.7 million mortgage loan
    which matures on December 1, 2010.(p)
    
    This property collateralizes a $5.0 million mortgage loan
    which matures on December 1, 2019.(q)
    
    This property collateralizes a $1.4 million mortgage loan
    which matures on January 1, 2013.(r)
    
    These properties collateralize a $1.1 million mortgage loan
    which matures on September 1, 2009.(s)
    
    This property collateralizes a $2.4 million mortgage loan
    which matures on January 1, 2012.(t)
    
    This property collateralizes a $1.7 million mortgage loan
    which matures on June 1, 2014.(u)
    
    This property collateralizes a $5.1 million mortgage loan
    which matures on December 1, 2019.(v)
    
    This property collateralizes a $1.8 million mortgage loan
    which matures on September 30, 2024.(w)
    
    This property collateralizes a $6.4 million mortgage loan
    which matures on March 1, 2011.(x)
    
    This property collateralizes a $13.8 million mortgage loan
    and a $11.7 million mortgage loan which both mature on
    January 1, 2014.(y)
    
    These properties collateralize a $5.7 million mortgage loan
    which matures on July 1, 2009.(z)
    
    Includes foreign currency translation adjustments. S-29




---



##### 



2007


2006


2005(Dollars in thousands)Balance, Beginning of Year

$
3,331,382


$
3,278,740


$
2,910,468Acquisition of Real Estate Assets


440,664



551,860



678,528Construction Costs and Improvements


237,135



211,711



196,500Disposition of Real Estate Assets


(619,785
)


(693,159
)


(473,743
)Write-off of Fully Depreciated Assets


(23,896
)


(17,770
)


(33,013
)Balance, End of Year

$
3,365,500


$
3,331,382


$
3,278,740     2007


2006


2005Balance, Beginning of Year

$
473,882


$
412,039


$
381,297Depreciation for Year


121,714



121,347



99,338Disposition of Assets


(58,919
)


(41,734
)


(35,946
)Write-off of Fully Depreciated Assets


(23,896
)


(17,770
)


(32,650
)Balance, End of Year

$
512,781


$
473,882


$
412,039  S-30




---



##### 



SIGNATURES    FIRST INDUSTRIAL REALTY TRUST, INC.
  By:
    /s/  Michael
    W. Brennan        By:
    /s/  Michael
    J. Havala        By:
    /s/  Scott
    A. Musil          Signature

Title

Date/s/  Jay
    H. ShidlerJay
    H. Shidler

Chairman of the Board of Directors

February 25, 2008/s/  Michael
    W. BrennanMichael
    W. Brennan

President, Chief Executive Officer and Director

February 25, 2008/s/  John
    BrenninkmeijerJohn
    Brenninkmeijer

Director

February 25, 2008/s/  Michael
    G. DamoneMichael
    G. Damone

Director of Strategic Planning and Director

February 25, 2008/s/  Kevin
    W. LynchKevin
    W. Lynch

Director

February 25, 2008 S-31




---



##### 



Signature

Title

Date/s/  Robert
    D. NewmanRobert
    D. Newman

Director

February 20, 2008/s/  John
    E. RauJohn
    E. Rau

Director

February 25, 2008/s/  Robert
    J. SlaterRobert
    J. Slater

Director

February 25, 2008/s/  W.
    Edwin TylerW.
    Edwin Tyler

Director

February 25, 2008/s/  J.
    Steven WilsonJ.
    Steven Wilson

Director

February 25, 2008  S-32