First Industrial Realty Trust - 10-K annual report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K


þ		ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

		For the fiscal year ended December 31, 2004

OR

o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

		For 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		60606
(Address of principal executive offices)		(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 1/100 of a Share of 8.625% Series C 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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. þ

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes þ No o

The aggregate market value of the voting and non-voting stock held by non-affiliates of the Registrant was approximately $1,475 million based on the closing price on the New York Stock Exchange for such stock on June 30, 2004.

At March 23, 2005, 42,944,619 shares of the Registrant’s Common Stock, $.01 par value, were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Part III incorporates certain information by reference to the Registrant’s definitive proxy statement expected to be filed with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year.

FIRST INDUSTRIAL REALTY TRUST, INC.

TABLE OF CONTENTS


		Page

Part I.
Item 1.	Business		3
Item 2.	Properties		8
Item 3.	Legal Proceedings		36
Item 4.	Submission of Matters to a Vote of Security Holders		37

Part II.
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities		37
Item 6.	Selected Financial Data		38
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		41
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk		64
Item 8.	Financial Statements and Supplementary Data		64
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure		64
Item 9A.	Controls and Procedures		64
Item 9B.	Other Information		65

Part III.
Item 10.	Directors and Executive Officers of the Registrant		66
Item 11.	Executive Compensation		66
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		66
Item 13.	Certain Relationships and Related Transactions		66
Item 14.	Principal Accountant Fees and Services		66

Part IV.
Item 15.	Exhibits and Financial Statement Schedules		67
Signatures			71
Amendment No. 1 Dated March 4, 2005 to the LP Agreement
Computation of Ratio of Earnings to Fixed Charges
Subsidiaries
Consent of PricewaterhouseCoopers LLP
Certification of Principal Executive Officer
Certification of Principal Financial Officer
Certification of the Principal Executive Officer and Principal Financial Officer

This report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. First Industrial Realty Trust, Inc. (the “Company”) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of complying with those safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse affect on the operations and future prospects of the Company on a consolidated basis include, but are not limited to, changes in: economic conditions generally and the real estate market specifically, legislative/regulatory changes (including changes to laws governing the taxation of real estate investment trusts), availability of financing, interest rate levels, competition, supply and demand for industrial properties in the Company’s current and proposed market areas, potential environmental liabilities, slippage in development or lease-up schedules, tenant credit risks, higher-than-expected costs and changes in general accounting principles, policies and guidelines applicable to real estate investment trusts. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Further information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included herein and in the Company’s other filings with the Securities and Exchange Commission.

PART I

THE COMPANY


Item 1.	Business

General

First Industrial Realty Trust, Inc. is a Maryland corporation organized on August 10, 1993, and is a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). First Industrial Realty Trust, Inc., (together with its consolidated subsidiaries, the “Company”) is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, redevelops and develops industrial real estate. The Company completed its initial public offering in June 1994 (the “Initial Offering”). Upon consummation of the Initial Offering, the Company owned 226 industrial properties which contained an aggregate of 17.4 million square feet of gross leasable area (“GLA”). As of December 31, 2004, the Company’s in-service portfolio consisted of 403 light industrial properties, 151 R&D/ flex properties, 157 bulk warehouse properties, 91 regional warehouse properties and 25 manufacturing properties containing approximately 61.7 million square feet of GLA located in 22 states. The Company’s in-service portfolio includes all properties other than developed and acquired properties that have not yet reached stabilized occupancy (generally defined as properties that are 90% leased).

The Company’s interests in its properties and land parcels are held through (i) partnerships controlled by the Company, including First Industrial, L.P. (the “Operating Partnership”), of which the Company is the sole general partner, as well as, among others, First Industrial Financing Partnership, L.P., First Industrial Securities, L.P., First Industrial Mortgage Partnership, L.P. (the “Mortgage Partnership”), First Industrial Pennsylvania, L.P., First Industrial Harrisburg, L.P., First Industrial Indianapolis, L.P., FI Development Services, L.P. and TK-SV, LTD., each of which the sole general partner is a wholly-owned subsidiary of the Company and the sole limited partner is the Operating Partnership; (ii) limited liability companies, of which the Operating Partnership is the sole member; and (iii) First Industrial Development Services, Inc., of which the Operating Partnership is the sole stockholder, all of whose operating data is consolidated with that of the Company as presented herein. The Company, through separate wholly-owned limited liability companies of which the Operating Partnership is the sole member, also owns minority equity interests in, and provides asset and property management services to, two joint ventures which invest in industrial properties (the “September 1998 Joint Venture” and the “May 2003 Joint Venture”). The Company, through a separate, wholly-owned limited liability company of which the Operating Partnership is also the sole member, also owned a minority interest in and provided property management services to a third joint venture which invested in industrial properties (the “December 2001 Joint Venture”; together with the September 1998 Joint Venture and the May 2003 Joint Venture, the “Joint Ventures”). During the year ended December 31, 2004, the December 2001 Joint Venture sold all of its industrial properties. The operating data of the Joint Ventures is not consolidated with that of the Company as presented herein.

The Company utilizes an operating approach which combines the effectiveness of decentralized, locally-based property management, acquisition, sales and development functions with the cost efficiencies of centralized acquisition, sales and development support, capital markets expertise, asset management and fiscal control systems. At March 23, 2005, the Company had 353 employees.

The Company has grown and will seek to continue to grow through the development and acquisition of additional industrial properties and through its corporate services program.

The Company maintains a website at www.firstindustrial.com. Copies of the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to such reports are available without charge on the Company’s website as soon as reasonably practicable after such reports are filed with or furnished to the SEC. In addition, the Company’s Corporate Governance Guidelines, Code of Business Conduct and Ethics, Audit Committee Charter, Compensation Committee

Charter, Nominating/ Corporate Governance Committee Charter, along with supplemental financial and operating information prepared by the Company, are all available without charge on the Company’s website or upon request to the Company. Amendments to, or waivers from, the Company’s Code of Business Conduct and Ethics that apply to the Company’s executive officers or directors shall be posted to the Company’s website at www.firstindustrial.com. Please direct requests as follows:

First Industrial Realty Trust, Inc.

311 S. Wacker, Suite 4000

Chicago, IL 60606

Attention: Investor Relations

Business Objectives and Growth Plans

The Company’s fundamental business objective is to maximize the total return to its stockholders through increases in per share distributions and increases in the value of the Company’s properties and operations. The Company’s growth plans include the following elements:


	•	Internal Growth. The Company seeks 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 vacancy exists 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. The Company seeks 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 the Company’s investment parameters and target markets; and (iii) the expansion of its properties.

	•	Corporate Services. Through its corporate services program, the Company builds for, purchases from, and leases and sells industrial properties to companies that need industrial facilities. The Company seeks to grow this business by targeting both large and middle-market public and private companies.

Business Strategies

The Company utilizes the following six strategies in connection with the operation of its business:


	•	Organization Strategy. The Company implements its 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. The Company provides acquisition, development and financing assistance, asset management oversight and financial reporting functions from its headquarters in Chicago, Illinois to support its regional operations. The Company believes the size of its portfolio enables it to realize operating efficiencies by spreading overhead among many properties and by negotiating purchasing discounts.

	•	Market Strategy. The Company’s market strategy is to concentrate on the top industrial real estate markets in the United States. These top markets are based upon one or more of the following characteristics: (i) the strength of the market’s industrial real estate fundamentals, including increased industrial demand expectations; (ii) the history and outlook for continued economic growth and industry diversity; and (iii) a minimum market size of 100 million square feet of industrial space.

	•	Leasing and Marketing Strategy. The Company has an operational management strategy designed to enhance tenant satisfaction and portfolio performance. The Company pursues 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. The Company also has local and national marketing programs which focus on the business and real estate brokerage communities and national tenants.

	•	Acquisition/ Development Strategy. The Company’s 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. Of the 827 industrial properties in the Company’s in-service portfolio at December 31, 2004, 137 properties have been developed by the Company or its former management. The Company will continue to leverage the development capabilities of its management, many of whom are leading industrial property developers in their respective markets.

	•	Disposition Strategy. The Company continuously evaluates local market conditions and property-related factors in all of its markets for purposes of identifying assets suitable for disposition.

	•	Financing Strategy. The Company plans on utilizing a portion of net sales proceeds from property sales, borrowings under its $300 million unsecured line of credit and proceeds from the issuance, when and as warranted, of additional equity securities to finance future acquisitions and developments. As of March 23, 2005, the Company had approximately $98.3 million available in additional borrowings under its $300 million unsecured line of credit.

Recent Developments

In 2004, the Company acquired or placed in-service developments totaling 95 industrial properties and acquired several parcels of land for a total investment of approximately $517.7 million. The Company also sold 97 industrial properties and several parcels of land for a gross sales price of approximately $424.9 million. At December 31, 2004, the Company owned 827 in-service industrial properties containing approximately 61.7 million square feet of GLA.

On May 17, 2004, the Company, through the Operating Partnership, exchanged $125.0 million of senior unsecured debt which matures on June 1, 2014 and bears a coupon interest rate of 6.42% (the “2014 Notes”) for $100.0 million aggregate principal amount of its 7.375% Notes due 2011 (the “2011 PATS”) and net cash in the amount of approximately $8.9 million. The issue price of the 2014 Notes was 99.123%.

On May 27, 2004, the Company issued 50,000 Depositary Shares, each representing 1/100th of a share of the Company’s 6.236%, $.01 par value, Series F Flexible Cumulative Redeemable Preferred Stock (the “Series F Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share. Dividends on the Series F Preferred Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for the period from the date of original issuance through March 31, 2009 (the “Series F Initial Fixed Rate Period”), commencing on September 30, 2004, at a rate of 6.236% per annum of the liquidation preference (the “Series F Initial Distribution Rate”) (equivalent to $62.36 per Depositary Share). On or after March 31, 2009, the Series F Initial Distribution Rate is subject to reset, at the Company’s option, subject to certain conditions and parameters, at fixed or floating rates and periods. Fixed rates and periods will be determined through a remarketing procedure. Floating rates during floating rate periods will equal 2.375% (the initial credit spread), plus the greater of (i) the 3-month LIBOR Rate, (ii) the 10-year Treasury CMT Rate (as defined in the Articles Supplementary), and (iii) the 30-year Treasury CMT Rate (the adjustable rate)(as defined in the Articles Supplementary), reset quarterly. Dividends on the Series F Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to the Series F Initial Fixed Rate Period and quarterly in arrears for floating rate periods. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series F Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s 8.625%, $.01 par value, Series C Cumulative Preferred Stock (the “Series C Preferred Stock”) and Series G Preferred Stock (hereinafter defined). On or after March 31, 2009, subject to any conditions on redemption applicable in any fixed rate period subsequent to the Series F Initial Fixed Rate Period, the Series F Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $1,000.00 per Depositary Share, or

$50.0 million in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series F Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.

On May 27, 2004, the Company issued 25,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.236%, $.01 par value, Series G Flexible Cumulative Redeemable Preferred Stock (the “Series G Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share. Dividends on the Series G Preferred Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for the period from the date of original issuance of the Series G Preferred Stock through March 31, 2014 (the “Series G Initial Fixed Rate Period”), commencing on September 30, 2004, at a rate of 7.236% per annum of the liquidation preference (the “Series G Initial Distribution Rate”) (equivalent to $72.36 per Depositary Share). On or after March 31, 2014, the Series G Initial Distribution Rate is subject to reset, at the Company’s option, subject to certain conditions and parameters, at fixed or floating rates and periods. Fixed rates and periods will be determined through a remarketing procedure. Floating rates during floating rate periods will equal 2.500% (the initial credit spread), plus the greater of (i) the 3-month LIBOR Rate, (ii) the 10-year Treasury CMT Rate (as defined in the Articles Supplementary), and (iii) the 30-year Treasury CMT Rate (the adjustable rate) (as defined in the Articles Supplementary), reset quarterly. Dividends on the Series G Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to the Series G Initial Fixed Rate Period and quarterly in arrears for floating rate periods. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series G Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series C Preferred Stock and Series F Preferred Stock. On or after March 31, 2014, subject to any conditions on redemption applicable in any fixed rate period subsequent to the Series G Initial Fixed Rate Period, the Series G Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $1,000.00 per Depositary Share, or $25.0 million in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series G Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.

On June 7, 2004, the Company redeemed 5,000,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.95%, $.01 par value, Series D Cumulative Preferred Stock, at a redemption price of $25.00 per Depositary Share, and a paid a prorated second quarter dividend of $.36990 per Depositary Share, totaling approximately $1.9 million.

On June 7, 2004, the Company redeemed 3,000,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.90%, $.01 par value, Series E Cumulative Preferred Stock, at a redemption price of $25.00 per Depositary Share, and a paid prorated second quarter dividend of $.36757 per Depositary Share, totaling approximately $1.1 million.

On June 11, 2004, the Company, through the Operating Partnership, amended and restated its $300.0 million Unsecured Line of Credit. The Unsecured Line of Credit matures on September 28, 2007 and bears interest at a floating rate of LIBOR plus .70%, or the Prime Rate, at the Company’s election.

On June 14, 2004, the Company, through the Operating Partnership, issued $125.0 million of senior unsecured debt which matures on June 15, 2009 and bears a coupon interest rate of 5.25% (the “2009 Notes”). The issue price of the 2009 Notes was 99.826%. The Company also entered into interest rate protection agreements which were used to fix the interest rate on the 2009 Notes prior to issuance. The Company settled the interest rate protection agreements for approximately $6.7 million of proceeds, which is included in other comprehensive income.

On September 16, 2004, the Company and the Operating Partnership entered into a sales agreement to sell up to 3,900,000 shares of the Company’s common stock from time to time with Cantor Fitzgerald & Co., as sales agent, in a controlled equity offering program. During the year ended December 31, 2004, the Company issued 1,333,600 shares of common stock under the controlled equity offering program and received net proceeds of $48.8 million.

On September 30, 2004, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of approximately $12.1 million which bears interest at a fixed rate of 5.6%, provides for monthly principal and interest payments based on a 30-year amortization schedule and matures on November 10, 2012. In conjunction with the assumption of the loan, the Company recorded a premium in the amount of $.5 million which will be amortized over the remaining life of the loan as an adjustment to interest expense.

On December 3, 2004, the Company, through the Operating Partnership, paid off and retired its $4.3 million mortgage loan which bore interest at 7.61%, provided for monthly principal and interest payments based on a 30-year amortization schedule, and was to mature on May 1, 2012.

On December 21, 2004, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of $6.2 million (the “Acquisition Mortgage Loan XIV”). The Acquisition Mortgage Loan XIV is collateralized by several properties in Tampa, Florida, bears interest at a fixed rate of 6.94% and provides for monthly principal and interest payments based on a 20-year amortization schedule. The Acquisition Mortgage Loan XIV matures on July 1, 2009. In conjunction with the assumption of the Acquisition Mortgage Loan XIV, the Company recorded a premium in the amount of $.6 million which will be amortized over the remaining life of the Acquisition Mortgage Loan XIV as an adjustment to interest expense.

From January 1, 2005 to March 23, 2005, the Company acquired eight industrial properties and several land parcels for a total estimated investment of approximately $47.6 million (approximately $1.5 million of which was made through the issuance of limited partnership interests in the Operating Partnership (“Units”)). The Company also sold 13 industrial properties for approximately $136.0 million of gross proceeds during this period.

On March 1, 2005, the Company declared a first quarter 2005 distribution of $.6950 per common share/unit on its common stock/units which is payable on April 18, 2005. The Company also declared first quarter 2005 dividends of $53.906 per share ($.53906 per Depositary Share), on its Series C Preferred Stock, totaling, in the aggregate, approximately $1.1 million, which is payable on March 31, 2005; semi-annual dividends of $3,118.00 per share ($31.18 per Depositary Share) on its Series F Preferred Stock, totaling, in the aggregate, approximately $1.6 million, which is payable on March 31, 2005; and semi-annual dividends of $3,618.00 per share ($36.18 per Depositary Share) on its Series G Preferred Stock, totaling, in the aggregate, approximately $.9 million, which is payable on March 31, 2005.

Future Property Acquisitions, Developments and Property Sales

The Company has an active acquisition and development program through which it is continually engaged in identifying, negotiating and consummating portfolio and individual industrial property acquisitions and developments. As a result, the Company is currently engaged in negotiations relating to the possible acquisition and development of certain industrial properties located in the United States.

The Company also sells properties based on market conditions and property related factors. As a result, the Company is currently engaged in negotiations relating to the possible sale of certain industrial properties in the Company’s current portfolio.

When evaluating potential industrial property acquisitions and developments, as well as potential industrial property sales, the Company will consider such factors as: (i) the geographic area and type of property; (ii) the location, construction quality, condition and design of the property; (iii) the potential for capital appreciation of the property; (iv) the ability of the Company to improve the property’s performance through renovation; (v) the terms of tenant leases, including the potential for rent increases; (vi) the

potential for economic growth and the tax and regulatory environment of the area in which the property is located; (vii) the potential for expansion of the physical layout of the property and/or the number of sites; (viii) the occupancy and demand by tenants for properties of a similar type in the vicinity; and (ix) competition from existing properties and the potential for the construction of new properties in the area.

INDUSTRY

Industrial properties are typically used for the design, assembly, packaging, storage and distribution of goods and/or the provision of services. As a result, the demand for industrial space in the United States is related to the level of economic output. Historically, occupancy rates for industrial property in the United States have been higher than those for other types of commercial property. The Company believes that the higher occupancy rate in the industrial property sector is a result of the construction-on-demand nature of, and the comparatively short development time required for, industrial property. For the five years ended December 31, 2004, the occupancy rates for industrial properties in the United States have ranged from 88.4%* to 93.4%*, with an occupancy rate of 89.1%* at December 31, 2004.


Item 2.	Properties

General

At December 31, 2004, the Company owned 827 in-service industrial properties containing approximately 61.7 million square feet of GLA in 22 states, with a diverse base of more than 2,400 tenants engaged in a wide variety of businesses, including manufacturing, retail, wholesale trade, distribution and professional services. The properties are generally located in business parks that have convenient access to interstate highways and/or rail and air transportation. The weighted average age of the properties as of December 31, 2004 was approximately 19 years. The Company maintains insurance on its properties that the Company believes is adequate.

The Company classifies its properties into five industrial categories: light industrial, R&D/flex, bulk warehouse, regional warehouse and manufacturing. While some properties may have characteristics which fall under more than one property type, the Company uses what it feels is the most dominating characteristic to categorize its property. The following describes, generally, the different industrial categories:


	•	Light industrial properties are of less than 100,000 square feet, have a ceiling height of 16 to 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 that which is 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.

*Source: Torto Wheaton Research


	•	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.

Each of the properties is wholly owned by the Company. The following tables summarize certain information as of December 31, 2004 with respect to the Company’s in-service properties.

Property Summary


		Light Industrial				R&D/Flex				Bulk Warehouse				Regional Warehouse				Manufacturing

				Number of				Number of				Number of				Number of				Number of
Metropolitan Area		GLA		Properties		GLA		Properties		GLA		Properties		GLA		Properties		GLA		Properties

Atlanta, GA			598,106		11		294,074		7		3,385,754		11		383,935		5		298,000		2
Baltimore, MD			727,370		12		—		—		749,830		4		—		—		171,000		1
Central Pennsylvania			383,070		4		—		—		1,963,886		9		117,579		3		—		—
Chicago, IL			1,144,615		20		247,084		4		2,110,988		10		50,009		1		589,000		3
Cincinnati, OH			384,220		3		—		—		1,693,880		7		—		—		—		—
Columbus, OH			217,612		2		—		—		1,654,437		4		—		—		—		—
Dallas, TX			1,713,803		45		492,503		20		2,369,671		18		831,941		13		224,984		2
Denver, CO			1,550,521		30		1,289,162		34		1,202,317		7		526,723		8		—		—
Des Moines, IA			—		—		—		—		—		—		88,000		1		—		—
Detroit, MI			2,234,543		84		426,112		15		658,643		6		684,978		16		—		—
Grand Rapids, MI			61,250		1		—		—		—		—		—		—		—		—
Houston, TX			536,211		7		201,363		3		2,130,764		13		365,960		5		—		—
Indianapolis, IN			775,980		17		48,200		4		3,218,628		13		277,710		7		71,600		2
Los Angeles, CA			272,594		11		18,921		4		961,706		5		345,258		7		—		—
Louisville, KY			—		—		—		—		443,500		2		—		—		—		—
Miami, FL			—		—		—		—		268,539		1		—		—		—		—
Milwaukee, WI			146,061		3		93,705		2		524,894		4		39,468		1		—		—
Minneapolis/ St. Paul, MN			1,118,955		18		695,165		10		1,433,082		6		201,813		2		1,057,040		11
Nashville, TN			273,843		5		—		—		1,549,322		7		—		—		109,058		1
N. New Jersey			1,167,489		21		425,996		8		1,380,965		8		238,485		3		—		—
Philadelphia, PA			1,131,651		23		128,059		5		43,400		1		211,316		3		56,827		2
Phoenix, AZ			234,851		8		—		—		407,205		3		469,923		6		—		—
Salt Lake City, UT			499,164		33		146,937		6		324,568		2		—		—		—		—
San Diego, CA			—		—		—		—		397,760		2		179,541		5		—		—
S. New Jersey			921,604		20		37,450		2		—		—		118,496		2		22,738		1
St. Louis, MO			688,165		9		—		—		1,533,507		10		96,392		1		—		—
Tampa, FL			517,252		13		733,522		27		—		—		41,377		1		—		—
Other(a)			99,000		3		—		—		668,155		4		50,000		1		—		—

	Total		17,397,930		403		5,278,253		151		31,075,401		157		5,318,904		91		2,600,247		25


(a)	Properties are located in Wichita, Kansas; McAllen, TX; Austin, TX, and Sparks, NV.

Property Summary Totals


		Totals

						Average		GLA as a %
				Number of		Occupancy at		of Total
Metropolitan Area		GLA		Properties		12/31/04		Portfolio

Atlanta, GA			4,959,869		36		88%		8.0%
Baltimore, MD			1,648,200		17		92%		2.7%
Central Pennsylvania			2,464,535		16		89%		4.0%
Chicago, IL			4,141,696		38		84%		6.7%
Cincinnati, OH			2,078,100		10		88%		3.4%
Columbus, OH			1,872,049		6		98%		3.0%
Dallas, TX			5,632,902		98		92%		9.1%
Denver, CO			4,568,723		79		91%		7.4%
Des Moines, IA			88,000		1		46%		0.1%
Detroit, MI			4,004,276		121		93%		6.5%
Grand Rapids, MI			61,250		1		100%		0.1%
Houston, TX			3,234,298		28		91%		5.2%
Indianapolis, IN			4,392,118		43		81%		7.1%
Los Angeles, CA			1,598,479		27		100%		2.6%
Louisville, KY			443,500		2		100%		0.7%
Miami, FL			268,539		1		100%		0.4%
Milwaukee, WI			804,128		10		100%		1.3%
Minneapolis/ St. Paul, MN			4,506,055		47		87%		7.3%
Nashville, TN			1,932,223		13		90%		3.1%
N. New Jersey			3,212,935		40		87%		5.2%
Philadelphia, PA			1,571,253		34		91%		2.5%
Phoenix, AZ			1,111,979		17		92%		1.8%
Salt Lake City, UT			970,669		41		89%		1.6%
San Diego, CA			577,301		7		93%		0.9%
S. New Jersey			1,100,288		25		100%		1.8%
St. Louis, MO			2,318,064		20		95%		3.8%
Tampa, FL			1,292,151		41		87%		2.1%
Other(a)			817,155		8		100%		1.3%

	Total or Average		61,670,735		827		90%		100.0%


(a)	Properties are located in Wichita, Kansas; McAllen, TX; Austin, TX, and Sparks, NV.

Property Acquisition Activity

During 2004, the Company acquired 79 industrial properties totaling approximately 9.2 million square feet of GLA at a total purchase price of approximately $365.9 million, or approximately $39.62 per square foot. The Company also purchased several land parcels for an aggregate purchase price of approximately $36.5 million. The 79 industrial properties acquired have the following characteristics:


						Average
	Number of					Occupancy at
Metropolitan Area	Properties		GLA		Property Type	12/31/04(g)

St. Louis, MO		6		812,685	Light Industrial/Regional & Bulk Warehouse		99	%
Nashville, TN(a)		1		98,150	Manufacturing		N/A
Nashville, TN		1		522,483	Bulk Warehouse		100	%
Cincinnati, OH(a)		1		482,772	Bulk Warehouse		N/A
Minneapolis, MN(b)		1		81,927	Light Industrial		N/A
Salt Lake City, UT(c)		4		93,600	Light Industrial		100	%
Denver, CO		3		663,411	Bulk Warehouse		100	%
Atlanta, GA(a)		1		151,743	Bulk Warehouse		N/A
Phoenix, AZ		1		22,978	Light Industrial		100	%
Chicago, IL		1		76,430	Light Industrial		100	%
Chicago, IL		1		169,000	Manufacturing		100	%
Minneapolis, MN		1		216,700	Bulk Warehouse		100	%
Milwaukee, WI		1		103,024	Bulk Warehouse		100	%
Los Angeles, CA		2		73,000	Light Industrial		100	%
Dallas, TX		1		85,200	Regional Warehouse		100	%
Milwaukee, WI(a)		1		60,000	Light Industrial		N/A
Northern New Jersey		1		92,400	Regional Warehouse		100	%
Northern New Jersey		1		194,258	Bulk Warehouse		100	%
Milwaukee, WI		2		321,870	Bulk Warehouse		100	%
Minneapolis, MN		1		71,905	Light Industrial		100	%
Dallas, TX(d)		12		853,857	Light Industrial/Regional & Bulk Warehouse		94	%
Baltimore, MD		1		300,000	Bulk Warehouse		100	%
Northern New Jersey		1		208,000	Bulk Warehouse		100	%
Northern New Jersey		1		115,536	Bulk Warehouse		100	%
Phoenix, AZ		3		407,205	Bulk Warehouse		100	%
Baltimore, MD		1		138,920	Bulk Warehouse		100	%
Baltimore, MD		1		148,215	Bulk Warehouse		100	%
Baltimore, MD		2		125,000	Light Industrial		59	%
Philadelphia, PA		1		48,000	Light Industrial		100	%
Los Angeles, CA		1		100,000	Bulk Warehouse		100	%
Minneapolis, MN(e)		2		162,408	R&D/Flex		100	%
Miami, FL		1		268,539	Bulk Warehouse		100	%
Baltimore, MD		1		376,295	Bulk Warehouse		100	%
Tampa, FL(f)		7		201,620	R&D/Flex/Light Industrial		100	%
Atlanta, GA(b)		1		239,435	Manufacturing		N/A
Dallas, TX		1		261,102	Bulk Warehouse		100	%


						Average
	Number of					Occupancy at
Metropolitan Area	Properties		GLA		Property Type	12/31/04(g)

Houston, TX(f)		5		155,131	Light Industrial		N/A
Minneapolis, MN		1		47,263	Light Industrial		100	%
Cincinnati, OH		1		345,000	Bulk Warehouse		100	%
Nashville, TN		1		194,113	Bulk Warehouse		100	%
Los Angeles, CA		1		68,446	Regional Warehouse		100	%
Phoenix, AZ		1		78,150	Regional Warehouse		100	%

		79		9,235,771


(a)	Property was sold in 2004.


(b)		Property was placed out of service in 2004.

(c)		Three properties were placed out of service in 2004.

(d)		Two properties were placed out of service in 2004.

(e)		One property was placed out of service in 2004.

(f)		Five properties were placed out of service in 2004.

(g)		Includes only in-service properties.

Property Development Activity

During 2004, the Company placed in-service 16 developments totaling approximately 2.0 million square feet of GLA at a total cost of approximately $115.3 million, or approximately $57.43 per square foot. The placed in-service developments have the following characteristics:


					Average
					Occupancy
Metropolitan Area	GLA		Property Type		at 12/31/04

Phoenix, AZ		54,890		Light Industrial		100	%
Harrisburg, PA		103,200		Bulk Warehouse		100	%
St. Louis, MO		180,658		Bulk Warehouse		100	%
Harrisburg, PA		87,500		Regional Warehouse		100	%
Atlanta, GA		231,000		Bulk Warehouse		100	%
Chicago, IL(a)		236,213		Bulk Warehouse		N/A
Phoenix, AZ(a)		73,415		Light Industrial		N/A
Harrisburg, PA		252,000		Bulk Warehouse		100	%
Phoenix, AZ		44,545		Light Industrial		100	%
Harrisburg, PA(a)		314,591		Bulk Warehouse		N/A
Phoenix, AZ(a)		144,020		Light Industrial		N/A
Harrisburg, PA		110,000		Bulk Warehouse		100	%
Denver, CO		67,280		Light Industrial		90	%
Phoenix, AZ(a)		37,499		Light Industrial		N/A
Phoenix, AZ(a)		36,746		Light Industrial		N/A
Dallas, TX(a)		34,800		Light Industrial		N/A

		2,008,357


(a)	Property was sold in 2004.

At December 31, 2004, the Company had 19 development projects not placed in service, totaling an estimated 2.7 million square feet and with an estimated completion cost of approximately $173.2 million. The Company estimates it will place in service 16 of the 19 projects in fiscal year 2005. There can be no assurance that the Company will place these projects in service in 2005 or that the actual completion cost will not exceed the estimated completion cost stated above.

Property Sales

During 2004, the Company sold 97 industrial properties totaling approximately 7.4 million square feet of GLA and several land parcels. Total gross sales proceeds approximated $424.9 million. The 97 industrial properties sold have the following characteristics:


	Number
	of
Metropolitan Area	Properties		GLA		Property Type

Minneapolis, MN		4		435,032	Regional Warehouse/R&D/Flex/Light Industrial
Nashville, TN		1		423,500	Bulk Warehouse
Tampa, FL		1		11,600	Light Industrial
Salt Lake City, UT		1		10,500	Light Industrial
Nashville, TN		1		28,022	Light Industrial
Dallas, TX		2		41,000	Light Industrial
Detroit, MI		2		85,086	Light Industrial
Philadelphia, PA		1		46,750	Regional Warehouse
Chicago, IL		1		68,728	Regional Warehouse
Chicago, IL		1		407,012	Bulk Warehouse
Denver, CO		1		52,227	Light Industrial
Denver, CO		1		69,430	Light Industrial
Minneapolis, MN		1		30,476	Regional Warehouse
Nashville, TN		1		98,150	Manufacturing
Northern New Jersey		1		259,230	Bulk Warehouse
Southern New Jersey		1		90,804	Regional Warehouse
Tampa, FL		1		23,778	R&D/Flex
Northern New Jersey		1		32,500	Light Industrial
Chicago, IL		1		41,531	Manufacturing
Baltimore, MD		1		86,234	Light Industrial
Baltimore, MD		3		125,421	Light Industrial
Dayton, OH		7		342,746	Light Industrial/R&D/Flex
Southern New Jersey		1		12,000	R&D/Flex
Southern New Jersey		1		32,914	Light Industrial
Baltimore, MD		1		57,600	Light Industrial
Northern New Jersey		1		20,000	R&D/Flex
Northern New Jersey		4		118,750	R&D/Flex
Houston, TX		3		164,387	R&D/Flex/Light Industrial/Bulk Warehouse
Los Angeles, CA		1		230,000	Bulk Warehouse
Baltimore, MD		1		78,418	R&D/Flex
Central Pennsylvania		1		178,600	Bulk Warehouse
Cincinnati, OH		1		482,772	Bulk Warehouse


	Number
	of
Metropolitan Area	Properties		GLA		Property Type

Denver, CO		2		41,619	Light Industrial
Phoenix, AZ		1		26,680	Light Industrial
Dallas, TX		1		70,936	Regional Warehouse
Detroit, MI		1		55,535	Regional Warehouse
Phoenix, AZ		1		144,020	Light Industrial
Baltimore, MD		1		40,800	Light Industrial
Louisville, KY		1		221,000	Bulk Warehouse
Phoenix, AZ		2		73,246	Light Industrial
Salt Lake City, UT		6		92,518	Light Industrial
Atlanta, GA		1		151,743	Bulk Warehouse
Tampa, FL		1		33,861	R&D/Flex
Chicago, IL		1		147,400	Bulk Warehouse
Phoenix, AZ		1		24,192	Light Industrial
Harrisburg, PA		1		314,591	Bulk Warehouse
Detroit, MI		1		13,507	Light Industrial
Milwaukee, WI		1		60,000	Light Industrial
Chicago, IL		1		100,074	R&D/Flex
Dallas, TX		5		222,403	Manufacturing
Detroit, MI		1		14,600	Light Industrial
Philadelphia, PA		1		25,361	Light Industrial
Detroit, MI		1		23,320	Light Industrial
Chicago, IL		1		137,678	Light Industrial
Baltimore, MD		1		142,189	Bulk Warehouse
Phoenix, AZ		3		147,660	Light Industrial
Indianapolis, IN		1		40,000	Light Industrial
Baltimore, MD		1		49,259	Light Industrial
Los Angeles, CA		1		7,300	Light Industrial
S. New Jersey		1		10,300	R&D/Flex
Dallas, TX		2		137,200	Regional Warehouse & Light Industrial
Chicago, IL		1		236,213	Bulk Warehouse
Dallas, TX		1		101,839	Bulk Warehouse
Philadelphia, PA		1		214,320	Bulk Warehouse
Philadelphia, PA		1		97,448	Regional Warehouse

		97		7,404,010

Property Acquisitions, Developments and Sales Subsequent to Year End

From January 1, 2005 to March 23, 2005, the Company acquired eight industrial properties and several land parcels for a total estimated investment of approximately $47.6 million (approximately $1.5 million of which was made through the issuance of limited partnership interests in the Operating Partnership (“Units”)). The Company also sold 13 industrial properties and several land parcels for approximately $136.0 million of gross proceeds during this period.

Detail Property Listing

The following table lists all of the Company’s in-service properties as of December 31, 2004, by geographic market area.

Property Listing


				Year			Land
	Location			Built —			Area				Occupancy at
Building Address	City/State		Encumbrances	Renovated		Building Type	(Acres)		GLA		12/31/04

Atlanta
4250 River Green Parkway		Duluth, GA			1988	R&D/Flex		2.14		28,942		65	%
3400 Corporate Parkway		Duluth, GA			1987	Light Industrial		3.73		59,959		100	%
3450 Corporate Parkway		Duluth, GA			1988	R&D/Flex		2.38		37,346		75	%
3500 Corporate Parkway		Duluth, GA			1991	R&D/Flex		2.80		44,242		100	%
3425 Corporate Parkway		Duluth, GA			1990	R&D/Flex		3.49		43,006		100	%
1650 GA Highway 155		McDonough, GA			1991	Bulk Warehouse		12.80		228,400		100	%
14101 Industrial Park Blvd.		Covington, GA			1984	Light Industrial		9.25		92,160		100	%
801-804 Blacklawn Road		Conyers, GA			1982	Bulk Warehouse		6.67		111,540		70	%
1665 Dogwood Drive		Conyers, GA			1973	Manufacturing		9.46		198,000		100	%
1715 Dogwood Drive		Conyers, GA			1973	Manufacturing		4.61		100,000		100	%
11235 Harland Drive		Covington, GA			1988	Light Industrial		5.39		32,361		100	%
4050 Southmeadow Parkway		Atlanta, GA			1991	Reg. Warehouse		6.60		87,328		29	%
4051 Southmeadow Parkway		Atlanta, GA			1989	Bulk Warehouse		11.20		151,935		100	%
4071 Southmeadow Parkway		Atlanta, GA			1991	Bulk Warehouse		17.80		209,918		100	%
4081 Southmeadow Parkway		Atlanta, GA			1989	Bulk Warehouse		12.83		254,172		0	%
370 Great Southwest Pkway(i)		Atlanta, GA			1986	Light Industrial		8.06		150,536		95	%
955 Cobb Place		Kennesaw, GA			1991	Reg. Warehouse		8.73		97,518		100	%
2039 Monier Blvd		Lithia Springs, GA			1999	Bulk Warehouse		10.00		110,000		100	%
1005 Sigman Road		Conyers, GA			1986	Bulk Warehouse		9.12		127,338		100	%
2050 East Park Drive		Conyers, GA			1998	Reg. Warehouse		5.46		90,289		100	%
201 Greenwood		McDonough, GA			1999	Bulk Warehouse		39.00		800,000		100	%
220 Greenwood		McDonough, GA			2000	Bulk Warehouse		26.69		504,000		100	%
1255 Oakbrook Drive		Norcross, GA			1984	Light Industrial		2.50		36,000		33	%
1256 Oakbrook Drive		Norcross, GA			1984	Light Industrial		3.48		40,392		75	%
1265 Oakbrook Drive		Norcross, GA			1984	Light Industrial		3.52		51,200		0	%
1266 Oakbrook Drive		Norcross, GA			1984	Light Industrial		3.62		30,378		74	%
1275 Oakbrook Drive		Norcross, GA			1986	Reg. Warehouse		4.36		62,400		78	%
1280 Oakbrook Drive		Norcross, GA			1986	Reg. Warehouse		4.34		46,400		56	%
1300 Oakbrook Drive		Norcross, GA			1986	Light Industrial		5.41		52,000		100	%
1325 Oakbrook Drive		Norcross, GA			1986	Light Industrial		3.53		53,120		69	%
1351 Oakbrook Drive		Norcross, GA			1984	R&D/Flex		3.93		36,600		54	%
1346 Oakbrook Drive		Norcross, GA			1985	R&D/Flex		5.52		74,538		28	%
1412 Oakbrook Drive		Norcross, GA			1985	R&D/Flex		2.89		29,400		56	%
Greenwood Industrial Park		McDonough, GA			2003	Bulk Warehouse		31.70		231,000		100	%


						Year			Land
	Location					Built —			Area				Occupancy at
Building Address	City/State		Encumbrances			Renovated		Building Type	(Acres)		GLA		12/31/04

Atlanta — (Continued)
3060 South Park Blvd		Ellenwood, GA					1992	Bulk Warehouse		30.56		657,451		100	%

												4,959,869		88	%
Subtotal or Average

Baltimore		Baltimore, MD					1988	Light Industrial		3.48		60,227		100	%
3431 Benson		Baltimore, MD					1987	Light Industrial		3.32		60,000		90	%
1811 Portal		Baltimore, MD					1990	Light Industrial		3.18		46,522		100	%
1831 Portal		Baltimore, MD		(d	)		1982	Bulk Warehouse		6.55		171,000		100	%
1820 Portal		Baltimore, MD					1987	Light Industrial		4.36		65,860		93	%
6615 Tributary		Frederick, MD					1988	Light Industrial		5.47		83,934		34	%
4845 Governors Way		Baltimore, MD					1982	Light Industrial		5.80		60,000		100	%
8900 Yellow Brick Road		Hanover, MD					1987	Light Industrial		18.00		71,866		100	%
7476 New Ridge		Lanhan, MD					1980	Light Industrial		16.00		43,353		70	%
9700 Martin Luther King Hwy		Lanhan, MD					1980	Light Industrial		5.56		30,608		100	%
9730 Martin Luther King Hwy		Lanhan, MD					1980	Bulk Warehouse		5.89		86,400		100	%
4600 Boston Way		Dulles, VA					1999	Bulk Warehouse		14.00		138,920		100	%
22520 Randolph Drive		Dulles, VA					1998	Bulk Warehouse		10.31		148,215		100	%
22630 Dulles Summit Court		Lanhan, MD					1978	Light Industrial		4.85		80,000		100	%
9800 Martin Luther King Hwy		Ashburn, VA					1990	Light Industrial		0.00		49,200		100	%
21550 Beaumeade Circle		Ashburn, VA					1990	Light Industrial		0.00		75,800		32	%
21580 Beaumeade Circle		Baltimore, MD					1982/92	Bulk Warehouse		27.99		376,295		100	%
4501 Hollins Ferry Road

												1,648,200		92	%
Subtotal or Average

Central Pennsylvania		Cranberry, PA					1982	Reg. Warehouse		5.99		32,779		100	%
1214-B Freedom Road		Middletown, PA					1990	Reg. Warehouse		5.20		52,800		61	%
401 Russell Drive		Middletown, PA					1990	Reg. Warehouse		3.60		32,000		100	%
2700 Commerce Drive		Middletown, PA					1989	Light Industrial		6.40		48,000		100	%
2701 Commerce Drive		Middletown, PA					1989	Light Industrial		2.00		21,600		29	%
2780 Commerce Drive		Harrisburg, PA					1991	Bulk Warehouse		17.17		300,000		69	%
7125 Grayson Road		Harrisburg, PA					1990	Bulk Warehouse		12.42		198,386		100	%
7253 Grayson Road		Mechanicsburg, PA					1995	Light Industrial		5.06		49,350		80	%
5020 Louise Drive		Harrisburg, PA					1994	Bulk Warehouse		6.02		100,000		80	%
7195 Grayson Road		York, PA					1990	Bulk Warehouse		10.00		112,500		0	%
3380 Susquehanna Trail North		Mechanicsburg, PA					1968/97	Light Industrial		20.00		264,120		100	%
350 Old Silver Spring Road		Hagerstown, MD		(f	)		2000	Bulk Warehouse		35.00		487,000		100	%
16522 Hunters Green Parkway		Hagerstown, MD					1992	Bulk Warehouse		22.73		300,000		100	%
18212 Shawley Drive		Mechanicsburg, PA					2001	Bulk Warehouse		7.93		104,000		100	%
270 Old Silver Spring Road		Gouldsboro, PA					2003	Bulk Warehouse		25.60		252,000		100	%
Covington (CAT)


				Year			Land
	Location			Built —			Area				Occupancy at
Building Address	City/State		Encumbrances	Renovated		Building Type	(Acres)		GLA		12/31/04

Central Pennsylvania — (Continued)
37 Valleyview Business Park		Jessup, PA			2004	Bulk Warehouse		9.60		110,000		100	%

Subtotal or Average										2,464,535		89	%

Chicago
720-730 Landwehr Road		Northbrook, IL			1978	Light Industrial		4.29		66,912		100	%
20W201 101st Street		Lemont, IL			1988	Bulk Warehouse		8.72		160,201		100	%
3600 West Pratt Avenue		Lincolnwood, IL			1953/88	Bulk Warehouse		6.35		204,679		80	%
6750 South Sayre Avenue		Bedford Park, IL			1975	Light Industrial		2.51		63,383		59	%
585 Slawin Court		Mount Prospect, IL			1992	R&D/Flex		3.71		38,150		0	%
2300 Windsor Court		Addison, IL			1986	Bulk Warehouse		6.80		105,100		100	%
3505 Thayer Court		Aurora, IL			1989	Light Industrial		4.60		64,220		100	%
305-311 Era Drive		Northbrook, IL			1978	Light Industrial		1.82		27,549		100	%
4330 South Racine Avenue		Chicago, IL			1978	Manufacturing		5.57		168,000		0	%
12241 Melrose Street		Franklin Park, IL			1969	Light Industrial		2.47		77,301		100	%
3150-3160 MacArthur Boulevard		Northbrook, IL			1978	Light Industrial		2.14		41,780		100	%
365 North Avenue		Carol Stream, IL			1969	Bulk Warehouse		28.65		230,231		57	%
2942 MacArthur Boulevard		Northbrook, IL			1979	R&D/Flex		3.12		49,730		0	%
305-307 East North Avenue		Carol Stream, IL			1999	Reg. Warehouse		0.00		50,009		100	%
11939 South Central Avenue		Alsip, IL			1972	Bulk Warehouse		12.60		320,171		100	%
405 East Shawmut		LaGrange, IL			1965	Light Industrial		3.39		59,075		69	%
1010-50 Sesame Street		Bensenville, IL			1976	Manufacturing		8.00		252,000		100	%
7401 South Pulaski		Chicago, IL			1975/86	Bulk Warehouse		5.36		213,670		96	%
7501 South Pulaski		Chicago, IL			1975/86	Bulk Warehouse		3.88		159,728		100	%
385 Fenton Lane		West Chicago, IL			1990	Bulk Warehouse		6.79		180,417		100	%
335 Crossroad Parkway		Bolingbrook, IL			1996	Bulk Warehouse		12.86		288,000		100	%
905 Paramount		Batavia, IL			1977	Light Industrial		2.60		60,000		100	%
1005 Paramount		Batavia, IL			1978	Light Industrial		2.50		64,574		50	%
2120-24 Roberts		Broadview, IL			1960	Light Industrial		2.30		60,009		100	%
700 Business Center Drive		Mount Prospect, IL			1980	Light Industrial		3.12		34,800		100	%
555 Business Center Drive		Mount Prospect, IL			1981	Light Industrial		2.96		31,175		0	%
800 Business Center Drive		Mount Prospect, IL			1988/99	Light Industrial		5.40		81,610		100	%
580 Slawin Court		Mount Prospect, IL			1985	Light Industrial		2.08		30,225		100	%
1150 Feehanville		Mount Prospect, IL			1983	Light Industrial		2.74		33,600		100	%
1200 Business Center Drive		Mount Prospect, IL			1988/2000	Light Industrial		6.68		106,000		76	%
1331 Business Center Drive		Mount Prospect, IL			1985	Light Industrial		3.12		30,380		100	%
19W661 101st Street		Lemont, IL			1988	Bulk Warehouse		10.94		248,791		61	%
175 Wall Street		Glendale Heights, IL			1990	Light Industrial		4.10		50,050		100	%


				Year			Land
	Location			Built —			Area				Occupancy at
Building Address	City/State		Encumbrances	Renovated		Building Type	(Acres)		GLA		12/31/04

Chicago — (Continued)
800-820 Thorndale Avenue		Bensenville, IL			1985	R&D/Flex		5.56		73,249		100	%
830-890 Supreme Drive		Bensenville, IL			1981	Light Industrial		4.77		85,542		100	%
1661 Feehanville Drive		Mount Prospect, IL			1986	R&D/Flex		6.89		85,955		81	%
2250 Arthur Avenue		Elk Grove Village, IL			1973	Light Industrial		3.20		76,430		100	%
1850 Touhy & 1158-60 McCage		Elk Grove Village, IL			1978	Manufacturing		6.88		169,000		100	%

Subtotal or Average										4,141,696		84	%

Cincinnati
9900-9970 Princeton		Cincinnati, OH			1970	Bulk Warehouse		10.64		185,580		93	%
2940 Highland Avenue		Cincinnati, OH			1969/74	Bulk Warehouse		17.08		502,000		83	%
4700-4750 Creek Road		Blue Ash, OH			1960	Light Industrial		15.32		265,000		94	%
12072 Best Place		Springboro, OH			1984	Bulk Warehouse		7.80		112,500		100	%
901 Pleasant Valley Drive		Springboro, OH			1984/94	Light Industrial		7.70		69,220		100	%
4440 Mulhauser Road		Cincinnati, OH			1999	Bulk Warehouse		15.26		240,000		100	%
4434 Mulhauser Road		Cincinnati, OH			1999	Bulk Warehouse		25.00		140,800		77	%
9449 Glades Road		Hamilton, OH			1999	Bulk Warehouse		7.40		168,000		40	%
422 Wards Corner Road		Loveland, OH			1985	Light Industrial		3.74		50,000		91	%
7625 Empire Drive		Florence, KY			1966/75	Bulk Warehouse		21.88		345,000		100	%

Subtotal or Average										2,078,100		88	%

Columbus
3800 Lockbourne Industrial Pky		Columbus, OH			1986	Bulk Warehouse		22.12		404,734		100	%
3880 Groveport Road		Columbus, OH			1986	Bulk Warehouse		43.41		705,600		100	%
1819 North Walcutt Road		Columbus, OH			1973	Bulk Warehouse		11.33		243,000		83	%
4115 Leap Road(i)		Hilliard, OH			1977	Light Industrial		18.66		217,612		100	%
3300 Lockbourne		Columbus, OH			1964	Bulk Warehouse		17.00		301,103		100	%

Subtotal or Average										1,872,049		98	%

Dallas/ Fort Worth
1275-1281 Roundtable Drive		Dallas, TX			1966	Light Industrial		1.75		30,642		100	%
2406-2416 Walnut Ridge		Dallas, TX			1978	Light Industrial		1.76		44,000		100	%
12750 Perimeter Drive		Dallas, TX			1979	Bulk Warehouse		6.72		178,200		100	%
1324-1343 Roundtable Drive		Dallas, TX			1972	Light Industrial		2.09		47,000		100	%
2401-2419 Walnut Ridge		Dallas, TX			1978	Light Industrial		1.20		30,000		100	%
4248-4252 Simonton		Farmers Ranch, TX			1973	Bulk Warehouse		8.18		205,693		100	%
900-906 Great Southwest Pkwy		Arlington, TX			1972	Light Industrial		3.20		69,761		55	%
2179 Shiloh Road		Garland, TX			1982	Reg. Warehouse		3.63		65,700		100	%
2159 Shiloh Road		Garland, TX			1982	R&D/Flex		1.15		20,800		100	%
2701 Shiloh Road		Garland, TX			1981	Bulk Warehouse		8.20		214,650		100	%
12784 Perimeter Drive(j)		Dallas, TX			1981	Light Industrial		4.57		95,671		100	%
3000 West Commerce		Dallas, TX			1980	Manufacturing		11.23		128,478		100	%


				Year			Land
	Location			Built —			Area				Occupancy at
Building Address	City/State		Encumbrances	Renovated		Building Type	(Acres)		GLA		12/31/04

Dallas/ Fort Worth — (Continued)
3030 Hansboro		Dallas, TX			1971	Bulk Warehouse		3.71		100,000		100	%
5222 Cockrell Hill		Dallas, TX			1973	Manufacturing		4.79		96,506		0	%
405-407 113th		Arlington, TX			1969	Light Industrial		2.75		60,000		100	%
816 111th Street		Arlington, TX			1972	Light Industrial		2.89		65,000		100	%
7341 Dogwood Park		Richland Hills, TX			1973	Light Industrial		1.09		20,045		100	%
7427 Dogwood Park		Richland Hills, TX			1973	Light Industrial		1.60		27,500		0	%
7348-54 Tower Street		Richland Hills, TX			1978	Light Industrial		1.09		20,107		100	%
7370 Dogwood Park		Richland Hills, TX			1987	Light Industrial		1.18		18,511		100	%
7339-41 Tower Street		Richland Hills, TX			1980	Light Industrial		0.95		17,600		100	%
7437-45 Tower Street		Richland Hills, TX			1977	Light Industrial		1.16		20,018		100	%
7331-59 Airport Freeway		Richland Hills, TX			1987	R&D/Flex		2.63		37,487		74	%
7338-60 Dogwood Park		Richland Hills, TX			1978	R&D/Flex		1.51		26,407		100	%
7450-70 Dogwood Park		Richland Hills, TX			1985	Light Industrial		0.88		18,004		95	%
7423-49 Airport Freeway		Richland Hills, TX			1985	R&D/Flex		2.39		33,388		90	%
7400 Whitehall Street		Richland Hills, TX			1994	Light Industrial		1.07		22,867		100	%
1602-1654 Terre Colony		Dallas, TX			1981	Bulk Warehouse		5.72		130,949		61	%
3330 Duncanville Road		Dallas, TX			1987	Reg. Warehouse		2.20		50,560		100	%
6851-6909 Snowden Road		Fort Worth, TX			1985/86	Bulk Warehouse		13.00		281,200		73	%
2351-2355 Merritt Drive		Garland, TX			1986	R&D/Flex		5.00		16,740		100	%
10575 Vista Park		Dallas, TX			1988	Reg. Warehouse		2.10		37,252		100	%
701-735 North Plano Road		Richardson, TX			1972/94	Bulk Warehouse		5.78		100,065		100	%
2259 Merritt Drive		Garland, TX			1986	R&D/Flex		1.90		16,740		0	%
2260 Merritt Drive		Garland, TX			1986/99	Reg. Warehouse		3.70		62,847		100	%
2220 Merritt Drive		Garland, TX			1986/2000	Reg. Warehouse		3.90		70,390		100	%
2010 Merritt Drive		Garland, TX			1986	Reg. Warehouse		2.80		57,392		100	%
2363 Merritt Drive		Garland, TX			1986	R&D/Flex		0.40		12,300		100	%
2447 Merritt Drive		Garland, TX			1986	R&D/Flex		0.40		12,300		100	%
2465-2475 Merritt Drive		Garland, TX			1986	R&D/Flex		0.50		16,740		100	%
2485-2505 Merritt Drive		Garland, TX			1986	Bulk Warehouse		5.70		108,550		100	%
2081 Hutton Drive-Bldg 1(j)		Carrollton, TX			1981	R&D/Flex		3.73		42,170		97	%
2150 Hutton Drive		Carrollton, TX			1980	Light Industrial		2.50		48,325		100	%
2110 Hutton Drive		Carrollton, TX			1985	R&D/Flex		5.83		59,528		100	%
2025 McKenzie Drive		Carrollton, TX			1985	Reg. Warehouse		3.81		73,556		100	%
2019 McKenzie Drive		Carrollton, TX			1985	Reg. Warehouse		3.93		80,780		55	%
1420 Valwood-Bldg 1(i)		Carrollton, TX			1986	R&D/Flex		3.30		40,884		95	%


				Year			Land
	Location			Built —			Area				Occupancy at
Building Address	City/State		Encumbrances	Renovated		Building Type	(Acres)		GLA		12/31/04

Dallas/ Fort Worth — (Continued)
1620 Valwood-Bldg 1(j)		Carrollton, TX			1986	Light Industrial		6.59		103,475		100	%
1505 Luna Road — Bldg II		Carrollton, TX			1988	Light Industrial		1.00		16,800		29	%
1625 West Crosby Road		Carrollton, TX			1988	Light Industrial		4.72		87,687		100	%
2029-2035 McKenzie Drive		Carrollton, TX			1985	Reg. Warehouse		3.30		81,924		96	%
1840 Hutton Drive(i)		Carrollton, TX			1986	R&D/Flex		5.83		93,132		100	%
1420 Valwood-Bldg II		Carrollton, TX			1986	Light Industrial		3.32		55,625		100	%
2015 McKenzie Drive		Carrollton, TX			1986	Light Industrial		3.38		73,187		87	%
2105 McDaniel Drive		Carrollton, TX			1986	Bulk Warehouse		4.59		107,915		100	%
2009 McKenzie Drive		Carrollton, TX			1987	Light Industrial		3.03		66,112		100	%
1505 Luna Road — Bldg I		Carrollton, TX			1988	Light Industrial		2.97		50,930		68	%
900-1100 Avenue S		Grand Prairie, TX			1985	Bulk Warehouse		5.50		122,881		100	%
15001 Trinity Blvd		Fort Worth, TX			1984	Light Industrial		4.70		83,473		100	%
Plano Crossing(k)		Plano, TX			1998	Light Industrial		13.66		215,672		100	%
7413A-C Dogwood Park		Richland Hills, TX			1990	Light Industrial		1.23		22,500		100	%
7450 Tower Street		Richland Hills, TX			1977	R&D/Flex		0.68		10,000		100	%
7436 Tower Street		Richland Hills, TX			1979	Light Industrial		0.89		15,000		100	%
7501 Airport Freeway		Richland Hills, TX			1983	Light Industrial		2.04		15,000		100	%
7426 Tower Street		Richland Hills, TX			1978	Light Industrial		1.06		19,780		100	%
7427-7429 Tower Street		Richland Hills, TX			1981	Light Industrial		1.02		20,000		100	%
2840-2842 Handley Ederville Rd		Richland Hills, TX			1977	R&D/Flex		1.25		20,260		80	%
7451-7477 Airport Freeway		Richland Hills, TX			1984	R&D/Flex		2.30		33,627		82	%
7415 Whitehall Street		Richland Hills, TX			1986	Light Industrial		3.95		61,260		83	%
7450 Whitehall Street		Richland Hills, TX			1978	Light Industrial		1.17		25,000		100	%
7430 Whitehall Street		Richland Hills, TX			1985	Light Industrial		1.06		24,600		100	%
7420 Whitehall Street		Richland Hills, TX			1985	Light Industrial		1.06		20,300		100	%
300 Wesley Way		Richland Hills, TX			1995	Reg. Warehouse		2.59		41,340		100	%
1172-84 113th Street(i)		Grand Prairie, TX			1980	Bulk Warehouse		6.47		136,259		100	%
1200-16 Avenue H(i)		Arlington, TX			1981/1982	Reg. Warehouse		5.65		125,000		100	%
1322-66 N. Carrier Parkway(j)		Grand Prairie, TX			1979	Bulk Warehouse		9.56		206,237		80	%
2401-2407 Centennial Dr		Arlington, TX			1977	Bulk Warehouse		4.40		112,470		100	%
3111 West Commerce St.		Dallas, TX			1979	Bulk Warehouse		10.99		261,102		100	%
2104 Hutton Drive		Carrollton, TX			1990	Light Industrial		1.70		24,800		100	%
7451 Dogwood Park		Richland Hills, TX			1977	Light Industrial		1.85		39,674		100	%
2821 Cullen Street		Fort Worth, TX			1961	Light Industrial		0.84		17,877		100	%
1500 Broad Street		Mansfield, TX			1969/1992	Reg. Warehouse		4.61		85,200		100	%


				Year			Land
	Location			Built —			Area				Occupancy at
Building Address	City/State		Encumbrances	Renovated		Building Type	(Acres)		GLA		12/31/04

Dallas/ Fort Worth — (Continued)
2301 Centennial Drive		Arlington, TX			1970	Bulk Warehouse		4.42		103,500		100	%

Subtotal or Average										5,632,902		92	%

Denver
7100 North Broadway — Bldg. 1		Denver, CO			1978	Light Industrial		16.80		32,298		72	%
7100 North Broadway — Bldg. 2		Denver, CO			1978	Light Industrial		16.90		32,500		85	%
7100 North Broadway — Bldg. 3		Denver, CO			1978	Light Industrial		11.60		22,259		96	%
7100 North Broadway — Bldg. 5		Denver, CO			1978	Light Industrial		15.00		28,789		92	%
7100 North Broadway — Bldg. 6		Denver, CO			1978	Light Industrial		22.50		38,255		76	%
20100 East 32nd Avenue Parkway		Aurora, CO			1997	R&D/Flex		4.10		51,522		100	%
5454 Washington		Denver, CO			1985	Light Industrial		4.00		34,740		91	%
700 West 48th Street		Denver, CO			1984	Light Industrial		5.40		53,431		62	%
702 West 48th Street		Denver, CO			1984	Light Industrial		5.40		23,820		87	%
6425 North Washington		Denver, CO			1983	R&D/Flex		4.05		81,120		87	%
3370 North Peoria Street		Aurora, CO			1978	R&D/Flex		1.64		25,538		100	%
3390 North Peoria Street		Aurora, CO			1978	R&D/Flex		1.46		22,699		72	%
3508-3538 North Peoria Street		Aurora, CO			1978	R&D/Flex		2.61		40,653		100	%
3568 North Peoria Street		Aurora, CO			1978	R&D/Flex		2.24		34,937		64	%
4785 Elati		Denver, CO			1972	Light Industrial		3.34		34,777		85	%
4770 Fox Street		Denver, CO			1972	Light Industrial		3.38		26,565		77	%
1550 West Evans		Denver, CO			1975	Light Industrial		3.92		78,787		91	%
3751-71 Revere Street		Denver, CO			1980	Reg. Warehouse		2.41		55,027		51	%
3871 Revere Street		Denver, CO			1980	Reg. Warehouse		3.19		75,265		61	%
4570 Ivy Street		Denver, CO			1985	Light Industrial		1.77		31,355		100	%
5855 Stapleton Drive North		Denver, CO			1985	Light Industrial		2.33		41,268		90	%
5885 Stapleton Drive North		Denver, CO			1985	Light Industrial		3.05		53,893		92	%
5977-5995 North Broadway		Denver, CO			1978	Light Industrial		4.96		50,280		100	%
2952-5978 North Broadway		Denver, CO			1978	Light Industrial		7.91		88,977		100	%
4721 Ironton Street		Denver, CO			1969	R&D/Flex		2.84		51,260		100	%
7100 North Broadway — 7		Denver, CO			1985	R&D/Flex		2.30		24,822		89	%
7100 North Broadway — 8		Denver, CO			1985	R&D/Flex		2.30		9,107		100	%
6804 East 48th Avenue		Denver, CO			1973	R&D/Flex		2.23		46,464		75	%
445 Bryant Street		Denver, CO			1960	Light Industrial		6.31		292,471		100	%
East 47th Drive — A		Denver, CO			1997	R&D/Flex		3.00		51,210		100	%
9500 W. 49th Street — A		Wheatridge, CO			1997	Light Industrial		1.74		19,136		69	%
9500 W. 49th Street — B		Wheatridge, CO			1997	Light Industrial		1.74		16,441		100	%
9500 W. 49th Street — C		Wheatridge, CO			1997	R&D/Flex		1.74		29,174		59	%
9500 W. 49th Street — D		Wheatridge, CO			1997	Light Industrial		1.74		41,631		100	%
8100 South Park Way — A		Littleton, CO			1997	R&D/Flex		3.33		52,581		79	%
8100 South Park Way — B		Littleton, CO			1984	R&D/Flex		0.78		12,204		100	%
8100 South Park Way — C		Littleton, CO			1984	Light Industrial		4.28		67,520		100	%
451-591 East 124th Avenue		Littleton, CO			1979	Light Industrial		4.96		59,711		67	%
608 Garrison Street		Lakewood, CO			1984	R&D/Flex		2.17		25,075		100	%
610 Garrison Street		Lakewood, CO			1984	R&D/Flex		2.17		24,965		100	%
15000 West 6th Avenue		Golden, CO			1985	R&D/Flex		5.25		69,279		62	%
14998 West 6th Avenue Building E		Golden, CO			1995	R&D/Flex		2.29		42,832		100	%
14998 West 6th Avenue Building F		Englewood, CO			1995	R&D/Flex		2.29		20,424		100	%
12503 East Euclid Drive		Denver, CO			1986	R&D/Flex		10.90		97,871		37	%
6547 South Racine Circle		Englewood, CO			1996	Light Industrial		3.92		59,918		89	%
7800 East Iliff Avenue		Denver, CO			1983	R&D/Flex		3.06		22,296		100	%
2369 South Trenton Way		Denver, CO			1983	R&D/Flex		4.80		33,108		86	%
2422 South Trenton Way		Denver, CO			1983	R&D/Flex		3.94		27,413		49	%


				Year			Land
	Location			Built —			Area				Occupancy at
Building Address	City/State		Encumbrances	Renovated		Building Type	(Acres)		GLA		12/31/04

Denver — (Continued)
2452 South Trenton Way		Denver, CO			1983	R&D/Flex		6.78		47,931		73	%
1600 South Abilene		Aurora, CO			1986	R&D/Flex		3.53		47,930		100	%
1620 South Abilene		Aurora, CO			1986	Light Industrial		2.04		27,666		100	%
1640 South Abilene		Aurora, CO			1986	Light Industrial		2.80		37,948		100	%
13900 East Florida Avenue		Aurora, CO			1986	R&D/Flex		1.44		19,493		86	%
14401-14492 East 33rd Place		Aurora, CO			1979	Bulk Warehouse		4.75		100,100		100	%
11701 East 53rd Avenue		Denver, CO			1985	Reg. Warehouse		4.19		81,981		100	%
5401 Oswego Street		Denver, CO			1985	Reg. Warehouse		2.80		54,738		100	%
2630 West 2nd Avenue		Denver, CO			1970	Light Industrial		0.50		8,260		0	%
2650 West 2nd Avenue		Denver, CO			1970	Light Industrial		2.80		36,081		87	%
14818 West 6th Avenue Bldg. A		Golden, CO			1985	R&D/Flex		2.54		39,776		70	%
14828 West 6th Avenue Bldg. B		Golden, CO			1985	R&D/Flex		2.54		41,805		87	%
12055 E. 49th Ave/4955 Peoria		Denver, CO			1984	R&D/Flex		3.09		49,575		94	%
4940-4950 Paris		Denver, CO			1984	R&D/Flex		1.58		25,290		100	%
4970 Paris		Denver, CO			1984	R&D/Flex		0.98		15,767		100	%
5010 Paris		Denver, CO			1984	R&D/Flex		0.92		14,822		100	%
7367 South Revere Parkway		Englewood, CO			1997	Bulk Warehouse		8.50		102,839		86	%
8200 E. Park Meadows Drive(i)		Lone Tree, CO			1984	R&D Flex		6.60		90,219		84	%
3250 Quentin(i)		Aurora, CO			1984/2000	Light Industrial		8.90		144,464		100	%
11585 E. 53rd Ave.(i)		Denver, CO			1984	Bulk Warehouse		15.10		335,967		100	%
10500 East 54th Ave.(j)		Denver, CO			1986	Reg. Warehouse		9.12		178,148		91	%
8835 W. 116th Street		Broomfield, CO			2002	Light Industrial		6.47		67,280		90	%
3101-3151 S. Platte River Drive		Englewood, CO			1974	Bulk Warehouse		12.12		229,830		99	%
3155-3199 S. Platte River Drive		Englewood, CO			1974	Bulk Warehouse		12.12		229,830		100	%
3201-3273 S. Platte River Drive		Englewood, CO			1974	Bulk Warehouse		10.74		203,751		100	%
18150 E. 32nd Street		Aurora, CO			2000	Reg. Warehouse		5.71		81,564		100	%

Subtotal or Average										4,568,723		91	%

Des Moines
2250 Delaware Ave		Des Moines, IA			1975	Reg. Warehouse		4.20		88,000		46	%

Subtotal or Average										88,000		46	%

Detroit
1731 Thorncroft		Troy, MI			1969	Light Industrial		2.26		38,000		100	%
1653 E. Maple		Troy, MI			1990	R&D/Flex		1.38		23,392		100	%
47461 Clipper		Plymouth, MI			1992	Light Industrial		1.10		11,600		0	%
238 Executive Drive		Troy, MI			1973	Light Industrial		1.32		13,740		100	%
256 Executive Drive		Troy, MI			1974	Light Industrial		1.12		11,273		100	%
301 Executive Drive		Troy, MI			1974	Light Industrial		1.27		20,411		100	%
449 Executive Drive		Troy, MI			1975	Reg. Warehouse		2.12		33,001		100	%
501 Executive Drive		Troy, MI			1984	Light Industrial		1.57		18,061		100	%
451 Robbins Drive		Troy, MI			1975	Light Industrial		1.88		28,401		100	%
1095 Crooks Road		Troy, MI			1986	R&D/Flex		2.83		35,042		100	%
1416 Meijer Drive		Troy, MI			1980	Light Industrial		1.20		17,944		100	%
1624 Meijer Drive		Troy, MI			1984	Light Industrial		3.42		44,040		100	%


				Year			Land
	Location			Built —			Area				Occupancy at
Building Address	City/State		Encumbrances	Renovated		Building Type	(Acres)		GLA		12/31/04

Detroit — (Continued)
1972 Meijer Drive		Troy, MI			1985	Reg. Warehouse		2.36		37,075		100	%
1621 Northwood Drive		Troy, MI			1977	Bulk Warehouse		1.54		24,900		100	%
1707 Northwood Drive		Troy, MI			1983	Light Industrial		1.69		28,750		0	%
1788 Northwood Drive		Troy, MI			1977	Light Industrial		1.55		12,480		100	%
1821 Northwood Drive		Troy, MI			1977	Reg. Warehouse		2.07		35,050		100	%
1826 Northwood Drive		Troy, MI			1977	Light Industrial		1.22		12,480		100	%
1864 Northwood Drive		Troy, MI			1977	Light Industrial		1.55		12,480		100	%
2277 Elliott Avenue		Troy, MI			1975	Light Industrial		0.96		12,612		100	%
2451 Elliott Avenue		Troy, MI			1974	Light Industrial		1.68		24,331		100	%
2730 Research Drive		Rochester Hills, MI			1988	Reg. Warehouse		3.52		57,850		100	%
2791 Research Drive		Rochester Hills, MI			1991	Reg. Warehouse		4.48		64,199		100	%
2871 Research Drive		Rochester Hills, MI			1991	Reg. Warehouse		3.55		49,543		100	%
2911 Research Drive		Rochester Hills, MI			1992	Reg. Warehouse		5.72		80,078		100	%
3011 Research Drive		Rochester Hills, MI			1988	Reg. Warehouse		2.55		32,637		100	%
2870 Technology Drive		Rochester Hills, MI			1988	Light Industrial		2.41		24,445		100	%
2900 Technology Drive		Rochester Hills, MI			1992	Reg. Warehouse		2.15		31,047		0	%
2920 Technology Drive		Rochester Hills, MI			1992	Light Industrial		1.48		19,011		100	%
2930 Technology Drive		Rochester Hills, MI			1991	Light Industrial		1.41		17,994		100	%
2950 Technology Drive		Rochester Hills, MI			1991	Light Industrial		1.48		19,996		100	%
23014 Commerce Drive		Farmington Hills, MI			1983	R&D/Flex		0.65		7,200		100	%
23028 Commerce Drive		Farmington Hills, MI			1983	Light Industrial		1.26		20,265		100	%
23035 Commerce Drive		Farmington Hills, MI			1983	Light Industrial		1.23		15,200		100	%
23042 Commerce Drive		Farmington Hills, MI			1983	R&D/Flex		0.75		8,790		100	%
23065 Commerce Drive		Farmington Hills, MI			1983	Light Industrial		0.91		12,705		100	%
23070 Commerce Drive		Farmington Hills, MI			1983	R&D/Flex		1.43		16,765		100	%
23079 Commerce Drive		Farmington Hills, MI			1983	Light Industrial		0.85		10,830		100	%
23093 Commerce Drive		Farmington Hills, MI			1983	Reg. Warehouse		3.87		49,040		100	%
23135 Commerce Drive		Farmington Hills, MI			1986	Light Industrial		2.02		23,969		100	%
23163 Commerce Drive		Farmington Hills, MI			1986	Light Industrial		1.51		19,020		100	%
23177 Commerce Drive		Farmington Hills, MI			1986	Light Industrial		2.29		32,127		100	%
23206 Commerce Drive		Farmington Hills, MI			1985	Light Industrial		1.30		19,822		100	%
23370 Commerce Drive		Farmington Hills, MI			1980	Light Industrial		0.67		8,741		100	%


				Year			Land
	Location			Built —			Area				Occupancy at
Building Address	City/State		Encumbrances	Renovated		Building Type	(Acres)		GLA		12/31/04

Detroit — (Continued)
1451 East Lincoln Avenue		Madison Heights, MI			1967	Light Industrial		3.92		75,000		100	%
4400 Purks Drive		Auburn Hills, MI			1987	Light Industrial		13.04		157,100		100	%
4177A Varsity Drive		Ann Arbor, MI			1993	Light Industrial		2.48		11,050		100	%
6515 Cobb Drive		Sterling Heights, MI			1984	Light Industrial		2.91		47,597		100	%
32450 N. Avis Drive		Madison Heights, MI			1974	Light Industrial		3.23		55,820		100	%
38300 Plymouth		Livonia, MI			1997	Bulk Warehouse		6.95		127,800		100	%
12707 Eckles Road		Plymouth, MI			1990	Light Industrial		2.62		42,300		100	%
9300-9328 Harrison Rd		Romulus, MI			1978	Light Industrial		2.53		29,286		100	%
9330-9358 Harrison Rd		Romulus, MI			1978	Light Industrial		2.53		29,280		88	%
28420-28448 Highland Rd		Romulus, MI			1979	Light Industrial		2.53		29,280		100	%
28450-28478 Highland Rd		Romulus, MI			1979	Light Industrial		2.53		29,340		100	%
28421-28449 Highland Rd		Romulus, MI			1980	Light Industrial		2.53		29,285		100	%
28451-28479 Highland Rd		Romulus, MI			1980	Light Industrial		2.53		29,280		100	%
28825-28909 Highland Rd		Romulus, MI			1981	Light Industrial		2.53		29,284		100	%
28933-29017 Highland Rd		Romulus, MI			1982	Light Industrial		2.53		29,280		88	%
28824-28908 Highland Rd		Romulus, MI			1982	Light Industrial		2.53		29,280		100	%
28932-29016 Highland Rd		Romulus, MI			1982	Light Industrial		2.53		29,280		100	%
9710-9734 Harrison Road		Romulus, MI			1987	Light Industrial		2.22		25,925		100	%
9740-9772 Harrison Road		Romulus, MI			1987	Light Industrial		2.53		29,548		100	%
9840-9868 Harrison Road		Romulus, MI			1987	Light Industrial		2.53		29,280		100	%
9800-9824 Harrison Road		Romulus, MI			1987	Light Industrial		2.22		25,620		100	%
29265-29285 Airport Drive		Romulus, MI			1983	Light Industrial		2.05		23,707		100	%
29185-29225 Airport Drive		Romulus, MI			1983	Light Industrial		3.17		36,658		100	%
29149-29165 Airport Drive		Romulus, MI			1984	Light Industrial		2.89		33,440		100	%
29101-29115 Airport Drive		Romulus, MI			1985	R&D/Flex		2.53		29,287		100	%
29031-29045 Airport Drive		Romulus, MI			1985	Light Industrial		2.53		29,280		100	%
29050-29062 Airport Drive		Romulus, MI			1986	Light Industrial		2.22		25,837		100	%
29120-29134 Airport Drive		Romulus, MI			1986	Light Industrial		2.53		29,282		100	%
29200-29214 Airport Drive		Romulus, MI			1985	Light Industrial		2.53		29,282		100	%
9301-9339 Middlebelt Road		Romulus, MI			1983	R&D/Flex		1.29		15,173		76	%
26980 Trolley Industrial Drive		Taylor, MI			1997	Bulk Warehouse		5.43		102,400		100	%
32975 Capitol Avenue		Livonia, MI			1978	R&D/Flex		0.99		18,465		100	%
2725 S. Industrial Highway		Ann Arbor, MI			1997	Light Industrial		2.63		37,875		23	%
32920 Capitol Avenue		Livonia, MI			1973	Reg. Warehouse		0.47		8,000		100	%
11923 Brookfield Avenue		Livonia, MI			1973	Light Industrial		0.76		14,600		100	%
11965 Brookfield Avenue		Livonia, MI			1973	Light Industrial		0.88		14,600		100	%
13405 Stark Road		Livonia, MI			1980	Light Industrial		0.65		9,750		100	%
1170 Chicago Road		Troy, MI			1983	Light Industrial		1.73		21,500		100	%
1200 Chicago Road		Troy, MI			1984	Light Industrial		1.73		26,210		100	%
450 Robbins Drive		Troy, MI			1976	Light Industrial		1.38		19,050		100	%
1230 Chicago Road		Troy, MI			1996	Reg. Warehouse		2.10		30,120		100	%
12886 Westmore Avenue		Livonia, MI			1981	Light Industrial		1.01		18,000		100	%
12898 Westmore Avenue		Livonia, MI			1981	Light Industrial		1.01		18,000		0	%
33025 Industrial Road		Livonia, MI			1980	Light Industrial		1.02		6,250		0	%
47711 Clipper Street		Plymouth Twsp, MI			1996	Reg. Warehouse		2.27		36,926		100	%
32975 Industrial Road		Livonia, MI			1984	Light Industrial		1.19		21,000		100	%
32985 Industrial Road		Livonia, MI			1985	Light Industrial		0.85		12,040		100	%


				Year			Land
	Location			Built —			Area				Occupancy at
Building Address	City/State		Encumbrances	Renovated		Building Type	(Acres)		GLA		12/31/04

Detroit — (Continued)
32995 Industrial Road		Livonia, MI			1983	Light Industrial		1.11		14,280		100	%
12874 Westmore Avenue		Livonia, MI			1984	Light Industrial		1.01		16,000		0	%
33067 Industrial Road		Livonia, MI			1984	Light Industrial		1.11		18,640		100	%
1775 Bellingham		Troy, MI			1987	R&D/Flex		1.88		28,900		100	%
1785 East Maple		Troy, MI			1985	Light Industrial		0.80		10,200		100	%
1807 East Maple		Troy, MI			1984	R&D/Flex		2.15		28,100		100	%
980 Chicago Road		Troy, MI			1985	Light Industrial		1.09		14,280		100	%
1840 Enterprise Drive		Rochester Hills, MI			1990	R&D/Flex		2.42		33,240		42	%
1885 Enterprise Drive		Rochester Hills, MI			1990	Light Industrial		1.47		19,604		100	%
1935-55 Enterprise Drive		Rochester Hills, MI			1990	R&D/Flex		4.54		53,400		100	%
5500 Enterprise Court		Warren, MI			1989	R&D/Flex		3.93		53,900		100	%
750 Chicago Road		Troy, MI			1986	Light Industrial		1.54		26,709		0	%
800 Chicago Road		Troy, MI			1985	Light Industrial		1.48		24,340		100	%
850 Chicago Road		Troy, MI			1984	Light Industrial		0.97		16,049		0	%
2805 S. Industrial Highway		Ann Arbor, MI			1990	R&D/Flex		1.70		24,458		90	%
6833 Center Drive		Sterling Heights, MI			1998	Reg. Warehouse		4.42		66,132		100	%
32201 North Avis Drive		Madison Heights, MI			1974	R&D/Flex		4.19		50,000		100	%
1100 East Mandoline Road		Madison Heights, MI			1967	Bulk Warehouse		8.19		117,903		100	%
30081 Stephenson Highway		Madison Heights, MI			1967	Light Industrial		2.50		50,750		100	%
1120 John A. Papalas Drive(j)		Lincoln Park, MI			1985	Light Industrial		10.30		120,410		75	%
4872 S. Lapeer Road		Lake Orion Twsp, MI			1999	Bulk Warehouse		9.58		125,605		72	%
22701 Trolley Industrial		Taylor, MI			1999	Bulk Warehouse		9.12		160,035		100	%
1400 Allen Drive		Troy, MI			1979	Reg. Warehouse		1.98		27,280		100	%
1408 Allen Drive		Troy, MI			1979	Light Industrial		1.44		19,704		100	%
1305 Stephenson Hwy		Troy, MI			1979	Reg. Warehouse		3.42		47,000		100	%
32505 Industrial Drive		Madison Heights, MI			1979	Light Industrial		3.07		47,013		100	%
1799-1813 Northfield Drive(i)		Rochester Hills, MI			1980	Light Industrial		4.22		67,360		100	%

Subtotal or Average										4,004,276		93	%

Grand Rapids
5015 52nd Street SE		Grand Rapids, MI			1987	Light Industrial		4.50		61,250		100	%

Subtotal or Average										61,250		100	%

Houston
2102-2314 Edwards Street		Houston, TX			1961	Bulk Warehouse		5.02		115,248		84	%
4545 Eastpark Drive		Houston, TX			1972	Reg. Warehouse		3.80		81,295		100	%
3351 Rauch Street		Houston, TX			1970	Reg. Warehouse		4.04		82,500		100	%
3851 Yale Street		Houston, TX			1971	Bulk Warehouse		5.77		132,554		100	%
3337-3347 Rauch Street		Houston, TX			1970	Reg. Warehouse		2.29		53,425		100	%


						Year			Land
	Location					Built —			Area				Occupancy at
Building Address	City/State		Encumbrances			Renovated		Building Type	(Acres)		GLA		12/31/04

Houston — (Continued)
8505 North Loop East		Houston, TX					1981	Bulk Warehouse		5.00		107,769		100	%
4749-4799 Eastpark Dr.		Houston, TX					1979	Bulk Warehouse		7.75		182,563		100	%
4851 Homestead Road		Houston, TX					1973	Bulk Warehouse		3.63		142,250		85	%
3365-3385 Rauch Street		Houston, TX					1970	Reg. Warehouse		3.31		82,140		100	%
5050 Campbell Road		Houston, TX					1970	Bulk Warehouse		6.10		121,875		100	%
4300 Pine Timbers		Houston, TX					1980	Bulk Warehouse		4.76		113,400		73	%
7901 Blankenship		Houston, TX					1972	Light Industrial		2.17		48,000		0	%
2500-2530 Fairway Park		Houston, TX					1974	Bulk Warehouse		8.72		213,638		85	%
6550 Longpointe		Houston, TX					1980	Bulk Warehouse		4.13		97,700		100	%
1815 Turning Basin Drive		Houston, TX					1980	Bulk Warehouse		6.34		139,630		100	%
1819 Turning Basin Drive		Houston, TX					1980	Light Industrial		2.85		65,494		0	%
1805 Turning Basin Drive		Houston, TX					1980	Bulk Warehouse		7.60		155,250		100	%
7000 Empire Drive		Houston, TX					1980	R&D/Flex		6.25		95,073		78	%
9777 West Gulfbank Drive		Houston, TX					1980	Light Industrial		15.45		252,242		89	%
9835 A Genard Road		Houston, TX					1980	Bulk Warehouse		39.20		417,350		99	%
9835 B Genard Road		Houston, TX					1980	Reg. Warehouse		6.40		66,600		100	%
10161 Harwin Drive		Houston, TX					1979/1981	R & D/Flex		5.27		73,052		90	%
10165 Harwin Drive		Houston, TX					1979/1981	R & D/Flex		2.31		33,238		73	%
10175 Harwin Drive		Houston, TX					1797/1981	Light Industrial		2.85		39,475		83	%
10325-10415 Landsbury Dr(j)		Houston, TX					1982	Light Industrial		265.00		131,000		90	%
8705 City Park Loop		Houston, TX					1982	Bulk Warehouse		7.06		191,537		100	%

Subtotal or Average												3,234,298		91	%

Indianapolis
2900 North Shadeland		Indianapolis, IN					1957/1992	Bulk Warehouse		60.00		933,439		66	%
2400 North Shadeland		Indianapolis, IN					1970	Reg. Warehouse		2.45		40,000		50	%
2402 North Shadeland		Indianapolis, IN					1970	Bulk Warehouse		7.55		121,539		82	%
7901 West 21st Street		Indianapolis, IN					1985	Bulk Warehouse		12.00		353,000		100	%
1445 Brookville Way		Indianapolis, IN					1989	Bulk Warehouse		8.79		115,200		100	%
1440 Brookville Way		Indianapolis, IN					1990	Bulk Warehouse		9.64		166,400		0	%
1240 Brookville Way		Indianapolis, IN					1990	Light Industrial		3.50		63,000		100	%
1220 Brookville Way		Indianapolis, IN					1990	R&D/Flex		2.10		10,000		0	%
1345 Brookville Way		Indianapolis, IN		(m	)		1992	Bulk Warehouse		5.50		130,736		90	%
1350 Brookville Way		Indianapolis, IN					1994	Reg. Warehouse		2.87		38,460		100	%
1341 Sadlier Circle East Drive		Indianapolis, IN		(b	)		1971/1992	Light Industrial		2.03		32,400		100	%
1322-1438 Sadlier Circle East Dr		Indianapolis, IN		(b	)		1971/1992	Light Industrial		3.79		36,000		93	%
1327-1441 Sadlier Circle East Dr		Indianapolis, IN		(b	)		1992	Light Industrial		5.50		54,000		93	%


						Year			Land
	Location					Built —			Area				Occupancy at
Building Address	City/State		Encumbrances			Renovated		Building Type	(Acres)		GLA		12/31/04

Indianapolis — (Continued)
1304 Sadlier Circle East Drive		Indianapolis, IN		(b	)		1971/1992	Reg. Warehouse		2.42		17,600		100	%
1402 Sadlier Circle East Drive		Indianapolis, IN		(b	)		1970/1992	Light Industrial		4.13		40,800		97	%
1504 Sadlier Circle East Drive		Indianapolis, IN		(b	)		1971/1992	Manufacturing		4.14		54,000		100	%
1311 Sadlier Circle East Drive		Indianapolis, IN		(b	)		1971/1992	R&D/Flex		1.78		13,200		100	%
1365 Sadlier Circle East Drive		Indianapolis, IN		(b	)		1971/1992	Light Industrial		2.16		30,000		100	%
1352-1354 Sadlier Circle E. Drive		Indianapolis, IN		(b	)		1970/1992	Light Industrial		3.50		44,000		100	%
1335 Sadlier Circle East Drive		Indianapolis, IN		(b	)		1971/1992	R&D/Flex		1.20		20,000		100	%
1327 Sadlier Circle East Drive		Indianapolis, IN		(b	)		1971/1992	Reg. Warehouse		1.20		12,800		100	%
1425 Sadlier Circle East Drive		Indianapolis, IN		(b	)		1971/1992	R&D/Flex		2.49		5,000		100	%
1230 Brookville Way		Indianapolis, IN					1995	Reg. Warehouse		1.96		15,000		100	%
6951 East 30th Street		Indianapolis, IN					1995	Light Industrial		3.81		44,000		100	%
6701 East 30th Street		Indianapolis, IN					1995	Light Industrial		3.00		7,820		100	%
6737 East 30th Street		Indianapolis, IN					1995	Reg. Warehouse		11.01		87,500		100	%
1225 Brookville Way		Indianapolis, IN					1997	Light Industrial		1.00		10,000		100	%
6555 East 30th Street		Indianapolis, IN					1969/1981	Bulk Warehouse		22.00		331,826		64	%
2432-2436 Shadeland		Indianapolis, IN					1968	Light Industrial		4.57		70,560		88	%
8402-8440 East 33rd Street		Indianapolis, IN					1977	Light Industrial		4.70		55,200		61	%
8520-8630 East 33rd Street		Indianapolis, IN					1976	Light Industrial		5.30		81,000		61	%
8710-8768 East 33rd Street		Indianapolis, IN					1979	Light Industrial		4.70		43,200		87	%
3316-3346 North Pagosa Court		Indianapolis, IN					1977	Light Industrial		5.10		81,000		72	%
3331 Raton Court		Indianapolis, IN					1979	Light Industrial		2.80		35,000		100	%
6751 East 30th Street		Indianapolis, IN					1997	Bulk Warehouse		6.34		100,000		100	%
9200 East 146th Street		Noblesville, IN					1961/1981	Bulk Warehouse		21.65		150,488		77	%
6575 East 30th Street		Indianapolis, IN					1998	Bulk Warehouse		4.00		60,000		100	%
6585 East 30th Street		Indianapolis, IN					1998	Bulk Warehouse		6.00		100,000		100	%
9910 North by Northeast Blvd.		Fishers, IN					1994	Bulk Warehouse		8.40		192,000		92	%
8525 E. 33rd Street		Indianapolis, IN					1978	Bulk Warehouse		21.87		320,000		100	%
8219 Northwest Blvd.		Indianapolis, IN					1990	Bulk Warehouse		8.67		204,000		100	%
9332-9350 Castlegate Drive		Indianapolis, IN					1983	Light Industrial		4.00		48,000		100	%
9210 E. 146th Street		Noblesville, IN					1978	Reg. Warehouse		11.91		23,950		100	%

Subtotal or Average												4,392,118		81	%

Los Angeles
6407-6419 Alondra Blvd.		Paramount, CA					1985	Light Industrial		0.90		16,392		100	%
6423-6431 Alondra Blvd.		Paramount., CA					1985	Light Industrial		0.76		13,765		100	%
15101-15141 Figueroa St.(i)		Los Angeles, CA					1982	Reg. Warehouse		4.70		129,600		100	%
21136 South Wilmington Ave		Carson, CA					1989	Bulk Warehouse		6.02		115,702		100	%
19914 Via Baron Way		Rancho Dominguez CA		(a	)		1973	Bulk Warehouse		11.69		234,800		100	%
14912 Shoemaker Ave		Santa Fe Springs, CA					1967	R&D/Flex		0.25		5,121		100	%
14920 Shoemaker Ave		Santa Fe Springs, CA					1967	R&D/Flex		0.23		4,600		100	%


				Year			Land
	Location			Built —			Area				Occupancy at
Building Address	City/State		Encumbrances	Renovated		Building Type	(Acres)		GLA		12/31/04

Los Angeles — (Continued)
14928 Shoemaker Ave		Santa Fe Springs, CA			1967	R&D/Flex		0.23		4,600		100	%
14938 Shoemaker Ave		Santa Fe Springs, CA			1967	R&D/Flex		0.23		4,600		100	%
14944 Shoemaker Ave		Santa Fe Springs, CA			1978	Light Industrial		1.99		40,015		100	%
14946 Shoemaker Ave		Santa Fe Springs, CA			1978	Light Industrial		1.68		33,769		94	%
14948 Shoemaker Ave		Santa Fe Springs, CA			1978	Light Industrial		0.61		12,300		100	%
14141 Alondra Blvd.		Santa Fe Springs, CA			1969	Bulk Warehouse		23.90		395,204		100	%
12616 Yukon Ave		Hawthorne, CA			1987	Reg. Warehouse		1.89		43,676		100	%
3355 El Segundo Blvd.(j)		Hawthorne, CA			1959	Light Industrial		2.79		56,353		100	%
12621 Cerise		Hawthorne, CA			1959	Light Industrial		1.11		27,000		100	%
333 Turnbull Canyon Road		City of Industry, CA			1968/1985	Bulk Warehouse		6.61		116,000		100	%
350-390 Manville St.		Compton, CA			1979	Bulk Warehouse		4.75		100,000		100	%
42374 Avenida Alvarado(j)		Temecula, CA			1987	Reg. Warehouse		5.00		103,536		100	%
3131 E. Harcourt Street(i)		Rancho Dominguez, CA			1970	Light industrial		3.04		73,000		100	%
200 West Artesia Blvd.		Compton, CA			1985	Reg. Warehouse		4.21		68,446		100	%

Subtotal or Average										1,598,479		100	%

Louisville
9001 Cane Run Road		Louisville, KY			1998	Bulk Warehouse		39.60		212,500		100	%
9101 Crane Run Road		Louisville, KY			2000	Bulk Warehouse		14.00		231,000		100	%

Subtotal or Average										443,500		100	%

Miami
9400 NW 104th Street		Medley, FL			1995	Bulk Warehouse		11.11		268,539		100	%

Subtotal or Average										268,539		100	%

Milwaukee
N25 W23050 Paul Road		Pewaukee, WI			1989	R&D/Flex		4.50		37,765		100	%
N25 W23255 Paul Road		Pewaukee, WI			1987	R&D/Flex		4.80		55,940		100	%
N27 W23293 Roundy Drive		Pewaukee, WI			1989	Reg. Warehouse		3.64		39,468		100	%
6523 N. Sydney Place		Glendale, WI			1978	Light Industrial		4.00		43,440		100	%
8800 W. Bradley		Milwaukee, WI			1982	Light Industrial		8.00		77,621		100	%
4560 North 124th Street		Wauwatosa, WI			1976	Light Industrial		1.31		25,000		100	%
4410-80 North 132nd Street		Butler, WI			1999	Bulk Warehouse		4.90		100,000		99	%
5355 South Westridge Drive		New Berlin, WI			1997	Bulk Warehouse		21.38		217,680		100	%
N120W18485 Freistadt Road		Germantown, WI			1996	Bulk Warehouse		13.14		103,024		100	%
140 N. 9000 Lilly Road		Menmonee, WI			1990	Bulk Warehouse		10.04		104,190		100	%

Subtotal or Average										804,128		100	%


						Year			Land
	Location					Built —			Area				Occupancy at
Building Address	City/State		Encumbrances			Renovated		Building Type	(Acres)		GLA		12/31/04

Minneapolis/ St. Paul
6507-6545 Cecilia Circle		Bloomington, MN					1980	Manufacturing		9.65		74,118		91	%
6201 West 111th Street		Bloomington, MN		(c	)		1987	Bulk Warehouse		37.00		424,866		100	%
6403-6545 Cecilia Drive		Bloomington, MN					1980	Light Industrial		9.65		87,560		86	%
6925-6943 Washington Avenue		Edina, MN					1972	Manufacturing		2.75		31,867		73	%
6955-6973 Washington Avenue		Edina, MN					1972	Manufacturing		2.25		31,180		97	%
7251-7267 Washington Avenue		Edina, MN					1972	Light Industrial		1.82		26,265		70	%
7301-7325 Washington Avenue		Edina, MN					1972	Light Industrial		1.92		27,297		63	%
7101 Winnetka Avenue North		Brooklyn Park, MN					1990	Bulk Warehouse		14.18		268,168		88	%
7600 Golden Triangle Drive		Eden Prairie, MN					1989	R&D/Flex		6.79		74,078		100	%
9901 West 74th Street		Eden Prairie, MN					1983/88	Reg. Warehouse		8.86		153,813		100	%
12220-12222 Nicollet Avenue		Burnsville, MN					1989/90	Light Industrial		1.80		17,116		100	%
12250-12268 Nicollet Avenue		Burnsville, MN					1989/90	Light Industrial		4.30		42,365		100	%
12224-12226 Nicollet Avenue		Burnsville, MN					1989/90	R&D/Flex		2.40		23,300		43	%
1030 Lone Oak Road		Eagan, MN					1988	Light Industrial		6.30		83,164		100	%
1060 Lone Oak Road		Eagan, MN					1988	Light Industrial		6.50		82,728		66	%
5400 Nathan Lane		Plymouth, MN					1990	Light Industrial		5.70		72,089		100	%
10120 W. 76th Street		Eden Prairie, MN					1987	Light Industrial		4.52		59,030		100	%
7615 Golden Triangle		Eden Prairie, MN					1987	Light Industrial		4.61		52,816		100	%
7625 Golden Triangle Drive		Eden Prairie, MN					1987	Light Industrial		4.61		73,168		89	%
2605 Fernbrook Lane North		Plymouth, MN					1987	R&D/Flex		6.37		80,766		100	%
12155 Nicollet Avenue		Burnsville, MN					1995	Reg. Warehouse		5.80		48,000		100	%
6655 Wedgewood Road		Maple Grove, MN					1989	Manufacturing		17.88		123,815		96	%
900 Apollo Road		Egan, MN					1970	Manufacturing		39.00		312,265		2	%
7316 Aspen Lane North		Brooklyn Park, MN					1978	Manufacturing		6.63		96,000		100	%
73rd Avenue North		Brooklyn Park, MN					1995	R&D/Flex		4.46		59,782		87	%
2720 Arthur Street		Roseville, MN					1995	R&D/Flex		6.06		74,337		94	%
4100 Peavey Road		Chaska, MN					1988	Manufacturing		8.27		78,029		77	%
11300 Hampshire Ave. South		Bloomington, MN					1983	Bulk Warehouse		9.94		145,210		100	%
375 Rivertown Drive		Woodbury, MN					1996	Bulk Warehouse		11.33		251,968		100	%
5205 Highway 169		Plymouth, MN					1960	Light Industrial		7.92		97,523		83	%
6451-6595 Citywest Parkway		Eden Prairie, MN					1984	R&D/Flex		6.98		83,657		100	%
7100-7198 Shady Oak Road		Eden Prairie, MN					1982/2002	Light Industrial		14.44		120,541		86	%
7500-7546 Washington Square		Eden Prairie, MN					1975	Light Industrial		5.40		46,285		84	%
7550-7558 Washington Square		Eden Prairie, MN					1975	Light Industrial		2.70		31,839		100	%
5240-5300 Valley Industrial Blvd S		Shakopee, MN					1973	Light Industrial		9.06		80,001		73	%
7125 Northland Terrace		Brooklyn Park, MN					1996	R&D/Flex		5.89		79,958		100	%
6900 Shady Oak Road		Eden Prairie, MN					1980	R&D/Flex		4.60		49,190		100	%
6477-6525 City West Parkway		Eden Prairie, MN					1984	R&D/Flex		7.00		89,235		100	%
1157 Valley Park Drive		Shakopee, MN					1997	Bulk Warehouse		9.97		126,170		81	%
500-530 Kasota Avenue SE		Minneapolis, MN					1976	Manufacturing		4.47		77,702		100	%
770-786 Kasota Avenue SE		Minneapolis, MN					1976	Manufacturing		3.16		56,388		100	%
800 Kasota Avenue SE		Minneapolis, MN					1976	Manufacturing		4.10		100,250		100	%
2530-2570 Kasota Avenue		St. Paul, MN					1976	Manufacturing		4.56		75,426		86	%
1280 Energy Park Drive		St. Paul, MN					1984	Light Industrial		4.27		71,905		100	%
9700 West 76th Street		Eden Prairie, MN					1984/97	R&D/Flex		6.25		80,862		100	%


				Year			Land
	Location			Built —			Area				Occupancy at
Building Address	City/State		Encumbrances	Renovated		Building Type	(Acres)		GLA		12/31/04

Minneapolis/ St. Paul — (Continued)
7600 69th Avenue		Greenfield, MN			2004	Bulk Warehouse		17.00		216,700		100	%
2041 Wooddale Drive		Woodbury, MN			1973	Light Industrial		5.20		47,263		100	%

Subtotal or Average										4,506,055		87	%

Nashville
1621 Heil Quaker Boulevard		Nashville, TN			1975	Bulk Warehouse		11.29		160,661		100	%
3099 Barry Drive		Portland, TN			1995	Manufacturing		6.20		109,058		0	%
3150 Barry Drive		Portland, TN			1993	Bulk Warehouse		26.32		268,593		100	%
5599 Highway 31 West		Portland, TN			1995	Bulk Warehouse		20.00		161,500		100	%
1650 Elm Hill Pike		Nashville, TN			1984	Light Industrial		3.46		41,228		100	%
1931 Air Lane Drive		Nashville, TN			1984	Light Industrial		10.11		87,549		100	%
470 Metroplex Drive(i)		Nashville, TN			1986	Light Industrial		8.11		102,040		83	%
1150 Antiock Pike		Nashville, TN			1987	Bulk Warehouse		9.83		146,055		68	%
4640 Cummings Park		Nashville, TN			1986	Bulk Warehouse		14.69		100,000		81	%
556 Metroplex Drive		Nashville, TN			1983	Light Industrial		3.66		43,026		100	%
1706 Heil Quaker Boulevard		Laverne, TN			1986	Bulk Warehouse		25.75		518,400		100	%
375 Belvedere Drive		Gallatin, TN			1979/85	Bulk Warehouse		31.75		194,113		100	%

Subtotal or Average										1,932,223		90	%

Northern New Jersey
220 Hanover Avenue		Hanover, NJ			1987	Bulk Warehouse		29.27		158,242		100	%
14 World’s Fair Drive		Franklin, NJ			1980	R&D/Flex		4.53		60,000		100	%
18 World’s Fair Drive		Franklin, NJ			1982	R&D/Flex		1.06		13,000		100	%
23 World’s Fair Drive		Franklin, NJ			1982	Light Industrial		1.20		16,000		100	%
12 World’s Fair Drive		Franklin, NJ			1981	Light Industrial		3.85		65,000		73	%
22 World’s Fair Drive		Franklin, NJ			1983	Light Industrial		3.52		50,000		90	%
26 World’s Fair Drive		Franklin, NJ			1984	Light Industrial		3.41		47,000		100	%
24 World’s Fair Drive		Franklin, NJ			1984	Light Industrial		3.45		47,000		79	%
20 Worlds Fair Drive Lot 13		Sumerset, NJ			1999	R&D Flex		4.25		30,000		83	%
10 New Maple Road		Pine Brook, NJ			1973/1999	Bulk Warehouse		18.13		265,376		48	%
45 Route 46		Pine Brook, NJ			1974/1987	Light Industrial		6.54		84,284		79	%
43 Route 46		Pine Brook, NJ			1974/1987	Light Industrial		2.48		37,268		82	%
39 Route 46		Pine Brook, NJ			1970	R&D Flex		1.64		22,285		65	%
26 Chapin Road		Pine Brook, NJ			1983	Light Industrial		5.15		76,497		100	%
30 Chapin Road		Pine Brook, NJ			1983	Light Industrial		5.15		76,770		93	%
20 Mountain Hook Road		Pine Brook, NJ			1972/1984	Bulk Warehouse		14.02		213,991		96	%
30 Mountain Hook Road		Pine Brook, NJ			1972/1987	Light Industrial		3.36		51,570		100	%
55 Route 46		Pine Brook, NJ			1978/1994	R&D Flex		2.13		24,051		81	%
16 Chapin Road		Pine Brook, NJ			1987	R&D Flex		4.61		69,030		100	%
20 Chapin Road		Pine Brook, NJ			1987	R&D Flex		5.69		84,601		83	%
Sayreville Lot 3		Sayreville, NJ			2002	Light Industrial		7.43		62,400		83	%
Sayreville Lot 4		Sayreville, NJ			2001	Light Industrial		6.88		62,400		100	%
400 Raritan Center Parkway		Edison, NJ			1983	Light Industrial		7.16		81,240		100	%
300 Columbus Circle		Edison, NJ			1983	R&D Flex		9.38		123,029		89	%
400 Apgar		Franklin Twnship, NJ			1987	Bulk Warehouse		14.34		111,824		92	%


				Year			Land
	Location			Built —			Area				Occupancy at
Building Address	City/State		Encumbrances	Renovated		Building Type	(Acres)		GLA		12/31/04

Northern New Jersey — (Continued)
500 Apgar		Franklin Twnship, NJ			1987	Reg. Warehouse		5.00		58,585		100	%
201 Circle Dr. North		Piscataway, NJ			1987	Bulk Warehouse		5.24		113,738		74	%
1 Pearl Ct		Allendale, NJ			1978	Light Industrial		3.00		46,400		0	%
2 Pearl Ct		Allendale, NJ			1979	Light Industrial		3.00		39,170		100	%
3 Pearl Ct		Allendale, NJ			1978	Light Industrial		3.00		41,470		100	%
4 Pearl Ct		Allendale, NJ			1979	Light Industrial		3.00		41,227		50	%
5 Pearl Ct		Allendale, NJ			1977	Light Industrial		3.00		37,343		100	%
6 Pearl Ct		Allendale, NJ			1980	Light Industrial		10.40		99,700		58	%
7 Pearl Ct		Allendale, NJ			1979	Light Industrial		6.50		44,750		100	%
59 Route 17		Allendale, NJ			1979	Light Industrial		5.90		60,000		100	%
309-319 Pierce Street		Somerset, NJ			1986	Bulk Warehouse		8.63		115,536		100	%
160 Pierce Street		Somerset, NJ			2004	Reg. Warehouse		9.16		87,500		100	%
12 Thornton Road		Oakland, NJ			1981	Reg. Warehouse		6.00		92,400		100	%
147 Clinton Road		West Caldwell, NJ			1967/1983	Bulk Warehouse		14.96		194,258		100	%
200 Maltese Drive		Totowa, NJ			1965/1975	Bulk Warehouse		9.00		208,000		100	%

Subtotal or Average										3,212,935		87	%

Philadelphia
230-240 Welsh Pool Road		Exton, PA			1975/1997	Manufacturing		6.56		30,000		100	%
264 Welsh Pool Road		Exton, PA			1975/1996	R&D/Flex		2.84		11,256		0	%
254 Welsh Pool Road		Exton, PA			1975/1998	Light Industrial		2.84		28,180		100	%
256 Welsh Pool Road		Exton, PA			1975/1999	Light Industrial		2.84		12,038		100	%
213 Welsh Pool Road		Exton, PA			1975/1998	Light Industrial		3.01		22,095		100	%
251 Welsh Pool Road		Exton, PA			1975/1991	R&D/Flex		4.10		25,546		100	%
253-255 Welsh Pool Road		Exton, PA			1975/1980	Light Industrial		4.10		20,800		100	%
151-161 Philips Road		Exton, PA			1975/1990	Light Industrial		3.82		30,065		100	%
210 Philips Road		Exton, PA			1975/1998	Manufacturing		6.56		26,827		100	%
216 Philips Road		Exton, PA			1985	Light Industrial		2.99		39,037		100	%
964 Postal Road		Lehigh, PA			1986	Light Industrial		0.00		44,800		100	%
966 Postal Road		Lehigh, PA			1987	Light Industrial		0.00		43,245		100	%
999 Postal Road		Lehigh, PA			1988	Light Industrial		5.60		43,600		65	%
7331 William Avenue		Lehigh, PA			1989	Bulk Warehouse		3.90		43,400		100	%
7346 Penn Drive		Lehigh, PA			1988	Reg. Warehouse		7.30		72,000		83	%
7350 William Drive		Lehigh, PA			1989	Reg. Warehouse		8.70		96,000		100	%
7377 William Drive		Lehigh, PA			1989	Reg. Warehouse		4.50		43,316		100	%
7072 Snow Drift		Lehigh, PA			1975	Light Industrial		4.50		61,157		100	%
2000 Cabot Boulevard West		Langhorne, PA			1984	R&D/Flex		3.06		39,969		63	%
2005 Cabot Boulevard West		Langhorne, PA			1984	R&D/Flex		3.00		22,000		100	%
2010 Cabot Boulevard West		Langhorne, PA			1984	Light Industrial		4.00		52,831		89	%
2200 Cabot Boulevard West		Langhorne, PA			1979	Light Industrial		3.98		61,543		100	%
2260-2270 Cabot Boulevard West		Langhorne, PA			1980	R&D/Flex		2.12		29,288		82	%
3000 Cabot Boulevard West		Langhorne, PA			1986	Light Industrial		4.14		34,693		79	%
180 Wheeler Court		Langhorne, PA			1974	Light Industrial		6.45		78,213		100	%
2512 Metropolitan Drive		Trevose, PA			1981	Light Industrial		3.54		37,000		100	%
2510 Metropolitan Drive		Trevose, PA			1981	Light Industrial		2.26		40,000		0	%


						Year			Land
	Location					Built —			Area				Occupancy at
Building Address	City/State		Encumbrances			Renovated		Building Type	(Acres)		GLA		12/31/04

Philadelphia — (Continued)
2515 Metropolitan Drive		Trevose, PA					1974	Light Industrial		2.50		42,000		100	%
2555 Metropolitan Drive		Trevose, PA					1981	Light Industrial		4.40		60,000		100	%
2450 Metropolitan Drive		Trevose, PA					1983	Light Industrial		6.98		69,952		81	%
2495 Metropolitan Drive		Trevose, PA					1981	Light Industrial		8.59		80,000		100	%
4667 Somerton Road		Trevose, PA					1974	Light Industrial		7.66		118,000		100	%
835 Wheeler Way		Langhorne, PA					1974	Light Industrial		5.68		64,402		77	%
14 McFadden Road		Palmer, PA					1994/2000	Light Industrial		7.30		48,000		100	%

Subtotal or Average												1,571,253		91	%

1045 South Edward Drive		Tempe, AZ					1976	Light Industrial		2.12		38,560		100	%
46 N. 49th Ave		Phoenix, AZ					1986	Reg. Warehouse		5.16		82,288		100	%
240 N. 48th Avenue		Phoenix, AZ					1977	Reg. Warehouse		4.46		83,200		50	%
220 N. 48th Avenue		Phoenix, AZ					1977	Reg. Warehouse		4.46		83,200		100	%
54 N. 48th Avenue		Phoenix, AZ					1977	Light Industrial		1.11		20,736		100	%
64 N. 48th Avenue		Phoenix, AZ					1977	Light Industrial		1.43		17,280		100	%
236 N. 48th Avenue		Phoenix, AZ					1977	Light Industrial		0.93		11,520		100	%
10 S. 48th Avenue		Phoenix, AZ					1977	Reg. Warehouse		4.64		86,400		50	%
115 E. Watkins St.		Phoenix, AZ					1979	Light Industrial		1.32		24,341		100	%
135 E. Watkins Street		Phoenix, AZ					1977	Reg. Warehouse		3.08		56,685		100	%
10220 S 51st Street		Phoenix, AZ					1985	Light Industrial		1.54		22,978		100	%
50 South 56th Street		Chandler, AZ					1991/97	Reg. Warehouse		4.19		78,150		100	%
4625 W McDowell Road		Phoenix, AZ					2001	Light Industrial		3.39		44,546		100	%
4635 W McDowell Road		Phoenix, AZ					2001	Light Industrial		3.79		54,890		100	%
405 North 75th Avenue, Bldg 1		Phoenix, AZ		(g	)		2001	Bulk Warehouse		7.35		118,908		100	%
405 North 75th Avenue, Bldg 2		Phoenix, AZ		(g	)		2001	Bulk Warehouse		7.71		135,735		100	%
405 North 75th Avenue, Bldg 3		Phoenix, AZ		(g	)		2001	Bulk Warehouse		9.30		152,562		100	%

Subtotal or Average												1,111,979		92	%

Salt Lake City
512 Lawndale Drive(l)		Salt Lake City, UT					1981	Light Industrial		35.00		386,544		83	%
1270 West 2320 South		West Valley, UT					1986/1992	R&D/Flex		1.49		13,025		81	%
1275 West 2240 South		West Valley, UT					1986/1992	R&D/Flex		2.06		38,227		100	%
1288 West 2240 South		West Valley, UT					1986/1992	R&D/Flex		0.97		13,300		53	%
2235 South 1300 West		West Valley, UT					1986/1992	Light Industrial		1.22		19,000		71	%
1293 West 2200 South		West Valley, UT					1986/1992	R&D/Flex		0.86		13,300		67	%
1279 West 2200 South		West Valley, UT					1986/1992	R&D/Flex		0.91		13,300		92	%
1272 West 2240 South		West Valley, UT					1986/1992	Light Industrial		3.07		34,870		100	%
1149 West 2240 South		West Valley, UT					1986/1992	Light Industrial		1.71		21,250		100	%
1142 West 2320 South		West Valley, UT					1997	Light Industrial		1.52		17,500		100	%
1152 West 2240 South		West Valley, UT					1999	R&D Flex		13.56		55,785		75	%
369 Orange Street		Salt Lake City, UT					1980	Bulk Warehouse		6.29		136,000		91	%
1330 W. 3300 South Avenue		Ogden, UT					1982	Bulk Warehouse		30.75		188,568		100	%
12577 South 265 West Bldg C		Draper, UT					1996	Light Industrial		6.00		20,000		100	%

Subtotal or Average												970,669		89	%


				Year			Land
	Location			Built —			Area				Occupancy at
Building Address	City/State		Encumbrances	Renovated		Building Type	(Acres)		GLA		12/31/04

San Diego
9163 Siempre Viva Road		San Diego, CA			1989	Reg. Warehouse		1.72		34,116		100	%
9295 Siempre Viva Road		San Diego, CA			1989	Reg. Warehouse		1.79		35,557		100	%
9255 Customhouse Plaza		San Diego, CA			1989	Bulk Warehouse		14.85		295,240		92	%
9375 Customhouse Plaza		San Diego, CA			1989	Reg. Warehouse		1.46		30,944		71	%
9465 Customhouse Plaza		San Diego, CA			1989	Reg. Warehouse		1.46		30,944		76	%
9485 Customhouse Plaza		San Diego, CA			1989	Bulk Warehouse		4.85		102,520		96	%
2675 Customhouse Court		San Diego, CA			1989	Reg. Warehouse		2.24		47,980		100	%

Subtotal or Average										577,301		93	%

Southern New Jersey
2-5 North Olnev Ave		Cherry Hill, NJ			1963/85	Light Industrial		2.10		58,139		100	%
2 Springdale Road		Cherry Hill, NJ			1968	Light Industrial		1.44		21,008		96	%
4 Springdale Road(i)		Cherry Hill, NJ			1963/85	Light Industrial		3.02		58,189		100	%
8 Springdale Road		Cherry Hill, NJ			1966	Light Industrial		3.02		45,054		100	%
2050 Springdale Road		Cherry Hill, NJ			1965	Light Industrial		3.40		51,060		100	%
16 Springdale Road		Cherry Hill, NJ			1967	Light Industrial		5.30		48,922		100	%
5 Esterbrook Lane		Cherry Hill, NJ			1966/88	Reg. Warehouse		5.45		39,167		100	%
2 Pin Oak Lane		Cherry Hill, NJ			1968	Light Industrial		4.45		51,230		100	%
28 Springdale, Rd		Cherry Hill, NJ			1967	Light Industrial		2.93		38,949		100	%
3 Esterbrook Lane		Cherry Hill, NJ			1968	Light Industrial		2.15		32,844		100	%
4 Esterbrook Lane		Cherry Hill, NJ			1969	Light Industrial		3.42		39,266		100	%
26 Springdale Road		Cherry Hill, NJ			1968	Light Industrial		3.25		29,492		100	%
1 Keystone Ave		Cherry Hill, NJ			1969	Light Industrial		4.15		60,983		100	%
21 Olnev Ave		Cherry Hill, NJ			1969	Manufacturing		1.75		22,738		100	%
19 Olnev Ave		Cherry Hill, NJ			1971	Light Industrial		4.36		53,962		100	%
2 Keystone Ave		Cherry Hill, NJ			1970	Light Industrial		3.47		50,922		100	%
18 Olnev Ave		Cherry Hill, NJ			1974	Light Industrial		8.85		62,542		100	%
2030 Springdale Road		Cherry Hill, NJ			1977	Light Industrial		6.24		88,872		100	%
111 Whittendale Drive		Morristown, NJ			1991/96	Reg. Warehouse		5.00		79,329		100	%
9 Whittendale Drive		Morristown, NJ			2000	Light Industrial		5.51		52,800		100	%
1931 Olney Road		Cherry Hill, NJ			1969	Light Industrial		2.90		45,770		100	%
7851 Airport Highway		Pennsauken, NJ			1966	Light Industrial		1.95		31,600		100	%
7860-7870 Airport		Pennsauken, NJ			1968	R&D/Flex		1.51		23,050		100	%
7110-7112 Airport		Pennsauken, NJ			1963	R&D/Flex		1.17		14,400		100	%

Subtotal or Average										1,100,288		100	%

St. Louis
8921-8971 Frost Avenue		Hazelwood, MO			1971	Bulk Warehouse		2.00		100,000		100	%
9043-9083 Frost Avenue		Hazelwood, MO			1970/77	Bulk Warehouse		2.69		145,000		100	%
2121 Chapin Industrial Drive		Vinita Park, MO			1969/94	Bulk Warehouse		23.40		281,105		97	%
10431-10449 Midwest Industrial		Olivette, MO			1967	Light Industrial		2.40		55,125		100	%
10751 Midwest Industrial Blvd.		Olivette, MO			1965	Light Industrial		1.70		44,100		100	%


						Year			Land
	Location					Built —			Area				Occupancy at
Building Address	City/State		Encumbrances			Renovated		Building Type	(Acres)		GLA		12/31/04

St. Louis — (Continued)
6951 N. Hanley(i)		Hazelwood, MO					1965	Bulk Warehouse		9.50		129,614		100	%
1037 Warson — Bldg A		St. Louis, MO					1968	Light Industrial		4.00		64,143		100	%
1037 Warson — Bldg B		St. Louis, MO					1968	Light Industrial		4.00		97,154		100	%
1037 Warson — Bldg C		St. Louis, MO					1968	Light Industrial		4.00		79,252		100	%
1037 Warson — Bldg D		St. Louis, MO					1968	Light Industrial		4.00		92,081		100	%
6821-6857 Hazelwood Avenue		Berkley, MO					2001	Bulk Warehouse		8.93		180,658		100	%
13701 Rider Trail North		Earth City, MO					1985	Light Industrial		5.34		64,387		100	%
1908-2000 Innerbelt(i)		Overland, MO					1987	Light Industrial		0.00		191,923		95	%
8449-95 Mid County Industrial		Vinta Park, MO					1988	Reg. Warehouse		3.97		96,392		100	%
84104-76 Mid County Industrial		Vinta Park, MO					1989	Bulk Warehouse		4.13		103,058		100	%
2001 Innerbelt Business Center		Overland, MO					1987	Bulk Warehouse		7.84		171,637		100	%
4774 Park 36 Boulevard		St. Louis, MO					2001	Bulk Warehouse		9.00		173,800		47	%
1010 Turner Boulevard		St. Louis, MO					1989	Bulk Warehouse		26.95		248.635		100	%

Subtotal or Average												2,318,064		95	%

Tampa
6614 Adamo Drive		Tampa, FL					1967	Reg. Warehouse		2.78		41,377		100	%
6202 Benjamin Road		Tampa, FL					1981	R&D/Flex		2.04		30,145		0	%
6204 Benjamin Road		Tampa, FL					1982	Light Industrial		4.16		60,975		100	%
6206 Benjamin Road		Tampa, FL					1983	Light Industrial		3.94		57,708		100	%
6302 Benjamin Road		Tampa, FL					1983	R&D/Flex		2.03		29,747		100	%
6304 Benjamin Road		Tampa, FL					1984	R&D/Flex		2.04		29,845		100	%
6306 Benjamin Road		Tampa, FL					1984	Light Industrial		2.58		37,861		67	%
6308 Benjamin Road		Tampa, FL					1984	Light Industrial		3.22		47,256		71	%
5313 Johns Road		Tampa, FL					1991	R&D/Flex		1.36		25,690		100	%
5602 Thompson Center Court		Tampa, FL					1972	R&D/Flex		1.39		14,914		100	%
5411 Johns Road		Tampa, FL					1997	Light Industrial		1.98		30,204		100	%
5525 Johns Road		Tampa, FL					1993	R&D/Flex		1.46		24,139		100	%
5607 Johns Road		Tampa, FL					1991	R&D/Flex		1.34		13,500		56	%
5709 Johns Road		Tampa, FL					1990	Light Industrial		1.80		25,480		100	%
5711 Johns Road		Tampa, FL					1990	Light Industrial		1.80		25,455		100	%
5453 West Waters Avenue		Tampa, FL					1987	R&D/Flex		0.66		7,200		100	%
5455 West Waters Avenue		Tampa, FL					1987	R&D/Flex		2.97		32,424		24	%
5553 West Waters Avenue		Tampa, FL					1987	Light Industrial		2.97		32,424		100	%
5501 West Waters Avenue		Tampa, FL					1990	R&D/Flex		1.53		15,870		100	%
5503 West Waters Avenue		Tampa, FL					1990	R&D/Flex		0.68		7,060		27	%
5555 West Waters Avenue		Tampa, FL					1990	R&D/Flex		2.31		23,947		90	%
5557 West Waters Avenue		Tampa, FL					1990	R&D/Flex		0.57		5,860		100	%
5463 W. Waters Avenue		Tampa, FL		(e	)		1996	R&D/Flex		3.50		44,427		100	%
5461 W. Waters Avenue		Tampa, FL					1998	Light Industrial		1.84		21,778		100	%
5505 Johns Road #7		Tampa, FL					1999	Light Industrial		2.12		30,019		100	%
5481 W. Waters Avenue		Tampa, FL					1999	R&D/Flex		3.60		41,861		100	%
5905 Breckenridge Parkway		Tampa, FL					1982	R&D/Flex		1.67		18,720		100	%
5907 Breckenridge Parkway		Tampa, FL					1982	R&D/Flex		0.53		5,980		100	%
5909 Breckenridge Parkway		Tampa, FL					1982	R&D/Flex		1.60		18,000		100	%
5911 Breckenridge Parkway		Tampa, FL					1982	R&D/Flex		2.70		30,397		56	%
5910 Breckenridge Parkway		Tampa, FL					1982	R&D/Flex		4.77		53,591		72	%
5912 Breckenridge Parkway		Tampa, FL					1982	R&D/Flex		4.70		52,806		64	%


						Year			Land
	Location					Built —			Area				Occupancy at
Building Address	City/State		Encumbrances			Renovated		Building Type	(Acres)		GLA		12/31/04

Tampa — (Continued)
4515-4519 George Road		Tampa, FL					1985	Light Industrial		5.00		64,742		93	%
6301 Benjamin Road		Tampa, FL					1986	R&D/Flex		1.91		27,249		100	%
5723 Benjamin Road		Tampa, FL					1986	R&D/Flex		2.97		42,270		100	%
6313 Benjamin Road		Tampa, FL					1986	R&D/Flex		1.90		27,066		100	%
5801 Benjamin Road		Tampa, FL					1986	Light Industrial		3.83		54,550		82	%
5802 Benjamin Road		Tampa, FL					1986	R&D/Flex		4.06		57,705		87	%
5925 Benjamin Road		Tampa, FL					1986	R&D/Flex		2.05		29,109		69	%
6089 Johns Road		Tampa, FL		(h	)		1985	R&D/Flex		1.38		24,000		100	%
6103 Johns Road		Tampa, FL		(h	)		1986	Light Industrial		1.66		28,800		100	%

Subtotal or Average												1,292,151		87	%

Other
4200 West Harry Street(j)		Wichita, KS					1972	Bulk Warehouse		21.45		177,655		100	%
6601 S. 33rd Street		McAllen, TX					1975	Reg. Warehouse		3.31		50,000		100	%
9601 A Dessau Road		Austin, TX					1999	Light Industrial		3.28		33,000		100	%
9601 B Dessau Road		Austin, TX					1999	Light Industrial		3.28		33,000		100	%
9601 C Dessau Road		Austin, TX					1999	Light Industrial		3.28		33,000		100	%
555 Vista Blvd.		Sparks, NV					1980	Bulk Warehouse		40.30		490,500		100	%

Subtotal or Average												817,155		100	%

TOTAL												61,670,735		90	%


(a)		This property collateralizes a $5.5 million mortgage loan which matures on December 1, 2019.

(b)		These properties collateralize a $2.9 million mortgage loan which matures on September 1, 2009.

(c)		This property collateralizes a $5.7 million mortgage loan which matures on December 1, 2019.

(d)		This property collateralizes a $2.0 million mortgage loan which matures on October 1, 2006.

(e)		This property collateralizes a $2.5 million mortgage loan which matures on September 1, 2006.

(f)		This property collateralizes a $16.3 million mortgage loan which matures on December 1, 2010.

(g)		These properties collateralize a $13.9 million mortgage loan which matures on November 10, 2012.

(h)		These properties collateralize a $6.7 million mortgage loan which matures on July 1, 2009.

(i)		Comprised of two properties.

(j)		Comprised of three properties.

(k)		Comprised of four properties.

(l)		Comprised of 28 properties.

(m)		This property collateralizes a $2.0 million mortgage loan which matures on January 1, 2013.

Tenant and Lease Information

The Company has a diverse base of more than 2,400 tenants engaged in a wide variety of businesses including manufacturing, retail, wholesale trade, distribution and professional services. Most leases have an initial term of between three and six years and provide for periodic rent increases that are either fixed or based on changes in the Consumer Price Index. Industrial tenants typically have net or semi-net leases and pay as additional rent their percentage of the property’s operating costs, including the costs of common area maintenance, property taxes and insurance. As of December 31, 2004, approximately 90% of the GLA of the industrial properties was leased, and no single tenant or group of related tenants accounted for more than 1.3% of the Company’s rent revenues, nor did any single tenant or group of related tenants occupy more than 1.3% of the Company’s total GLA as of December 31, 2004.

The following table shows scheduled lease expirations for all leases for the Company’s in-service properties as of December 31, 2004.


		Number of				Percentage of			Annual Base Rent		Percentage of Total
Year of		Leases		GLA		GLA			Under Expiring		Annual Base Rent
Expiration(1)		Expiring		Expiring(2)		Expiring			Leases		Expiring(2)

									(In thousands)
2005			803		14,514,570		26.1	%		59,652		25.5%
2006			517		10,347,877		18.6	%		45,937		19.6%
2007			453		8,826,005		15.9	%		38,373		16.4%
2008			299		7,101,496		12.8	%		28,774		12.3%
2009			271		5,392,740		9.7	%		25,972		11.1%
2010			106		2,769,205		5.0	%		11,821		5.0%
2011			36		1,562,204		2.8	%		6,176		2.6%
2012			17		561,740		1.0	%		1,954		0.8%
2013			16		1,771,111		3.2	%		4,780		2.0%
2014			16		1,034,456		1.9	%		4,949		2.1%
Thereafter			17		1,672,514		3.0	%		5,796		2.5%

	Total		2,551		55,553,918		100.0	%	$	234,184		100.0%


(1)	Lease expirations as of December 31, 2004 assume tenants do not exercise existing renewal, termination, or purchase options.

(2)	Does not include existing vacancies of 6,116,817 aggregate square feet.


Item 3.	Legal Proceedings

The Company is involved in legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are not expected to have a material impact on the results of operations, financial position or liquidity of the Company.


Item 4.	Submission of Matters to a Vote of Security Holders

None.

PART II


Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

The following table sets forth for the periods indicated the high and low closing prices per share and distributions declared per share for the Company’s common stock, which trades on the New York Stock Exchange under the trading symbol “FR”.


					Distribution
Quarter Ended	High		Low		Declared

December 31, 2004	$	42.11	$	37.26	$	0.6950
September 30, 2004	$	40.39	$	35.81	$	0.6850
June 30, 2004	$	39.50	$	32.69	$	0.6850
March 31, 2004	$	39.62	$	33.00	$	0.6850
December 31, 2003	$	34.76	$	32.20	$	0.6850
September 30, 2003	$	32.65	$	29.33	$	0.6850
June 30, 2003	$	32.51	$	27.96	$	0.6850
March 31, 2003	$	29.50	$	26.57	$	0.6850

The Company had 666 common stockholders of record registered with its transfer agent as of March 23, 2005.

The Company has determined that, for federal income tax purposes, approximately 13.17% of the total $114.6 million in distributions paid with respect to 2004 represents ordinary dividend income to its stockholders, 9.10% qualify as 25 percent rate capital gain, 1.54% qualify as short-term capital gain, 31.47% qualify as a 15 percent rate capital gain and the remaining 44.72% represent a return of capital.

Additionally, for tax purposes, 23.81% of the Company’s 2004 preferred stock dividends qualify as ordinary income, 16.47% qualify as 25 percent rate capital gain, 2.78% qualify as short-term capital gain and 56.94% qualify as 15 percent rate capital gain.

In order to maintain its status as a REIT, the Company is required to meet certain tests, including distributing at least 90% of its REIT taxable income, or approximately $1.83 per share for 2004. The Company’s dividend policy is to meet the minimum distribution required to maintain the Company’s REIT qualification under the Internal Revenue Code.

On March 4, 2005, the Operating Partnership issued 37,587 Units having an aggregate market value of approximately $1.5 million in exchange for property.

All of the above Units were issued in private placements in reliance on Section 4(2) of the Securities Act of 1933, as amended, including Regulation D promulgated thereunder, to individuals or entities holding real property or interests therein. No underwriters were used in connection with such issuances.

Subject to lock-up periods and certain adjustments, Units are convertible into common stock, par value $.01, of the Company on a one-for-one basis or cash at the option of the Company.


Item 6.	Selected Financial Data

The following sets forth selected financial and operating data for the Company on a historical consolidated basis. The following data should be read in conjunction with the financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this Form 10-K. The historical statements of operations and cash flows for the years ended December 31, 2003 and 2002, and the selected data below for 2001 and 2000 have been restated to correct the classification of income taxes. The historical statements of operations for the years ended December 31, 2004, 2003 and 2002 include the results of operations of the Company as derived from the Company’s audited financial statements. The historical statements of operations for the years ended December 31, 2001 and 2000 include the results of operations of the Company as derived from the Company’s audited financial statements except that management has made adjustments to correct the classification of income taxes. Also, the results of operations of properties sold are presented in discontinued operations if they met both of the following criteria: (a) the operations and cash flows of the property have been (or will be) eliminated from the ongoing operations of the Company as a result of the disposition and (b) the Company will not have any significant involvement in the operations of the property after the disposal transaction. The adjustments made by management and the resulting adjusted balances were not audited. The historical balance sheet data and other data as of December 31, 2004, 2003, 2002, 2001 and 2000 include the balances of the Company as derived from the Company’s audited financial statements.


					Restated

		Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		12/31/04			12/31/03			12/31/02			12/31/01			12/31/00

		(In thousands, except per share and property data)
Statement of Operations Data:
	Total Revenues	$	319,732		$	307,815		$	285,870		$	295,404		$	304,965
	Interest Income		3,632			2,416			2,378			2,790			5,489
	Gain on Settlement of Interest Rate Protection Agreements		1,583			—			—			—			—
	Property Expenses		(108,336	)		(99,544	)		(90,468	)		(90,104	)		(91,217	)
	General and Administrative Expense		(39,569	)		(26,953	)		(19,610	)		(18,609	)		(17,129	)
	Interest Expense		(99,245	)		(95,456	)		(90,387	)		(82,580	)		(83,925	)
	Amortization of Deferred Financing Costs		(1,931	)		(1,764	)		(1,925	)		(1,809	)		(1,750	)
	Depreciation and Other Amortization		(95,138	)		(75,140	)		(62,658	)		(58,037	)		(54,452	)
	Loss from Early Retirement from Debt(c)		(515	)		(1,466	)		(888	)		(10,309	)		—
	Valuation Provision on Real Estate(a)		—			—			—			(9,500	)		(2,900	)
	Benefit (Provision) for Income Tax		7,859			4,950			2,188			197			(341	)
	Equity in Income (Loss) of Joint Ventures		36,451			539			463			(791	)		571
	Minority Interest Allocable to Continuing Operations		(293	)		562			352			520			(4,524	)


						Restated

			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
			12/31/04			12/31/03			12/31/02			12/31/01			12/31/00

			(In thousands, except per share and property data)
Income from Continuing Operations				24,230			15,959			25,315			27,172			54,787
Income from Discontinued Operations (Including Gain on Sale of Real Estate, Net of Income Taxes, of $79,811, $77,636 and $56,810 for the Year Ended December 31, 2004, 2003 and 2002, respectively), Net of Income Taxes(b)				88,680			101,266			98,530			48,123			45,652
Minority Interest Allocable to Discontinued Operations				(12,167	)		(14,916	)		(14,760	)		(7,377	)		(7,222	)
Gain on Sale of Real Estate, Net of Income Taxes				11,431			13,445			13,082			64,304			29,296
Minority Interest Allocable to Gain on Sale of Real Estate				(1,568	)		(1,981	)		(1,959	)		(9,858	)		(4,635	)

Net Income				110,606			113,773			120,208			122,364			117,878
Redemption of Preferred Stock				(7,959	)		—			(3,707	)		(4,577	)		—
Preferred Stock Dividends				(14,488	)		(20,176	)		(23,432	)		(30,001	)		(32,844	)

Net Income Available to Common Stockholders			$	88,159		$	93,597		$	93,069		$	87,786		$	85,034

Income from Continuing Operations Available to Common Stockholders Per Weighted Average Common Share Outstanding:
		Basic	$	0.29		$	0.19		$	0.24		$	1.21		$	1.22

		Diluted	$	0.28		$	0.19		$	0.24		$	1.20		$	1.21

Net Income Available to Common Stockholders Per Weighted Average Common Share Outstanding:
		Basic	$	2.17		$	2.43		$	2.39		$	2.26		$	2.23

		Diluted	$	2.16		$	2.42		$	2.38		$	2.24		$	2.21

Distributions Per Share			$	2.7500		$	2.7400		$	2.7250		$	2.6525		$	2.5175

Weighted Average Number of Common Shares Outstanding:
		Basic		40,557			38,542			38,927			38,841			38,154

		Diluted		40,888			38,663			39,165			39,150			38,446

Net Income			$	110,606		$	113,773		$	120,208		$	122,364		$	117,878
Other Comprehensive Income (Loss):
	Cumulative Transition Adjustment			—			—			—			(14,920	)		—


						Restated

			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
			12/31/04			12/31/03			12/31/02			12/31/01			12/31/00

			(In thousands, except per share and property data)
		Settlement of Interest Rate Protection Agreements		6,816			—			1,772			(191	)		—
		Mark-to-Market of Interest Rate Protection Agreements and Interest Rate Swap Agreements		106			251			(126	)		(231	)		—
		Write-off of Unamortized Interest Rate Protection Agreements Due to Early Retirement of Debt		—			—			—			2,156			—
		Amortization of Interest Rate Protection Agreements		(512	)		198			176			805			—

	Comprehensive Income		$	117,016		$	114,222		$	122,030		$	109,983		$	117,878

Balance Sheet Data (End of Period):
	Real Estate, Before Accumulated Depreciation		$	2,856,474		$	2,738,034		$	2,697,269		$	2,714,927		$	2,440,810
	Real Estate, After Accumulated Depreciation			2,478,091			2,388,782			2,388,781			2,438,107			2,221,109
	Real Estate Held for Sale, Net			52,790			—			7,040			30,750			236,422
	Total Assets			2,713,193			2,648,023			2,629,973			2,621,400			2,618,493
	Mortgage Loans Payable, Net, Unsecured Lines of Credit and Senior Unsecured Debt, Net			1,574,929			1,453,798			1,442,149			1,318,450			1,221,356
	Total Liabilities			1,710,766			1,591,732			1,575,586			1,447,361			1,373,288
	Stockholders’ Equity			845,494			889,173			882,326			995,597			1,058,372
Other Data:
	Cash Flow From Operating Activities		$	77,657		$	103,156		$	132,838		$	147,134		$	160,241
	Cash Flow From Investing Activities			9,992			29,037			33,350			(38,804	)		(87,300	)
	Cash Flow From Financing Activities			(83,546	)		(131,372	)		(166,188	)		(116,061	)		(67,819	)
	Total In-Service Properties			827			834			908			918			969
	Total In-Service GLA, in Square Feet			61,670,735			57,925,466			59,979,894			64,002,809			68,242,713
	In-Service Occupancy Percentage			90	%		88	%		90	%		91	%		95	%


(a)		Represents a valuation provision on real estate relating to certain properties located in Columbus, Ohio, Des Moines, Iowa, Grand Rapids, Michigan and Indianapolis, Indiana.

(b)		On January 1, 2002, the Company adopted the Financial Accounting Standards Board’s Statement of Financial Accounting Standards No. 144, “Accounting for the Impairment or Disposal of Long Lived Assets” (“FAS 144”). FAS 144 addresses financial accounting and reporting for the disposal of long lived assets. FAS 144 requires that the results of operations and gains or losses on the sale of property be presented in discontinued operations if both of the following criteria are met: (a) the operations and cash flows of the property have been (or will be) eliminated from the ongoing operations of the Company as a result of the disposal transaction and (b) the Company will not have any significant continuing involvement in the operations of the property after the disposal transaction. FAS 144 also


		requires prior period results of operations for these properties to be restated and presented in discontinued operations in prior consolidated statements of operations.

(c)		In 2004, the Company paid off and retired a certain mortgage loan. The Company recorded a loss from the early retirement of debt in 2004 of approximately $.5 million, which is comprised of the write-off of unamortized deferred financing costs and prepayment penalties. In 2003, the Company paid off and retired a certain mortgage loan. The Company recorded a loss from the early retirement of debt in 2003 of approximately $1.5 million, which is comprised of the write-off of unamortized deferred financing costs. In 2002, the Company paid off and retired certain senior unsecured debt. The Company recorded a loss from the early retirement of debt of approximately $.9 million which is comprised of the amount paid above the carrying amount of the senior unsecured debt, the write-off of pro rata unamortized deferred financing costs and legal costs. In 2001, the Company paid off and retired certain mortgage loans and certain senior unsecured debt. The Company recorded a loss from the early retirement of debt of approximately $10.3 million which is comprised of the amount paid above the carrying amount of the senior unsecured debt, the write-off of unamortized deferred financing costs, the write-off of the unamortized portion of an interest rate protection agreement which was used to fix the interest rate on the senior unsecured debt prior to issuance, the settlement of an interest rate protection agreement used to fix the retirement price of the senior unsecured debt, prepayment fees, legal costs and other expenses.


Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with “Selected Financial Data” and the historical Consolidated Financial Statements and Notes thereto appearing elsewhere in this Form 10-K.

In addition, the following discussion contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of complying with those safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse affect on the operations and future prospects of the Company on a consolidated basis include, but are not limited to, changes in: economic conditions generally and the real estate market specifically, legislative/regulatory changes (including changes to laws governing the taxation of real estate investment trusts), availability of financing, interest rate levels, competition, supply and demand for industrial properties in the Company’s current and proposed market areas, potential environmental liabilities, slippage in development or lease-up schedules, tenant credit risks, higher-than-expected costs and changes in general accounting principles, policies and guidelines applicable to real estate investment trusts. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Further information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included herein and in the Company’s other filings with the Securities and Exchange Commission.

First Industrial Realty Trust, Inc. was organized in the state of Maryland on August 10, 1993. First Industrial Realty Trust, Inc. is a real estate investment trust (“REIT”), as defined in the Internal Revenue Code (the “Code”). First Industrial Realty Trust, Inc. (together with its consolidated subsidiaries, the “Company”) began operations on July 1, 1994. The Company’s interests in its properties and land parcels are held through (i) partnerships controlled by the Company, including First Industrial, L.P. (the “Operating Partnership”), of which the Company is the sole general partner, as well as, among others, First Industrial Financing Partnership, L.P., First Industrial Securities, L.P., First Industrial Mortgage Partnership, L.P. (the “Mortgage Partnership”), First Industrial Pennsylvania, L.P., First Industrial Harrisburg, L.P., First Industrial Indianapolis, L.P., FI Development Services, L.P. and TK-SV, LTD., each of which the sole general partner is a wholly-owned subsidiary of the Company and the sole limited partner is the Operating Partnership; (ii) limited liability companies, of which the Operating

Partnership is the sole member; and (iii) First Industrial Development Services, Inc., of which the Operating Partnership is the sole stockholder, all of whose operating data is consolidated with that of the Company as presented herein. The Company, through separate, wholly-owned limited liability companies of which the Operating Partnership is the sole member, also owns minority equity interests in, and provides asset and property management services to, two joint ventures which invest in industrial properties (the “September 1998 Joint Venture” and the “May 2003 Joint Venture”). The Company, through a separate, wholly-owned limited liability company of which the Operating Partnership is also the sole member, also owned a minority interest in and provided property management services to a third joint venture which invested in industrial properties (the “December 2001 Joint Venture”; together with the September 1998 Joint Venture and the May 2003 Joint Venture, the “Joint Ventures”). During the year ended December 31, 2004, the December 2001 Joint Venture sold all of its industrial properties. The operating data of the Joint Ventures is not consolidated with that of the Company as presented herein.

Management believes the Company’s financial condition and results of operations are, primarily, a function of the Company’s performance in four key areas: leasing of industrial properties, acquisition and development of additional industrial properties, redeployment of internal capital and access to external capital.

The Company generates revenue primarily from rental income and tenant recoveries from the lease of industrial properties under long-term (generally three to six years) operating leases. Such revenue is offset by certain property specific operating expenses, such as real estate taxes, repairs and maintenance, property management, utilities and insurance expenses, along with certain other costs and expenses, such as depreciation and amortization costs and general and administrative and interest expenses. The Company’s revenue growth is dependent, in part, on its ability to (i) increase rental income, through increasing either or both occupancy rates and rental rates at the Company’s properties, (ii) maximize tenant recoveries and (iii) minimize operating and certain other expenses. Revenues generated from rental income and tenant recoveries are a significant source of funds, in addition to income generated from gains/losses on the sale of the Company’s properties (as discussed below), for the Company’s distributions. The leasing of property, in general, and occupancy rates, rental rates, operating expenses and certain non-operating expenses, in particular, are impacted, variously, by property specific, market specific, general economic and other conditions, many of which are beyond the control of the Company. The leasing of property also entails various risks, including the risk of tenant default. If the Company were unable to maintain or increase occupancy rates and rental rates at the Company’s properties or to maintain tenant recoveries and operating and certain other expenses consistent with historical levels and proportions, the Company’s revenue growth would be limited. Further, if a significant number of the Company’s tenants were unable to pay rent (including tenant recoveries) or if the Company were unable to rent its properties on favorable terms, the Company’s financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, the Company’s common stock would be adversely affected.

The Company’s revenue growth is also dependent, in part, on its ability to acquire existing, and acquire and develop new, additional industrial properties on favorable terms. The Company continually seeks to acquire existing industrial properties on favorable terms, and, when conditions permit, also seeks to acquire and develop new industrial properties on favorable terms. Existing properties, as they are acquired, and acquired and developed properties, as they lease-up, generate revenue from rental income and tenant recoveries, income from which, as discussed above, is a source of funds for the Company’s distributions. The acquisition and development of properties is impacted, variously, by property specific, market specific, general economic and other conditions, many of which are beyond the control of the Company. The acquisition and development of properties also entails various risks, including the risk that the Company’s investments may not perform as expected. For example, acquired existing and acquired and developed new properties may not sustain and/or achieve anticipated occupancy and rental rate levels. With respect to acquired and developed new properties, the Company may not be able to complete construction on schedule or within budget, resulting in increased debt service expense and construction costs and delays in leasing the properties. Also, the Company faces significant competition for attractive acquisition and development opportunities from other well-capitalized real estate investors, including both

publicly-traded real estate investment trusts and private investors. Further, as discussed below, the Company may not be able to finance the acquisition and development opportunities it identifies. If the Company were unable to acquire and develop sufficient additional properties on favorable terms, or if such investments did not perform as expected, the Company’s revenue growth would be limited and its financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, the Company’s common stock would be adversely affected.

The Company also generates income from the sale of properties (including existing buildings, buildings which the Company has developed or re-developed on a merchant basis, and land). The Company is continually engaged in, and its income growth is dependent in part on, systematically redeploying its capital from properties and other assets with lower yield potential into properties and other assets with higher yield potential. As part of that process, the Company sells, on an ongoing basis, select stabilized properties or properties offering lower potential returns relative to their market value. The gain/loss on the sale of such properties is included in the Company’s income and is a significant source of funds, in addition to revenues generated from rental income and tenant recoveries, for the Company’s distributions. Also, a significant portion of the proceeds from such sales is used to fund the acquisition of existing, and the acquisition and development of new, industrial properties. The sale of properties is impacted, variously, by property specific, market specific, general economic and other conditions, many of which are beyond the control of the Company. The sale of properties also entails various risks, including competition from other sellers and the availability of attractive financing for potential buyers of the Company’s properties. Further, the Company’s ability to sell properties is limited by safe harbor rules applying to REITs under the Code which relate to the number of properties that may be disposed of in a year, their tax bases and the cost of improvements made to the properties, along with other tests which enable a REIT to avoid punitive taxation on the sale of assets. If the Company were unable to sell properties on favorable terms, the Company’s income growth would be limited and its financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, the Company’s common stock would be adversely affected.

Currently, the Company utilizes a portion of the net sales proceeds from property sales, borrowings under its $300 million unsecured line of credit (the “Unsecured Line of Credit”) and proceeds from the issuance, when and as warranted, of additional equity securities to finance acquisitions and developments. Access to external capital on favorable terms plays a key role in the Company’s financial condition and results of operations, as it impacts the Company’s cost of capital and its ability and cost to refinance existing indebtedness as it matures and to fund acquisitions and developments through the issuance, when and as warranted, of additional equity securities. The Company’s ability to access external capital on favorable terms is dependent on various factors, including general market conditions, interest rates, credit ratings on the Company’s capital stock and debt, the market’s perception of the Company’s growth potential, the Company’s current and potential future earnings and cash distributions and the market price of the Company’s capital stock. If the Company were unable to access external capital on favorable terms, the Company’s financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, the Company’s common stock would be adversely affected.

In the consolidated statements of operations for the years ended December 31, 2003 and 2002 presented in its Form 8-K filed July 30, 2004, the Company allocated its entire tax provision /benefit to income from discontinued operations. The Company has determined that its tax provision /benefit should be allocated between income from continuing operations, income from discontinued operations and gain on sale of real estate. The Company has restated its consolidated statements of operations and cash flows for the years ended December 31, 2003 and 2002 to reflect this new allocation in this Form 10-K.

CRITICAL ACCOUNTING POLICIES

The Company’s significant accounting policies are described in more detail in Note 3 to the Consolidated Financial Statements. The Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation of its consolidated financial statements.


	•	The Company maintains an allowance for doubtful accounts which is based on estimates of potential losses which could result from the inability of the Company’s tenants to satisfy outstanding billings with the Company. The allowance for doubtful accounts is an estimate based on the Company’s assessment of the creditworthiness of its tenants.

	•	Properties are classified as held for sale when the Company has entered into a binding contract to sell such properties. When properties are classified as held for sale, the Company ceases depreciating the properties and estimates the values of such properties and measures 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, the Company decides not to sell a property previously classified as held for sale, the Company will reclassify such property as held and used. The Company estimates the value of such property and measures it at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. Fair value is determined by deducting from the contract price of the property the estimated costs to close the sale.

	•	The Company reviews its properties on a quarterly basis for possible impairment and provides a provision if impairments are determined. The Company utilizes 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. The Company reviews 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, the Company 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.

	•	The Company is engaged in the acquisition of individual properties as well as multi-property portfolios. In accordance with FASB Statement of Financial Accounting Standards No. 141, “Business Combinations” (“FAS 141”), the Company is required to allocate purchase price between land, building, tenant improvements, leasing commissions, intangible assets 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) management’s 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. The Company also must allocate purchase price on multi-property portfolios to individual properties. The allocation of purchase price is based on the Company’s assessment of various characteristics of the markets where the property is located and the expected cash flows of the property.

RESULTS OF OPERATIONS

Comparison of Year Ended December 31, 2004 to Year Ended December 31, 2003

The Company’s net income available to common stockholders was $88.2 million and $93.6 million for the years ended December 31, 2004 and 2003, respectively. Basic and diluted net income available to common stockholders were $2.17 and $2.16 per share, respectively, for the year ended December 31, 2004, and $2.43 and $2.42 per share, respectively, for the year ended December 31, 2003.

The tables below summarize the Company’s revenues, property expenses and depreciation and other amortization by various categories for the years ended December 31, 2004 and December 31, 2003. Same

store properties are in-service properties owned prior to January 1, 2003. Acquired properties are properties that were acquired subsequent to December 31, 2002. Sold properties are properties that were sold subsequent to December 31, 2002. Properties that are not in service are properties that are under construction that have not reached stabilized occupancy or were placed in service after December 31, 2002 or acquisitions acquired prior to January 1, 2003 that were not placed in service as of December 31, 2002. These properties are placed in service as they reach stabilized occupancy (generally defined as properties that are 90% leased). Other revenues are derived from the operations of the Company’s maintenance company, fees earned from the Company’s joint ventures, fees earned for developing properties for third parties and other miscellaneous revenues. Other expenses are derived from the operations of the Company’s maintenance company and other miscellaneous regional expenses.

The Company’s future financial condition and results of operations, including rental revenues, may be impacted by the future acquisition and sale of properties. The Company’s future revenues and expenses may vary materially from historical rates.

At December 31, 2004 and 2003, the occupancy rates of the Company’s same store properties were 88.6% and 87.8%, respectively.


		2004			2003			$ Change			% Change

		($ in 000’s)
REVENUES
Same Store Properties		$	253,710		$	268,270		$	(14,560	)		(5.4	)%
Acquired Properties			43,864			10,178			33,686			331.0	%
Sold Properties			20,512			57,588			(37,076	)		(64.4	)%
Properties Not In-service			16,178			16,375			(197	)		(1.2	)%
Other			8,849			9,148			(299	)		(3.3	)%

			343,113			361,559			(18,446	)		(5.1	)%
Discontinued Operations			(23,381	)		(53,744	)		30,363			(56.5	)%

	Total Revenues	$	319,732		$	307,815		$	11,917			3.9	%

Revenues from same store properties decreased $14.6 million due primarily to a $10.7 million lease termination fee the Company received in the first quarter 2003. Revenues from acquired properties increased $33.7 million due to the 143 industrial properties totaling approximately 15.9 million square feet of GLA acquired subsequent to December 31, 2002. Revenues from sold properties decreased $37.1 million due to the 227 industrial properties totaling approximately 14.8 million square feet of GLA sold subsequent to December 31, 2002.


		2004			2003			$ Change			% Change

		($ in 000’s)
PROPERTY EXPENSES
Same Store Properties		$	82,008		$	85,141		$	(3,133	)		(3.7	)%
Acquired Properties			13,036			3,083			9,953			322.8	%
Sold Properties			6,612			18,256			(11,644	)		(63.8	)%
Properties Not In-service			7,584			5,956			1,628			27.3	%
Other			6,510			4,427			2,083			47.1	%

			115,750			116,863			(1,113	)		(1.0	)%
Discontinued Operations			(7,414	)		(17,319	)		9,905			(57.2	)%

	Total Property Expenses	$	108,336		$	99,544		$	8,792			8.8	%

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties decreased by approximately $3.1 million due primarily to a decrease in bad debt expense. Property expenses from

acquired properties increased by $10.0 million due to properties acquired subsequent to December 31, 2002. Property expenses from sold properties decreased by $11.6 million due to properties sold subsequent to December 31, 2002. Property expenses from properties not in-service increased $1.6 million due primarily to an increase in bad debt expense. Other expense increased $2.1 million due primarily to increases in compensation.

General and administrative expense increased by approximately $12.6 million, or 46.8%, due primarily to increases in employee incentive compensation and an increase in outside professional services fees.

Amortization of deferred financing costs remained relatively unchanged.


	2004			2003			$ Change			% Change

	($ in 000’s)
DEPRECIATION and OTHER AMORTIZATION
Same Store Properties	$	70,484		$	65,433		$	5,051			7.7	%
Acquired Properties		16,398			3,839			12,559			327.1	%
Sold Properties		4,523			11,886			(7,363	)		(61.9	)%
Properties Not In-service and Other		7,861			4,187			3,674			87.7	%
Corporate Furniture, Fixtures and Equipment		1,280			1,236			44			3.6	%

		100,546			86,581			13,965			16.1	%
Discontinued Operations		(5,408	)		(11,441	)		6,033			(52.7	)%

Total Depreciation and Other Amortization	$	95,138		$	75,140		$	19,998			26.6	%

The increase in depreciation and other amortization for the same store properties is primarily due to a net increase in leasing commissions and, building and tenant improvements paid in 2004 and 2003. Depreciation and other amortization from acquired properties increased by $12.6 million due to properties acquired subsequent to December 31, 2002. Depreciation and other amortization from sold properties decreased by $7.4 million due to properties sold subsequent to December 31, 2002. Depreciation and other amortization for properties not in-service and other increased by $3.7 million due primarily to depreciation expense being recognized in 2004 for developments that were substantially completed.

Interest income increased by approximately $1.2 million due primarily to an increase in the average mortgage loans receivable outstanding during the year ended December 31, 2004, as compared to the year ended December 31, 2003, as well as an increase in the average restricted cash balance for the year ended December 31, 2004, as compared to the year ended December 31, 2003.

In March 2004, the Company, through the Operating Partnership, entered into an interest rate protection agreement which fixed the interest rate on a forecasted offering of unsecured debt which it designated as a cash flow hedge. This interest rate protection agreement had a notional value of $73.5 million, was effective from August 15, 2004 through August 15, 2009, and fixed the LIBOR rate at 3.326%. In May 2004, the Company reduced the projected amount of the future debt offering and settled $24.5 million of this interest rate protection agreement for proceeds in the amount of $1.5 million which is recognized in net income for the year ended December 31, 2004.

In November 2004, the Company settled an interest rate protection agreement for $.3 million that had been designated as a cash flow hedge of $50.0 million of a forecasted debt issuance. Hedge ineffectiveness in the amount of $.1 million, due to a mismatch in dates, was recognized in net income. The remaining $.2 million is included in other comprehensive income and will be amortized over the term of the forecasted debt issuance. In the event that the issuance of $50.0 million of debt is not issued by December 10, 2005, the balance in other comprehensive income will be reclassified into net income.

Interest expense increased by approximately $3.8 million due primarily to an increase in the weighted average debt balance outstanding for the year ended December 31, 2004 ($1,522.9 million) as compared to the year ended December 31, 2003 ($1,455.8 million). This was partially offset by a decrease in the weighted average interest rate for the year ended December 31, 2004 (6.60%) as compared to the year

ended December 31, 2003 (6.61%), and an increase in capitalized interest for the year ended December 31, 2004 due to an increase in development activities.

The loss on early retirement of debt of approximately $.5 million for the year ended December 31, 2004 is comprised of the write-off of unamortized deferred financing costs and a prepayment penalty related to the early pay off and retirement of the Acquisition Mortgage Loan XI (defined hereafter). The loss on early retirement of debt of approximately $1.5 million for the year ended December 31, 2003 is comprised of the write-off of unamortized deferred financing costs related to the early pay off and retirement of the 1995 Mortgage Loan (defined hereafter).

Income tax benefit increased by $2.9 million due primarily to an increase in general and administrative expense (“G&A”) due to additional G&A costs incurred in 2004 compared to 2003 associated with additional investment activity in the Company’s taxable REIT subsidiary.

Equity in income of joint ventures increased by approximately $35.9 million due primarily to the Company’s allocation of gain from the sale of all of the properties in the December 2001 Joint Venture and the Company’s recognition of the deferred gain on it’s initial sale of 30 of the 36 properties to the December 2001 Joint Venture.

The $11.4 million gain on sale of real estate (net of income taxes) for the year ended December 31, 2004 resulted from the sale of five industrial properties and several land parcels that do not meet the criteria established by FAS 144 for inclusion in discontinued operations. The $13.4 million gain on sale of real estate (net of income taxes) for the year ended December 31, 2003 resulted from the sale of 10 industrial properties and several land parcels that do not meet the criteria established by FAS 144 for inclusion in discontinued operations.

The following table summarizes certain information regarding the industrial properties included in discontinued operations by the Company for the year ended December 31, 2004 and December 31, 2003.


	Year Ended
	December 31,

				Restated

	2004			2003

	($ in 000’s)
Total Revenues	$	23,381		$	53,744
Operating Expenses		(7,414	)		(17,319	)
Depreciation and Amortization		(5,408	)		(11,441	)
Provision for Income Taxes		(1,690	)		(1,354	)
Gain on Sale of Real Estate, Net of Income Taxes		79,811			77,636

Income from Discontinued Operations	$	88,680		$	101,266

Income from discontinued operations (net of income taxes) for the year ended December 31, 2004 reflects the results of operations and gain on sale of real estate of $79.8 million relating to 92 industrial properties that were sold during the year ended December 31, 2004 and the results of operations of nine properties that were identified as held for sale at December 31, 2004.

Income from discontinued operations (net of income taxes) for the year ended December 31, 2003 reflects the results of operations of industrial properties that were sold during the year ended December 31, 2004, nine properties that were identified as held for sale at December 31, 2004, industrial properties that were sold during the year ended December 31, 2003, as well as the gain on sale of real estate of $77.6 million from the 120 industrial properties which were sold during the year ended December 31, 2003.

Comparison of Year Ended December 31, 2003 to Year Ended December 31, 2002

The Company’s net income available to common stockholders was $93.6 million and $93.1 million for the years ended December 31, 2003 and 2002, respectively. Basic and diluted net income available to common stockholders were $2.43 and $2.42 per share, respectively, for the year ended December 31, 2003, and $2.39 and $2.38 per share, respectively, for the year ended December 31, 2002.

The tables below summarize the Company’s revenues, property expenses and depreciation and other amortization by various categories. Same store properties are in-service properties owned prior to January 1, 2002. Acquired properties are properties that were acquired subsequent to December 31, 2001. Sold properties are properties that were sold subsequent to December 31, 2001. Properties that are not in service are properties that are under construction that have not reached stabilized occupancy or were placed in service after December 31, 2001 or acquisitions acquired prior to January 1, 2002 that were not placed in service as of December 31, 2001. These properties are placed in service as they reach stabilized occupancy (generally defined as properties that are 90% leased). Other revenues are derived from the operations of the Company’s maintenance company, fees earned from the Company’s joint ventures, fees earned for developing properties for third parties and other miscellaneous revenues. Other expenses are derived from the operations of the Company’s maintenance company and other miscellaneous regional expenses.

The Company’s future financial condition and results of operations, including rental revenues, may be impacted by the acquisition and sale of properties. The Company’s future revenues and expenses may vary materially from historical rates.

At December 31, 2003 and 2002, the occupancy rates of the Company’s same store properties were 87.0% and 88.6%, respectively.


		2003			2002			$ Change			% Change

		($ in 000’s)
REVENUES
Same Store Properties		$	269,246		$	272,991		$	(3,745	)		(1.4	)%
Acquired Properties			44,119			15,627			28,492			182.3	%
Sold Properties			24,480			64,741			(40,261	)		(62.2	)%
Properties Not In-service			14,045			7,697			6,348			82.5	%
Other			9,669			8,167			1,502			18.4	%

			361,559			369,223			(7,664	)		(2.1	)%
Discontinued Operations			(53,744	)		(83,353	)		29,609			(35.5	)%

	Total Revenues	$	307,815		$	285,870		$	21,945			7.7	%

Revenues from same store properties decreased $3.7 million due primarily to a decrease in occupancy and rental rates on new leases. Revenues from acquired properties increased $28.5 million due to the 154 industrial properties totaling approximately 12.3 million square feet of GLA acquired during 2003 and 2002. Revenues from sold properties decreased $40.3 million due to the 244 industrial properties totaling approximately 19.3 million square feet of GLA sold during 2003 and 2002. Revenues for properties not in service increased $6.3 million due to an increase in occupancy on developments that were substantially

completed in 2003 and 2002. Revenues from other properties increased $1.5 million due to an increase in assignment fees.


		2003			2002			$ Change			% Change

		($ in 000’s)
PROPERTY EXPENSES
Same Store Properties		$	85,585		$	83,673		$	1,912			2.3	%
Acquired Properties			12,469			3,782			8,687			229.7	%
Sold Properties			8,226			20,318			(12,092	)		(59.5	)%
Properties Not In-service			5,577			3,404			2,173			63.8	%
Other			5,006			3,858			1,148			29.8	%

			116,863			115,035			1,828			1.6	%
Discontinued Operations			(17,319	)		(24,567	)		7,248			(29.5	)%

	Total Property Expenses	$	99,544		$	90,468		$	9,076			10.0	%

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. The increase in property expenses from same store properties is due primarily to an increase in repairs and maintenance expense, utilities expense and insurance expense, partially offset by a decrease in real estate tax expense. Due to a harsh winter in many of the Company’s markets in 2003, the Company experienced an increase in repairs and maintenance due primarily to an increase in snow removal, as well as an increase in utilities expense due to an increase in utility usage and utility rates. The increase in insurance expense is due primarily to an increase in insurance premiums. The decrease in real estate tax expense is due to a decrease in real estate taxes in certain of the Company’s markets. Property expenses from acquired properties increased by $8.7 million due to properties acquired subsequent to December 31, 2001. Property expenses from sold properties decreased by $12.1 million due to properties sold subsequent to December 31, 2001. Property expenses from properties not in service increased $2.2 million due to an increase in real estate taxes. Property expenses from other properties increased $1.1 million due to an increase in maintenance expenses.

General and administrative expense increased by approximately $7.3 million due primarily to increases in employee compensation and additional employees in 2003, as well as an increase in the Company’s state tax provision, marketing and promotional expense and costs related to unsuccessful acquisitions and dispositions.

Amortization of deferred financing costs remained relatively unchanged.


	2003			2002			$ Change			% Change

	($ in 000’s)
DEPRECIATION and OTHER AMORTIZATION
Same Store Properties	$	66,822		$	61,550		$	5,272			8.6	%
Acquired Properties		8,271			2,510			5,761			229.5	%
Sold Properties		4,700			11,882			(7,182	)		(60.4	)%
Properties Not In-service and Other		5,550			1,454			4,096			281.7	%
Corporate Furniture, Fixtures and Equipment		1,238			1,381			(143	)		(10.4	)%

		86,581			78,777			7,804			9.9	%
Discontinued Operations		(11,441	)		(16,119	)		4,678			(29.0	)%

Total Depreciation and Other Amortization	$	75,140		$	62,658		$	12,482			19.9	%

The increase in depreciation and other amortization for the same store properties is primarily due to a net increase in leasing commissions and tenant improvements paid in 2003 and 2002. Depreciation and other amortization from acquired properties increased by $5.8 million due to properties acquired

subsequent to December 31, 2001. Depreciation and other amortization from sold properties decreased by $7.2 million due to properties sold subsequent to December 31, 2001. Depreciation and other amortization from properties not in service and other increased by $4.1 million due to primarily to depreciation expense being recognized in 2003 for developments that were substantially completed.

Interest income remained relatively unchanged.

Interest expense increased by approximately $5.1 million due primarily to an increase in the weighted average debt balance outstanding for the year ended December 31, 2003 ($1,455.8 million) as compared to the year ended December 31, 2002 ($1,433.0 million) and a decrease in capitalized interest for the year ended December 31, 2003 due to a decrease in development activities. This was partially offset by a decrease in the weighted average interest rate for the year ended December 31, 2003 (6.61%) as compared to the year ended December 31, 2002 (6.85%).

The loss on early retirement of debt of approximately $1.5 million for the year ended December 31, 2003 is comprised of the write-off of unamortized deferred financing costs related to the early pay off and retirement of a certain mortgage loan. The approximate $.9 million loss on early retirement of debt for the year ended December 31, 2002 is due to the early retirement of senior unsecured debt. The loss is comprised of the amount paid above the carrying amount of the senior unsecured debt, the write-off of pro rata unamortized deferred financing costs and legal costs.

Income tax benefit increased by $2.8 million due primarily to an increase in interest expense in 2003 compared to 2002 due to a decrease in capitalized interest in 2003 compared to 2002 due to a decrease in development activities.

Equity in income of joint ventures remained relatively unchanged.

The $13.4 million gain on sale of real estate (net of income taxes) for the year ended December 31, 2003 resulted from the sale of 10 industrial properties and several land parcels that do not meet the criteria established by FAS 144 for inclusion in discontinued operations. The $13.1 million gain on sale of real estate (net of income taxes) for the year ended December 31, 2002 resulted from the sale of 28 industrial properties and several land parcels that do not meet the criteria established by FAS 144 for inclusion in discontinued operations.


	Year Ended
	December 31,

	Restated

	2003			2002

	($ in 000’s)
Total Revenues	$	53,744		$	83,353
Operating Expenses		(17,319	)		(24,567	)
Depreciation and Amortization		(11,441	)		(16,119	)
Provision for Income Taxes		(1,354	)		(947	)
Gain on Sale of Real Estate, Net of Income Taxes		77,636			56,810

Income from Discontinued Operations	$	101,266		$	98,530

Income from discontinued operations (net of income taxes) for the year ended December 31, 2003 reflects the results of operations of industrial properties that were sold during the year ended December 31, 2004, nine properties identified as held for sale at December 31, 2004, industrial properties that were sold during the year ended December 31, 2003, as well as the gain on sale of real estate of $77.6 million from the 120 industrial properties which were sold during the year ended December 31, 2003.

Income from discontinued operations (net of income taxes) for the year ended December 31, 2002 reflects the results of operations of industrial properties that were sold during the year ended December 31, 2004, nine properties identified as held for sale at December 31, 2004, industrial properties that were sold during the year ended December 31, 2003 and industrial properties that were sold during the year ended

December 31, 2002, as well as the gain on sale of real estate of $56.8 million from the 86 industrial properties which were sold during the year ended December 31, 2002.

LIQUIDITY AND CAPITAL RESOURCES

At December 31, 2004, the Company’s cash and cash equivalents, as well as restricted cash, was approximately $5.0 million. Restricted cash is comprised of gross proceeds from the sales of certain industrial properties. These sales proceeds will be disbursed as the Company exchanges industrial properties under Section 1031 of the Internal Revenue Code.

The Company has considered its short-term (one year or less) liquidity needs and the adequacy of its estimated cash flow from operations and other expected liquidity sources to meet these needs. The Company’s 6.9% Notes due in 2005, in the aggregate principal amount of $50 million are due on November 21, 2005 (the “2005 Notes”). The Company expects to satisfy the maturity of the 2005 Notes with the issuance of additional debt. With the exception of the 2005 Notes, the Company believes that its principal short-term liquidity needs are to fund normal recurring expenses, debt service requirements and the minimum distribution required to maintain the Company’s REIT qualification under the Internal Revenue Code. The Company anticipates that these needs will be met with cash flows provided by operating activities.

The Company expects to meet long-term (greater than one year) liquidity requirements such as property acquisitions, developments, scheduled debt maturities, major renovations, expansions and other nonrecurring capital improvements through the disposition of select assets, the issuance of long-term unsecured indebtedness and the issuance of additional equity securities. As of December 31, 2004 and March 23, 2005, $464.7 million of common stock, preferred stock and depositary shares and approximately $500.0 million of debt securities were registered and unissued under the Securities Act of 1933, as amended. The Company also may finance the development or acquisition of additional properties through borrowings under the Unsecured Line of Credit. At December 31, 2004, borrowings under the Unsecured Line of Credit bore interest at a weighted average interest rate of 3.518%. The Unsecured Line of Credit bears interest at a floating rate of LIBOR plus .70% or the Prime Rate, at the Company’s election. As of March 23, 2005, the Company had approximately $98.3 million available in additional borrowings under the Unsecured Line of Credit. The Unsecured Line of Credit contains certain financial covenants relating to debt service coverage, market value net worth, dividend payout ratio and total funded indebtedness. The Company’s access to borrowings may be limited if it fails to meet any of these covenants. Also, the Company’s borrowing rate on its Unsecured Line of Credit may increase in the event of a downgrade on the Company’s unsecured notes by the rating agencies.

The Company currently has credit ratings from Standard & Poor’s, Moody’s and Fitch Ratings of BBB/ Baa2/ BBB, respectively. The Company’s goal is to maintain its existing credit ratings. In the event of a downgrade, management believes the Company would continue to have access to sufficient capital; however, the Company’s cost of borrowing would increase and its ability to access certain financial markets may be limited.

Year Ended December 31, 2004

Net cash provided by operating activities of approximately $77.7 million for the year ended December 31, 2004 was comprised primarily of net income before minority interest of approximately $124.6 million and by adjustments for non-cash items of approximately $8.3 million, offset by the net change in operating assets and liabilities of approximately $55.2 million. The adjustments for the non-cash items of approximately $8.3 million are primarily comprised of depreciation and amortization of approximately $107.2 million and a loss on the early retirement of debt of approximately $.5 million, offset by the gain on sale of real estate of approximately $91.2 million, the effect of the straight-lining of rental income of approximately $6.8 million and a decrease of the bad debt provision of approximately $1.4 million.

Net cash provided by investing activities of approximately $10.0 million for the year ended December 31, 2004 was comprised primarily of the net proceeds from the sale of real estate, the repayment, including the sale, of mortgage loans receivable, a decrease in restricted cash that is held by an intermediary for Section 1031 exchange purposes, and distributions from two of the Company’s industrial real estate joint ventures, partially offset by the acquisition of real estate, development of real estate, capital expenditures related to the expansion and improvement of existing real estate and contributions to, and investments in, one of the Company’s industrial real estate joint ventures.

During the year ended December 31, 2004, the Company acquired 79 industrial properties comprising approximately 9.2 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $402.4 million, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels. The Company also substantially completed the development of 11 industrial properties comprising approximately 2.3 million square feet of GLA at an estimated cost of approximately $80.2 million.

The Company, through wholly-owned limited liability companies in which the Operating Partnership is the sole member, contributed approximately $3.7 million to, and received distributions of approximately $50.5 million from, the Company’s industrial real estate joint ventures. As of December 31, 2004, the Company’s industrial real estate joint ventures owned 46 industrial properties comprising approximately 3.5 million square feet of GLA.

During the year ended December 31, 2004, the Company sold 97 industrial properties comprising approximately 7.4 million square feet of GLA and several land parcels. Gross proceeds from the sales of the 97 industrial properties and several land parcels were approximately $424.9 million.

Net cash used in financing activities of approximately $83.5 million for the year ended December 31, 2004 was comprised primarily by the redemption of preferred stock, common and preferred stock dividends and unit distributions, net repayments under the Company’s Unsecured Line of Credit, preferred stock offering costs, debt issuance costs incurred in conjunction with the issuance of senior unsecured debt, the repurchase of restricted stock from employees of the Company to pay for withholding taxes on the vesting of restricted stock and repayments on mortgage loans payable, partially offset by the proceeds from the sale of preferred stock, proceeds from the issuance of senior unsecured debt and mortgage loan payable, the net proceeds from the exercise of stock options and the issuance of common stock and the settlement of interest rate protection agreements in connection with the issuance of senior unsecured debt.

On December 21, 2004, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of $6.2 million (the “Acquisition Mortgage Loan XIV”). The Acquisition Mortgage Loan XIV is collateralized by several properties in Tampa, Florida, bears interest at a fixed rate of 6.94%, and provides for monthly principal and interest payments based on a 20-year amortization schedule. The Acquisition Mortgage Loan XIV matures on July 1, 2009. In conjunction with the assumption of the Acquisition Mortgage Loan XIV, the Company recorded a premium in the amount of $.6 million which will be amortized over the remaining life of the Acquisition Mortgage Loan XIV as an adjustment to interest expense.

On September 30, 2004, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of $12.1 million and borrowed an additional $1.4 million (collectively referred to as the “Acquisition Mortgage Loan XIII”). The Acquisition Mortgage Loan XIII is collateralized by several properties in Phoenix, Arizona, bears interest at a fixed rate of 5.6% and provides for monthly principal and interest payments based on a 30-year amortization schedule. The Acquisition Mortgage Loan XIII matures on November 10, 2012. In conjunction with the assumption of the Acquisition Mortgage Loan XIII, the Company recorded a premium in the amount of $.5 million which will be amortized over the remaining life of the Acquisition Mortgage Loan XIII as an adjustment to interest expense.

During the year ended December 31, 2004, the Company paid off and retired a mortgage loan in the amount of $4.3 million (the “Acquisition Mortgage Loan XI”). The Acquisition Mortgage Loan XI was collateralized by one property in Downers Grove, Illinois, bore interest at a fixed rate of 7.61% and

provided for monthly principal and interest payments based on a 30-year amortization schedule. The Acquisition Mortgage Loan XI may be prepaid only after June 2004 in exchange for the greater of a 1% prepayment fee or yield maintenance premium. On December 3, 2004, the Company paid off and retired the Acquisition Mortgage Loan XI. As this pay off and retirement was prior to the stated maturity date of the Acquisition Mortgage Loan XI, the Company wrote off unamortized deferred financing costs and paid a prepayment penalty in the amount of approximately $.5 million.

The Company redeemed the Series D Preferred Stock on June 7, 2004 at a redemption price of $25.00 per Depositary Share, and paid a prorated second quarter dividend of $.36990 per Depositary Share, totaling approximately $1.9 million.

The Company redeemed the Series E Preferred Stock on June 7, 2004 at a redemption price of $25.00 per Depositary Share, and paid a prorated second quarter dividend of $.36757 per Depositary Share, totaling approximately $1.1 million.

On May 27, 2004, the Company issued 50,000 Depositary Shares, each representing 1/100th of a share of the Company’s 6.236%, $.01 par value, Series F Flexible Cumulative Redeemable Preferred Stock (the “Series F Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share. Dividends on the Series F Preferred Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for the period from the date of original issuance through March 31, 2009 (the “Series F Initial Fixed Rate Period”), commencing on September 30, 2004, at a rate of 6.236% per annum of the liquidation preference (the “Series F Initial Distribution Rate”) (equivalent to $62.36 per Depositary Share). On or after March 31, 2009, the Series F Initial Distribution Rate is subject to reset, at the Company’s option, subject to certain conditions and parameters, at fixed or floating rates and periods. Fixed rates and periods will be determined through a remarketing procedure. Floating rates during floating rate periods will equal 2.375% (the initial credit spread), plus the greater of (i) the 3-month LIBOR Rate, (ii) the 10-year Treasury CMT Rate (as defined in the Articles Supplementary), and (iii) the 30-year Treasury CMT Rate (the adjustable rate) (as defined in the Articles Supplementary), reset quarterly. Dividends on the Series F Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to the Series F Initial Fixed Rate Period and quarterly in arrears for floating rate periods. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series F Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series C Preferred Stock and Series G Preferred Stock (hereinafter defined). On or after March 31, 2009, subject to any conditions on redemption applicable in any fixed rate period subsequent to the Series F Initial Fixed Rate Period, the Series F Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $1,000.00 per Depositary Share, or $50.0 million in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series F Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.

For the year ended December 31, 2004, certain employees of the Company exercised 1,287,482 non-qualified employee stock options. Net proceeds to the Company were approximately $37.3 million.

During the year ended December 31, 2004, the Company awarded 206,117 shares of restricted common stock to certain employees and 10,500 shares of restricted common stock to certain Directors. These shares of restricted common stock had a fair value of approximately $8.4 million on the date of grant. The restricted common stock vests over periods from one to ten years. Compensation expense will be charged to earnings over the respective vesting periods.

On March 31, 2004, the Company paid first quarter 2004 dividends of $53.906 per share (equivalent to $.53906 per Depositary Share) on its 8.625%, $.01 par value, Series C Cumulative Preferred Stock (the “Series C Preferred Stock”), $49.688 per share (equivalent to $.49688 per Depositary Share) on its 7.95%, $.01 par value, Series D Cumulative Preferred Stock (the “Series D Preferred Stock”) and $49.375 per share (equivalent to $.49375 per Depositary Share) on its 7.90%, $.01 par value, Series E Cumulative Preferred Stock (the “Series E Preferred Stock”), totaling, in the aggregate, approximately $5.0 million. On June 30, 2004, the Company paid a second quarter 2004 dividend of $53.906 per share (equivalent to

$.53906 per Depositary Share) on its Series C Preferred Stock, totaling approximately $1.1 million. On September 30, 2004, the Company paid a third quarter 2004 dividend of $53.906 per share (equivalent to $.53906 per Depositary Share) on its Series C Preferred Stock, a prorated semi-annual dividend of $2,165.28 per share (equivalent to $21.6528 per Depositary Share) on its Series F Preferred Stock (hereinafter defined) and a prorated semi-annual dividend of $2,512.50 per share (equivalent to $25.1250 per Depositary Share) on its Series G Preferred Stock (hereinafter defined), totaling, in the aggregate, approximately $2.8 million. On December 31, 2004, the Company paid a fourth quarter 2004 dividend of $53.906 per share (equivalent to $.53906 per Depositary Share) on its Series C Preferred Stock, totaling approximately $1.1 million.

On January 19, 2004, the Company and the Operating Partnership paid a fourth quarter 2003 dividend/distribution of $.6850 per common share/ Unit, totaling approximately $31.9 million. On April 19, 2004, the Company and the Operating Partnership paid a first quarter 2004 dividend/distribution of $.6850 per common share/ Unit, totaling approximately $32.7 million. On July 19, 2004, the Company and the Operating Partnership paid a second quarter 2004 dividend/distribution of $.6850 per common share/ Unit, totaling approximately $32.7 million. On October 18, 2004, the Company and the Operating Partnership paid a third quarter 2004 dividend/distribution of $.6850 per common share/ Unit, totaling approximately $32.9 million.

Contractual Obligations and Commitments

The following table lists our contractual obligations and commitments as of December 31, 2004 (In thousands):


			Payments Due by Period

			Less than
	Total		1 Year		1-3 Years		3-5 Years		Over 5 Years

Operating and Ground Leases*	$	40,907	$	1,718	$	2,863	$	1,740	$	34,586
Real Estate Development*		59,051		59,051		—		—		—
Long-term Debt		1,588,849		51,876		475,579		134,042		927,352
Interest Expense on Long-Term Debt*		958,627		99,931		174,281		144,344		540,071

Total	$	2,647,434	$	212,576	$	652,723	$	280,126	$	1,502,009


*	Not on balance sheet.

Off-Balance Sheet Arrangements

Letters of credit are issued in most cases as pledges to governmental entities for development purposes or to support purchase obligations. At December 31, 2004 the Company has $15.7 million in outstanding letters of credit, none of which are reflected as liabilities on the Company’s balance sheet. The Company has no other off-balance sheet arrangements other than those disclosed on the previous Contractual Obligations and Commitments table.

Environmental

The Company incurred environmental costs of approximately $.5 million and approximately $.1 million in 2004 and 2003, respectively. The Company estimates 2005 costs of approximately $.8 million. The Company estimates that the aggregate cost which needs to be expended in 2005 and beyond with regard to currently identified environmental issues will not exceed approximately $1.4 million, a substantial amount of which will be the primary responsibility of the tenant, the seller to the Company or another responsible party. This estimate was determined by a third party evaluation.

Inflation

For the last several years, inflation has not had a significant impact on the Company because of the relatively low inflation rates in the Company’s markets of operation. Most of the Company’s leases require the tenants to pay their share of operating expenses, including common area maintenance, real estate taxes and insurance, thereby reducing the Company’s exposure to increases in costs and operating expenses resulting from inflation. In addition, many of the outstanding leases expire within six years which may enable the Company to replace existing leases with new leases at higher base rentals if rents of existing leases are below the then-existing market rate.

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

The ratio of earnings to fixed charges and preferred stock dividends was 1.10, 1.07 and 1.02 for the years ended December 31, 2004, 2003 and 2002, respectively. The ratio of earnings to fixed charges and preferred stock dividends between fiscal years 2004, 2003 and 2002 remained relatively unchanged.

Market Risk

The following discussion about the Company’s risk-management activities includes “forward-looking statements” that involve risk and uncertainties. Actual results could differ materially from those projected in the forward-looking statements.

This analysis presents the hypothetical gain or loss in earnings, cash flows or fair value of the financial instruments and derivative instruments which are held by the Company at December 31, 2004 that are sensitive to changes in the interest rates. While this analysis may have some use as a benchmark, it should not be viewed as a forecast.

In the normal course of business, the Company also faces risks that are either non-financial or non-quantifiable. Such risks principally include credit risk and legal risk and are not represented in the following analysis.

At December 31, 2004, $1,407.4 million (approximately 89.4% of total debt at December 31, 2004) of the Company’s debt was fixed rate debt and $167.5 million (approximately 10.6% of total debt at December 31, 2004) was variable rate debt. Currently, the Company does not enter into financial instruments for trading or other speculative purposes.

For fixed rate debt, changes in interest rates generally affect the fair value of the debt, but not earnings or cash flows of the Company. Conversely, for variable rate debt, changes in the interest rate generally do not impact the fair value of the debt, but would affect the Company’s future earnings and cash flows. The interest rate risk and changes in fair market value of fixed rate debt generally do not have a significant impact on the Company until the Company is required to refinance such debt. See Note 5 to the consolidated financial statements for a discussion of the maturity dates of the Company’s various fixed rate debt.

Based upon the amount of variable rate debt outstanding at December 31, 2004, a 10% increase or decrease in the interest rate on the Company’s variable rate debt would decrease or increase, respectively, future net income and cash flows by approximately $.6 million per year. A 10% increase in interest rates would decrease the fair value of the fixed rate debt at December 31, 2004 by approximately $50.6 million to $1,515.3 million. A 10% decrease in interest rates would increase the fair value of the fixed rate debt at December 31, 2004 by approximately $54.4 million to $1,620.3 million.

Subsequent Events

On January 24, 2005, the Company and the Operating Partnership paid a fourth quarter 2004 distribution of $.6950 per share, totaling approximately $34.3 million.

On March 1, 2005, the Company declared a first quarter 2005 distribution of $.6950 per common share/unit on its common stock/units which is payable on April 18, 2005. The Company also declared first

quarter 2005 dividends of $53.906 per share ($.53906 per Depositary Share), on its Series C Preferred Stock, totaling, in the aggregate, approximately $1.1 million, which is payable on March 31, 2005; semi-annual dividends of $3,118.00 per share ($31.18 per Depositary Share) on its Series F Preferred Stock, totaling, in the aggregate, approximately $1.6 million, which is payable on March 31, 2005; and semi-annual dividends of $3,618.00 per share ($36.18 per Depositary Share) on its Series G Preferred Stock, totaling, in the aggregate, approximately $.9 million, which is payable on March 31, 2005.

From January 1, 2005 to March 23, 2005, the Company awarded 189,878 shares of restricted common stock to certain employees and 1,012 shares of restricted common stock to certain Directors. These shares of restricted common stock had a fair value of approximately $8.0 million on the date of grant. The restricted common stock vests over periods from one to ten years. Compensation expense will be charged to earnings over the respective vesting period.

From January 1, 2005 to March 23, 2005, the Company acquired eight industrial properties and several land parcels for a total estimated investment of approximately $47.6 million (approximately $1.5 million of which was made through the issuance of limited partnership interests in the Operating Partnership (“Units”)). The Company also sold thirteen industrial properties and several land parcels for approximately $136.0 million of gross proceeds during this period.

On March 21, 2005, the Company, through wholly-owned limited liability companies in which a wholly-owned company of the Operating Partnership or the Operating Partnership is the sole member, entered into a joint venture arrangement with an institutional investor to invest in industrial properties (the “March 2005 Joint Venture”). The Company, through wholly-owned limited liability companies in which a wholly-owned company of the Operating Partnership or the Operating Partnership is the sole member, owns a ten percent equity interest in and provides property management, leasing, development, disposition and portfolio management services to the March 2005 Joint Venture.

On January 13, 2005, the Company, through First Industrial Development Services, Inc., entered into an interest rate protection agreement which hedged the change in value of a build to suit development project the Company is in the process of constructing. This interest rate protection agreement has a notional value of $50.0 million, is based on the five year treasury, has a strike rate of 3.936% and settles on October 4, 2005. Per Statement of Financial Accounting Standard No. 133, “Accounting for Derivative Instruments and Hedging Activities”, fair value and cash flow hedge accounting for hedges of nonfinancial assets and liabilities is limited to hedges of the risk of changes in the market price of the entire hedged item because changes in the price of an ingredient or component of a nonfinancial item generally do not have a predictable, separately measurable effect on the price of the item. Since the interest rate protection agreement is hedging a component of the change in value of the build to suit development, the interest rate protection agreement doesn’t qualify for hedge accounting and the change in value of the interest rate protection agreement will be recognized immediately in net income as opposed to other comprehensive income.

Related Party Transactions

The Company periodically engages in transactions for which CB Richard Ellis, Inc. acts as a broker. A relative of Michael W. Brennan, the President and Chief Executive Officer and a director of the Company, is an employee of CB Richard Ellis, Inc. For the year ended December 31, 2004, this relative received approximately $.03 million in brokerage commissions paid by the Company.

Other

In December 2004, the FASB issued Statement of Financial Accounting Standard No. 123 (Revised 2004), “Share-Based Payment” (“FAS 123(R)”). FAS 123(R) is a revision of FAS 123, and also supercedes APB 25, and its related implementation guidance. FAS 123(R) requires compensation cost to be measured at the fair value of the stock option at the date of grant, eliminates the alternative to use the intrinsic value method of accounting prescribed in APB 25, and clarifies and expands the guidance of FAS 123 in several areas. FAS 123(R) is effective as of the beginning of the first interim or annual

reporting period that begins after June 15, 2005. FAS 123(R) applies to all awards granted, modified, repurchased, or cancelled after the effective date and the cumulative effect of initially applying FAS 123(R), if any, is to be recognized as of the required effective date. The Company will adopt FAS 123(R) commencing as of July 1, 2005 using the modified prospective application method. The Company does not expect the requirements of FAS 123(R) to have a material impact on its results of operations, financial position or liquidity.

The Emerging Issues Task Force released Issue 03-13, “Applying the Conditions in Paragraph 42 of FASB Statement No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, in Determining Whether to Report Discontinued Operations” (“Issue 03-13”). Issue 03-13 establishes an approach for evaluating whether the criteria in paragraph 42 of FAS 144 have been met for purposes of classifying the results of operations of a component of an entity that either has been disposed of or is classified as held for sale as discontinued operations. The effective date for components classified as held for sale or disposed of is in fiscal periods beginning after December 15, 2004. The Company will adopt Issue 03-13 beginning January 1, 2005; Issue 03-13 will have no impact to net income.

Risk Factors

The Company’s operations involve various risks that could adversely affect its financial condition, results of operations, cash flow, ability to pay distributions on its common stock and the market price of its common stock. These risks, among others contained in the Company’s other filings with the SEC, include:


	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.

The factors that affect the value of the Company’s real estate and the revenues the Company derives from its properties include, among other things:


	•	general economic conditions;

	•	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’s financial results depend on leasing space in the Company’s real estate to tenants on terms favorable to the Company. The Company’s income and funds available for distribution to its stockholders will decrease if a significant number of the Company’s tenants cannot pay their rent or the Company is unable to lease properties on favorable terms. In addition, if a tenant does not pay its rent, the Company may not be able to enforce its rights as landlord without delays and the Company may incur substantial legal costs. Costs associated with real estate investment, such as real estate taxes and maintenance costs, generally are not reduced when circumstances cause a reduction in income from the investment. For the year ended December 31, 2004, approximately 75.8% of the Company’s gross revenues from continuing operations came from rentals of real property.


	The Company may be unable to sell properties when appropriate because real estate investments are not as liquid as certain other types of assets.

Real estate investments generally cannot be sold quickly and, therefore, will tend to limit the Company’s ability to adjust its property portfolio promptly in response to changes in economic or other conditions. The inability to respond promptly to changes in the performance of the Company’s property portfolio could adversely affect the Company’s financial condition and ability to service debt and make distributions to its stockholders. In addition, like other companies qualifying as REITs under the Internal Revenue Code, the Company must comply with the safe harbor rules relating to the number of properties disposed of in a year, their tax basis and the cost of improvements made to the properties, or meet other tests which enable a REIT to avoid punitive taxation on the sale of assets. Thus, the Company’s ability at any time to sell assets may be restricted.


	The Company may be unable to sell properties on advantageous terms.

The Company has sold to third parties a significant number of properties in recent years and, as part of its business, the Company intends to continue to sell properties to third parties. The Company’s ability to sell properties on advantageous terms depends on factors beyond the Company’s control, including competition from other sellers and the availability of attractive financing for potential buyers of the Company’s properties. If the Company is unable to sell properties on favorable terms or redeploy the proceeds of property sales in accordance with the Company’s business strategy, then the Company’s financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, the Company’s common stock could be adversely affected.

The Company has also sold to its joint ventures a significant number of properties in recent years and, as part of its business, the Company intends to continue to sell properties to its joint ventures as opportunities arise. If the Company does not have sufficient properties available that meet the investment criteria of current or future joint ventures, or if the joint ventures have reduced or no access to capital on favorable terms, then such sales could be delayed or prevented, adversely affecting the Company’s financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, the Company’s common stock.

For the year ended December 31, 2004, gains on sales of properties accounted for approximately 73.2% of the Company’s net income.


	The Company may be unable to acquire properties on advantageous terms or acquisitions may not perform as the Company expects.

The Company acquires and intends to continue to acquire primarily industrial properties. The acquisition of properties entails various risks, including the risks that the Company’s investments may not perform as expected and that the Company’s cost estimates for bringing an acquired property up to market standards may prove inaccurate. Further, the Company faces significant competition for attractive investment opportunities from other well-capitalized real estate investors, including both publicly-traded real estate investment trusts and private investors. This competition increases as investments in real estate become attractive relative to other forms of investment. As a result of competition, the Company may be unable to acquire additional properties as it desires or the purchase price may be elevated. In addition, the Company expects to finance future acquisitions through a combination of borrowings under the Company’s Unsecured Line of Credit, proceeds from equity or debt offerings by the Company and proceeds from property sales, which may not be available and which could adversely affect the Company’s cash flow. Any of the above risks could adversely affect the Company’s financial condition, results of operations, cash flow and ability to pay dividends on, and the market value of, the Company’s common stock.


	The Company may be unable to complete development and re-development projects on advantageous terms.

As part of its business, the Company develops new and re-develops existing properties. In addition, the Company has sold to third parties or sold to the Company’s joint ventures a significant number of development and re-development properties in recent years and the Company intends to continue to sell such properties to third parties or to sell such properties to the Company’s joint ventures as opportunities arise. The real estate development and re-development business involves significant risks that could adversely affect the Company’s financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of the Company’s common stock, which include:


	•	the Company 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;

	•	the Company 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 the Company’s ability to sell such properties to third parties or to sell such properties to the Company’s joint ventures.


	The Company may be unable to renew leases or find other lessees.

The Company is subject to the risks that, upon expiration, leases may not be renewed, the space subject to such leases may not be relet or the terms of renewal or reletting, including the cost of required renovations, may be less favorable than expiring lease terms. If the Company were unable to promptly renew a significant number of expiring leases or to promptly relet the space covered by such leases, or if the rental rates upon renewal or reletting were significantly lower than the then current rates, the Company’s cash, funds from operations, and ability to make expected distributions to stockholders might be adversely affected. As of December 31, 2004, leases with respect to approximately 14.5 million, 10.3 million and 8.8 million square feet of GLA, representing 26.1%, 18.6% and 15.9%, of GLA expire in the remainder of 2005, 2006 and 2007, respectively.


	The Company might fail to qualify or remain qualified as a REIT.

First Industrial Realty Trust, Inc. intends to operate so as to qualify as a REIT under the Internal Revenue Code of 1986 (the “Code”). Although First Industrial Realty Trust, Inc. believes that it is organized and will operate in a manner so as to qualify as a REIT, qualification as a REIT involves the satisfaction of numerous requirements, some of which must be met on a recurring basis. These requirements are established under highly technical and complex Code provisions of which there are only limited judicial or administrative interpretations and involve the determination of various factual matters and circumstances not entirely within First Industrial Realty Trust, Inc.’s control.

First Industrial Realty Trust, Inc. (through one of its subsidiary partnerships) entered into certain development agreements in 2000 through 2003, the performance of which has been completed. Under these agreements, First Industrial Realty Trust, Inc. provided services to unrelated third parties and certain payments were made by the unrelated third parties for services provided by certain contractors hired by First Industrial Realty Trust, Inc. First Industrial Realty Trust, Inc. believes that these payments were properly characterized by it as reimbursements for costs incurred by it on behalf of the third parties and do not constitute gross income and did not prevent First Industrial Realty Trust, Inc. from satisfying the gross income requirements of the REIT provisions (the “gross income tests”). First Industrial Realty Trust, Inc. has brought this matter to the attention of the Internal Revenue Service, or IRS. The IRS has not challenged or expressed any interest in challenging First Industrial Realty Trust Inc.’s view on this matter. If the IRS were to challenge such position and were successful, First Industrial Realty Trust, Inc. might be found not to have satisfied the gross income tests in one or more of its taxable years. If First Industrial Realty Trust, Inc. were found not to have satisfied the gross income tests, it could be subject to a penalty tax. However, such noncompliance should not adversely affect First Industrial Realty Trust,

Inc.’s status as a REIT as long as such noncompliance was due to reasonable cause and not to willful neglect, and certain other requirements are met. Although this cannot be assured, First Industrial Realty Trust, Inc. believes that the risk of losing its REIT status as a result of these development agreements is remote.

If First Industrial Realty Trust, Inc. were to fail to qualify as a REIT in any taxable year, it would be subject to federal income tax, including any applicable alternative minimum tax, on its taxable income at corporate rates. This could result in a discontinuation or substantial reduction in dividends to stockholders and in cash to pay interest and principal on debt securities that First Industrial Realty Trust, Inc. issues. Unless entitled to relief under certain statutory provisions, First Industrial Realty Trust, Inc. also would be disqualified from electing treatment as a REIT for the four taxable years following the year during which it failed to qualify as a REIT.


	Certain property transfers may generate prohibited transaction income, resulting in a penalty tax on the gain attributable to the transaction.

As part of its business, the Company sells properties to third parties or sells properties to the Company’s joint ventures as opportunities arise. Under the Code, a 100% penalty tax could be assessed on the gain resulting from sales of properties that are deemed to be prohibited transactions. The question of what constitutes a prohibited transaction is based on the facts and circumstances surrounding each transaction. The Internal Revenue Service could contend that certain sales of properties by the Company are prohibited transactions. While the Company’s management does not believe that the Internal Revenue Service would prevail in such a dispute, if the matter was successfully argued by the Internal Revenue Service, the 100% penalty tax could be assessed against the profits from these transactions. In addition, any income from a prohibited transaction may adversely affect the Company’s ability to satisfy the income tests for qualification as a REIT.


	The REIT distribution requirements may require the Company to turn to external financing sources.

First Industrial Realty Trust, Inc. could, in certain instances, have taxable income without sufficient cash to enable First Industrial Realty Trust, Inc. to meet the distribution requirements of the REIT provisions of the Code. In that situation, the Company could be required to borrow funds or sell properties on adverse terms in order to meet those distribution requirements. In addition, because First Industrial Realty Trust, Inc. must distribute to its stockholders at least 90% of the Company’s REIT taxable income each year, the Company’s ability to accumulate capital may be limited. Thus, in connection with future acquisitions, First Industrial Realty Trust, Inc. may be more dependent on outside sources of financing, such as debt financing or issuances of additional capital stock, which may or may not be available on favorable terms. Additional debt financings may substantially increase the Company’s leverage and additional equity offerings may result in substantial dilution of stockholders’ interests.


	Debt financing, the degree of leverage and rising interest rates could reduce the Company’s cash flow.

Where possible, the Company intends to continue to use leverage to increase the rate of return on the Company’s investments and to allow the Company to make more investments than it otherwise could. The Company’s use of leverage presents an additional element of risk in the event that the cash flow from the Company’s properties is insufficient to meet both debt payment obligations and the distribution requirements of the REIT provisions of the Code. In addition, rising interest rates would reduce the Company’s cash flow by increasing the amount of interest due on its floating rate debt and on its fixed rate debt as it matures and is refinanced.


	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.

If the Operating Partnership decides to obtain additional debt financing in the future, it may do so through mortgages on some or all of its properties. These mortgages may be issued on a recourse, non-recourse or cross-collateralized basis. Cross-collateralization makes all of the subject properties available to the lender in order to satisfy the Company’s debt. Holders of indebtedness that is so secured will have a

claim against these properties. To the extent indebtedness is cross-collateralized, lenders may seek to foreclose upon properties that are not the primary collateral for their loan, which may, in turn, result in acceleration of other indebtedness secured by properties. Foreclosure of properties would result in a loss of income and asset value to the Company, making it difficult for it to meet both debt payment obligations and the distribution requirements of the REIT provisions of the Code. As of December 31, 2004, none of the Company’s current indebtedness was cross-collateralized.


	The Company may have to make lump-sum payments on its existing indebtedness.

The Company is required to make the following lump-sum or “balloon” payments under the terms of some of its indebtedness, including the Operating Partnership’s:


	•	$50 million aggregate principal amount of 7.75% Notes due 2032 (the “2032 Notes”)

	•	$200 million aggregate principal amount of 7.60% Notes due 2028 (the “2028 Notes”)

	•	approximately $15 million aggregate principal amount of 7.15% Notes due 2027 (the “2027 Notes”)

	•	$100 million aggregate principal amount of 7.50% Notes due 2017 (the “2017 Notes”)

	•	$125 million aggregate principal amount of 6.42% Notes due 2014 (the “2014 Notes”)

	•	$200 million aggregate principal amount of 6.875% Notes due 2012 (the “2012 Notes”)

	•	$200 million aggregate principal amount of 7.375% Notes due 2011(the “2011 Notes”)

	•	$125 million aggregate principal amount of 5.25% Notes due 2009 (the “2009 Notes”)

	•	$150 million aggregate principal amount of 7.60% Notes due 2007 (the “2007 Notes”)

	•	$150 million aggregate principal amount of 7.00% Notes due 2006 (the “2006 Notes”)

	•	$50 million aggregate principal amount of 6.90% Notes due 2005 (the “2005 Notes”)

	•	a $300 million unsecured revolving credit facility (the “Unsecured Line of Credit”) under which First Industrial Realty Trust, Inc., through the Operating Partnership, may borrow to finance the acquisition of additional properties and for other corporate purposes, including working capital.

The Unsecured Line of Credit provides for the repayment of principal in a lump-sum or “balloon” payment at maturity in 2007. Under the Unsecured Line of Credit, the Operating Partnership has the right, subject to certain conditions, to increase the aggregate commitment under the Unsecured Line of Credit by up to $100 million. As of December 31, 2004, $167.5 million was outstanding under the Unsecured Line of Credit at a weighted average interest rate of 3.518%.

The Company’s ability to make required payments of principal on outstanding indebtedness, whether at maturity or otherwise, may depend on its ability either to refinance the applicable indebtedness or to sell properties. The Company has no commitments to refinance the 2005 Notes, the 2006 Notes, the 2007 Notes, the 2009 Notes, the 2011 Notes, the 2012 Notes, the 2014 Notes, the 2017 Notes, the 2027 Notes, the 2028 Notes, the 2032 Notes or the Unsecured Line of Credit. Some of the existing debt obligations, other than those discussed above, of the Company, through the Operating Partnership, are secured by the Company’s properties, and therefore such obligations will permit the lender to foreclose on those properties in the event of a default.


	There is no limitation on debt in the Company’s organizational documents.

The organizational documents of First Industrial Realty Trust, Inc. do not contain any limitation on the amount or percentage of indebtedness the Company may incur. Accordingly, the Company could become more highly leveraged, resulting in an increase in debt service that could adversely affect the Company’s ability to make expected distributions to stockholders and in an increased risk of default on the Company’s obligations. As of December 31, 2004, the Company’s ratio of debt to its total market capitalization was 42.5%. The Company computes that percentage by calculating its total consolidated debt as a percentage of the aggregate market value of all outstanding shares of the Company’s common stock, assuming the exchange of all limited partnership units of the Operating Partnership for common stock, plus the aggregate stated value of all outstanding shares of preferred stock and total consolidated debt.


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

The Company’s Unsecured Line of Credit bears interest at a floating rate. As of December 31, 2004, the Company’s Unsecured Line of Credit had an outstanding balance of $167.5 million at a weighted average interest rate of 3.518%. Currently, the Company’s Unsecured Line of Credit bears interest at the Prime Rate or at the London Interbank Offered Rate plus .70%. Based on an outstanding balance on the Company’s Unsecured Line of Credit as of December 31, 2004, a 10% increase in interest rates would increase interest expense by $.6 million on an annual basis. Increases in the interest rate payable on balances outstanding under the Unsecured Line of Credit would decrease the Company’s cash available for distribution to stockholders.


	Earnings and cash dividends, asset value and market interest rates affect the price of the Company’s common stock.

As a real estate investment trust, the market value of the Company’s common stock, in general, is based primarily upon the market’s perception of the Company’s growth potential and its current and potential future earnings and cash dividends. The market value of the Company’s common stock is based secondarily upon the market value of the Company’s underlying real estate assets. For this reason, shares of the Company’s common stock may trade at prices that are higher or lower than the Company’s net asset value per share. To the extent that the Company retains operating cash flow for investment purposes, working capital reserves, or other purposes, these retained funds, while increasing the value of the Company’s underlying assets, may not correspondingly increase the market price of the Company’s common stock. The Company’s failure to meet the market’s expectations with regard to future earnings and cash dividends likely would adversely affect the market price of the Company’s common stock. Further, the distribution yield on the common stock (as a percentage of the price of the common stock) relative to market interest rates may also influence the price of the Company’s common stock. An increase in market interest rates might lead prospective purchasers of the Company’s common stock to expect a higher distribution yield, which would adversely affect the market price of the Company’s common stock. Additionally, if the market price of the Company’s common stock declines significantly, then the Company might breach certain covenants with respect to its debt obligations, which could adversely affect the Company’s liquidity and ability to make future acquisitions and the Company’s ability to pay dividends to its stockholders.


	The Company may incur unanticipated costs and liabilities due to environmental problems.

Under various federal, state and local laws, ordinances and regulations, an owner or operator of real estate may be liable for the costs of clean-up of certain conditions relating to the presence of hazardous or toxic materials on, in or emanating from a property, and any related damages to natural resources. Environmental laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the presence of hazardous or toxic materials. The presence of such materials, or the failure to address those conditions properly, may adversely affect the ability to rent or sell the property or to borrow using a property as collateral. Persons who dispose of or arrange for the disposal or treatment of hazardous or toxic materials may also be liable for the costs of clean-up of such materials, or for related natural resource damages, at or from an off-site disposal or treatment facility, whether or not the facility is owned or operated by those persons. No assurance can be given that existing environmental assessments with respect to any of the Company’s properties reveal all environmental liabilities, that any prior owner or operator of a property did not create any material environmental condition not known to the Company or that a material environmental condition does not otherwise exist as to any of the Company’s properties.


	The Company’s insurance coverage does not include all potential losses.

The Company currently carries comprehensive insurance coverage including property, boiler & machinery, liability, fire, flood, terrorism, earthquake, extended coverage and rental loss as appropriate for the markets where each of the Company’s properties and their business operations are located. The insurance coverage contains policy specifications and insured limits customarily carried for similar

properties and business activities. The Company believes its properties are adequately insured. However, there are certain losses, including losses from earthquakes, hurricanes, floods, pollution, acts of war, acts of terrorism or riots, that are not generally insured against or that are not generally fully insured against because it is not deemed to be economically feasible or prudent to do so. If an uninsured loss or a loss in excess of insured limits occurs with respect to one or more of the Company’s properties, the Company could experience a significant loss of capital invested and potential revenues in these properties, and could potentially remain obligated under any recourse debt associated with the property.


Item 7A.	Quantitative and Qualitative Disclosures About Market Risk

Response to this item is included in Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” above.


Item 8.	Financial Statements and Supplementary Data


	See Index to Financial Statements and Financial Statement Schedule on page F-1 of this Form 10-K.


Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.


Item 9A.	Controls and Procedures


	Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company’s periodic reports pursuant to the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required financial disclosure.

The Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based upon this evaluation, the Company’s principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures were not effective as of the end of the period covered by this report, because of the material weakness discussed below. To address the material weakness described below, the Company performed additional analysis and other procedures after the end of the period covered by this report to ensure the Company’s consolidated financial statements are prepared in accordance with generally accepted accounting principles. Accordingly, management believes that the financial statements included in this report fairly present in all material respects the Company’s financial condition, results of operations and cash flows for the periods presented.


	Management’s Report on Internal Control Over Financial Reporting

Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. The Company’s internal controls over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Management of the Company has assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2004. In making its assessment of internal control over financial reporting, management used the criteria described in the Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “Internal Control-Integrated Framework”).

A material weakness is a significant deficiency, or combination of significant deficiencies, that results in a more than remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected.

Management of the Company has concluded that, as of December 31, 2004, the Company had a material weakness in its internal control over financial reporting designed to ensure the proper allocation of its income tax provision (benefit) among income from continuing operations, income from discontinued operations and gain on sale of real estate. This control deficiency resulted in the restatement of the Company’s consolidated financial statements for the years ended 2003 and 2002, the restatement of the quarterly financial information for the four quarters in the year ended 2003, the restatement of the quarterly financial information for the first three quarters in the year ended 2004 and an adjustment to the 2004 annual financial statements which are included in this Form 10-K. Additionally, management of the Company concluded this control deficiency could have resulted in a misstatement of the allocation of income tax provision (benefit) that would result in a material misstatement to annual or interim financial statements that would not be prevented or detected. Accordingly, management determined that this control deficiency constitutes a material weakness in the Company’s internal controls over financial reporting. Because of this material weakness, management of the Company concluded that it did not maintain effective internal control over financial reporting as of December 31, 2004, based on criteria in the Internal Control-Integrated Framework.

Management’s assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2004 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears herein. See Report of Independent Registered Public Accounting Firm on page F-2 of this Form 10-K.


	Remediation of Material Weakness

As discussed in “Management’s Report on Internal Control Over Financial Reporting”, as of December 31, 2004, there was a material weakness in the Company’s internal control over financial reporting. In the first quarter of 2005, the Company implemented improved monitoring controls to ensure the proper allocation of its income tax provision (benefit) among income from continuing operations, income from discontinued operations, and gain on sale of real estate.


	Changes in Internal Control Over Financial Reporting

There has been no change in the Company’s internal control over financial reporting that occurred during the fourth quarter of 2004 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. As discussed above, in the first quarter of 2005, the Company implemented improved monitoring controls to ensure the proper allocation of its income tax provision (benefit) among income from continuing operations, income from discontinued operations, and gain on sale of real estate.


Item 9B.	Other Information

None.

PART III


Item 10, 11, 12, 13 and 14.

Directors and Executive Officers of the Registrant,

Executive Compensation,

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

Certain Relationships and Related Transactions and

Principal Accountant Fees and Services

The information required by Item 10, Item 11, Item 12 (other than information required by Item 201(d) of Regulation S-K which is set forth below), Item 13 and Item 14 will be contained in the Company’s definitive proxy statement expected to be filed with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year, and thus is incorporated herein by reference in accordance with General Instruction G(3) to Form 10-K. Information contained in the parts of such proxy statement captioned “Stock Performance Graph”, “Report of the Compensation Committee”, “Report of the Audit Committee” and in statements with respect to the independence of the Audit Committee (except as such statements specifically relate to the independence of such committee’s financial expert) and regarding the Audit Committee Charter are specifically not incorporated herein by reference.

The following information is required by section 201(d) of regulation S-K:

Number of Securities

Weighted-Average

Number of Securities

to be Issued Upon

Exercise Price of

Remaining Available

Exercise of

Outstanding

for Further Issuance

Outstanding Options,

Options, Warrants

Under Equity

Plan Category

Warrants and Rights

and Rights

Compensation Plans

Equity Compensation Plans Approved by Security Holders

31,000

20.94

2,356,500

Equity Compensation Plans Not Approved by Security Holders(1)

792,421

31.12

424,840

Total

823,421

30.74

2,781,340


(1)	See Notes 3 and 12 of the Notes to Consolidated Financial Statements contained herein for a description of the plan.

PART IV


Item 15.	Exhibits and Financial Statement Schedules

(a) Financial Statements, Financial Statement Schedule and Exhibits


	(1 & 2) See Index to Financial Statements and Financial Statement Schedule on page F-1 of this Form 10-K

	(3) Exhibits:


Exhibits		Description

3.1		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 8⁵/8% Series C Cumulative Preferred Stock, $.01 par value (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company dated June 6, 1997, File No. 1-13102)
3.6		Articles Supplementary relating to the Company’s 6.236% Series F Flexible Cumulative Redeemable Preferred Stock, $.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)
3.7		Articles Supplementary relating to the Company’s 7.236% Series G Flexible Cumulative Redeemable Preferred Stock, $.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)
3.8		Articles Supplementary relating to the Company’s Junior Participating Preferred Stock, $.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)
4.1		Deposit Agreement, dated June 6, 1997, by and among the Company, First Chicago Trust Company of New York and holders from time to time of Series C Depositary Receipts (incorporated by reference to Exhibit 4.2 of the Form 8-K of the Company, dated June 6, 1997, 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 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)
4.3		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)
4.4		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).


Exhibits		Description

4.5		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).
4.6		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)
4.7		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)
4.8		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)
4.9		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)
4.10		6.90% Medium-Term Note due 2005 in principal amount of $50 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.17 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102)
4.11		7.00% Medium-Term Note due 2006 in principal amount of $150 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.18 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102)
4.12		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)
4.13		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)
4.14		Rights Agreement, dated as of September 16, 1997, between the Company and First Chicago Trust Company of New York, as Rights Agent (incorporated by reference to Exhibit 99.1 of Form 8-A12B as filed on September 24, 1997, File No. 1-13102)
4.15		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)
4.16		Supplemental Indenture No. 5, dated as of July 14, 1998, between First Industrial, L.P. and the U.S. Bank Trust National Association, relating to First Industrial, L.P.’s 7.60% Notes due July 15, 2008 (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)
4.17		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)
4.18		Supplemental Indenture No. 6, dated as of March 19, 2001, between First Industrial, L.P. and the 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)


Exhibits		Description

4.19		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)
4.20		Third Amended and Restated Unsecured Revolving Credit Agreement, dated as of June 11, 2004, among First Industrial, L.P., First Industrial Realty Trust, Inc., Bank One NA and certain other banks (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102)
4.21		Supplemental Indenture No. 7 dated as of April 15, 2002, between First Industrial, L.P. and the 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)
4.22		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)
4.23		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)
4.24		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)
4.25		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)
4.26		Amendment No. 1, dated as of February 25, 2004, to Rights Agreement, dated as of September 16, 1997, between the Company and Equiserve Trust Company, N.A. (f/k/a First Chicago Trust Company of New York), as Rights Agent (incorporated by reference to Exhibit 4.23 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2003, File No. 1-13102)
10.1		Eighth Amended and Restated Limited Partnership Agreement of First Industrial, L.P. (the “LP Agreement”), dated June 2, 2004 (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102)
10.2		Sales Agreement by and among the Company and 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 $.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)


Exhibits		Description

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 February 1, 1997, between the Company and Michael W. Brennan (incorporated by reference to Exhibit 10.60 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1996, 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*		Amendment No. 1 dated March 4, 2005 to the LP Agreement.
12.1*		Computation of ratios of earnings to fixed charges and preferred stock dividends of the Company
21.1*		Subsidiaries of the Registrant
23*		Consent of PricewaterhouseCoopers LLP
31.1*		Certification of Principal Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
31.2*		Certification of Principal Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
32**		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.

SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	FIRST INDUSTRIAL REALTY TRUST, INC.

Date: March 28, 2005


	By:	/s/ Michael W. Brennan



	Michael W. Brennan
	President, Chief Executive Officer and Director (Principal Executive Officer)

Date: March 28, 2005


	By:	/s/ Michael J. Havala



	Michael J. Havala
	Chief Financial Officer
	(Principal Financial Officer)

Date: March 28, 2005


	By:	/s/ Scott A. Musil



	Scott A. Musil
	Senior Vice President, Controller, Treasurer and Assistant Secretary (Principal Accounting Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


Signature	Title	Date


/s/ Jay H. Shidler Jay H. Shidler	Chairman of the Board of Directors	March 28, 2005

/s/ Michael W. Brennan Michael W. Brennan	President, Chief Executive Officer and Director	March 28, 2005

/s/ Michael G. Damone Michael G. Damone	Director of Strategic Planning and Director	March 28, 2005

/s/ Kevin W. Lynch Kevin W. Lynch	Director	March 28, 2005

/s/ John E. Rau John E. Rau	Director	March 28, 2005

/s/ Robert J. Slater Robert J. Slater	Director	March 28, 2005


Signature	Title	Date


/s/ W. Edwin Tyler W. Edwin Tyler	Director	March 28, 2005

/s/ J. Steven Wilson J. Steven Wilson	Director	March 28, 2005

EXHIBIT INDEX


Exhibits		Description

3.1		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 8⁵/8% Series C Cumulative Preferred Stock, $.01 par value (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company dated June 6, 1997, File No. 1-13102)
3.6		Articles Supplementary relating to the Company’s 6.236% Series F Flexible Cumulative Redeemable Preferred Stock, $.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)
3.7		Articles Supplementary relating to the Company’s 7.236% Series G Flexible Cumulative Redeemable Preferred Stock, $.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)
3.8		Articles Supplementary relating to the Company’s Junior Participating Preferred Stock, $.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)
4.1		Deposit Agreement, dated June 6, 1997, by and among the Company, First Chicago Trust Company of New York and holders from time to time of Series C Depositary Receipts (incorporated by reference to Exhibit 4.2 of the Form 8-K of the Company, dated June 6, 1997, 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 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)
4.3		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)
4.4		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).
4.5		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).
4.6		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)


Exhibits		Description

4.7		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)
4.8		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)
4.9		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)
4.10		6.90% Medium-Term Note due 2005 in principal amount of $50 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.17 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102)
4.11		7.00% Medium-Term Note due 2006 in principal amount of $150 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.18 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102)
4.12		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)
4.13		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)
4.14		Rights Agreement, dated as of September 16, 1997, between the Company and First Chicago Trust Company of New York, as Rights Agent (incorporated by reference to Exhibit 99.1 of Form 8-A12B as filed on September 24, 1997, File No. 1-13102)
4.15		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)
4.16		Supplemental Indenture No. 5, dated as of July 14, 1998, between First Industrial, L.P. and the U.S. Bank Trust National Association, relating to First Industrial, L.P.’s 7.60% Notes due July 15, 2008 (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)
4.17		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)
4.18		Supplemental Indenture No. 6, dated as of March 19, 2001, between First Industrial, L.P. and the 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)
4.19		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)
4.20		Third Amended and Restated Unsecured Revolving Credit Agreement, dated as of June 11, 2004, among First Industrial, L.P., First Industrial Realty Trust, Inc., Bank One NA and certain other banks (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102)


Exhibits		Description

4.21		Supplemental Indenture No. 7 dated as of April 15, 2002, between First Industrial, L.P. and the 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)
4.22		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)
4.23		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)
4.24		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)
4.25		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)
4.26		Amendment No. 1, dated as of February 25, 2004, to Rights Agreement, dated as of September 16, 1997, between the Company and Equiserve Trust Company, N.A. (f/k/a First Chicago Trust Company of New York), as Rights Agent (incorporated by reference to Exhibit 4.23 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2003, File No. 1-13102)
10.1		Eighth Amended and Restated Limited Partnership Agreement of First Industrial, L.P. (the “LP Agreement”), dated June 2, 2004 (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102)
10.2		Sales Agreement by and among the Company and 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 $.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)


Exhibits		Description

10.10†		Employment Agreement, dated February 1, 1997, between the Company and Michael W. Brennan (incorporated by reference to Exhibit 10.60 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1996, 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*		Amendment No. 1 dated March 4, 2005 to the LP Agreement
12.1*		Computation of ratios of earnings to fixed charges and preferred stock dividends of the Company
21.1*		Subsidiaries of the Registrant
23*		Consent of PricewaterhouseCoopers LLP
31.1*		Certification of Principal Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
31.2*		Certification of Principal Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
32**		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.

FIRST INDUSTRIAL REALTY TRUST, INC.

INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE


		Page

FINANCIAL STATEMENTS
	Report of Independent Registered Public Accounting Firm		F-2
	Consolidated Balance Sheets of First Industrial Realty Trust, Inc. (the “Company”) as of December 31, 2004 and 2003		F-4
	Consolidated Statements of Operations and Comprehensive Income of the Company for the Years Ended December 31, 2004, 2003 (Restated) and 2002 (Restated)		F-5
	Consolidated Statements of Changes in Stockholders’ Equity of the Company for the Years Ended December 31, 2004, 2003 and 2002		F-6
	Consolidated Statements of Cash Flows of the Company for the Years Ended December 31, 2004, 2003 (Restated) and 2002 (Restated)		F-7
	Notes to the Consolidated Financial Statements		F-8
FINANCIAL STATEMENT SCHEDULE
	Report of Independent Registered Public Accounting Firm		S-1
	Schedule III: Real Estate and Accumulated Depreciation		S-2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of

First Industrial Realty Trust, Inc.:

We have completed an integrated audit of First Industrial Realty Trust, Inc.’s 2004 consolidated financial statements and of its internal control over financial reporting as of December 31, 2004 and audits of its 2003 and 2002 consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Our opinions, based on our audits, are presented below.

Consolidated financial statements

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of operations and comprehensive income, of changes in stockholders’ equity and of cash flows present fairly, in all material respects, the financial position of First Industrial Realty Trust, Inc. and its subsidiaries (“the Company”) at December 31, 2004 and 2003, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2004 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

As discussed in Note 11 to the consolidated financial statements, the Company has restated its previously issued financial statements for the years ended December 31, 2003 and 2002.

Internal control over financial reporting

Also, we have audited management’s assessment, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A, that First Industrial Realty Trust, Inc. did not maintain effective internal control over financial reporting as of December 31, 2004, because the Company did not maintain effective controls to ensure the proper allocation of its income tax provision (benefit) between income from continuing operations, income from discontinued operations and gain on sale of real estate, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting. Our responsibility is to express opinions on management’s assessment and on the effectiveness of the Company’s internal control over financial reporting based on our audit.

We conducted our audit of internal control over financial reporting in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. An audit of internal control over financial reporting includes obtaining an understanding of internal control over financial reporting, evaluating management’s assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such other procedures as we consider necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinions.

F-2

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

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

A material weakness is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected. The following material weakness has been identified and included in management’s assessment. As of December 31, 2004, the Company had a material weakness in its internal control over financial reporting designed to ensure the proper allocation of its income tax provision (benefit) among income from continuing operations, income from discontinued operations and gain on sale of real estate. This control deficiency resulted in the restatement of the Company’s consolidated financial statements for the years ended 2003 and 2002, the restatement of the quarterly financial information for the four quarters in the year ended 2003, the restatement of the quarterly financial information for the first three quarters in 2004, and an adjustment to the 2004 annual financial statements. Additionally, management of the Company concluded this control deficiency could have resulted in a misstatement of the allocation of income tax provision (benefit) that would result in a material misstatement to annual or interim financial statements that would not be prevented or detected. This material weakness was considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2004 consolidated financial statements, and our opinion regarding the effectiveness of the Company’s internal control over financial reporting does not affect our opinion on those consolidated financial statements.

In our opinion, management’s assessment that First Industrial Realty Trust, Inc. did not maintain effective internal control over financial reporting as of December 31, 2004, is fairly stated, in all material respects, based on criteria established in Internal Control-Integrated Framework issued by the COSO. Also, in our opinion, because of the effect of the material weakness described above on the achievement of the objectives of the control criteria, First Industrial Realty Trust, Inc. has not maintained effective internal control over financial reporting as of December 31, 2004, based on criteria established inInternal Control-Integrated Framework issued by the COSO.

PricewaterhouseCoopers LLP

Chicago, IL

March 30, 2005

F-3

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED BALANCE SHEETS


				December 31,			December 31,
				2004			2003

				(Dollars in thousands, except
				share and per share data)
ASSETS
Assets:
	Investment in Real Estate:
		Land		$	472,126		$	441,283
		Buildings and Improvements			2,361,256			2,265,921
		Furniture, Fixtures and Equipment			—			885
		Construction in Progress			23,092			29,945
		Less: Accumulated Depreciation			(378,383	)		(349,252	)

			Net Investment in Real Estate		2,478,091			2,388,782

	Real Estate Held for Sale, Net of Accumulated Depreciation and Amortization of $3,374 at December 31, 2004				52,790			—
	Cash and Cash Equivalents				4,924			821
	Restricted Cash				25			82,006
	Tenant Accounts Receivable, Net				6,986			8,994
	Investments in Joint Ventures				5,489			13,186
	Deferred Rent Receivable				18,314			13,912
	Deferred Financing Costs, Net				11,574			9,818
	Prepaid Expenses and Other Assets, Net				135,000			130,504

			Total Assets	$	2,713,193		$	2,648,023


LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
	Mortgage Loans Payable, Net			$	59,905		$	45,746
	Senior Unsecured Debt, Net				1,347,524			1,212,152
	Unsecured Line of Credit				167,500			195,900
	Accounts Payable and Accrued Expenses				69,729			77,156
	Rents Received in Advance and Security Deposits				30,621			28,889
	Dividends Payable				35,487			31,889

			Total Liabilities		1,710,766			1,591,732

Commitments and Contingencies					—			—
Minority Interest					156,933			167,118
Stockholders’ Equity:
	Preferred Stock ($.01 par value, 10,000,000 shares authorized, 20,000, 500 and 250 shares of Series C, F and G Cumulative Preferred Stock, respectively, issued and outstanding at December 31, 2004, having a liquidation preference of $2,500 per share ($50,000), $100,000 per share ($50,000) and $100,000 per share ($25,000), respectively. At December 31, 2003, 10,000,000 shares authorized, 20,000, 50,000 and 30,000 shares of Series C, D and E Cumulative Preferred Stock, respectively, was issued and outstanding, having a liquidation preference of $2,500 per share ($50,000), $2,500 per share ($125,000) and $2,500 per share ($75,000), respectively)				—			1
	Common Stock ($.01 par value, 100,000,000 shares authorized, 45,360,491 and 42,376,770 shares issued and 42,834,091 and 39,850,370 shares outstanding at December 31, 2004 and December 31, 2003, respectively)				454			424
	Additional Paid-in-Capital				1,142,356			1,161,373
	Distributions in Excess of Accumulated Earnings				(203,417	)		(172,892	)
	Unearned Value of Restricted Stock Grants				(19,611	)		(19,035	)
	Accumulated Other Comprehensive Loss				(3,700	)		(10,110	)
	Treasury Shares at Cost (2,526,400 shares at December 31, 2004 and December 31, 2003)				(70,588	)		(70,588	)

			Total Stockholders’ Equity		845,494			889,173

			Total Liabilities and Stockholders’ Equity	$	2,713,193		$	2,648,023

The accompanying notes are an integral part of the financial statements.

F-4

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME


						Restated			Restated

			Year Ended			Year Ended			Year Ended
			December 31,			December 31,			December 31,
			2004			2003			2002

			(In thousands, except per share data)
Revenues:
	Rental Income		$	242,307		$	235,364		$	219,445
	Tenant Recoveries and Other Income			77,425			72,451			66,425

		Total Revenues		319,732			307,815			285,870

Expenses:
	Real Estate Taxes			48,963			45,701			42,733
	Repairs and Maintenance			24,858			22,935			18,853
	Property Management			13,799			11,025			10,426
	Utilities			11,205			9,567			7,757
	Insurance			3,552			3,019			2,324
	Other			5,959			7,297			8,375
	General and Administrative			39,569			26,953			19,610
	Amortization of Deferred Financing Costs			1,931			1,764			1,925
	Depreciation and Other Amortization			95,138			75,140			62,658

		Total Expenses		244,974			203,401			174,661

Other Income/ Expense:
	Interest Income			3,632			2,416			2,378
	Gain on Settlement of Interest Rate Protection Agreements			1,583			—			—
	Interest Expense			(99,245	)		(95,456	)		(90,387	)
	Loss From Early Retirement of Debt			(515	)		(1,466	)		(888	)

		Total Other Income/ Expense		(94,545	)		(94,506	)		(88,897	)

(Loss) Income from Continuing Operations Before Income Tax Benefit, Equity in Income of Joint Ventures, Net and Income Allocated to Minority Interest				(19,787	)		9,908			22,312
Income Tax Benefit				7,859			4,950			2,188
Equity in Income of Joint Ventures, Net of Income Taxes				36,451			539			463
Minority Interest Allocable to Continuing Operations				(293	)		562			352

Income from Continuing Operations				24,230			15,959			25,315
Income from Discontinued Operations (Including Gain on Sale of Real Estate, Net of Income Taxes, of $79,811, $77,636 and $56,810 for the Year Ended December 31, 2004, 2003 and 2002, respectively), Net of Income Taxes				88,680			101,266			98,530
Minority Interest Allocable to Discontinued Operations				(12,167	)		(14,916	)		(14,760	)

Income Before Gain on Sale of Real Estate				100,743			102,309			109,085
Gain on Sale of Real Estate, Net of Income Taxes				11,431			13,445			13,082
Minority Interest Allocable to Gain on Sale of Real Estate				(1,568	)		(1,981	)		(1,959	)

Net Income				110,606			113,773			120,208
Less: Preferred Stock Dividends				(14,488	)		(20,176	)		(23,432	)
Less: Redemption of Preferred Stock				(7,959	)		—			(3,707	)

Net Income Available to Common Stockholders			$	88,159		$	93,597		$	93,069

Basic Earnings Per Share:
	Income from Continuing Operations		$	0.29		$	0.19		$	0.24

	Income from Discontinued Operations		$	1.89		$	2.24		$	2.15

	Net Income Available to Common Stockholders		$	2.17		$	2.43		$	2.39

	Weighted Average Shares Outstanding			40,557			38,542			38,927

Diluted Earnings Per Share:
	Income from Continuing Operations		$	0.28		$	0.19		$	0.24

	Income from Discontinued Operations		$	1.87		$	2.23		$	2.14

	Net Income Available to Common Stockholders		$	2.16		$	2.42		$	2.38

	Weighted Average Shares Outstanding			40,888			38,663			39,165

Net Income			$	110,606		$	113,773		$	120,208
Other Comprehensive Income:
	Settlement of Interest Rate Protection Agreements			6,816			—			1,772
	Mark-to-Market of Interest Rate Protection Agreements and Interest Rate Swap Agreements			106			251			(126	)
	Amortization of Interest Rate Protection Agreements			(512	)		198			176

Comprehensive Income			$	117,016		$	114,222		$	122,030

The accompanying notes are an integral part of the financial statements.

F-5

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY


			Year Ended			Year Ended			Year Ended
			December 31,			December 31,			December 31,
			2004			2003			2002

			(Dollars in thousands, except for
			per share data)
Preferred Stock — Beginning of Year			$	1		$	1		$	1
	Issuance of Preferred Stock		$	—		$	—		$	—
	Redemption of Preferred Stock			(1	)		—			—

Preferred Stock — End of Year			$	—		$	1		$	1

Common Stock — Beginning of Year			$	424		$	411		$	403
	Net Proceeds from the Issuance of Common Stock			30			6			6
	Issuance of Restricted Stock			2			7			1
	Repurchase and Retirement of Restricted Stock/Common Stock			(5	)		(1	)		(1	)
	Conversion of Units to Common Stock			3			1			2

Common Stock — End of Year			$	454		$	424		$	411

Additional Paid-In-Capital — Beginning of Year			$	1,161,373		$	1,124,622		$	1,197,877
	Net Proceeds from the Issuance of Common Stock			99,250			15,111			16,241
	Issuance of Restricted Stock			8,377			20,634			3,231
	Repurchase and Retirement of Restricted Stock/Common Stock			(13,723	)		(1,797	)		(1,694	)
	Amortization of Stock Based Compensation			—			54			646
	Issuance of Preferred Stock			194,424			—			—
	Redemption of Preferred Stock			(313,537	)		—			(96,293	)
	Conversion of Units to Common Stock			6,192			2,749			4,614

Additional Paid-In-Capital — End of Year			$	1,142,356		$	1,161,373		$	1,124,622

Dist. In Excess of Accum. Earnings — Beginning of Year			$	(172,892	)	$	(158,251	)	$	(143,958	)
	Preferred Stock Dividends ($215.624 per Series C Preferred Share, $86.678 per Series D Preferred Share, $86.132 per Series E Preferred Share, $3,724.280 per Series F Preferred Share, $4,321.500 per Series G Preferred Share and $629.555 per Series H Preferred Share at December 31, 2004, $215.624 per Series C Preferred Share, $198.748 per Series D Preferred Share and $197.500 per Series E Preferred Share at December 31, 2003 and 2002, $81.424 Series B Preferred Share at December 31, 2002, respectively)			(14,488	)		(20,176	)		(23,432	)
	Distributions ($2.7500, $2.7400 and $2.7250 per Share/ Unit at December 31, 2004, 2003 and 2002, respectively)			(132,585	)		(126,699	)		(125,785	)
	Redemption of Preferred Stock			(7,959	)		—			(3,148	)
	Repurchase and Retirement of Restricted Stock/Common Stock			(4,116	)		(67	)		(342	)
	Net Income Before Minority Interest			124,634			130,108			136,575
	Minority Interest:
		Allocation of Income		(14,028	)		(16,335	)		(16,926	)
		Distributions ($2.7500, $2.7400 and $2.7250 per Share/ Unit at December 31, 2004, 2003 and 2002, respectively)		18,017			18,528			18,765

Dist. In Excess of Accum. Earnings — End of Year			$	(203,417	)	$	(172,892	)	$	(158,251	)

Unearned Value of Rest. Stock Grants — Beginning of Year			$	(19,035	)	$	(4,307	)	$	(6,247	)
	Issuance of Restricted Stock			(8,379	)		(20,641	)		(3,232	)
	Amortization of Restricted Stock Grants			7,803			5,913			5,172

Unearned Value of Rest. Stock Grants — End of Year			$	(19,611	)	$	(19,035	)	$	(4,307	)

Treasury Shares, at cost — Beginning of Year			$	(70,588	)	$	(69,591	)	$	(40,098	)
	Purchase of Treasury Shares			—			(997	)		(29,493	)

Treasury Shares, at cost — End of Year			$	(70,588	)	$	(70,588	)	$	(69,591	)

Accum. Other Comprehensive Loss — Beginning of Year			$	(10,110	)	$	(10,559	)	$	(12,381	)
	Settlement of Interest Rate Protection Agreements			6,816			—			1,772
	Mark-to-Market of Interest Rate Protection Agreements			106			251			(126	)
	Amortization of Interest Rate Protection Agreements			(512	)		198			176

Accum. Other Comprehensive Loss — End of Year			$	(3,700	)	$	(10,110	)	$	(10,559	)

Total Stockholders’ Equity at End of Year			$	845,494		$	889,173		$	882,326

The accompanying notes are an integral part of the financial statements.

F-6

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS


							Restated			Restated

				Year Ended			Year Ended			Year Ended
				December 31,			December 31,			December 31,
				2004			2003			2002

				(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net Income			$	110,606		$	113,773		$	120,208
	Income Allocated to Minority Interest				14,028			16,335			16,367

	Net Income Before Minority Interest				124,634			130,108			136,575
	Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
		Depreciation			82,757			73,902			67,525
		Amortization of Deferred Financing Costs			1,931			1,764			1,925
		Other Amortization			22,547			17,846			15,295
		Provision for Bad Debt			(1,474	)		(160	)		—
		Loss From Early Retirement of Debt			515			1,466			888
		Equity in Income of Joint Ventures, Net of Income Taxes			(36,451	)		(539	)		(463	)
		Distributions from Joint Ventures			36,451			539			463
		Gain on Sale of Real Estate, Net of Income Taxes			(91,242	)		(91,081	)		(69,892	)
		Increase in Tenant Accounts Receivable and Prepaid Expenses and Other Assets, Net			(46,030	)		(24,380	)		(13,701	)
		Increase in Deferred Rent Receivable			(6,771	)		(2,597	)		(1,947	)
		Decrease in Accounts Payable and Accrued Expenses and Rents Received in Advance and Security Deposits			(9,210	)		(6,454	)		(3,728	)
		Decrease (Increase) in Restricted Cash			—			2,742			(102	)

			Net Cash Provided by Operating Activities		77,657			103,156			132,838

CASH FLOWS FROM INVESTING ACTIVITIES:
	Purchases of and Additions to Investment in Real Estate				(485,393	)		(312,356	)		(337,399	)
	Net Proceeds from Sales of Investments in Real Estate				293,703			321,989			364,446
	Contributions to and Investments in Joint Ventures				(5,422	)		(5,711	)		(8,207	)
	Distributions from Joint Ventures				14,074			2,859			2,260
	Repayment and Sale of Mortgage Loans Receivable				111,049			75,886			20,502
	Decrease (Increase) in Restricted Cash				81,981			(53,630	)		(8,252	)

		Net Cash Provided by Investing Activities			9,992			29,037			33,350

CASH FLOWS FROM FINANCING ACTIVITIES:
	Net Proceeds from the Issuance of Common Stock				86,121			14,799			15,895
	Proceeds from the Issuance of Preferred Stock				200,000			—			—
	Preferred Stock Offering Costs				(5,576	)		—			—
	Redemption of Preferred Stock				(321,438	)		—			(100,000	)
	Repurchase of Restricted Stock				(3,747	)		(1,865	)		(2,037	)
	Purchase of Treasury Shares				—			(997	)		(29,493	)
	Purchase of U.S. Government Securities				—			—			(13,669	)
	Proceeds from Maturity of U.S. Government Securities				—			15,832			—
	Proceeds from Senior Unsecured Debt				134,496			—			247,950
	Other Proceeds from Senior Unsecured Debt				6,816			—			1,772
	Repayments of Senior Unsecured Debt				—			—			(84,930	)
	Dividends/ Distributions				(130,220	)		(125,916	)		(125,875	)
	Preferred Stock Dividends				(13,256	)		(20,176	)		(23,432	)
	Proceeds on Mortgage Loans Payable				1,400			—			—
	Repayments on Mortgage Loans Payable				(5,965	)		(38,529	)		(39,234	)
	Proceeds from Unsecured Lines of Credit				581,000			264,300			500,100
	Repayments on Unsecured Lines of Credit				(609,400	)		(238,700	)		(512,300	)
	Book Overdraft				—			—			2,885
	Cost of Debt Issuance and Prepayment Fees				(3,777	)		(120	)		(3,820	)

		Net Cash Used in Financing Activities			(83,546	)		(131,372	)		(166,188	)

Net Increase in Cash and Cash Equivalents					4,103			821			—
Cash and Cash Equivalents, Beginning of Period					821			—			—

Cash and Cash Equivalents, End of Period				$	4,924		$	821		$	—

The accompanying notes are an integral part of the financial statements.

F-7

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)


1.	Organization and Formation of Company

First Industrial Realty Trust, Inc. was organized in the state of Maryland on August 10, 1993. First Industrial Realty Trust, Inc. is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code of 1986, as amended (the “Code”).

First Industrial Realty Trust, Inc. and its subsidiaries (the “Company”) began operations on July 1, 1994. The Company’s operations are conducted primarily through First Industrial, L.P. (the “Operating Partnership”) of which the Company is the sole general partner. The Company is the sole stockholder of First Industrial Finance Corporation, First Industrial Pennsylvania Corporation, First Industrial Harrisburg Corporation, First Industrial Securities Corporation, First Industrial Mortgage Corporation, First Industrial Indianapolis Corporation, FI Development Services Corporation and First Industrial Florida Finance Corporation, which are the sole general partners of First Industrial Financing Partnership, L.P. (the “Financing Partnership”), First Industrial Pennsylvania, L.P. (the “Pennsylvania Partnership”), First Industrial Harrisburg, L.P. (the “Harrisburg Partnership”), First Industrial Securities, L.P. (the “Securities Partnership”), First Industrial Mortgage Partnership, L.P. (the “Mortgage Partnership”), First Industrial Indianapolis, L.P. (the “Indianapolis Partnership”), FI Development Services, L.P. and TK-SV, LTD., respectively, and the Operating Partnership is the sole limited partner. The Operating Partnership is also the sole member of limited liability companies and the sole stockholder of First Industrial Development Services, Inc. The operating data of the foregoing subsidiaries of the Company is consolidated with that of the Company as presented herein. The Company, through separate, wholly-owned limited liability companies of which the Operating Partnership is the sole member, also owns minority equity interests in, and provides asset and property management services to, two joint ventures which invest in industrial properties (the “September 1998 Joint Venture” and the “May 2003 Joint Venture”). The Company, through a separate, wholly-owned limited liability company of which the Operating Partnership is also the sole member, also owned a minority interest in and provided property management services to a third joint venture which invested in industrial properties (the “December 2001 Joint Venture”; together with the September 1998 Joint Venture and the May 2003 Joint Venture, the “Joint Ventures”). During the year ended December 31, 2004, the December 2001 Joint Venture sold all of its industrial properties. The operating data of the Joint Ventures is not consolidated with that of the Company as presented herein.

As of December 31, 2004, the Company owned 881 industrial properties (inclusive of developments in progress) located in 23 states, containing an aggregate of approximately 69.3 million square feet (unaudited) of gross leasable area (“GLA”).


2.	Basis of Presentation

First Industrial Realty Trust, Inc. is the sole general partner of the Operating Partnership, with an approximate 86.9% and 85.6% ownership interest at December 31, 2004 and 2003, respectively. Minority interest at December 31, 2004 and 2003, represents the approximate 13.1% and 14.4%, respectively, aggregate partnership interest in the Operating Partnership held by the limited partners thereof.

The consolidated financial statements of the Company at December 31, 2004 and 2003 and for each of the years ended December 31, 2004, 2003 and 2002 include the accounts and operating results of the Company and its subsidiaries. Such financial statements present the Company’s minority equity interests in the Joint Ventures under the equity method of accounting. All intercompany transactions have been eliminated in consolidation.

F-8

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)


3.	Summary of Significant Accounting Policies

In order to conform with generally accepted accounting principles, management, in preparation of the Company’s financial statements, is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of December 31, 2004 and 2003, and the reported amounts of revenues and expenses for each of the years ended December 31, 2004, 2003 and 2002. Actual results could differ from those estimates.


	Cash and Cash Equivalents

Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short term maturity of these investments.


	Restricted Cash

At December 31, 2004 and 2003, restricted cash includes gross proceeds from the sales of certain properties. These sales proceeds will be disbursed as the Company exchanges into properties under Section 1031 of the Internal Revenue Code. The carrying amount approximates fair value due to the short term maturity of these investments.


	Investment in Real Estate and Depreciation

Investment in Real Estate is carried at cost. The Company reviews its properties on a quarterly basis for impairment and provides a provision if impairments are found. To determine if an impairment may exist, the Company reviews its properties and identifies those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy). If further assessment of recoverability is needed, the Company estimates the future net cash flows expected to result from the use of the property and its eventual disposition, on an individual property basis. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property on an individual property basis, the Company will recognize an impairment loss based upon the estimated fair value of such property. For properties management considers held for sale, the Company ceases depreciating the properties and values the properties 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, the Company decides not to sell a property previously classified as held for sale, the Company will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. The Company determines fair value of properties that are held for use by discounting the future expected cash flows of the properties. To calculate the fair value of properties held for sale, the Company deducts from the contract price of the property the estimated costs to close the sale. The Company classifies properties as held for sale when the Company has an executed contract to sell.

F-9

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

Interest costs, real estate taxes, compensation costs of development personnel and other directly related costs incurred during construction periods are capitalized and depreciated commencing with the date the property is substantially completed. Upon substantial completion, the Company reclassifies construction in progress to building, tenant improvements and leasing commissions. Such costs begin to be capitalized to the development projects from the point the Company is undergoing necessary activities to get the development ready for its intended use and ceases when the development projects are substantially completed and held available for occupancy. Depreciation expense is computed using the straight-line method based on the following useful lives:


	Years

Buildings and Improvements		20 to 50
Land Improvements		15
Furniture, Fixtures and Equipment		5 to 10

Construction expenditures for tenant improvements, leasehold improvements and leasing commissions (inclusive of compensation costs of personnel attributable to leasing) are capitalized and amortized over the terms of each specific lease. Capitalized compensation costs of personnel attributable to leasing relate to time directly attributable to originating leases with independent third parties that result directly from and are essential to originating those leases and would not have been incurred had these leasing transactions not occurred. Repairs and maintenance are charged to expense when incurred. Expenditures for improvements are capitalized.

The Company accounts for all acquisitions entered into subsequent to June 30, 2001 in accordance with Financial Accounting Standards Board’s (“FASB”) Statement of Financial Accounting Standard No. 141, “Business Combinations” (“FAS 141”). Upon acquisition of a property, the Company allocates the purchase price of the property based upon the fair value of the assets acquired, which generally consist of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases and above market and below market leases. The Company allocates the purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. Acquired above and below market leases are valued based on the present value of the difference between prevailing market rates and the in-place rates over the remaining lease term.

The purchase price is further allocated to in-place lease values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Acquired above and below market leases are amortized over the remaining non-cancelable terms of the respective leases as an adjustment to rental revenue on the Company’s consolidated statements of operations and comprehensive income. The value of in-place lease intangibles, which is included as a component of Other Assets, is amortized to expense over the remaining lease term and expected renewal periods of the respective lease. If a tenant terminates its lease early, the unamortized portion of the tenant improvements, leasing commissions, above and below market leases and the in-place lease value is immediately charged to expense.


	Deferred Financing Costs

Deferred financing costs include fees and costs incurred to obtain long-term financing. These fees and costs are being amortized over the terms of the respective loans. Accumulated amortization of deferred financing costs was $10,873 and $8,948 at December 31, 2004 and 2003, respectively. Unamortized deferred financing costs are written-off when debt is retired before the maturity date.

F-10

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)


	Investments in Joint Ventures

Investments in Joint Ventures represents the Company’s minority equity interests in the Joint Ventures. The Company accounts for its investments in Joint Ventures under the equity method of accounting, as the Company does not have operational control or a majority voting interest. Under the equity method of accounting, the Company’s share of earnings or losses of the Joint Ventures is reflected in income as earned and contributions or distributions increase or decrease, respectively, the Company’s Investments in Joint Ventures as paid or received, respectively. Differences between the Company’s carrying value of its investments in joint ventures and the Company’s underlying equity of such joint ventures are amortized over the respective lives of the underlying assets, as applicable.


	Employee Benefit Plans

At December 31, 2004, the Company has three stock incentive employee compensation plans, which are described more fully in Note 13. Prior to January 1, 2003, the Company accounted for its stock incentive plans under the recognition and measurement principles of Accounting Principles Board Opinion No. 25, “Accounting for Stock Issued to Employees” (“APB 25”). Under APB 25, compensation expense is not recognized for options issued in which the strike price is equal to the fair value of the Company’s stock on the date of grant. Certain options issued in 2000 were issued with a strike price less than the fair value of the Company’s stock on the date of grant. Compensation expense is being recognized for the intrinsic value of these options determined at the date of grant over the vesting period. On January 1, 2003, the Company adopted the fair value recognition provisions of the FASB Statement of Financial Accounting Standards No. 123, “Accounting for Stock Based Compensation” (“FAS 123”), as amended by FASB Statement of Financial Accounting Standards No. 148, “Accounting for Stock-Based Compensation-Transition and Disclosure”. Beginning on January 1, 2003, the Company is applying the fair value recognition provisions of FAS 123 prospectively to all employee option awards granted after December 31, 2002. The Company has not awarded options to employees or directors of the Company during the years ended December 31,2004 and 2003, and therefore no stock-based employee compensation expense, except for expense related to restricted stock, is included in net income available to common stockholders related to the fair value recognition provisions of FAS 123.

F-11

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands except per share data)

Had compensation expense for the Company’s Stock Incentive Plans been determined based upon the fair value at the grant date for awards under the Stock Incentive Plans consistent with the methodology prescribed under FASB Statement of Financial Accounting Standards No. 123, “Accounting for Stock-Based Compensation”, as amended by FAS 148, net income and earnings per share would have been the pro forma amounts indicated in the table below:


		For the Year Ended

		2004			2003			2002

Net Income Available to Common Stockholders — as reported		$	88,159		$	93,597		$	93,069
Add: Stock-Based Employee Compensation Expense Included in Net Income Available to Common Stockholders, Net of Minority Interest — as reported			—			46			201
Less: Total Stock-Based Employee Compensation Expense, Net of Minority Interest — Determined Under the Fair Value Method			(362	)		(1,149	)		(980	)

Net Income Available to Common Stockholders — pro forma		$	87,797		$	92,494		$	92,290

Net Income Available to Common Stockholders per Share — as reported — Basic		$	2.17		$	2.43		$	2.39
Net Income Available to Common Stockholders per Share — pro forma — Basic		$	2.16		$	2.40		$	2.37
Net Income Available to Common Stockholders per Share — as reported — Diluted		$	2.16		$	2.42		$	2.38
Net Income Available to Common Stockholders per Share — pro forma — Diluted		$	2.15		$	2.39		$	2.36
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:
	Expected dividend yield		N/A			N/A			8.28	%
	Expected stock price volatility		N/A			N/A			20.94	%
	Risk-free interest rate		N/A			N/A			3.58	%
	Expected life of options		N/A			N/A			3.00

The weighted average fair value of options granted during 2002 is $1.97 per option. The Company did not issue any options in 2004 and 2003.


	Revenue Recognition

Rental income is recognized on a straight-line method under which contractual rent increases are recognized evenly over the lease term. Tenant recovery income includes payments from tenants for taxes, insurance and other property operating expenses and is recognized as revenue in the same period the related expenses are incurred by the Company.

Revenue is recognized on payments received from tenants for early lease terminations after the Company determines that all the necessary criteria have been met in accordance with FASB Statement of Financial Accounting Standards No. 13, “Accounting for Leases” (“FAS 13”).

F-12

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

Interest income on mortgage loans receivable is recognized based on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected.

The Company provides an allowance for doubtful accounts against the portion of tenant accounts receivable which is estimated to be uncollectible. Accounts receivable in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $416 and $1,890 as of December 31, 2004 and December 31, 2003, respectively. For accounts receivable the Company deems uncollectible, the Company uses the direct write-off method.


	Gain on Sale of Real Estate

Gain on sale of real estate is recognized using the full accrual method, when appropriate. Gains relating to transactions which do not meet the full accrual method of accounting are deferred and recognized when the full accrual method of accounting criteria are met or by using the installment or deposit methods of profit recognition, as appropriate in the circumstances. As the assets are sold, their costs and related accumulated depreciation are removed from the accounts with resulting gains or losses reflected in net income or loss. Estimated future costs to be incurred by the Company after completion of each sale are included in the determination of the gains on sales.


	Income Taxes

The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. As a result, the Company generally is not subject to federal income taxation to the extent of the income which it distributes if it satisfies the requirements set forth in Section 856 of the Code (pertaining to its organization and types of income and assets) necessary to maintain its status as a REIT, it distributes annually at least 90% of its REIT taxable income, as defined in the Code, to its stockholders and it satisfies certain other requirements. Accordingly, no provision has been made for state or federal income taxes in the accompanying consolidated financial statements except for activities conducted in its taxable REIT subsidiary, First Industrial Development Services, Inc. which has been accounted for under FASB Statement of Financial Standards No. 109, “Accounting for Income Taxes”(“FAS 109”). In accordance with FAS 109, the total benefit/expense has been separately allocated to income from continuing operations, income from discontinued operations and gain on sale of real estate.

The Company and certain of its subsidiaries are subject to certain state and local income, excise and franchise taxes. The provision for such state and local taxes has been reflected in general and administrative expense in the consolidated statements of operations and comprehensive income and has not been separately stated due to its insignificance.


	Earnings Per Common Share

Net income per weighted average share — basic is based on the weighted average common shares outstanding (excluding restricted stock that has not yet vested). Net income per weighted average share — diluted is based on the weighted average common shares outstanding (excluding restricted stock that has not yet vested) plus the dilutive effect of in-the-money employee stock options and restricted stock. See Note 10 for further disclosure about earnings per share.


	Fair Value of Financial Instruments

The Company’s financial instruments include short-term investments, tenant accounts receivable, net, mortgage notes receivable, accounts payable, other accrued expenses, mortgage loans payable, unsecured

F-13

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

line of credit, senior unsecured debt and the Put Option (defined hereinafter) issued in conjunction with an initial offering of certain unsecured debt.

The fair values of the short-term investments, tenant accounts receivable, net, mortgage notes receivable, accounts payable and other accrued expenses were not materially different from their carrying or contract values. See Note 5 for the fair values of the mortgage loans payable, unsecured line of credit, senior unsecured debt and the Put Option (defined hereinafter) issued in conjunction with an initial offering of certain unsecured debt.


	Derivative Financial Instruments

Historically, the Company has used interest rate protection agreements (the “Agreements”) to fix the interest rate on anticipated offerings of senior unsecured debt or convert floating rate debt to fixed rate debt. Receipts or payments that result from the settlement of Agreements used to fix the interest rate on anticipated offerings of senior unsecured debt are amortized over the life of the senior unsecured debt. Receipts or payments resulting from Agreements used to convert floating rate debt to fixed rate debt are recognized as a component of interest expense. Agreements which qualify for hedge accounting are marked-to-market and any gain or loss is recognized in other comprehensive income (shareholders’ equity). Any agreements which no longer qualify for hedge accounting are marked-to-market and any gain or loss is recognized in net income immediately. The credit risks associated with the Agreements are controlled through the evaluation and monitoring of the creditworthiness of the counterparty. In the event that the counterparty fails to meet the terms of the Agreements, the Company’s exposure is limited to the current value of the interest rate differential, not the notional amount, and the Company’s carrying value of the Agreements on the balance sheet. See Note 5 for more information on the Agreements.


	Discontinued Operations

On January 1, 2002, the Company adopted the FASB Statement of Financial Accounting Standards No. 144, “Accounting for the Impairment or Disposal of Long Lived Assets” (“FAS 144”). FAS 144 addresses financial accounting and reporting for the disposal of long lived assets. FAS 144 requires that the results of operations and gains or losses on the sale of property be presented in discontinued operations if both of the following criteria are met: (a) the operations and cash flows of the property have been (or will be) eliminated from the ongoing operations of the Company as a result of the disposal transaction and (b) the Company will not have any significant continuing involvement in the operations of the property after the disposal transaction. FAS 144 also requires prior period results of operations for these properties to be restated and presented in discontinued operations in prior consolidated statements of operations.


	Segment Reporting

Management views the Company as a single segment based on its method of internal reporting.


	Reclassification

Certain 2003 and 2002 items have been reclassified to conform to the 2004 presentation.


	Recent Accounting Pronouncements

F-14

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

intrinsic value method of accounting prescribed in APB 25, and clarifies and expands the guidance of FAS 123 in several areas. FAS 123(R) is effective as of the beginning of the first interim or annual reporting period that begins after June 15, 2005. FAS 123(R) applies to all awards granted, modified, repurchased, or cancelled after the effective date and the cumulative effect of initially applying FAS 123(R), if any, is to be recognized as of the required effective date. The Company will adopt FAS 123(R) commencing as of July 1, 2005 using the modified prospective application method. The Company does not expect the requirements of FAS 123(R) to have a material impact on its results of operations, financial position or liquidity.


4.	Investments in Joint Ventures

On September 28, 1998, the Company, through a wholly-owned limited liability company in which the Operating Partnership is the sole member, entered into a joint venture arrangement (the “September 1998 Joint Venture”) with an institutional investor to invest in industrial properties. The Company, through wholly-owned limited liability companies of the Operating Partnership, owns a ten percent equity interest in the September 1998 Joint Venture and provides property and asset management services to the September 1998 Joint Venture. On or after October 2000, under certain circumstances, the Company has the right to purchase all of the properties owned by the September 1998 Joint Venture at a price to be determined in the future. The Company has not exercised this right.

On September 2, 1999, the Company, through a wholly-owned limited liability company in which the Operating Partnership is the sole member, entered into a joint venture arrangement (the “September 1999 Joint Venture”) with an institutional investor to invest in industrial properties. The Company, through wholly-owned limited liability companies of the Operating Partnership, owned a ten percent equity interest in the September 1999 Joint Venture and provided property and asset management services to the September 1999 Joint Venture. During September 2003, the September 1999 Joint Venture sold its remaining property. In conjunction with this final property sale, the final distribution was made to the partners.

On December 28, 2001, the Company, through a wholly-owned limited liability company in which the Operating Partnership is the sole member, entered into a joint venture arrangement (the “December 2001 Joint Venture”) with an institutional investor to invest in industrial properties. The Company, through wholly-owned limited liability companies of the Operating Partnership, owned a 15% equity interest in the December 2001 Joint Venture and provided property management services to the December 2001 Joint Venture. On August 27, 2004, the December 2001 Joint Venture sold all 36 industrial properties, containing approximately 6.2 million square feet (unaudited) of GLA, to a third party for gross proceeds of approximately $349,750. Due to certain provisions in the operating agreement, the Company received distributions in excess of it’s 15% equity interest in the December 2001 Joint Venture. Due to the sale of all 36 industrial properties, the Company recognized, in aggregate, approximately $34,767 due to the Company’s 15% share of gain from the sale of the December 2001 Joint Venture’s properties and

F-15

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

distributions received from the December 2001 Joint Venture in excess of the Company’s 15% equity interest. This amount is included in Equity in Income of Joint Ventures.

As a result of the sale on August 27, 2004 to a third party, the Company recognized the unamortized portion of the previously deferred gain, net of tax, from the original sales to the December 2001 Joint Venture, of approximately $4,986. These deferred gains are included in Equity in Income of Joint Ventures.

As of December 31, 2004, the September 1998 Joint Venture owned 41 industrial properties comprising approximately 1.3 million square feet (unaudited) of GLA and the May 2003 Joint Venture owned five industrial properties comprising approximately 2.1 million square feet (unaudited) of GLA. During the year ended December 31, 2004, the Company acquired one industrial property comprising approximately ..1 million square feet of GLA from the September 1998 Joint Venture. The purchase price of the acquisition totaled approximately $525, excluding costs incurred in conjunction with the acquisition of the industrial property. Also, during the year ended December 31, 2004, the Company sold one property to the May 2003 Joint Venture comprising approximately ..2 million square feet (unaudited) of GLA for a purchase price of $15,486 and earned acquisition fees on the other four properties acquired from third parties by the May 2003 Joint Venture.

The Company deferred 15% of the gain from the sale and acquisition fees, which is equal to the Company’s economic interest in the May 2003 Joint Venture. The 15% deferral reduced the Company’s investment in the joint venture and is amortized into income over the life of the properties, generally 40 to 45 years. If the May 2003 Joint Venture sells any of the five properties to a third party, the Company will recognize the unamortized portion of the deferred gain and fees as gain on sale of real estate or other income. If the Company repurchases any of the five properties, the 15% deferral will be netted against the basis of the property purchased (which reduces the basis of the property). At December 31, 2004 and 2003, the Company has a receivable from the Joint Ventures of $1,261 and $2,140, respectively, which mainly relate to borrowings made, as allowed by the partnership agreement, by the September 1998 Joint Venture from the Company.

During the years ended December 2004, 2003 and 2002, the Company invested the following amounts in its Joint Ventures as well as received distributions and recognized fees from acquisition, disposition, property management and asset management services in the following amounts:


	Year Ended		Year Ended		Year Ended
	December 31,		December 31,		December 31,
	2004		2003		2002

Contributions	$	3,676	$	5,558	$	8,207
Distributions	$	50,525	$	3,398	$	2,723
Fees	$	2,689	$	2,173	$	1,863

F-16

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

The combined summarized financial information of the investments in joint ventures is as follows:


		December 31,			December 31,
		2004			2003

Condensed Combined Balance Sheets
Gross Real Estate Investment		$	120,633		$	305,029
Less: Accumulated Depreciation			(9,308	)		(19,565	)

	Net Real Estate		111,325			285,464
Other Assets			16,637			51,622

	Total Assets	$	127,962		$	337,086

Long Term Debt		$	88,398		$	217,413
Other Liabilities			5,711			6,527
Equity			33,853			113,146

	Total Liabilities and Equity	$	127,962		$	337,086

Company’s share of Equity		$	4,580		$	18,205
Basis Differentials(1)			909			(5,019	)

Carrying Value of the Company’s investments in joint ventures		$	5,489		$	13,186


(1)	This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level. Basis differentials are primarily comprised of gain deferrals related to properties the Company sold to the Joint Ventures and certain acquisition costs which are not reflected at the joint venture level.


		Year Ended December 31,

		2004		2003			2002

Condensed Combined Statements of Operations
Total Revenues			32,353		35,603			34,635
Expenses Operating and Other			11,593		9,725			14,482
	Interest		7,712		7,353			10,554
	Depreciation and Amortization		12,540		17,585			10,343

Total Expenses			31,845		34,663			35,379

Gain (Loss) on Sale of Real Estate			81,431		(2,069	)		8,231

Net Income (Loss)			81,939		(1,129	)		7,487

Company’s share of Net Income			36,451		539			463


5.	Mortgage Loans Payable, Net, Senior Unsecured Debt, Net and Unsecured Lines of Credit


	Mortgage Loans Payable, Net

On December 29, 1995, the Company, through an entity in which the Operating Partnership is the sole limited partner and a wholly-owned subsidiary of the Company is the general partner (the “Mortgage Partnership”), entered into a $40,200 mortgage loan (the “1995 Mortgage Loan”). On January 13, 2003,

F-17

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

the Company, through the Mortgage Partnership, paid off and retired the 1995 Mortgage Loan. As this pay off and retirement was prior to the stated maturity date of the 1995 Mortgage Loan, the Company wrote off unamortized deferred financing costs in the amount of approximately $1,466.

On March 20, 1996, the Company, through the Operating Partnership, assumed a $6,424 mortgage loan (the “Assumed Loan I”) that is collateralized by 12 properties in Indianapolis, Indiana. The Assumed Loan I bears interest at a fixed rate of 9.25% and provides for monthly principal and interest payments based on a 16.75-year amortization schedule. The Assumed Loan I matures on September 1, 2009. The Assumed Loan I may be prepaid only after December 1999 in exchange for the greater of a 1% prepayment fee or a yield maintenance premium.

On March 20, 1996, the Company, through the Operating Partnership, assumed a $2,993 mortgage loan (the “Assumed Loan II”) that is collateralized by one property in Indianapolis, Indiana. The Assumed Loan II bears interest at a fixed rate of 9.25% and provides for monthly principal and interest payments based on a 16.75-year amortization schedule. The Assumed Loan II matures on January 1, 2013. The Assumed Loan may be prepaid only after December 1999 in exchange for the greater of a 1% prepayment fee or a yield maintenance premium.

On April 16, 1998, the Company, through the Operating Partnership, assumed a mortgage loan in the principal amount of $2,525 (the “Acquisition Mortgage Loan IV”). The Acquisition Mortgage Loan IV is collateralized by one property in Baltimore, Maryland, bears interest at a fixed rate of 8.95% and provides for monthly principal and interest payments based on a 20-year amortization schedule. The Acquisition Mortgage Loan IV matures on October 1, 2006. The Acquisition Mortgage Loan IV may be prepaid only after October 2001 in exchange for the greater of a 1% prepayment fee or a yield maintenance premium.

On July 16, 1998, the Company, through TK-SV, LTD., assumed a mortgage loan in the principal amount of $2,566 (the “Acquisition Mortgage Loan V”). The Acquisition Mortgage Loan V is collateralized by one property in Tampa, Florida, bears interest at a fixed rate of 9.01% and provides for monthly principal and interest payments based on a 30-year amortization schedule. The Acquisition Mortgage Loan V matures on September 1, 2006. In conjunction with the assumption of the Acquisition Mortgage Loan V, the Company recorded a premium in the amount of $315 which will be amortized over the remaining life of the Acquisition Mortgage Loan V as an adjustment to interest expense. Including the impact of the premium recorded, the Company’s effective interest rate on the Acquisition Mortgage Loan V is 6.96%. The Acquisition Mortgage Loan V may be prepaid only after August 2002 in exchange for the greater of a 1% prepayment fee or a yield maintenance premium.

On April 1, 2002, the Company, through the Operating Partnership, assumed a mortgage loan in the principal amount of $5,814 (the “Acquisition Mortgage Loan VIII”). The Acquisition Mortgage Loan VIII is collateralized by one property in Rancho Dominguez, California, bears interest at a fixed rate of 8.26% and provides for monthly principal and interest payments based on a 22-year amortization schedule. The Acquisition Mortgage Loan VIII matures on December 1, 2019. The Acquisition Mortgage Loan VIII may be prepaid only after November 2004 in exchange for the greater of a 1% prepayment fee or yield maintenance premium.

On April 1, 2002, the Company, through the Operating Partnership, assumed a mortgage loan in the principal amount of $6,030 (the “Acquisition Mortgage Loan IX”). The Acquisition Mortgage Loan IX is collateralized by one property in Bloomington, Minnesota, bears interest at a fixed rate of 8.26% and provides for monthly principal and interest payments based on a 22-year amortization schedule. The Acquisition Mortgage Loan IX matures on December 1, 2019. The Acquisition Mortgage Loan IX may be prepaid only after November 2004 in exchange for the greater of a 1% prepayment fee or yield maintenance premium.

F-18

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

On May 1, 2003, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of $14,157 (the “Acquisition Mortgage Loan X”). The Acquisition Mortgage Loan X is collateralized by one property in Hagerstown, Maryland, bears interest at a fixed rate of 8.25% and provides for monthly principal and interest payments based on a 30-year amortization schedule. The Acquisition Mortgage Loan X matures on December 1, 2010. In conjunction with the assumption of the Acquisition Mortgage Loan X, the Company recorded a premium in the amount of $2,927 which will be amortized over the remaining life of the Acquisition Mortgage Loan X as an adjustment to interest expense. Including the impact of the premium recorded, the Company’s effective interest rate on the Acquisition Mortgage Loan X is 5.00%. The Acquisition Mortgage Loan X may be prepaid only after November 2004 in exchange for the greater of a 3% prepayment fee or yield maintenance premium.

On September 12, 2003, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of $4,269 (the “Acquisition Mortgage Loan XI”). The Acquisition Mortgage Loan XI was collateralized by one property in Downers Grove, Illinois, bore interest at a fixed rate of 7.61% and provided for monthly principal and interest payments based on a 30-year amortization schedule. In conjunction with the assumption of the Acquisition Mortgage Loan XI, the Company recorded a premium in the amount of $621 which was being amortized over the remaining life of the Acquisition Mortgage Loan XI as an adjustment to interest expense. The Acquisition Mortgage Loan XI may be prepaid only after June 2004 in exchange for the greater of a 1% prepayment fee or yield maintenance premium. On December 3, 2004, the Company paid off and retired the Acquisition Mortgage Loan XI. As this pay off and retirement was prior to the stated maturity date of the Acquisition Mortgage Loan XI, the Company wrote off unamortized deferred financing costs and paid a prepayment penalty in the aggregate amount of approximately $515.

On September 12, 2003, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of $2,325 (the “Acquisition Mortgage Loan XII”). The Acquisition Mortgage Loan XII is collateralized by one property in Indianapolis, Indiana, bears interest at a fixed rate of 7.54% and provides for monthly principal and interest payments based on a 30-year amortization schedule. The Acquisition Mortgage Loan XII matures on January 1, 2012. In conjunction with the assumption of the Acquisition Mortgage Loan XII, the Company recorded a premium in the amount of $317 which will be amortized over the remaining life of the Acquisition Mortgage Loan XII as an adjustment to interest expense. Including the impact of the premium recorded, the Company’s effective interest rate on the Acquisition Mortgage Loan XII is 5.51%. The Acquisition Mortgage Loan XII may be prepaid only after February 2004 in exchange for the greater of a 1% prepayment fee or yield maintenance premium.

On September 30, 2004, the Company assumed a mortgage loan in the amount of $12,057 and borrowed an additional $1,400 (collectively referred to as the “Acquisition Mortgage Loan XIII”). The Acquisition Mortgage Loan XIII is collateralized by three properties in Phoenix, Arizona, bears interest at a fixed rate of 5.60% and provides for monthly principal and interest payments based on a 30-year amortization schedule. The Acquisition Mortgage Loan XIII matures on November 10, 2012. In conjunction with the assumption of the Acquisition Mortgage Loan XIII, the Company recorded a premium in the amount of $467 which will be amortized over the remaining life of the Acquisition Mortgage Loan XIII as an adjustment to interest expense. Including the impact of the premium recorded, the Company’s effective interest rate on the Acquisition Mortgage Loan XIII is 5.02%. The Acquisition Mortgage Loan XIII may be prepaid in exchange for the yield maintenance premium.

On December 21, 2004, the Company assumed a mortgage loan in the amount of $6,187 (the “Acquisition Mortgage Loan XIV”). The Acquisition Mortgage Loan XIV is collateralized by six properties in Tampa, Florida, bears interest at a fixed rate of 6.94% and provides for monthly principal and interest payments based on a 20-year amortization schedule. The Acquisition Mortgage Loan XIV matures

F-19

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

on July 1, 2009. In conjunction with the assumption of the Acquisition Mortgage Loan XIV, the Company recorded a premium in the amount of $553 which will be amortized over the remaining life of the Acquisition Mortgage Loan XIV as an adjustment to interest expense. Including the impact of the premium recorded, the Company’s effective interest rate on the Acquisition Mortgage Loan XIV is 4.58%. The Acquisition Mortgage Loan XIV may be prepaid in exchange for the greater of a 1% prepayment fee or yield maintenance premium.


	Senior Unsecured Debt, Net

On May 13, 1997, the Company, through the Operating Partnership, issued $150,000 of senior unsecured debt which matures on May 15, 2007 and bears a coupon interest rate of 7.60% (the “2007 Notes”). The issue price of the 2007 Notes was 99.965%. Interest is paid semi-annually in arrears on May 15 and November 15. The Company also entered into an interest rate protection agreement which was used to fix the interest rate on the 2007 Notes prior to issuance. The Company settled the interest rate protection agreement for a payment of approximately $41, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreement are being amortized over the life of the 2007 Notes as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2007 Notes is 7.61%. The 2007 Notes contain certain covenants including limitation on incurrence of debt and debt service coverage.

On May 13, 1997, the Company, through the Operating Partnership, issued $100,000 of senior unsecured debt which matures on May 15, 2027, and bears a coupon interest rate of 7.15% (the “2027 Notes”). The issue price of the 2027 Notes was 99.854%. The 2027 Notes were redeemable, at the option of the holders thereof, on May 15, 2002. The Company received redemption notices from holders representing $84,930 of the 2027 Notes outstanding. On May 15, 2002, the Company, through the Operating Partnership, paid off and retired $84,930 of the 2027 Notes. Due to the partial payoff of the 2027 Notes, the Company has recorded a loss from the early retirement of debt in 2002 of approximately $888 comprised of the amount paid above the carrying amount of the 2027 notes, the write-off of the pro rata unamortized deferred financing costs and legal costs. Interest is paid semi-annually in arrears on May 15 and November 15. The Company also entered into an interest rate protection agreement which was used to fix the interest rate on the 2027 Notes prior to issuance. The Company settled the interest rate protection agreement for approximately $597 of proceeds, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreement are being amortized over the life of the 2027 Notes as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2027 Notes is 7.11%. The 2027 Notes contain certain covenants including limitation on incurrence of debt and debt service coverage.

On May 22, 1997, the Company, through the Operating Partnership, issued $100,000 of senior unsecured debt which matured on May 15, 2011 and bore a coupon interest rate of 7.375% (the “2011 PATS”). The issue price of the 2011 PATS was 99.348%. The Company received approximately $1,781 from the holder of the 2011 PATS as consideration for the put option. The Company amortized the put option proceeds over the life of the put option as an adjustment to interest expense. The Company also entered into an interest rate protection agreement which was used to fix the interest rate on the 2011 PATS. The Company amortized the settlement amount of the interest rate protection agreement over the life of the 2011 PATS. Including the impact of the offering discount, the proceeds from the put option and the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2011 PATS was 7.26%. On May 17, 2004, the Company exchanged the 2014 Notes (hereinafter

F-20

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

defined) for the 2011 PATS (hereinafter defined) and net cash in the amount of $8,877. The Company retired the 2011 PATS.

On November 20, 1997, the Company, through the Operating Partnership, issued $50,000 of senior unsecured debt which matures on November 21, 2005 and bears a coupon interest rate of 6.90%, which is the effective interest rate (the “2005 Notes”). The issue price of the 2005 Notes was 100%. Interest is paid semi-annually in arrears on May 21 and November 21. The 2005 Notes contain certain covenants including limitation on incurrence of debt and debt service coverage.

On December 8, 1997, the Company, through the Operating Partnership, issued $150,000 of senior unsecured debt which matures on December 1, 2006 and bears a coupon interest rate of 7.00% (the “2006 Notes”). The issue price of the 2006 Notes was 100%. Interest is paid semi-annually in arrears on June 1 and December 1. The Company also entered into an interest rate protection agreement which was used to fix the interest rate on the 2006 Notes prior to issuance. The Company settled the interest rate protection agreement for a payment of approximately $2,162, which is included in other comprehensive income. The settlement amount of the interest rate protection agreement is being amortized over the life of the 2006 Notes as an adjustment to interest expense. Including the impact of the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2006 Notes is 7.22%. The 2006 Notes contain certain covenants including limitation on incurrence of debt and debt service coverage.

On December 8, 1997, the Company, through the Operating Partnership, issued $100,000 of senior unsecured debt which matures on December 1, 2017 and bears a coupon interest rate of 7.50% (the “2017 Notes”). The issue price of the 2017 Notes was 99.808%. Interest is paid semi-annually in arrears on June 1 and December 1. The Operating Partnership is amortizing the debt issue discount over the life of the 2017 Notes as an adjustment to interest expense. Including the impact of the offering discount, the Company’s effective interest rate on the 2017 Notes is 7.52%. The 2017 Notes contain certain covenants including limitation on incurrence of debt and debt service coverage.

On July 14, 1998, the Company, through the Operating Partnership, issued $200,000 of senior unsecured debt which matures on July 15, 2028 and bears a coupon interest rate of 7.60% (the “2028 Notes”). The issue price of the 2028 Notes was 99.882%. Interest is paid semi-annually in arrears on January 15 and July 15. The Company also entered into interest rate protection agreements which were used to fix the interest rate on the 2028 Notes prior to issuance. The Company settled the interest rate protection agreements for a payment of approximately $11,504, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreements are being amortized over the life of the 2028 Notes as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2028 Notes is 8.13%. The 2028 Notes contain certain covenants, including limitation on incurrence of debt and debt service coverage. Approximately $50,000 of the 2028 Notes was purchased, through a broker/ dealer, by an entity in which a Director of the Company owns less than a two percent interest.

On March 19, 2001, the Company, through the Operating Partnership, issued $200,000 of senior unsecured debt which matures on March 15, 2011 and bears a coupon interest rate of 7.375% (the “2011 Notes”). The issue price of the 2011 Notes was 99.695%. Interest is paid semi-annually in arrears on September 15 and March 15. The Company also entered into an interest rate protection agreement which was used to fix the interest rate on the 2011 Notes prior to issuance, which it designated as a cash flow hedge. The Company settled the interest rate protection agreement for approximately $371 of proceeds, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreement are being amortized over the life of the 2011 Notes as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of

F-21

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

the interest rate protection agreement, the Company’s effective interest rate on the 2011 Notes is 7.39%. The 2011 Notes contain certain covenants, including limitations on incurrence of debt and debt service coverage.

On April 15, 2002, the Company, through the Operating Partnership, issued $200,000 of senior unsecured debt which matures on April 15, 2012 and bears a coupon interest rate of 6.875% (the “2012 Notes”). The issue price of the 2012 Notes was 99.310%. Interest is paid semi-annually in arrears on April 15 and October 15. The Company also entered into interest rate protection agreements which were used to fix the interest rate on the 2012 Notes prior to issuance. The Company settled the interest rate protection agreements for approximately $1,772 of proceeds, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreements are being amortized over the life of the 2012 Notes as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2012 Notes is 6.85%. The 2012 Notes contain certain covenants, including limitations on incurrence of debt and debt service coverage.

On April 15, 2002, the Company, through the Operating Partnership, issued $50,000 of senior unsecured debt which matures on April 15, 2032 and bears a coupon interest rate of 7.75% (the “2032 Notes”). The issue price of the 2032 Notes was 98.660%. Interest is paid semi-annually in arrears on April 15 and October 15. The debt issue discount is being amortized over the life of the 2032 Notes as an adjustment to interest expense. Including the impact of the offering discount, the Company’s effective interest rate on the 2032 Notes is 7.87%. The 2032 Notes contain certain covenants including limitations on incurrence of debt and debt service coverage.

On May 17, 2004, the Company, through the Operating Partnership, exchanged $125,000 of senior unsecured debt which matures on June 1, 2014, and bears a coupon interest rate of 6.42% (the “2014 Notes”) for the 2011 PATS and net cash in the amount of $8,877. The issue price of the 2014 Notes was 99.123%. Interest is paid semi-annually in arrears on June 1 and December 1. The debt issue discount of the 2014 Notes is being amortized over the life of the 2014 Notes as an adjustment to interest expense. This exchange is being accounted for under EITF 96-19, “Debtor’s Accounting for a Modification or Exchange of Debt Instruments” (“EITF 96-19”). Under EITF 96-19, if the 2011 PATS and the 2014 Notes are not substantially different, the difference between the fair value of the 2011 PATS and the carrying value of the 2011 PATS, as well as the unamortized deferred financing costs of the 2011 PATS on the date of the exchange, is deferred and amortized over the life of the 2014 Notes. The Company is amortizing this amount over the life of the 2014 Notes. Including the impact of the offering discount, the Company’s effective interest rate on the 2014 Notes is 6.54%. The 2014 Notes contain certain covenants, including limitations on incurrence of debt and debt service coverage.

On June 14, 2004, the Company, through the Operating Partnership, issued $125,000 of senior unsecured debt which matures on June 15, 2009 and bears a coupon interest rate of 5.25% (the “2009 Notes”). The issue price of the 2009 Notes was 99.826%. Interest is paid semi-annually in arrears on June 15 and December 15. The Company also entered into interest rate protection agreements which were used to fix the interest rate on the 2009 Notes prior to issuance. The Company settled the interest rate protection agreements for approximately $6,657 of proceeds, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreements are being amortized over the life of the 2009 Notes as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2009 Notes is 4.10%. The 2009 Notes contain certain covenants, including limitations on incurrence of debt and debt service coverage.

F-22

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)


	Unsecured Lines of Credit

In December 1997, the Company entered into a $300,000 unsecured revolving credit facility (the “1997 Unsecured Line of Credit”) which bore interest at LIBOR plus .80% or a “Corporate Base Rate” at the Company’s election, and provided for interest only payments until maturity. In June 2000, the Company amended the 1997 Unsecured Line of Credit which extended the maturity date to June 30, 2003 and included the right, subject to certain conditions, to increase the aggregate commitment up to $400,000 (the “2000 Unsecured Line of Credit”). On September 27, 2002, the Company amended and restated the 2000 Unsecured Line of Credit (the “2002 Unsecured Line of Credit”). On June 11, 2004, the Company, through the Operating Partnership, amended and restated the 2002 Unsecured Line of Credit (the “Unsecured Line of Credit”). The Unsecured Line of Credit matures on September 28, 2007 and bears interest at a floating rate of LIBOR plus .70%, or the Prime Rate, at the Company’s election. The net unamortized deferred financing costs related to the 2000 Unsecured Line of Credit and any additional deferred financing costs incurred amending the 2002 Unsecured Line of Credit are being amortized over the life of the Unsecured Line of Credit in accordance with Emerging Issues Task Force Issue 98-14, “Debtor’s Accounting for Changes in Line-of-Credit or Revolving-Debt Arrangements”. The Unsecured Line of Credit contains certain financial covenants relating to debt service coverage, market value net worth, dividend payout ratio and total funded indebtedness.

F-23

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

The following table discloses certain information regarding the Company’s mortgage loans, senior unsecured debt and unsecured line of credit:


	Outstanding Balance at						Accrued Interest Payable at
											Interest Rate at
	December 31,			December 31,			December 31,		December 31,		December 31,		Maturity
	2004			2003			2004		2003		2004		Date

Mortgage Loans Payable, Net
Assumed Loan I		2,874			3,301			22		—		9.250%		09/01/09
Assumed Loan II		1,995			2,141			15		—		9.250%		01/01/13
Acquisition Mortgage Loan IV		2,037			2,130			15		16		8.950%		10/01/06
Acquisition Mortgage Loan V		2,456	(1)		2,529	(1)		18		18		9.010%		09/01/06
Acquisition Mortgage Loan VIII		5,461			5,603			38		39		8.260%		12/01/19
Acquisition Mortgage Loan IX		5,664			5,811			39		40		8.260%		12/01/19
Acquisition Mortgage Loan X		16,251	(1)		16,754	(1)		99		100		8.250%		12/01/10
Acquisition Mortgage Loan XI		—			4,854	(1)		—		—		—		—	(4)
Acquisition Mortgage Loan XII		2,565	(1)		2,623	(1)		15		—		7.540%		01/01/12
Acquisition Mortgage Loan XIII		13,862	(1)		—			42		—		5.600%		11/10/12
Acquisition Mortgage Loan XIV		6,740	(1)		—			13		—		6.940%		07/01/09

Total	$	59,905		$	45,746		$	316	$	213

Senior Unsecured Debt, Net
2005 Notes	$	50,000		$	50,000		$	383	$	383		6.900%		11/21/05
2006 Notes		150,000			150,000			875		875		7.000%		12/01/06
2007 Notes		149,988	(2)		149,982	(2)		1,456		1,457		7.600%		05/15/07
2011 PATS		—			99,657	(2)		—		942		—		—	(3)
2017 Notes		99,876	(2)		99,866	(2)		625		625		7.500%		12/01/17
2027 Notes		15,053	(2)		15,053	(2)		138		138		7.150%		05/15/27
2028 Notes		199,815	(2)		199,807	(2)		7,009		7,009		7.600%		07/15/28
2011 Notes		199,624	(2)		199,563	(2)		4,343		4,343		7.375%		03/15/11
2012 Notes		198,994	(2)		198,856	(2)		2,903		2,903		6.875%		04/15/12
2032 Notes		49,390	(2)		49,368	(2)		818		818		7.750%		04/15/32
2009 Notes		124,806	(2)		—			292		—		5.250%		06/15/09
2014 Notes		109,978	(2)		—			669		—		6.420%		06/01/14	(3)

Total	$	1,347,524		$	1,212,152		$	19,511	$	19,493

Unsecured Line of Credit
Unsecured Line of Credit	$	167,500		$	195,900		$	549	$	336		3.518%		09/28/07


(1)	At December 31, 2004, the Acquisition Mortgage Loan V, the Acquisition Mortgage Loan X, the Acquisition Mortgage Loan XII, the Acquisition Mortgage Loan XIII and the Acquisition Mortgage Loan XIV includes unamortized premiums of $63, $2,291, $267, $453 and $553, respectively. At December 31, 2003 the Acquisition Mortgage Loan V, the Acquisition Mortgage Loan X, the Acquisition Mortgage Loan XI and the Acquisition Mortgage Loan XII include unamortized premiums of $102, $2,673, $597 and $305 respectively.

(2)	At December 31, 2004, the 2007 Notes, 2017 Notes, 2027 Notes, 2028 Notes, 2011 Notes, 2012 Notes, 2032 Notes, 2009 Notes and the 2014 Notes are net of unamortized discounts of $13, $124, $16, $185, $376, $1,006, $610, $194 and $15,023 respectively. At December 31, 2003, the 2007 Notes,

F-24

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)


	2011 PATS, 2017 Notes, 2027 Notes, 2028 Notes, 2011 Notes, 2012 Notes and the 2032 Notes are net of unamortized discounts of $18, $343, $134, $17, $193, $437, $1,144 and $632, respectively.

(3)	The 2014 Notes were exchanged on May 17, 2004 for the 2011 PATS and net cash in the amount of $8,877. The Company retired the 2011 PATS.

(4)	The Acquisition Mortgage Loan XI was paid off and retired in December 2004.

The following is a schedule of the stated maturities and scheduled principal payments of the mortgage loans, senior unsecured debt and unsecured line of credit, exclusive of premiums and discounts, for the next five years ending December 31, and thereafter:


	Amount

2005		51,876
2006		156,107
2007		319,472
2008		2,133
2009		131,909
Thereafter		927,352

Total	$	1,588,849


	Fair Value

At December 31, 2004 and 2003, the fair value of the Company’s mortgage loans payable, senior unsecured debt, unsecured line of credit and Put Option were as follows:


	December 31, 2004				December 31, 2003

	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value

Mortgage Loans Payable	$	59,905	$	62,876	$	45,746	$	48,939
Senior Unsecured Debt		1,347,524		1,503,012		1,212,152		1,332,958
Unsecured Line of Credit (Variable Rate)		167,500		167,500		195,900		195,900
Put Option		—		—		95		16,320

Total	$	1,574,929	$	1,733,388	$	1,453,893	$	1,594,117

The fair value of the senior unsecured debt was determined by quoted market prices, if available. The fair values of the Company’s senior unsecured debt not valued by quoted market prices, mortgage loans payable and Put Option were determined by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The fair value of the variable rate portion of the Unsecured Line of Credit was equal to its carrying value due to the variable interest rate nature of the loan.


	Other Comprehensive Income

In conjunction with the prior issuances of senior unsecured debt, the Company entered into interest rate protection agreements to fix the interest rate on anticipated offerings of senior unsecured debt (the “Interest Rate Protection Agreements”). In the next 12 months, the Company will amortize approximately $1,085 of the Interest Rate Protection Agreements into net income as a decrease to interest expense.

F-25

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

In March 2004, the Company, through the Operating Partnership, entered into an interest rate protection agreement which fixed the interest rate on a forecasted offering of unsecured debt which it designated as a cash flow hedge. This interest rate protection agreement had a notional value of $73,500, was effective from July 1, 2004 through July 1, 2009 and fixed the LIBOR rate at 3.354%. In conjunction with the offering of the 2009 Notes, the Company settled this interest rate protection agreement and received proceeds in the amount of $3,817, which is recognized in other comprehensive income. The Company is amortizing this settlement amount into net income over the life of the 2009 Notes as an adjustment to interest expense.

In March 2004, the Company, through the Operating Partnership, entered into another interest rate protection agreement which fixed the interest rate on a forecasted offering of unsecured debt which it designated as a cash flow hedge. This interest rate protection agreement had a notional value of $73,500, was effective from August 15, 2004 through August 15, 2009 and fixed the LIBOR rate at 3.326%. In May 2004, the Company reduced the projected amount of the future debt offering and settled $24,500 of this interest rate protection agreement for proceeds in the amount of $1,450 which is recognized in net income. In conjunction with the offering of the 2009 Notes, the Company settled the remaining $49,000 of this interest rate protection agreement and received proceeds in the amount of $2,840, which is recognized in other comprehensive income. The Company is amortizing this settlement amount into net income over the life of the 2009 Notes as an adjustment to interest expense.

In October 2004, the Company, through the Operating Partnership, entered into an interest rate protection agreement which fixed the interest rate on a forecasted offering of unsecured debt which it designated as a cash flow hedge. This interest rate protection agreement had a notional value of $48,980, was effective from January 5, 2005 through January 5, 2010 and fixed the LIBOR rate at 3.909%. In November 2004, the Company settled the interest rate protection agreement for $310 due to a delay in the forecasted debt issuance date. Hedge ineffectiveness in the amount of $133, due to a mismatch in dates, was recognized in net income. The remaining $159 is included in other comprehensive income and will be amortized over the term of the forecasted debt issuance. In the event that $50,000 of debt is not issued by December 10, 2005, the balance in other comprehensive income will be reclassified into net income immediately.


6.	Stockholders’ Equity


	Preferred Stock

On May 14, 1997, the Company issued 4,000,000 Depositary Shares, each representing 1/100th of a share of the Company’s 8³/4%, $.01 par value, Series B Cumulative Preferred Stock (the “Series B Preferred Stock”), at an initial offering price of $25 per Depositary Share. On or after May 14, 2002, the Series B Preferred Stock became redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $25 per Depositary Share, or $100,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On April 12, 2002, the Company called for the redemption of all of its outstanding Series B Preferred Stock at the price of $25 per Depositary Share, plus accrued and unpaid dividends. The Company redeemed the Series B Preferred Stock on May 14, 2002 and paid a prorated second quarter dividend of $.26736 per Depositary Share, totaling approximately $1,069. In accordance with the Securities and Exchange Commission’s July 31, 2003 clarification on Emerging Issues Task Force Abstract, Topic No. D-42, “The Effect on the Calculation of Earnings per Share for the Redemption or Induced Conversion of Preferred Stock” (“EITF D-42”), due to the redemption of the Series B Preferred Stock, the initial offering costs associated with the issuance of the Series B Preferred Stock of $3,707 were reflected as a deduction from net income to arrive at net income available to common stockholders in determining earnings per share for the year ended December 31, 2002.

F-26

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

On June 6, 1997, the Company issued 2,000,000 Depositary Shares, each representing 1/100th of a share of the Company’s 8⁵/8%, $.01 par value, Series C Cumulative Preferred Stock (the “Series C Preferred Stock”), at an initial offering price of $25 per Depositary Share. Dividends on the Series C Preferred Stock, represented by the Depositary Shares, are cumulative from the date of initial issuance and are payable quarterly in arrears. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series C Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series F Preferred Stock (hereinafter defined) and Series G Preferred Stock (hereinafter defined). The Series C Preferred Stock is not redeemable prior to June 6, 2007. On or after June 6, 2007, the Series C Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $25 per Depositary Share, or $50,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series C Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.

On February 4, 1998, the Company issued 5,000,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.95%, $.01 par value, Series D Cumulative Preferred Stock (the “Series D Preferred Stock”), at an initial offering price of $25 per Depositary Share. On or after February 4, 2003, the Series D Preferred Stock became redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $25 per Depositary Share, or $125,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. The Company redeemed the Series D Preferred Stock on June 7, 2004 at a redemption price of $25.00 per Depositary Share, and paid a prorated second quarter dividend of $.36990 per Depositary Share, totaling approximately $1,850. In accordance with EITF D-42, due to the redemption of the Series D Preferred Stock, the initial offering costs associated with the issuance of the Series D Preferred Stock of $4,467 were reflected as a deduction from net income to arrive at net income available to common stockholders in determining earnings per share for the year ended December 31, 2004.

On March 18, 1998, the Company issued 3,000,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.90%, $.01 par value, Series E Cumulative Preferred Stock (the “Series E Preferred Stock”), at an initial offering price of $25 per Depositary Share. On or after March 18, 2003, the Series E Preferred Stock became redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $25 per Depositary Share, or $75,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. The Company redeemed the Series E Preferred Stock on June 7, 2004 at a redemption price of $25.00 per Depositary Share, and paid a prorated second quarter dividend of $.36757 per Depositary Share, totaling approximately $1,103. In accordance with EITF D-42, due to the redemption of the Series E Preferred Stock, the initial offering costs associated with the issuance of the Series E Preferred Stock of $2,892 were reflected as a deduction from net income to arrive at net income available to common stockholders in determining earnings per share for the year ended December 31, 2004.

F-27

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

LIBOR Rate, (ii) the 10-year Treasury CMT Rate (as defined in the Articles Supplementary), and (iii) the 30-year Treasury CMT Rate (the adjustable rate)(as defined in the Articles Supplementary), reset quarterly. Dividends on the Series F Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to the Series F Initial Fixed Rate Period and quarterly in arrears for floating rate periods. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series F Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series C Preferred Stock and Series G Preferred Stock (hereinafter defined). On or after March 31, 2009, subject to any conditions on redemption applicable in any fixed rate period subsequent to the Series F Initial Fixed Rate Period, the Series F Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $1,000.00 per Depositary Share, or $50,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series F Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.

On May 27, 2004, the Company issued 25,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.236%, $.01 par value, Series G Flexible Cumulative Redeemable Preferred Stock (the “Series G Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share. Dividends on the Series G Preferred Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for the period from the date of original issuance of the Series G Preferred Stock through March 31, 2014 (the “Series G Initial Fixed Rate Period”), commencing on September 30, 2004, at a rate of 7.236% per annum of the liquidation preference (the “Series G Initial Distribution Rate”) (equivalent to $72.36 per Depositary Share). On or after March 31, 2014, the Series G Initial Distribution Rate is subject to reset, at the Company’s option, subject to certain conditions and parameters, at fixed or floating rates and periods. Fixed rates and periods will be determined through a remarketing procedure. Floating rates during floating rate periods will equal 2.500% (the initial credit spread), plus the greater of (i) the 3-month LIBOR Rate, (ii) the 10-year Treasury CMT Rate (as defined in the Articles Supplementary), and (iii) the 30-year Treasury CMT Rate (the adjustable rate) (as defined in the Articles Supplementary), reset quarterly. Dividends on the Series G Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to the Series G Initial Fixed Rate Period and quarterly in arrears for floating rate periods. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series G Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series C Preferred Stock and Series F Preferred Stock. On or after March 31, 2014, subject to any conditions on redemption applicable in any fixed rate period subsequent to the Series G Initial Fixed Rate Period, the Series G Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $1,000.00 per Depositary Share, or $25,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series G Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.

On June 2, 2004, the Company issued 500 shares of 2.965%, $.01 par value, Series H Flexible Cumulative Redeemable Preferred Stock (the “Series H Preferred Stock”), at an initial offering price of $250,000.00 per share. On or after July 2, 2004, the Series H Preferred Stock became redeemable for cash at the option of the Company, in whole but not in part, at a redemption price equivalent, initially, to $242,875.00 per share, plus accrued and unpaid dividends. The Company redeemed the Series H Preferred Stock on July 2, 2004 and paid a prorated second and third quarter dividend of $629.555 per share, totaling approximately $315. In accordance with EITF D-42, due to the redemption of the Series H Preferred Stock, the initial offering costs associated with the issuance of the Series H Preferred Stock of $600 is reflected as a deduction from net income to arrive at net income available to common stockholders in determining earnings per share for the year ended December 31, 2004.

F-28

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

The following table summarizes certain information regarding the Company’s preferred stock:


	Stated Value at
					Initial			Optional
	December 31,		December 31,		Dividend			Redemption
	2004		2003		Rate			Date

Series C Preferred Stock	$	50,000	$	50,000		8.625	%		6/6/07
Series D Preferred Stock		—		125,000		7.950	%		(1	)
Series E Preferred Stock		—		75,000		7.900	%		(2	)
Series F Preferred Stock		50,000		—		6.236	%		3/31/09
Series G Preferred Stock		25,000		—		7.236	%		3/31/14

Total	$	125,000	$	250,000

(1) The Series D Preferred Stock was redeemed on June 7, 2004.

(2) The Series E Preferred Stock was redeemed on June 7, 2004.


	Shares of Common Stock

F-29

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

The following table is a roll-forward of the Company’s shares of common stock outstanding for the three years ended December 31, 2004:


	Shares of
	Common Stock
	Outstanding

Balance at December 31, 2001		38,904,687
Issuance of Common Stock and Stock Option Exercises		572,677
Issuance of Restricted Stock Shares		93,980
Repurchase and Retirement of Restricted Stock Shares		(60,419	)
Purchase of Treasury Shares		(1,091,500	)
Conversion of Operating Partnership Units		178,896

Balance at December 31, 2002		38,598,321

Issuance of Common Stock and Stock Option Exercises		542,744
Issuance of Restricted Stock Shares		704,844
Repurchase and Retirement of Restricted Stock Shares		(66,183	)
Purchase of Treasury Shares		(37,300	)
Conversion of Operating Partnership Units		107,944

Balance at December 31, 2003		39,850,370

Issuance of Common Stock and Stock Option Exercises		2,621,082
Issuance of Restricted Stock Shares		216,617
Repurchase and Retirement of Restricted Stock Shares		(102,076	)
Conversion of Operating Partnership Units		248,098

Balance at December 31, 2004		42,834,091


	Non-Qualified Employee Stock Options

For the year ended December 31, 2004, certain employees of the Company exercised 1,287,482 non-qualified employee stock options. Net proceeds to the Company were approximately $37,301.

For the year ended December 31, 2003, certain employees of the Company exercised 531,473 non-qualified employee stock options. Net proceeds to the Company were approximately $14,799.

For the year ended December 31, 2002, certain employees of the Company exercised 561,418 non-qualified employee stock options. Net proceeds to the Company were approximately $15,895.


	Restricted Stock

During the years ended December 31, 2004, 2003, and 2002 the Company awarded 216,617, 704,844 and 93,980 restricted shares of common stock, respectively, to certain employees and certain directors of the Company. See Note 13.


	Treasury Stock:

In March 2000, the Company’s Board of Directors approved the repurchase of up to $100,000 of the Company’s common stock. The Company may make purchases from time to time, if price levels warrant, in the open market or in privately negotiated transactions. During the year ended December 31, 2003, the

F-30

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

Company repurchased 37,300 shares of its common stock at a weighted average price of approximately $26.73 per share. During the year ended December 31, 2002, the Company repurchased 1,091,500 shares of its common stock at a weighted average price of approximately $27.02 per share.


	Shareholders’ Rights Plan

On September 4, 1997, the Board of Directors of the Company declared a dividend distribution of one Preferred Share Purchase Right (“Right”) for each outstanding share of Common Stock. The dividend distribution was made on October 20, 1997 to stockholders of record as of the close of business on October 19, 1997. In addition, a Right will attach to each share of Common Stock issued in the future. Each Right entitles the registered holder to purchase from the Company one one-hundredth of a share of Junior Participating Preferred Stock (the “Junior Preferred Stock”), at a price of $125 per one one-hundredth of a share (the “Purchase Price”), subject to adjustment. The Rights become exercisable only if a person or group of affiliated or associated persons (an “Acquiring Person”) acquires, or obtains the right to acquire, beneficial ownership of Common Stock or other voting securities (“Voting Stock”) that have 15% or more of the voting power of the outstanding shares of Voting Stock, or if an Acquiring Person commences or makes an announcement of an intention to commence a tender offer or exchange offer to acquire beneficial ownership of Voting Stock that have 15% or more of the voting power of the outstanding shares of Voting Stock. The Rights will expire on October 19, 2007, unless redeemed earlier by the Company at $.001 per Right, or exchanged by the Company at an exchange ratio of one share of Common Stock per Right.

In the event that a person becomes an Acquiring Person, each holder of a Right, other than the Acquiring Person, is entitled to receive, upon exercise, (1) Common Stock having a value equal to two times the Purchase Price of the Right or (2) common stock of the acquiring company having a value equal to two times the Purchase Price of the Right.

The Junior Preferred Stock ranks junior to all other series of the Company’s preferred stock with respect to payment of dividends and as to distributions of assets in liquidation. Each share of Junior Preferred Stock has a quarterly dividend rate per share equal to the greater of $1.00 or 100 times the per share amount of any dividend (other than a dividend payable in shares of Common Stock or a subdivision of the Common Stock) declared on the Common Stock, subject to certain adjustments. In the event of liquidation, the holder of the Junior Preferred Stock is entitled to receive a preferred liquidation payment per share of $1.00 (plus accrued and unpaid dividends) or, if greater, an amount equal to 100 times the payment to be made per share of Common Stock, subject to certain adjustments.

F-31

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)


	Dividends/ Distributions

The following table summarizes dividends/distributions accrued for the past three years:


	Year Ended 2004				Year Ended 2003				Year Ended 2002

	Dividend/				Dividend/				Dividend/
	Distribution		Total		Distribution		Total		Distribution		Total
	per Share/		Dividend/		per Share/		Dividend/		per Share/		Dividend/
	Unit		Distribution		Unit		Distribution		Unit		Distribution

Common Stock/ Operating Partnership Units	$	2.7500	$	132,585	$	2.7400	$	126,699	$	2.7250	$	125,785
Series B Preferred Stock	$	—	$	—	$	—	$	—	$	81.4240	$	3,256
Series C Preferred Stock	$	215.6240	$	4,313	$	215.6240	$	4,313	$	215.6240	$	4,313
Series D Preferred Stock	$	86.6780	$	4,334	$	198.7480	$	9,937	$	198.7480	$	9,937
Series E Preferred Stock	$	86.1320	$	2,585	$	197.5000	$	5,926	$	197.5000	$	5,926
Series F Preferred Stock	$	3,724.2800	$	1,861	$	—	$	—	$	—	$	—
Series G Preferred Stock	$	4,321.5000	$	1,080	$	—	$	—	$	—	$	—
Series H Preferred Stock	$	629.5550	$	315	$	—	$	—	$	—	$	—


7.	Acquisition and Development of Real Estate

In 2004, the Company acquired 79 industrial properties comprising, in the aggregate, approximately 9.2 million square feet (unaudited) of GLA and several land parcels for a total purchase price of approximately $402,388, excluding costs incurred in conjunction with the acquisition of the properties. The Company also substantially completed development of 11 properties comprising approximately 2.3 million square feet (unaudited) of GLA at a cost of approximately $80,241. The Company reclassed the costs of the substantially completed developments from construction in progress to building, tenant improvements and leasing commissions.

In 2003, the Company acquired 64 industrial properties comprising, in the aggregate, approximately 6.6 million square feet (unaudited) of GLA and several land parcels for a total purchase price of approximately $230,391, excluding costs incurred in conjunction with the acquisition of the properties. The Company also substantially completed development of 33 properties comprising approximately 3.2 million square feet (unaudited) of GLA at a cost of approximately $156,268. The Company reclassed the costs of the substantially completed developments from construction in progress to building, tenant improvements and leasing commissions.


8.	Sale of Real Estate, Real Estate Held for Sale and Discontinued Operations

In 2004, the Company sold 97 industrial properties comprising approximately 7.4 million square feet (unaudited) of GLA and several land parcels. Gross proceeds from the sales of the 97 industrial properties and several land parcels were approximately $424,878. The gain on sale of real estate, net of income taxes was approximately $91,242, of which $79,811 is shown in discontinued operations. Ninety-two of the 97 sold industrial properties meet the criteria established by FAS 144 to be included in discontinued operations. Therefore, in accordance with FAS 144, the results of operations and gain on sale of real estate, net of income taxes for the 92 sold industrial properties that meet the criteria established by FAS 144 are included in discontinued operations. The results of operations and gain on sale of real estate, net of income taxes for the five industrial properties and several land parcels that do not meet the criteria established by FAS 144 are included in continuing operations.

F-32

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

At December 31, 2004, the Company had nine industrial properties comprising approximately 1.7 million square feet (unaudited) of GLA held for sale. In accordance with FAS 144, the results of operations of the nine industrial properties held for sale at December 31, 2004 are included in discontinued operations. There can be no assurance that such industrial properties held for sale will be sold.

In 2003, the Company sold 130 industrial properties comprising approximately 7.4 million square feet (unaudited) of GLA and several land parcels. Ten of the 130 sold properties comprising approximately 1.4 million square feet (unaudited) of GLA were sold to the December 2001 Joint Venture. Gross proceeds from the sales of the 130 industrial properties and several land parcels were approximately $394,382. The gain on sale of real estate, net of income taxes was approximately $91,081, of which $77,636 is shown in discontinued operations. In accordance with FAS 144, the results of operations and gain on sale of real estate, net of income taxes for the 120 of the 130 sold properties are included in discontinued operations.

In 2002, the Company sold 86 industrial properties comprising approximately 8.5 million square feet (unaudited) of GLA that were not classified as held for sale at December 31, 2001, 12 industrial properties comprising approximately .9 million square feet (unaudited) of GLA that were classified as held for sale at December 31, 2001, 16 industrial properties comprising approximately 2.5 million square feet (unaudited) of GLA that were sold to the December 2001 Joint Venture, and several land parcels, and assigned to third parties the right to purchase certain properties. Gross proceeds from these sales were approximately $473,511. The gain on sale of real estate, net of income taxes was approximately $69,892, of which $56,810 is shown in discontinued operations. In accordance with FAS 144, the results of operations and gain on sale of real estate, net of income taxes for the 86 of the 114 sold industrial properties that were not identified as held for sale at December 31, 2001 and the gain associated with the assignment to third parties of the right to purchase certain properties are included in discontinued operations.

The following table discloses certain information regarding the industrial properties included in discontinued operations by the Company for the years ended December 31, 2004, 2003 and 2002.


	Year Ended December 31,

				Restated

	2004			2003			2002

Total Revenues	$	23,381		$	53,744		$	83,353
Operating Expenses		(7,414	)		(17,319	)		(24,567	)
Depreciation and Amortization		(5,408	)		(11,441	)		(16,119	)
Provision for Income Taxes		(1,690	)		(1,354	)		(947	)
Gain on Sale of Real Estate, Net of Income Taxes		79,811			77,636			56,810

Income from Discontinued Operations	$	88,680		$	101,266		$	98,530

In conjunction with certain property sales, the Company provided seller financing. At December 31, 2004, 2003 and 2002, the Company had mortgage notes receivable and accrued interest outstanding of approximately $36,075, $52,920 and $84,675, respectively, which is included as a component of prepaid expenses and other assets. Also, in December 2004, the Company sold $18,419 of its notes receivable to a third party for par.

F-33

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)


9.	Supplemental Information to Statements of Cash Flows

Supplemental disclosure of cash flow information:


		Year Ended			Year Ended			Year Ended
		December 31,			December 31,			December 31,
		2004			2003			2002

Interest paid, net of capitalized interest		$	98,910		$	95,595		$	87,723

	Interest capitalized	$	1,304		$	761		$	7,792

Income Taxes Paid		$	7,936		$	1,367		$	3,905

Supplemental schedule of noncash investing and financing activities:
	Distribution payable on common stock/units	$	34,255		$	31,889		$	31,106

	Distribution payable on preferred stock	$	1,232		$	—		$	—

Exchange of units for common shares:
	Minority interest	$	(6,195	)	$	(2,750	)	$	(4,616	)
	Common stock		3			1			2
	Additional paid-in-capital		6,192			2,749			4,614

		$	—		$	—		$	—

In conjunction with the property and land acquisitions, the following assets and liabilities were assumed:
	Purchase of real estate	$	402,388		$	230,391		$	239,408
	Operating partnership units		—			—			(633	)
	Deferred purchase price		—			(10,425	)		—
	Accounts payable and accrued expenses		(3,231	)		(2,193	)		(2,504	)
	Mortgage debt		(18,244	)		(20,751	)		(11,844	)

	Acquisition of real estate	$	380,913		$	197,022		$	224,427

In conjunction with certain property sales, the Company provided seller financing:
	Notes receivable	$	92,146		$	46,372		$	78,227

F-34

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands except per share data)


10.	Earnings Per Share (“EPS”)

The computation of basic and diluted EPS is presented below.


					Restated			Restated

		Year Ended			Year Ended			Year Ended
		December 31,			December 31,			December 31,
		2004			2003			2002

Numerator:
	Income from Continuing Operations	$	24,230		$	15,959		$	25,315
	Gain on Sale of Real Estate, Net of Minority Interest and Income Tax		9,863			11,464			11,123
	Less: Preferred Stock Dividends		(14,488	)		(20,176	)		(23,432	)
	Less: Redemption of Preferred Stock		(7,959	)		—			(3,707	)

	Income from Continuing Operations Available to Common Stockholders, Net of Minority Interest — For Basic and Diluted EPS		11,646			7,247			9,299
	Discontinued Operations, Net of Minority Interest and Income Tax		76,513			86,350			83,770

	Net Income Available to Common Stockholders — For Basic and Diluted EPS	$	88,159		$	93,597		$	93,069

Denominator:
	Weighted Average Shares — Basic		40,557,053			38,541,571			38,927,282
	Effect of Dilutive Securities:
	Employee and Director Common Stock Options		227,423			91,599			201,868
	Employee and Director Shares of Restricted Stock		103,551			29,561			36,327

	Weighted Average Shares — Diluted		40,888,027			38,662,731			39,165,477

Basic EPS:
	Income from Continuing Operations Available to Common Stockholders, Net of Minority Interest	$	0.29		$	0.19		$	0.24

	Discontinued Operations, Net of Minority Interest and Income Tax	$	1.89		$	2.24		$	2.15

	Net Income Available to Common Stockholders	$	2.17		$	2.43		$	2.39

Diluted EPS:
	Income from Continuing Operations Available to Common Stockholders, Net of Minority Interest	$	0.28		$	0.19		$	0.24

	Discontinued Operations, Net of Minority Interest and Income Tax	$	1.87		$	2.23		$	2.14

	Net Income Available to Common Stockholders	$	2.16		$	2.42		$	2.38

F-35

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands except per share data)


11.	Income Taxes

For income tax purposes, distributions paid to common shareholders are classified as ordinary income, capital gain or return of capital. For the three years ended December 31, 2004, 2003 and 2002, the distributions per common share were classified as follows:


			As a Percentage					As a Percentage					As a Percentage
	2004		of Distributions			2003		of Distributions			2002		of Distributions

Ordinary income	$	.3622		13.17	%	$	1.1516		42.03	%	$	1.1489		42.16	%
Short-term capital gains		.0423		1.54	%		—		—			.1218		4.47	%
Long-term capital gains		.8654		31.47	%		.6173		22.53	%		.3845		14.11	%
Unrecaptured Section 1250 gain		.2503		9.10	%		.2666		9.73	%		.2515		9.23	%
Return of capital		1.2298		44.72	%		.7045		25.71	%		.8183		30.03	%

	$	2.7500		100.00	%	$	2.7400		100.00	%	$	2.7250		100.00	%

For income tax purposes, distributions paid to preferred shareholders are classified as ordinary income, capital gain and return of capital. For the three years ended December 31, 2004, 2003 and 2002, the preferred distributions per share were classified as follows:


			As a Percentage					As a Percentage					As a Percentage
	2004		of Distributions			2003		of Distributions			2002		of Distributions

Ordinary income	$	.9249		23.81	%	$	3.4614		56.57	%	$	6.9335		100.00	%
Short-term capital gains		.1080		2.78	%		—		—			—		—
Long-term capital gains		2.2119		56.94	%		1.8558		30.33	%		—		—
Unrecaptured Section 1250 gain		.6398		16.47	%		.8016		13.10	%		—		—

	$	3.8846		100.00	%	$	6.1188		100.00	%	$	6.9335		100.00	%

The components of income tax (expense) benefit for the Company’s taxable REIT subsidiary for the years ended December 31, 2004, 2003 and 2002 are comprised of the following:


		2004			2003			2002

Current:
	Federal	$	(8,074	)	$	(873	)	$	(3,304	)
	State		(1,654	)		(218	)		(932	)
Deferred:
	Federal		1,070			391			445
	State		219			98			125

		$	(8,439	)	$	(602	)	$	(3,666	)

F-36

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred tax assets (liabilities) include the following as of December 31, 2004, 2003 and 2002:


		2004			2003			2002

Fixed assets		$	2,012		$	310		$	41
Prepaid rent			323			149			112
Capitalized general and administrative expense under 263(A)			818			576			847
Deferred losses/gains			334			1,054			590
Capitalized interest under 263(A)			—			117			—

	Total deferred tax assets	$	3,487		$	2,206		$	1,590

Straight-line rent			(430	)		(438	)		(311	)

	Total deferred tax liabilities	$	(430	)	$	(438	)	$	(311	)

	Total net deferred tax asset	$	3,057		$	1,768		$	1,279

The Company does not have any net operating loss carryforwards or tax credit carryforwards.

The Company’s components of income tax (expense) benefit for the years ended December 31, 2004, 2003 and 2002 are as follows:


					Restated

		2004			2003			2002

Tax expense associated with income from operations on sold properties which is included in discontinued operations		$	(1,690	)	$	(1,354	)	$	(947	)
Tax expense associated with gains and losses on the sale of real estate which is included in discontinued operations			(8,434	)		(1,850	)		(1,513	)
Tax expense associated with gains and losses on the sale of real estate			(5,324	)		(2,348	)		(3,394	)
Income tax benefit ($850 provision for income tax included in Equity in Income from Joint Ventures for 2004)			7,009			4,950			2,188

	Income tax expense	$	(8,439	)	$	(602	)	$	(3,666	)

The income tax benefit (expense) pertaining to income from continuing operations and gain on sale of real estate differs from the amounts computed by applying the applicable federal statutory rate as follows:


		2004			2003			2002

Tax benefit (expense) at Federal rate related to continuing operations			1,499			2,026			(1,057	)
State Tax benefit (expense), net of Federal benefit (expense)			186			337			(173	)
Meals and Entertainment			(16	)		(12	)		(16	)
Prior year provision to return adjustments			10			205			—
Other			6			46			40

	Income tax benefit (expense)		1,685			2,602			(1,206	)

F-37

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

In the consolidated statements of operations for the years ended December 31, 2003 and 2002 most recently presented on the Company’s Form 8-K filed July 30, 2004, the Company classified its entire tax provision to income from discontinued operations. Based on a review of its presentation of income taxes under FAS 109, the Company has reconsidered such presentation and determined that the Company’s income tax provision should be allocated between income from continuing operations, income from discontinued operations and gain on sale of real estate. The columns titled “Restatement of Benefit (Expense) for Income Tax” reflect the FAS 109 adjustments to restate the consolidated statements of operations for the years ended December 31, 2003 and 2002 reflected in the Form 8-K filed on July 30, 2004. The columns titled “Adjustment for Discontinued Operations” reflect the adjustments to reconcile the restated consolidated statements of operations to the consolidated statements of operations in the 2004 Form 10-K. These adjustments reflect the reclassification of operations and gain on sale of real estate to discontinued operations for properties sold in 2004 that meet the criteria of FAS 144 as well as adjustments to properly allocate the income tax provision/benefit between income from continuing operations, income from discontinued operations and gain on sale of real estate due to the FAS 144 reclassifications.

Restatements of Consolidated Statements of Operations


		For the Year Ended December 31, 2003

		As Previously			Restatement of
		Reported on			Benefit						Adjustment for			As Reported
		Form 8-K Filed			(Expense) for			Restated			Discontinued			on 2004
		July 30, 2004			Income Tax			Amounts			Operations			Form 10-K

Income from Continuing Operations Before Income Tax Benefit, Equity in Income of Joint Ventures, Net and Income Allocated to Minority Interest			19,801						19,801			(9,893	)		9,908
Income Tax Benefit			—			4,322			4,322			628			4,950
Equity in Income of Joint Ventures, Net of Income Taxes			539						539						539
Minority Interest Allocable to Continuing Operations			(166	)		(634	)		(800	)		1,362			562

Income from Continuing Operations			20,174			3,688			23,862			(7,903	)		15,959
Income from Discontinued Operations (Including Gain on Sale of Real Estate of $77,636, Net of Income Taxes), Net of Income Taxes			94,163			(1,983	)		92,180			9,086			101,266
Minority Interest Allocable to Discontinued Operations			(13,870	)		289			(13,581	)		(1,335	)		(14,916	)

Income Before Gain on Sale of Real Estate			100,467			1,994			102,461			(152	)		102,309
Gain on Sale of Real Estate, Net of Income Taxes			15,605			(2,339	)		13,266			179			13,445
Minority Interest Allocable to Gain on Sale of Real Estate			(2,299	)		345			(1,954	)		(27	)		(1,981	)

Net Income			113,773			—			113,773			—			113,773
Less: Preferred Stock Dividends			(20,176	)		—			(20,176	)		—			(20,176	)

Net Income Available to Common Stockholders		$	93,597		$	—		$	93,597		$	—		$	93,597

Basic Earnings Per Share:
	Income from Continuing Operations	$	0.35		$	0.04		$	0.39		$	(0.20	)	$	0.19

	Income from Discontinued Operations	$	2.08		$	(0.04	)	$	2.04		$	0.20		$	2.24

	Net Income Available to Common Stockholders	$	2.43		$	—		$	2.43		$	—		$	2.43

F-38

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)


		For the Year Ended December 31, 2003

		As Previously		Restatement of
		Reported on		Benefit					Adjustment for			As Reported
		Form 8-K Filed		(Expense) for			Restated		Discontinued			on 2004
		July 30, 2004		Income Tax			Amounts		Operations			Form 10-K

	Weighted Average Shares Outstanding		38,542					38,542					38,542

Diluted Earnings Per Share:
	Income from Continuing Operations	$	0.34	$	0.04		$	0.39	$	(0.20	)	$	0.19

	Income from Discontinued Operations	$	2.08	$	(0.04	)	$	2.03	$	0.20		$	2.23

	Net Income Available to Common Stockholders	$	2.42	$	—		$	2.42	$	—		$	2.42

	Weighted Average Shares Outstanding		38,663					38,663					38,663


		For the Year Ended December 31, 2002

		As Previously			Restatement of
		Reported on			Benefit						Adjustment for			As Reported
		Form 8-K Filed			(Expense) for			Restated			Discontinued			on 2004
		July 30, 2004			Income Tax			Amounts			Operations			Form 10-K

Income from Continuing Operations Before Income Tax Benefit, Equity in Income of Joint Ventures, Net and Income Allocated to Minority Interest			31,920						31,920			(9,608	)		22,312
Income Tax Benefit			—			1,815			1,815			373			2,188
Equity in Income of Joint Ventures, Net of Income Taxes			463						463						463
Minority Interest Allocable to Continuing Operations			(758	)		(273	)		(1,031	)		1,383			352

Income from Continuing Operations			31,625			1,542			33,167			(7,852	)		25,315
Income from Discontinued Operations (Including Gain on Sale of Real Estate of $56,810, Net of Income Taxes), Net of Income Taxes			87,716			1,579			89,295			9,235			98,530
Minority Interest Allocable to Discontinued Operations			(13,141	)		(236	)		(13,377	)		(1,383	)		(14,760	)

Income Before Gain on Sale of Real Estate			106,200			2,885			109,085			—			109,085
Gain on Sale of Real Estate, Net of Income Taxes			16,476			(3,394	)		13,082						13,082
Minority Interest Allocable to Gain on Sale of Real Estate			(2,468	)		509			(1,959	)		—			(1,959	)

Net Income			120,208			—			120,208			—			120,208
Less: Preferred Stock Dividends			(23,432	)		—			(23,432	)		—			(23,432	)
Less: Redemption of Preferred Stock			(3,707	)		—			(3,707	)		—			(3,707	)

Net Income Available to Common Stockholders		$	93,069		$	—		$	93,069		$	—		$	93,069

Basic Earnings Per Share:
	Income from Continuing Operations	$	0.48		$	(0.03	)	$	0.44		$	(0.20	)	$	0.24

	Income from Discontinued Operations	$	1.92		$	0.03		$	1.95		$	0.20		$	2.15

	Net Income Available to Common Stockholders	$	2.39		$	—		$	2.39		$	—		$	2.39

	Weighted Average Shares Outstanding		38,927						38,927						38,927

F-39

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)


		For the Year Ended December 31, 2002

		As Previously		Restatement of
		Reported on		Benefit					Adjustment for			As Reported
		Form 8-K Filed		(Expense) for			Restated		Discontinued			on 2004
		July 30, 2004		Income Tax			Amounts		Operations			Form 10-K

Diluted Earnings Per Share:
	Income from Continuing Operations	$	0.47	$	(0.03	)	$	0.44	$	(0.20	)	$	0.24

	Income from Discontinued Operations	$	1.90	$	0.03		$	1.94	$	0.20		$	2.14

	Net Income Available to Common Stockholders	$	2.38	$	—		$	2.38	$	—		$	2.38

	Weighted Average Shares Outstanding		39,165					39,165					39,165


12.	Future Rental Revenues

The Company’s properties are leased to tenants under net and semi-net operating leases. Minimum lease payments receivable, excluding tenant reimbursements of expenses, under non-cancelable operating leases in effect as of December 31, 2004 are approximately as follows:


2005		224,859
2006		179,898
2007		137,536
2008		101,308
2009		70,592
Thereafter		255,538

Total	$	969,731


13.	Employee Benefit Plans

The Company maintains three stock incentive plans (the “Stock Incentive Plans”) which are administered by the Compensation Committee of the Board of Directors. There are approximately 10.0 million shares reserved under the Stock Incentive Plans. Only officers and other employees of the Company and its affiliates generally are eligible to participate in the Stock Incentive Plans. However, Independent Directors of the Company have received automatic annual grants of options to purchase 10,000 shares at a per share exercise price equal to the fair market value of a share on the date of grant.

F-40

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands except per share data)

The Stock Incentive Plans authorize (i) the grant of stock options that qualify as incentive stock options under Section 422 of the Code, (ii) the grant of stock options that do not so qualify, (iii) restricted stock awards, (iv) performance share awards and (v) dividend equivalent rights. The exercise price of the stock options is determined by the Compensation Committee. Special provisions apply to awards granted under the Stock Incentive Plans in the event of a change in control in the Company. As of December 31, 2004, stock options and restricted stock covering 1.9 million shares were outstanding and 2.8 million shares were available under the Stock Incentive Plans. The outstanding stock options generally vest over one to three year periods and have lives of ten years. Stock option transactions are summarized as follows:


					Weighted
					Average		Exercise Price
		Shares			Exercise Price		Per Share

Outstanding at December 31, 2001			2,949,445		$	29.55	$	18.25-$33.125
	Granted		945,600		$	30.72	$	30.53-$33.15
	Exercised		(561,418	)	$	28.32	$	22.75-$33.125
	Expired or Terminated		(190,992	)	$	30.52	$	25.125-$33.125

Outstanding at December 31, 2002			3,142,635		$	30.06	$	18.25-$33.15
	Exercised		(531,473	)	$	27.99	$	20.25-$33.13
	Expired or Terminated		(107,149	)	$	31.34	$	25.13-$33.13

Outstanding at December 31, 2003			2,504,013		$	30.45	$	18.25-$33.15
	Exercised		(1,663,652	)	$	30.33	$	18.25-$33.15
	Expired or Terminated		(16,940	)	$	30.17	$	22.75-$33.13

Outstanding at December 31, 2004			823,421		$	30.74	$	18.25-$33.15

The following table summarizes currently outstanding and exercisable options as of December 31, 2004:


			Weighted		Weighted				Weighted
			Average		Average				Average
	Number		Remaining		Exercise		Number		Exercise
Range of Exercise Price	Outstanding		Contractual Life		Price		Exercisable		Price

$18.25-$27.69		87,170		2.6	$	24.83		87,170	$	24.83
$30.00-$33.15		736,251		6.0	$	31.43		622,356	$	31.54

In September 1994, the Board of Directors approved and the Company adopted a 401(k)/ Profit Sharing Plan. Under the Company’s 401(k)/ Profit Sharing Plan, all eligible employees may participate by making voluntary contributions. The Company may make, but is not required to make, matching contributions. For the years ended December 31, 2004, 2003 and 2002, the Company made matching contributions of approximately $269, $109, and $99, respectively.

During 2004, the Company awarded 206,117 shares of restricted Common Stock to certain employees and 10,500 shares of restricted Common Stock to certain Directors. These restricted shares of Common Stock had a fair value of approximately $8,379 on the date of grant. The restricted Common Stock vests over a period from one to ten years. Compensation expense will be charged to earnings over the vesting period.

During 2003, the Company awarded 692,888 shares of restricted Common Stock to certain employees and 11,956 shares of restricted Common Stock to certain Directors. These restricted shares of Common

F-41

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

Stock had a fair value of approximately $20,640 on the date of grant. The restricted Common Stock vests over a period from one to ten years. Compensation expense will be charged to earnings over the vesting period.

During 2002, the Company awarded 90,260 shares of restricted Common Stock to certain employees and 3,720 shares of restricted Common Stock to certain Directors. These restricted shares of Common Stock had a fair value of approximately $3,232 on the date of grant. The restricted Common Stock vests over a period from one to ten years. Compensation expense will be charged to earnings over the vesting period.


14.	Related Party Transactions

The Company periodically engages in transactions for which CB Richard Ellis, Inc. acts as a broker. A relative of one of the Company’s officers/ Directors is an employee of CB Richard Ellis, Inc. For the years ended December 31, 2004, 2003 and 2002, this relative received brokerage commissions in the amount of $29, $116 and $74, respectively, from the Company.


15.	Commitments and Contingencies

In the normal course of business, the Company is involved in legal actions arising from the ownership of its properties. In management’s opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on the consolidated financial position, operations or liquidity of the Company.

Ten properties have leases granting the tenants options to purchase the property. Such options are exercisable at various times at appraised fair market value or at a fixed purchase price in excess of the Company’s depreciated cost of the asset. At December 31, 2004, the Company has received notice from one tenant who intends to exercise its option to purchase a building from the Company. This building is included in real estate held for sale at December 31, 2004.

The Company has committed to the construction of certain industrial properties totaling approximately .6 million square feet (unaudited) of GLA. The estimated total construction costs are approximately $71.5 million (unaudited). Of this amount, approximately $59.1 million (unaudited) remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated completion cost stated above.

At December 31, 2004, the Company had 20 other letters of credit outstanding in the aggregate amount of $15,710. These letters of credit expire between March 2005 and April 2007.

F-42

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)


	Ground and Operating Lease Agreements

Future minimum rental payments under the terms of all non-cancelable ground and operating leases under which the Company is the lessee, as of December 31, 2004, are as follows:


2005		1,718
2006		1,745
2007		1,118
2008		920
2009		820
Thereafter		34,586

Total	$	40,907


16.	Subsequent Events

On January 24, 2005, the Company and the Operating Partnership paid a fourth quarter 2004 distribution of $.6950 per common share/unit, totaling approximately $34,255.

On March 1, 2005, the Company declared a first quarter 2005 distribution of $.6950 per common share/unit on its common stock/units which is payable on April 18, 2005. The Company also declared first quarter 2005 dividends of $53.906 per share ($.53906 per Depositary Share), on its Series C Preferred Stock, totaling, in the aggregate, approximately $1,078, which is payable on March 31, 2005; semi-annual dividends of $3,118.00 per share ($31.18 per Depositary Share) on its Series F Preferred Stock, totaling, in the aggregate, approximately $1,559, which is payable on March 31, 2005; and semi-annual dividends of $3,618.00 per share ($36.18 per Depositary Share) on its Series G Preferred Stock, totaling, in the aggregate, approximately $904, which is payable on March 31, 2005.

From January 1, 2005 to March 23, 2005, the Company awarded 189,878 shares of restricted common stock to certain employees and 1,012 shares of restricted common stock to certain Directors. These shares of restricted common stock had a fair value of approximately $8,014 on the date of grant. The restricted common stock vests over periods from one to ten years. Compensation expense will be charged to earnings over the respective vesting period.

From January 1, 2005 to March 23, 2005, the Company acquired eight industrial properties and several land parcels for a total estimated investment of approximately $47,624 (approximately $1,507 of which was made through the issuance of limited partnership interests in the Operating Partnership (“Units”)). The Company also sold thirteen industrial properties and several land parcels for approximately $136,044 of gross proceeds during this period.

F-43

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands)

notional value of $50,000, is based on the five year treasury, has a strike rate of 3.936% and settles on October 4, 2005. Per Statement of Financial Accounting Standard No. 133, “Accounting for Derivative Instruments and Hedging Activities” (“FAS 133”), fair value and cash flow hedge accounting for hedges of nonfinancial assets and liabilities is limited to hedges of the risk of changes in the market price of the entire hedged item because changes in the price of an ingredient or component of a nonfinancial item generally do not have a predictable, separately measurable effect on the price of the item. Since the interest rate protection agreement is hedging a component of the change in value of the build to suit development, the interest rate protection agreement doesn’t qualify for hedge accounting and the change in value of the interest rate protection agreement will be recognized immediately in net income as opposed to other comprehensive income.

F-44

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except share and per share data)


17.	Quarterly Financial Information (unaudited)

The following table summarizes quarterly financial information of the Company. The first, second and third fiscal quarters of 2004 and all fiscal quarters in 2003 have been restated in accordance with FAS 144. Additionally, due to the adjustments to the allocation of the income tax (provision) benefit to different line items (See Note 11), the consolidated statements of operations for the quarters ended March 31, 2004 and 2003, June 30, 2004 and 2003, September 30, 2004 and 2003 and December 2003 have been restated. As a result, income from continuing operations, income from discontinued operations and gain on sale of real estate in this table will not agree to the income from continuing operations, income from discontinued operations and gain on sale of real estate presented in prior financial statements filed with the Securities and Exchange Commission.

The impact on income from continuing operations, net of minority interest from amounts previously reported ($3,112, $(686), and $25,423 for the quarters ended March 31, June 30 and September 30, 2004, respectively) is to increase income from continuing operations, net of minority interest by $465, $782, and $1,863 for the quarters ended March 31, June 30, and September 30, 2004, respectively. The impact on gain on sale, net of minority interest from amounts previously reported ($2,782, $2,878 and $2,514 for the quarters March 31, June 30 and September 30, 2004, respectively) is to decrease gain on sale, net of minority interest by $(626), $(612) and $(832) for the quarters March 31, June 30 and September 30, 2004, respectively. The total impact on income (loss) from continuing operations, net of minority interest (including gain on sale of real estate, net of minority interest) was to increase basic and diluted EPS by $0.00, $0.00 and $0.03 for the quarters ended March 31, June 30, and September 30, 2004, respectively. The impact on income from discontinued operations, net of minority interest from amounts previously reported ($22,146, $24,047, and $8,547 for the quarters ended March 31, June 30, September 30, 2004, respectively) is to increase (decrease) income from discontinued operations, net of minority interest by $161, $(170), and $(1,031), respectively and decrease basic and diluted EPS by $0.00, $0.00, $(0.03) for the quarters March 31, June 30, and September 30, 2004, respectively.

The impact on income from continuing operations, net of minority interest from amounts previously reported ($9,832, $2,599, $3,640 and $1,912 for the quarters ended March 31, June 30, September 30, and December 31, 2003 respectively) is to increase income from continuing operations, net of minority interest by $854, $1,115, $840, and $1,018 for the quarters ended March 31, June 30, September 30, and December 31, 2003, respectively. The impact on gain on sale from amounts previously reported ($1,104, $2,840, $3,929 and $5,428 for the quarters ended March 31, June 30, September 30 and December 31, 2003, respectively) is to decrease gain on sale, net of minority interest by $(22), $(298), $(1,532) and $(215) for the quarters ended March 31, June 30, September 30, and December 31, 2003, respectively. The total impact on income from continuing operations, net of minority interest (including gain on sale of real estate, net of minority interest) was to increase (decrease) basic and diluted EPS by $0.02, $0.02, $(0.02) and $0.02 for the quarters ended March 31, June 30, September 30, and December 31, 2003, respectively. The impact on income from discontinued operations, net of minority interest from amounts previously reported ($19,614, $18,034, $23,125 and $21,716 for the quarters ended March 31, June 30, September 30, and December 31, 2003, respectively) is to increase (decrease) income from discontinued operations, net of minority interest by $(832), $(817), $692 and $(803), respectively and increase (decrease) basic and diluted EPS by $(0.02), $(0.02), $0.02 and $(0.02) for the quarters ended March 31, June 30, September 30, and December 31, 2003, respectively.

Net income available to common stockholders and basic and diluted EPS from net income available to common stockholders has not been affected.

F-45

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands, except share and per share data)


		Year Ended December 31, 2004

		Restated

		First			Second			Third			Fourth
		Quarter			Quarter			Quarter			Quarter

Total Revenues		$	78,407		$	76,059		$	78,386		$	86,880
Equity in Income (Loss) of Joint Ventures			245			301			35,913			(8	)
Income (Loss) from Continuing Operations, Net of Income Tax and Minority Interest			1,450			(1,171	)		26,283			(2,332	)
Income from Discontinued Operations, Net of Income Tax			28,504			29,154			9,841			21,181
Minority Interest Allocable to Discontinued Operations			(4,070	)		(4,010	)		(1,299	)		(2,788	)
Gain on Sale of Real Estate, Net of Income Tax			2,516			2,627			1,949			4,339
Minority Interest Allocable to Gain on Sale of Real Estate			(360	)		(361	)		(290	)		(557	)
Net Income			28,040			26,239			36,484			19,843
Preferred Stock Dividends			(5,044	)		(4,790	)		(2,344	)		(2,310	)
Redemption of Preferred Stock			—			(7,359	)		(600	)		—

Net Income Available to Common Stockholders		$	22,996		$	14,090		$	33,540		$	17,533

Basic Earnings Per Share:
	(Loss) Income From Continuing Operations	$	(0.04	)	$	(0.27	)	$	0.62		$	(0.02	)

	Income From Discontinued Operations	$	0.62		$	0.62		$	0.21		$	0.44

	Net Income Available to Common Stockholders	$	0.58		$	0.35		$	0.83		$	0.42

	Weighted Average Shares Outstanding		39,530			40,336			40,450			41,899

Diluted Earnings Per Share:
	(Loss) Income From Continuing Operations	$	(0.04	)	$	(0.27	)	$	0.61		$	(0.02	)

	Income From Discontinued Operations	$	0.61		$	0.62		$	0.21		$	0.44

	Net Income Available to Common Stockholders	$	0.57		$	0.35		$	0.82		$	0.42

	Weighted Average Shares Outstanding		39,995			40,584			40,764			42,216

F-46

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands, except share and per share data)


		Year Ended December 31, 2003

		Restated

		First			Second			Third			Fourth
		Quarter			Quarter			Quarter			Quarter

Total Revenues		$	81,814		$	73,134		$	76,051		$	76,816
Equity in Income (Loss) of Joint Ventures			174			269			262			(166	)
Income from Continuing Operations, Net of Income Tax and Minority Interest			8,679			2,575			3,816			889
Income from Discontinued Operations, Net of Income Tax			24,407			21,527			28,764			26,568
Minority Interest Allocable to Discontinued Operations			(3,595	)		(3,171	)		(4,288	)		(3,862	)
Gain on Sale of Real Estate, Net of Income Tax			1,253			2,986			2,809			6,397
Minority Interest Allocable to Gain Sale of Real Estate			(194	)		(444	)		(407	)		(936	)
Net Income			30,550			23,473			30,694			29,056
Preferred Stock Dividends			(5,044	)		(5,044	)		(5,044	)		(5,044	)

Net Income Available to Common Stockholders		$	25,506		$	18,429		$	25,650		$	24,012

Basic Earnings Per Share:
	Income (loss) From Continuing Operations	$	0.12		$	0.00		$	0.03		$	0.03

	Income from Discontinued Operations	$	0.54		$	0.48		$	0.63		$	0.59

	Net Income Available to Common Stockholders	$	0.66		$	0.48		$	0.67		$	0.62

	Weighted Average Shares Outstanding		38,386			38,446			38,563			38,767

Diluted Earnings Per Share:
	Income (loss) From Continuing Operations	$	0.12		$	0.00		$	0.03		$	0.03

	Income from Discontinued Operations	$	0.54		$	0.48		$	0.63		$	0.58

	Net Income Available to Common Stockholders	$	0.66		$	0.48		$	0.66		$	0.61

	Weighted Average Shares Outstanding		38,446			38,573			38,701			39,096

F-47

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(Dollars in thousands, except share and per share data)


18.	Pro Forma Financial Information (unaudited)

The following Pro Forma Condensed Statements of Operations for the years ended December 31, 2004 and 2003 (the “Pro Forma Statements”) are presented as if the acquisition of 66 operating industrial properties between January 1, 2004 and December 31, 2004 had been acquired on January 1, 2003. The Pro Forma Condensed Statements of Operations include all necessary adjustments to reflect the occurrence of purchases and sales of properties during 2004 as of January 1, 2003.

The Pro Forma Statements are not necessarily indicative of what the Company’s results of operations would have been for the years ended December 31, 2004 and 2003, nor do they purport to present the future results of operations of the Company.

Pro Forma Condensed Statements of Operations


	Year Ended			Year Ended
	December 31,			December 31,
	2004			2003

Total Revenues	$	336,625		$	334,048
Property Expenses		(113,175	)		(107,279	)
General and Administrative Expense		(39,569	)		(26,953	)
Amortization of Deferred Financing Costs		(1,931	)		(1,764	)
Depreciation and Other Amortization		(102,256	)		(87,428	)
Total Other Income/ Expense		(92,150	)		(88,799	)

(Loss) Income from Continuing Operations Before Equity in Income of Joint Ventures and Income Allocated to Minority Interest		(12,456	)		21,825
Income Tax Benefit		6,746			3,205
Equity in Income of Joint Ventures, Net		36,451			539
Minority Interest Allocable to Continuing Operations		(1,138	)		(794	)

Income from Continuing Operations	$	29,603		$	24,775

Income from Continuing Operations Available to Common Stockholders, Net of Minority Interest Per Weighted Average Common Share Outstanding:
Basic	$	.42		$	.42

Diluted	$	.42		$	.42

F-48

Report of Independent Registered Public Accounting Firm on

Financial Statement Schedule

To the Board of Directors and Stockholders

of First Industrial Realty Trust, Inc.:

Our audits of the consolidated financial statements, of management’s assessment of the effectiveness of internal control over financial reporting and of the effectiveness of internal control over financial reporting referred to in our report dated March 30, 2005 of First Industrial Realty Trust, Inc. and its subsidiaries which report consolidated financial statements, and assessments are included in this Annual Report on Form 10-K also included an audit of the financial statement schedule listed in the Index to Financial Statements and Financial Statement Schedule on Page F-1 of this Form 10-K. In our opinion, this financial statement schedule presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements.

PricewaterhouseCoopers LLP

Chicago, Illinois

March 30, 2005

S-1

FIRST INDUSTRIAL REALTY TRUST, INC.

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As Of December 31, 2004

(Dollars in thousands)


								(s)
								Costs
								Capitalized			Gross Amount Carried
								Subsequent to			at Close of Period 12/31/04
				(b)				Acquisition or
				Initial Cost				Completion									Accumulated
	Location		(a)					and Valuation					Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances	Land		Buildings		Provision			Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Atlanta
4250 River Green Parkway		Duluth, GA		$	264		1,522	$	237		$	264	$	1,759	$	2,023	$	467		1988		(o)
3400 Corporate Parkway		Duluth, GA			281		1,621		337			281		1,958		2,239		576		1987		(o)
3450 Corporate Parkway		Duluth, GA			506		2,904		358			506		3,262		3,768		841		1988		(o)
3500 Corporate Parkway		Duluth, GA			260		1,500		176			260		1,676		1,936		471		1991		(o)
3425 Corporate Parkway		Duluth, GA			385		2,212		257			385		2,469		2,854		681		1990		(o)
1650 GA Highway 155		McDonough, GA			788		4,544		345			788		4,889		5,677		1,432		1991		(o)
14101 Industrial Park Boulevard		Covington, GA			285		1,658		710			285		2,368		2,653		529		1984		(o)
801-804 Blacklawn Road		Conyers, GA			361		2,095		831			361		2,926		3,287		696		1982		(o)
1665 Dogwood Drive		Conyers, GA			635		3,662		249			635		3,911		4,546		1,058		1973		(o)
1715 Dogwood Drive		Conyers, GA			288		1,675		251			288		1,926		2,214		579		1973		(o)
11235 Harland Drive		Covington, GA			125		739		93			125		832		957		220		1988		(o)
4050 Southmeadow Parkway		Atlanta, GA			401		2,813		302			425		3,091		3,516		804		1991		(o)
4051 Southmeadow Parkway		Atlanta, GA			726		4,130		1,078			726		5,208		5,934		1,391		1989		(o)
4071 Southmeadow Parkway		Atlanta, GA			750		4,460		1,084			828		5,466		6,294		1,471		1991		(o)
4081 Southmeadow Parkway		Atlanta, GA			1,012		5,918		881			1,157		6,654		7,811		1,648		1989		(o)
3312 N. Berkeley Lake Road(r)		Duluth, GA			2,937		5,450		13,169			3,052		18,504		21,556		4,209		1969/90		(o)
370 Great Southwest Parkway(k)		Atlanta, GA			527		2,984		556			546		3,521		4,067		766		1986		(o)
955 Cobb Place		Kennesaw, GA			780		4,420		535			804		4,931		5,735		894		1991		(o)
2039 Monier Blvd		Lithia Springs, GA			651		2,770		(3	)		501		2,917		3,418		357		1999		(o)
1005 Sigman Road		Conyers, GA			566		3,134		153			574		3,279		3,853		434		1986		(o)
2050 East Park Drive		Conyers, GA			452		2,504		194			459		2,691		3,150		440		1998		(o)
201 Greenwood		McDonough, GA			2,066		304		21,114			2,521		20,963		23,484		2,648		1999		(o)
220 Greenwood Court		McDonough, GA			2,015		—		8,819			1,700		9,134		10,834		704		2000		(o)
1255 Oakbrook Drive		Norcross, GA			195		1,107		78			197		1,183		1,380		103		1984		(o)
1256 Oakbrook Drive		Norcross, GA			336		1,907		318			339		2,222		2,561		210		1984		(o)
1265 Oakbrook Drive		Norcross, GA			307		1,742		179			309		1,919		2,228		159		1984		(o)
1266 Oakbrook Drive		Norcross, GA			234		1,326		52			235		1,377		1,612		116		1984		(o)

S-2


									(s)
									Costs
									Capitalized		Gross Amount Carried
									Subsequent to		at Close of Period 12/31/04
					(b)				Acquisition or
					Initial Cost				Completion								Accumulated
	Location		(a)						and Valuation				Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances		Land		Buildings		Provision		Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Atlanta — (Continued)
1275 Oakbrook Drive		Norcross, GA				400		2,269		96		403		2,362		2,765		199		1986		(o)
1280 Oakbrook Drive		Norcross, GA				281		1,592		236		283		1,826		2,109		165		1986		(o)
1300 Oakbrook Drive		Norcross, GA				420		2,381		63		423		2,441		2,864		208		1986		(o)
1325 Oakbrook Drive		Norcross, GA				332		1,879		200		334		2,077		2,411		173		1986		(o)
1351 Oakbrook Drive		Norcross, GA				370		2,099		115		373		2,211		2,584		201		1984		(o)
1346 Oakbrook Drive		Norcross, GA				740		4,192		121		744		4,309		5,053		367		1985		(o)
1412 Oakbrook Drive		Norcross, GA				313		1,776		148		315		1,922		2,237		159		1985		(o)
7800 The Bluffs(r)		Austell, GA				490		2,415		397		496		2,806		3,302		150		1995		(o)
Greenwood Industrial Park		McDonough, GA				1,550		—		7,490		1,550		7,490		9,040		64		2003		(o)
3060 South Park Blvd		Ellenwood, GA				1,600		12,464		961		1,603		13,422		15,025		687		1992		(o)
1122 Milledge Street(r)		East Point, GA				210		1,190		49		233		1,216		1,449		3		1956/1999		(o)
Baltimore
3431 Benson		Baltimore, MD				553		3,062		250		562		3,303		3,865		551		1988		(o)
1811 Portal		Baltimore, MD				327		1,811		344		354		2,128		2,482		468		1987		(o)
1831 Portal		Baltimore, MD				268		1,486		452		290		1,916		2,206		421		1990		(o)
1820 Portal		Baltimore, MD		(f)		884		4,891		454		899		5,330		6,229		885		1982		(o)
6615 Tributary		Baltimore, MD				420		2,327		148		432		2,463		2,895		424		1987		(o)
4845 Governors Way		Frederick, MD				810		4,487		412		824		4,885		5,709		798		1988		(o)
8900 Yellow Brick Road		Baltimore, MD				447		2,473		372		475		2,817		3,292		477		1982		(o)
7476 New Ridge		Hanover, MD				394		2,182		208		401		2,383		2,784		419		1987		(o)
504 Advantage Way(r)		Aberdeen, MD				2,799		15,864		574		2,802		16,435		19,237		699		1987/92		(o)
9700 Martin Luther King Hwy		Lanham, MD				700		1,920		487		700		2,407		3,107		137		1980		(o)
9730 Martin Luther King Hwy		Lanham, MD				500		955		634		500		1,589		2,089		98		1980		(o)
4600 Boston Way		Lanham, MD				1,400		2,482		248		1,400		2,730		4,130		133		1980		(o)
4621 Boston Way(r)		Lanham, MD				1,100		3,070		245		1,100		3,315		4,415		145		1980		(o)
4720 Boston Way(r)		Lanham, MD				1,200		2,174		853		1,200		3,027		4,227		146		1979		(o)
2250 Randolph Drive		Dulles, VA				3,200		8,187		26		3,208		8,205		11,413		73		1999		(o)
22630 Dulles Summit Court		Dulles, VA				2,200		9,346		29		2,206		9,369		11,575		126		1998		(o)
9800 Martin Luther King Hwy		Lanham, MD				1,200		2,457		543		1,200		3,000		4,200		132		1978		(o)
21550 Beaumeade Circle		Ashburn, VA				1,100		2,758		10		1,103		2,765		3,868		34		1990		(o)
21580 Beaumeade Circle		Ashburn, VA				1,600		3,772		15		1,605		3,782		5,387		42		1990		(o)
4501 Hollins Ferry Road		Baltimore, MD				3,000		10,108		222		3,058		10,272		13,330		58		1982/92		(o)

S-3


									(s)
									Costs
									Capitalized		Gross Amount Carried
									Subsequent to		at Close of Period 12/31/04
					(b)				Acquisition or
					Initial Cost				Completion								Accumulated
	Location		(a)						and Valuation				Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances		Land		Buildings		Provision		Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Central Pennsylvania
1214-B Freedom Road		Cranberry Township, PA				31		994		613		200		1,438		1,638		705		1982		(o)
401 Russell Drive		Middletown, PA				262		857		1,863		287		2,695		2,982		1,206		1990		(o)
2700 Commerce Drive		Middletown, PA				196		997		710		206		1,697		1,903		763		1990		(o)
2701 Commerce Drive		Middletown, PA				141		859		1,172		164		2,008		2,172		787		1989		(o)
2780 Commerce Drive		Middletown, PA				113		743		1,051		209		1,698		1,907		790		1989		(o)
7125 Grayson Road		Harrisburg, PA				1,514		8,779		143		1,514		8,922		10,436		2,369		1991		(o)
7253 Grayson Road		Harrisburg, PA				894		5,168		215		894		5,383		6,277		1,562		1990		(o)
5020 Louise Drive		Mechanicsburg, PA				707		—		2,800		716		2,791		3,507		635		1995		(o)
7195 Grayson		Harrisburg, PA				478		2,771		190		479		2,960		3,439		732		1994		(o)
3380 Susquehanna Trail North		York, PA				450		2,550		152		467		2,685		3,152		522		1990		(o)
350 Old Silver Springs Road		Mechanicsburg, PA				510		2,890		4,480		541		7,339		7,880		1,267		1968/97		(o)
16522 Hunters Green Parkway		Hagerstown, MD		(h)		1,390		13,104		3,945		1,863		16,576		18,439		715		2000		(o)
18212 Shawley Drive		Hagerstown, MD				1,000		5,847		106		1,016		5,937		6,953		69		1992		(o)
270 Old Silver Spring Road		Mechanicsburg, PA				350		—		3,649		350		3,649		3,999		231		2001		(o)
Covington (CAT)		Gouldsboro, PA				135		—		9,557		1,040		8,652		9,692		74		2003		(o)
37 Valleyview Business Park		Jessup, PA				576		—		2,490		542		2,524		3,066		5		2004		(o)
Chicago
720-730 Landwehr Road		Northbrook, IL				521		2,982		1,305		521		4,287		4,808		988		1978		(o)
20W201 101st Street		Lemont, IL				967		5,554		882		968		6,435		7,403		1,697		1988		(o)
3600 West Pratt Avenue		Lincolnwood, IL				1,050		5,767		1,346		1,050		7,113		8,163		1,788		1953/88		(o)
6750 South Sayre Avenue		Bedford Park, IL				224		1,309		443		224		1,752		1,976		449		1975		(o)
585 Slawin Court		Mount Prospect, IL				611		3,505		183		611		3,688		4,299		928		1992		(o)
2300 Windsor Court		Addison, IL				688		3,943		552		696		4,487		5,183		1,272		1986		(o)
3505 Thayer Court		Aurora, IL				430		2,472		45		430		2,517		2,947		671		1989		(o)
305-311 Era Drive		Northbrook, IL				200		1,154		192		205		1,341		1,546		371		1978		(o)
4330 South Racine Avenue		Chicago, IL				448		1,893		549		468		2,422		2,890		1,787		1978		(o)
12241 Melrose Street		Franklin Park, IL				332		1,931		1,940		469		3,734		4,203		972		1969		(o)
3150-3160 MacArthur Boulevard		Northbrook, IL				439		2,518		112		429		2,640		3,069		771		1978		(o)
365 North Avenue		Carol Stream, IL				1,081		6,882		2,659		1,111		9,511		10,622		2,231		1969		(o)
2942 MacArthur Boulevard		Northbrook, IL				315		1,803		313		311		2,120		2,431		721		1979		(o)
305-307 East North Ave		Carol Stream, IL				126		—		2,737		128		2,735		2,863		302		1999		(o)
11939 S Central Avenue		Alsip, IL				1,208		6,843		2,165		1,305		8,911		10,216		1,578		1972		(o)
405 East Shawmut		LaGrange, IL				368		2,083		171		387		2,235		2,622		411		1965		(o)
1010-50 Sesame Street		Bensenville, IL				979		5,546		2,073		1,048		7,550		8,598		1,111		1976		(o)
7401 South Pulaski		Chicago, IL				664		3,763		1,304		669		5,062		5,731		934		1975/86		(o)

S-4


								(s)
								Costs
								Capitalized		Gross Amount Carried
								Subsequent to		at Close of Period 12/31/04
				(b)				Acquisition or
				Initial Cost				Completion								Accumulated
	Location		(a)					and Valuation				Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Chicago — (Continued)
7501 S. Pulaski		Chicago, IL			360		2,038		963		318		3,043		3,361		675		1975/86		(o)
385 Fenton Lane		West Chicago, IL			868		4,918		567		884		5,469		6,353		1,063		1990		(o)
335 Crossroad Parkway		Bolingbrook, IL			1,560		8,840		863		1,585		9,678		11,263		1,763		1996		(o)
905 Paramount		Batavia, IL			243		1,375		390		252		1,756		2,008		309		1977		(o)
1005 Paramount		Batavia, IL			282		1,600		377		293		1,966		2,259		346		1978		(o)
2120-24 Roberts		Broadview, IL			220		1,248		430		231		1,667		1,898		381		1960		(o)
700 Business Center Drive		Mount Prospect, IL			270		1,492		120		288		1,594		1,882		162		1980		(o)
555 Business Center Drive		Mount Prospect, IL			241		1,336		97		252		1,422		1,674		147		1981		(o)
800 Business Center Drive		Mount Prospect, IL			631		3,493		233		666		3,691		4,357		376		1988/99		(o)
580 Slawin Court		Mount Prospect, IL			233		1,292		140		254		1,411		1,665		144		1985		(o)
1150 Feehanville Drive		Mount Prospect, IL			260		1,437		139		273		1,563		1,836		171		1983		(o)
1200 Business Center D rive		Mount Prospect, IL			765		4,237		387		814		4,575		5,389		517		1988/2000		(o)
1331 Business Center Drive		Mount Prospect, IL			235		1,303		136		255		1,419		1,674		145		1985		(o)
19W661 101st Street		Lemont, IL			1,200		6,643		356		1,220		6,979		8,199		554		1988		(o)
175 Wall Street		Glendale Heights, IL			427		2,363		61		433		2,418		2,851		175		1990		(o)
800-820 Thorndale Avenue		Bensenville, IL			751		4,159		70		761		4,219		4,980		220		1985		(o)
830-890 Supreme Drive		Bensenville, IL			671		3,714		247		679		3,953		4,632		257		1981		(o)
1661 Feehanville Drive		Mount Prospect, IL			985		5,455		644		1,044		6,040		7,084		612		1986		(o)
2250 Arthur Avenue		Elk Grove Village, IL			800		1,543		43		809		1,577		2,386		77		1973/86		(o)
1850 Toughy & 1158-60 McCage Ave		Elk Grove Village, IL			1,500		4,842		57		1,514		4,885		6,399		130		1978		(o)
501 Airport Road(r)		Aurora, IL			698		—		4,616		694		4,620		5,314		230		2002		(o)
251 Airport Road(r)		Aurora, IL			990		—		6,246		983		6,253		7,236		353		2002		(o)
Cincinnati
9900-9970 Princeton		Cincinnati, OH			545		3,088		1,688		566		4,755		5,321		1,222		1970		(o)
2940 Highland Avenue		Cincinnati, OH			1,717		9,730		2,194		1,772		11,869		13,641		2,788		1969/74		(o)
4700-4750 Creek Road		Blue Ash, OH			1,080		6,118		802		1,109		6,891		8,000		1,573		1960		(o)
12072 Best Place		Springboro, OH			426		—		3,182		443		3,165		3,608		542		1984		(o)
901 Pleasant Valley Drive		Springboro, OH			304		1,721		301		316		2,010		2,326		447		1984/94		(o)
4440 Mulhauser Road		Cincinnati, OH			1,067		39		5,329		655		5,780		6,435		1,008		1999		(o)
4434 Mulhauser Road		Cincinnati, OH			444		16		4,712		463		4,709		5,172		759		1999		(o)
9449 Glades Drive		Hamilton, OH			465		—		3,987		2		4,450		4,452		383		1999		(o)
420 Wars Corner Road(r)		Loveland, OH			600		1,083		928		606		2,005		2,611		182		1985		(o)
422 Wards Corner Road		Loveland, OH			600		1,811		330		605		2,136		2,741		224		1985		(o)

S-5


								(s)
								Costs
								Capitalized			Gross Amount Carried
								Subsequent to			at Close of Period 12/31/04
				(b)				Acquisition or
				Initial Cost				Completion									Accumulated
	Location		(a)					and Valuation					Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances	Land		Buildings		Provision			Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Cincinnati — (Continued)
7625 Empire Drive		Florence, KY			961		5,444		237			996		5,646		6,642		12		1960		(o)
4436 Muhlhauser Road(r)		Hamilton, OH			630		—		5,377			630		5,377		6,007		358		2001		(o)
4438 Muhlhauser Road(r)		Hamilton, OH			779		—		6,958			779		6,958		7,737		439		2000		(o)
10901 Kenwood(r)		Blue Ash, OH			750		1,650		194			1,080		1,514		2,594		103		1960		(o)
Columbus
3800 Lockbourne Industrial Pkwy		Columbus, OH			1,133		6,421		(112	)		1,045		6,397		7,442		1,383		1986		(o)
3880 Groveport Road		Columbus, OH			2,145		12,154		322			1,955		12,666		14,621		2,671		1986		(o)
1819 North Walcutt Road		Columbus, OH			810		4,590		(453	)		637		4,310		4,947		995		1973		(o)
4300 Cemetery Road(r)		Hillard, OH			1,103		6,248		(1,764	)		764		4,823		5,587		1,009		1968/74		(o)
4115 Leap Road(k)		Hillard, OH			758		4,297		482			756		4,781		5,537		765		1977		(o)
3300 Lockbourne		Columbus, OH			708		3,920		1,226			710		5,144		5,854		933		1964		(o)
Dallas/ Fort Worth
1275-1281 Roundtable Drive		Dallas, TX			148		839		53			117		923		1,040		189		1966		(o)
2406-2416 Walnut Ridge		Dallas, TX			178		1,006		289			183		1,290		1,473		234		1978		(o)
12750 Perimeter Drive		Dallas, TX			638		3,618		352			660		3,948		4,608		700		1979		(o)
1324-1343 Roundtable Drive		Dallas, TX			178		1,006		294			184		1,294		1,478		284		1972		(o)
2401-2419 Walnut Ridge		Dallas, TX			148		839		119			153		953		1,106		169		1978		(o)
4248-4252 Simonton		Farmers Ranch, TX			888		5,032		408			920		5,408		6,328		1,011		1973		(o)
900-906 Great Southwest Pkwy		Arlington, TX			237		1,342		566			270		1,875		2,145		292		1972		(o)
2179 Shiloh Road		Garland, TX			251		1,424		115			256		1,534		1,790		299		1982		(o)
2159 Shiloh Road		Garland, TX			108		610		55			110		663		773		127		1982		(o)
2701 Shiloh Road		Garland, TX			818		4,636		1,293			923		5,824		6,747		1,074		1981		(o)
12784 Perimeter Drive(l)		Dallas, TX			350		1,986		509			396		2,449		2,845		469		1981		(o)
3000 West Commerce		Dallas, TX			456		2,584		530			469		3,101		3,570		518		1980		(o)
3030 Hansboro		Dallas, TX			266		1,510		481			276		1,981		2,257		387		1971		(o)
5222 Cockrell Hill		Dallas, TX			296		1,677		389			306		2,056		2,362		339		1973		(o)
405-407 113th		Arlington, TX			181		1,026		257			185		1,279		1,464		288		1969		(o)
816 111th Street		Arlington, TX			251		1,421		62			258		1,476		1,734		266		1972		(o)
7341 Dogwood Park		Richland Hills, TX			79		435		251			84		681		765		113		1973		(o)
7427 Dogwood Park		Richland Hills, TX			96		532		89			102		615		717		92		1973		(o)
7348-54 Tower Street		Richland Hills, TX			88		489		199			94		682		776		95		1978		(o)
7370 Dogwood Park		Richland Hills, TX			91		503		100			96		598		694		103		1987		(o)
7339-41 Tower Street		Richland Hills, TX			98		541		78			104		613		717		100		1980		(o)
7437-45 Tower Street		Richland Hills, TX			102		563		78			108		635		743		103		1977		(o)

S-6


								(s)
								Costs
								Capitalized		Gross Amount Carried
								Subsequent to		at Close of Period 12/31/04
				(b)				Acquisition or
				Initial Cost				Completion								Accumulated
	Location		(a)					and Valuation				Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Dallas/ Fort Worth — (Continued)
7331-59 Airport Freeway		Richland Hills, TX			354		1,958		422		372		2,362		2,734		420		1987		(o)
7338-60 Dogwood Park		Richland Hills, TX			106		587		107		112		688		800		130		1978		(o)
7450-70 Dogwood Park		Richland Hills, TX			106		584		175		112		753		865		164		1985		(o)
7423-49 Airport Freeway		Richland Hills, TX			293		1,621		546		308		2,152		2,460		504		1985		(o)
7400 Whitehall Street		Richland Hills, TX			109		603		81		115		678		793		104		1994		(o)
1602-1654 Terre Colony		Dallas, TX			458		2,596		239		468		2,825		3,293		378		1981		(o)
3330 Duncanville Road		Dallas, TX			197		1,114		27		199		1,139		1,338		130		1987		(o)
6851-6909 Snowden Road		Fort Worth, TX			1,025		5,810		434		1,038		6,231		7,269		832		1985/86		(o)
2351-2355 Merritt Drive		Garland, TX			101		574		128		103		700		803		93		1986		(o)
10575 Vista Park		Dallas, TX			366		2,074		111		371		2,180		2,551		245		1988		(o)
701-735 North Plano Road		Richardson, TX			696		3,944		111		705		4,046		4,751		470		1972/94		(o)
2259 Merritt Drive		Garland, TX			96		544		67		97		610		707		100		1986		(o)
2260 Merritt Drive		Garland, TX			319		1,806		54		323		1,856		2,179		212		1986/99		(o)
2220 Merritt Drive		Garland, TX			352		1,993		266		356		2,255		2,611		243		1986/2000		(o)
2010 Merritt Drive		Garland, TX			350		1,981		227		354		2,204		2,558		364		1986		(o)
2363 Merritt Drive		Garland, TX			73		412		61		74		472		546		51		1986		(o)
2447 Merritt Drive		Garland, TX			70		395		12		71		406		477		46		1986		(o)
2465-2475 Merritt Drive		Garland, TX			91		514		14		92		527		619		60		1986		(o)
2485-2505 Merritt Drive		Garland, TX			431		2,440		408		436		2,843		3,279		284		1986		(o)
2081 Hutton Drive — Bldg 1(l)		Carrollton, TX			448		2,540		451		453		2,986		3,439		370		1981		(o)
2150 Hutton Drive		Carrollton, TX			192		1,089		292		194		1,379		1,573		176		1980		(o)
2110 Hutton Drive		Carrollton, TX			374		2,117		187		377		2,301		2,678		260		1985		(o)
2025 McKenzie Drive		Carrollton, TX			437		2,478		431		442		2,904		3,346		338		1985		(o)
2019 McKenzie Drive		Carrollton, TX			502		2,843		206		507		3,044		3,551		348		1985		(o)
1420 Valwood Parkway — Bldg 1(k)		Carrollton, TX			460		2,608		558		466		3,160		3,626		354		1986		(o)
1620 Valwood Parkway(l)		Carrollton, TX			1,089		6,173		1,133		1,100		7,295		8,395		847		1986		(o)
1505 Luna Road — Bldg II		Carrollton, TX			167		948		60		169		1,006		1,175		111		1988		(o)
1625 West Crosby Road		Carrollton, TX			617		3,498		784		631		4,268		4,899		683		1988		(o)
2029-2035 McKenzie Drive		Carrollton, TX			330		1,870		991		306		2,885		3,191		425		1985		(o)
1840 Hutton Drive(k)		Carrollton, TX			811		4,597		539		819		5,128		5,947		521		1986		(o)
1420 Valwood Pkwy — Bldg II		Carrollton, TX			373		2,116		358		377		2,470		2,847		273		1986		(o)
2015 McKenzie Drive		Carrollton, TX			510		2,891		459		516		3,344		3,860		375		1986		(o)
2105 McDaniel Drive		Carrollton, TX			502		2,844		734		507		3,573		4,080		342		1986		(o)
2009 McKenzie Drive		Carrollton, TX			476		2,699		350		481		3,044		3,525		337		1987		(o)

S-7


								(s)
								Costs
								Capitalized		Gross Amount Carried
								Subsequent to		at Close of Period 12/31/04
				(b)				Acquisition or
				Initial Cost				Completion								Accumulated
	Location		(a)					and Valuation				Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Dallas/ Fort Worth — (Continued)
1505 Luna Road — Bldg I		Carrollton, TX			521		2,953		211		529		3,156		3,685		278		1988		(o)
900-1100 Avenue S		Grand Prairie, TX			623		3,528		337		629		3,859		4,488		295		1985		(o)
15001 Trinity Blvd		Ft. Worth, TX			529		2,998		44		534		3,037		3,571		177		1984		(o)
Plano Crossing(m)		Plano, TX			1,961		11,112		134		1,981		11,226		13,207		655		1998		(o)
7413A-C Dogwood Park		Richland Hills, TX			110		623		102		111		724		835		39		1990		(o)
7450 Tower Street		Richland Hills, TX			36		204		4		36		208		244		13		1977		(o)
7436 Tower Street		Richland Hills, TX			57		324		61		58		384		442		25		1979		(o)
7501 Airport Freeway		Richland Hills, TX			113		638		50		115		686		801		44		1983		(o)
7426 Tower Street		Richland Hills, TX			76		429		6		76		435		511		25		1978		(o)
7427-7429 Tower Street		Richland Hills, TX			75		427		15		76		441		517		25		1981		(o)
2840-2842 Handley Ederville Rd		Richland Hills, TX			112		635		15		113		649		762		38		1977		(o)
7451-7477 Airport Freeway		Richland Hills, TX			256		1,453		150		259		1,600		1,859		116		1984		(o)
7415 Whitehall Street		Richland Hills, TX			372		2,107		88		375		2,192		2,567		139		1986		(o)
7450 Whitehall Street		Richland Hills, TX			104		591		10		105		600		705		34		1978		(o)
7430 Whitehall Street		Richland Hills, TX			143		809		14		144		822		966		47		1985		(o)
7420 Whitehall Street		Richland Hills, TX			110		621		23		111		643		754		41		1985		(o)
300 Wesley Way		Richland Hills, TX			208		1,181		18		211		1,196		1,407		68		1995		(o)
825-827 Avenue H(k),(r)		Arlington, TX			600		3,006		95		604		3,097		3,701		53		1979		(o)
1013-31 Avenue M(r)		Grand Prairie, TX			300		1,504		17		302		1,519		1,821		26		1978		(o)
1172-84 113th Street(k)		Grand Prairie, TX			700		3,509		34		705		3,538		4,243		52		1980		(o)
1200-16 Avenue H(k)		Arlington, TX			600		2,846		42		604		2,884		3,488		47		1981/82		(o)
1322-66 N. Carrier Parkway(l)		Grand Prairie, TX			1,000		5,012		52		1,006		5,058		6,064		74		1979		(o)
2401-2407 Centennial Dr.		Arlington, TX			600		2,534		64		604		2,594		3,198		45		1977		(o)
3111 West Commerce Street		Dallas, TX			1,000		3,364		43		1,011		3,396		4,407		17		1979		(o)
2104 Hutton Drive		Carrollton, TX			246		1,393		59		249		1,449		1,698		157		1990		(o)
7451 Dogwood Park		Richland Hills, TX			133		753		195		134		947		1,081		103		1977		(o)
2821 Cullen Street		Fort Worth, TX			71		404		6		72		409		481		23		1961		(o)
1500 Broad Street		Mansfield, TX			250		1,617		288		301		1,854		2,155		57		1969/92		(o)
2301 Centennial Dr.		Arlington, TX			600		2,377		19		603		2,393		2,996		38		1970		(o)
Denver
7100 North Broadway — 1		Denver, CO			201		1,141		418		215		1,545		1,760		372		1978		(o)
7100 North Broadway — 2		Denver, CO			203		1,150		353		204		1,502		1,706		397		1978		(o)
7100 North Broadway — 3		Denver, CO			139		787		239		140		1,025		1,165		279		1978		(o)
7100 North Broadway — 5		Denver, CO			180		1,018		219		178		1,239		1,417		310		1978		(o)

S-8


								(s)
								Costs
								Capitalized		Gross Amount Carried
								Subsequent to		at Close of Period 12/31/04
				(b)				Acquisition or
				Initial Cost				Completion								Accumulated
	Location		(a)					and Valuation				Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Denver — (Continued)
7100 North Broadway — 6		Denver, CO			269		1,526		475		271		1,999		2,270		503		1978		(o)
20100 East 32nd Avenue Parkway		Aurora, CO			333		1,888		250		314		2,157		2,471		556		1997		(o)
5454 Washington		Denver, CO			154		873		252		156		1,123		1,279		256		1985		(o)
700 West 48th Street		Denver, CO			302		1,711		309		307		2,015		2,322		407		1984		(o)
702 West 48th Street		Denver, CO			135		763		214		139		973		1,112		268		1984		(o)
6425 North Washington		Denver, CO			374		2,118		377		385		2,484		2,869		536		1983		(o)
3370 North Peoria Street		Aurora, CO			163		924		201		163		1,125		1,288		343		1978		(o)
3390 North Peoria Street		Aurora, CO			145		822		100		147		920		1,067		191		1978		(o)
3508-3538 North Peoria Street		Aurora, CO			260		1,472		448		264		1,916		2,180		405		1978		(o)
3568 North Peoria Street		Aurora, CO			222		1,260		288		225		1,545		1,770		365		1978		(o)
4785 Elati		Denver, CO			173		981		249		175		1,228		1,403		308		1972		(o)
4770 Fox Street		Denver, CO			132		750		60		134		808		942		170		1972		(o)
1550 W. Evans		Denver, CO			388		2,200		434		385		2,637		3,022		503		1975		(o)
3751-71 Revere Street		Denver, CO			262		1,486		234		267		1,715		1,982		330		1980		(o)
3871 Revere		Denver, CO			361		2,047		422		368		2,462		2,830		407		1980		(o)
4570 Ivy Street		Denver, CO			219		1,239		288		220		1,526		1,746		390		1985		(o)
5855 Stapleton Drive North		Denver, CO			288		1,630		247		290		1,875		2,165		364		1985		(o)
5885 Stapleton Drive North		Denver, CO			376		2,129		246		380		2,371		2,751		461		1985		(o)
5977-5995 North Broadway		Denver, CO			268		1,518		241		271		1,756		2,027		325		1978		(o)
2952-5978 North Broadway		Denver, CO			414		2,346		733		422		3,071		3,493		644		1978		(o)
4721 Ironton Street		Denver, CO			232		1,313		1,518		236		2,827		3,063		739		1969		(o)
7100 North Broadway — 7		Denver, CO			215		1,221		266		217		1,485		1,702		362		1985		(o)
7100 North Broadway — 8		Denver, CO			79		448		211		80		658		738		223		1985		(o)
6804 East 48th Avenue		Denver, CO			253		1,435		266		256		1,698		1,954		313		1973		(o)
445 Bryant Street		Denver, CO			1,831		10,219		1,670		1,829		11,891		13,720		2,064		1960		(o)
East 47th Drive — A		Denver, CO			474		2,689		112		441		2,834		3,275		643		1997		(o)
9500 West 49th Street — A		Wheatridge, CO			283		1,625		279		286		1,901		2,187		364		1997		(o)
9500 West 49th Street — B		Wheatridge, CO			225		1,272		33		226		1,304		1,530		242		1997		(o)
9500 West 49th Street — C		Wheatridge, CO			602		3,409		98		600		3,509		4,109		658		1997		(o)
9500 West 49th Street — D		Wheatridge, CO			271		1,537		181		246		1,743		1,989		495		1997		(o)
8100 South Park Way — A		Littleton, CO			442		2,507		71		423		2,597		3,020		490		1997		(o)
8100 South Park Way — B		Littleton, CO			103		582		291		104		872		976		272		1984		(o)
8100 South Park Way — C		Littleton, CO			568		3,219		223		575		3,435		4,010		610		1984		(o)
451-591 East 124th Avenue		Littleton, CO			383		2,145		685		383		2,830		3,213		501		1979		(o)

S-9


								(s)
								Costs
								Capitalized		Gross Amount Carried
								Subsequent to		at Close of Period 12/31/04
				(b)				Acquisition or
				Initial Cost				Completion								Accumulated
	Location		(a)					and Valuation				Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Denver — (Continued)
608 Garrison Street		Lakewood, CO			265		1,501		404		267		1,903		2,170		364		1984		(o)
610 Garrison Street		Lakewood, CO			264		1,494		404		266		1,896		2,162		387		1984		(o)
15000 West 6th Avenue		Golden, CO			913		5,174		876		916		6,047		6,963		1,242		1985		(o)
14998 West 6th Avenue Bldg E		Golden, CO			565		3,199		272		568		3,468		4,036		691		1995		(o)
14998 West 6th Avenue Bldg F		Englewood, CO			269		1,525		222		271		1,745		2,016		440		1995		(o)
12503 East Euclid Drive		Denver, CO			1,219		6,905		676		1,208		7,592		8,800		1,529		1986		(o)
6547 South Racine Circle		Denver, CO			748		4,241		313		739		4,563		5,302		1,095		1996		(o)
7800 East Iliff Avenue		Denver, CO			188		1,067		96		190		1,161		1,351		225		1983		(o)
2369 South Trenton Way		Denver, CO			292		1,656		247		294		1,901		2,195		446		1983		(o)
2422 S. Trenton Way		Denver, CO			241		1,364		209		243		1,571		1,814		301		1983		(o)
2452 South Trenton Way		Denver, CO			421		2,386		151		426		2,532		2,958		486		1983		(o)
1600 South Abilene		Aurora, CO			465		2,633		89		467		2,720		3,187		511		1986		(o)
1620 South Abilene		Aurora, CO			268		1,520		123		270		1,641		1,911		347		1986		(o)
1640 South Abilene		Aurora, CO			368		2,085		142		382		2,213		2,595		424		1986		(o)
13900 East Florida Ave		Aurora, CO			189		1,071		89		190		1,159		1,349		229		1986		(o)
14401-14492 East 33rd Place		Aurora, CO			445		2,519		241		440		2,765		3,205		552		1979		(o)
11701 East 53rd Avenue		Denver, CO			416		2,355		118		422		2,467		2,889		447		1985		(o)
5401 Oswego Street		Denver, CO			273		1,547		397		278		1,939		2,217		452		1985		(o)
3811 Joilet(r)		Denver, CO			735		4,166		238		752		4,387		5,139		793		1977		(o)
2630 West 2nd Avenue		Denver, CO			51		286		81		51		367		418		58		1970		(o)
2650 West 2nd Avenue		Denver, CO			221		1,252		90		223		1,340		1,563		260		1970		(o)
14818 West 6th Avenue Bldg A		Golden, CO			494		2,799		327		468		3,152		3,620		740		1985		(o)
14828 West 6th Avenue Bldg B		Golden, CO			519		2,942		510		503		3,468		3,971		683		1985		(o)
12055 E 49th Ave/4955 Peoria		Denver, CO			298		1,688		559		305		2,240		2,545		501		1984		(o)
4940-4950 Paris		Denver, CO			152		861		73		156		930		1,086		167		1984		(o)
4970 Paris		Denver, CO			95		537		88		97		623		720		116		1984		(o)
5010 Paris		Denver, CO			89		505		224		91		727		818		122		1984		(o)
7367 South Revere Parkway		Englewood, CO			926		5,124		208		934		5,324		6,258		963		1997		(o)
8200 East Park Meadows Drive(k)		Lone Tree, CO			1,297		7,348		898		1,304		8,239		9,543		990		1984		(o)
3250 Quentin(k)		Aurora, CO			1,220		6,911		469		1,230		7,370		8,600		856		1984/2000		(o)
11585 E. 53rd Ave.(k)		Denver, CO			1,770		10,030		501		1,780		10,521		12,301		884		1984		(o)
10500 East 54th Ave.(l)		Denver, CO			1,253		7,098		544		1,260		7,635		8,895		680		1986		(o)
8835 W. 116th Street		Broomfield, CO			1,151		6,523		691		1,304		7,061		8,365		332		2002		(o)
3101-3151 S. Platte River Dr.		Englewood, CO			2,500		8,549		89		2,504		8,634		11,138		202		1974		(o)

S-10


								(s)
								Costs
								Capitalized		Gross Amount Carried
								Subsequent to		at Close of Period 12/31/04
				(b)				Acquisition or
				Initial Cost				Completion								Accumulated
	Location		(a)					and Valuation				Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Denver — (Continued)
3155-3199 S. Platte River Dr.		Englewood, CO			1,700		7,787		13		1,702		7,798		9,500		188		1974		(o)
3201-3273 S. Platte River Dr.		Englewood, CO			1,600		6,592		11		1,602		6,601		8,203		172		1974		(o)
18150 E. 32nd Street		Aurora, CO			563		3,188		994		572		4,173		4,745		445		2000		(o)
8820 W. 116th Street(r)		Broomfield, CO			338		1,918		62		372		1,946		2,318		88		2001		(o)
Hilltop Business Center I — Bldg. B(r)		Littleton, CO			751		—		3,634		739		3,646		4,385		220		2001		(o)
Jeffco Business Center A(r)		Broomfield, CO			312		—		1,687		370		1,629		1,999		135		2001		(o)
Park Centre A(r)		Westminister, CO			441		—		3,999		441		3,999		4,440		298		2001		(o)
Park Centre B(r)		Westminister, CO			374		—		3,108		374		3,108		3,482		271		2001		(o)
Park Centre C(r)		Westminister, CO			374		—		3,022		374		3,022		3,396		237		2001		(o)
Park Centre D(r)		Westminister, CO			441		—		3,757		441		3,757		4,198		281		2001		(o)
Des Moines
2250 Delaware Ave		Des Moines, IA			291		1,609		349		277		1,972		2,249		366		1975		(o)
720 Alexander Way(r)		North Liberty, IA			1,300		—		16,930		1,300		18,320		1,300		35		2004		(o)
Detroit
1731 Thorncroft		Troy, MI			331		1,904		83		331		1,987		2,318		521		1969		(o)
1653 E. Maple		Troy, MI			192		1,104		103		192		1,207		1,399		382		1990		(o)
47461 Clipper		Plymouth Township, MI			122		723		135		122		858		980		298		1992		(o)
238 Executive Drive		Troy, MI			52		173		562		100		687		787		513		1973		(o)
256 Executive Drive		Troy, MI			44		146		442		85		547		632		414		1974		(o)
301 Executive Drive		Troy, MI			71		293		762		133		993		1,126		693		1974		(o)
449 Executive Drive		Troy, MI			125		425		1,037		218		1,369		1,587		937		1975		(o)
501 Executive Drive		Troy, MI			71		236		713		129		891		1,020		449		1984		(o)
451 Robbins Drive		Troy, MI			96		448		1,001		192		1,353		1,545		969		1975		(o)
1095 Crooks Road		Troy, MI			331		1,017		1,033		360		2,021		2,381		1,114		1986		(o)
1416 Meijer Drive		Troy, MI			94		394		391		121		758		879		504		1980		(o)
1624 Meijer Drive		Troy, MI			236		1,406		995		373		2,264		2,637		1,363		1984		(o)
1972 Meijer Drive		Troy, MI			315		1,301		721		372		1,965		2,337		1,082		1985		(o)
1621 Northwood Drive		Troy, MI			85		351		1,040		215		1,261		1,476		1,012		1977		(o)
1707 Northwood Drive		Troy, MI			95		262		1,221		239		1,339		1,578		781		1983		(o)
1788 Northwood Drive		Troy, MI			50		196		599		103		742		845		497		1977		(o)
1821 Northwood Drive		Troy, MI			132		523		743		220		1,178		1,398		915		1977		(o)
1826 Northwood Drive		Troy, MI			55		208		395		103		555		658		431		1977		(o)
1864 Northwood Drive		Troy, MI			57		190		470		107		610		717		482		1977		(o)
2277 Elliott Avenue		Troy, MI			48		188		533		104		665		769		475		1975		(o)

S-11


								(s)
								Costs
								Capitalized		Gross Amount Carried
								Subsequent to		at Close of Period 12/31/04
				(b)				Acquisition or
				Initial Cost				Completion								Accumulated
	Location		(a)					and Valuation				Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Detroit — (Continued)
2451 Elliott Avenue		Troy, MI			78		319		839		164		1,072		1,236		834		1974		(o)
2730 Research Drive		Rochester Hills, MI			915		4,215		747		903		4,974		5,877		2,754		1988		(o)
2791 Research Drive		Rochester Hills, MI			557		2,731		443		560		3,171		3,731		1,503		1991		(o)
2871 Research Drive		Rochester Hills, MI			324		1,487		378		327		1,862		2,189		887		1991		(o)
2911 Research Drive		Rochester Hills, MI			505		2,136		539		504		2,676		3,180		1,271		1992		(o)
3011 Research Drive		Rochester Hills, MI			457		2,104		349		457		2,453		2,910		1,318		1988		(o)
2870 Technology Drive		Rochester Hills, MI			275		1,262		237		279		1,495		1,774		804		1988		(o)
2900 Technology Drive		Rochester Hills, MI			214		977		438		219		1,410		1,629		710		1992		(o)
2920 Technology Drive		Rochester Hills, MI			159		671		144		153		821		974		398		1992		(o)
2930 Technology Drive		Rochester Hills, MI			131		594		441		138		1,028		1,166		474		1991		(o)
2950 Technology Drive		Rochester Hills, MI			178		819		303		185		1,115		1,300		575		1991		(o)
23014 Commerce Drive		Farmington Hills, MI			39		203		211		56		397		453		234		1983		(o)
23028 Commerce Drive		Farmington Hills, MI			98		507		439		125		919		1,044		601		1983		(o)
23035 Commerce Drive		Farmington Hills, MI			71		355		270		93		603		696		321		1983		(o)
23042 Commerce Drive		Farmington Hills, MI			67		277		375		89		630		719		371		1983		(o)
23065 Commerce Drive		Farmington Hills, MI			71		408		217		93		603		696		358		1983		(o)
23070 Commerce Drive		Farmington Hills, MI			112		442		735		125		1,164		1,289		713		1983		(o)
23079 Commerce Drive		Farmington Hills, MI			68		301		290		79		580		659		303		1983		(o)
23093 Commerce Drive		Farmington Hills, MI			211		1,024		788		295		1,728		2,023		1,017		1983		(o)
23135 Commerce Drive		Farmington Hills, MI			146		701		283		158		972		1,130		526		1986		(o)
23163 Commerce Drive		Farmington Hills, MI			111		513		327		138		813		951		440		1986		(o)
23177 Commerce Drive		Farmington Hills, MI			175		1,007		603		254		1,531		1,785		788		1986		(o)
23206 Commerce Drive		Farmington Hills, MI			125		531		364		137		883		1,020		482		1985		(o)
23370 Commerce Drive		Farmington Hills, MI			59		233		334		66		560		626		286		1980		(o)
1451 East Lincoln Avenue		Madison Heights, MI			299		1,703		488		306		2,184		2,490		725		1967		(o)
4400 Purks Drive		Auburn Hills, MI			602		3,410		3,392		612		6,792		7,404		1,560		1987		(o)
4177A Varsity Drive		Ann Arbor, MI			90		536		95		90		631		721		210		1993		(o)
6515 Cobb Drive		Sterling Heights, MI			305		1,753		263		305		2,016		2,321		533		1984		(o)
32450 N Avis Drive		Madison Heights, MI			281		1,590		458		286		2,043		2,329		641		1974		(o)
38300 Plymouth Road		Livonia, MI			729		—		4,846		878		4,697		5,575		801		1997		(o)
12707 Eckles Road		Plymouth Township, MI			255		1,445		110		267		1,543		1,810		325		1990		(o)
9300-9328 Harrison Rd		Romulus, MI			147		834		378		154		1,205		1,359		275		1978		(o)
9330-9358 Harrison Rd		Romulus, MI			81		456		430		85		882		967		283		1978		(o)
28420-28448 Highland Rd		Romulus, MI			143		809		277		149		1,080		1,229		289		1979		(o)

S-12


								(s)
								Costs
								Capitalized		Gross Amount Carried
								Subsequent to		at Close of Period 12/31/04
				(b)				Acquisition or
				Initial Cost				Completion								Accumulated
	Location		(a)					and Valuation				Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Detroit — (Continued)
28450-28478 Highland Rd		Romulus, MI			81		461		391		85		848		933		282		1979		(o)
28421-28449 Highland Rd		Romulus, MI			109		617		374		114		986		1,100		298		1980		(o)
28451-28479 Highland Rd		Romulus, MI			107		608		224		112		827		939		225		1980		(o)
28825-28909 Highland Rd		Romulus, MI			70		395		280		73		672		745		176		1981		(o)
28933-29017 Highland Rd		Romulus, MI			112		634		256		117		885		1,002		274		1982		(o)
28824-28908 Highland Rd		Romulus, MI			134		760		428		140		1,182		1,322		375		1982		(o)
28932-29016 Highland Rd		Romulus, MI			123		694		447		128		1,136		1,264		309		1982		(o)
9710-9734 Harrison Rd		Romulus, MI			125		706		196		130		897		1,027		218		1987		(o)
9740-9772 Harrison Rd		Romulus, MI			132		749		243		138		986		1,124		283		1987		(o)
9840-9868 Harrison Rd		Romulus, MI			144		815		202		151		1,010		1,161		256		1987		(o)
9800-9824 Harrison Rd		Romulus, MI			117		664		200		123		858		981		255		1987		(o)
29265-29285 Airport Dr		Romulus, MI			140		794		294		147		1,081		1,228		299		1983		(o)
29185-29225 Airport Dr		Romulus, MI			140		792		349		146		1,135		1,281		303		1983		(o)
29149-29165 Airport Dr		Romulus, MI			216		1,225		340		226		1,555		1,781		405		1984		(o)
29101-29115 Airport Dr		Romulus, MI			130		738		291		136		1,023		1,159		258		1985		(o)
29031-29045 Airport Dr		Romulus, MI			124		704		162		130		860		990		208		1985		(o)
29050-29062 Airport Dr		Romulus, MI			127		718		218		133		930		1,063		260		1986		(o)
29120-29134 Airport Dr		Romulus, MI			161		912		500		169		1,404		1,573		465		1986		(o)
29200-29214 Airport Dr		Romulus, MI			170		963		348		178		1,303		1,481		310		1985		(o)
9301-9339 Middlebelt Rd		Romulus, MI			124		703		213		130		910		1,040		205		1983		(o)
26980 Trolley Industrial Drive		Taylor, MI			450		2,550		1,015		463		3,552		4,015		670		1997		(o)
32975 Capitol Avenue		Livonia, MI			135		748		344		144		1,083		1,227		176		1978		(o)
2725 S. Industrial Highway		Ann Arbor, MI			660		3,654		543		704		4,153		4,857		872		1997		(o)
32920 Capitol Avenue		Livonia, MI			76		422		86		82		502		584		89		1973		(o)
11923 Brookfield Avenue		Livonia, MI			120		665		459		128		1,116		1,244		327		1973		(o)
11965 Brookfield Avenue		Livonia, MI			120		665		78		128		735		863		130		1973		(o)
13405 Stark Road		Livonia, MI			46		254		136		49		387		436		53		1980		(o)
1170 Chicago Road		Troy, MI			249		1,380		160		266		1,523		1,789		252		1983		(o)
1200 Chicago Road		Troy, MI			268		1,483		142		286		1,607		1,893		265		1984		(o)
450 Robbins Drive		Troy, MI			166		920		139		178		1,047		1,225		200		1976		(o)
1230 Chicago Road		Troy, MI			271		1,498		142		289		1,622		1,911		267		1996		(o)
12886 Westmore Avenue		Livonia, MI			190		1,050		199		202		1,237		1,439		209		1981		(o)
12898 Westmore Avenue		Livonia, MI			190		1,050		227		202		1,265		1,467		216		1981		(o)
33025 Industrial Road		Livonia, MI			80		442		92		85		529		614		84		1980		(o)

S-13


								(s)
								Costs
								Capitalized		Gross Amount Carried
								Subsequent to		at Close of Period 12/31/04
				(b)				Acquisition or
				Initial Cost				Completion								Accumulated
	Location		(a)					and Valuation				Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Detroit — (Continued)
47711 Clipper Street		Plymouth Township, MI			539		2,983		265		575		3,212		3,787		531		1996		(o)
32975 Industrial Road		Livonia, MI			160		887		357		171		1,233		1,404		201		1984		(o)
32985 Industrial Road		Livonia, MI			137		761		149		147		900		1,047		141		1985		(o)
32995 Industrial Road		Livonia, MI			160		887		180		171		1,056		1,227		179		1983		(o)
12874 Westmore Avenue		Livonia, MI			137		761		158		147		909		1,056		145		1984		(o)
33067 Industrial Road		Livonia, MI			160		887		250		171		1,126		1,297		174		1984		(o)
1775 Bellingham		Troy, MI			344		1,902		315		367		2,194		2,561		429		1987		(o)
1785 East Maple		Troy, MI			92		507		88		98		589		687		97		1985		(o)
1807 East Maple		Troy, MI			321		1,775		199		342		1,953		2,295		325		1984		(o)
980 Chicago		Troy, MI			206		1,141		103		220		1,230		1,450		203		1985		(o)
1840 Enterprise Drive		Rochester Hills, MI			573		3,170		283		611		3,415		4,026		564		1990		(o)
1885 Enterprise Drive		Rochester Hills, MI			209		1,158		110		223		1,254		1,477		207		1990		(o)
1935-55 Enterprise Drive		Rochester Hills, MI			1,285		7,144		874		1,371		7,932		9,303		1,454		1990		(o)
5500 Enterprise Court		Warren, MI			675		3,737		447		721		4,138		4,859		680		1989		(o)
750 Chicago Road		Troy, MI			323		1,790		278		345		2,046		2,391		366		1986		(o)
800 Chicago Road		Troy, MI			283		1,567		525		302		2,073		2,375		404		1985		(o)
850 Chicago Road		Troy, MI			183		1,016		174		196		1,177		1,373		187		1984		(o)
2805 S. Industrial Highway		Ann Arbor, MI			318		1,762		267		340		2,007		2,347		362		1990		(o)
6833 Center Drive		Sterling Heights, MI			467		2,583		220		493		2,777		3,270		478		1998		(o)
32201 North Avis Drive		Madison Heights, MI			345		1,911		447		349		2,354		2,703		483		1974		(o)
1100 East Mandoline Road		Madison Heights, MI			888		4,915		1,670		897		6,576		7,473		1,148		1967		(o)
30081 Stephenson Highway		Madison Heights, MI			271		1,499		365		274		1,861		2,135		312		1967		(o)
1120 John A. Papalas Drive(l)		Lincoln Park, MI			586		3,241		755		593		3,989		4,582		782		1985		(o)
4872 S. Lapeer Road		Lake Orion Twsp, MI			1,342		5,441		1,905		1,412		7,276		8,688		1,149		1999		(o)
22701 Trolley Industrial		Taylor, MI			795		—		7,492		849		7,438		8,287		1,117		1999		(o)
1400 Allen Drive		Troy, MI			209		1,154		120		212		1,271		1,483		128		1979		(o)
1408 Allen Drive		Troy, MI			151		834		171		153		1,003		1,156		137		1979		(o)
1305 Stephenson Hwy		Troy, MI			345		1,907		78		350		1,980		2,330		201		1979		(o)
32505 Industrial Drive		Madison Heights, MI			345		1,910		419		351		2,323		2,674		227		1979		(o)
1799-1813 Northfield Drive(k)		Rochester Hills, MI			481		2,665		139		490		2,795		3,285		304		1980		(o)
28435 Automation Blvd.(r)		Wixom, MI			621		—		3,569		621		3,569		4,190		7		2004		(o)
Grand Rapids
5050 Kendrick Court(r)		Grand Rapids, MI			1,721		11,433		4,581		1,721		16,014		17,735		4,116		1988/94		(o)
5015 52nd Street SE		Grand Rapids, MI			234		1,321		144		234		1,465		1,699		381		1987		(o)

S-14


								(s)
								Costs
								Capitalized		Gross Amount Carried
								Subsequent to		at Close of Period 12/31/04
				(b)				Acquisition or
				Initial Cost				Completion								Accumulated
	Location		(a)					and Valuation				Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Houston
2102-2314 Edwards Street		Houston, TX			348		1,973		978		382		2,917		3,299		716		1961		(o)
4545 Eastpark Drive		Houston, TX			235		1,331		700		240		2,026		2,266		349		1972		(o)
3351 Rauch St		Houston, TX			272		1,541		251		278		1,786		2,064		371		1970		(o)
3851 Yale St		Houston, TX			413		2,343		686		425		3,017		3,442		542		1971		(o)
3337-3347 Rauch Street		Houston, TX			227		1,287		316		233		1,597		1,830		375		1970		(o)
8505 N Loop East		Houston, TX			439		2,489		506		449		2,985		3,434		523		1981		(o)
4749-4799 Eastpark Dr		Houston, TX			594		3,368		1,061		611		4,412		5,023		782		1979		(o)
4851 Homestead Road		Houston, TX			491		2,782		989		504		3,758		4,262		727		1973		(o)
3365-3385 Rauch Street		Houston, TX			284		1,611		195		290		1,800		2,090		383		1970		(o)
5050 Campbell Road		Houston, TX			461		2,610		355		470		2,956		3,426		539		1970		(o)
4300 Pine Timbers		Houston, TX			489		2,769		595		499		3,354		3,853		613		1980		(o)
7901 Blankenship		Houston, TX			136		772		420		140		1,188		1,328		297		1972		(o)
2500-2530 Fairway Park Drive		Houston, TX			766		4,342		633		792		4,949		5,741		906		1974		(o)
6550 Longpointe		Houston, TX			362		2,050		491		370		2,533		2,903		493		1980		(o)
1815 Turning Basin Dr		Houston, TX			487		2,761		505		531		3,222		3,753		558		1980		(o)
1819 Turning Basin Dr		Houston, TX			231		1,308		522		251		1,810		2,061		290		1980		(o)
1805 Turning Basin Drive		Houston, TX			564		3,197		674		616		3,819		4,435		678		1980		(o)
7000 Empire Drive		Houston, TX			450		2,552		1,147		452		3,697		4,149		893		1980		(o)
9777 West Gulfbank Drive		Houston, TX			1,217		6,899		1,525		1,216		8,425		9,641		1,726		1980		(o)
9835A Genard Road		Houston, TX			1,505		8,333		3,307		1,581		11,564		13,145		1,438		1980		(o)
9835B Genard Road		Houston, TX			245		1,357		488		256		1,834		2,090		237		1980		(o)
10161 Harwin Drive		Houston, TX			505		2,861		749		511		3,604		4,115		482		1979/1981		(o)
10165 Harwin Drive		Houston, TX			218		1,234		785		220		2,017		2,237		321		1979/1981		(o)
10175 Harwin Drive		Houston, TX			267		1,515		404		270		1,916		2,186		399		1979/1981		(o)
10325-10415 Landsbury Drive(l)		Houston, TX			696		3,854		312		704		4,158		4,862		264		1982		(o)
8705 City Park Loop		Houston, TX			710		2,983		199		714		3,178		3,892		200		1982		(o)
600 Kenrick(r)		Houston, TX			900		1,791		32		913		1,810		2,723		15		1981		(o)
Indianapolis
2900 N Shadeland Avenue		Indianapolis, IN			2,394		13,565		2,501		2,057		16,403		18,460		3,780		1957/1992		(o)
2400 North Shadeland		Indianapolis, IN			142		802		139		149		934		1,083		177		1970		(o)
2402 North Shadeland		Indianapolis, IN			466		2,640		664		489		3,281		3,770		659		1970		(o)
7901 West 21st St.		Indianapolis, IN			1,063		6,027		365		1,048		6,407		7,455		1,230		1985		(o)
1445 Brookville Way		Indianapolis, IN			459		2,603		766		476		3,352		3,828		798		1989		(o)
1440 Brookville Way		Indianapolis, IN			665		3,770		521		685		4,271		4,956		925		1990		(o)
1240 Brookville Way		Indianapolis, IN			247		1,402		347		258		1,738		1,996		455		1990		(o)

S-15


									(s)
									Costs
									Capitalized		Gross Amount Carried
									Subsequent to		at Close of Period 12/31/04
					(b)				Acquisition or
					Initial Cost				Completion								Accumulated
	Location		(a)						and Valuation				Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances		Land		Buildings		Provision		Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Indianapolis — (Continued)
1220 Brookville Way		Indianapolis, IN				223		40		61		226		98		324		16		1990		(o)
1345 Brookville Way		Indianapolis, IN		(t)		586		3,321		878		601		4,184		4,785		994		1992		(o)
1350 Brookville Way		Indianapolis, IN				205		1,161		204		212		1,358		1,570		324		1994		(o)
1341 Sadlier Circle E Dr		Indianapolis, IN		(c)		131		743		449		136		1,187		1,323		290		1971/1992		(o)
1322-1438 Sadlier Circle E Dr		Indianapolis, IN		(c)		145		822		356		152		1,171		1,323		363		1971/1992		(o)
1327-1441 Sadlier Circle E Dr		Indianapolis, IN		(c)		218		1,234		402		225		1,629		1,854		436		1992		(o)
1304 Sadlier Circle E Dr		Indianapolis, IN		(c)		71		405		178		75		579		654		153		1971/1992		(o)
1402 Sadlier Circle E Dr		Indianapolis, IN		(c)		165		934		472		171		1,400		1,571		333		1970/1992		(o)
1504 Sadlier Circle E Dr		Indianapolis, IN		(c)		219		1,238		267		226		1,498		1,724		313		1971/1992		(o)
1311 Sadlier Circle E Dr		Indianapolis, IN		(c)		54		304		159		57		460		517		142		1971/1992		(o)
1365 Sadlier Circle E Dr		Indianapolis, IN		(c)		121		688		240		126		923		1,049		236		1971/1992		(o)
1352-1354 Sadlier Circle E Dr		Indianapolis, IN		(c)		178		1,008		442		184		1,444		1,628		332		1970/1992		(o)
1335 Sadlier Circle E Dr		Indianapolis, IN		(c)		81		460		131		85		587		672		145		1971/1992		(o)
1327 Sadlier Circle E Dr		Indianapolis, IN		(c)		52		295		72		55		364		419		89		1971/1992		(o)
1425 Sadlier Circle E Dr		Indianapolis, IN		(c)		21		117		35		23		150		173		32		1971/1992		(o)
1230 Brookville Way		Indianapolis, IN				103		586		54		109		634		743		141		1995		(o)
6951 E 30th St		Indianapolis, IN				256		1,449		292		265		1,732		1,997		466		1995		(o)
6701 E 30th St		Indianapolis, IN				78		443		43		82		482		564		107		1995		(o)
6737 E 30th St		Indianapolis, IN				385		2,181		417		398		2,585		2,983		660		1995		(o)
1225 Brookville Way		Indianapolis, IN				60		—		418		68		410		478		84		1997		(o)
6555 E 30th St		Indianapolis, IN				840		4,760		1,377		484		6,493		6,977		1,726		1969/1981		(o)
2432-2436 Shadeland		Indianapolis, IN				212		1,199		438		230		1,619		1,849		413		1968		(o)
8402-8440 E 33rd St		Indianapolis, IN				222		1,260		790		230		2,042		2,272		511		1977		(o)
8520-8630 E 33rd St		Indianapolis, IN				326		1,848		646		336		2,484		2,820		587		1976		(o)
8710-8768 E 33rd St		Indianapolis, IN				175		993		466		187		1,447		1,634		351		1979		(o)
3316-3346 N. Pagosa Court		Indianapolis, IN				325		1,842		594		335		2,426		2,761		561		1977		(o)
3331 Raton Court		Indianapolis, IN				138		802		222		138		1,024		1,162		247		1979		(o)
6751 E 30th St		Indianapolis, IN				728		2,837		272		741		3,096		3,837		572		1997		(o)
9200 East 146th Street		Noblesville, IN				205		1,221		1,176		181		2,421		2,602		606		1961/1981		(o)
6575 East 30th Street		Indianapolis, IN				118		—		2,123		128		2,113		2,241		415		1998		(o)
6585 East 30th Street		Indianapolis, IN				196		—		3,201		196		3,201		3,397		519		1998		(o)
9910 North by Northeast Blvd		Fishers, IN				661		3,744		206		669		3,942		4,611		382		1994		(o)
8525 E. 33rd Street		Indianapolis, IN				1,300		2,091		878		1,308		2,961		4,269		379		1978		(o)
5705-97 Park Plaza Ct.(r)		Indianapolis, IN		(u)		600		2,194		851		609		3,036		3,645		351		1977		(o)

S-16


									(s)
									Costs
									Capitalized			Gross Amount Carried
									Subsequent to			at Close of Period 12/31/04
					(b)				Acquisition or
					Initial Cost				Completion									Accumulated
	Location		(a)						and Valuation					Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances		Land		Buildings		Provision			Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Indianapolis — (Continued)
8219 Northwest Blvd.		Indianapolis, IN				900		3,081		358			902		3,437		4,339		206		1990		(o)
8227 Northwest Blvd.(r)		Indianapolis, IN				600		5,502		508			602		6,008		6,610		301		1990		(o)
9319-9341 Castlegate Drive(r)		Indianapolis, IN				530		1,235		821			544		2,042		2,586		162		1983		(o)
9332-9350 Castlegate Drive		Indianapolis, IN				420		646		680			429		1,317		1,746		95		1983		(o)
9210 East 146th Street		Noblesville, IN				552		684		282			66		1,452		1,518		367		1978		(o)
6101-6119 Guion Road(r)		Indianapolis, IN				400		661		325			405		981		1,386		90		1976		(o)
Los Angeles
6407-6419 Alondra Blvd.		Paramount, CA				137		774		100			140		871		1,011		91		1985		(o)
6423-6431 Alondra Blvd.		Paramount, CA				115		650		53			118		700		818		83		1985		(o)
15101-15141 S. Figueroa St.(k)		Los Angeles, CA				1,163		6,588		459			1,175		7,035		8,210		762		1982		(o)
21136 South Wilmington Ave		Carson, CA				1,234		6,994		261			1,246		7,243		8,489		670		1989		(o)
19914 Via Baron Way		Rancho Dominguez, CA		(d)		1,590		9,010		226			1,616		9,210		10,826		584		1973		(o)
14912 Shoemaker Ave		Santa Fe Springs, CA				42		236		10			46		242		288		16		1967		(o)
14920 Shoemaker Ave		Santa Fe Springs, CA				37		212		28			42		235		277		15		1967		(o)
14928 Shoemaker Ave		Santa Fe Springs, CA				37		212		13			42		220		262		16		1967		(o)
14938 Shoemaker Ave		Santa Fe Springs, CA				37		212		10			42		217		259		14		1967		(o)
14944 Shoemaker Ave		Santa Fe Springs, CA				326		1,848		66			336		1,904		2,240		131		1978		(o)
14946 Shoemaker Ave		Santa Fe Springs, CA				275		1,559		74			284		1,624		1,908		123		1978		(o)
14948 Shoemaker Ave		Santa Fe Springs, CA				100		568		24			106		586		692		41		1978		(o)
14141 Alondra Blvd.		Santa Fe Springs, CA				2,570		14,565		3,102			2,598		17,639		20,237		962		1969		(o)
12616 Yukon Ave		Hawthorne, CA				685		3,884		94			696		3,967		4,663		246		1987		(o)
3355 El Segundo Blvd(l)		Hawthorne, CA				267		1,510		1,177			418		2,536		2,954		173		1959		(o)
12621 Cerise		Hawthorne, CA				413		2,344		(920	)		265		1,572		1,837		111		1959		(o)
333 Turnbull Canyon Road		City of Industry, CA				2,700		1,824		316			2,700		2,140		4,840		131		1968/1985		(o)
350-390 Manville St.		Compton, CA				2,300		3,768		36			2,314		3,790		6,104		15		1979		(o)
42374 Avenida Alvarado(l)		Temecula, CA				797		4,514		308			812		4,807		5,619		247		1987		(o)
3131 E. Harcourt Street(k)		Rancho Dominguez, CA				1,200		2,780		56			1,212		2,824		4,036		52		1970		(o)
200 West Artesia Blvd.		Compton, CA				2,200		2,018		110			2,213		2,115		4,328		8		1985		(o)
Louisville
9001 Cane Run Road		Louisville, KY				524		—		5,577			560		5,541		6,101		1,201		1998		(o)
9101 Cane Run Road		Louisville, KY				973		—		5,753			608		6,118		6,726		586		2000		(o)
Miami
9400 NW 104th Street		Medley, FL				3,900		8,472		56			3,918		8,510		12,428		23		1995		(o)

S-17


									(s)
									Costs
									Capitalized			Gross Amount Carried
									Subsequent to			at Close of Period 12/31/04
					(b)				Acquisition or
					Initial Cost				Completion									Accumulated
	Location		(a)						and Valuation					Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances		Land		Buildings		Provision			Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Milwaukee
N25 W23050 Paul Road		Pewaukee, WI				474		2,723		919			485		3,631		4,116		849		1989		(o)
N25 W23255 Paul Road		Pewaukee, WI				571		3,270		(4	)		569		3,268		3,837		864		1987		(o)
N27 W23293 Roundy Drive		Pewaukee, WI				412		2,837		56			420		2,885		3,305		746		1989		(o)
6523 N Sydney Place		Glendale, WI				172		976		210			176		1,182		1,358		274		1978		(o)
8800 W Bradley		Milwaukee, WI				375		2,125		206			388		2,318		2,706		482		1982		(o)
4560 N 124th Street		Wauwatosa, WI				118		667		85			129		741		870		140		1976		(o)
4410-80 North 132nd Street		Butler, WI				355		—		4,023			359		4,019		4,378		458		1999		(o)
5355 South Westridge Drive		New Berlin, WI				1,630		7,058		96			1,649		7,135		8,784		98		1997		(o)
N120W18485 Freistadt Road		Germantown, WI				700		3,183		49			704		3,228		3,932		82		1996		(o)
140 N. 9000 Lilly Road		Menmonee, WI				700		2,445		44			712		2,477		3,189		59		1990		(o)
Minneapolis/ St. Paul
6507-6545 Cecilia Circle		Bloomington, MN				357		1,320		1,146			386		2,437		2,823		1,325		1980		(o)
6201 West 111th Street		Bloomington, MN		(e)		1,358		8,622		3,756			1,499		12,237		13,736		5,265		1987		(o)
6403-6545 Cecilia Drive		Bloomington, MN				366		1,363		1,009			395		2,343		2,738		1,310		1980		(o)
6925-6943 Washington Avenue		Edina, MN				117		504		992			237		1,376		1,613		1,081		1972		(o)
6955-6973 Washington Avenue		Edina, MN				117		486		619			207		1,015		1,222		902		1972		(o)
7251-7267 Washington Avenue		Edina, MN				129		382		686			182		1,015		1,197		766		1972		(o)
7301-7325 Washington Avenue		Edina, MN				174		391		35			193		407		600		35		1972		(o)
7101 Winnetka Avenue North		Brooklyn Park, MN				2,195		6,084		2,928			2,228		8,979		11,207		4,637		1990		(o)
7600 Golden Triangle Drive		Eden Prairie, MN				566		1,394		1,157			615		2,502		3,117		1,335		1989		(o)
9901 West 74th Street		Eden Prairie, MN				621		3,289		2,832			639		6,103		6,742		2,813		1983/88		(o)
12220-12222 Nicollet Avenue		Burnsville, MN				105		425		381			114		797		911		414		1989/90		(o)
12250-12268 Nicollet Avenue		Burnsville, MN				260		1,054		517			296		1,535		1,831		677		1989/90		(o)
12224-12226 Nicollet Avenue		Burnsville, MN				190		770		367			207		1,120		1,327		499		1989/90		(o)
1030 Lone Oak Road		Eagan, MN				456		2,703		678			456		3,381		3,837		865		1988		(o)
1060 Lone Oak Road		Eagan, MN				624		3,700		775			624		4,475		5,099		1,311		1988		(o)
5400 Nathan Lane		Plymouth, MN				749		4,461		771			757		5,224		5,981		1,519		1990		(o)
10120 W 76th Street		Eden Prairie, MN				315		1,804		1,353			315		3,157		3,472		1,054		1987		(o)
7615 Golden Triangle		Eden Prairie, MN				268		1,532		541			268		2,073		2,341		464		1987		(o)
7625 Golden Triangle		Eden Prairie, MN				415		2,375		1,060			415		3,435		3,850		813		1987		(o)
2605 Fernbrook Lane North		Plymouth, MN				443		2,533		616			445		3,147		3,592		694		1987		(o)
12155 Nicollet Ave		Burnsville, MN				286		—		1,902			288		1,900		2,188		555		1995		(o)
6655 Wedgewood Road		Maple Grove, MN				1,466		8,342		3,241			1,466		11,583		13,049		2,511		1989		(o)
900 Apollo Road		Eagan, MN				1,029		5,855		1,117			1,030		6,971		8,001		1,627		1970		(o)
7316 Aspen Lane North		Brooklyn Park, MN				368		2,156		726			377		2,873		3,250		659		1978		(o)

S-18


								(s)
								Costs
								Capitalized		Gross Amount Carried
								Subsequent to		at Close of Period 12/31/04
				(b)				Acquisition or
				Initial Cost				Completion								Accumulated
	Location		(a)					and Valuation				Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Minneapolis/ St. Paul — (Continued)
73rd Avenue North		Brooklyn Park, MN			504		2,856		465		512		3,313		3,825		710		1995		(o)
2720 Arthur Street		Roseville, MN			824		4,671		500		832		5,163		5,995		1,114		1995		(o)
4100 Peavey Road		Chaska, MN			399		2,261		913		415		3,158		3,573		746		1988		(o)
11300 Hamshire Ave South		Bloomington, MN			527		2,985		1,620		541		4,591		5,132		868		1983		(o)
375 Rivertown Drive		Woodbury, MN			1,083		6,135		2,689		1,503		8,404		9,907		1,560		1996		(o)
5205 Highway 169		Plymouth, MN			446		2,525		1,129		740		3,360		4,100		884		1960		(o)
6451-6595 Citywest Parkway		Eden Prairie, MN			525		2,975		1,259		538		4,221		4,759		919		1984		(o)
7100-7198 Shady Oak Road		Eden Prairie, MN			715		4,054		1,130		736		5,163		5,899		1,269		1982/2002		(o)
7500-7546 Washington Square		Eden Prairie, MN			229		1,300		730		235		2,024		2,259		343		1975		(o)
7550-7558 Washington Square		Eden Prairie, MN			153		867		180		157		1,043		1,200		198		1975		(o)
5240-5300 Valley Industrial Blvd S		Shakopee, MN			362		2,049		902		371		2,942		3,313		634		1973		(o)
7125 Northland Terrace		Brooklyn Park, MN			660		3,740		896		767		4,529		5,296		889		1996		(o)
6900 Shady Oak Road		Eden Prairie, MN			310		1,756		438		340		2,164		2,504		402		1980		(o)
6477-6525 City West Parkway		Eden Prairie, MN			810		4,590		959		819		5,540		6,359		1,009		1984		(o)
1157 Valley Park Drive		Shakopee, MN			760		—		6,143		888		6,015		6,903		810		1997		(o)
500-530 Kasota Avenue SE		Minneapolis, MN			415		2,354		1,003		432		3,340		3,772		640		1976		(o)
770-786 Kasota Avenue SE		Minneapolis, MN			333		1,888		535		347		2,409		2,756		418		1976		(o)
800 Kasota Avenue SE		Minneapolis, MN			524		2,971		736		597		3,634		4,231		650		1976		(o)
2530-2570 Kasota Avenue		St. Paul, MN			407		2,308		817		465		3,067		3,532		720		1976		(o)
1280 Energy Park Drive		St. Paul, MN			700		2,779		23		705		2,797		3,502		39		1984		(o)
9600 West 76th Street(r)		Eden Prairie, MN			1,000		2,450		101		1,034		2,517		3,551		16		1997		(o)
9700 West 76th Street		Eden Prairie, MN			1,000		2,709		124		1,038		2,795		3,833		10		1984/97		(o)
7600 69th Avenue		Greenfield, MN			1,500		8,328		1,808		1,510		10,126		11,636		214		2004		(o)
2041 Wooddale Drive		Woodbury, MN			800		1,142		70		832		1,180		2,012		7		1973		(o)
14755 27th Avenue North(r)		Plymouth, MN			1,300		1,408		312		1,335		1,685		3,020		86		1989		(o)
Park 2000 III(r)		Shakopee, MN			590		—		4,602		590		4,602		5,192		278		2001		(o)
Nashville
1621 Heil Quaker Boulevard		Nashville, TN			413		2,383		1,470		430		3,836		4,266		800		1975		(o)
3099 Barry Drive		Portland, TN			418		2,368		89		421		2,454		2,875		513		1995		(o)
3150 Barry Drive		Portland, TN			941		5,333		309		981		5,602		6,583		1,156		1993		(o)
5599 Highway 31 West		Portland, TN			564		3,196		211		571		3,400		3,971		707		1995		(o)
1650 Elm Hill Pike		Nashville, TN			329		1,867		172		332		2,036		2,368		428		1984		(o)
1931 Air Lane Drive		Nashville, TN			489		2,785		311		493		3,092		3,585		656		1984		(o)
470 Metroplex Drive(k)		Nashville, TN			619		3,507		1,181		626		4,681		5,307		1,046		1986		(o)

S-19


								(s)
								Costs
								Capitalized		Gross Amount Carried
								Subsequent to		at Close of Period 12/31/04
				(b)				Acquisition or
				Initial Cost				Completion								Accumulated
	Location		(a)					and Valuation				Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Nashville — (Continued)
1150 Antiock Pike		Nashville, TN			661		3,748		347		669		4,087		4,756		768		1987		(o)
4640 Cummings Park		Nashville, TN			360		2,040		239		365		2,274		2,639		344		1986		(o)
556 Metroplex Drive		Nashville, TN			227		1,285		285		231		1,566		1,797		219		1983		(o)
1706 Heil Quaker Boulevard		Laverne, TN			1,120		9,674		15		1,120		9,689		10,809		581		1986		(o)
375 Belvedere Drive		Gallatin, TN			320		3,179		24		323		3,200		3,523		18		1979/85		(o)
Northern New Jersey
220 Hanover Avenue		Hanover, NJ			1,361		7,715		590		1,420		8,246		9,666		1,603		1987		(o)
14 World’s Fair Drive		Franklin, NJ			483		2,735		551		503		3,266		3,769		701		1980		(o)
18 World’s Fair Drive		Franklin, NJ			123		699		83		129		776		905		141		1982		(o)
23 World’s Fair Drive		Franklin, NJ			134		758		113		140		865		1,005		185		1982		(o)
12 World’s Fair Drive		Franklin, NJ			572		3,240		413		593		3,632		4,225		683		1981		(o)
22 World’s Fair Drive		Franklin, NJ			364		2,064		469		375		2,522		2,897		592		1983		(o)
26 World’s Fair Drive		Franklin, NJ			361		2,048		232		377		2,264		2,641		450		1984		(o)
24 World’s Fair Drive		Franklin, NJ			347		1,968		430		362		2,383		2,745		498		1984		(o)
20 World’s Fair Drive Lot 13		Sumerset, NJ			9		—		2,818		691		2,136		2,827		467		1999		(o)
10 New Maple Road		Pine Brook, NJ			2,250		12,750		396		2,272		13,124		15,396		1,417		1973/1999		(o)
45 Route 46		Pine Brook, NJ			969		5,491		437		978		5,919		6,897		765		1974/1987		(o)
43 Route 46		Pine Brook, NJ			474		2,686		426		479		3,107		3,586		380		1974/1987		(o)
39 Route 46		Pine Brook, NJ			260		1,471		160		262		1,629		1,891		189		1970		(o)
26 Chapin Road		Pine Brook, NJ			956		5,415		301		965		5,707		6,672		631		1983		(o)
30 Chapin Road		Pine Brook, NJ			960		5,440		244		969		5,675		6,644		632		1983		(o)
20 Hook Mountain Road		Pine Brook, NJ			1,507		8,542		1,000		1,534		9,515		11,049		972		1972/1984		(o)
30 Hook Mountain Road		Pine Brook, NJ			389		2,206		313		396		2,512		2,908		276		1972/1987		(o)
55 Route 46		Pine Brook, NJ			396		2,244		116		403		2,353		2,756		260		1978/1994		(o)
16 Chapin Rod		Pine Brook, NJ			885		5,015		300		901		5,299		6,200		556		1987		(o)
20 Chapin Road		Pine Brook, NJ			1,134		6,426		333		1,154		6,739		7,893		742		1987		(o)
Sayreville Lot 3		Sayreville, NJ			996		—		5,295		996		5,295		6,291		46		2002		(o)
Sayreville Lot 4		Sayreville, NJ			944		—		4,623		944		4,623		5,567		212		2001		(o)
400 Raritan Center Parkway		Edison, NJ			829		4,722		367		836		5,082		5,918		415		1983		(o)
300 Columbus Circle		Edison, NJ			1,257		7,122		504		1,269		7,614		8,883		631		1983		(o)
400 Apgar		Franklin Township, NJ			780		4,420		433		796		4,837		5,633		337		1987		(o)
500 Apgar		Franklin Township, NJ			361		2,044		257		368		2,294		2,662		206		1987		(o)
201 Circle Dr. North		Piscataway, NJ			840		4,760		440		857		5,183		6,040		358		1987		(o)
1 Pearl Ct		Allendale, NJ			623		3,528		253		649		3,755		4,404		211		1978		(o)

S-20


								(s)
								Costs
								Capitalized		Gross Amount Carried
								Subsequent to		at Close of Period 12/31/04
				(b)				Acquisition or
				Initial Cost				Completion								Accumulated
	Location		(a)					and Valuation				Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Northern New Jersey — (Continued)
2 Pearl Ct		Allendale, NJ			255		1,445		1,178		403		2,475		2,878		129		1979		(o)
3 Pearl Ct		Allendale, NJ			440		2,491		200		458		2,673		3,131		168		1978		(o)
4 Pearl Ct		Allendale, NJ			450		2,550		499		469		3,030		3,499		188		1979		(o)
5 Pearl Ct		Allendale, NJ			505		2,860		348		526		3,187		3,713		217		1977		(o)
6 Pearl Ct		Allendale, NJ			1,160		6,575		273		1,177		6,831		8,008		383		1980		(o)
7 Pearl Ct		Allendale, NJ			513		2,907		76		520		2,976		3,496		174		1979		(o)
59 Route 17		Allendale, NJ			518		2,933		1,016		539		3,928		4,467		205		1979		(o)
309-319 Pierce Street		Somerset, NJ			1,300		4,628		40		1,309		4,659		5,968		66		1986		(o)
160 Pierce Street		Somerset, NJ			1,510		—		6,011		1,526		5,995		7,521		51		2004		(o)
12 Thornton Road		Oakland, NJ			1,300		3,652		54		1,316		3,690		5,006		61		1981		(o)
147 Clinton Road		West Caldwell, NJ			2,900		8,726		83		2,922		8,787		11,709		213		1967/83		(o)
200 Maltese Drive		Totowa, NJ			1,800		11,830		92		1,813		11,909		13,722		178		1965/75		(o)
Philadelphia
230-240 Welsh Pool Road		Exton, PA			154		851		150		170		985		1,155		183		1975/1997		(o)
264 Welsh Pool Road		Exton, PA			147		811		171		162		967		1,129		211		1975/1996		(o)
254 Welsh Pool Road		Exton, PA			152		842		630		184		1,440		1,624		383		1975/1998		(o)
256 Welsh Pool Road		Exton, PA			82		452		461		94		901		995		137		1975/1999		(o)
213 Welsh Pool Road		Exton, PA			149		827		259		173		1,062		1,235		233		1975/1998		(o)
251 Welsh Pool Road		Exton, PA			144		796		233		159		1,014		1,173		154		1975/1991		(o)
253-255 Welsh Pool Road		Exton, PA			113		626		165		125		779		904		135		1975/1980		(o)
151-161 Philips Road		Exton, PA			191		1,059		307		229		1,328		1,557		257		1975/1990		(o)
210 Philips Road		Exton, PA			182		1,005		231		198		1,220		1,418		293		1975/1998		(o)
216 Philips Road		Exton, PA			199		1,100		268		220		1,347		1,567		260		1985		(o)
964 Postal Road		Lehigh, PA			215		1,216		102		224		1,309		1,533		122		1986		(o)
966 Postal Road		Lehigh, PA			268		1,517		86		279		1,592		1,871		149		1987		(o)
999 Postal Road		Lehigh, PA			439		2,486		234		458		2,701		3,159		249		1988		(o)
7331 William Avenue		Lehigh, PA			311		1,764		122		325		1,872		2,197		174		1989		(o)
7346 Penn Drive		Lehigh, PA			413		2,338		144		430		2,465		2,895		231		1988		(o)
7350 William Ave		Lehigh, PA			552		3,128		670		576		3,774		4,350		445		1989		(o)
7377 William Ave		Lehigh, PA			290		1,645		219		303		1,851		2,154		185		1989		(o)
7072 Snow Drift		Lehigh, PA			288		1,632		334		300		1,954		2,254		179		1975		(o)
2000 Cabot Boulevard West		Langhorne, PA			414		2,346		353		424		2,689		3,113		204		1984		(o)
2005 Cabot Boulevard West		Langhorne, PA			315		1,785		175		322		1,953		2,275		144		1984		(o)
2010 Cabot Boulevard West		Langhorne, PA			513		2,907		491		525		3,386		3,911		278		1984		(o)

S-21


									(s)
									Costs
									Capitalized			Gross Amount Carried
									Subsequent to			at Close of Period 12/31/04
					(b)				Acquisition or
					Initial Cost				Completion									Accumulated
	Location		(a)						and Valuation					Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances		Land		Buildings		Provision			Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Philadelphia — (Continued)
2200 Cabot Boulevard West		Langhorne, PA				428		2,427		337			438		2,754		3,192		211		1979		(o)
2260-2270 Cabot Boulevard West		Langhorne, PA				361		2,044		393			369		2,429		2,798		198		1980		(o)
3000 Cabot Boulevard West		Langhorne, PA				509		2,886		613			521		3,487		4,008		279		1986		(o)
180 Wheeler Court		Langhorne, PA				447		2,533		132			458		2,654		3,112		197		1974		(o)
2512 Metropolitan Drive		Trevose, PA				242		1,369		200			248		1,563		1,811		111		1981		(o)
2510 Metropolitan Drive		Trevose, PA				244		1,381		184			249		1,560		1,809		113		1981		(o)
2515 Metropolitan Drive		Trevose, PA				259		1,466		94			265		1,554		1,819		127		1974		(o)
2555 Metropolitan Drive		Trevose, PA				347		1,968		98			355		2,058		2,413		148		1981		(o)
2450 Metropolitan Drive		Trevose, PA				571		3,234		694			586		3,913		4,499		335		1983		(o)
2495 Metropolitan Drive		Trevose, PA				551		3,124		105			566		3,214		3,780		234		1981		(o)
4667 Somerton Road		Trevose, PA				637		3,608		715			652		4,308		4,960		388		1974		(o)
835 Wheeler Way		Langhorne, PA				293		1,658		472			319		2,104		2,423		190		1974		(o)
14 McFadden Road		Palmer, PA				600		1,349		63			625		1,387		2,012		14		1994/2000		(o)
Phoenix
1045 South Edward Drive		Tempe, AZ				390		2,160		86			394		2,242		2,636		309		1976		(o)
46 N. 49th Ave		Phoenix, AZ				301		1,704		696			283		2,418		2,701		226		1986		(o)
240 N. 48th Ave		Phoenix, AZ				510		1,913		272			481		2,214		2,695		150		1977		(o)
220 N. 48th Ave		Phoenix, AZ				530		1,726		131			530		1,857		2,387		114		1977		(o)
54 N. 48th Ave		Phoenix, AZ				130		625		40			131		664		795		40		1977		(o)
64 N. 48th Ave		Phoenix, AZ				180		458		53			180		511		691		35		1977		(o)
236 N. 48th Ave		Phoenix, AZ				120		322		33			120		355		475		23		1977		(o)
10 S. 48th Ave		Phoenix, AZ				510		1,687		168			512		1,853		2,365		118		1977		(o)
115 E. Watkins St.		Phoenix, AZ				170		816		81			171		896		1,067		55		1979		(o)
135 E. Watkins St.		Phoenix, AZ				380		1,962		127			382		2,087		2,469		124		1977		(o)
10220 S. 51st Street		Phoenix, AZ				400		1,493		27			406		1,514		1,920		42		1985		(o)
50 South 56th Street		Chandler, AZ				1,200		3,333		(105	)		1,207		3,221		4,428		10		1991/97		(o)
4625 W. McDowell Road		Phoenix, AZ				250		—		2,786			273		2,763		3,036		133		2001		(o)
4635 W. McDowell Road		Phoenix, AZ				309		—		3,139			336		3,112		3,448		156		2001		(o)
405 North 75th Avenue, Bldg. 1		Phoenix, AZ		(i)		700		5,038		(8	)		704		5,026		5,730		56		2001		(o)
405 North 75th Avenue, Bldg. 2		Phoenix, AZ		(i)		800		5,285		30			804		5,311		6,115		61		2001		(o)
405 North 75th Avenue, Bldg. 3		Phoenix, AZ		(i)		1,100		5,581		58			1,106		5,633		6,739		61		2001		(o)

S-22


								(s)
								Costs
								Capitalized		Gross Amount Carried
								Subsequent to		at Close of Period 12/31/04
				(b)				Acquisition or
				Initial Cost				Completion								Accumulated
	Location		(a)					and Valuation				Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Salt Lake City
512 Lawndale Drive(n)		Salt Lake City, UT			2,779		15,749		2,654		2,705		18,477		21,182		3,767		1981		(o)
1270 West 2320 South		West Valley, UT			138		784		178		143		957		1,100		187		1986/92		(o)
1275 West 2240 South		West Valley, UT			395		2,241		411		408		2,639		3,047		446		1986/92		(o)
1288 West 2240 South		West Valley, UT			119		672		157		123		825		948		169		1986/92		(o)
2235 South 1300 West		West Valley, UT			198		1,120		271		204		1,385		1,589		300		1986/92		(o)
1293 West 2200 South		West Valley, UT			158		896		210		163		1,101		1,264		279		1986/92		(o)
1279 West 2200 South		West Valley, UT			198		1,120		68		204		1,182		1,386		214		1986/92		(o)
1272 West 2240 South		West Valley, UT			336		1,905		436		347		2,330		2,677		525		1986/92		(o)
1149 West 2240 South		West Valley, UT			217		1,232		58		225		1,282		1,507		223		1986/92		(o)
1142 West 2320 South		West Valley, UT			217		1,232		305		225		1,529		1,754		401		1997		(o)
1152 West 2240 South		West Valley, UT			2,067		—		3,905		2,114		3,858		5,972		965		1999		(o)
369 Orange Street		Salt Lake City, UT			600		2,855		146		602		2,999		3,601		163		1980		(o)
1330 W. 3300 South Avenue		Ogden, UT			1,100		2,353		419		1,100		2,772		3,872		228		1982		(o)
12577 South 265 West Bldg. A(r)		Draper, UT			167		535		5		166		541		707		18		1996		(o)
12577 South 265 West Bldg. B(r)		Draper, UT			470		1,520		13		471		1,532		2,003		50		1996		(o)
12577 South 265 West Bldg. C		Draper, UT			226		716		8		228		722		950		23		1996		(o)
12577 South 265 West Bldg. D(r)		Draper, UT			237		752		10		239		760		999		22		1996		(o)
San Diego
9051 Siempre Viva Rd.(r)		San Diego, CA			540		1,598		201		541		1,798		2,339		117		1989		(o)
9163 Siempre Viva Rd		San Diego, CA			430		1,621		115		431		1,735		2,166		98		1989		(o)
9295 Siempre Viva Rd		San Diego, CA			540		1,569		151		541		1,719		2,260		108		1989		(o)
9255 Customhouse Plaza		San Diego, CA			3,230		11,030		870		3,234		11,896		15,130		754		1989		(o)
9375 Customhouse Plaza		San Diego, CA			430		1,384		176		431		1,559		1,990		111		1989		(o)
9465 Customhouse Plaza		San Diego, CA			430		1,437		149		431		1,585		2,016		115		1989		(o)
9485 Customhouse Plaza		San Diego, CA			1,200		2,792		245		1,201		3,036		4,237		176		1989		(o)
2675 Customhouse Court		San Diego, CA			590		2,082		138		591		2,219		2,810		131		1989		(o)
Southern New Jersey
2-5 North Olnev Ave		Cherry Hill, NJ			284		1,524		148		282		1,674		1,956		271		1963/85		(o)
2 Springdale Road		Cherry Hill, NJ			127		701		111		126		813		939		132		1968		(o)
4 Springdale Road(k)		Cherry Hill, NJ			335		1,853		752		332		2,608		2,940		382		1963/85		(o)
8 Springdale Road		Cherry Hill, NJ			259		1,436		691		258		2,128		2,386		330		1966		(o)
2050 Springdale Road		Cherry Hill, NJ			279		1,545		1,194		277		2,741		3,018		496		1965		(o)
16 Springdale Road		Cherry Hill, NJ			241		1,336		129		240		1,466		1,706		240		1967		(o)
5 Esterbrook Lane		Cherry Hill, NJ			241		1,336		235		240		1,572		1,812		250		1966/88		(o)
2 Pin Oak Lane		Cherry Hill, NJ			317		1,757		715		314		2,475		2,789		397		1968		(o)

S-23


								(s)
								Costs
								Capitalized			Gross Amount Carried
								Subsequent to			at Close of Period 12/31/04
				(b)				Acquisition or
				Initial Cost				Completion									Accumulated
	Location		(a)					and Valuation					Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances	Land		Buildings		Provision			Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

Southern New Jersey — (Continued)
28 Springdale Road		Cherry Hill, NJ			192		1,060		207			190		1,269		1,459		201		1967		(o)
3 Esterbrook Lane		Cherry Hill, NJ			199		1,102		464			198		1,567		1,765		248		1968		(o)
4 Esterbrook Lane		Cherry Hill, NJ			234		1,294		35			232		1,331		1,563		223		1969		(o)
26 Springdale Road		Cherry Hill, NJ			227		1,257		408			226		1,666		1,892		259		1968		(o)
1 Keystone Ave		Cherry Hill, NJ			227		1,223		978			218		2,210		2,428		385		1969		(o)
21 Olnev Ave		Cherry Hill, NJ			69		380		64			68		445		513		71		1969		(o)
19 Olnev Ave		Cherry Hill, NJ			202		1,119		1,143			200		2,264		2,464		402		1971		(o)
2 Keystone Ave		Cherry Hill, NJ			216		1,194		577			214		1,773		1,987		305		1970		(o)
18 Olnev Ave		Cherry Hill, NJ			250		1,382		97			247		1,482		1,729		244		1974		(o)
2030 Springdale Rod		Cherry Hill, NJ			526		2,914		1,485			523		4,402		4,925		757		1977		(o)
111 Whittendale Drive		Morrestown, NJ			515		2,916		116			522		3,025		3,547		370		1991/96		(o)
9 Whittendale		Morrestown, NJ			337		1,911		68			343		1,973		2,316		175		2000		(o)
1931 Olney Road		Cherry Hill, NJ			262		1,486		132			267		1,613		1,880		122		1969		(o)
7851 Airport		Pennsauken, NJ			160		508		388			163		893		1,056		58		1966		(o)
103 Central(r)		Mt. Laurel, NJ			610		1,847		347			619		2,185		2,804		130		1970		(o)
7860-7870 Airport		Pennsauken, NJ			120		366		271			122		635		757		42		1968		(o)
7110-7112 Airport		Pennsauken, NJ			110		178		193			112		369		481		29		1963		(o)
St. Louis
8921-8971 Fost Avenue		Hazelwood, MO			431		2,479		119			431		2,598		3,029		700		1971		(o)
9043-9083 Frost Avenue		Hazelwood, MO			319		1,838		996			319		2,834		3,153		833		1970/77		(o)
2121 Chapin Industrial Drive		Vinita Park, MO			606		4,384		(3,914	)		614		462		1,076		277		1969/94		(o)
10431-10449 Midwest Industrial Blvd		Olivette, MO			237		1,360		612			237		1,972		2,209		618		1967		(o)
10751 Midwest Industrial Boulevard		Olivette, MO			193		1,119		397			194		1,515		1,709		416		1965		(o)
6951 N Hanley(k)		Hazelwood, MO			405		2,295		1,337			419		3,618		4,037		790		1965		(o)
1037 Warson — Bldg A		St. Louis, MO			246		1,359		95			251		1,449		1,700		96		1968		(o)
1037 Warson — Bldg B		St. Louis, MO			380		2,103		102			388		2,197		2,585		145		1968		(o)
1037 Warson — Bldg C		St. Louis, MO			303		1,680		144			310		1,817		2,127		120		1968		(o)
1037 Warson — Bldg D		St. Louis, MO			353		1,952		96			360		2,041		2,401		138		1968		(o)
6821-6857 Hazelwood Ave		Berkeley, MO			1,095		6,205		585			985		6,900		7,885		469		2001		(o)
13701 Rider Trail North		Earth City, MO			800		2,099		544			804		2,639		3,443		260		1985		(o)
1908-2000 Innerbelt(k)		Overland, MO			1,590		9,026		502			1,591		9,527		11,118		510		1987		(o)
8449-95 Mid-County Industrial		Vinita Park, MO			520		1,590		68			520		1,658		2,178		104		1988		(o)
84104-76 Mid County Industrial		Vinita Park, MO			540		2,109		11			540		2,120		2,660		134		1989		(o)
2001 Innerbelt Business Center		Overland, MO			1,050		4,451		329			1,050		4,780		5,830		293		1987		(o)

S-24


									(s)
									Costs
									Capitalized		Gross Amount Carried
									Subsequent to		at Close of Period 12/31/04
					(b)				Acquisition or
					Initial Cost				Completion								Accumulated
	Location		(a)						and Valuation				Building and				Depreciation		Year Built/		Depreciable
Building Address	(City/State)		Encumbrances		Land		Buildings		Provision		Land		Improvements		Total		12/31/04		Renovated		Lives (Years)

St. Louis — (Continued)
4774 Park 36 Boulevard		St. Louis, MO				1,074		—		6,065		1,075		6,064		7,139		169		2001		(o)
1010 Turner Boulevard		St. Peters, MO				2,520		3,152		15		2,520		3,167		5,687		194		1989		(o)
1600 Park 370 Place(r)		Hazelwood, MO				892		—		5,699		892		5,699		6,591		344		2001		(o)
Tampa
6614 Adamo Drive		Tampa, FL				177		1,005		193		181		1,194		1,375		201		1967		(o)
6202 Benjamin Road		Tampa, FL				203		1,151		335		211		1,478		1,689		333		1981		(o)
6204 Benjamin Road		Tampa, FL				432		2,445		364		454		2,787		3,241		535		1982		(o)
6206 Benjamin Road		Tampa, FL				397		2,251		306		416		2,538		2,954		502		1983		(o)
6302 Benjamin Road		Tampa, FL				214		1,212		216		224		1,418		1,642		285		1983		(o)
6304 Benjamin Road		Tampa, FL				201		1,138		244		209		1,374		1,583		309		1984		(o)
6306 Benjamin Road		Tampa, FL				257		1,457		206		269		1,651		1,920		320		1984		(o)
6308 Benjamin Road		Tampa, FL				345		1,958		293		362		2,234		2,596		422		1984		(o)
5313 Johns Road		Tampa, FL				204		1,159		152		257		1,258		1,515		237		1991		(o)
5602 Thompson Center Court		Tampa, FL				115		652		204		120		851		971		198		1972		(o)
5411 Johns Road		Tampa, FL				230		1,304		168		241		1,461		1,702		271		1997		(o)
5525 Johns Road		Tampa, FL				192		1,086		77		200		1,155		1,355		203		1993		(o)
5607 Johns Road		Tampa, FL				102		579		84		110		655		765		117		1991		(o)
5709 Johns Road		Tampa, FL				192		1,086		165		200		1,243		1,443		244		1990		(o)
5711 Johns Road		Tampa, FL				243		1,376		185		255		1,549		1,804		329		1990		(o)
5453 W Waters Avenue		Tampa, FL				71		402		107		82		498		580		95		1987		(o)
5455 W Waters Avenue		Tampa, FL				307		1,742		230		326		1,953		2,279		373		1987		(o)
5553 W Waters Avenue		Tampa, FL				307		1,742		226		326		1,949		2,275		380		1987		(o)
5501 W Waters Avenue		Tampa, FL				154		871		161		162		1,024		1,186		185		1990		(o)
5503 W Waters Avenue		Tampa, FL				71		402		67		75		465		540		98		1990		(o)
5555 W Waters Avenue		Tampa, FL				213		1,206		126		221		1,324		1,545		243		1990		(o)
5557 W Waters Avenue		Tampa, FL				59		335		39		62		371		433		68		1990		(o)
5463 W Waters Avenue		Tampa, FL		(g)		497		2,751		494		560		3,182		3,742		519		1996		(o)
5461 W Waters		Tampa, FL				261		—		1,197		265		1,193		1,458		179		1998		(o)
5505 Johns Road #7		Tampa, FL				228		—		1,452		228		1,452		1,680		234		1999		(o)
5481 W. Waters Avenue		Tampa, FL				558		—		2,302		561		2,299		2,860		334		1999		(o)
5905 Breckenridge Parkway		Tampa, FL				189		1,070		133		191		1,201		1,392		118		1982		(o)
5907 Breckenridge Parkway		Tampa, FL				61		345		11		61		356		417		36		1982		(o)
5909 Breckenridge Parkway		Tampa, FL				173		980		70		174		1,049		1,223		119		1982		(o)
5911 Breckenridge Parkway		Tampa, FL				308		1,747		69		311		1,813		2,124		193		1982		(o)

S-25


									(s)
									Costs
									Capitalized			Gross Amount Carried
									Subsequent to			at Close of Period 12/31/04
					(b)				Acquisition or
					Initial Cost				Completion									Accumulated
	Location		(a)						and Valuation					Building and				Depreciation			Year Built/		Depreciable
Building Address	(City/State)		Encumbrances		Land		Buildings		Provision			Land		Improvements		Total		12/31/04			Renovated		Lives (Years)

Tampa — (Continued)
5910 Breckenridge Parkway		Tampa, FL				436		2,472		150			440		2,618		3,058		299			1982		(o)
5912 Breckenridge Parkway		Tampa, FL				460		2,607		58			464		2,661		3,125		276			1982		(o)
4515-4519 George Road		Tampa, FL				633		3,587		457			640		4,037		4,677		368			1985		(o)
6301 Benjamin Road		Tampa, FL				292		1,657		74			295		1,728		2,023		158			1986		(o)
5723 Benjamin Road		Tampa, FL				406		2,301		54			409		2,352		2,761		205			1986		(o)
6313 Benjamin Road		Tampa, FL				229		1,296		129			231		1,423		1,654		140			1986		(o)
5801 Benjamin Road		Tampa, FL				564		3,197		75			569		3,267		3,836		287			1986		(o)
5802 Benjamin Road		Tampa, FL				686		3,889		443			692		4,326		5,018		377			1986		(o)
5925 Benjamin Road		Tampa, FL				328		1,859		76			331		1,932		2,263		178			1986		(o)
6089 Johns Road		Tampa, FL		(j)		180		987		15			186		996		1,182		4			1985		(o)
6091 Johns Road(r)		Tampa, FL		(j)		140		730		10			144		736		880		3			1986		(o)
6103 Johns Road		Tampa, FL		(j)		220		1,160		19			226		1,173		1,399		5			1986		(o)
6201 Johns Road(r)		Tampa, FL		(j)		200		1,107		15			205		1,117		1,322		5			1981		(o)
6203 Johns Road(r)		Tampa, FL		(j)		300		1,460		24			311		1,473		1,784		8			1987		(o)
6205 Johns Road(r)		Tampa, FL		(j)		270		1,363		22			278		1,377		1,655		5			2000		(o)
6101 Johns Road(r)		Tampa, FL				210		833		15			216		842		1,058		4			1981		(o)
2904 Falkenburg Rd.(r)		Brandon, FL				372		—		1,639			404		1,607		2,011		9			2004		(o)
3002 S. Falkenburg(r)		Brandon, FL				452		—		841			325		968		1,293		6			2004		(o)
Other
4200 West Harry Street(l)		Wichita, KS				193		2,224		1,777			532		3,662		4,194		1,795			1972		(o)
6601 S. 33rd Street		McAllen, TX				231		1,276		244			233		1,518		1,751		321			1975		(o)
9601A Dessau Road		Austin, TX				255		—		2,231			366		2,120		2,486		303			1999		(o)
9601B Dessau Road		Austin, TX				248		—		1,966			355		1,859		2,214		451			1999		(o)
9601C Dessau Road		Austin, TX				248		—		2,141			355		2,034		2,389		673			1999		(o)
555 Vista Blvd		Sparks, NV				1,693		9,592		(398	)		1,093		9,794		10,887		629			1980		(o)
3501 Maple Street(r)		Abilene, TX				67		1,057		1,126			266		1,984		2,250		898			1980		(o)
6266 Hurt Road(r)		Horn Lake, MS				1,825		—		688			367		2,126		2,493		101			1963		(o)
6266 Hurt Road, Building B(r)		Horn Lake, MS				—		—		7			—		7		7		—			1963		(o)
6266 Hurt Road, Building C(r)		Horn Lake, MS				—		—		14			—		14		14		—			1963		(o)
Redevelopments/ Developments/ Developable Land						47,587		3,093		18,442			65,469		3,653		69,122		138	(p)

					$	454,261	$	1,847,242	$	585,873		$	480,579	$	2,406,797	$	2,887,376	$	381,297	(q)

S-26

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)		These properties collateralize the Assumed Loan I.

(d)		This property collateralizes the Acquisition Mortgage Loan VIII.

(e)		This property collateralizes the Acquisition Mortgage Loan IX.

(f)		This property collateralizes the Acquisition Mortgage Loan IV.

(g)		This property collateralizes the Acquisition Mortgage Loan V.

(h)		This property collateralizes the Acquisition Mortgage Loan X.

(i)		These properties collateralize the Acquisition Mortgage Loan XIII.

(j)		These properties collateralize the Acquisition Mortgage Loan XIV.

(k)		Comprised of two properties.

(l)		Comprised of three properties.

(m)		Comprised of four properties.

(n)		Comprised of 28 properties.

(o)		Depreciation is computed based upon the following estimated lives:


Buildings, Improvements			20 to 50 years
Tenant Improvements, Leasehold Improvements			Life of lease
Furniture, Fixtures and Equipment			5 to 10 years


(p)		These properties represent developable land and redevelopments that have not been placed in service.

(q)		Excludes $23,092 of Construction in Progress, and includes real estate held for sale of $8,453 (Land), $45,541 (Buildings and Improvements), and $2,914 (Accumulated Depreciation).

(r)		Property is not in-service as of 12/31/04.

(s)		Improvements are net of write-off of fully depreciated assets.

(t)		This property collateralizes the Assumed Loan II.

(u)		This property collateralizes the Acquisition Mortgage Loan XII.

At December 31, 2004, the aggregate cost of land and buildings and equipment for federal income tax purpose was approximately $2.6 billion (excluding construction in progress.)

S-27

FIRST INDUSTRIAL REALTY TRUST, INC.

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)

As of December 31, 2004

The changes in total real estate assets for the three years ended December 31, 2004 are as follows:


	2004			2003			2002

	(Dollars in thousands)
Balance, Beginning of Year	$	2,738,034		$	2,706,125		$	2,748,835
Acquisition, Construction Costs and Improvements		508,572			334,836			357,704
Disposition of Assets		(313,940	)		(302,927	)		(400,414	)
Write-off of Fully Depreciated Assets		(22,198	)		—			—

Balance, End of Year	$	2,910,468		$	2,738,034		$	2,706,125

The changes in accumulated depreciation for the three years ended December 31, 2004 are as follows:


	2004			2003			2002

Balance, Beginning of Year	$	349,252		$	310,517		$	280,518
Depreciation for Year		82,757			73,902			67,525
Disposition of Assets		(28,514	)		(35,167	)		(37,526	)
Write-off of Fully Depreciated Assets		(22,198	)		—			—

Balance, End of Year	$	381,297		$	349,252		$	310,517

S-28