First Industrial Realty Trust, Inc. (NYSE: FR) 311 S. Wacker Dr., Ste. 4000 Chicago, IL 60606 Phone 312.344.4300 Fax 312.922-6320 Supplemental Information 31, 2009
Table of Contents 31, 2009 FINANCIAL STATEMENTS (see Note 1 Below) PAGE By Quarter Balance Sheet 3 Statement of Operations 4 Supplemental Statement of Operations 5 Financial Highlights 6 Statement of Operations Reconciliation 7 Supplemental Statement of Operations Reconciliation 8 SELECTED FINANCIAL INFORMATION By Quarter Equity Analysis 9 Balance Sheet Debt Analysis 11 Dividend Analysis 12 Valuation Analysis 13 SELECTED PROPERTY INFORMATION Property Information 14 Property Acquisition Summary 22 Property Development Summary 24 Property Sales Summary 26 Developable and Expandable Site Inventory 29 JOINT VENTURE INFORMATION Financial Information 30 Property Information 31 Property Acquisition Summary 32 Property Development Summary 34 Property Sales Summary 36 Developable and Expandable Site Inventory 37 FOOTNOTES 38 (1) The statement of operations and supplemental statement of operations provided in this supplemental information package present funds from operations, net operating income, EBITDA, funds available for distribution and same store net operating income, which are REIT industry financial measures that are not calculated in accordance with generally accepted accounting principles. Please see footnote (am) for a definition of these supplemental performance measures. Please see the supplemental statement of operations reconciliation for a reconciliation of certain captions in the supplemental statement of operations reported in this supplementalinformation package to the statement of operations as reported in the Company'sfilings with the Securities and Exchange Commission on Form 10-Q. First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 2
Balance Sheets (IN 000's) Quarter Ended As Adjusted (j) December September June 31, 2009 31, 2008 30, 2008 30, 2008 31, 2008 ASSETS Investment in Real Estate Land (ai) $ 774,172 $ 776,991 $ 763,087 $ 672,443 $ 648,181 Buildings and Improvements 2,573,996 2,551,450 2,466,486 2,454,065 2,555,578 Construction in Progress (al) 28,398 57,156 78,140 94,225 57,356 Gross Real Estate Investment 3,376,566 3,385,597 3,307,713 3,220,733 3,261,115 Less: Accumulated Depreciation (541,842) (523,108) (493,330) (493,708) (493,188) Net Investment in Real Estate 2,834,724 2,862,489 2,814,383 2,727,025 2,767,927 Real Estate Held for Sale, Net (y) 16,669 21,117 70,220 21,910 48,795 Cash and Cash Equivalents 37,802 3,182 6,858 14,413 6,085 Restricted Cash (b) 109 109 25,979 103,028 25,054 Tenant Accounts Receivable, Net 11,780 10,414 9,207 10,530 12,068 Investment in Joint Ventures 16,094 16,299 60,673 63,376 60,694 Deferred Rent Receivable, Net 34,377 32,984 30,101 30,451 30,567 Deferred Financing Costs, Net 11,383 12,091 12,796 13,604 14,526 Deferred Leasing Intangibles, Net 83,533 90,342 84,446 81,723 85,918 Prepaid Expenses and Other Assets, Net (d) 165,868 174,474 199,457 224,293 213,808 Total Assets $ 3,212,339 $ 3,223,501 $ 3,314,120 $ 3,290,353 $ 3,265,442 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Mortgage Loans Payable, Net (e) $ 76,303 $ 77,396 $ 78,466 $ 76,017 $ 72,612 Senior Unsecured Debt, Net (f) (ad) 1,512,815 1,511,955 1,511,104 1,525,222 1,545,901 Unsecured Line of Credit (g) 488,608 443,284 396,254 355,800 348,706 Accounts Payable, Accrued Expenses and Other Liabilities 102,888 128,828 158,859 130,343 111,718 Deferred Leasing Intangibles, Net 29,717 30,754 20,632 21,066 21,012 Rents Received in Advance and Security Deposits 26,474 26,181 24,663 26,784 32,180 Leasing Intangibles Held for Sale, Net (y) - 541 584 - - Dividends Payable - 13,846 36,425 37,652 36,423 Total Liabilities 2,236,805 2,232,785 2,226,987 2,172,884 2,168,552 Stockholders' Equity Preferred Stock (f)(i) - - - - - Common Stock 490 490 487 486 486 Additional Paid in Capital 1,442,955 1,398,024 1,376,022 1,371,089 1,366,258 Distributions in Excess of Accumulated Earnings (385,627) (370,229) (286,328) (257,851) (266,831) Accumulated Other Comprehensive Loss (c) (22,415) (19,668) (8,816) (6,818) (11,675) Treasury Stock at Cost (140,018) (140,018) (140,018) (140,018) (140,018) Total Stockholders' Equity 895,385 868,599 941,347 966,888 948,220 Noncontrolling Interest (h) 80,149 122,117 145,786 150,581 148,670 Total Equity 975,534 990,716 1,087,133 1,117,469 1,096,890 Total Liabilities and Stockholders' Equity $ 3,212,339 $ 3,223,501 $ 3,314,120 $ 3,290,353 $ 3,265,442 First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 3
GAAP Statement of Operations By Quarter (IN 000'S) Quarter Ended As Adjusted (j) 31, 2009 31, 2008 Revenues Rental Income $ 69,521 $ 64,600 Tenant Recoveries and Other Income 25,140 25,609 Construction Revenues 18,431 22,954 Total Revenues 113,092 113,163 Expenses Property Expenses 33,613 32,034 General and Administrative 10,109 23,356 Restructuring Costs (af) 4,744 - Depreciation of Corporate FF&E 597 461 Depreciation and Other Amortization of Real Estate 38,620 36,215 Construction Expenses 17,883 22,301 Total Expenses 105,566 114,367 Other Income/(Expense) Interest Income 561 644 Interest Expense (ae) (28,098) (29,251) Amortization of Deferred Financing Costs (708) (713) Mark-to-Market Gain on Interest Rate Protection Agreements (c) 1,115 - Total Other Income/(Expense) (27,130) (29,320) LOSS FROM CONTINUING OPERATIONS BEFORE EQUITY IN INCOME OF JOINT VENTURES AND INCOME TAX BENEFIT (19,604) (30,524) Equity in Income of Joint Ventures 29 3,302 Income Tax Benefit 1,816 2,508 LOSS FROM CONTINUING OPERATIONS (17,759) (24,714) Income from Discontinued Operations (Including Gain on Sale of Real Estate of $4,413 and $73,361 for the Three Months Ended 31, 2009 and 2008, respectively) 4,696 79,339 Benefit (Provision) for Income Taxes Allocable to Discontinued Operations (Including $93 and $(247) allocable to Gain on Sale of Real Estate for the Three Months Ended 31, 2009 and 2008, respectively) 106 (407) (LOSS) INCOME BEFORE GAIN ON SALE OF REAL ESTATE (12,957) 54,218 Gain on Sale of Real Estate 460 7,671 Provision for Income Taxes Allocable to Gain on Sale of Real Estate (29) (1,591) NET (LOSS) INCOME (12,526) 60,298 Net Loss (Income) Attributable to the Noncontrolling Interest 1,982 (7,075) NET (LOSS) INCOME ATTRIBUTABLE TO FIRST INDUSTRIAL REALTY TRUST, INC. (10,544) 53,223 Preferred Dividends (4,857) (4,857) NET (LOSS) INCOME AVAILABLE TO FIRST INDUSTRIAL REALTY TRUST, INC.'s COMMON STOCKHOLDERS $ (15,401) $ 48,366 First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 4
Supplemental Statement of Operations (am) By Quarter (IN 000'S) Quarter Ended As Adjusted (j) 31, 2009 31, 2008 Revenues Rental Income $ 70,420 $ 76,236 Tenant Recoveries and Other Income 23,686 26,936 Total Revenues 94,106 103,172 Expenses Real Estate Taxes 15,689 15,690 Repairs and Maintenance 7,753 9,441 Property Management 4,252 6,078 Utilities 3,724 3,876 Insurance 1,063 912 Other 1,625 2,363 Total Property Expenses 34,106 38,360 NET OPERATING INCOME 60,000 64,812 FFO from Joint Ventures (ak) 4,550 7,974 NAREIT Compliant Economic Gains (l) 461 7,649 Non-NAREIT Compliant Economic Gains (aa) 1,273 31,451 Non-NAREIT Compliant Economic Gains from Joint Ventures (ak) 19 1,000 General and Administrative Expense (10,109) (23,356) EBITDA 56,194 89,530 Interest Expense (ae) (28,098) (29,251) Restructuring Costs (af) (4,744) - Benefit for Income Taxes 1,893 510 Non-NAREIT Compliant Economic Gains (aa) (1,273) (31,451) Non-NAREIT Compliant Economic Gains from Joint Ventures (ak) (19) (1,000) Mark-to-Market Gain on Interest Rate Protection Agreements (c) 1,115 - Preferred Dividends (4,857) (4,857) Amortization of Deferred Financing Costs (708) (713) Depreciation of Corporate FF&E (597) (461) FUNDS FROM OPERATIONS - FFO (NAREIT) 18,906 22,307 Depreciation and Other Amortization (38,898) (40,135) Equity in Dep/Other Amortization of Joint Ventures (1,822) (1,114) Preferred Dividends 4,857 4,857 Non-NAREIT Compliant Economic Gains (aa) 1,273 31,451 Non-NAREIT Compliant Economic Gains from Joint Ventures (ak) 19 1,000 Accumulated Depreciation/Amortization on Real Estate Sold 3,139 41,932 NET (LOSS) INCOME $ (12,526) $ 60,298 Noncontrolling Interest (h) 1,982 (7,075) Preferred Dividends (4,857) (4,857) NET (LOSS) INCOME AVAILABLE TO FIRST INDUSTRIAL REALTY TRUST, INC.'s COMMON STOCKHOLDERS (15,401) 48,366 EBITDA $ 56,194 $ 89,530 Interest Expense (28,098) (29,251) Restructuring Costs (af) (4,744) - Benefit for Income Taxes 1,893 510 Preferred Dividends (4,857) (4,857) Straight-line Rental Income Adjustment (1,882) (2,006) Restricted Stock Amortization 5,422 3,460 Non-Incremental Capital Expenditures (n) (4,586) (6,805) FUNDS AVAILABLE FOR DISTRIBUTION - FAD $ 19,342 $ 50,581 COMMON DIVIDENDS/DISTRIBUTIONS N/A $ 36,423 First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 5
Financial Highlights (ac)(am) By Quarter (PER SHARE) Quarter Ended As Adjusted (j) 31, 2009 31, 2008 FUNDS FROM OPERATIONS (NAREIT) - BASIC/DILUTED (aa) $ 0.38 $ 0.44 FUNDS AVAILABLE FOR DISTRIBUTION - BASIC/DILUTED $ 0.39 $ 1.00 NET (LOSS) INCOME AVAILABLE TO FIRST INDUSTRIAL REALTY TRUST, INC.'s COMMON STOCKHOLDERS - BASIC/DILUTED $ (0.35) $ 1.10 COMMON DIVIDENDS/DISTRIBUTIONS N/A $ 0.72 First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 6
Statement of Operations Reconciliation By Quarter (IN 000'S) Quarter Ended As Adjusted (j) 31, 2009 31, 2008 NET (LOSS) INCOME AVAILABLE TO FIRST INDUSTRIAL REALTY TRUST, INC.'s COMMON STOCKHOLDERS $ (15,401) $ 48,366 Depreciation and Other Amortization of Real Estate 38,620 36,215 Depreciation and Other Amortization of Real Estate Included in Discontinued Operations 278 3,920 Noncontrolling Interest (1,982) 7,075 Depreciation and Other Amortization of Real Estate - Joint Ventures 1,822 1,838 Accumulated Depreciation/Amortization on Real Estate Sold (3,139) (41,932) Accumulated Depreciation/Amortization on Real Estate Sold - Joint Ventures - (724) Non-NAREIT Compliant Economic Gains (aa) (1,273) (31,451) Non-NAREIT Compliant Economic Gains from Joint Ventures (ak) (19) (1,000) FUNDS FROM OPERATIONS (NAREIT) (aa) $ 18,906 $ 22,307 Restricted Stock Amortization 5,422 3,460 Amortization of Deferred Financing Costs 708 713 Depreciation of Corporate FF&E 597 461 Non-NAREIT Compliant Economic Gains (aa) 1,273 31,451 Non-NAREIT Compliant Economic Gains from Joint Ventures (ak) 19 1,000 Mark-to-Market Gain on Interest Rate Protection Agreements (c) (1,115) - Non-Incremental Capital Expenditures (n) (4,586) (6,805) Straight-line Rental Income Adjustment (1,882) (2,006) FUNDS AVAILABLE FOR DISTRIBUTION ("FAD") (am) $ 19,342 $ 50,581 NET (LOSS) INCOME AVAILABLE TO FIRST INDUSTRIAL REALTY TRUST, INC.'s COMMON STOCKHOLDERS $ (15,401) $ 48,366 Interest Expense (ae) 28,098 29,251 Restructuring Costs (af) 4,744 - Depreciation and Other Amortization of Real Estate 38,620 36,215 Depreciation and Other Amortization of Real Estate Included in Discontinued Operations 278 3,920 Preferred Dividends 4,857 4,857 Benefit for Income Taxes (1,893) (510) Noncontrolling Interest (1,982) 7,075 Amortization of Deferred Financing Costs 708 713 Depreciation of Corporate FF&E 597 461 Depreciation and Other Amortization of Real Estate - Joint Ventures 1,822 1,838 Mark-to-Market Gain on Interest Rate Protection Agreements (c) (1,115) - Accumulated Depreciation/Amortization on Real Estate Sold (3,139) (41,932) Accumulated Depreciation/Amortization on Real Estate Sold - Joint Ventures - (724) EBITDA (am) $ 56,194 $ 89,530 General and Administrative 10,109 23,356 Non-NAREIT Compliant Economic Gains from Joint Ventures (ak) (19) (1,000) Non-NAREIT Compliant Economic Gains (aa) (1,273) (31,451) NAREIT Compliant Economic Gains (l) (461) (7,649) FFO from Joint Ventures (ak) (4,550) (7,974) NET OPERATING INCOME (am) $ 60,000 $ 64,812 First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 7
Supplemental Statement of Operations Reconciliation (am) By Quarter (IN 000'S) Quarter Ended 31, 2009 31, 2008 REVENUES Total Revenues per the Form 10-Q/Press Release $ 113,092 $ 113,163 Interest Income 561 644 Construction Revenues (18,431) (22,954) Net Construction Profit 548 653 Fees Earned from Joint Ventures (2,718) (4,558) Revenues from Discontinued Operations 1,054 16,224 Total Revenues per the Supplemental $ 94,106 $ 103,172 EXPENSES Property Expenses per the Form 10-Q/Press Release $ 33,613 $ 32,034 Property Expenses from Discontinued Operations 493 6,326 Property Expenses per the Supplemental $ 34,106 $ 38,360 NAREIT COMPLIANT ECONOMIC GAINS Gain on Sale of Real Estate per Form 10-Q/Press Release $ 460 $ 7,671 Gain on Sale of Property from Discontinued Operations 4,413 73,361 Non-NAREIT Compliant Economic Gains (1,273) (31,451) Accumulated Depreciation/Amortization on Real Estate Sold (3,139) (41,932) NAREIT Compliant Economic Gains per the Supplemental $ 461 $ 7,649 DEPRECIATION AND OTHER AMORTIZATION Depreciation and Other Amortization per the Form 10-Q/Press Release $ 39,217 $ 36,676 Depreciation and Other Amortization from Discontinued Operations 278 3,920 Less: Depreciation of Corporate FF&E (597) (461) Depreciation and Other Amortization per the Supplemental $ 38,898 $ 40,135 FFO FROM JOINT VENTURES Equity in Income of Joint Ventures per the Form 10-Q/Press Release $ 29 $ 3,302 Fees Earned from Joint Ventures 2,718 4,558 Equity in Dep/Other Amortization of Joint Ventures 1,822 1,114 Non-NAREIT Compliant Economic Gains from Joint Ventures (19) (1,000) FFO from Joint Ventures per the Supplemental $ 4,550 $ 7,974 First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 8
Equity Analysis (IN 000'S EXCEPT PER SHARE DATA) 31, 2009 31, 2008 COMMON STOCK Common Shares and Partnership Units Outstanding Common Shares 44,664 44,300 Partnership Units (o) 5,688 6,288 Total 50,352 50,588 Basic & Diluted Weighted Avg. Shares/Units Outstanding (ac) 49,919 49,407 Weighted Avg. Shares Outstanding (ac) 44,147 42,984 Common Shares Trading Volume Average Daily Volume (Shares) 1,379 771 Average Daily Volume (Dollars) (p) $ 5,571 $ 24,556 As a % of Common Shares 3.09% 1.74% Common Share Price Range Quarterly High $ 7.42 $ 36.54 Quarterly Low 1.91 28.83 Quarterly Average (q) 4.04 31.85 End of Quarter 2.45 30.89 Common Stock Options Outstanding (Shares) (r) 162.6 354.1 Weighted Average Option Exercise Price $ 31.64 $ 31.68 PREFERRED STOCK (i) Series F Preferred Depositary Shares Outstanding 50 50 Series F Preferred Depositary Shares Book Value $ 1,000.00 $ 1,000.00 Series G Preferred Depositary Shares Outstanding 25 25 Series G Preferred Depositary Shares Book Value $ 1,000.00 $ 1,000.00 Series J Preferred Depositary Shares Outstanding 6,000 6,000 Series J Preferred Depositary Shares Book Value $ 25.00 $ 25.00 Series K Preferred Depositary Shares Outstanding 2,000 2,000 Series K Preferred Depositary Shares Book Value $ 25.00 $ 25.00 CAPITALIZATION Book Value of Preferred Stock 275,000 275,000 Market Value of Common Equity 123,362 1,562,663 Market Capitalization $ 398,362 $ 1,837,663 Total Debt 2,077,726 1,967,219 Total Market Capitalization $ 2,476,088 $ 3,804,882 (Market Capitalization + Total Debt) First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 9
Equity Analysis (IN 000'S EXCEPT PER SHARE DATA) RESEARCH Current Analysts Coverage BMO Capital Markets Credit Suisse Citigroup Davenport & Company GreenStreet Advisors Janney Montgomery Scott Macquarie Research Equities (USA) Morningstar Raymond James & Associates RBC Capital Markets Standard & Poor's Stock Report Contact Paul Adornato Steve Benyik Michael Bilerman Allan Bach Cedrik Lachance Stephanie Krewson Ki Bin Kim David Rodziewicz Paul Puryear David Rodgers Robert McMillan INSTITUTIONAL OWNERSHIP % of Shares Common Owned Shares/Units Top Ten Institutional Holders 13F, UK UT, CAN MF and Offsh Fd 17,588,133 34.9% Top Twenty Institutional Holders 13F, UK UT, CAN MF and Offsh Fd 21,070,240 41.8% Total Shares Held by Institutions 13F, UK UT, CAN MF and Offsh Fd 28,154,029 55.9% Total Number of Institutional Shareholders 13F, UK UT, CAN MF, and Offsh Fd 187 Source: Based on information compiled by Thomson Financial and using total outstanding shares and units of 50,352,195. This information may reflect filing and/or reporting lags. First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 10
Balance Sheet Debt Analysis By Quarter (IN 000'S) Quarter Ended As Adjusted (j) DEBT OUTSTANDING 31, 2009 31, 2008 Outstanding Balance Mortgage Loans Payable (e) $ 76,303 $ 72,612 Unsecured Line of Credit (g) 488,608 348,706 Senior Unsecured Debt, net (f)(ad) 1,512,815 1,545,901 $ 2,077,726 $ 1,967,219 Average Outstanding Balance Mortgage Loans Payable (e) $ 76,835 $ 73,060 Unsecured Line of Credit (g) 480,099 428,515 Senior Unsecured Debt, net (f)(ad) 1,512,250 1,545,355 $ 2,069,184 $ 2,046,930 Interest Rate Structure Fixed (e)(ad)(c) $ 1,639,118 $ 1,668,513 Floating (g)(c) 438,608 298,706 $ 2,077,726 $ 1,967,219 Average Interest Rates Mortgage Loans Payable (e) 6.06% 6.02% Unsecured Line of Credit (g) 1.70% 4.24% Senior Unsecured Debt, net (f) (ad) 6.76% 6.70% Total Weighted Average 5.56% 6.16% DEBT RATIOS Unencumbered Real Estate / Total Real Estate 95.6% 96.1% COVERAGE RATIOS Interest Coverage - EBITDA 2.0x 3.1x (EBITDA / GAAP Interest Expense) Fixed Charge Coverage - EBITDA 1.7x 2.6x (EBITDA / (GAAP Interest Expense + Principal Amort. + Preferred Dividends)) PRINCIPAL AMORTIZATION 905 758 DEBT MATURITY Weighted Average Maturity in Years as of 3/31/09 (v) 7.0 7.1 Debt Maturity and Scheduled Principal Amortization Payments By Year as of 3/31/09 (ab) 2009 132,392 2010 15,815 2011 407,657 2012 693,383 2013 2,523 2014 148,334 2015 1,704 2016 196,594 2017 219,968 2018 4,388 2019 3,355 Thereafter 265,768 Total Debt $ 2,091,881 First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 11
Dividend Analysis By Quarter Quarter Ended 31, 2009 31, 2008 COMMON STOCK DIVIDENDS Dividends per Share/Unit N/A $ 0.72 Percentage of Dividend - Ordinary Income (z) N/A 4.68% Percentage of Dividend - Return of Capital (z) N/A 0% Percentage of Dividend - Capital Gain (z) N/A 88.41% Percentage of Dividend - Qualified Dividend Income (z) N/A 6.91% Common Shareholders' Record Date N/A 3/31/2008 Common Dividends Payment Date N/A 4/21/2008 COMMON DIVIDEND/UNIT DISTRIBUTIONS PAYOUT RATIOS PER SHARE/UNIT Payout - FFO (NAREIT) N/A 162.4% (Common Dividends / Unit Distributions / FFO) Payout - FAD N/A 71.6% (Common Dividends / Unit Distributions / FAD) Dividend Coverage - FFO (NAREIT) N/A 0.62x (FFO / Common Dividends / Unit Distributions) Dividend Coverage - FAD N/A 1.40x (FAD / Common Dividends / Unit Distributions) COMMON DIVIDEND YIELDS Dividend Yield N/A 9.32% Spread Over 5 Year U.S. Treasury (u) N/A 6.85% Spread Over 10 Year U.S. Treasury (u) N/A 5.89% PREFERRED STOCK DIVIDENDS (i) Series F Preferred Stock Dividends Per Depositary Share $ 15.5900 $ 15.5900 Series F Preferred Stock Dividend Yield N/A N/A Series F Quarter End Price N/A N/A Series G Preferred Stock Dividends Per Depositary Share $ 18.0900 $ 18.0900 Series G Preferred Stock Dividend Yield N/A N/A Series G Quarter End Price N/A N/A Series J Preferred Stock Dividends Per Depositary Share $ 0.4531 $ 0.4531 Series J Preferred Stock Dividend Yield 25.00% 8.73% Series J Quarter End Price 7.25 20.77 Series K Preferred Stock Dividends Per Depositary Share $ 0.4531 $ 0.4531 Series K Preferred Stock Dividend Yield 25.93% 8.65% Series K Quarter End Price 6.99 20.95 First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 12
Valuation Analysis By Quarter Quarter Ended As Adjusted (j) 31, 2009 31, 2008 PRICING MULTIPLES /YIELDS NOI Multiple 10.3x 15.0x ((Mkt. Value of Common Equity+Avg. Preferred Stock+ Avg. Total Debt)/Ann. NOI) (s) EBITDA Multiple 11.0x 10.8x ((Mkt. Value of Common Equity+Avg. Preferred Stock+ Avg. Total Debt)/Ann. EBITDA) (s) FFO (NAREIT) Multiple 1.6x 17.5x (Market Value of Common Equity / Ann. FFO) (s) FAD Multiple 1.6x 7.7x (Market Value of Common Equity / Ann. FAD) (s) NOI Yield 9.7% 6.7% (Ann. NOI / (Mkt. Value of Common Equity + Avg. Preferred Stock+ Avg. Total Debt)) (s) EBITDA Yield 9.1% 9.2% (Ann. EBITDA / (Mkt. Value of Common Equity + Avg. Preferred Stock+ Avg. Total Debt)) (s) FFO (NAREIT) Yield 61.3% 5.7% (Ann. FFO / Market Value of Common Equity) (s) FAD Yield 62.7% 12.9% (Ann. FAD / Market Value of Common Equity) (s) RETURNS Unleveraged Yield on Real Estate Owned - NOI 7.2% 8.0% (Ann. NOI / Avg. Gross Real Estate Investment) (s) Unleveraged Yield on Real Estate Owned - EBITDA 6.7% 11.1% (Ann. EBITDA / Avg. Gross Real Estate Investment)) (s) Return on Book Value of Common Stockholders' Equity 15.8% 33.5% (Ann. EBTDA / Avg. Common Stockholders' Equity) (s) First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 13
On Balance Sheet Property Information As Of 31, 2009 31, 2008 TOTAL PORTFOLIO Number of Properties In-Service (t) 787 820 Completed Developments, not in-service (m) 2 6 Acquisitions/Redevelopments, not in-service (m) 7 26 Total Number of Properties 796 852 Developments Under Construction 1 5 Land Area - Developed (Acres) 5,065.34 4,901.96 Land Area - Developable (Acres) (w) 702.90 534.19 Gross Leasable Area (Square Feet) In-Service (t) 68,373,061 66,215,415 Completed Developments, not in-service (m) 1,377,943 1,922,560 Acquisitions/Redevelopments, not in-service (m) 1,029,255 3,537,021 Total Gross Leasable Area (Square Feet) 70,780,259 71,674,996 Developments Under Construction (Square Feet) 121,208 2,728,123 Occupied In-Service (Square Feet) 58,777,582 60,884,043 Vacant In-Service (Square Feet) 9,595,479 5,331,372 Number of In-Service Tenants 2,051 2,266 Average In-Service Tenant Size (Square Feet) 28,658 26,869 Occupancy Rates - In Service GLA 86.0% 91.9% For the Three Months Ended 31, 2009 31, 2008 PORTFOLIO LEASING AND OPERATING STATISTICS Leasing Lease Costs Per Square Foot $ 2.18 $ 1.90 (includes tenant improvements and lease commissions) Tenant Retention (by square feet) 69.4% 74.8% Tenant Retention (by number of leases) 76.5% 68.4% Weighted Average Lease Term (years) 6.1 6.1 Capital Expenditures Non-Leasing Capital Expenditures Per Sq. Ft. 0.01 0.02 (i.e., roofs, parking lot, etc.) 31, 2009 For the Three Months Ended Same Property Detail (am) Change in Revenues (1.7%) Change in Expenses 1.6% Change in NOI (3.4%) Change in NOI w/o termination fees (0.2%) Change in Occupancy (1.0%) Square Feet in Same Property Pool 59,729,783 % of Total Gross Leasable Area (Square Feet) 84.4% First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 14
On Balance Sheet Property Information 31, 2009 31, 2008 GLA In Service Gross Leasable Area by Metropolitan Area Atlanta 5,541,794 4,952,047 Baltimore/Washington D.C. 1,955,742 1,859,542 Central Pennsylvania 3,123,744 1,820,441 Chicago 4,553,537 4,480,137 Cincinnati 2,128,539 2,018,539 Cleveland 1,124,799 1,124,799 Columbus 3,290,159 2,759,379 Dallas/Ft. Worth 6,108,576 5,766,272 Denver 3,199,803 4,456,116 Detroit 4,443,134 4,410,591 Houston 2,910,249 2,829,494 Indianapolis 4,151,760 4,590,232 Inland Empire 662,874 595,940 Los Angeles 1,780,792 1,192,203 Louisville 124,935 124,935 Miami 424,430 281,626 Milwaukee 2,381,699 1,199,958 Minneapolis/St. Paul 4,228,755 4,543,565 Nashville 2,030,036 1,184,299 Northern New Jersey 1,279,409 1,329,116 Philadelphia 1,274,178 2,090,173 Phoenix 1,185,578 900,553 Salt Lake City 1,213,317 1,365,763 San Diego 322,239 322,527 Seattle 240,046 n/a Southern New Jersey 1,120,447 1,778,711 St. Louis 2,406,950 2,491,200 Tampa 1,133,961 1,152,406 Toronto 955,494 955,494 Other 3,076,085 3,639,357 Total In Service GLA 68,373,061 66,215,415 In Service GLA as a % of Total Portfolio by Metropolitan Area Atlanta 8.1% 7.5% Baltimore/Washington D.C. 2.9% 2.8% Central Pennsylvania 4.6% 2.7% Chicago 6.7% 6.8% Cincinnati 3.1% 3.0% Cleveland 1.6% 1.7% Columbus 4.8% 4.2% Dallas/Ft. Worth 8.9% 8.7% Denver 4.7% 6.7% Detroit 6.5% 6.7% Houston 4.3% 4.3% Indianapolis 6.1% 6.9% Inland Empire 1.0% 0.9% Los Angeles 2.6% 1.8% Louisville 0.2% 0.2% Miami 0.6% 0.4% Milwaukee 3.5% 1.8% Minneapolis/St. Paul 6.2% 6.9% Nashville 3.0% 1.8% Northern New Jersey 1.9% 2.0% Philadelphia 1.9% 3.2% Phoenix 1.7% 1.4% Salt Lake City 1.8% 2.1% San Diego 0.5% 0.5% Seattle 0.4% n/a Southern New Jersey 1.6% 2.7% St. Louis 3.5% 3.8% Tampa 1.7% 1.7% Toronto 1.4% 1.4% Other 4.5% 5.5% Total 100.0% 100.0% First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 15
On Balance Sheet Property Information NUMBER OF PROPERTIES 31, 2009 31, 2008 Atlanta 37 38 Baltimore/Washington D.C. 26 28 Central Pennsylvania 17 14 Chicago 40 41 Cincinnati 16 14 Cleveland 7 7 Columbus 12 10 Dallas/Ft. Worth 90 96 Denver 56 65 Detroit 127 126 Houston 30 29 Indianapolis 39 41 Inland Empire 3 2 Los Angeles 24 18 Louisville 1 1 Miami 7 6 Milwaukee 20 14 Minneapolis/St. Paul 35 37 Nashville 10 9 Northern New Jersey 19 20 Philadelphia 15 32 Phoenix 12 10 Salt Lake City 43 44 San Diego 11 11 Seattle 3 n/a Southern New Jersey 10 25 St. Louis 17 18 Tampa 35 36 Toronto 4 4 Other 21 24 Total In Service Properties 787 820 Atlanta 4.7% 4.6% Baltimore/Washington D.C. 3.3% 3.4% Central Pennsylvania 2.2% 1.7% Chicago 5.1% 5.0% Cincinnati 2.0% 1.7% Cleveland 0.9% 0.9% Columbus 1.5% 1.2% Dallas/Ft. Worth 11.4% 11.7% Denver 7.1% 7.9% Detroit 16.1% 15.4% Houston 3.8% 3.5% Indianapolis 5.0% 5.0% Inland Empire 0.4% 0.2% Los Angeles 3.0% 2.2% Louisville 0.1% 0.1% Miami 0.9% 0.7% Milwaukee 2.5% 1.7% Minneapolis/St. Paul 4.4% 4.5% Nashville 1.3% 1.1% Northern New Jersey 2.4% 2.4% Philadelphia 1.9% 3.9% Phoenix 1.5% 1.2% Salt Lake City 5.5% 5.4% San Diego 1.4% 1.3% Seattle 0.4% n/a Southern New Jersey 1.3% 3.0% St. Louis 2.2% 2.2% Tampa 4.4% 4.4% Toronto 0.5% 0.5% Other 2.7% 2.9% Total In Service Properties 100.0% 100.0% First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 16
On Balance Sheet Property Information 31, 2009 31, 2008 NUMBER OF PROPERTIES Number of In Service Properties by Property Type (aj) Bulk Warehouse 173 168 Light Industrial 373 404 R&D/Flex 131 135 Regional Warehouse 89 89 Manufacturing 21 24 Total In Service Properties 787 820 BASE RENT Base Rent Rate by Property Type Bulk Warehouse 42.1% 39.8% Light Industrial 34.0% 36.1% R&D/Flex 11.3% 11.1% Regional Warehouse 9.3% 9.2% Manufacturing 3.3% 3.8% Total 100.0% 100.0% GLA In Service Gross Leasable Area by Property Type Bulk Warehouse 36,663,681 32,961,344 Light Industrial 19,015,307 20,294,013 R&D/Flex 4,530,052 4,525,923 Regional Warehouse 5,214,228 5,165,339 Manufacturing 2,949,793 3,268,796 Total In Service GLA 68,373,061 66,215,415 In Service Gross Leasable Area by Property Type Bulk Warehouse 53.6% 49.8% Light Industrial 27.8% 30.6% R&D/Flex 6.6% 6.8% Regional Warehouse 7.6% 7.8% Manufacturing 4.3% 4.9% Total 100.0% 100.0% Average In Service Property Size (GLA) Bulk Warehouse 211,929 196,198 Light Industrial 50,979 50,233 R&D/Flex 34,581 33,525 Regional Warehouse 58,587 58,038 Manufacturing 140,466 136,200 First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 17
On Balance Sheet Property Information OCCUPANCY RATES 31, 2009 31, 2008 Occupancy Rates by Metropolitan Area Atlanta 75% 88% Baltimore/Washington D.C. 76% 98% Central Pennsylvania 87% 100% Chicago 83% 90% Cincinnati 90% 87% Cleveland 85% 75% Columbus 78% 93% Dallas/Ft. Worth 84% 92% Denver 90% 92% Detroit 87% 87% Houston 98% 95% Indianapolis 94% 97% Inland Empire 100% 100% Los Angeles 83% 86% Louisville 100% 100% Miami 58% 87% Milwaukee 92% 88% Minneapolis/St. Paul 91% 93% Nashville 98% 97% Northern New Jersey 92% 92% Philadelphia 97% 98% Phoenix 50% 83% Salt Lake City 82% 88% San Diego 84% 86% Seattle 100% n/a Southern New Jersey 78% 97% St. Louis 89% 99% Tampa 78% 84% Toronto 100% 100% Other 89% 92% 86% 92% RENTAL INCOME Rental Income as a % of Total Portfolio by Metropolitan Area Atlanta 5.2% 4.8% Baltimore/Washington D.C. 4.2% 4.6% Central Pennsylvania 4.2% 2.9% Chicago 6.4% 6.3% Cincinnati 2.7% 2.8% Cleveland 1.6% 1.5% Columbus 1.5% 2.2% Dallas/Ft. Worth 6.7% 6.3% Denver 6.0% 9.7% Detroit 7.5% 7.2% Houston 3.6% 3.3% Indianapolis 5.4% 5.2% Inland Empire 1.9% 1.0% Los Angeles 5.4% 2.6% Louisville 0.5% 0.4% Miami 0.5% 0.6% Milwaukee 3.2% 1.9% Minneapolis/St. Paul 6.5% 8.2% Nashville 2.1% 1.3% Northern New Jersey 3.7% 5.4% Philadelphia 2.3% 3.9% Phoenix 1.2% 1.1% Salt Lake City 1.9% 2.2% San Diego 2.2% 1.0% Seattle 1.0% n/a Southern New Jersey 1.4% 2.9% St. Louis 2.9% 3.5% Tampa 2.7% 2.6% Toronto 1.2% 1.2% Other 4.2% 3.5% 100.0% 100.0% First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 18
On Balance Sheet Property Information SAME PROPERTY OCCUPANCY RATES 31, 2009 31, 2008 Property Occupancy Rates by Metropolitan Area Atlanta 76% 79% Baltimore/Washington D.C. 91% 97% Central Pennsylvania 98% 100% Chicago 85% 91% Cincinnati 90% 86% Cleveland 85% 81% Columbus 77% 79% Dallas/Ft. Worth 87% 89% Denver 89% 88% Detroit 88% 88% Houston 98% 93% Indianapolis 94% 96% Inland Empire 100% 100% Los Angeles 90% 82% Miami 74% 87% Milwaukee 87% 81% Minneapolis/St. Paul 91% 91% Nashville 97% 93% Northern New Jersey 92% 92% Philadelphia 97% 98% Phoenix 68% 74% Salt Lake City 83% 86% San Diego 84% 71% Southern New Jersey 78% 91% St. Louis 87% 94% Tampa 79% 85% Toronto 100% 100% Other 97% 91% Weighted Average Occupancy 88% 89% SAME PROPERTY RENTAL INCOME Annual Rental Income per Average Occupied Square Foot by Metropolitan Area (x) Atlanta 3.24 3.12 Baltimore/Washington D.C. 7.44 7.31 Central Pennsylvania 4.21 4.27 Chicago 4.30 4.29 Cincinnati 3.82 3.70 Cleveland 4.49 4.85 Columbus 2.27 2.43 Dallas/Fort Worth 3.64 3.52 Denver 5.74 5.77 Detroit 5.46 5.50 Houston 3.31 2.98 Indianapolis 3.54 3.57 Inland Empire 4.70 4.56 Los Angeles 7.45 7.01 Miami 6.91 7.53 Milwaukee 4.52 4.39 Minneapolis/St. Paul 4.77 4.72 Nashville 2.92 2.70 Northern New Jersey 8.55 8.17 Philadelphia 4.90 4.78 Phoenix 4.93 4.33 Salt Lake City 5.24 5.29 San Diego 13.91 10.34 Southern New Jersey 4.19 4.32 St. Louis 4.00 4.02 Tampa 7.60 8.05 Toronto 5.17 5.04 Other 3.72 3.61 Weighted Average Rental Income / Sq.Ft. 4.47 4.35 First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 19
On Balance Sheet Property Information (AS OF MARCH 31, 2009 AND DOLLARS IN 000'S) LARGEST TENANTS Annualized Lease Net Rent Twenty Largest Tenants By Annualized Lease Net Rent Amount % of Total 1. Adesa (ai) 7,045 2.7% 2. Ozburn-Hessey Logistics 4,815 1.9% 3. Best Buy 2,983 1.2% 4. Amgen 2,834 1.1% 5. Exel 2,797 1.1% 6. Rockwell 2,734 1.1% 7. United Natural Foods 2,558 1.0% 8. Vi-Jon 2,492 1.0% 9. General Services Administration 2,268 0.9% 10. Whirlpool 1,874 0.7% 11. Volkswagen 1,804 0.7% 12. Rust Oleum Corporation 1,776 0.7% 13. Unisource 1,600 0.6% 14. V&S Transportation, Inc. 1,584 0.6% 15. Pure Fishing 1,519 0.6% 16. Reliance Electric Company (ag) 1,456 0.6% 17. Viasat 1,437 0.6% 18. Carrier Corporation 1,423 0.6% 19. Quad/Graphics 1,423 0.6% 20. Ruan 1,370 0.5% $ 47,792 18.5% Gross Leasable Area Twenty Largest Tenants by Gross Leasable Area Occupied % of Total 1. Ozburn-Hessey Logistics 1,362,823 2.0% 2. Rockwell Automation 931,745 1.4% 3. Best Buy 728,772 1.1% 4. Mars Petcare 705,600 1.0% 5. Vi-Jon 700,000 1.0% 6. United Natural Foods 675,000 1.0% 7. Whirlpool 657,451 1.0% 8. Reliance Electric Company (ag) 609,622 0.9% 9. Rust Oleum Corporation 600,000 0.9% 10. RB Distribution 575,543 0.8% 11. Chep USA 443,175 0.6% 12. Sears Roebuck 437,781 0.6% 13. Emser Tile 417,350 0.6% 14. Pure Fishing 400,828 0.6% 15. Unisource Worldwide 398,420 0.6% 16. TSN 394,380 0.6% 17. Mallory Alexander International Logistics 388,800 0.6% 18. Quad/Graphics 388,800 0.6% 19. Goodwill Industries 372,696 0.5% 20. Volkswagen 360,824 0.5% 11,549,610 16.9% First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 20
On Balance Sheet Property Information LEASE EXPIRATION SCHEDULE Average By Net Rent Amount Net Rent % of Total 2009 43,946 4.08 17.0% 2010 47,455 4.59 18.4% 2011 43,506 4.77 16.9% 2012 32,009 4.52 12.4% 2013 27,511 4.96 10.7% 2014 16,905 3.82 6.6% 2015 9,439 3.70 3.7% 2016 9,385 3.91 3.6% 2017 3,573 4.70 1.4% 2018 5,658 4.71 2.2% Thereafter 18,372 4.01 7.1% $257,759 4.39 100.0% Average By GLA GLA Lease (GLA) % of Total 2009 10,769,983 23,062 18.3% 2010 10,345,426 21,287 17.6% 2011 9,114,714 23,017 15.5% 2012 7,080,081 26,126 12.0% 2013 5,548,180 27,197 9.4% 2014 4,421,916 44,666 7.5% 2015 2,550,955 47,240 4.3% 2016 2,399,926 82,756 4.1% 2017 760,017 76,002 1.3% 2018 1,201,053 28,042 2.0% Thereafter 4,585,331 169,827 7.8% 58,777,582 28,422 100.0% By Number of Leases Number % of Total 2009 467 22.6% 2010 486 23.5% 2011 396 19.1% 2012 271 13.1% 2013 204 9.9% 2014 99 4.8% 2015 54 2.6% 2016 29 1.4% 2017 10 0.5% 2018 25 1.2% Thereafter 27 1.3% 2,068 100.0% First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 21
2009 On Balance Sheet Property Acquisition Summary WEIGHTED GROSS PURCHASE AVERAGE SQUARE LAND PRICE EXPECTED PORTFOLIO MARKET FEET ACREAGE (in millions) CAP RATE (k) Rockdale Land Nashville 3.9 0.2 1st Quarter Land Acquisitions 3.9 $0.2 Total First Quarter Acquisitions n/a 3.9 $0.2 Total 2009 Acquisitions n/a 3.9 $0.2 n/a First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 22
2008 On Balance Sheet Property Acquisition Summary WEIGHTED GROSS PURCHASE AVERAGE SQUARE LAND PRICE EXPECTED PORTFOLIO MARKET FEET ACREAGE (in millions) CAP RATE (k) 1590 E. Riverview Phoenix 90,000 $7.8 2455 Blvd of the Generals Philadelphia 110,422 6.0 690 S. 91st Avenue Phoenix 207,800 9.9 6647 Romiss Court St. Louis 22,411 1.1 14050 Day Street Inland Empire 63,480 5.1 Mack Arrowhead Phoenix 228,277 25.0 600 Green Drive Other 332,465 11.3 9501 Nevada Chicago 119,790 11.1 1501 Oakton Chicago 166,954 12.6 1st Quarter Property Acquisitions 1,341,599 $89.9 8.5% Berry Business Park Land Houston 15.8 $1.5 Menomonee Falls Land Milwaukee 54.4 1.9 1st Quarter Land Acquisitions 70.2 $3.4 Total First Quarter Acquisitions 1,341,599 70.2 $93.3 12925 Marlay Avenue Inland Empire 208,415 $14.1 1011 Rancho Conejo & 2300 Corp Los Angeles 184,064 26.3 20700 Denker Avenue Los Angeles 82,814 8.6 8181 Darrow Road Cleveland 257,000 9.3 18408 Laurel Park Road Los Angeles 30,824 5.7 3815 W. Washington Street Phoenix 90,000 6.6 16500 W. 103rd Street Chicago 52,871 3.8 2nd Quarter Property Acquisitions 905,988 $74.5 7.6% Pure Fishing BTS Kansas City 48.2 $4.1 Arch and Newcastle Road Land San Francisco 70.0 7.7 2nd Quarter Land Acquisitions 118.2 $11.8 Total Second Quarter Acquisitions 905,988 118.2 $86.3 Berg Portfolio Seattle 240,046 $17.9 6300 Bristol Pike Philadelphia 148,000 5.0 202-210 N. Great Southwest Parkway Dallas/Ft. Worth 220,542 4.4 Adesa Various (ai) 74.3 11415 Old Roswell Road Atlanta 80,000 4.4 Puget Sound Terminal Seattle (ai) 10.2 139 Eva Street Minneapolis/St. Paul 165,360 1.5 3rd Quarter Property Acquisitions 853,948 $117.7 8.4% Rockdale Land Nashville 48.0 $2.4 8811 Huntington Road Toronto 81.5 17.0 3rd Quarter Land Acquisitions 129.5 $19.4 Total Third Quarter Acquisitions 853,948 129.5 $137.1 19021 S. Reyes Avenue Los Angeles 23,240 $16.1 Adesa Atlanta (ai) $7.5 4th Quarter Property Acquisitions 23,240 $23.6 9.1% Total Fourth Quarter Acquisitions 23,240 $23.6 Total 2008 Acquisitions 3,124,775 317.9 $340.3 8.3% First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 23
2009 On Balance Sheet Property Development Summary DEVELOPMENTS PLACED IN SERVICE ESTIMATED AVERAGE INVESTMENT EXPECTED DEVELOPMENT MARKET SQUARE FEET (in millions) CAP RATE (k) Vi-Jon BTS Nashville 700,000 27.6 Baltimore Crossroads Baltimore/Washington D.C. 300,000 18.1 First Garland Dallas/Ft. Worth 435,179 17.8 First Gateway Logistics Los Angeles 141,100 16.8 Quad Graphics BTS Milwaukee 388,800 16.3 Southpointe 2 Industrial Park Central Pennsylvania 300,000 16.2 Northpark at Saxony (Phase 2) Indianapolis 71,281 4.8 First Quarter Total 2,336,360 $117.6 8.1% DEVELOPMENTS IN PROCESS AT MARCH 31, 2009 ESTIMATED INVESTMENT DEVELOPMENT MARKET SQUARE FEET (in millions) 600 First Avenue Central Pennsylvania 1,279,350 $66.0 First Park Commerce Center Miami 98,593 10.8 Sens Road Distribution Center Houston 121,208 5.9 TOTAL IN PROCESS 1,499,151 $82.7 7.4% % Leased 0% % Funded 92% ADDITIONAL DEVELOPMENTS PLACED IN SERVICE ESTIMATED AVERAGE INVESTMENT EXPECTED DEVELOPMENT MARKET SQUARE FEET (in millions) CAP RATE (k) Park Technology Center (Bldg A,B,C) Denver 106,266 13.0 First Park Shakopee (Phase 3) Minneapolis 133,166 6.4 High Point Business Center Denver 37,043 4.5 First Quarter Total 276,475 $23.9 7.8% Note: Additional Developments Placed in Service were completed prior to 2008 and added to the in-service portfolio as a result of the modification of the in-service portfolio definition, effective in 1Q09. See footnote (t) for the definition of our in-service portfolio. Note: Developments in process above do not include fee developments in process where First Industrial has no equity interest in the project, yet acts as a developer and receives remuneration for these services. Total estimated project costs for these fee developments will be approximately $210 million. First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 24
2008 On Balance Sheet Property Development Summary DEVELOPMENTS PLACED IN SERVICE ESTIMATED AVERAGE INVESTMENT EXPECTED DEVELOPMENT MARKET SQUARE FEET (in millions) CAP RATE (k) First Park Commerce Center Miami 24,506 $2.7 Kimberly-Clark BTS Other 294,000 10.6 First Quarter Total 318,506 $13.3 9.6% GreenSpring Industrial Park Central Pennsylvania 675,000 $29.6 CHD Meridian BTS Nashville 50,000 9.1 Second Quarter Total 725,000 $38.7 8.7% RB Distribution Expansion Nashville 145,450 $5.1 Third Quarter Total 145,450 $5.1 9.2% Pure Fishing BTS St. Louis 400,828 $17.8 Rust-Oleum BTS Milwaukee 600,000 $26.6 Fourth Quarter Total 1,000,828 $44.4 7.9% 2008 Total 2,189,784 $101.5 8.5% First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 25
2009 On Balance Sheet Property Sales Summary SALE WEIGHTED SQUARE LAND PRICE AVERAGE ADDRESS/PORTFOLIO MARKET FEET ACREAGE (in millions) CAP RATE 1380 Perry Road Indianapolis 260,400 8.2 50 Triangle Boulevard Northern New Jersey 49,707 3.6 336-338 Clubhouse Lane Baltimore/Washington D.C. 71,572 7.1 1st Quarter Property Sales 381,679 $18.9 8.8% Skyway Corp Center Denver 3.1 $1.0 1st Quarter Land Sales 3.1 $1.0 Total First Quarter Sales 381,679 3.1 $19.9 Total 2009 Sales 381,679 3.1 $19.9 8.8% First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 26
2008 On Balance Sheet Property Sales Summary SALE WEIGHTED SQUARE LAND PRICE AVERAGE ADDRESS/PORTFOLIO MARKET FEET ACREAGE (in millions) CAP RATE Pan American Miami 24,506 $3.3 2001 Innerbelt St. Louis 171,637 8.3 Cincinnati Industrial Portfolio Cincinnati 421,300 17.7 4560 N. 124th Street Milwaukee 25,000 1.3 4410 N. 132nd Street Milwaukee 100,000 5.5 2150 Hutton Drive Dallas/Ft. Worth 48,325 2.5 8705 City Park Loop Houston 191,537 6.9 Houston Portfolio Houston 101,635 4.5 369 Orange Street Salt Lake City 136,000 5.7 Kasota Avenue Portfolio Minneapolis/St. Paul 156,638 8.7 11300 Hampshire Avenue Minneapolis/St. Paul 145,210 11.5 Chicago Portfolio Chicago 355,000 14.8 Cecilia Drive Minneapolis/St. Paul 161,679 10.3 Golden Triangle and City West Minneapolis/St. Paul 372,956 31.8 Allendale Portfolio Northern New Jersey 368,863 42.7 New Jersey Flex Northern New Jersey 170,459 12.0 Raritan Center Northern New Jersey 204,440 22.0 4050 Southmeadow Parkway Atlanta 87,328 3.3 1st Quarter Property Sales 3,242,513 $212.8 7.6% 5123 W. 200 South Salt Lake City 7.7 $0.9 Kenosha Land Milwaukee 97.7 11.8 1st Quarter Land Sales 105.4 $12.7 Total First Quarter Sales 3,242,513 105.4 $225.5 500 N. Nash Los Angeles 26,887 $6.3 900 Apollo Road Minneapolis/St. Paul 312,265 8.8 4908 Creekside Drive Tampa 18,445 2.4 1541 Champions Drive Dallas/Ft. Worth 107,915 4.7 7601 NW 107th Other 187,600 7.2 700 Business Center Chicago 34,800 2.6 Kimberly Clark BTS Other 294,000 11.6 225 Transfer Drive Indianapolis 177,600 8.1 14395 Bergen Boulevard Indianapolis 71,753 5.8 7316 Aspen Lane Minneapolis/St. Paul 96,000 5.1 Kimberly Clark BTS Kansas City 446,500 20.0 1550 West Evans Denver 78,787 4.4 8900 Yellow Brick Road Baltimore/Washington D.C. 60,000 4.7 CHD Meridian BTS Nashville 50,000 11.6 Lehigh Valley Portfolio Philadelphia 314,361 20.1 Cherry Hill Portfolio Southern New Jersey 737,802 49.1 Dartmouth Industrial Portfolio Denver 663,411 39.3 Bucks County Portfolio Philadelphia 649,634 50.4 4790 Valley Boulevard Los Angeles 66,856 7.1 2nd Quarter Property Sales 4,394,616 $269.5 7.6% 1660 S. Abilene Denver 2.3 $0.4 Metro Business Park Land Salt Lake City 6.6 1.6 2nd Quarter Land Sales 8.9 $2.0 Total Second Quarter Sales 4,394,616 8.9 $271.5 1266 Oakbrok Drive Atlanta 30,378 $2.1 1280 Energy Park Minneapolis/St. Paul 71,905 4.6 2250 Arthur Avenue Chicago 76,430 3.2 7501 Airport, 7430 &7420 Whitehall Dallas/Ft. Worth 59,900 3.7 10500-11685 East 53rd Street Denver 514,115 28.9 10220 S. 51st Street Phoenix 22,978 3.1 Mid County Portfolio St. Louis 199,450 7.5 Roundtable Portfolio Dallas/Ft. Worth 77,642 3 7370 Dogwood Park Dallas/Ft. Worth 18,511 1 10947 Golden Hills West Baltimore/Washington D.C. 72,228 6.8 3rd Quarter Property Sales 1,143,537 $63.9 7.3% Total Third Quarter Sales 1,143,537 $63.9 First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 27
2008 On Balance Sheet Property Sales Summary SALE WEIGHTED SQUARE LAND PRICE AVERAGE ADDRESS/PORTFOLIO MARKET FEET ACREAGE (in millions) CAP RATE 4201 Kellway Circle Dallas/Ft. Worth 41,019 $2.1 4625 West 1730 South Salt Lake City 113,302 6.8 2315 NW 21st Place Portland 36,000 2.1 6925 & 6955 Portwest Drive Houston 70,490 5.9 9140 S. 150 East Salt Lake City 120,144 7.4 4th Quarter Property Sales 380,955 $24.3 6.8% Total Fourth Quarter Sales 380,955 $24.3 Total 2008 Sales 9,161,621 114.3 $585.2 7.5% First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 28
On Balance Sheet Developable and Expandable Site Inventory (AS OF MARCH 31, 2009) Useable Land Area (w) Developable/ Expandable Market/Location (Acres) GLA (Est.) (w) Owned Land Hunt Valley, MD 5.4 50,000 Lanham, MD 1.4 25,000 Lanham, MD 1.1 10,000 Windsor Mill, MD 4.9 50,000 Baltimore/Washington D.C. 12.9 135,000 Gouldsboro, PA 34.0 500,000 Gouldsborro, PA 78.0 - Central Pennsylvania 112.0 500,000 Kenosha, WI 10.7 203,500 Menomonee Falls, WI 6.9 115,000 Menomonee Falls, WI 5.0 82,000 Menomonee Falls, WI 5.9 87,000 Chicago 28.5 487,500 West Chester, OH 6.4 80,000 Cincinnati 6.4 80,000 Cleveland, OH 12.0 150,000 Cleveland 12.0 150,000 Grove City, OH 23.2 300,000 Columbus 23.2 300,000 Dallas, TX 43.5 737,500 Dallas/ Ft. Worth 43.5 737,500 Golden, CO 2.7 25,000 Broomfield, CO 7.3 76,000 Denver 10.0 101,000 La Porte, TX 8.8 200,640 Houston 8.8 200,640 Indianapolis, IN 35.0 381,150 Indianapolis 35.0 381,150 Moreno Valley, CA 37.5 725,100 Inland Empire 37.5 725,100 Los Angeles, CA 2.0 43,581 Los Angeles, CA 10.1 30,000 Los Angeles 12.1 73,581 Maple Grove, MN 3.4 30,576 Minneapolis/St. Paul 3.4 30,576 Wilson County, TN 49.9 500,000 Wilson County, TN 49.9 1,000,000 Horn Lake, MS 15.0 300,000 Nashville 114.8 1,800,000 Sayerville, NJ 10.7 183,200 New Jersey 10.7 183,200 Allentown, PA 57.6 775,000 Philadelphia 57.6 775,000 Stockon, CA 57.9 1,200,000 San Francisco 57.9 1,200,000 Lakeland, FL 9.6 200,000 Tampa 9.6 200,000 Vaughan, ON 44.2 877,500 Vaughan, ON 63.0 1,100,000 Toronto 107.2 1,977,500 TOTAL OF OWNED LAND 702.9 10,037,747 First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 29
Selected Financial Data: Joint Venture Financial Information ($ IN 000'S) This table shows the financial results of the Joint Ventures and the Company's proportionate share of those results. In addition to the FFO and net income shown below, the Company earns fees and incentives, as more fully described in footnote (ak). 2003 2005 2005 2006 2006 2007 2007 Net Lease JV Dev/Rep JV Core JV Net Lease JV Land/Dev JV Canada JV Europe JV Total FR's Share FR Ownership % 15% 10% 10% 15% 10% 10% 10% Three Months Ended 31, 2009 Net Operating Income / (Loss) $ 5,158 $ 548 $ 5,084 $ 6,456 $ (743) $ 731 $ 6 $ 17,240 $ 2,305 Plus: NAREIT Compliant Economic Gains - 151 - - 368 - - 519 52 Less: General & Administrative Expense (126) (1,455) (319) (307) (351) (142) (535) (3,235) (345) Less: Interest Expense (2,109) (3,338) (801) (2,685) (1,871) (142) (10) (10,956) (1,336) Less: Amortization of Deferred Financing Fees (54) (303) (42) (8) (353) (17) - (777) (81) Funds from Operations (1) 2,869 (4,397) 3,922 3,456 (2,950) 430 (539) 2,791 595 Less: Depreciation and Amortization (2,728) (5,642) (3,308) (3,218) (112) (201) - (15,209) (1,818) Plus: Non-NAREIT Compliant Economic Gains 90 94 - - 5 189 19 Plus: Accum Dep/Amort on Real Estate Sold - - - - - - - - - Net Income / (Loss) $ 141 $ (9,949) $ 708 $ 238 $ (3,062) $ 234 $ (539) $ (12,229) $ (1,204) As of 31, 2009 Gross Real Estate Investment (Including FAS 141 Adjustments) $ 245,732 $ 860,742 $ 236,463 $ 265,365 $ 373,330 $ 34,644 $ - $ 2,016,276 $ 227,182 Less: Accumulated Depreciation (38,565) (15,469) (35,359) (22,832) (261) (802) - (113,288) (14,398) Net Real Estate 207,167 845,273 201,104 242,533 373,069 33,842-1,902,988 212,784 Other Assets 12,891 21,441 37,369 7,549 5,711 5,010 802 90,773 10,099 Total Assets $ 220,058 $ 866,714 $ 238,473 $ 250,082 $ 378,780 $ 38,852 $ 802 $ 1,993,761 $ 222,883 Unsecured Debt $ - $ 608,233 $ 211,044 $ - $ 263,216 $ 23,409 $ 1,783 $ 1,107,685 $ 110,769 Secured Debt 174,867 - - 184,601 - - - 359,468 53,920 Other Liabilities 1,911 19,089 6,396 1,943 22,258 994 550 53,141 5,506 Equity 43,280 239,392 21,033 63,538 93,306 14,449 (1,531) 473,467 52,688 Total Liabilities and Equity $ 220,058 $ 866,714 $ 238,473 $ 250,082 $ 378,780 $ 38,852 $ 802 $ 1,993,761 $ 222,883 Debt Maturity: 2009 $ 33,490 $ 228,856 $ 109,743 $ 529 $ 81,794 $ - $ 796 $ 455,208 $ 47,222 2010 83,844 200,000-1,519 - - - 285,363 32,804 2011 921 151,415 85,510 2,010 75,422 23,409 734 339,421 34,089 2012 1,013 - - 2,471 - - - 3,484 523 2013 1,071 27,962 15,791 2,621 106,000-253 153,698 15,554 Thereafter 54,528 - - 175,451 - - - 229,979 34,497 Total $ 174,867 $ 608,233 $ 211,044 $ 184,601 $ 263,216 $ 23,409 $ 1,783 $ 1,467,153 $ 164,689 (1) The Company recorded distributions in excess of its investment of $1,301 in the 2005 Core JV to FFO from Joint Ventures. The Company did not recognize in FFO from Joint Ventures $86 related to one property in the 2006 Net Lease JV as the income amount was required to be offset against past losses not recognized. The 2006 Net Lease JV column includes financial information for properties in which the Company owns a 15% interest and excludes financial information for properties (approximately $197.6 million of total assets at 31, 2009) in which the Company owns no equity interest but acts as the asset and property manager. First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 30
Joint Venture Property Information Development/Repositioning Core Net Lease 2005 JV 2006 JV 2005 JV 2006 JV 2003 JV 2007 Canada JV Total Buildings Develop. Land Buildings Develop. Land Buildings Buildings Buildings Buildings Develop. Land Buildings Develop. Land (square feet) (acres) (acres) (square feet) (square feet) (square feet) (square feet) (acres) (square feet) (acres) Atlanta 1,567,108 - - 138 589,574 400,800 758,488 - - 3,315,970 138 Baltimore/Washington D.C. 345,600 37 - - - 695,536 - - - 1,041,136 37 Calgary - - - - - - - - 67-67 Central Pennsylvania - - - - - 506,003 390,000 - - 896,003 - Chicago 1,507,474 20-212 - - 1,616,283 - - 3,123,757 232 Cincinnati - - - - 394,156 - - - - 394,156 - Cleveland - - - - 1,587,952 - - - - 1,587,952 - Columbus - - - - 611,578 - - - - 611,578 - Dallas/Ft. Worth 60,530-758,922 295-1,278,870 - - - 2,098,322 295 Detroit 49,492 21 - - - - 203,100 - - 252,592 21 Houston 980,898 302 - - - - 663,821 - - 1,644,719 302 Indianapolis - - - - - - 741,221 - - 741,221 - Miami 156,871 - - 501 - - - - - 156,871 501 Milwaukee 184,457 - - - - 264,907 - - - 449,364 - Minneapolis/St. Paul 944,455 51 - - 119,292 473,491 - - - 1,537,238 51 Nashville 149,894 - - - 556,404 - - - - 706,298 - Phoenix - 508-426 - - - - - - 934 S. California (See Note Below) 600,027 642-938 - - 130,800 - - 730,827 1,580 Salt Lake City 661,534 134 - - - 416,634 - - - 1,078,168 134 San Francisco 485,024 60 - - - 765,000 - - - 1,250,024 60 Seattle 198,000 19-232 - - - - - 198,000 251 St. Louis - 99 - - - - - - - - 99 Tampa 689,440 215 - - - - - - - 689,440 215 Toronto - - - - - - - 191,061-191,061 - Other - - - - - 232,743 584,057 - - 816,800 - Total Square Feet or Acres 8,580,804 2,108 758,922 2,742 3,858,956 5,033,984 5,087,770 191,061 67 23,511,497 4,916 Square Feet or Acres as % of Total Portfolio Atlanta 18.3% 0.0% 0.0% 5.0% 15.3% 8.0% 14.9% 0.0% 0.0% Baltimore/Washington D.C. 4.0% 1.8% 0.0% 0.0% 0.0% 13.8% 0.0% 0.0% 0.0% Calgary 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% Central Pennsylvania 0.0% 0.0% 0.0% 0.0% 0.0% 10.1% 7.7% 0.0% 0.0% Chicago 17.6% 0.9% 0.0% 7.7% 0.0% 0.0% 31.8% 0.0% 0.0% Cincinnati 0.0% 0.0% 0.0% 0.0% 10.2% 0.0% 0.0% 0.0% 0.0% Cleveland 0.0% 0.0% 0.0% 0.0% 41.1% 0.0% 0.0% 0.0% 0.0% Columbus 0.0% 0.0% 0.0% 0.0% 15.8% 0.0% 0.0% 0.0% 0.0% Dallas/Ft. Worth 0.7% 0.0% 100.0% 10.8% 0.0% 25.4% 0.0% 0.0% 0.0% Detroit 0.6% 1.0% 0.0% 0.0% 0.0% 0.0% 4.0% 0.0% 0.0% Houston 11.4% 14.3% 0.0% 0.0% 0.0% 0.0% 13.0% 0.0% 0.0% Indianapolis 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 14.6% 0.0% 0.0% Miami 1.8% 0.0% 0.0% 18.3% 0.0% 0.0% 0.0% 0.0% 0.0% Milwaukee 2.1% 0.0% 0.0% 0.0% 0.0% 5.3% 0.0% 0.0% 0.0% Minneapolis/St. Paul 11.0% 2.4% 0.0% 0.0% 3.1% 9.4% 0.0% 0.0% 0.0% Nashville 1.7% 0.0% 0.0% 0.0% 14.4% 0.0% 0.0% 0.0% 0.0% Phoenix 0.0% 24.1% 0.0% 15.5% 0.0% 0.0% 0.0% 0.0% 0.0% S. California (See Note Below) 7.0% 30.5% 0.0% 34.2% 0.0% 0.0% 2.6% 0.0% 0.0% Salt Lake City 7.7% 6.4% 0.0% 0.0% 0.0% 8.3% 0.0% 0.0% 0.0% San Francisco 5.7% 2.8% 0.0% 0.0% 0.0% 15.2% 0.0% 0.0% 0.0% Seattle 2.3% 0.9% 0.0% 8.5% 0.0% 0.0% 0.0% 0.0% 0.0% St. Louis 0.0% 4.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Tampa 8.0% 10.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Toronto 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% 0.0% Other 0.0% 0.0% 0.0% 0.0% 0.0% 4.6% 11.5% 0.0% 0.0% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% General Notes: Excludes JV properties under development, which are listed on page 37. The 2006 Net Lease JV column includes buildings which the Company owns a 15% interest, and excludes building information for properties (1,586,558 square feet at 31, 2009) in which the Company owns no equity interest, but acts as asset and property manager. Excludes approximately 28 acres of developable land in the 2005 Core JV. Southern California includes the Inland Empire, Los Angeles, Orange County and San Diego. First Quarter 2009 Supplemental of First Industrial Realty Trust, Inc. Page 31