| ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
2013
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| Maryland | 36-3935116 | |
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| 60606 | |
| (Address of principal executive offices) | (Zip Code) | |
Depositary Shares Each Representing 1/10,000 of a Share of 7.25% Series J Cumulative Preferred Stock
Depositary Shares Each Representing 1/10,000 of a Share of 7.25% Series K Cumulative Preferred Stock
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New York Stock Exchange
(Name of exchange on which registered)
| Large accelerated filer | þ | Accelerated filer | ¨ | |||||
| Non-accelerated filer | ¨ | (Do not check if a smaller reporting company) | Smaller reporting company | ¨ | ||||
28, 2013.
" We also redeemed all of the 2,000,000 Depositary Shares, each representing 1/10,000th of a share of our 7.25% Series K Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series K Preferred Stock"), at a redemption price of $25.00 per Depositary Share. general economic conditions; local, regional, national and international economic conditions and other events and occurrences that affect the markets in which we own properties; local conditions such as oversupply or a reduction in demand in an area; the attractiveness of the properties to tenants; tenant defaults; zoning or other regulatory restrictions; competition from other available real estate; our ability to provide adequate maintenance and insurance; and increased operating costs, including insurance premiums and real estate taxes. we may not be able to obtain financing for development projects on favorable terms and complete construction on schedule or within budget, resulting in increased debt service expense and construction costs and delays in leasing the properties and generating cash flow; we may not be able to obtain, or may experience delays in obtaining, all necessary zoning, land-use, building, occupancy and other governmental permits and authorizations; the properties may perform below anticipated levels, producing cash flow below budgeted amounts and limiting our ability to sell such properties to third parties or to sell such properties to joint ventures. $ $ $6.1 million aggregate principal amount of 7.150% Notes due 2027 (the “2027 Notes”); $ $ $159.7 million aggregate principal amount of 5.750% Notes due 2016 (the “2016 Notes”); $81.8 million aggregate principal amount of 6.420% Notes due 2014 (the “2014 Notes”); $ a joint venturers may share certain approval rights over major decisions; joint venturers might fail to fund their share of any required capital commitments; joint venturers might have economic or other business interests or goals that are inconsistent with our business interests or goals that would affect our ability to operate the property; joint venturers may have the power to act contrary to our instructions, requests, policies or objectives, including our current policy with respect to maintaining our qualification as a real estate investment trust; the joint venture agreements often restrict the transfer of a member’s or joint venturer’s interest or “buy-sell” or may otherwise restrict our ability to sell the interest when we desire or on advantageous terms; disputes between us and our joint venturers may result in litigation or arbitration that would increase our expenses and prevent our officers and directors from focusing their time and effort on our business and subject the properties owned by the applicable joint venture to additional risk; and we may in certain circumstances be liable for the actions of our joint venturers. exposure to the economic fluctuations in the locations in which we invest; difficulties and costs associated with complying with a wide variety of complex laws, treaties and regulations; revisions in tax treaties or other laws and regulations, including those governing the taxation of our international revenues; obstacles to the repatriation of earnings and funds; currency exchange rate fluctuations between the United States dollar and foreign currencies; restrictions on the transfer of funds; and national, regional and local political uncertainty. Light industrial properties are of less than 100,000 square feet, have a ceiling height of 16-21 feet, are comprised of 5%-50% of office space and contain less than 50% of manufacturing space; 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 and contain less than 25% of manufacturing space; 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 and contain less than 25% of manufacturing space; 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 and contain less than 25% of manufacturing Metropolitan Area Atlanta, GA Baltimore, MD Central PA Chicago, IL Cincinnati, OH Cleveland, OH Dallas, TX Denver, CO Detroit, MI Houston, TX Indianapolis, IN Miami, FL Milwaukee, WI Minneapolis/ St. Paul, MN Nashville, TN Northern New Jersey Philadelphia, PA Phoenix, AZ Salt Lake City, UT Seattle, WA Southern California(a) Southern New Jersey St. Louis, MO Tampa, FL Toronto, ON Other(b) Total Metropolitan Area Atlanta, GA Baltimore, MD Central PA Chicago, IL Cincinnati, OH Cleveland, OH Dallas, TX Denver, CO Detroit, MI Houston, TX Indianapolis, IN Miami, FL Milwaukee, WI Minneapolis/St. Paul, MN Nashville, TN Northern New Jersey Philadelphia, PA Phoenix, AZ Salt Lake City, UT Seattle, WA Southern California(a) Southern New Jersey St. Louis, MO Tampa, FL Toronto, ON Other(b) Total or Average Acquisitions Metropolitan Area Central PA Metropolitan Area Minneapolis/St. Paul, MN Southern California developed property, is 7.3%. cost stated above. The completed developments and developments under construction have the following characteristics: Metropolitan Area Atlanta, GA Chicago, IL Cincinnati, OH Columbus, OH Dallas, TX Denver, CO Detroit, MI Indianapolis, IN Milwaukee, WI Nashville, TN Total was located in Omaha, NE. 2012 Lastly, during the twelve months ended December 31, 2013, we signed eight development leases with free rent periods during the lease term on 0.4 million square feet of GLA. Total free rent concessions are $0.5 million associated with these development leases. Year of Expiration(1) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Thereafter Total Quarter Ended December 31, 2012 September 30, 2012 June 30, 2012 March 31, 2012 December 31, 2011 September 30, 2011 June 30, 2011 March 31, 2011 27, 2014. 2013. Plan Category Equity Compensation Plans Approved by Security Holders Equity Compensation Plans Not Approved by Security Holders Total FIRST INDUSTRIAL REALTY TRUST, INC. S&P 500 FTSE NAREIT Equity REITs Statement of Operations Data: Total Revenues Loss from Continuing Operations Loss from Continuing Operations Available to First Industrial Realty Trust, Inc’s Common Stockholders Net (Loss) Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders Basic and Diluted Earnings Per Share: Loss from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders Net (Loss) Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders Distributions Per Share Basic and Diluted Weighted Average Shares Outstanding Balance Sheet Data (End of Period): Real Estate, Before Accumulated Depreciation Total Assets Indebtedness (Inclusive of Indebtedness Held for Sale) Total Equity Cash Flow Data: Cash Flow From Operating Activities Cash Flow From Investing Activities Cash Flow From Financing Activities Costs: We capitalize (direct and certain indirect) costs incurred in developing and expanding real estate assets as part of the investment basis. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. During the land development and construction periods, we capitalize interest costs, real estate taxes and certain general and administrative costs of the personnel performing development up to the time the property is substantially complete. The interest rate used to capitalize interest is based upon our average borrowing rate on existing debt. We also capitalize internal and external costs incurred to successfully originate a lease that result directly from, and are essential to, the acquisition of that lease. Leasing costs that meet the requirements for capitalization are presented as a component of prepaid expenses and other assets, net. The determination and calculation of certain costs requires estimates by us. Liabilities:In the preparation of our consolidated financial statements, significant management judgment is required to estimate our current and deferred income tax In assessing the need for a valuation allowance against our deferred tax assets, we estimate future taxable income, considering the feasibility of ongoing tax planning strategies and the realizability of tax loss carryforwards. In the event we were to determine that we would not be able to realize all or a portion of our deferred tax assets in the future, we would reduce such amounts through a charge to income in the period in which that determination is made. Conversely, if we were to determine that we would be able to realize our deferred tax assets in the future in excess of the net carrying amounts, we would decrease the recorded valuation allowance through an increase to income in the period in which that determination is made. 2013. REVENUES Same Store Properties Acquired Properties Sold Properties (Re) Developments and Land, Not Included Above Other Discontinued Operations Total Revenues PROPERTY EXPENSES Same Store Properties Acquired Properties Sold Properties (Re) Developments and Land, Not Included Above Other Discontinued Operations Total Property Expenses included in continuing operations for the years ended December 31, 2012 and 2011 of $0.2 million and DEPRECIATION AND OTHER AMORTIZATION Same Store Properties Acquired Properties Sold Properties (Re) Developments and Land, Not Included Above Corporate Furniture, Fixtures and Equipment Discontinued Operations Total Depreciation and Other Amortization Joint Venture. For the years ended December 31, 2012 and 2011, we recognized $0.8 million gain and $0.7 million gain, respectively, which is the difference between our carrying value and fair value of our equity interest in each of the properties on the respective acquisition date. Total Revenues Property Expenses Impairment of Real Estate Depreciation and Amortization Interest Expense Gain on Sale of Real Estate Provision for Income Taxes Income from Discontinued Operations REVENUES Same Store Properties Acquired Properties Sold Properties (Re) Developments and Land, Not Included Above Other Discontinued Operations Subtotal Revenues Construction Revenues Total Revenues PROPERTY AND CONSTRUCTION EXPENSES Same Store Properties Acquired Properties Sold Properties (Re) Developments and Land, Not Included Above Other Discontinued Operations Property Expenses Construction Expenses Total Property and Construction Expenses DEPRECIATION AND OTHER AMORTIZATION Same Store Properties Acquired Properties Sold Properties (Re) Developments and Land, Not Included Above Corporate Furniture, Fixtures and Equipment Discontinued Operations Total Depreciation and Other Amortization Total Revenues Property Expenses Impairment of Real Estate Depreciation and Amortization Interest Expense Gain on Sale of Real Estate Provision for Income Taxes Income (Loss) from Discontinued Operations Facility. These needs may also be met by the issuance of additional equity securities or long-term unsecured indebtedness, subject to market conditions and contractual restrictions or borrowings under our Unsecured Credit Facility. 2014. 2013 receivable, a decrease in escrows and contributions to, and investments in, our Joint Ventures. 2014. our Unsecured Credit Facility. Operating and Ground Leases(1)(2) Real Estate Development(1)(3) Long Term Debt Interest Expense on Long Term Debt(1)(4) Total Page Item 1. PageItem 1A. Item 1B. Item 2. Item 3. Item 4. 4 Item 1.Business4Item 1A.Risk Factors7Item 1B.Unresolved SEC Comments13Item 2.Properties13Item 3.Legal Proceedings18Item 4.Mine Safety Disclosures18PART II.19Item 5.19Item 6. 21Item 7. 22Item 7A. 36Item 8. 36Item 9. Item 9A. Item 9B. 36 Item 9A.Controls and Procedures36Item 9B.Other Information37PART III.38Item 10.38Item 11. 38Item 12. 38Item 13. 38Item 14. 38PART IV.39Item 15. 39S-11“Exchange Act”"Exchange Act"). We intend 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 are 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,” “seek,” “target,” “potential,” “focus,” “may,” “should”"believe," "expect," "intend," "plan," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "should" or similar expressions. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically; changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities (including the Internal Revenue Service); our ability to qualify and maintain our status as a real estate investment trust; the availability and attractiveness of financing (including both public and private capital) to us and to our potential counterparties; the availability and attractiveness of terms of additional debt repurchases; interest rates; our credit agency ratings; our ability to comply with applicable financial covenants; competition; changes in supply and demand for industrial properties (including land, the supply and demand for which is inherently more volatile than other types of industrial property) in the Company’s current and proposed market areas; difficulties in consummating acquisitions and dispositions; risks related to our investments in properties through joint ventures; environmental liabilities; slippages in development or lease-up schedules; tenant creditworthiness; higher-than-expected costs; changes in asset valuations and related impairment charges; changes in general accounting principles, policies and guidelines applicable to real estate investment trusts; international business risks and those additional factors described in Item 1A, “Risk Factors”"Risk Factors" and in our other filings with the Securities and Exchange Commission (the “SEC”"SEC"). We caution you not to place undue reliance on forward looking statements, which reflect our analysis only and speak only as of the date of this report or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements. Unless the context otherwise requires, the terms “Company,” “we,” “us,”"Company," "we," "us" and “our”"our" refer to First Industrial Realty Trust, Inc., First Industrial, L.P. and their respective controlled subsidiaries. We refer to our operating partnership, First Industrial, L.P., as the “Operating"Operating Partnership.”(“REIT”("REIT") as defined in the Internal Revenue Code of 1986 (the “Code”"Code"). We are a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops, and redevelops industrial real estate. As of December 31, 2012,2013, our in-service portfolio consisted of 346305 light industrial properties, 10894 R&D/flex properties, 150154 bulk warehouse properties 102and 96 regional warehouse properties and eight manufacturing properties containing approximately 63.461.3 million square feet of gross leasable area (“GLA”("GLA") located in 26 states in the United States and one province in Canada.25 states. Our in-service portfolio includes all properties other than developed, redeveloped and acquired properties that have not yet reached stabilized occupancy (generally defined as properties that are 90% leased). Properties which are at least 75% occupied at acquisition are placed in-service. Acquired properties less than 75% occupied are placed in-service upon the earlier of reaching 90% occupancy or one year from the acquisition date. Development properties are placed in-service upon the earlier of reaching 90% occupancy or one year from the date construction is completed. Redevelopments (generally projects which require capital expenditures exceeding 25% of the gross cost basis) are placed in-service upon the earlier of reaching 90% occupancy or one year from the completion of renovation construction.95.5%96.0% and 94.3%95.5% ownership interest at December 31, 20122013 and 2011,2012, respectively, and through our taxable REIT subsidiaries. We also conduct operations through other partnerships and limited liability companies, the operating data of which, together with that of the Operating Partnership and the taxable REIT subsidiaries, is consolidated with that of the Company as presented herein.“2003"2003 Net Lease Joint Venture”Venture" and the “2007"2007 Europe Joint Venture”). During 2010, we provided various services to, and ultimately disposed of our equity interests in, five joint ventures (the “2005 Development/Repositioning Joint Venture,”Venture"; collectively, the “2005 Core Joint Venture,” the “2006 Net Lease Co-Investment Program,” the “2006 Land/Development Joint Venture” and the “2007 Canada Joint Venture;” together with the 2003 Net Lease Joint Venture and the 2007 Europe Joint Venture, the “Joint Ventures”"Joint Ventures"). The Joint Ventures are accounted for under the equity method of accounting. Accordingly, the operating data of our Joint Ventures is not consolidated with that of the Company as presented herein. The 2007 Europe Joint Venture does not own any properties. See Note 5 to the Consolidated Financial Statements for more information on the Joint Ventures.20, 2013,27, 2014, we had 173169 employees.(“IDEA”) via the SEC’sSEC's home page on the Internet (http://www.sec.gov). In addition, our Corporate Governance Guidelines, Code of Business Conduct and Ethics, Audit Committee Charter, Compensation Committee Charter and Nominating/Corporate Governance Committee Charter, along with supplemental financial and operating information prepared by us, are all available without charge on our website or upon request to us. Amendments to, or waivers from, our Code of Business Conduct and Ethics that apply to our executive officers or directors will also be posted to our website. We also post or otherwise make available on our website from time to time other information that may be of interest to our investors. Please direct requests as follows:•Internal Growth. We seek to grow internally by (i) increasing revenues by renewing or re-leasing spaces subject to expiring leases at higher rental levels; (ii) increasing occupancy levels at properties where vacancies exist and maintaining occupancy elsewhere; (iii) controlling and minimizing property operating and general and administrative expenses; and (iv) renovating existing properties.•External Growth. We seek to grow externally through (i) the development of industrial properties; (ii) the acquisition of portfolios of industrial properties, industrial property businesses or individual properties which meet our investment parameters within our target markets; (iii) the expansion of our properties; and (iv) possible additional joint venture investments.•Organization Strategy. We implement our decentralized property operations strategy through the deployment of experienced regional management teams and local property managers. We provide acquisition, development and financing assistance, asset management oversight and financial reporting functions from our headquarters in Chicago, Illinois to support our regional operations. We believe the size of our portfolio enables us to realize operating efficiencies by spreading overhead among many properties and by negotiating purchasing discounts.•Market Strategy. Our market strategy is to concentrate on the top industrial real estate markets in the United States. These markets have one or more of the following characteristics: (i) favorable industrial real estate fundamentals, including improving industrial demand and constrained supply that can lead to long-term rent growth; (ii) warehouse distribution markets that should benefit from increases in distribution activity driven by growth in global trade and local consumption; and (iii) sufficient size to provide ample opportunity for growth through incremental investments as well as offer asset liquidity.•Leasing and Marketing Strategy. We have an operational management strategy designed to enhance tenant satisfaction and portfolio performance. We pursue an active leasing strategy, which includes broadly marketing available space, seeking to renew existing leases at higher rents per square foot and seeking leases which provide for the pass-through of property-related expenses to the tenant. We also have local and national marketing programs which focus on the business and real estate brokerage communities and national tenants.•Acquisition/Development Strategy. Our acquisition/development strategy is to invest in properties in the top industrial real estate markets in the United States.•Disposition Strategy. We continuously evaluate local market conditions and property-related factors in all of our markets for purposes of identifying assets suitable for disposition.•Financing Strategy. To finance acquisitions, developments and debt maturities, as market conditions permit, we utilize a portion of proceeds from property sales, proceeds from mortgage financings, line of credit borrowings under our $450 million unsecured credit facility (the “Unsecured Credit Facility”), and proceeds from the issuance, when and as warranted, of additional equity securities (see Recent Developments). We also continually evaluate joint venture arrangements as another source of capital. As of February 28, 2013, we had approximately $321.0 million available for additional borrowings under the Unsecured Credit Facility.2012,2013, we acquired onetwo industrial propertyproperties comprising approximately 0.41.1 million square feet of GLA through the purchase of the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture at a cap rate of 7.3% and several land parcels. The cap rateparcels for the industrial property acquisition was calculated by annualizing the contract rent in place at the time of acquisition and dividing it by the gross agreed-upon fair value for the real estate. The acquisition was funded with a cash payment of $8.3 million and the assumption of a mortgage loan in the amount of $12.0 million, which was subsequently paid off on the date of acquisition. Thean aggregate purchase price of the land parcels was approximately $46.7$72.8 million, excluding costs incurred in conjunction with the acquisitionacquisitions. Additionally, we placed in-service one development totaling approximately 0.3 million square feet of the land parcels.GLA for a total cost of $19.1 million. We also sold 2867 industrial properties at a weighted average cap ratecomprising approximately 3.0 million square feet of 9.0%,GLA and one parcel ofseveral land parcels for an aggregatetotal gross sales priceproceeds of $85.6$144.6 million. The cap rate for the 28 industrial property sales is calculated by taking revenues of the property (excluding straight-line rent, lease inducement amortization and above and below market lease amortization) less operating expenses of the property for a period of the last twelve full months prior to sale and dividing the sum by the sales price of the property. At December 31, 2012,2013, we owned 714649 in-service industrial properties containing approximately 63.461.3 million square feet of GLA.2012,2013, we amended and restated our existing $450.0 million revolving credit facility (the "Old Credit Facility"), increasing the borrowing capacity to $625.0 million. We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $825.0 million, subject to certain restrictions. The amendment extended the maturity date from December 12, 2014 to September 29, 2017 with an option to extend an additional one year at our election, subject to certain restrictions. At December 31, 2013, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 150 basis points. The interest rate on the Unsecured Credit Facility varies based on our leverage ratio. In the event we achieve an investment grade rating from one of certain rating agencies, the rate may be decreased at our election, based on the investment grade rating. In connection with the amendment of the Old Credit Facility, we wrote off $0.1 million of unamortized deferred financing costs, which is included in loss from retirement of debt for the year ended December 31, 2013.$106.3$29.8 million of our senior unsecured notes and $72.3 million in mortgage loans payable. We recognized a loss from retirement of debt on our Consolidated Statement of Operations of $9.3$6.6 million. We also paid off and retired our 6.875% Notes due 2012 (the “2012 Notes”), at maturity, in the amount of $61.8 million.2012, we originated $100.6 million in mortgage financings at an interest rate of 4.03%, maturing in September 2022. We also paid off and retired prior to maturity $14.1 million in mortgage loans payable and recognized a loss from retirement of debt of $0.4 million.During the year ended December 31, 2012,2013, we redeemed 2,000,000the remaining 4,000,000 Depositary Shares, each representing 1/10,000th10,000th of a share, of our 7.25%, Series J Cumulative Redeemable Preferred Stock, $0.01 par value (the “Series"Series J Preferred Stock”Stock"), at a redemption price of $25.00 per Depositary Share.2012,2013, we issued 9,400,0008,400,000 shares of the Company’s common stock, generating $116.7$132.1 million in net proceeds, in an underwritten public offering. Additionally, during the first quarter of 2012year ended December 31, 2013, we issued 1,532,5982,315,704 shares of the Company’sCompany's common stock, generating $18.1$41.7 million in net proceeds, under the Company’s “at-the-market”Company's "at-the-market" equity offering program (the “2012 ATM”"2012 ATM").2012,2013, the national occupancy rate for industrial properties in the United States has ranged from 85.4%85.5%* to 89.8%88.7%*, with an occupancy rate of 87.2%88.7%* at December 31, 2012.2013.* Source: CBRE Econometric Advisors soldissued through capital markets transactions. We anticipate that the capital markets could be a source of refinancing of our existing indebtedness in the future. This source of refinancing may not be available if capital market volatility and disruption occurs. Furthermore, we could potentially lose access to available liquidity under our Unsecured Credit Facility if one or more participating lenders were to default on their commitments. If our ability to issue additional debt or equity securities to finance future acquisitions, developments and redevelopments and joint venture activities or to borrow money under our Unsecured Credit Facility were to be impaired by capital market volatility and disruption, it could have a material adverse effect on our liquidity and financial condition.thea disruption of the global credit markets. Our investments in real estate assets are concentrated in the industrial sector, and the demand for industrial space in the United States is related to the level of economic output. Accordingly, reduced economic output may lead to lower occupancy rates for our properties. In addition, if2012,2013, leases with respect to approximately 8.57.1 million, 9.79.0 million and 8.010.3 million square feet of our total GLA, representing 15%13%, 18%16% and 14%18% of our total GLA, expire in 2013, 2014, 2015 and 2015,2016, respectively.(“IRS”("IRS") could contend that certain sales of properties by us are prohibited transactions. While we have implemented controls to avoid prohibited transactions, if a dispute were to arise that was successfully argued by the IRS, the 100% penalty tax could be assessed against the profits from these transactions. In addition, any income from a prohibited transaction may adversely affect our ability to satisfy the income tests for qualification as a REIT.2013.2014. Our ability to meet our financial covenants may be adversely affected if economic and credit market conditions limit our ability to reduce our debt levels consistent with, or result in net operating income below, our current expectations. Under our Unsecured Credit Facility, an event of default can also occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreement.2012,2013, mortgage loans payable totaling $483.5$474.5 million were cross-collateralized.Partnership:Partnership. Our lump-sum payments as of December 31, 2013 consist of the following:11.610.6 million aggregate principal amount of 7.750% Notes due 2032 (the “2032 Notes”);55.331.9 million aggregate principal amount of 7.600% Notes due 2028 (the “2028 Notes”);106.9101.9 million aggregate principal amount of 5.950% Notes due 2017 (the “2017 II Notes”);55.455.0 million aggregate principal amount of 7.500% Notes due 2017 (the “2017 Notes”);668.8599.5 million in mortgage loans payable, in the aggregate, due between JanuaryOctober 2014 and September 2022 on certain of our mortgage loans payable; and$450.0$625.0 million Unsecured Credit Facility maturing December 12, 2014,September 29, 2017, under which we may borrow to finance the acquisition of additional properties, fund developments and for other corporate purposes, including working capital. The Unsecured Credit Facility contains a one-yearone year extension option.2012, $98.02013, $173.0 million was outstanding under the Unsecured Credit Facility at a weighted average interest rate of 1.912%1.666%.2012,2013, our ratio of debt to our total market capitalization was 44.3%38.5%. We compute the percentage by calculating our total consolidated debt as a percentage of the aggregate market value of all outstanding shares of our 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. Our organizational documents do not contain any limitation on the amount or percentage of indebtedness we may incur. Accordingly, we could become more highly leveraged, resulting in an increase in debt service that could adversely affect our ability to make expected distributions to stockholders and an increased risk of default on our obligations.2012,2013, our Unsecured Credit Facility had an outstanding balance of $98.0$173.0 million at a weighted average interest rate of 1.912%1.666%. OurAt December 31, 2013, our Unsecured Credit Facility presently bearsprovides for interest only payments at LIBOR plus 170150 basis points or at a basewhich rate plus 170 basis points, atvaries based on our election.leverage ratio. Based on the outstanding balance on our Unsecured Credit Facility as of December 31, 2012,2013, a 10% increase in interest rates would increase interest expense by $0.2$0.3 million on an annual basis. Increases in the interest rate payable on balances outstanding under our Unsecured Credit Facility would decrease our cash available for distribution to stockholders.2012,2013, the 2003 Net Lease Joint Venture owned approximately 2.72.5 million square feet of properties. Our net investment in this Joint Venture was $1.0$0.9 million at December 31, 2012.2013. Our organizational documents do not limit the amount of available funds that we may invest in joint ventures and we intend tomay continue to develop and acquire properties through joint ventures with other persons or entities when warranted by the circumstances. Joint venture investments, in general, involve certain risks, including:2012,2013, we owned one industrial property and one land parcel located in Canada. Our international operations will be subject to risks inherent in doing business abroad, including:2012,2013, we owned 714649 in-service industrial properties containing an aggregate of approximately 63.461.3 million square feet of GLA in 2625 states, and one province in Canada, with a diverse base of approximately 1,900more than 1,800 tenants engaged in a wide variety of businesses, including manufacturing, retail, wholesale trade, distribution and professional services. The average annual rent per square foot on a portfolio basis, calculated at December 31, 2012,2013, was $4.47.$4.54. The properties are generally located in business parks that have convenient access to interstate highways and/or rail and air transportation. We maintain insurance on our properties that we believe is adequate.fivefour industrial categories: light industrial, R&D/flex, bulk warehouse and regional warehouse and manufacturing.warehouse. While some properties may have characteristics which fall under more than one property type, we use what we believe is the most dominant characteristic to categorize the property.space; andManufacturing properties are a diverse category2012,2013, with respect to the in-service properties, each of which is wholly owned. Light Industrial R&D/Flex Bulk Warehouse Regional
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Properties GLA Number of
Properties GLA Number of
Properties 622,944 11 174,350 4 3,820,667 14 649,807 7 364,000 1 768,536 13 253,071 7 586,647 3 96,000 1 171,000 1 297,790 6 — — 4,113,585 9 381,719 4 — — 916,754 14 248,090 4 2,798,941 13 593,851 6 166,954 1 278,000 5 100,000 2 918,250 3 763,069 5 — — — — — — 1,317,799 7 — — — — 2,307,047 42 408,161 17 2,148,315 16 460,533 6 — — 1,148,368 26 527,014 12 400,498 3 760,277 7 — — 2,141,293 79 322,010 10 385,577 3 580,209 14 348,350 3 585,349 9 132,997 6 2,457,546 11 446,318 6 — — 861,100 18 25,000 2 2,327,482 8 527,127 7 — — 88,820 1 — — — — 424,430 7 — — 387,166 8 55,940 1 961,285 5 90,089 1 165,644 1 973,459 14 265,565 3 2,972,995 13 323,165 5 — — 163,852 2 — — 1,249,288 5 — — — — 749,849 13 199,967 4 329,593 2 — — — — 186,641 6 11,256 1 690,599 2 330,334 4 — — 38,560 1 — — 710,403 5 354,327 5 — — 574,925 33 146,937 6 279,179 1 122,900 1 — — — — — — 258,126 2 127,060 2 — — 734,162 20 88,064 1 1,715,853 7 676,980 11 — — 115,626 2 45,054 1 281,100 2 191,329 2 — — 823,655 11 — — 1,613,095 6 — — — — 234,679 7 689,782 27 209,500 1 — — — — — — — — 280,773 1 — — — — 201,997 5 — — 2,150,755 8 88,498 1 301,317 1 15,200,572 346 3,693,258 108 34,977,851 150 7,988,022 102 1,517,265 8 Light Industrial R&D/Flex Bulk Warehouse Total Metropolitan Area GLA GLA GLA GLA GLA Atlanta, GA 622,944 11 174,350 4 3,820,667 14 923,807 7 5,541,768 36 Baltimore, MD 768,536 13 253,070 7 586,647 3 96,000 1 1,704,253 24 Central PA 297,790 6 — — 4,113,585 9 381,719 4 4,793,094 19 Chicago, IL 689,606 10 197,997 3 3,592,679 15 424,851 5 4,905,133 33 Cincinnati, OH 278,000 5 100,000 2 918,250 3 763,069 5 2,059,319 15 Cleveland, OH — — — — 1,317,799 7 — — 1,317,799 7 Dallas, TX 1,996,261 35 209,249 9 2,148,315 16 501,873 7 4,855,698 67 Denver, CO 1,148,368 26 369,949 10 399,754 3 756,685 7 2,674,756 46 Detroit, MI 2,171,855 78 188,263 6 658,927 5 550,089 13 3,569,134 102 Houston, TX 585,349 9 132,997 6 2,457,546 11 446,318 6 3,622,210 32 Indianapolis, IN 861,100 18 25,000 2 2,176,994 7 503,177 6 3,566,271 33 Miami, FL 88,820 1 — — 142,804 1 281,626 6 513,250 8 Milwaukee, WI 343,726 7 55,940 1 1,126,929 6 90,089 1 1,616,684 15 Minneapolis/St. Paul, MN 969,796 14 265,565 3 2,972,995 13 201,173 3 4,409,529 33 Nashville, TN 163,852 2 — — 1,249,288 5 — — 1,413,140 7 Northern New Jersey 749,849 13 171,601 3 329,593 2 — — 1,251,043 18 Philadelphia, PA 186,641 6 11,256 1 690,599 2 330,334 4 1,218,830 13 Phoenix, AZ 38,560 1 — — 710,403 5 354,327 5 1,103,290 11 Salt Lake City, UT 190,620 6 146,937 6 279,179 1 122,900 1 739,636 14 Seattle, WA — — — — 258,126 2 127,399 2 385,525 4 Southern California(a) 772,878 21 88,064 1 2,016,153 8 639,087 10 3,516,182 40 Southern New Jersey 115,626 2 45,054 1 172,100 1 191,329 2 524,109 6 St. Louis, MO 631,732 9 191,923 2 1,613,095 6 — — 2,436,750 17 Tampa, FL 234,679 7 689,782 27 209,500 1 — — 1,133,961 35 Other(b) 201,997 5 — — 2,096,108 8 88,498 1 2,386,603 14 Total 14,108,585 305 3,316,997 94 36,058,035 154 7,774,350 96 61,257,967 649 Occupancy by Industrial Building Type 88 % 85 % 95 % 95 % 93 % (a) Southern California includes the markets of Los Angeles, Inland Empire and San Diego. (b) Properties are located in Grand Rapids, MI, Austin, TX, Orlando, FL, Horn Lake, MS, Kansas City, MO, San Antonio, TX, Birmingham, AL, Omaha, NE, Jefferson County, KY, Greenville, KY, Des Moines, IA, Fort Smith, AR and Winchester, VA. Totals GLA Number of
Properties Average
Occupancy
at 12/31/12 GLA as
a %
of Total
Portfolio Encumbrances
at 12/31/12
(In 000s)(c) 5,631,768 37 82 % 8.9 % $ 33,311 1,875,254 25 83 % 3.0 % 9,872 4,793,094 19 89 % 7.6 % 58,783 4,724,590 38 96 % 7.5 % 68,785 2,059,319 15 83 % 3.2 % 13,581 1,317,799 7 74 % 2.1 % 33,956 5,324,056 81 87 % 8.4 % 58,850 2,836,157 48 86 % 4.5 % 33,537 3,777,439 109 93 % 6.0 % — 3,622,210 32 99 % 5.7 % 56,540 3,740,709 35 94 % 5.9 % 20,832 513,250 8 66 % 0.8 % — 1,660,124 16 88 % 2.6 % 20,694 4,535,184 35 93 % 7.2 % 75,975 1,413,140 7 99 % 2.2 % 29,907 1,279,409 19 89 % 2.0 % 24,520 1,218,830 13 93 % 1.9 % 25,972 1,103,290 11 84 % 1.7 % 13,654 1,123,941 41 86 % 1.8 % 10,694 385,186 4 81 % 0.6 % 5,490 3,215,059 39 91 % 5.1 % 77,862 633,109 7 87 % 1.0 % 5,909 2,436,750 17 98 % 3.8 % 45,257 1,133,961 35 83 % 1.8 % 9,452 280,773 1 98 % 0.4 % — 2,742,567 15 98 % 4.3 % 30,183 63,376,968 714 90 % 100 % $ 763,616 Metropolitan Area GLA Atlanta, GA 5,541,768 36 89 % 9.0 % $ 36,196 Baltimore, MD 1,704,253 24 90 % 2.8 % 9,737 Central PA 4,793,094 19 94 % 7.9 % 57,253 Chicago, IL 4,905,133 33 96 % 8.0 % 40,112 Cincinnati, OH 2,059,319 15 91 % 3.4 % 13,588 Cleveland, OH 1,317,799 7 100 % 2.2 % 25,921 Dallas, TX 4,855,698 67 94 % 7.9 % 57,673 Denver, CO 2,674,756 46 94 % 4.4 % 28,799 Detroit, MI 3,569,134 102 95 % 5.8 % — Houston, TX 3,622,210 32 99 % 5.9 % 56,205 Indianapolis, IN 3,566,271 33 93 % 5.8 % 20,050 Miami, FL 513,250 8 79 % 0.8 % — Milwaukee, WI 1,616,684 15 97 % 2.6 % 20,795 Minneapolis/St. Paul, MN 4,409,529 33 92 % 7.2 % 72,309 Nashville, TN 1,413,140 7 98 % 2.3 % 28,602 Northern New Jersey 1,251,043 18 92 % 2.0 % 24,135 Philadelphia, PA 1,218,830 13 85 % 2.0 % 24,588 Phoenix, AZ 1,103,290 11 94 % 1.8 % 17,932 Salt Lake City, UT 739,636 14 92 % 1.2 % 10,735 Seattle, WA 385,525 4 100 % 0.6 % 5,070 Southern California(a) 3,516,182 40 94 % 5.7 % 76,563 Southern New Jersey 524,109 6 41 % 0.9 % 3,115 St. Louis, MO 2,436,750 17 86 % 4.0 % 17,781 Tampa, FL 1,133,961 35 90 % 1.9 % 9,353 Other(b) 2,386,603 14 98 % 3.9 % 21,378 Total or Average 61,257,967 649 93 % 100 % $ 677,890 (a) Southern California includes the markets of Los Angeles, Inland Empire and San Diego. (b) Properties are located in Grand Rapids, MI, Austin, TX, Orlando, FL, Horn Lake, MS, Kansas City, MO, San Antonio, TX, Birmingham, AL, Omaha, NE, Jefferson County, KY, Greenville, KY, Des Moines, IA, Fort Smith, AR and Winchester, VA.(c) Certain properties are pledged as collateral under our mortgage financings at December 31, 2012.2013. For purposes of this table, the total principal balance of a mortgage loan payable that is collateralized by a pool of properties is allocated among the properties in the pool based on each property’s carrying balance.Acquisition/Development Activity2012,2013, we acquired onetwo industrial property with a fair value of approximately $21.8 million through the purchase of the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture. The acquisition was funded with a cash payment of $8.3 millionproperties and the assumption of a mortgage loan in the amount of $12.0 million, which was subsequently paid off on the date of acquisition. We also purchased several land parcels for an aggregate purchase price of approximately $46.7$72.8 million. One of the two industrial properties was vacant upon acquisition and the other industrial property was acquired at a capitalization rate of 6.7%. The capitalization rate for this industrial property acquisition was calculated using the estimated stabilized net operating income (excluding straight line rent and amortization of below market rent) and dividing it by the sum of the purchase price plus estimated costs incurred to stabilize the property. The acquired industrial property hasproperties have the following characteristics: Number of
Properties GLA Property
Type Occupancy
at 12/31/12 1 390,000 Bulk Warehouse 100 % Metropolitan Area GLA Chicago, IL 1 509,216 Bulk Warehouse 0 % Chicago, IL 1 626,784 Bulk Warehouse 100 % 2 1,136,000 2012,2013, we placed in-service two developmentsone bulk warehouse development located in Southern California totaling approximately 0.80.3 million square feet of GLA at a total cost of $44.1$19.1 million. Included in total costs is $1.8 million inclusive of impairment charges recorded prior to the fiscal year endedincurred on leasing costs, which includes tenant improvements and leasing commissions. At December 31, 2012. One of2013, the developments was an expansion of an existing building andoccupancy is 100%. The capitalization rate for this development, calculated using the estimated stabilized net operating income (excluding straight line rent) divided by the total investment excludes an allocation of land basis. The developments placed in-service havein the following characteristics: GLA Property
Type Occupancy
at 12/31/12 155,867 Bulk Warehouse 100 % 691,960 Bulk Warehouse 100 % 2012,2013, we were committed to the developmentsubstantially completed two industrial properties totaling approximately 1.2 million square feet of GLA and have three industrial buildingsproperties that are under construction totaling approximately 1.50.8 million square feet of GLA. The estimated completion cost istotal costs for the two development properties that are substantially complete are approximately $107.7 million. Of this amount, approximately $45.8$88.2 million, remains to be funded.of which $83.8 has been incurred as of December 31, 2013. The estimated total costs for the three development properties under construction are $49.2 million, of which $25.3 million has been incurred as of December 31, 2013. There can be no assurance that the actual completion cost will not exceed the estimated completion cost.Completed Developments - Not In Service GLA Quarter of Building Completion Southern California 489,000 Bulk Warehouse Q4 2013 Central PA 708,000 Bulk Warehouse Q4 2013 1,197,000 Developments Under Construction GLA Anticipated Quarter of Building Completion Chicago, IL 250,000 Bulk Warehouse Expansion Q3 2014 Southern California 555,670 Bulk Warehouse Q2 2014 Southern California 43,485 Regional Warehouse Q2 2014 849,155 2012,2013, we sold 2867 industrial properties totalingcomprising approximately 4.23.0 million square feet of GLA, at a weighted average capitalization rate of 5.6%, and oneseveral land parcel. Totalparcels for total gross sales proceeds approximated $85.6of approximately $144.6 million. The 28capitalization rate for the 67 industrial property sales is calculated by taking revenues of the property (excluding straight-line rent, lease inducement amortization and above and below market lease amortization) less operating expenses of the property for a period of the last twelve full months prior to sale and dividing the sum by the sales price of the property. The sold industrial properties sold have the following characteristics: Number of
Properties GLA Property Type 1 29,400 R&D/Flex 1 59,075 Light Industrial 1 69,220 Light Industrial 11 2,982,959 Lt. Industrial/Bulk Warehouse/ Regional Warehouse 3 203,322 R&D/Flex/Bulk Warehouse 2 50,040 R&D/Flex 5 175,991 Lt. Industrial/Manufacturing/ Regional Warehouse 1 12,800 Regional Warehouse 1 44,342 Light Industrial 2 575,543 Bulk Warehouse 28 4,202,692 Metropolitan Area GLA Property Type Atlanta, GA 1 90,000 Regional Warehouse Baltimore, MD 1 171,000 Regional Warehouse Chicago, IL 6 446,241 Light Industrial/R&D/Flex/Regional Warehouse Dallas, TX 14 468,358 Light Industrial/R&D/Flex Denver, CO 2 157,065 R&D/Flex Detroit, MI 7 214,372 Light Industrial/Regional Warehouse/R&D/Flex Indianapolis, IN 2 174,438 Bulk Warehouse/Regional Warehouse Milwaukee, WI 1 43,440 Light Industrial Minneapolis/St. Paul, MN 2 122,562 Regional Warehouse Northern New Jersey 1 24,051 R&D/Flex Salt Lake City, UT 27 384,305 Light Industrial Southern New Jersey 1 109,000 Bulk Warehouse Toronto, ON 1 280,773 Bulk Warehouse Other (a) 1 355,964 Bulk Warehouse Total 67 3,041,569 Acquisitions and Sales Subsequent to Year EndFrom January 1, 2013 to February 28, 2013, we sold one industrial property for approximately $1.7 million. There were no industrial properties acquired during this time.approximately 1,900more than 1,800 tenants engaged in a wide variety of businesses including manufacturing, retail, wholesale trade, distribution, manufacturing and professional services. At December 31, 2012,2013, our leases have a weighted average lease length of 6.0 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, 2012,2013, approximately 90%93% of the GLA of our in-service properties was leased, and no single tenant or group of related tenants accounted for more than 2.7%3.2% of our rent revenues, nor did any single tenant or group of related tenants occupy more than 2.1%2.2% of the total GLA of our in-service properties.2012.2013. The table does not include month to month leases or leases with terms less than twelve months. New leases where there were no prior comparable leases, due to extended downtime or materially different lease structures, are also excluded. Number of
Leases
Signed Square Feet
Signed
(in 000’s) Net Effective
Rent Per
Square Foot (1) GAAP Basis
Rent Growth (2) Weighted
Average Lease
Term (3) Turnover Costs
Per Square
Foot (4) Weighted
Average
Retention (5) 564 11,928 $ 4.21 1.6 % 4.1 $ 2.37 68.7 % New Leases 239 3,955 $ 4.86 (8.2 )% 5.3 $ 6.85 N/A Renewal Leases 408 10,080 $ 4.11 8.7 % 3.6 $ 1.07 78.7 % Development 9 416 $ 4.71 N/A 5.8 N/A N/A Total / Weighted Average 656 14,451 $ 4.33 2.8 % 4.1 $ 2.64 78.7 % (1) Net effectiveAverage GAAP rent is the average net rent calculated in accordance with GAAP, over the term of the lease.(2) GAAP basis rent growth is a ratio of the change in net effective rent (on a GAAP basis, including straight-line rent adjustments as required by GAAP) compared to the net effective rent (on a GAAP basis) of the comparable lease. New leases where there were no prior comparable leases are also excluded. (3) The lease term is expressed in years. Assumes no exercise of lease renewal option,options, if any.(4) Turnover costs are comprised of the costs incurred or capitalized for improvements of vacant and renewal spaces, as well as the commissions paid and costs capitalized for leasing transactions. Turnover costs per square foot represent the total turnover costs expected to be incurred on the leases signed during the period and do not reflect actual expenditures for the period. (5) Represents the weighted average square feet of tenants renewing their respective leases. 2012,2013, we signed 263163 new leases with free rent periods during the lease term on 6.73.3 million square feet of GLA. Total free rent concessions are $6.5 million associated with these new leases. Additionally, during the year ended December 31, 2013, we signed 79 renewal leases with free rent periods during the lease term on 1.7 million square feet of GLA. Total concessions are $7.6$1.4 million associated with these renewal leases. (1)2012. Number of
Leases
Expiring GLA
Expiring(2) Percentage
of GLA
Expiring(2) Annual Base
Rent
Under
Expiring
Leases(3) Percentage
of Total
Annual
Base Rent
Expiring(3) (In thousands) 489 8,477,025 15 % $ 39,538 16 % 397 9,704,850 18 % 46,147 18 % 351 8,009,571 14 % 36,301 14 % 250 7,924,516 14 % 32,160 13 % 191 5,476,648 10 % 26,734 11 % 96 5,062,322 9 % 22,536 9 % 47 2,896,103 5 % 12,777 5 % 24 2,261,857 4 % 9,019 4 % 22 2,364,240 4 % 9,130 4 % 20 962,668 2 % 3,485 1 % 21 2,881,161 5 % 12,503 5 % 1,908 56,020,961 100 % $ 250,330 100 % Year of Expiration(1) (In thousands) 2014 401 7,076,942 13 % $ 32,677 13 % 2015 392 8,951,602 16 % 40,673 16 % 2016 379 10,250,272 18 % 43,192 17 % 2017 219 6,399,692 11 % 30,713 12 % 2018 180 7,103,945 13 % 32,549 13 % 2019 112 5,250,158 9 % 26,254 11 % 2020 41 2,712,519 5 % 12,128 5 % 2021 35 3,207,189 6 % 13,733 6 % 2022 18 888,616 2 % 3,510 1 % 2023 17 2,084,190 4 % 8,182 3 % Thereafter 16 1,609,228 3 % 8,363 3 % Total 1,810 55,534,353 100 % $ 251,974 100 % (1) Includes leases that expire on or after January 1, 20132014 and assumes tenants do not exercise existing renewal, termination or purchase options.(2) Does not include existing vacancies of 7,356,0074,474,457 aggregate square feet and December 31, 2013 move outs of 1,249,157 aggregate square feet.(3) Annualized base rent is calculated as monthly base rent (cash basis) per the terms of the lease, as of December 31, 2012,2013, multiplied by 12. If free rent is granted, then the first positive rent value is used.Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities High Low Distribution
Declared $ 14.10 $ 12.66 $ 0.0000 $ 13.60 $ 11.99 $ 0.0000 $ 12.72 $ 11.09 $ 0.0000 $ 12.38 $ 10.30 $ 0.0000 $ 10.23 $ 7.54 $ 0.0000 $ 12.23 $ 7.81 $ 0.0000 $ 12.67 $ 10.51 $ 0.0000 $ 11.89 $ 9.45 $ 0.0000 Quarter Ended High Low December 31, 2013 $ 18.81 $ 16.30 $ 0.085 September 30, 2013 $ 17.08 $ 14.83 $ 0.085 June 30, 2013 $ 18.71 $ 14.26 $ 0.085 March 31, 2013 $ 17.13 $ 14.22 $ 0.085 December 31, 2012 $ 14.10 $ 12.66 $ 0.000 September 30, 2012 $ 13.60 $ 11.99 $ 0.000 June 30, 2012 $ 12.72 $ 11.09 $ 0.000 March 31, 2012 $ 12.38 $ 10.30 $ 0.000 487481 common stockholders of record registered with our transfer agent as of February 28, 2013.2012.2012,2013, the Operating Partnership did not issue any units of limited partnership interest (“Units”).2012.2013. — $ — 350,863 1,311,183 — $ — 22,380 64,961 — $ — 373,243 1,376,144comparison is for the periods from December 31, 2007 to December 31, 2012 and assumes the reinvestment of any dividends. The closing price for our common stock quoted on the NYSE at the close of business on December 31, 2007 was $34.60 per share. The NAREIT Index includes REITs with 75% or more of their gross invested book value of assets invested directly or indirectly in the equity ownership of real estate. Upon written request, we will provide stockholders with a list of the REITs included in the NAREIT Index. The historical information set forth below is not necessarily indicative of future performance. The following graph was prepared at our request by Research Data Group, Inc., San Francisco, California.
12/07 12/08 12/09 12/10 12/11 12/12 $ 100.00 $ 24.30 $ 16.83 $ 28.19 $ 32.92 $ 45.31 $ 100.00 $ 63.00 $ 79.67 $ 91.67 $ 93.61 $ 108.59 $ 100.00 $ 62.27 $ 79.70 $ 101.99 $ 110.45 $ 130.39 
* $100 invested on 12/31/08 in stock or index, including reinvestment of dividends. Fiscal year ending December 31. 12/08 12/09 12/10 12/11 12/12 12/13 FIRST INDUSTRIAL REALTY TRUST, INC. $ 100.00 $ 69.27 $ 116.03 $ 135.50 $ 186.49 $ 235.97 S&P 500 $ 100.00 $ 126.46 $ 145.51 $ 148.59 $ 172.37 $ 228.19 FTSE NAREIT Equity REITs $ 100.00 $ 127.99 $ 163.78 $ 177.36 $ 209.39 $ 214.56 * The information provided in this performance graph shall not be deemed to be “soliciting material,” to be “filed” or to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934 unless specifically treated as such. Recent Sales Year Ended
12/31/12 Year Ended
12/31/11 Year Ended
12/31/10 Year Ended
12/31/09 Year Ended
12/31/08 (In thousands, except per share data) $ 327,273 $ 315,876 $ 320,702 $ 383,758 $ 478,511 (20,980 ) (31,054 ) (171,345 ) (20,237 ) (146,226 ) (35,992 ) (46,674 ) (175,664 ) (35,512 ) (138,025 ) $ (22,069 ) $ (27,010 ) $ (222,498 ) $ (13,783 ) $ 17,616 $ (0.39 ) $ (0.58 ) $ (2.79 ) $ (0.73 ) $ (3.20 ) $ (0.24 ) $ (0.34 ) $ (3.53 ) $ (0.28 ) $ 0.41 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 2.41 91,468 80,616 62,953 48,695 43,193 $ 3,121,448 $ 2,992,096 $ 2,618,767 $ 3,319,764 $ 3,385,597 2,608,842 2,666,657 2,750,054 3,204,586 3,223,501 1,335,766 1,479,483 1,742,776 1,998,332 2,032,635 1,145,653 1,072,595 892,144 1,074,247 990,716 $ 136,422 $ 87,534 $ 83,189 $ 142,179 $ 71,185 (42,235 ) (3,779 ) (9,923 ) 4,777 6,274 (99,407 ) (99,504 ) (230,383 ) 32,724 (79,754 ) (In thousands, except per share data) Statement of Operations Data: Total Revenues $ 328,226 $ 314,325 $ 302,668 $ 306,606 $ 369,229 Income (Loss) from Continuing Operations 4,941 (22,459 ) (33,631 ) (161,520 ) (22,807 ) Loss from Continuing Operations Available to First Industrial Realty Trust, Inc’s Common Stockholders (8,213 ) (37,395 ) (49,093 ) (166,604 ) (37,821 ) Net Income (Loss) Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities $ 25,907 $ (22,069 ) $ (27,010 ) $ (222,498 ) $ (13,783 ) Basic and Diluted Earnings Per Share: Loss from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ (0.08 ) $ (0.41 ) $ (0.61 ) $ (2.65 ) $ (0.78 ) Net Income (Loss) Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 0.24 $ (0.24 ) $ (0.34 ) $ (3.53 ) $ (0.28 ) Distributions Per Share $ 0.34 $ 0.00 $ 0.00 $ 0.00 $ 0.00 Basic and Diluted Weighted Average Shares 106,995 91,468 80,616 62,953 48,695 Balance Sheet Data (End of Period): Real Estate, Before Accumulated Depreciation $ 3,119,547 $ 3,121,448 $ 2,992,096 $ 2,618,767 $ 3,319,764 Total Assets 2,597,510 2,608,842 2,666,657 2,750,054 3,204,586 Indebtedness (Inclusive of Indebtedness Held for Sale) 1,296,806 1,335,766 1,479,483 1,742,776 1,998,332 Total Equity 1,171,219 1,145,653 1,072,595 892,144 1,074,247 Cash Flow Data: Cash Flow From Operating Activities $ 125,751 $ 136,422 $ 87,534 $ 83,189 $ 142,179 Cash Flow From Investing Activities (61,313 ) (42,235 ) (3,779 ) (9,923 ) 4,777 Cash Flow From Financing Activities (61,748 ) (99,407 ) (99,504 ) (230,383 ) 32,724 “Selected"Selected Financial Data”Data" and the Consolidated Financial Statements and Notes thereto appearing elsewhere in this Form 10-K.“believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “seek,” “target,” “potential,” “focus,” “may,” “should”"believe," "expect," "intend," "plan," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "should" or similar expressions. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically; changes in legislation/regulation (including changes to laws governing the taxation of REITs) and actions of regulatory authorities (including the IRS); our ability to qualify and maintain our status as a REIT; the availability and attractiveness of financing (including both public and private capital) to us and to our potential counterparties; the availability and attractiveness of terms of additional debt repurchases; interest rates; our credit agency ratings; our ability to comply with applicable financial covenants; competition; changes in supply and demand for industrial properties (including land, the supply and demand for which is inherently more volatile than other types of industrial property) in the Company’s current and proposed market areas; difficulties in consummating acquisitions and dispositions; risks related to our investments in properties through joint ventures; environmental liabilities; slippages in development or lease-up schedules; tenant creditworthiness; higher-than-expected costs; changes in asset valuations and related impairment charges; changes in general accounting principles, policies and guidelines applicable to REITs; international business risks and those additional factors described in Item 1A, “Risk Factors”"Risk Factors" and in our other filings with the SEC. We caution you not to place undue reliance on forward looking statements, which reflect our analysis only and speak only as of the date of this report or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements. Joint Venture). During 2010, we provided various services to, and ultimately disposed of our equity interests in, five joint ventures (the 2005 Development/Repositioning Joint Venture, the 2005 Core Joint Venture, the 2006 Net Lease Co-Investment Program, the 2006 Land/Development Joint Venture and the 2007 Canada Joint Venture). The Joint Ventures are accounted for under the equity method of accounting. Accordingly, the operating data of our Joint Ventures is not consolidated with that of the Company as presented herein. The 2007 Europe Joint Venture does not own any properties. See Note 5 to the Consolidated Financial Statements for more information on the Joint Ventures.recoveries, for our operations. Currently, a significant portion of our proceedsrecoveries. Proceeds from sales isare being used to repay outstanding debt. Marketdebt and, market conditions permitting, however, a portion of our proceeds from such sales may be 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 our control. The sale of properties also entails various risks, including competition from other sellers and the availability of attractive financing for potential buyers of our properties. Further, our 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 we are unable to sell properties on favorable terms, our income growth would be limited and our financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, our common stock could be adversely affected.arewere unable to access external capital on favorable terms, our financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, our common stock could be adversely affected. At December 31, 2012, we have notes receivable with a carrying value of $41.2 million. Notes receivable are considered past due when a contractual payment is not remitted in accordance with the terms of the note agreement. We evaluate the collectability of each note receivable on an individual basis based on various factors which may include payment history, expected fair value of the collateral on the loan and internal and external credit information. A loan is considered to be impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of the loss accrual is calculated by comparing the recorded investmentcarrying amount of the note receivable to the present value of expected future cash flows. Since the underlying collateral. Asmajority of our notes receivable are collateralized by a first mortgage, the underlying collateralloans have risk characteristics similar to the risks in owning commercial real estate. Interest income on performing loans is accrued as earned. A loan is placed on non-accrual status when, based upon current information and events, it is probable that we will not be able to collect all amounts due according to the existing contractual terms. Recognition of interest income on non-performing loans on an accrual basis is resumed when it is probable that we will be able to collect amounts due according to the contractual terms.for a majority of the notes receivable are real estate-related investments, the same valuation techniques are used to value the collateral as those used to determine the fair value of real estate investments for impairment purposes. Interest income on performing loans is accrued as earned. A loan is placed on non-accrual status when, based upon current information and events, it is probable that we will not be able to collect all amounts due according to the existing contractual terms. Recognition of interest income on non-performing loans on an accrual basis is resumed when it is probable that we will be able to collect amounts due according to the contractual terms.“FASB”"FASB") guidance for accounting for the impairment of long lived assets to determine if impairment conditions exist. We review the expected undiscounted cash flows of the property to determine if there are any indications of impairment. If the expected undiscounted cash flows of a particular property are less than the net book basis of the property, we will recognize an impairment charge equal to the amount of carrying value of the property that exceeds the fair value of the property. Fair value is generally determined by discounting the future expected cash flows of the property. The preparation of the undiscounted cash flows and the calculation of fair value involve subjective assumptions such as estimated occupancy, rental rates, ultimate residual value and hold period. The discount rate used to present value the cash flows for determining fair value is also subjective.On a continuous basis, we assess whether there are any indicators that the valueour investments in Joint Ventures may be impaired. An investment is impaired if our estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment. Our estimates of fair value for each investment are based on a number of subjective assumptions that are subject to economic and market uncertainties including, among others, demand for space, market rental rates and operating costs, the discount rate used to value the cash flows of the properties, the cap rate used to estimate the terminal value of the underlying properties and the discount rate used to value the Joint Ventures’ debt.We are engaged in the acquisition of individual properties as well as multi-property portfolios. We are required to allocate purchase price between land, building, tenant improvements, leasing commissions, in-place leases, tenant relationshipsabove and below market leases. Above-market and below-market lease values for acquired properties are recordedbased on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) our estimate of fair market lease rents for each corresponding in-place lease. Acquired above market leases are amortized as a reduction of rental revenue over the remaining non-cancelable terms of the respective leases and acquired below market leases are amortized as an increase to rental income over the remaining initial terms plus the terms of any below market fixed rate renewal options of the respective leases. In-place lease and tenant relationship values for acquired properties are recorded based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the respective tenant. The value allocated to in-place lease intangible assets is amortized to depreciation and amortization expense over the remaining lease term of the respective lease. The value allocated to tenant relationships is amortized to depreciation and amortization expense over the expected term of the relationship, which includes an estimate of the probability of lease renewal and its estimated term. We also must allocate purchase price on multi-property portfolios to individual properties. The allocation of purchase price is based on our assessment of various characteristics of the markets where the property is located and the expected cash flows of the property.liabilities, and our compliance with REIT qualification requirements.liabilities. Our estimates are based on our interpretation of tax laws. These estimates may have an impact on the income tax expense recognized. Adjustments may be required by a change in assessment of our deferred income tax assets and liabilities, changes due to audit adjustments by federal and state tax authorities, our inability to qualify as a REIT, and changes in tax laws. Adjustments required in any given period are included within the income tax provision. 2013 2012 $ Change % Change ($ in 000’s) REVENUES Same Store Properties $ 317,460 $ 309,051 $ 8,409 2.7 % Acquired Properties 2,729 1,954 775 39.7 % Sold Properties 10,892 21,618 (10,726 ) (49.6 )% (Re) Developments and Land, Not Included Above 6,641 716 5,925 827.5 % Other 1,459 2,635 (1,176 ) (44.6 )% $ 339,181 $ 335,974 $ 3,207 1.0 % Discontinued Operations (10,955 ) (21,649 ) 10,694 (49.4 )% Total Revenues $ 328,226 $ 314,325 $ 13,901 4.4 % 2013 2012 $ Change % Change ($ in 000’s) PROPERTY EXPENSES Same Store Properties $ 95,591 $ 89,472 $ 6,119 6.8 % Acquired Properties 1,047 420 627 149.3 % Sold Properties 4,226 8,700 (4,474 ) (51.4 )% (Re) Developments and Land, Not Included Above 2,160 709 1,451 204.7 % Other 8,816 9,485 (669 ) (7.1 )% $ 111,840 $ 108,786 $ 3,054 2.8 % Discontinued Operations (4,450 ) (8,879 ) 4,429 (49.9 )% Total Property Expenses $ 107,390 $ 99,907 $ 7,483 7.5 % 2013 2012 $ Change % Change ($ in 000’s) DEPRECIATION AND OTHER AMORTIZATION Same Store Properties $ 106,797 $ 112,435 $ (5,638 ) (5.0 )% Acquired Properties 1,755 808 947 117.2 % Sold Properties 3,646 7,832 (4,186 ) (53.4 )% (Re) Developments and Land, Not Included Above 1,862 357 1,505 421.6 % Corporate Furniture, Fixtures and Equipment 618 1,077 (459 ) (42.6 )% $ 114,678 $ 122,509 $ (7,831 ) (6.4 )% Discontinued Operations (3,647 ) (7,834 ) 4,187 (53.4 )% Total Depreciation and Other Amortization $ 111,031 $ 114,675 $ (3,644 ) (3.2 )% 2013 2012 ($ in 000’s) Total Revenues $ 10,955 $ 21,649 Property Expenses (4,450 ) (8,879 ) Impairment of Real Estate (1,605 ) (1,438 ) Depreciation and Amortization (3,647 ) (7,834 ) Gain on Sale of Real Estate 34,344 12,665 Income from Discontinued Operations $ 35,597 $ 16,163 2012,2013, redevelopment activities for both properties are complete and are classified as in-service. These properties will bewere moved back to the same store classification after the properties have been placed in service for at least two consecutive calendar years. 2012 2011 $ Change % Change ($ in 000’s) $ 319,845 $ 313,411 $ 6,434 2.1 % 4,378 1,396 2,982 213.6 % 7,049 17,213 (10,164 ) (59.0 )% 1,521 673 848 126.0 % 3,181 2,054 1,127 54.9 % $ 335,974 $ 334,747 $ 1,227 0.4 % (8,701 ) (18,871 ) 10,170 (53.9 )% $ 327,273 $ 315,876 $ 11,397 3.6 % 2012 2011 $ Change % Change ($ in 000’s) REVENUES Same Store Properties $ 319,845 $ 313,411 $ 6,434 2.1 % Acquired Properties 4,378 1,396 2,982 213.6 % Sold Properties 7,049 17,213 (10,164 ) (59.0 )% (Re) Developments and Land, Not Included Above 1,521 673 848 126.0 % Other 3,181 2,054 1,127 54.9 % $ 335,974 $ 334,747 $ 1,227 0.4 % Discontinued Operations (21,649 ) (32,079 ) 10,430 (32.5 )% Total Revenues $ 314,325 $ 302,668 $ 11,657 3.9 % cancelationcancellation fees. Revenues from acquired properties increased $3.0 million due to the two industrial properties acquired subsequent to December 31, 2010 totaling approximately 1.1 million square feet of GLA. Revenues from sold properties decreased $10.2 million due to the 64 industrial properties sold subsequent to December 31, 2010 totaling approximately 7.1 million square feet of GLA. Revenues from (re)developments and land increased $0.8 million primarily due to an increase in occupancy. Other revenues increased $1.1 million primarily due to several one-time fees and the reversal of an allowance for deferred rent receivable related to certain tenants, partially offset by a decrease in fees earned from our Joint Ventures. 2012 2011 $ Change % Change ($ in 000’s) $ 94,549 $ 98,650 $ (4,101 ) (4.2 )% 888 261 627 240.2 % 2,610 6,602 (3,992 ) (60.5 )% 1,255 696 559 80.3 % 9,484 8,019 1,465 18.3 % $ 108,786 $ 114,228 $ (5,442 ) (4.8 )% (3,660 ) (7,589 ) 3,929 (51.8 )% $ 105,126 $ 106,639 $ (1,513 ) (1.4 )% 2012 2011 $ Change % Change ($ in 000’s) PROPERTY EXPENSES Same Store Properties $ 94,549 $ 98,650 $ (4,101 ) (4.2 )% Acquired Properties 888 261 627 240.2 % Sold Properties 2,610 6,602 (3,992 ) (60.5 )% (Re) Developments and Land, Not Included Above 1,255 696 559 80.3 % Other 9,484 8,019 1,465 18.3 % $ 108,786 $ 114,228 $ (5,442 ) (4.8 )% Discontinued Operations (8,879 ) (12,947 ) 4,068 (31.4 )% Total Property Expenses $ 99,907 $ 101,281 $ (1,374 ) (1.4 )% For industrial properties that no longer qualify to be classified as held for sale, any impairment charge or reversal recorded during the years ended December 31, 2012 and 2011 is reflected in continuing operations. Additionally, any impairment charge or reversal related to a land parcel, whether held for sale or held for use, is reflected in continuing operations. $7.6$8.9 million, respectively, is primarily comprised of a impairment reversal of impairment relating to certain industrial properties that no longer qualifyqualified for held for sale classification and land parcels that were either sold or no longer qualifyqualified for held for sale classification. 2012 2011 $ Change % Change ($ in 000’s) $ 116,719 $ 116,949 $ (230 ) (0.2 )% 2,625 1,219 1,406 115.3 % 1,248 3,482 (2,234 ) (64.2 )% 840 673 167 24.8 % 1,077 1,426 (349 ) (24.5 )% $ 122,509 $ 123,749 $ (1,240 ) (1.0 )% (1,612 ) (4,473 ) 2,861 (64.0 )% $ 120,897 $ 119,276 $ 1,621 1.4 % 2012 2011 $ Change % Change ($ in 000’s) DEPRECIATION AND OTHER AMORTIZATION Same Store Properties $ 116,719 $ 116,949 $ (230 ) (0.2 )% Acquired Properties 2,625 1,219 1,406 115.3 % Sold Properties 1,248 3,482 (2,234 ) (64.2 )% (Re) Developments and Land, Not Included Above 840 673 167 24.8 % Corporate Furniture, Fixtures and Equipment 1,077 1,426 (349 ) (24.5 )% $ 122,509 $ 123,749 $ (1,240 ) (1.0 )% Discontinued Operations (7,834 ) (8,505 ) 671 (7.9 )% Total Depreciation and Other Amortization $ 114,675 $ 115,244 $ (569 ) (0.5 )% of $0 and $0.1 million of interest expense included in discontinued operations, for the years ended December 31, 2012 and 2011, respectively, decreased $16.7 million, or 16.7%, primarily due to a decrease in the weighted average debt balance outstanding for the year ended December 31, 2012 ($1,427.7 million) as compared to the year ended December 31, 2011 ($1,594.3 million), an increase in capitalized interest of $1.6 million for the year ended December 31, 2012 as compared to the year ended December 31, 2011 due to an increase in development activities and a decrease in the weighted average interest rate for the year ended December 31, 2012 (5.99%), as compared to the year ended December 31, 2011 (6.31%).UnsecuredOld Credit Facility in December 2011 and the early retirement of certain mortgage loans, partially offset by the costs associated with the origination of mortgage financings during 2012 and 2011.In October 2008, we entered into an interest rate swap agreement (the “Series F Agreement”) to mitigate our exposure to floating interest rates related to the coupon reset of the Company’s Series F Preferred Stock. The Series F Agreement has a notional value of $50.0 million and is effective from April 1, 2009 through October 1, 2013. The Series F Agreement fixes the 30 year Treasury constant maturity treasury (“CMT”) rate at 5.2175%. yearyears ended December 31, 2012 and the year ended December 31, 2011, gain on change in control of interests relates to the acquisition of the 85% equity interest in one property in each of those periods from the institutional investor in the 2003 Net Lease 2012 2011 ($ in 000’s) $ 8,701 $ 18,871 (3,660 ) (7,589 ) (1,410 ) (4,973 ) (1,612 ) (4,473 ) — (63 ) 12,665 20,419 — (1,246 ) $ 14,684 $ 20,946 2012 2011 ($ in 000’s) Total Revenues $ 21,649 $ 32,079 Property Expenses (8,879 ) (12,947 ) Impairment of Real Estate (1,438 ) (6,214 ) Depreciation and Amortization (7,834 ) (8,505 ) Interest Expense — (63 ) Gain on Sale of Real Estate 12,665 20,419 Provision for Income Taxes — (1,246 ) Income from Discontinued Operations $ 16,163 $ 23,523 three67 industrial properties that were identified as held for sale atsold during the year ended December 31, 2012.2013. The impairment loss for the year ended December 31, 2012 of $1.4 million relates to an impairment charge relatedcharges recorded due to carrying values of certain industrial properties that were either sold or classified asexceeding the estimated fair values based upon third party purchase contracts for properties held for sale at December 31,during 2012.2867 industrial properties that were sold during the year ended December 31, 20122013 and the results of operations of the three28 industrial properties identified as held for sale atthat were sold during the year ended December 31, 2012. The impairment loss for the year ended December 31, 2011 of $5.0$6.2 million relates to an impairment charge relatedcharges recorded due to carrying values of certain industrial properties that were soldexceeding the estimated fair values based upon third party purchase contracts for properties held for sale during the years ended December 31, 2012 and 2011.Comparison of Year Ended December 31, 2011 to Year Ended December 31, 2010Our net loss available to First Industrial Realty Trust, Inc.’s common stockholders was $27.0 million and $222.5 million for the years ended December 31, 2011 and 2010, respectively. Basic and diluted net loss available to First Industrial Realty Trust, Inc.’s common stockholders was $0.34 per share and $3.53 per share for the years ended December 31, 2011 and 2010, respectively.The tables below summarize our revenues, property and construction expenses and depreciation and other amortization by various categories for the years ended December 31, 2011 and 2010. Same store properties are properties owned prior to January 1, 2010 and held as an operating property through December 31, 2011 and developments and redevelopments that were placed in service prior to January 1, 2010 or were substantially completed for the 12 months prior to January 1, 2010. Properties which are at least 75% occupied at acquisition are placed in service. Acquisitions that are less than 75% occupied at the date of acquisition, developments and redevelopments are placed in service as they reach the earlier of a) stabilized occupancy (generally defined as 90% occupied), or b) one year subsequent to acquisition or development/redevelopment construction completion. Properties are moved from the same store classification to the redevelopment classification when capital expenditures for a project are estimated to exceed 25% of the undepreciated gross book value of the property. Acquired properties are properties that were acquired subsequent to December 31, 2009 and held as an operating property through December 31, 2011. Sold properties are properties that were sold subsequent to December 31, 2009. (Re)Developments and land are land parcels and developments and redevelopments that were not: a) substantially complete 12 months prior to January 1, 2010 or b) stabilized prior to January 1, 2010. Other revenues are derived from the operations of our maintenance company, fees earned from our Joint Ventures and other miscellaneous revenues. Construction revenues and expenses represent revenues earned and expenses incurred in connection with a subsidiary of the Company acting as development manager to construct industrial properties. Other expenses are derived from the operations of our maintenance company and other miscellaneous regional expenses.Our future financial condition and results of operations, including rental revenues, may be impacted by the future acquisition and sale of properties. Our future revenues and expenses may vary materially from historical rates.For the years ended December 31, 2011 and 2010, the occupancy rates of our same store properties were 86.0% and 82.7%, respectively. 2011 2010 $ Change % Change ($ in 000’s) $ 323,665 $ 326,473 $ (2,808 ) (0.9 )% 3,435 1,133 2,302 203.2 % 4,726 11,310 (6,584 ) (58.2 )% 867 675 192 28.4 % 2,054 5,560 (3,506 ) (63.1 )% $ 334,747 $ 345,151 $ (10,404 ) (3.0 )% (18,871 ) (25,318 ) 6,447 (25.5 )% $ 315,876 $ 319,833 $ (3,957 ) (1.2 )% — 869 (869 ) (100.0 )% $ 315,876 $ 320,702 $ (4,826 ) (1.5 )% Revenues from same store properties decreased $2.8 million due primarily to a decrease in lease cancelation fees and rental rates, offset by an increase in occupancy. Revenues from acquired properties increased $2.3 million due to the four industrial properties acquired subsequent to December 31, 2009 totaling approximately 1.2 million square feet of GLA. Revenues from sold properties decreased $6.6 million due to the 49 industrial properties and one leased land parcel sold subsequent to December 31, 2009 totaling approximately 4.0 million square feet of GLA. Revenues from (re)developments and land increased $0.2 million primarily due to an increase in occupancy. Other revenues decreased $3.5 million due primarily to a decrease in fees earned from our Joint Ventures. Construction revenues decreased $0.9 million due to the substantial completion during 2010 of certain development projects for which we were acting in the capacity of development manager. 2011 2010 $ Change % Change ($ in 000’s) $ 102,230 $ 101,344 $ 886 0.9 % 640 200 440 220.0 % 2,369 5,040 (2,671 ) (53.0 )% 970 1,153 (183 ) (15.9 )% 8,019 9,496 (1,477 ) (15.6 )% $ 114,228 $ 117,233 $ (3,005 ) (2.6 )% (7,589 ) (10,601 ) 3,012 (28.4 )% $ 106,639 $ 106,632 $ 7 0.0 % — 507 (507 ) (100.0 )% $ 106,639 $ 107,139 $ (500 ) (0.5 )% Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties remained relatively unchanged. Property expenses from acquired properties increased $0.4 million due to properties acquired subsequent to December 31, 2009. Property expenses from sold properties decreased $2.7 million due to properties sold subsequent to December 31, 2009. Property expenses from (re)developments and land decreased $0.2 million due to a decrease in real estate tax expense and a decrease in bad debt expense. The $1.5 million decrease in other expense is primarily attributable to a decrease in compensation resulting from a reduction in employee headcount. Construction expenses decreased $0.5 million due to the substantial completion during 2010 of certain development projects for which we were acting in the capacity of development manager.General and administrative expense decreased $6.0 million, or 22.4%, due primarily to a decrease in compensation expense resulting from the reduction in employee headcount that occurred in 2010, a decrease in rent expense resulting from a reduction in office space during 2011 and 2010, a decrease in lawsuit settlement expense and a decrease in franchise tax expense primarily due to the reversal of a state franchise tax reserve relating to the 1996-2001 tax years.For the year ended December 31, 2011, we recognized $1.6 million in restructuring charges to provide for costs associated with the termination of certain office leases ($1.2 million) and other costs ($0.4 million) associated with implementing our restructuring plan. For the year ended December 31, 2010, we recognized $1.9 million in restructuring charges to provide for employee severance and benefits ($0.5 million), costs associated with the termination of certain office leases ($0.7 million) and other costs ($0.7 million) associated with implementing our restructuring plan.On October 22, 2010, we amended our existing credit facility. In conjunction with the amendment, management identified a pool of real estate assets to be classified as held for sale. At December 31, 2010, the pool of real estate assets classified as held for sale consisted of 192 industrial properties comprising approximately 15.8 million square feet of GLA and land parcels comprising approximately 695 acres. An impairment charge of $185.4 million was recorded during the year ended December 31, 2010 related to certain industrial properties due to a reassessment of the hold period. The impairment charge was necessary in order to adjust the carrying value of the assets to fair market value less costs to sell. At December 31, 2012, 141 of the original 192 industrial properties comprising approximately 10.0 million square feet of GLA were reclassified as held for use. As a result, any impairment charge or reversal recorded during 2011 and 2010 is reflected in continuing operations. Additionally, any impairment charge or reversal related to a land parcel, whether held for sale or held for use, is reflected in continuing operations. The impairment reversal included in continuing operations for the year ended December 31, 2011 of $7.6 million is primarily comprised of a reversal of impairment of $1.7 million relating to certain industrial properties and land parcels that no longer qualify for held for sale classification and $5.9 million relating to a sold land parcel.In addition to the impairments discussed above, in connection with our periodic review of the carrying values of our properties and the negotiation of a new lease, we recorded an impairment charge of $9.2 million during the first quarter of 2010 related to one property located in Grand Rapids, Michigan. 2011 2010 $ Change % Change ($ in 000’s) $ 117,855 $ 128,137 $ (10,282 ) (8.0 )% 2,194 603 1,591 263.8 % 1,521 5,358 (3,837 ) (71.6 )% 753 498 255 51.2 % 1,426 1,975 (549 ) (27.8 )% $ 123,749 $ 136,571 $ (12,822 ) (9.4 )% (4,473 ) (10,306 ) 5,833 (56.6 )% $ 119,276 $ 126,265 $ (6,989 ) (5.5 )% Depreciation and other amortization for same store properties decreased $10.3 million primarily due to the cessation of depreciation and amortization of certain industrial properties that qualified for held for sale classification during 2011 as well as accelerated depreciation and amortization taken during the twelve months ended December 31, 2010 attributable to certain tenants who terminated their lease early. Depreciation and other amortization from acquired properties increased $1.6 million due to properties acquired subsequent to December 31, 2009. Depreciation and other amortization from sold properties decreased $3.8 million due to properties sold subsequent to December 31, 2009. Depreciation and other amortization for (re)developments and land and other increased $0.3 million due primarily to an increase in the substantial completion of developments. Corporate furniture, fixtures and equipment decreased $0.5 million primarily due to assets becoming fully depreciated.Interest income decreased $0.4 million, or 10.1%, primarily due to a decrease in the weighted average notes receivable balance outstanding for the year ended December 31, 2011 as compared to the year ended December 31, 2010.Interest expense, inclusive of $0.1 million and $0.3 million of interest expense included in discontinued operations, for the years ended December 31, 2011 and 2010, respectively, decreased $6.0 million, or 5.6%, primarily due to a decrease in the weighted average debt balance outstanding for the year ended December 31, 2011 ($1,594.3 million) as compared to the year ended December 31, 2010 ($1,867.8 million) and by an increase in capitalized interest for the year ended December 31, 2011 due to an increase in development activities, offset by an increase in the weighted average interest rate for the year ended December 31, 2011 (6.31%), as compared to the year ended December 31, 2010 (5.68%).Amortization of deferred financing costs increased $0.5 million, or 14.1%, due primarily to an increase in financing costs related to the amendment of the previous unsecured credit facility in October 2010.We recorded $1.7 million in mark-to-market loss, inclusive of $0.6 million in swap payments, which is included in Mark-to-Market Loss on Interest Rate Protection Agreements for the year ended December 31, 2011, as compared to $1.1 million in mark-to-market loss, inclusive of $0.5 million in swap payments, for the year ended December 31, 2010.For the year ended December 31, 2011, we recognized a net loss from retirement of debt of $5.5 million due primarily to the early payoff of certain mortgage loans, the partial repurchase of certain series of our senior unsecured notes, the write-off of unamortized fees associated with the previous unsecured credit facility and a loss on a transfer of a property to a lender in satisfaction of a mortgage loan. For the year ended December 31, 2010, we recognized a net loss from retirement of debt of $4.3 million due primarily to the redemption of our 7.375% Notes due 2011.Foreign currency exchange loss of $0.3 million for the year ended December 31, 2011 relates to the substantial liquidation of our operations in Canada. Foreign currency exchange loss of $0.2 million for the year ended December 31, 2010 relates to the substantial liquidation of our operations in Europe.Equity in income of joint ventures increased $0.3 million, or 45.2%, during the year ended December 31, 2011 as compared to the year ended December 31, 2010 primarily due to selling our equity interest in five joint ventures (the 2005 Development/Repositioning Joint Venture, the 2005 Core Joint Venture, the 2006 Net Lease Co-Investment Program, the 2006 Land/Development Joint Venture and the 2007 Canada Joint Venture) during 2010. For the year ended December 31, 2010, our pro rata share of net losses from two of the sold joint ventures of $2.3 million was offset by our pro rata share of net income from three of the sold joint ventures of $2.1 million.The gain on sale of joint venture interests of $11.2 million for the year ended December 31, 2010 relates to the sale of our 10% equity interests in each of the 2005 Development/Repositioning Joint Venture, the 2005 Core Joint Venture, the 2006 Land/Development Joint Venture and the 2007 Canada Joint Venture to our joint venture partner on August 5, 2010. Additionally, the gain includes approximately $2.7 million of proceeds related to the separate sales of three industrial properties by the Joint Ventures during August and October 2010 for which, in accordance with the sale agreement, we were entitled to a final distribution.For the year ended December 31, 2011, gain on change in control of interests relates to the acquisition of the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture. The $0.7 million gain is the difference between our carrying value and fair value of our equity interest on the acquisition date.Income tax provision (as allocated to continuing operations, discontinued operations and gain on sale of real estate, as applicable) decreased $1.2 million, or 35.0%, during the year ended December 31, 2011 compared to the year ended December 31, 2010 primarily due to an increase in state taxes in 2010 due to a one time unfavorable court decision on business loss carryforwards in the State of Michigan in 2010 and gain on sale of joint venture interests in 2010, partially offset by an increase in gain on sale of real estate within our taxable REIT subsidiaries during the year ended December 31, 2011 compared to the year ended December 31, 2010.The following table summarizes certain information regarding the industrial properties included in discontinued operations for the years ended December 31, 2011 and 2010. 2011 2010 ($ in 000’s) $ 18,871 $ 25,318 (7,589 ) (10,601 ) (4,973 ) (66,026 ) (4,473 ) (10,306 ) (63 ) (268 ) 20,419 11,092 (1,246 ) — $ 20,946 $ (50,791 ) Income from discontinued operations for the year ended December 31, 2011 reflects the results of operations and gain on sale of real estate relating to 36 industrial properties that were sold during the year ended December 31, 2011, the results of operations of 28 industrial properties that were sold during the year ended December 31, 2012 and the results of operations of three industrial properties that were identified as held for sale at December 31, 2012. The impairment loss for the year ended December 31, 2011 of $5.0 million relates to an impairment charge related to certain industrial properties that were sold during the years ended December 31, 2012 and 2011.Loss from discontinued operations for the year ended December 31, 2010 reflects the results of operations and gain on sale of real estate relating to 13 industrial properties and one land parcel that generated ground rental revenue that were sold during the year ended December 31, 2010, the results of operations of 28 industrial properties that were sold during the year ended December 31, 2012, the results of operations of 36 industrial properties that were sold during the year ended December 31, 2011 and the results of operations of the three industrial properties identified as held for sale at December 31, 2012. The impairment loss for the year ended December 31, 2010 of $66.0 million relates to an impairment charge related to certain industrial properties that were either sold or classified as held for sale at December 31, 2012.The $1.4 million gain on sale of real estate for the year ended December 31, 2011 resulted from the sale of one land parcel that did not meet the criteria for inclusion in discontinued operations. The $0.9 million gain on sale of real estate for the year ended December 31, 2010 resulted from the sale of several land parcels that did not meet the criteria for inclusion in discontinued operations.2012,2013, our cash and cash equivalents were approximately $4.9$7.6 million. We also had $352.0$452.0 million available for additional borrowings under our Unsecured Credit Facility, subject to certain restrictions.2013)2014) liquidity needs and the adequacy of our estimated cash flow from operations and other expected liquidity sources to meet these needs. Our 2014 Notes, in the aggregate principal amount of $81.8 million, are due June 2, 2014. Also, we have $44.5 million in mortgage loans payable outstanding at December 31, 2013 that mature prior to December 31, 2014 or we anticipate prepaying during 2014. Additionally, as discussed in Subsequent Events, during the first quarter of 2014 we are redeeming all outstanding shares of the Series F Flexible Cumulative Redeemable Preferred Stock and Series G Flexible Cumulative Redeemable Preferred Stock, for an aggregate payment of $75.0 million plus all accumulated and unpaid distributions. We expect to satisfy these payment obligations prior to December 31, 2014 with borrowings under our Unsecured Credit Facility and the $200.0 million unsecured term loan that we entered into during January 2014 (see Subsequent Events). With the exception of these payment obligations, we believe that our principal short-term liquidity needs are to fund normal recurring expenses, property acquisitions, developments, renovations, expansions and other nonrecurring capital improvements, debt service requirements, preferred dividends, the minimum distributions required to maintain our REIT qualification under the Code and distributions approved by our Board of Directors. We anticipate that these needs will be met with cash flows provided by operating activities as well as the disposition of select assets.2013)2014) liquidity requirements such as property acquisitions, developments, scheduled debt maturities, major renovations, expansions and other nonrecurring capital improvements through the disposition of select assets, long-term unsecured and secured indebtedness and the issuance of additional equity securities, subject to market conditions.2012,2013, borrowings under our Unsecured Credit Facility bore interest at a weighted average interest rate of 1.912%1.666%. As of February 28, 2013,27, 2014, we had approximately $321.0$604.0 million available for additional borrowings under our Unsecured Credit Facility, subject to certain restrictions.Facility. Our Unsecured Credit Facility contains certain financial covenants including limitations on incurrence of debt and debt service coverage. Our access to borrowings may be limited if we fail to meet any of these covenants. We believe that we were in compliance with our financial covenants as of December 31, 2012,2013, and we anticipate that we will be able to operate in compliance with our financial covenants in 2013.BB/Ba3/BB,BBB-/Ba2/BB+, respectively. In the event of a downgrade, we believe we would continue to have access to sufficient capital; however, our cost of borrowing would increase and our ability to access certain financial markets may be limited.2012$136.4$125.8 million for the year ended December 31, 20122013, was comprised primarily of the non-cash adjustments of approximately $131.4$98.3 million and net income of approximately $41.4 million, offset by the net change in operating assets and liabilities of $14.6 million, offset by a net loss of approximately $2.5$8.9 million and payments of premiums, discounts and discountsprepayment penalties associated with retirement of debt of $7.1approximately $5.0 million. The adjustments for the non-cash items of approximately $131.4$98.3 million are primarily comprised of depreciation and amortization of approximately $138.7$128.2 million, the loss from retirement of debt of approximately $9.7 million, a book overdraft of approximately $1.7$6.6 million, the impairment of real estate of approximately $1.2$2.7 million and the provision for bad debt of approximately $0.5 million and the mark-to-market loss on an interest rate protection agreement related to the Series F Agreement of approximately $0.3$0.7 million, offset by the gain on sale of real estate of approximately $16.4 million, the gain on the change in control of interests in connection with the purchase of the 85% equity interest in one property from the 2003 Net Lease Joint Venture of approximately $0.8$35.4 million and the effect of the straight-lining of rental income of approximately $3.5$4.5 million.$42.2$61.3 million for the year ended December 31, 20122013, was comprised primarily of the acquisition of the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venturetwo industrial properties and several land parcels, the development of real estate, capital expenditures related to the improvement of existing real estate and payments related to leasing activities and an increase in lender escrows, offset by the net proceeds from the sale of real estate, and the repayments on our notes receivable.2012,2013, we acquired onetwo industrial propertyproperties comprising approximately 0.41.1 million square feet of GLA through the purchase of the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture. The acquisition was funded with a cash payment of $8.3 million and the assumption of a mortgage loan in the amount of $12.0 million, which was subsequently paid off on the date of acquisition. We also acquired several land parcels. The purchase price of these land parcel acquisitions totaled approximately $46.7$73.6 million, excludingincluding costs incurred in conjunction with the acquisition of thesethe industrial properties and land parcels.2012,2013, we sold 2867 industrial properties comprising approximately 4.23.0 million square feet of GLA and oneseveral land parcel.parcels. Proceeds from the sales of the 2867 industrial properties and oneseveral land parcel,parcels, net of closing costs, were approximately $82.5$126.3 million. We are in various stages of discussions with third parties for the sale of additional properties and plan to continue to selectively market other properties for sale in 2013.$99.4$61.7 million for the year ended December 31, 20122013, was comprised primarily of the redemption of our Series J Preferred Stock and Series K Preferred Stock, repayments on our senior unsecured notes and mortgage and other loans payable, common stock/unit and preferred stock dividends, payments of debt and equity issuance costs, preferred stock dividends, the partial redemption of the Series J Preferred Stock, the repurchase and retirement of restricted stock and payments on the interest rate swap agreement, and net repayments on our Unsecured Credit Facility offset by the net proceeds from the issuance of common stock and net proceeds from the origination of mortgage loans payable.2012,2013, we paid off and retired prior to maturity mortgage loans in the amount of $72.3 million and we repurchased $106.3$29.8 million of our unsecured notes at an aggregate purchase price of $110.6 million. Additionally, we also paid off and retired our 2012 Notes, at maturity, in the amount of $61.8$33.5 million. We may from time to time repay additional amounts of our outstanding debt. Any repayments would depend upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors we consider important. Future repayments may materially impact our liquidity, taxable income and results of operations.2012,2013, we obtained six secured mortgage loans aggregating to $100.6redeemed the remaining 4,000,000 Depositary Shares of the Series J Preferred Stock for $25.00 per Depositary Share, or $100.0 million in the aggregate, and paid a prorated second quarter dividend of $0.055382 per Depositary Share, totaling approximately $0.2 million. The mortgage loans bear interest at a fixed rate of 4.03% and mature on September 1, 2022. DuringAdditionally, during the year ended December 31, 2012, we paid off and retired prior to maturity mortgage loans in the amount of $14.1 million.During the year ended December 31, 2012,2013, we redeemed all of the 2,000,000 outstanding Depositary Shares of the Series JK Preferred Stock for $25.00 per Depositary Share, or $50.0 million in the aggregate, and paid a prorated fourthpro-rated third quarter dividend of $0.407812$0.090625 per Depositary Share, totaling approximately $0.8$0.2 million.2012,2013, we issued 9,400,0008,400,000 shares of the Company’sCompany's common stock through a public offering, resulting in proceeds, net proceedsof the underwriter's discount, of approximately $116.8$132.3 million. Additionally, during the year ended December 31, 2012,2013, we issued 1,532,5982,315,704 shares of the Company’sCompany's common stock viathrough the 2012 ATM, program, resulting in net proceeds of approximately $18.1$41.7 million. We may access the equity markets again, subject to contractual restrictions and market conditions. To the extent additional equity offerings occur, we expect to use at least a portion2012: Total Payments Due by Period
(In thousands) Less Than
1 Year 1-3 Years 3-5 Years Over 5 Years $ 35,925 $ 2,090 $ 3,463 $ 3,434 $ 26,938 45,793 45,793 — — — 1,338,175 14,339 297,733 469,462 556,641 403,127 74,185 130,182 84,281 114,479 $ 1,823,020 $ 136,407 $ 431,378 $ 557,177 $ 698,058 Total 1-3 Years 3-5 Years Over 5 Years $ 33,076 $ 1,824 $ 3,333 $ 2,802 $ 25,117 23,900 23,900 — — — Long Term Debt 1,297,671 113,321 310,380 510,064 363,906 293,982 62,885 100,589 60,936 69,572 Total $ 1,648,629 $ 201,930 $ 414,302 $ 573,802 $ 458,595 (1) Not on balance sheet. (2) Operating lease minimum rental payments have not been reduced by minimum sublease rentals of $8.3$6.8 million due in the future under non-cancelable subleases.(3) Represents estimated remaining costs on the completion of development projects. (4) Does not include interest expense on our Unsecured Credit Facility.
2013 (see Subsequent Events). Net Loss Available to First Industrial Realty Trust, Inc.’s Common Stockholders Adjustments: Depreciation and Other Amortization of Real Estate Depreciation and Other Amortization of Real Estate Included in Discontinued Operations Equity in Depreciation and Other Amortization of Joint Ventures Impairment of Depreciated Real Estate Impairment of Depreciated Real Estate Included in Discontinued Operations Non-NAREIT Compliant Gain Non-NAREIT Compliant Gain from Joint Ventures Gain on Change in Control of Interests Noncontrolling Interest Share of Adjustments Funds from Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders 2011. Series F Flexible Cumulative Redeemable Preferred Stock. The Schedules. Exhibits Description Exhibits Description 27, 2014 Assets: Investment in Real Estate: Land Buildings and Improvements Construction in Progress Less: Accumulated Depreciation Net Investment in Real Estate Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $3,050 and $39,413 Cash and Cash Equivalents Tenant Accounts Receivable, Net Investments in Joint Ventures Deferred Rent Receivable, Net Deferred Financing Costs, Net Deferred Leasing Intangibles, Net Prepaid Expenses and Other Assets, Net Total Assets Liabilities: Indebtedness: Mortgage and Other Loans Payable, Net Senior Unsecured Notes, Net Unsecured Credit Facility Accounts Payable, Accrued Expenses and Other Liabilities, Net Deferred Leasing Intangibles, Net Rents Received in Advance and Security Deposits Leasing Intangibles Held for Sale, Net of Accumulated Amortization of $0 and $415 Total Liabilities Commitments and Contingencies Equity: First Industrial Realty Trust Inc.’s Stockholders’ Equity: Preferred Stock Common Stock ($0.01 par value, 150,000,000 shares authorized, 103,092,027 and 91,131,516 shares issued and 98,767,913 and 86,807,402 shares outstanding) Additional Paid-in-Capital Distributions in Excess of Accumulated Earnings Accumulated Other Comprehensive Loss Treasury Shares at Cost (4,324,114 shares) Total First Industrial Realty Trust, Inc.’s Stockholders’ Equity Noncontrolling Interest Total Equity Total Liabilities and Equity Revenues: Rental Income Tenant Recoveries and Other Income Construction Revenues Total Revenues Expenses: Property Expenses General and Administrative Restructuring Costs Impairment of Real Estate Depreciation and Other Amortization Construction Expenses Total Expenses Other Income (Expense): Interest Income Interest Expense Amortization of Deferred Financing Costs Mark-to-Market Loss on Interest Rate Protection Agreements Loss from Retirement of Debt Foreign Currency Exchange Loss Total Other Income (Expense) Loss from Continuing Operations Before Equity in Income of Joint Ventures, Gain on Sale of Joint Venture Interests, Gain on Change in Control of Interests and Income Tax Provision Equity in Income of Joint Ventures Gain on Sale of Joint Venture Interests Gain on Change in Control of Interests Income Tax Provision Loss from Continuing Operations Discontinued Operations: Income (Loss) Attributable to Discontinued Operations Gain on Sale of Real Estate Provision for Income Taxes Allocable to Discontinued Operations Income (Loss) from Discontinued Operations Loss Before Gain on Sale of Real Estate Gain on Sale of Real Estate Provision for Income Taxes Allocable to Gain on Sale of Real Estate Net Loss Less: Net Loss Attributable to the Noncontrolling Interest Net Loss Attributable to First Industrial Realty Trust, Inc. Less: Preferred Dividends Less: Redemption of Preferred Stock Net Loss Available to First Industrial Realty Trust, Inc.’s Common Stockholders Basic and Diluted Earnings Per Share: Loss from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders Income (Loss) from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders Net Loss Available to First Industrial Realty Trust, Inc.’s Common Stockholders Distributions Per Share Weighted Average Shares Outstanding Net Loss Mark-to-Market on Interest Rate Protection Agreements, Net of Income Tax Provision Amortization of Interest Rate Protection Agreements Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements Reclassification of Foreign Exchange Loss on Substantial Liquidation of Foreign Entities, Net of Income Tax Benefit Foreign Currency Translation Adjustment, Net of Income Tax Benefit Comprehensive Income (Loss) Comprehensive Loss Attributable to Noncontrolling Interest Comprehensive Income (Loss) Attributable to First Industrial Realty Trust, Inc. Balance as of December 31, 2009 Issuance of Common Stock, Net of Issuance Costs Stock Based Compensation Activity Conversion of Units to Common Stock Reallocation—Additional Paid in Capital Preferred Dividends Net Loss Reallocation—Other Comprehensive Income Other Comprehensive Income Balance as of December 31, 2010 Issuance of Common Stock, Net of Issuance Costs Stock Based Compensation Activity Conversion of Units to Common Stock Reallocation—Additional Paid in Capital Preferred Dividends Net Loss Reallocation—Other Comprehensive Income Other Comprehensive Income Balance as of December 31, 2011 Issuance of Common Stock, Net of Issuance Costs Redemption of Preferred Stock Stock Based Compensation Activity Conversion of Units to Common Stock Reallocation—Additional Paid in Capital Preferred Dividends Net Loss Reallocation—Other Comprehensive Income Other Comprehensive Income Balance as of December 31, 2012 CASH FLOWS FROM OPERATING ACTIVITIES: Net Loss Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities: Depreciation Amortization of Deferred Financing Costs Other Amortization Impairment of Real Estate, Net Provision for Bad Debt Equity in Income of Joint Ventures Distributions from Joint Ventures Gain on Sale of Real Estate Gain on Sale of Joint Venture Interests Gain on Change in Control of Interests Loss from Retirement of Debt Mark-to-Market Loss on Interest Rate Protection Agreements Decrease (Increase) in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net Increase in Deferred Rent Receivable Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits Decrease (Increase) in Restricted Cash Payments of Premiums, Discounts and Prepayment Penalties Associated with Retirement of Debt Cash Book Overdraft Net Cash Provided by Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions of Real Estate Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs Net Proceeds from Sales of Investments in Real Estate Contributions to and Investments in Joint Ventures Distributions and Sales Proceeds from Joint Venture Interests Repayments of Notes Receivable Increase in Lender Escrows Net Cash Used in Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES: Debt and Equity Issuance Costs Proceeds from the Issuance of Common Stock, Net of Underwriter’s Discount Repurchase and Retirement of Restricted Stock Preferred Dividends Redemption of Preferred Stock Payments on Interest Rate Swap Agreement Proceeds from Origination of Mortgage Loans Payable Repayments on Mortgage and Other Loans Payable Repayments of Senior Unsecured Notes Proceeds from Unsecured Credit Facility Repayments on Unsecured Credit Facility Costs Associated with the Retirement of Debt Net Cash Used in Financing Activities Net Effect of Exchange Rate Changes on Cash and Cash Equivalents Net Decrease in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning of Year Cash and Cash Equivalents, End of Year " First Industrial Realty Trust, Inc. does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partner of the Other Real Estate Partnerships. Buildings and Improvements Land Improvements Furniture, Fixtures and Equipment In-Place Leases Above Market Leases Tenant Relationships Total Included in Total Assets, Net of $36,327 and $34,869 of Accumulated Amortization Below Market Leases Total Included in Total Liabilities, Net of $9,389 and $9,340 of Accumulated Amortization 2013 2014 2015 2016 2017 accumulated other comprehensive income. In-Place Leases Tenant Relationships Above Market Leases Below Market Leases In-Place Leases Tenant Relationships Above Market Leases Below Market Leases Total Revenues Property Expenses Impairment of Real Estate Depreciation and Amortization Interest Expense Gain on Sale of Real Estate Provision for Income Taxes Income (Loss) from Discontinued Operations 2011: Operating Properties—Held for Sale and Sold Assets Impairment—Discontinued Operations Land Parcels—Sold Assets Operating Properties—Held for Use Land Parcels—Held for Use Impairment—Continuing Operations Total Net Impairment charges (reversals): For operational real estate assets, the most significant assumptions used in the discounted cash flow analyses included the discount rate, projected occupancy levels, market rental rates, capital expenditures and the terminal capitalization rate. For the valuation of land parcels, we reviewed recent comparable sales transactions, to the extent available, or if not available, we considered older comparable transactions, adjusted upward or downward to reflect management’s assumptions about current market conditions. In all cases, members of our management team that were responsible for the individual markets where the land parcels were located determined the internal valuations. Valuations based on third party offers include bona fide contract prices and letter of intent amounts that we believe are indicative of fair value. Description Long-lived Assets Held for Sale or Sold* Long-lived Assets Held and Used* Condensed Combined Balance Sheets: Gross Investment in Real Estate Less: Accumulated Depreciation Net Investment in Real Estate Other Assets Total Assets Indebtedness Other Liabilities Equity Total Liabilities and Equity Company’s Share of Equity Basis Differentials(1) Carrying Value of the Company’s Investments in Joint Ventures Condensed Combined Statements of Operations: Total Revenues Expenses: Operating and Other Impairment of Real Estate Depreciation and Other Amortization Interest Expense Total Expenses Discontinued Operations: (Loss) Income Attributable to Discontinued Operations Gain on Sale of Real Estate Income from Discontinued Operations Gain on Sale of Real Estate Net Income (Loss) Equity in Income of Joint Ventures 2012,2013, we had a letter of credit and several performance bonds outstanding, amounting to $9.5$8.1 million in the aggregate. The letter of credit and performance bonds are not reflected as liabilities on our balance sheet. We have no other off-balance sheet arrangements, as defined in Item 303 of Regulation S-K, other than those disclosed on the Contractual Obligations and Commitments table above, that have or are reasonably likely to have a current or future effect on our financial condition, results of operation or liquidity and capital resources.$1.1 million in 2012, and 2011, respectively, related to environmental expenditures. We estimate 20132014 expenditures of approximately $1.1$0.8 million. We estimate that the aggregate expenditures which need to be expended in 20132014 and beyond with regard to currently identified environmental issues will not exceed approximately $2.8$2.3 million.expire withinhave lease terms of six years which may enable us to replace existing leases with new leases at higher base rentals if rents of existing leases are below the then-existing market rate.“forward-looking statements”"forward-looking statements" that involve risk and uncertainties. Actual results could differ materially from those projected in the forward-looking statements. Our business subjects us to market risk from interest rates, and to a much lesser extent, foreign currency fluctuations.20122013 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. $1,237.8At December 31, 2011, approximately $1,330.5 million (approximately 89.9% of total debt at December 31, 2011) of our debt was fixed rate debt and approximately $149.0 million (approximately 10.1% of total debt at December 31, 2011) was variable rate debt. Currently, we do not enter into financial instruments for trading or other speculative purposes.20122013 and 2011,2012, a 10% increase or decrease in the interest rate on our variable rate debt would decrease or increase, respectively, future net income and cash flows by approximately $0.2$0.3 million and $0.4$0.2 million per year, respectively. The foregoing calculation assumes an instantaneous increase or decrease in the rates applicable to the amount of borrowings outstanding under our Unsecured Credit Facility at December 31, 2012.2013. Changes in LIBOR could result in a greater than 10% increase to such rates. In addition, the calculation does not account for our option to elect the lower of two different interest rates under our borrowings or other possible actions, such as prepayment, that we might take in response to any rate increase. A 10% increase in interest rates would decrease the fair value of the fixed rate debt at December 31, 2013 and 2012 by approximately $20.2 million to $1,147.5 million and 2011 by approximately $25.0 million to $1,306.8 million and by approximately $36.7 million to $1,337.3 million, respectively. A 10% decrease in interest rates would increase the fair value of the fixed rate debt at December 31, 2013 and 2012 by approximately $21.0 million to $1,188.7 million and 2011 by approximately $25.9 million to $1,357.8 million, and by approximately $38.9 million to $1,412.9 million, respectively.AsThere were no derivatives outstanding as of December 31, 2012, we had one outstanding derivative with a notional amount of $50.0 million which mitigates our exposure to floating interest rates related to the reset rate of our Series F Preferred Stock. operating and developing industrial property outside of the United States exposes us to the possibility of volatile movements in foreign exchange rates. Changes in foreign currencies can affect the operating results of international operations reported in U.S. dollars and the value of the foreign assets reported in U.S. dollars. The economic impact of foreign exchange rate movements is complex because such changes are often linked to variability in real growth, inflation, interest rates, governmental actions and other factors. At December 31, 2012,2013, we owned one land parcel for which the U.S. dollar was not the functional currency. The land parcel is located in Ontario, Canada and uses the Canadian dollar as its functional currency.“Refund”"Refund") in connection with this tax liquidation. As previously reported, theThe IRS examination team, which is required by statute to review all refund claims in excess of $2.0 million on behalf of the Joint Committee on Taxation, indicated to us that it disagreed with certain of the property valuations we obtained from an independent valuation expert in support of our fair value of the liquidated taxable REIT subsidiary and our claim for the Refund. We haveDuring the year ended December 31, 2012, we reached an agreement with the regional office of the IRS on a proposed adjustment to the Refund. The total agreed-upon adjustment to taxable income is approximatelywas $13.7 million, which equates to approximately $4.8 million of taxes owed. We mustwere also required to pay accrued interest which wasof approximately $0.5 million as of December 31, 2012.million. During the year ended December 31, 2012, the Company recorded athe charge of $5.3 million related tofor the agreed-upon adjustment and the related estimated accrued interest which iswas reflected as a component of income tax expense. TheDuring the year ended December 31, 2013, the settlement amount is subject to final review and approvalwas approved by the Joint Committee on Taxation. There can be no assuranceTaxation and we paid the agreed upon taxes and related accrued interest.the settlement amount will be approved at the level we currently anticipate, nor can we provide an estimate ofdetermined the timing of the final approval.In addition, we are currently in discussions with the regional office of the IRS to determine the timing of the impact of the proposed tax settlement on the tax characterization of the distributions to the limited partners of the Operating Partnership and the stockholders of the Company which is likelyCompany. Pursuant to result in additional capital gain income being allocable to the limited partnersthese closing agreements, $8.2 million of the Operating Partnership andpreferred stock distributions for the stockholdersyear ended December 31, 2012 are taxable as capital gain.(“FFO”("FFO") and net operating income ("NOI") as a supplemental operating performance measuremeasures of an equity REIT. Historical cost accounting for real estate assets in accordance with accounting principles generally accepted in the United States of America (“GAAP”("GAAP") implicitly assumes that the value of real estate assets diminishes predictably over time through depreciation. Since real estate values instead have historically risen or fallen with market conditions, many industry analysts and investors prefer to supplement operating results that use historical cost accounting. accounting with measures such as FFO and NOI, among others. We provide information related to FFO and same store NOI ("SS NOI") both because such industry analysts are interested in such information, and because our management believes FFO and SS NOI are important performance measures. FFO and SS NOI are factors used by management in measuring our performance, including for purposes of determining the compensation of our executive officers under our 2013 incentive compensation plan.(“NAREIT”("NAREIT") created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from net income (loss) determined in accordance with GAAP. FFO is a non-GAAP financial measure. FFO available to common stockholders and participating securities should not be considered as a substitute for its most comparable GAAP measure, net income (loss) available to common stockholders and participating securities, or any other measures derived in accordance with GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to cash flow from operating activities as a measure of our liquidity, nor is it indicative of funds available for our cash needs, including our ability to make cash distributions. FFO is calculated by us in accordance with the definition adopted by the Board of Governors of NAREIT and therefore may not be comparable to other similarly titled measures of other companies.2011 and 2010. Year Ended December 31, 2012 2011 2010 (In thousands) $ (22,069 ) $ (27,010 ) $ (222,498 ) 119,820 117,850 124,290 1,612 4,473 10,306 (20 ) 551 947 (164 ) (514 ) 105,826 1,410 4,973 66,026 (12,665 ) (20,419 ) (11,073 ) (902 ) (616 ) (231 ) (776 ) (689 ) — (5,606 ) (6,448 ) (23,067 ) $ 80,640 $ 72,151 $ 50,526 Year Ended December 31, 2013 2012 2011 (In thousands) $ 25,907 $ (22,069 ) $ (27,010 ) Adjustments: Depreciation and Other Amortization of Real Estate 110,413 113,598 113,818 Depreciation and Other Amortization of Real Estate Included in Discontinued Operations 3,647 7,834 8,505 Equity in Depreciation and Other Amortization of Joint Ventures 273 (20 ) 551 Impairment of Depreciated Real Estate 1,047 (192 ) (1,755 ) Impairment of Depreciated Real Estate Included in Discontinued Operations 1,605 1,438 6,214 Non-NAREIT Compliant Gain (34,344 ) (12,665 ) (20,419 ) Non-NAREIT Compliant Gain from Joint Ventures (111 ) (902 ) (616 ) Gain on Change in Control of Interests — (776 ) (689 ) Noncontrolling Interest Share of Adjustments (3,426 ) (5,606 ) (6,448 ) Funds from Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities $ 105,011 $ 80,640 $ 72,151 Year Ended December 31, 2013 2012 (In thousands) Same Store Properties - Revenues $ 317,460 $ 309,051 Same Store Properties - Property Expenses 95,591 89,472 Same Store Net Operating Income Before Adjustments $ 221,869 $ 219,579 Adjustments: Lease Inducement Amortization 1,112 1,219 Straight-line Rent (1,863 ) (2,492 ) Above / Below Market Rent Amortization (551 ) (788 ) Lease Termination Fees (1,004 ) (3,804 ) Same Store Net Operating Income $ 219,563 $ 213,714 20132014 to February 28, 2013, we sold one industrial property and one land parcel for approximately $2.6 million. Additionally,27, 2014, we acquired one land parcelindustrial property for a purchase price of $6.3approximately $13.4 million, excluding costs incurred in conjunction with the acquisition.Fromacquisition and we sold one industrial property for approximately $1.3 million. Additionally, during January 1, 20132014, the 2003 Net Lease Joint Venture sold two industrial properties.28, 2013,3, 2014, we repurchased and retired $4.0 millionannounced that we will redeem all 50,000 Depositary Shares of our senior unsecured notes maturing in 2028 for a payment of $4.6 million.Board of Directors approved a first quarter 2013 common dividend of $0.085redemption price will be $1,000.00 per share/unit for shareholders of record on March 29, 2013 with a payableDepositary Share, or $50.0 million, plus all accumulated and unpaid distributions to and including the date of April 15, 2013.redemption, March 6, 2014. We also announced that we will redeem all 25,000 Depositary Shares of our Series G Flexible Cumulative Redeemable Preferred Stock. The effective record dateredemption price will be $1,000.00 per Depositary Share, or $25.0 million plus all accumulated and unpaid distributions to and including the date of redemption, March 28, 2013 as March 29, 2013 is a New York Stock Exchange holiday. The Board31, 2014.ScheduleSchedules included in Item 15.2012.2013. In making its assessment of internal control over financial reporting, management used the criteria described in the Internal Control-Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission.2012,2013, our internal control over financial reporting was effective.20122013 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears herein within Item 15. See Report of Independent Registered Public Accounting Firm.20122013 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.ScheduleSchedules and ExhibitsSchedule. 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 Second Amended and Restated Bylaws of the Company, dated September 4, 1997May 9, 2013 (incorporated by reference to Exhibit 13.2 of the Company’s Form 8-K dated September 4, 1997, asof the Company, filed on September 29, 1997,May 10, 2013, File No. 1-13102)3.3 Articles of Amendment to the Company’s Articles of Incorporation, dated June 20, 1994 (incorporated by reference to Exhibit 3.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102) 3.4 Articles of Amendment to the Company’s Articles of Incorporation, dated May 31, 1996 (incorporated by reference to Exhibit 3.3 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102) 3.5 Articles Supplementary relating to the Company’s 6.236% Series F Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 3.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) 3.6 Articles Supplementary relating to the Company’s 7.236% Series G Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 3.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) 3.7 Articles Supplementary relating to the Company’s Junior Participating Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 4.10 of Form S-3 of the Company and First Industrial, L.P. dated September 24, 1997, Registration No. 333-29879) 3.8 Articles Supplementary relating to the Company’s 7.25% Series J Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company filed January 17, 2006, File No. 1-13102) 3.9 Articles Supplementary relating to the Company’s 7.25% Series K Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 1.6 of the Form 8-A of the Company, as filed on August 18, 2006,
File No. 1-13102)3.10 Articles of Amendment to the Company’s Articles of Incorporation, dated May 12, 2011 (incorporated by reference to Exhibit 3.1 of the Form 8-K of the Company filed June 2, 2011, File No. 1-13102) 3.11 Articles of Amendment to the Company’s Articles of Incorporation, dated May 9, 2013 (incorporated by reference to Exhibit 3.1 of the Form 8-K of the Company filed May 10, 2013 File No. 1-13102) 4.1 Deposit Agreement, dated May 27, 2004, by and among the Company, EquiServe Inc. and EquiServe Trust Company, N.A. and holders from time to time of Series F Depositary Receipts (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) 4.2 Deposit Agreement, dated May 27, 2004, by and among the Company, EquiServe Inc. and EquiServe Trust Company, N.A. and holders from time to time of Series G Depositary Receipts (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) 4.3 Remarketing Agreement, dated May 27, 2004, relating to 50,000 depositary shares, each representing 1/100 of a share of the Series F Flexible Cumulative Redeemable Preferred Stock, by and among Lehman Brothers Inc., the Company and First Industrial, L.P. (incorporated by reference to Exhibit 1.2 of the Form 8-K of the Company, dated May 27, 2004, File No. 1-13102) Exhibits Description 4.4 Remarketing Agreement, dated May 27, 2004, relating to 25,000 depositary shares, each representing 1/100 of a share of the Series G Flexible Cumulative Redeemable Preferred Stock, by and among Lehman Brothers Inc., the Company and First Industrial, L.P. (incorporated by reference to Exhibit 1.3 of the Form 8-K of the Company, dated May 27, 2004, File No. 1-13102) Exhibits Description4.5 Deposit Agreement, dated January 13, 2006, by and among the Company, Computershare Shareholder Services, Inc. and Computershare Trust Company, N.A., as depositary, and holders from time to time of Series J Depositary Receipts (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company, filed January 17, 2006, File No. 1-13102)4.6Deposit Agreement, dated August 21, 2006, by and among the Company, Computershare Shareholder Services, Inc. and Computershare Trust Company, N.A., as depositary, and holders from time to time of Series K Depositary Receipts (incorporated by reference to Exhibit 1.7 of the Form 8-A of the Company, as filed on August 18, 2006, File No. 1-13102)4.7 Indenture, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association, as Trustee (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102) 4.84.6 Supplemental Indenture No. 1, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 7.15% Notes due 2027 (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102) 4.94.7 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) 4.104.8 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) 4.114.9 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) 4.124.10 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) 4.134.11 Supplemental Indenture No. 5, dated as of July 14, 1998, between First Industrial, L.P. and U.S. Bank Trust National Association, relating to First Industrial, L.P.’s 7.60% Notes due July 15, 2028 (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P. dated July 15, 1998, File No. 333-21873) 4.144.12 Supplemental Indenture No. 7 dated as of April 15, 2002, between First Industrial, L.P. and U.S. Bank National Association, relating to First Industrial, L.P.’s 6.875% Notes due 2012 and 7.75% Notes due 2032 (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P. dated April 4, 2002, File No. 333-21873) 4.15 Form of 6.875% Notes due 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)4.164.13 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) 4.174.14 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)4.184.15 Supplemental Indenture No. 10, dated as of January 10, 2006, relating to 5.75% Senior Notes due 2016, by and between the Operating Partnership and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed January 11, 2006, File No. 1-13102) 4.194.16 Supplemental Indenture No. 11, dated as of May 7, 2007, relating to 5.95% Senior Notes due 2017, by and between the Operating Partnership and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed May 5, 2007, File No. 1-13102) 10.1 Twelfth Amended and Restated Partnership Agreement of First Industrial, L.P. dated February 27, 2012 and effective March 17, 2012 (the “LP Agreement”) (incorporated by reference to Exhibit 10.1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, File No. 1-13102) Exhibits Description10.2 Sales Agreement by and among the Company, First Industrial, L.P. and Cantor Fitzgerald & Co. dated September 16, 2004 (incorporated by reference to Exhibit 1.1 of the Form 8-K of the Company, dated September 16, 2004, File No. 1-13102) 10.3 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) 10.4 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) Exhibits Description 10.5† 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) 10.6† 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) 10.7 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) 10.8 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) 10.9† Separation and Release Agreement between First Industrial Realty Trust, Inc. and Michael W. Brennan dated November 26, 2008 (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company filed November 28, 2008, File
No. 1-13102)10.10† 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) 10.11† 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) 10.12† Separation and Release Agreement between First Industrial Realty Trust, Inc. and Michael J. Havala dated December 22, 2008 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed December 23, 2008,
File No. 1-13102)10.13† 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) 10.14† Separation and Release Agreement between First Industrial Realty Trust, Inc. and David P. Draft dated November 25, 2008 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed November 28, 2008,
File No. 1-13102)10.15† 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) 10.16† 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) 10.17† 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) 10.18† 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) 10.19 Amended and Restated Unsecured Revolving Credit Agreement dated as of December 14, 2011July 19, 2013 among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, N.A. and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed December 15, 2011,July 22, 2013, File No. 1-13102) Exhibits Description10.20† Form of Restricted Stock Agreement (Director’s Annual Retainer) (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed May 19, 2006, File No. 1-13102) 10.21† Amendment No. 1 to the Company’s 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2006, File No. 1-13102) 10.22† Amendment No. 2 to the Company’s 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2007, File No. 1-13102) 10.23† Amendment No. 1 to the Company’s 1994 Stock Incentive Plan (incorporated by reference to Exhibit 10.24 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) 10.24† Amendment No. 1 to the Company’s 1997 Stock Incentive Plan (incorporated by reference to Exhibit 10.25 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) 10.25† Form of Director Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.26 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) Exhibits Description 10.26† Form of Director Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.27 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) 10.27† Form of Employee Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.28 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) 10.28† Form of Employee Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.29 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) 10.29† Amendment No. 3 to the Company’s 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 2008, File No. 1-13102) 10.30† Form of Employee Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 2008, File No. 1-13102) 10.31† First Amendment, dated as of December 29, 2008, to Employment Agreement, dated March 31, 2002, between First Industrial Realty Trust, Inc. and Johannson L. Yap (incorporated by reference to Exhibit 10.33 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, File No. 1-13102) 10.32† Restricted Stock Unit Award Agreement dated January 9, 2009 between First Industrial Realty Trust, Inc. and Bruce W. Duncan (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company filed January 12, 2009 File No. 1-13102) 10.33† Employment Agreement dated as of December 17, 2012 by and among the Company, First Industrial L.P. and Bruce W. Duncan (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed December 19, 2012, File No. 1-13102) 10.34† Restricted Stock Unit Award Agreement dated as of December 17, 2012 by and between the Company and Bruce W. Duncan (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company filed December 19, 2012, File No. 1-13102) 10.35† 2009 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Form 10-Q for the period ended June 30, 2009, File No. 1-13102) 10.36† Form of Employee Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company filed July 15, 2009, File No. 1-13102) 10.37† Form of Employee Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed March 4, 2010, File No. 1-13102) 10.38† Form of Employee Service Based Bonus Agreement (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed July 7, 2010, File No. 1-13102) Exhibits Description10.39† Form of Employee Service Based Bonus Agreement (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed July 13, 2011, File No. 1-13102) 10.40† 2011 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Form 8-K filed June 2, 2011, File No. 1-13102) 10.41† Amendment No. 1 to 2011 Stock Incentive Plan, dated April 28, 2011 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed on April 28, 2011, File No. 1-13102) 10.42† Form of Employee Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2012, File No. 1-13102) 10.43† Form of Employee Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2012, File No. 1-13102) 10.44† Form of Employee Service Based Bonus Agreement (incorporated by reference to Exhibit 10.3 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2012, File No. 1-13102) 10.45 Distribution Agreement among the Company, First Industrial, L.P. and Wells Fargo Securities, LLC dated March 1, 2012 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed on March 2, 2012,
File No. 1-13102)10.46*†10.46† Form of Restricted Stock Award Agreement for Bruce Duncan (incorporated by reference to Exhibit 10.46 of the Company's Annual Report on Form 10-K for the year ended December 31, 2012, file No. 1-13102) 10.47† Form of 2013 Long-Term Incentive Program (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed June 25, 2013, File No. 1-13102) Exhibits Description 10.48† Form of 2013 Long-Term Incentive Program Performance Unit Award Agreement (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company filed June 25, 2013, File No. 1-13102) 10.49 Unsecured Term Loan Agreement dated as of January 29, 2014 among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, N.A. and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed January 29, 2014, File No. 1-13102) 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 101.1* The following financial statements from First Industrial Realty Trust, Inc.’s Annual Report on Form0Form 10-K for the year ended December 31, 2012,2013, formatted in XBRL: (i) Consolidated Balance Sheets (audited), (ii) Consolidated Statements of Operations (audited), (iii) Consolidated Statements of Comprehensive Income (audited), (iv) Consolidated Statement of Changes in Stockholders’ Equity (audited), (v) Consolidated Statements of Cash Flows (audited) and (vi) Notes to Consolidated Financial Statements (audited).* Filed herewith. ** Furnished herewith. † Indicates a compensatory plan or arrangement contemplated by Item 15 a (3) of Form 10-K. 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 Second Amended and Restated Bylaws of the Company, dated September 4, 1997May 9, 2013 (incorporated by reference to Exhibit 13.2 of the Company’s Form 8-K dated September 4, 1997, asof the Company, filed on September 29, 1997,May 10, 2013, File No. 1-13102)3.3 Articles of Amendment to the Company’s Articles of Incorporation, dated June 20, 1994 (incorporated by reference to Exhibit 3.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102) 3.4 Articles of Amendment to the Company’s Articles of Incorporation, dated May 31, 1996 (incorporated by reference to Exhibit 3.3 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102) 3.5 Articles Supplementary relating to the Company’s 6.236% Series F Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 3.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) 3.6 Articles Supplementary relating to the Company’s 7.236% Series G Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 3.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) 3.7 Articles Supplementary relating to the Company’s Junior Participating Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 4.10 of Form S-3 of the Company and First Industrial, L.P. dated September 24, 1997, Registration No. 333-29879) 3.8 Articles Supplementary relating to the Company’s 7.25% Series J Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company filed January 17, 2006,
File No. 1-13102)3.9 Articles Supplementary relating to the Company’s 7.25% Series K Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 1.6 of the Form 8-A of the Company, as filed on August 18, 2006, File No. 1-13102) 3.10 Articles of Amendment to the Company’s Articles of Incorporation, dated May 12, 2011 (incorporated by reference to Exhibit 3.1 of the Form 8-K of the Company filed June 2, 2011, File No. 1-13102) 3.11 Articles of Amendment to the Company’s Articles of Incorporation, dated May 9, 2013 (incorporated by reference to Exhibit 3.1 of the Form 8-K of the Company filed May 10, 2013, File No. 1-13102) 4.1 Deposit Agreement, dated May 27, 2004, by and among the Company, EquiServe Inc. and EquiServe Trust Company, N.A. and holders from time to time of Series F Depositary Receipts (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) 4.2 Deposit Agreement, dated May 27, 2004, by and among the Company, EquiServe Inc. and EquiServe Trust Company, N.A. and holders from time to time of Series G Depositary Receipts (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102) 4.3 Remarketing Agreement, dated May 27, 2004, relating to 50,000 depositary shares, each representing 1/100 of a share of the Series F Flexible Cumulative Redeemable Preferred Stock, by and among Lehman Brothers Inc., the Company and First Industrial, L.P. (incorporated by reference to Exhibit 1.2 of the Form 8-K of the Company, dated May 27, 2004, File No. 1-13102) 4.4 Remarketing Agreement, dated May 27, 2004, relating to 25,000 depositary shares, each representing 1/100 of a share of the Series G Flexible Cumulative Redeemable Preferred Stock, by and among Lehman Brothers Inc., the Company and First Industrial, L.P. (incorporated by reference to Exhibit 1.3 of the Form 8-K of the Company, dated May 27, 2004, File No. 1-13102) 4.5 Deposit Agreement, dated January 13, 2006, by and among the Company, Computershare Shareholder Services, Inc. and Computershare Trust Company, N.A., as depositary, and holders from time to time of Series J Depositary Receipts (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company, filed January 17, 2006, File No. 1-13102)4.6Deposit Agreement, dated August 21, 2006, by and among the Company, Computershare Shareholder Services, Inc. and Computershare Trust Company, N.A., as depositary, and holders from time to time of Series K Depositary Receipts (incorporated by reference to Exhibit 1.7 of the Form 8-A of the Company, as filed on August 18, 2006,File No. 1-13102) Exhibits Description4.7 Indenture, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association, as Trustee (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102) 4.84.6 Supplemental Indenture No. 1, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 7.15% Notes due 2027 (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102) 4.9ExhibitsDescription 4.7 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) 4.104.8 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) 4.114.9 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) 4.124.10 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) 4.134.11 Supplemental Indenture No. 5, dated as of July 14, 1998, between First Industrial, L.P. and U.S. Bank Trust National Association, relating to First Industrial, L.P.’s 7.60% Notes due July 15, 2028 (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P. dated July 15, 1998, File No. 333-21873) 4.144.12 Supplemental Indenture No. 7 dated as of April 15, 2002, between First Industrial, L.P. and U.S. Bank National Association, relating to First Industrial, L.P.’s 6.875% Notes due 2012 and 7.75% Notes due 2032 (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P. dated April 4, 2002, File No. 333-21873) 4.15 Form of 6.875% Notes due 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)4.164.13 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) 4.174.14 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) 4.184.15 Supplemental Indenture No. 10, dated as of January 10, 2006, relating to 5.75% Senior Notes due 2016, by and between the Operating Partnership and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed January 11, 2006, File No. 1-13102) 4.194.16 Supplemental Indenture No. 11, dated as of May 7, 2007, relating to 5.95% Senior Notes due 2017, by and between the Operating Partnership and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed May 5, 2007, File No. 1-13102) 10.1 Twelfth Amended and Restated Partnership Agreement of First Industrial, L.P. dated February 27, 2012 and effective March 17, 2012 (the “LP Agreement”)(incorporated by reference to Exhibit 10.1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, File No. 1-13102) 10.2 Sales Agreement by and among the Company, First Industrial, L.P. and Cantor Fitzgerald & Co. dated September 16, 2004 (incorporated by reference to Exhibit 1.1 of the Form 8-K of the Company, dated September 16, 2004, File No. 1-13102) 10.3 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) Exhibits Description10.4 10.5† 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) 10.6† 10.7 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) 10.8 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 10.9† Separation and Release Agreement between First Industrial Realty Trust, Inc. and Michael W. Brennan dated November 26, 2008 (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company filed November 28, 2008, File No. 1-13102) 10.10† 10.11† 10.12† Separation and Release Agreement between First Industrial Realty Trust, Inc. and Michael J. Havala dated December 22, 2008 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed December 23, 2008, File No. 1-13102) 10.13† 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) 10.14† Separation and Release Agreement between First Industrial Realty Trust, Inc. and David P. Draft dated November 25, 2008 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed November 28, 2008, File No. 1-13102) 10.15† 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) 10.16† 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) 10.17† 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) 10.18† 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) 10.19 Amended and Restated Unsecured Revolving Credit Agreement dated as of December 14, 2011July 19, 2013 among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, N.A. and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed December 15, 2011,July 22, 2013, File No. 1-13102)10.20† Form of Restricted Stock Agreement (Director’s Annual Retainer) (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed May 19, 2006, File No. 1-13102) 10.21† Amendment No. 1 to the Company’s 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2006, File No. 1-13102) 10.22† Amendment No. 2 to the Company’s 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2007, File No. 1-13102) Exhibits Description10.23† Amendment No. 1 to the Company’s 1994 Stock Incentive Plan (incorporated by reference to Exhibit 10.24 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) 10.24† Amendment No. 1 to the Company’s 1997 Stock Incentive Plan (incorporated by reference to Exhibit 10.25 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) 10.25† Form of Director Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.26 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) 10.26† Form of Director Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.27 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) 10.27† Form of Employee Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.28 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) 10.28† Form of Employee Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.29 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102) 10.29† Amendment No. 3 to the Company’s 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 2008, File No. 1-13102) Exhibits Description 10.30† Form of Employee Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 2008, File No. 1-13102) 10.31† First Amendment, dated as of December 29, 2008, to Employment Agreement, dated March 31, 2002, between First Industrial Realty Trust, Inc. and Johannson L. Yap (incorporated by reference to Exhibit 10.33 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, File No. 1-13102) 10.32† Restricted Stock Unit Award Agreement dated January 9, 2009 between First Industrial Realty Trust, Inc. and Bruce W. Duncan (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company filed January 12, 2009 File No. 1-13102) 10.33† Employment Agreement dated as of December 17, 2012 by and among the Company, First Industrial L.P. and Bruce W. Duncan (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed December 19, 2012, File No. 1-13102) 10.34† Restricted Stock Unit Award Agreement dated as of December 17, 2012 by and between the Company and Bruce W. Duncan (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company filed December 19, 2012, File No. 1-13102) 10.35† 2009 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Form 10-Q for the period ended June 30, 2009, File No. 1-13102) 10.36† Form of Employee Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company filed July 15, 2009, File No. 1-13102) 10.37† Form of Employee Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed March 4, 2010, File No. 1-13102) 10.38† Form of Employee Service Based Bonus Agreement (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed July 7, 2010, File No. 1-13102) 10.39† Form of Employee Service Based Bonus Agreement (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed July 13, 2011, File No. 1-13102) 10.40† 2011 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Form 8-K filed June 2, 2011, File No. 1-13102) 10.41† Amendment No. 1 to 2011 Stock Incentive Plan, dated April 28, 2011 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed on April 28, 2011, File No. 1-13102) Exhibits Description10.42† Form of Employee Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2012, File No. 1-13102) 10.43† Form of Employee Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2012, File No. 1-13102) 10.44† Form of Employee Service Based Bonus Agreement (incorporated by reference to Exhibit 10.3 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2012, File No. 1-13102) 10.45 Distribution Agreement among the Company, First Industrial, L.P. and Wells Fargo Securities, LLC dated March 2,1, 2012 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed on March 2, 2012,
File No. 1-13102)10.46*† Form of Restricted Stock Award Agreement for Bruce Duncan (incorporated by reference to Exhibit 10.46 of the Company's Annual Report on Form 10-K for the year ended December 31, 2012, file No. 1-13102) 10.47† Form of 2013 Long-Term Incentive Program (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed June 25, 2013, File No. 1-13102) 10.48† Form of 2013 Long-Term Incentive Program Performance Unit Award Agreement (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company filed June 25, 2013, File No. 1-13102) 10.49 Unsecured Term Loan Agreement dated as of January 29, 2014 among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, N.A. and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed January 29, 2014, File No. 1-13102) 21.1* Subsidiaries of the Registrant 23* Consent of PricewaterhouseCoopers LLP Exhibits Description 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 101.1 The following financial statements from First Industrial Realty Trust, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2012,2013, formatted in XBRL: (i) Consolidated Balance Sheets (audited), (ii) Consolidated Statements of Operations (audited), (iii) Consolidated Statements of Comprehensive Income (audited), (iv) Consolidated Statement of Changes in Stockholders’ Equity (audited), (v) Consolidated Statements of Cash Flows (audited) and (vi) Notes to Consolidated Financial Statements (audited)* Filed herewith. ** Furnished herewith. † Indicates a compensatory plan or arrangement contemplated by Item 15 a (3) of Form 10-K. SCHEDULESCHEDULES Page PageFINANCIAL STATEMENTS FINANCIAL STATEMENTS50515253545556FINANCIAL STATEMENT SCHEDULES FINANCIAL STATEMENT SCHEDULESchedule IV: Mortgage Loans on Real Estate S-1financialbalance sheets and the related consolidated statements listedof operations, of comprehensive income, of changes in the index appearing under Item 15(a)(1)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, 20122013 and 2011,2012, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 20122013 in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement scheduleschedules listed in the index appearing under Item 15(a)(2) presentspresent fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2012,2013, based on criteria established inInternal Control—Control -Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company’s management is responsible for these financial statements and financial statement schedule,schedules, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on these financial statements, on the financial statement schedule,schedules, and on the Company’s internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included 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. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.28, 2013 December 31,
2012 December 31,
2011 (In thousands except share and per share data) ASSETS $ 691,726 $ 638,071 2,403,654 2,326,245 26,068 27,780 (732,635 ) (658,729 ) 2,388,813 2,333,367 6,765 91,659 4,938 10,153 4,596 3,062 1,012 1,674 54,563 50,033 12,028 15,244 33,190 38,037 102,937 123,428 $ 2,608,842 $ 2,666,657 LIABILITIES AND EQUITY $ 763,616 $ 690,256 474,150 640,227 98,000 149,000 81,099 71,470 15,522 16,567 30,802 25,852 — 690 1,463,189 1,594,062 — — — — 1,031 911 1,906,490 1,811,349 (657,567 ) (633,854 ) (6,557 ) (11,712 ) (140,018 ) (140,018 ) 1,103,379 1,026,676 42,274 45,919 1,145,653 1,072,595 $ 2,608,842 $ 2,666,657 December 31, 2013 December 31, 2012 (In thousands except share and per share data) ASSETS Assets: Investment in Real Estate: Land $ 703,478 $ 691,726 Buildings and Improvements 2,390,566 2,403,654 Construction in Progress 25,503 26,068 Less: Accumulated Depreciation (748,044 ) (732,635 ) Net Investment in Real Estate 2,371,503 2,388,813 Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $0 and $3,050 — 6,765 Cash and Cash Equivalents 7,577 4,938 Tenant Accounts Receivable, Net 5,705 4,596 Investments in Joint Ventures 907 1,012 Deferred Rent Receivable, Net 56,417 54,563 Deferred Financing Costs, Net 11,406 12,028 Deferred Leasing Intangibles, Net 29,790 33,190 Prepaid Expenses and Other Assets, Net 114,205 102,937 Total Assets $ 2,597,510 $ 2,608,842 LIABILITIES AND EQUITY Liabilities: Indebtedness: Mortgage Loans Payable, Net $ 677,890 $ 763,616 Senior Unsecured Notes, Net 445,916 474,150 Unsecured Credit Facility 173,000 98,000 Accounts Payable, Accrued Expenses and Other Liabilities 75,305 80,647 Deferred Leasing Intangibles, Net 13,626 15,522 Rents Received in Advance and Security Deposits 30,265 30,802 Dividend Payable 10,289 452 Total Liabilities 1,426,291 1,463,189 Commitments and Contingencies — — Equity: First Industrial Realty Trust Inc.’s Stockholders’ Equity: Preferred Stock — — Common Stock ($0.01 par value, 150,000,000 shares authorized, 114,304,964 and 103,092,027 shares issued and 109,980,850 and 98,767,913 shares outstanding) 1,143 1,031 Additional Paid-in-Capital 1,938,886 1,906,490 Distributions in Excess of Accumulated Earnings (669,896 ) (657,567 ) Accumulated Other Comprehensive Loss (3,265 ) (6,557 ) Treasury Shares at Cost (4,324,114 shares) (140,018 ) (140,018 ) Total First Industrial Realty Trust, Inc.’s Stockholders’ Equity 1,126,850 1,103,379 Noncontrolling Interest 44,369 42,274 Total Equity 1,171,219 1,145,653 Total Liabilities and Equity $ 2,597,510 $ 2,608,842 Year Ended
December 31,
2012 Year Ended
December 31,
2011 Year Ended
December 31,
2010 (In thousands except per share data) $ 255,565 $ 244,451 $ 243,916 71,708 71,425 75,917 — — 869 327,273 315,876 320,702 105,126 106,639 106,632 25,103 20,638 26,589 — 1,553 1,858 (164 ) (7,634 ) 128,526 120,897 119,276 126,265 — — 507 250,962 240,472 390,377 2,874 3,922 4,364 (83,506 ) (100,127 ) (105,898 ) (3,460 ) (3,963 ) (3,473 ) (328 ) (1,718 ) (1,107 ) (9,684 ) (5,459 ) (4,304 ) — (332 ) (190 ) (94,104 ) (107,677 ) (110,608 ) (17,793 ) (32,273 ) (180,283 ) 1,559 980 675 — — 11,226 776 689 — (5,522 ) (450 ) (2,963 ) (20,980 ) (31,054 ) (171,345 ) 2,019 1,773 (61,883 ) 12,665 20,419 11,092 — (1,246 ) — 14,684 20,946 (50,791 ) (6,296 ) (10,108 ) (222,136 ) 3,777 1,370 859 — (452 ) (342 ) (2,519 ) (9,190 ) (221,619 ) 1,201 1,745 18,798 (1,318 ) (7,445 ) (202,821 ) (18,947 ) (19,565 ) (19,677 ) (1,804 ) — — $ (22,069 ) $ (27,010 ) $ (222,498 ) $ (0.39 ) $ (0.58 ) $ (2.79 ) $ 0.15 $ 0.24 $ (0.74 ) $ (0.24 ) $ (0.34 ) $ (3.53 ) $ 0.00 $ 0.00 $ 0.00 91,468 80,616 62,953 Year Ended December 31, 2013 Year Ended December 31, 2012 Year Ended December 31, 2011 (In thousands except per share data) Revenues: Rental Income $ 252,822 $ 244,798 $ 234,007 Tenant Recoveries and Other Income 75,404 69,527 68,661 Total Revenues 328,226 314,325 302,668 Expenses: Property Expenses 107,390 99,907 101,281 General and Administrative 23,152 25,103 20,638 Restructuring Costs — — 1,553 Impairment of Real Estate 1,047 (192 ) (8,875 ) Depreciation and Other Amortization 111,031 114,675 115,244 Total Expenses 242,620 239,493 229,841 Other Income (Expense): Interest Income 2,354 2,874 3,922 Interest Expense (73,558 ) (83,506 ) (100,127 ) Amortization of Deferred Financing Costs (3,225 ) (3,460 ) (3,963 ) Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements 52 (328 ) (1,718 ) Loss from Retirement of Debt (6,637 ) (9,684 ) (5,459 ) Foreign Currency Exchange Loss — — (332 ) Total Other Income (Expense) (81,014 ) (94,104 ) (107,677 ) Income (Loss) from Continuing Operations Before Equity in Income of Joint Ventures, Gain on Change in Control of Interests and Income Tax Benefit (Provision) 4,592 (19,272 ) (34,850 ) Equity in Income of Joint Ventures 136 1,559 980 Gain on Change in Control of Interests — 776 689 Income Tax Benefit (Provision) 213 (5,522 ) (450 ) Income (Loss) from Continuing Operations 4,941 (22,459 ) (33,631 ) Discontinued Operations: Income Attributable to Discontinued Operations 1,253 3,498 4,350 Gain on Sale of Real Estate 34,344 12,665 20,419 Provision for Income Taxes Allocable to Discontinued Operations — — (1,246 ) Income from Discontinued Operations 35,597 16,163 23,523 Income (Loss) Before Gain on Sale of Real Estate 40,538 (6,296 ) (10,108 ) Gain on Sale of Real Estate 1,100 3,777 1,370 Provision for Income Taxes Allocable to Gain on Sale of Real Estate (210 ) — (452 ) Net Income (Loss) 41,428 (2,519 ) (9,190 ) Less: Net (Income) Loss Attributable to the Noncontrolling Interest (1,121 ) 1,201 1,745 Net Income (Loss) Attributable to First Industrial Realty Trust, Inc. 40,307 (1,318 ) (7,445 ) Less: Preferred Dividends (8,733 ) (18,947 ) (19,565 ) Less: Redemption of Preferred Stock (5,667 ) (1,804 ) — Net Income (Loss) Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities $ 25,907 $ (22,069 ) $ (27,010 ) Basic and Diluted Earnings Per Share: Loss from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ (0.08 ) $ (0.41 ) $ (0.61 ) Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders $ 0.32 $ 0.17 $ 0.27 Net Income (Loss) Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 0.24 $ (0.24 ) $ (0.34 ) Distributions Per Share $ 0.34 $ 0.00 $ 0.00 Weighted Average Shares Outstanding 106,995 91,468 80,616 Year Ended
December 31,
2012 Year Ended
December 31,
2011 Year Ended
December 31,
2010 (In thousands) $ (2,519 ) $ (9,190 ) $ (221,619 ) — — 990 2,271 2,166 2,108 3,247 3,250 (182 ) — 179 — 32 (1,480 ) 563 3,031 (5,075 ) (218,140 ) 913 1,494 18,527 $ 3,944 $ (3,581 ) $ (199,613 ) Year Ended December 31, 2013 Year Ended December 31, 2012 Year Ended December 31, 2011 (In thousands) Net Income (Loss) $ 41,428 $ (2,519 ) $ (9,190 ) Amortization of Interest Rate Protection Agreements 2,411 2,271 2,166 Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements 1,116 3,247 3,250 Reclassification of Foreign Exchange Loss on Substantial Liquidation of Foreign Entities, Net of Income Tax Benefit — — 179 Foreign Currency Translation Adjustment, Net of Income Tax Benefit (60 ) 32 (1,480 ) Comprehensive Income (Loss) 44,895 3,031 (5,075 ) Comprehensive (Income) Loss Attributable to Noncontrolling Interest (1,265 ) 913 1,494 Comprehensive Income (Loss) Attributable to First Industrial Realty Trust, Inc. $ 43,630 $ 3,944 $ (3,581 ) Preferred
Stock Common
Stock Additional
Paid-in-
Capital Treasury
Shares
At Cost Distributions
in Excess of
Accumulated
Earnings Accumulated
Other
Comprehensive
Loss Noncontrolling
Interest Total (In thousands) $ — $ 662 $ 1,551,218 $ (140,018 ) $ (384,013 ) $ (18,408 ) $ 64,806 $ 1,074,247 — 64 49,909 — — — — 49,973 — 5 5,736 — — — — 5,741 — 1 315 — — — (316 ) — — — 836 — — — (836 ) — — — — — (19,677 ) — — (19,677 ) — — — — (202,821 ) — (18,798 ) (221,619 ) — — — — — (139 ) 139 — — — — — — 3,208 271 3,479 $ — $ 732 $ 1,608,014 $ (140,018 ) $ (606,511 ) $ (15,339 ) $ 45,266 $ 892,144 — 174 202,158 — — — — 202,332 — 4 3,088 — (333 ) — — 2,759 — 1 1,108 — — — (1,109 ) — — — (3,019 ) — — — 3,019 — — — — — (19,565 ) — — (19,565 ) — — — — (7,445 ) — (1,745 ) (9,190 ) — — — — — (237 ) 237 — — — — — — 3,864 251 4,115 $ — $ 911 $ 1,811,349 $ (140,018 ) $ (633,854 ) $ (11,712 ) $ 45,919 $ 1,072,595 — 109 134,327 — — — — 134,436 — — (48,240 ) — (1,804 ) — — (50,044 ) — 6 6,220 — (1,644 ) — — 4,582 — 5 4,758 — — — (4,763 ) — — — (1,924 ) — — — 1,924 — — — — — (18,947 ) — — (18,947 ) — — — — (1,318 ) — (1,201 ) (2,519 ) — — — — — (107 ) 107 — — — — — — 5,262 288 5,550 $ — $ 1,031 $ 1,906,490 $ (140,018 ) $ (657,567 ) $ (6,557 ) $ 42,274 $ 1,145,653 Total (In thousands) Balance as of December 31, 2010 $ — $ 732 $ 1,608,014 $ (606,511 ) $ (15,339 ) $ (140,018 ) $ 45,266 $ 892,144 Issuance of Common Stock, Net of Issuance Costs — 174 202,158 — — — — 202,332 Stock Based Compensation Activity — 4 3,088 (333 ) — — — 2,759 Conversion of Units to Common Stock — 1 1,108 — — — (1,109 ) — Reallocation—Additional Paid in Capital — — (3,019 ) — — — 3,019 — Preferred Dividends — — — (19,565 ) — — — (19,565 ) Net Loss — — — (7,445 ) — — (1,745 ) (9,190 ) Reallocation—Other Comprehensive Income — — — — (237 ) — 237 — Other Comprehensive Income — — — — 3,864 — 251 4,115 Balance as of December 31, 2011 $ — $ 911 $ 1,811,349 $ (633,854 ) $ (11,712 ) $ (140,018 ) $ 45,919 1,072,595 Issuance of Common Stock, Net of Issuance Costs — 109 134,327 — — — — 134,436 Redemption of Preferred Stock — — (48,240 ) (1,804 ) — — — (50,044 ) Stock Based Compensation Activity — 6 6,220 (1,644 ) — — — 4,582 Conversion of Units to Common Stock — 5 4,758 — — — (4,763 ) — Reallocation—Additional Paid in Capital — — (1,924 ) — — — 1,924 — Preferred Dividends — — — (18,947 ) — — — (18,947 ) Net Loss — — — (1,318 ) — — (1,201 ) (2,519 ) Reallocation—Other Comprehensive Income — — — — (107 ) — 107 — Other Comprehensive Income — — — — 5,262 — 288 5,550 Balance as of December 31, 2012 $ — $ 1,031 $ 1,906,490 $ (657,567 ) $ (6,557 ) $ (140,018 ) $ 42,274 1,145,653 Issuance of Common Stock, Net of Issuance Costs — 107 173,678 — — — — 173,785 Redemption of Preferred Stock — — (144,384 ) (5,667 ) — — — (150,051 ) Stock Based Compensation Activity — 4 5,476 (948 ) — — — 4,532 Conversion of Units to Common Stock — 1 995 — — — (996 ) — Reallocation—Additional Paid in Capital — — (3,369 ) — — — 3,369 — Common Stock and Unit Distributions — — — (37,288 ) — — (1,574 ) (38,862 ) Preferred Dividends — — — (8,733 ) — — — (8,733 ) Net Income — — — 40,307 — — 1,121 41,428 Reallocation—Other Comprehensive Income — — — — (31 ) — 31 — Other Comprehensive Income — — — — 3,323 — 144 3,467 Balance as of December 31, 2013 $ — $ 1,143 $ 1,938,886 $ (669,896 ) $ (3,265 ) $ (140,018 ) $ 44,369 $ 1,171,219 Year Ended
December 31,
2012 Year Ended
December 31,
2011 Year Ended
December 31,
2010 (In thousands) $ (2,519 ) $ (9,190 ) $ (221,619 ) �� 100,074 95,931 104,175 3,460 3,963 3,473 35,097 36,390 41,024 1,246 (2,661 ) 194,552 542 1,110 1,880 (1,559 ) (980 ) (675 ) 1,580 1,033 3,032 (16,442 ) (21,789 ) (11,951 ) — — (11,226 ) (776 ) (689 ) — 9,684 5,459 4,304 328 1,718 1,107 3,770 (2,933 ) (1,580 ) (3,504 ) (7,733 ) (7,041 ) 10,791 (5,684 ) (9,411 ) — 117 (15 ) (7,065 ) (6,528 ) (6,840 ) 1,715 — — 136,422 87,534 83,189 (55,508 ) (5,277 ) (22,408 ) (83,222 ) (85,247 ) (67,328 ) 82,503 75,953 68,046 (190 ) (155 ) (777 ) 90 650 11,519 14,365 10,394 1,460 (273 ) (97 ) (435 ) (42,235 ) (3,779 ) (9,923 ) (1,545 ) (7,162 ) (4,544 ) 134,905 202,845 50,087 (2,690 ) (1,001 ) (298 ) (23,258 ) (15,254 ) (19,677 ) (50,000 ) — — (1,144 ) (489 ) (450 ) 100,599 255,900 105,580 (39,121 ) (71,983 ) (20,872 ) (166,153 ) (234,307 ) (259,018 ) 339,000 390,500 69,097 (390,000 ) (618,553 ) (149,280 ) — — (1,008 ) (99,407 ) (99,504 ) (230,383 ) 5 (61 ) 137 (5,220 ) (15,749 ) (157,117 ) 10,153 25,963 182,943 $ 4,938 $ 10,153 $ 25,963 Year Ended December 31, 2013 Year Ended December 31, 2012 Year Ended December 31, 2011 (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (Loss) $ 41,428 $ (2,519 ) $ (9,190 ) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: Depreciation 94,271 100,074 95,931 Amortization of Deferred Financing Costs 3,225 3,460 3,963 Other Amortization 30,632 35,097 36,390 Impairment of Real Estate 2,652 1,246 (2,661 ) Provision for Bad Debt 726 542 1,110 Equity in Income of Joint Ventures (136 ) (1,559 ) (980 ) Distributions from Joint Ventures 177 1,580 1,033 Gain on Sale of Real Estate (35,444 ) (16,442 ) (21,789 ) Gain on Change in Control of Interests — (776 ) (689 ) Loss from Retirement of Debt 6,637 9,684 5,459 Mark-to-Market (Gain) Loss on Interest Rate Protection Agreements (52 ) 328 1,718 (Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (3,192 ) 3,770 (2,933 ) Increase in Deferred Rent Receivable (4,516 ) (3,504 ) (7,733 ) (Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits (5,679 ) 10,791 (5,684 ) Decrease in Restricted Cash — — 117 Payments of Premiums, Discounts and Prepayment Penalties Associated with Retirement of Debt (4,978 ) (7,065 ) (6,528 ) Cash Book Overdraft — 1,715 — Net Cash Provided by Operating Activities 125,751 136,422 87,534 CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions of Real Estate (73,642 ) (55,508 ) (5,277 ) Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (114,806 ) (83,222 ) (85,247 ) Net Proceeds from Sales of Investments in Real Estate 126,250 82,503 75,953 Contributions to and Investments in Joint Ventures (38 ) (190 ) (155 ) Distributions from Joint Ventures 104 90 650 Repayments of Notes Receivable 615 14,365 10,394 Decrease (Increase) in Escrows 204 (273 ) (97 ) Net Cash Used in Investing Activities (61,313 ) (42,235 ) (3,779 ) CASH FLOWS FROM FINANCING ACTIVITIES: Debt and Equity Issuance Costs (3,575 ) (1,545 ) (7,162 ) Proceeds from the Issuance of Common Stock, Net of Underwriter’s Discount 174,081 134,905 202,845 Repurchase and Retirement of Restricted Stock (2,968 ) (2,690 ) (1,001 ) Common Stock and Unit Distributions (29,025 ) — — Preferred Dividends Paid (8,733 ) (23,258 ) (15,254 ) Redemption of Preferred Stock (150,000 ) (50,000 ) — Payments on Interest Rate Swap Agreement (1,079 ) (1,144 ) (489 ) Proceeds from Origination of Mortgage Loans Payable — 100,599 255,900 Repayments on Mortgage and Other Loans Payable (85,680 ) (39,121 ) (71,983 ) Repayments of Senior Unsecured Notes (29,769 ) (166,153 ) (234,307 ) Proceeds from Unsecured Credit Facility 373,000 339,000 390,500 Repayments on Unsecured Credit Facility (298,000 ) (390,000 ) (618,553 ) Net Cash Used in Financing Activities (61,748 ) (99,407 ) (99,504 ) Net Effect of Exchange Rate Changes on Cash and Cash Equivalents (51 ) 5 (61 ) Net Increase (Decrease) in Cash and Cash Equivalents 2,690 (5,220 ) (15,749 ) Cash and Cash Equivalents, Beginning of Year 4,938 10,153 25,963 Cash and Cash Equivalents, End of Year $ 7,577 $ 4,938 $ 10,153 “Company”"Company") was organized in the state of Maryland on August 10, 1993. The Company is a real estate investment trust (“REIT”("REIT") as defined in the Internal Revenue Code of 1986 (the “Code”"Code"). Unless the context otherwise requires, the terms “Company,” “we,” “us,”"Company," "we," "us" and “our”"our" refer to First Industrial Realty Trust, Inc., First Industrial, L.P. and their otherrespective controlled subsidiaries. We refer to our operating partnership, First Industrial, L.P., as the “Operating"Operating Partnership.”“2003"2003 Net Lease Joint Venture”Venture" and the “2007"2007 Europe Joint Venture”). During 2010, we provided various services to, and ultimately disposed of our equity interests in, five joint ventures (the “2005 Development/Repositioning Joint Venture,”Venture"; collectively, the “2005 Core Joint Venture,” the “2006 Net Lease Co-Investment Program,” the “2006 Land/Development Joint Venture,” and the “2007 Canada Joint Venture;” together with the 2003 Net Lease Joint Venture and the 2007 Europe Joint Venture, the “Joint Ventures”"Joint Ventures"). The Joint Ventures are accounted for under the equity method of accounting. Accordingly, the operating data of our Joint Ventures is not consolidated with that of the Company as presented herein. The 2007 Europe Joint Venture does not own any properties. See Note 5 for more information on the Joint Ventures.2012,2013, we owned 714652 industrial properties located in 2625 states, in the United States and one province in Canada, containing an aggregate of approximately 63.463.0 million square feet of gross leasable area (“GLA”("GLA").Of the 652 properties owned by the Company on a consolidated basis, none of them are directly owned by First Industrial Realty Trust, Inc.95.5%96.0% and 94.3%95.5% ownership interest at December 31, 20122013 and 2011,2012, respectively. Noncontrolling interest of approximately 4.5%4.0% and 5.7%4.5% at December 31, 20122013 and 2011,2012, respectively, represents the aggregate partnership interest in the Operating Partnership held by the limited partners thereof.20122013 and 20112012 and for each of the years ended December 31, 2013, 2012 2011 and 20102011 include the accounts and operating results of the Company and our subsidiaries. Such financial statements present our noncontrolling equity interests in our Joint Ventures under the equity method of accounting. All intercompany transactions have been eliminated in consolidation.20122013 and 2011,2012, and the reported amounts of revenues and expenses for each of the years ended December 31, 2013, 2012 2011 and 2010.2011. Actual results could differ from those estimates.2011 and 2010 financial statements2012 Consolidated Balance Sheet to conform to the 20122013 presentation. Additionally, theThe results of operations for the yearyears ended December 31, 2013 and 2012 includes $1,528 ofadjustments to depreciation and amortization expense of $(1,640) and $1,528, respectively, which should have been recorded as depreciation and amortization expense during previous periods. Management evaluated these depreciation and amortization expensethe impact of the adjustments and believesdoes not believe they are not material to the results of the current periodyear or any previous period.less.less. The carrying amount approximates fair value due to the short term maturity of these investments.Real Estatereal estate is carried at cost, less accumulated depreciation and amortization. We review our properties on a continuousquarterly basis for impairment and provide a provision if impairments exist. To determine if an impairment may exist, we review our properties and identify those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy or decline in general market conditions). If further assessment of recoverability is needed, we estimate 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, we will recognize an impairment loss based upon the estimated fair value of such property. For properties we consider held for sale, we cease depreciating the properties and value 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, we decide not to sell a property previously classified as held for sale, we 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. We classify properties as held for sale when all criteria within the Financial Accounting Standards Board’s (the “FASB”"FASB") guidance on the impairment or disposal of long-lived assets are met. Years 7 to 50 3 to 20 4 to 10 Tenant Improvements Shorter of Lease Term or Useful Life Deferred Leasing Intangibles, Netdeferred leasing intangibles, net are amortized over the remaining lease term (and expected renewal periods of the respective lease for tenant relationships) as adjustments to depreciation and other amortization expense. If a tenant terminates its lease early, the unamortized portion of the tenant improvements, leasing commissions, above and below market leases, the in-place lease value and tenant relationships is immediately written off.Leasing Intangibles,leasing intangibles, net of accumulated amortization, (exclusive of Deferred Leasing Intangibles held for sale) included in our total assets and total liabilities consist of the following: December 31,
2012 December 31,
2011 $ 17,200 $ 19,587 4,888 5,888 11,102 12,562 $ 33,190 $ 38,037 $ 15,522 $ 16,567 $ 15,522 $ 16,567 In-Place Leases $ 15,676 $ 17,200 Above Market Leases 3,994 4,888 Tenant Relationships 10,120 11,102 Total Included in Total Assets, Net of $30,017 and $36,327 of Accumulated Amortization $ 29,790 $ 33,190 Below Market Leases $ 13,626 $ 15,522 Total Included in Total Liabilities, Net of $8,240 and $9,389 of Accumulated Amortization $ 13,626 $ 15,522 of deferred leasing intangibles, exclusive of amortization expense related to in-place leases and tenant relationships included in discontinued operations, was $7,571, $10,740$6,153, $7,024 and $14,668$10,550 for the years ended December 31, 2013, 2012 2011 and 2010,2011, respectively. Rental revenues increased by $871, $1,529$572, $797 and $3,003$1,456 related to net amortization of above/(below) market leases, exclusive of net amortization related to above/(below) market leases included in discontinued operations, for the years ended December 31, 2013, 2012 2011 and 2010,2011, respectively. We will recognize net amortization related to deferred leasing intangibles over the next five years, for properties owned as of December 31, 20122013 as follows: Estimated
Amortization
of In-Place
Leases and Tenant
Relationships Estimated Net
Increase to
Rental Revenues
Related to
Above and Below
Market Leases $ 5,584 $ 631 $ 4,551 $ 472 $ 3,750 $ 455 $ 2,615 $ 968 $ 2,227 $ 908 Construction Revenues and ExpensesConstruction revenues and expenses represent revenues earned and expenses incurred in connection with a subsidiary of the Company acting as a development manager to construct industrial properties for third parties. We use the percentage-of-completion contract method to recognize revenue. Using this method, revenues are recorded based on estimates of the percentage of completion of individual contracts. The percentage of completion estimates are based on a comparison of the contract expenditures incurred to the estimated final costs. Changes in job performance, job conditions and estimated profitability may result in revisions to costs and income and are recognized in the period in which the revisions are determined. 2014 $ 4,972 $ 438 2015 $ 4,329 $ 425 2016 $ 3,270 $ 938 2017 $ 2,976 $ 878 2018 $ 2,076 $ 806 2012,2013, we owned a land parcel located in Toronto, Canada for which the functional currency was determined to be the Canadian dollar. The assets and liabilities related to this land parcel are translated to U.S. dollars from the Canadian dollar based on the current exchange rate prevailing at each balance sheet date. The income statement accounts related to this land parcel are translated using the average exchange rate for the period. The resulting translation adjustments are included in Accumulated Other Comprehensive Income.$15,063$17,122 and $13,086$15,063 at December 31, 20122013 and 2011,2012, respectively. Unamortized deferred financing costs are written-off when debt is retired before the maturity date.Joint Venturesjoint ventures represent our noncontrolling equity interests in our Joint Ventures. We account for our Investmentsinvestments in Joint Venturesjoint ventures under the equity method of accounting, as we do not have a majority voting interest, operational control or financial control. Control is determined using accounting standards related to the consolidation of joint ventures and variable interest entities. In order to assess whether consolidation of a variable-interestvariable interest entity is required, an enterprise is required to qualitatively assess the determination of the primary beneficiary of a variable interest entity (“VIE”("VIE") based on whether the entity (1) has the power to direct matters that most significantly impact the activities of the VIE and (2) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Additionally, they require an ongoing reconsideration of the primary beneficiary and provide a framework for the events that trigger a reassessment of whether an entity is a VIE.Investmentsinvestments in Joint Venturesjoint ventures as paid or received, respectively. Differences between our carrying value of our Investmentsinvestments in Joint Venturesjoint ventures and our underlying equity of such Joint Ventures are amortized over the respective lives of the underlying assets.Investmentsinvestments in Joint Venturesjoint ventures may be impaired. An investment is impaired if our estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in fair value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment. Our estimates of fair value for each investment are based on a number of subjective assumptions that are subject to economic and market uncertainties including, among others, demand for space, market rental rates and operating costs, the discount rate used to value the cash flows of the properties, the capcapitalization rate used to estimate the terminal value of the underlying properties and the discount rate used to value the Joint Ventures’ debt. As these factors are difficult to predict and are subject to future events that may alter our assumptions, our fair values estimated in the impairment analyses may not be realized.account for stock based compensation using the modified prospective application method, which requires measurement ofmeasure compensation cost for all stock-based awards at fair value on the date of grant and recognition ofrecognize compensation expense over the service period for awards expected to vest.910 for further disclosure about participating securities.$1,875$1,362 and $2,675$1,875 as of December 31, 20122013 and 2011,2012, respectively. Deferred rent receivable in the consolidated balance sheets is shown net of an allowance for doubtful accounts of $1,733$1,694 and $2,302$1,733 as of December 31, 20122013 and 2011,2012, respectively. For accounts receivable we deem uncollectible, we use the direct write-off method.$745$745 franchise tax reserve related to a potential state franchise tax assessment for the 1996-2001 tax years. During the year ended December 31, 2011, we received a refund from the state, representing amounts paid during 2006 related to the 1996-2001 tax years. Based on the refund received and discussions with the taxing authorities, as of December 31, 2011, management believes that it is unlikely that any franchise tax amounts will be assessed by the state for such tax years. As such, during the year ended December 31, 2011, we reversed $745$745 of franchise taxes. Franchise taxes are recorded within general and administrative expense.(“EPS”("EPS")910 for further disclosure about EPS.(“Agreements”("Agreements") to fix the interest rate on anticipated offerings of senior unsecured notes or convert floating rate debt and preferred stock to fixed rate. Receipts or payments that result from the settlement of Agreements used to fix the interest rate on anticipated offerings of senior unsecured notes are amortized over the life of the derivative or the life of the debt and included in interest expense. 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 that is effective is recognized in other comprehensive income (shareholders’ equity). Agreements which do not qualify for hedge accounting are marked-to-market and any gain or loss is recognized in net income (loss) immediately. Amounts accumulated in other comprehensive1415 for more information on the Agreements.net, notes receivable, accounts payable, other accrued expenses, mortgage and other loans payable, unsecured credit facility and senior unsecured notes. The fair values of the tenant accounts receivable, net, accounts payable and other accrued expenses approximate their carrying or contract values. See Note 6 for the fair values of the mortgage and other loans payable, unsecured credit facility and senior unsecured notes and see Note 4 for the fair value of our notes receivable.May 2011,February 2013, the FASB issued Accounting Standards Update No. 2011-04, “Fair Value Measurements and Disclosures (Topic 820)—Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS” (“2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2011-04”2013-02"). ASU 2011-04 clarifies the application of existing fair value measurement requirements, changes certain principles related to measuring fair value and2013-02 requires additional disclosures about fair value measurements. Specifically, the guidance provides that the concepts of highest and best use and valuation premisepublic companies present, either in a fair value measurement are only relevant when measuringsingle note or parenthetically on the fair value of nonfinancial assets and are not relevant when measuring the fair value of financial assets and liabilities. Required disclosures are expanded under the new guidance, especially for fair value measurements that are categorized within Level 3face of the fair value hierarchy, for which quantitative information aboutfinancial statements, the unobservable inputs used,effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and a narrative description of the valuation processes in place and sensitivity of recurring Level 3 measurements to changes in unobservable inputs are required. Entities are also required to discloseincome statement line items affected by the categorization by level of the fair value hierarchy for items that are not measured at fair value in the balance sheet but for which the fair value is required to be disclosed.reclassification. ASU 2011-042013-02 is effective for annual periods beginning after December 15, 2011,2012, and is to be applied prospectively. The adoption of this guidance did not have a material impact on our consolidated financial statements.In 2010, we acquired three industrial properties comprising, in the aggregate, approximately 0.5 million square feet of GLA, including one industrial property purchased from the 2005 Development/Repositioning Joint Venture. The purchase price of these acquisitions totaled approximately $22,408, excluding costs incurred in conjunction with the acquisition of the industrial properties.measurements.measurements, as discussed below. The fair value estimates for each of the industrial propertiesproperty acquired from our joint venture partner during the years ended December 31, 2012 and 2011 were based on a weighted average capitalization rate of approximating 7.3% and 8.4%, respectively. The fair value measurements also include consideration of the fair market value of debt.above market leases and below market leases recorded due to the real estate propertyproperties acquired for the years ended December 31, 2013 and 2012, and 2011, which isare recorded as deferred leasing intangibles, isare as follows: Year Ended
December 31,
2012 Year Ended
December 31,
2011 $ 1,750 $ 2,511 $ 1,012 $ 1,553 $ — $ 2,883 $ (102 ) $ — In-Place Leases $ 2,807 $ 1,750 Tenant Relationships $ 1,914 $ 1,012 Below Market Leases $ (188 ) $ (102 ) above market leases and below market leases recorded at the time of acquisition as a result of the real estate propertyproperties acquired for the years ended December 31, 20122013 and 20112012 is as follows: Year Ended
December 31,
2012 Year Ended
December 31,
2011 118 56 178 116 N/A 56 118 N/A In-Place Leases 52 118 Tenant Relationships 112 178 Below Market Leases 52 118 In 2010, we sold 13 industrial properties comprising approximately 1.1 million square feet of GLA and several land parcels. Gross proceeds from the sales of the 13 industrial properties and several land parcels were approximately $71,019. The gain on sale of real estate was approximately $11,951, of which $11,092 is shown in discontinued operations. The 13 sold industrial properties and one land parcel that received ground rental revenues meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 13 sold industrial properties and one land parcel that received ground rental revenues are included in discontinued operations. The results of operations and gain on sale of real estate for the several land parcels that do not meet the criteria to be included in discontinued operations are included in continuing operations. 36 industrial properties and one land parcel were approximately $86,643. Included in the 36 industrial properties sold is one industrial property totaling approximately 0.4 million square feet of GLA that we transferred title to a lender in satisfaction of a non-recourse mortgage loan (See Note 6).loan. The gain on sale of real estate was approximately $21,789, of which $20,419 is shown in discontinued operations. The 36 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 36 sold industrial properties are included in discontinued operations. The results of operations and gain on sale of real estate for the one land parcel, thatwhich does not meet the criteria to be included in discontinued operations, areis included in continuing operations. 28 industrial properties and one land parcel were approximately $85,561. The gain on sale of real estate was approximately $16,442, of which $12,665 is shown in discontinued operations. The 28 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 28 industrial properties sold are included in discontinued operations. The results of operations and gain on sale of real estate for the one land parcel, thatwhich does not meet the criteria to be included in discontinued operations, is included in continuing operations.At December 31, 2012, we had three industrial properties comprising approximately 0.4 million square feet of GLA held for sale. The results of operations of the three industrial properties held for sale at December 31, 2012 are included in discontinued operations. There can be no assurance that such industrial properties held for sale will be sold.2011 and 2010: Year Ended December 31, 2012 2011 2010 $ 8,701 $ 18,871 $ 25,318 (3,660 ) (7,589 ) (10,601 ) (1,410 ) (4,973 ) (66,026 ) (1,612 ) (4,473 ) (10,306 ) — (63 ) (268 ) 12,665 20,419 11,092 — (1,246 ) — $ 14,684 $ 20,946 $ (50,791 ) Year Ended December 31, 2013 2012 2011 Total Revenues $ 10,955 $ 21,649 $ 32,079 Property Expenses (4,450 ) (8,879 ) (12,947 ) Impairment of Real Estate (1,605 ) (1,438 ) (6,214 ) Depreciation and Amortization (3,647 ) (7,834 ) (8,505 ) Interest Expense — — (63 ) Gain on Sale of Real Estate 34,344 12,665 20,419 Provision for Income Taxes — — (1,246 ) Income from Discontinued Operations $ 35,597 $ 16,163 $ 23,523 20122013 and 2011,2012, we had notes receivable and accrued interest outstanding, issued in connection with sales of industrial properties, of approximately $41,201$52,605 and $55,502,$40,771, net of a discount of $255$191 and $319,$255, respectively, which are included as a component of Prepaid Expensesprepaid expenses and Other Assets, Net.other assets, net. At December 31, 20122013 and 2011,2012, the fair value of the notes receivable, including accrued interest, was $44,783$53,482 and $58,734,$44,352, respectively. The fair value of our notes receivable was determined by discounting the future cash flows using the current rates at which similar loans with similar remaining maturities would be made to other borrowers. The current market rates we utilized were internally estimated; therefore, we have concluded that our determination of fair value of our notes receivable was primarily based upon Level 3 inputs, as discussed below.In 2009, we originated a note receivable with a purchaser of one of our industrial properties. During July 2012, we were notified that the sole tenant in the industrial property that serves as collateral for the note receivable filed for Chapter 7 bankruptcy. As of the date of this filing, the mortgagor is current on its loan payments and we are not aware of any information that would cause us to believe that the mortgagor will not pay us all amounts due on the note receivable. As of December 31, 2012, the note receivable had an outstanding principal balance of $7,660, offset by an unamortized discount of $255, resulting in a carrying value of $7,405.2011 and 2010,2011, we recorded the following net non-cash impairment charges: Year Ended
December 31,
2012 Year Ended
December 31,
2011 Year Ended
December 31,
2010 $ 1,410 $ 4,973 $ 66,026 $ 1,410 $ 4,973 $ 66,026 $ — $ (5,879 ) $ 8,275 (164 ) (514 ) 105,826 — (1,241 ) 14,425 $ (164 ) $ (7,634 ) $ 128,526 $ 1,246 $ (2,661 ) $ 194,552 On October 22, 2010, we amended our existing revolving credit facility. In conjunction with the amendment, management identified a pool of real estate assets to be classified as held for sale. At the time of the amendment, management reassessed the holding period for the pool of real estate assets and determined that certain of the industrial properties were impaired. The Company recorded an aggregate impairment charge (reversal) of $1,246, $(2,661) and $185,397 for the years ended December 31, 2012, 2011 and 2010. Sold Operating Properties $ 1,605 $ 1,438 $ 6,214 Impairment—Discontinued Operations $ 1,605 $ 1,438 $ 6,214 Sold Land Parcels $ — $ — $ (5,918 ) Operating Properties Not Held for Sale 1,047 (192 ) (1,755 ) Land Parcels — — (1,202 ) Impairment—Continuing Operations $ 1,047 $ (192 ) $ (8,875 ) Total Net Impairment $ 2,652 $ 1,246 $ (2,661 ) ofbetween the carrying value of the properties and land parcels overand the estimated fair value, less costs to sell. On the date an asset no longer qualifies to be classified asThe impairment charges for assets not held for sale are calculated as the carrying value must be reestablished at the lower of the estimated fair market value of the asset ordifference between the carrying value of the asset prior to held for sale classification, adjusted for any depreciationproperties and amortization that would have been recorded ifland parcels and the asset had not been classified as held for sale.estimated fair value. The net impairment charges recorded during the years ended December 31, 2013, 2012 2011 and 20102011 are due to updated fair market values formarketing certain industrial properties in the pool of real estate assets identified to be classified as heldand land parcels for sale inand our assessment of the fourth quarterlikelihood and timing of 2010, whose estimated fair market values have changed since October 31, 2010 and were either sold or were classified as held fora potential sale at December 31, 2011 and/or December 31, 2010, but no longer qualify to be classified as held for sale at December 31, 2012.transaction. Catch-up depreciation and amortization has been recorded during the years ended December 31, 2012 and 2011, if applicable, for certain assets that are no longer classified as held for sale.In addition to the impairments recorded above, during the three months ended March 31, 2010, we recorded an impairment charge in the amount of $9,155 related to a property comprised of 0.3 million square feet of GLA located in Grand Rapids, Michigan in connection with the negotiation of a new lease. recorded at fair value establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in whichThe following table presents information about our real estate assets that were measured at fair value on a non-recurring basis during the year ended December 31, 2011. Real estate assets measured at fair value on a non-recurring basis during the year ended December 31, 2012 were either sold or are recorded at carrying value at December 31, 2012. The table indicates the fair value hierarchy of the valuation techniques we utilized to determine fair value. Fair Value Measurements on a Non-Recurring Basis Using: Year Ended
December 31,
2011 Quoted Prices in
Active Markets for
Identical Assets
(Level 1) Significant Other
Observable Inputs
(Level 2) Unobservable
Inputs
(Level 3) Total
Impairment $ 23,252 — — $ 23,252 $ (4,451 ) $ 50,895 — — $ 50,895 (2,566 ) $ (7,017 ) *Excludes industrial properties and land parcels for which an impairment reversal of $9,678 was recorded during the year ended December 31, 2011, since the related assets are recorded at carrying value, which is lower than estimated fair value at December 31, 2011.As ofAt December 31, 2012,2013, the 2003 Net Lease Joint Venture owned fivefour industrial properties comprising approximately 2.72.5 million square feet of GLA. During January 2014, the 2003 Net Lease Joint Venture sold two properties comprising approximately 1.6 million square feet of GLA.However, weWe continue to conclude that we are not the primary beneficiary of this venture. As of December 31, 2012,2013, our investment in the 2003 Net Lease Joint Venture is $1,012.$907. Our maximum exposure to loss is currently equal to our investment balance.investment. We acquired the 85% equity interest in one property on February 13, 2012 and the 85% equity interest in another property on May 26, 2011, in each case from the institutional investor in the 2003 Net Lease Joint Venture (see Note 4).2012,2013, the 2007 Europe Joint Venture did not own any properties.On August 5, 2010, we sold our interests in the 2005 Development/Repositioning Joint Venture, the 2005 Core Joint Venture, the 2006 Land/Development Joint Venture and the 2007 Canada Joint Venture to our joint venture partner generating sale proceeds of approximately $5.0 million. We recorded an $11,226 gain related to the sale, which is included in Gain on Sale of Joint Venture Interests for the year ended December 31, 2010.On March 21, 2006, we entered into the 2006 Net Lease Co-Investment Program with an institutional investor to invest in industrial properties. We owned a 15% equity interest in and provided property management, asset management and leasing management services to the 2006 Net Lease Co-Investment Program. Pursuant to the buy/sell provision in the 2006 Net Lease Co-Investment Program’s governing agreement that our counterparty exercised on May 25, 2010, we sold our interest in the real estate property assets in the 2006 Net Lease Co-Investment Program to our counterparty and received $4,541 in net proceeds. In connection with the sale, we wrote off our carrying value for the 2006 Net Lease Co-Investment Program and recorded an $852 gain, which is included in Equity in Income of Joint Ventures for the year ended December 31, 2010.At December 31, 2012 and 2011, we have receivables from the Joint Ventures in the aggregate amount of $19 and $137, respectively. These receivable amounts are included in Prepaid Expenses and Other Assets, Net. 2011 and 2010,2011, we recognized fees of $231, $516 $970 and $4,952,$970, respectively, from our Joint Ventures. December 31,
2012 December 31,
2011 $ 115,488 $ 155,555 (38,535 ) (41,342 ) 76,953 114,213 17,327 23,364 $ 94,280 $ 137,577 $ 81,764 $ 112,261 4,817 5,779 7,699 19,537 $ 94,280 $ 137,577 $ 1,252 $ 3,029 (448 ) (1,564 ) $ 804 $ 1,465 Condensed Combined Balance Sheets: Gross Investment in Real Estate $ 28,389 $ 115,488 Less: Accumulated Depreciation (4,253 ) (38,535 ) Net Investment in Real Estate 24,136 76,953 Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $40,387 and $0 48,408 — Other Assets 7,690 17,327 Total Assets $ 80,234 $ 94,280 Indebtedness $ 24,656 $ 81,764 Other Liabilities 1,615 4,817 Indebtedness, Accrued Interest Expense and Leasing Intangibles Held for Sale, Net of Accumulated Amortization of $3,208 and $0 48,651 — Equity 5,312 7,699 Total Liabilities and Equity $ 80,234 $ 94,280 Company’s Share of Equity $ 896 $ 1,252 (200 ) (448 ) Carrying Value of the Company’s Investments in Joint Ventures $ 696 $ 804 (1) This amount represents the aggregate difference between our historical cost basis and the basis reflected at the joint venture level. Basis differentials are primarily comprised of impairments we recorded to reduce certain of our investments in the 2003 Net Lease Joint Venture to fair value and certain deferred fees which are not reflected at the joint venture level. Year Ended December 31, 2012 2011 2010 $ 12,385 $ 12,442 $ 51,552 2,188 2,350 23,111 — — 3,268 5,632 5,673 25,480 6,087 6,311 27,263 13,907 14,334 79,122 (207 ) 11 (309 ) 4,974 3,137 2,761 4,767 3,148 2,452 — — 808 $ 3,245 $ 1,256 $ (24,310 ) $ 1,559 $ 980 $ 675
Mortgage and Other Loans Payable, Net Unamortized Premiums Mortgage and Other Loans Payable, Gross Senior Unsecured Notes, Net 2016 Notes 2017 Notes 2027 Notes 2028 Notes 2012 Notes 2032 Notes 2014 Notes 2017 II Notes Subtotal Unamortized Discounts Senior Unsecured Notes, Gross Unsecured Credit Facility Mortgage Financing I-VI Mortgage Financing VII-XIV XV XVI-XXVI 2013. 2014 Notes 2016 Notes 2017 Notes 2017 II Notes 2027 Notes 2028 Notes 2032 Notes 2013. 2013 2014 2015 2016 2017 Thereafter Total Mortgage and Other Loans Payable, Net Senior Unsecured Debt, Net Unsecured Credit Facility Total On February 3, 2014, we called for the redemption of the Series F Preferred Stock (see Note 17). On February 3, 2014, we called for the redemption of the Series G Preferred Stock (see Note 17). The remaining 4,000,000 Depositary Shares of the Series J Preferred Stock were redeemed on April 11, 2013, at a redemption price of $25.00 per Depositary Share, and paid a pro-rated second quarter dividend of $0.055382 per Depositary Share, totaling $221. The remaining initial offering costs associated with the issuance of the Series J Preferred Stock, as well as costs associated with the redemption, totaled $3,546 and are reflected as a deduction from net income in determining earnings per share for the year ended December 31, 2013. year ended December 31, 2013. Series F Preferred Stock Series G Preferred Stock Series J Preferred Stock Series K Preferred Stock 2012: stockholders’ equity. $41,735 and $18,063. Balance at December 31, Issuance of Common Stock, Including Vesting of Restricted Stock Units Issuance of Restricted Stock Shares Repurchase and Retirement of Restricted Stock Shares Conversion of Operating Partnership Units Balance at December 31, Issuance of Common Stock, Including Vesting of Restricted Stock Units Issuance of Restricted Stock Shares Repurchase and Retirement of Restricted Stock Shares Conversion of Operating Partnership Units Balance at December 31, Issuance of Common Stock, Including Vesting of Restricted Stock Units Issuance of Restricted Stock Shares Repurchase and Retirement of Restricted Stock Shares Conversion of Operating Partnership Units Balance at December 31, Common Stock/Operating Partnership Units Series F Preferred Stock Series G Preferred Stock Series J Preferred Stock* Series K Preferred Stock Interest Paid, Net of Capitalized Interest Capitalized Interest Income Taxes (Refunded) Paid Supplemental Schedule of Non-Cash Investing and Financing Activities: Distribution Payable on Preferred Stock Exchange of Units for Common Stock: Noncontrolling Interest Common Stock Additional Paid-in-Capital Property Transfer to Lender in Satisfaction of Non-Recourse Mortgage Loan: Net Investment in Real Estate Prepaid Expenses and Other Assets, Net Mortgage Loan Payable, Net Loss from Retirement of Debt Mortgage Loan Payable Assumed in Conjunction with a Property Acquisition Notes Receivable Issued in Conjunction with Certain Property Sales Write-off of Fully Depreciated Assets Numerator: Loss from Continuing Operations Gain on Sale of Real Estate, Net of Income Tax Provision Noncontrolling Interest Allocable to Continuing Operations Loss from Continuing Operations Attributable to First Industrial Realty Trust, Inc. Preferred Dividends Redemption of Preferred Stock Loss from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders Income (Loss) from Discontinued Operations, Net of Income Tax Provision Noncontrolling Interest Allocable to Discontinued Operations Income (Loss) from Discontinued Operations Attributable to First Industrial Realty Trust, Inc. Net Loss Available to First Industrial Realty Trust, Inc.’s Common Stockholders Denominator: Weighted Average Shares—Basic and Diluted Basic and Diluted EPS: Loss from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders Income (Loss) from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders Net Loss Available to First Industrial Realty Trust, Inc.’s Common Stockholders 2011. Non-Participating Securities: Restricted Unit Awards Options Current: Federal State Foreign Deferred: Federal State Foreign Investments in Joint Ventures Prepaid Rent Restricted Stock Impairment of Real Estate Foreign Net Operating Loss Carryforward Valuation Allowance Other Total Deferred Tax Assets, Net of Allowance Straight-line Rent Fixed Assets Other Total Deferred Tax Liabilities Total Net Deferred Tax Liabilities 2012: Tax Benefit (Provision) at Federal Rate Related to Continuing Operations State Tax Provision, Net of Federal Benefit (Provision) Non-deductible Permanent Items, Net IRS Audit Adjustment and Accrued Interest Change in Valuation Allowance Foreign Taxes, Net Other Net Income Tax Provision 2013. Refund 2012 are taxable as capital gain. As revised, for income tax purposes, 2011. For the year ended December 31, 2013, the distributions per common share were classified as follows: Series J Preferred Stock Ordinary Income Long-term Capital Gains Unrecaptured Section 1250 Gain Return of Capital Qualified Dividends Series J Preferred Stock – Depositary Shares Redeemed* Ordinary Income Long-term Capital Gains Unrecaptured Section 1250 Gain Return of Capital Qualified Dividends Series K Preferred Stock Ordinary Income Long-term Capital Gains Unrecaptured Section 1250 Gain Return of Capital Qualified Dividends Pre-tax Restructuring Costs: Employee Severance and Benefits* Termination of Certain Office Leases Other Total Restructuring Costs Included in Accounts Payable, Accrued Expenses and Other Liabilities, Net Related to Lease Payments and Other Costs Incurred But Not Yet Paid as of December 31, 2013 2014 2015 2016 2017 Thereafter Total Outstanding at December 31, 2011 Expired Outstanding at December 31, 2012 vest except if the recipient is not required to provide future service in exchange for vesting of the share. If vesting of a recipient's restricted stock awards is not contingent upon future service, the expense is recognized immediately at the date of grant. During the years ended December 31, 2013 and 2012, we recognized $1,008 and $3,649 of compensation expense related to restricted stock awards granted to our Chief Executive Officer for which future service was not required. Outstanding at December 31, 2011 Issued Forfeited Vested Outstanding at December 31, 2012 The Series F Agreement matured on October 1, 2013. Hedge Product Derivatives Not Designated as Hedging Instruments: Series F Agreement* Interest Rate Products Amortization Reclassified from OCI into Income (Loss) 2012: Description Liabilities: Series F Agreement at December 31, 2012 Series F Agreement at December 31, 2011 2012: Description Series F Agreement Flow we Ending Liability Balance at December 31, 2010 Total Unrealized Losses: Mark-to-Market on Series F Agreement Ending Liability Balance at December 31, 2011 Total Unrealized Gains: Mark-to-Market on Series F Agreement Ending Liability Balance at December 31, 2012 $8,054. 2013 2014 2015 2016 2017 Thereafter Total* Total Revenues Equity in Income of Joint Ventures Noncontrolling Interest Allocable to Continuing Operations (Loss) Income from Continuing Operations, Net of Noncontrolling Interest Income from Discontinued Operations Noncontrolling Interest Allocable to Discontinued Operations Gain on Sale of Real Estate Noncontrolling Interest Allocable to Gain on Sale of Real Estate Net Income (Loss) Attributable to First Industrial Realty Trust, Inc. Preferred Dividends Redemption of Preferred Stock Net (Loss) Income Available Income from Discontinued Operations Allocable to Participating Securities Net (Loss) Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders Basic and Diluted Earnings Per Share: Loss from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders Net (Loss) Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders Weighted Average Shares Outstanding – Basic and Diluted Total Revenues Equity in Income of Joint Ventures Noncontrolling Interest Allocable to Continuing Operations Loss from Continuing Operations, Net of Noncontrolling Interest Income from Discontinued Operations, Net of Income Tax (Provision) Benefit Noncontrolling Interest Allocable to Discontinued Operations Gain on Sale of Real Estate, Net of Income Tax Provision Noncontrolling Interest Allocable to Gain on Sale of Real Estate Net (Loss) Income Attributable to First Industrial Realty Trust, Inc. Preferred Dividends Net Loss Available to First Industrial Realty Trust, Inc.’s Common Stockholders Basic and Diluted Earnings Per Share: Loss from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders Net Loss Available to First Industrial Realty Trust, Inc.’s Common Stockholders Weighted Average Shares Outstanding – Basic and Diluted (c) Costs Acquisition or and Valuation Accumulated Depreciation Year Acquired/ Depreciable Lives Location (City/State) Atlanta 4250 River Green Parkway 3450 Corporate Way 1650 Highway 155 1665 Dogwood 1715 Dogwood 11235 Harland Drive 4051 Southmeadow Parkway 4071 Southmeadow Parkway 4081 Southmeadow Parkway 5570 Tulane Dr 955 Cobb Place 1005 Sigman Road 2050 East Park Drive 1256 Oakbrook Drive 1265 Oakbrook Drive 1280 Oakbrook Drive 1300 Oakbrook Drive 1325 Oakbrook Drive 1351 Oakbrook Drive 1346 Oakbrook Drive 3060 South Park Blvd Greenwood Industrial Park 46 Kent Drive 100 Dorris Williams 605 Stonehill Drive 5095 Phillip Lee Drive 6514 Warren Drive 6544 Warren Drive 5356 E. Ponce De Leon 5390 E. Ponce De Leon 195 & 197 Collins Boulevard 1755 Enterprise Drive 4555 Atwater Court 80 Liberty Industrial Parkway 596 Bonnie Valentine 11415 Old Roswell Road Baltimore 1820 Portal 9700 Martin Luther King Hwy 9730 Martin Luther King Hwy 4621 Boston Way 4720 Boston Way 22520 Randolph Drive 22630 Dulles Summit Court 4201 Forbes Boulevard 4370-4383 Lottsford Vista Road 4400 Lottsford Vista Road 4420 Lottsford Vista Road 11204 McCormick Road 11110 Pepper Road 11100-11120 Gilroy Road 318 Clubhouse Lane 10709 Gilroy Road 10707 Gilroy Road 38 Loveton Circle 7120-7132 Ambassador Road 7142 Ambassador Road 7144-7162 Ambassador Road 7223-7249 Ambassador Road 7200 Rutherford Road 2700 Lord Baltimore Road 1225 Bengies Road Central Pennsylvania 1214-B Freedom Road 401 Russell Drive 2700 Commerce Drive 2701 Commerce Drive 2780 Commerce Drive 350 Old Silver Spring Road 16522 Hunters Green Parkway 18212 Shawley Drive 37 Valley View Drive 301 Railroad Avenue 431 Railroad Avenue 6951 Allentown Blvd 320 Reliance Road 1351 Eisenhower Blvd., Bldg. 1 1351 Eisenhower Blvd., Bldg. 2 1490 Dennison Circle 298 First Avenue 225 Cross Farm Lane 105 Steamboat Blvd Chicago 720-730 Landwehr Drive 1385 101st Street 6750 South Sayre Avenue 585 Slawin Court 2300 Windsor Court 3505 Thayer Court 305-311 Era Drive 3150-3160 Macarthur Boulevard 365 North Avenue 11241 Melrose Street 11939 South Central Avenue 1010-50 Sesame Street 2120-24 Roberts 2013 (c) Costs Acquisition or and Valuation Accumulated Depreciation Year Acquired/ Depreciable Lives Location (City/State) 800 Business Drive 580 Slawin Court 1005 101st Street 175 Wall Street 800-820 Thorndale Avenue 251 Airport Road 1661 Feehanville Drive 1850 Touhy & 1158-60 Mccabe Ave. 1088-1130 Thorndale Avenue 855-891 Busse (Route 83) 1060-1074 W. Thorndale Ave 400 Crossroads Pkwy 7609 W. Industrial Drive 7801 W. Industrial Drive 825 E. 26th Street 725 Kimberly Drive 17001 S. Vincennes 1111 Davis Road 2900 W. 166th Street 555 W. Algonquin Rd 7000 W. 60th Street 9501 Nevada 1501 Oakton Street 16500 W. 103rd Street 8505 50th Street Cincinnati 9900-9970 Princeton 2940 Highland 4700-4750 Creek Road 4436 Muhlhauser Road 4438 Muhlhauser Road 420 Wards Corner Road 422 Wards Corner Road 4663 Dues Drive 9345 Princeton-Glendale Road 9525 Glades Drive 9774-9792 Windisch Road 9808-9830 Windisch Road 9842-9862 Windisch Road 9872-9898 Windisch Road 9902-9922 Windisch Road Cleveland 30311 Emerald Valley Parkway 30333 Emerald Valley Parkway 7800 Cochran Road 7900 Cochran Road 7905 Cochran Road 30600 Carter Street 8181 Darrow Road Dallas 2406-2416 Walnut Ridge 2401-2419 Walnut Ridge 900-906 Great Southwest Pkwy 3000 West Commerce 3030 Hansboro 405-407 113th 816 111th Street 7427 Dogwood Park 7348-54 Tower Street 7339-41 Tower Street 7437-45 Tower Street 7331-59 Airport Freeway 7338-60 Dogwood Park 7450-70 Dogwood Park 7423-49 Airport Freeway 7400 Whitehall Street 1602-1654 Terre Colony 2351-2355 Merritt Drive 2220 Merritt Drive 2010 Merritt Drive 2363 Merritt Drive 2447 Merritt Drive 2465-2475 Merritt Drive 2485-2505 Merritt Drive 2081 Hutton Drive 2110 Hutton Drive 2025 McKenzie Drive 2019 McKenzie Drive 1420 Valwood Parkway—Bldg 1 1628 Valwood Parkway 1505 Luna Road B-II 1625 West Crosby Road 2029-2035 McKenzie Drive 1840 Hutton Drive 1420 Valwood Pkwy—Bldg II 2015 McKenzie Drive 2009 McKenzie Drive 1505 Luna Road Bl I 2104 Hutton Drive 900-1100 Avenue S Plano Crossing 7413A-C Dogwood Park 7450 Tower Street 7436 Tower Street 7426 Tower Street 7427-7429 Tower Street 2840-2842 Handley Ederville Rd 2013 (c) Costs Acquisition or and Valuation Accumulated Depreciation Year Acquired/ Depreciable Lives Location (City/State) 7451-7477 Airport Freeway 7450 Whitehall Street 3000 Wesley Way 7451 Dogwood Park 825-827 Avenue H 1013-31 Avenue M 1172-84 113th Street 1200-16 Avenue H 1322-66 W. North Carrier Parkway 2401-2407 Centennial Dr 3111 West Commerce Street 13800 Senlac Drive 801-831 S Great Southwest Pkwy 801 Heinz Way 901-937 Heinz Way 3301 Century Circle 3901 W Miller Road Denver 4785 Elati 4770 Fox Street 3851-3871 Revere 4570 Ivy Street 5855 Stapleton Drive North 5885 Stapleton Drive North 5977 North Broadway 5952-5978 North Broadway 4721 Ironton Street 7003 E 47th Ave Drive 9500 West 49th Street—A 9500 West 49th Street—B 9500 West 49th Street—C 9500 West 49th Street—D 451-591 East 124th Avenue 15000 West 6th Avenue 14998 West 6th Avenue Bldg E 14998 West 6th Avenue Bldg F 12503 East Euclid Drive 6547 South Racine Circle 11701 East 53rd Avenue 5401 Oswego 14818 West 6th Avenue Bldg A 14828 West 6th Avenue Bldg B 445 Bryant Street 3811 Joliet 12055 E 49th Ave/4955 Peoria 4940-4950 Paris 4970 Paris 7367 South Revere Parkway 8200 East Park Meadows Drive 3250 Quentin Street Highpoint Bus Ctr B 1130 W. 124th Ave. 1070 W. 124th Ave. 1020 W. 124th Ave. 8810 W. 116th Circle 960 W. 124th Ave 8820 W. 116th Circle 8835 W. 116th Circle 18150 E. 32nd Place 3400 Fraser Street 7005 E. 46th Avenue Drive 4001 Salazar Way 5909-5915 N. Broadway 555 Corporate Circle Detroit 1731 Thorncroft 47461 Clipper 238 Executive Drive 449 Executive Drive 501 Executive Drive 451 Robbins Drive 1095 Crooks Road 1416 Meijer Drive 1624 Meijer Drive 1972 Meijer Drive 1621 Northwood Drive 1707 Northwood Drive 1788 Northwood Drive 1826 Northwood Drive 1864 Northwood Drive 2451 Elliott Avenue 2730 Research Drive 2791 Research Drive 2871 Research Drive 3011 Research Drive 2870 Technology Drive 2900 Technology Drive 2930 Technology Drive 2950 Technology Drive 23014 Commerce Drive 23028 Commerce Drive 23035 Commerce Drive 23042 Commerce Drive 23065 Commerce Drive 23079 Commerce Drive 23093 Commerce Drive 23135 Commerce Drive 2013 (c) Costs Acquisition or and Valuation Accumulated Depreciation Year Acquired/ Depreciable Lives Location (City/State) 23163 Commerce Drive 23177 Commerce Drive 23206 Commerce Drive 23370 Commerce Drive 1451 East Lincoln Avenue 4400 Purks Drive 32450 N Avis Drive 12707 Eckles Road 9300-9328 Harrison Rd 9330-9358 Harrison Rd 28420-28448 Highland Rd 28450-28478 Highland Rd 28421-28449 Highland Rd 28451-28479 Highland Rd 28825-28909 Highland Rd 28933-29017 Highland Rd 28824-28908 Highland Rd 28932-29016 Highland Rd 9710-9734 Harrison Rd 9740-9772 Harrison Rd 9840-9868 Harrison Rd 9800-9824 Harrison Rd 29265-29285 Airport Dr 29185-29225 Airport Dr 29149-29165 Airport Dr 29101-29115 Airport Dr 29031-29045 Airport Dr 29050-29062 Airport Dr 29120-29134 Airport Dr 29200-29214 Airport Dr 9301-9339 Middlebelt Rd 32975 Capitol Avenue 32920 Capitol Avenue 11923 Brookfield Avenue 13405 Stark Road 1170 Chicago Road 1200 Chicago Road 450 Robbins Drive 1230 Chicago Road 12886 Westmore Avenue 33025 Industrial Road 47711 Clipper Street 32975 Industrial Road 32985 Industrial Road 32995 Industrial Road 12874 Westmore Avenue 1775 Bellingham 1785 East Maple 1807 East Maple 980 Chicago 1840 Enterprise Drive 1885 Enterprise Drive 1935-55 Enterprise Drive 5500 Enterprise Court 750 Chicago Road 800 Chicago Road 850 Chicago Road 1100 East Mandoline Road 1080, 1120, 1180 John Papalas Drive 4872 S. Lapeer Road 22701 Trolley Industrial 1400 Allen Drive 1408 Allen Drive 1305 Stephenson Hwy 32505 Industrial Drive 1799-1855 Northfield Drive 28435 Automation Blvd 32200 N Avis Drive 100 Kay Industrial Drive 32650 Capitol Avenue 11800 Sears Drive 1099 Chicago Road 42555 Merrill Road 200 Northpointe Drive Houston 2102-2314 Edwards Street 3351 Rauch St 3801-3851 Yale St 3337-3347 Rauch Street 8505 N Loop East 4749-4799 Eastpark Dr 4851 Homestead Road 3365-3385 Rauch Street 5050 Campbell Road 4300 Pine Timbers 2500-2530 Fairway Park Drive 6550 Longpointe 1815 Turning Basin Dr 1819 Turning Basin Dr 1805 Turning Basin Dr 9835A Genard Road 9835B Genard Road 11505 State Highway 225 1500 E. Main Street 700 Industrial Blvd 7230-7238 Wynnwood 7240-7248 Wynnwood 2013 (c) Costs Acquisition or and Valuation Accumulated Depreciation Year Acquired/ Depreciable Lives Location (City/State) 7250-7260 Wynnwood 6400 Long Point 12705 S. Kirkwood, Ste 100-150 12705 S. Kirkwood, Ste 200-220 8850 Jameel 8800 Jameel 8700 Jameel 8600 Jameel 7967 Blankenship 8800 City Park Loop East Indianapolis 2900 N Shadeland Avenue 1445 Brookville Way 1440 Brookville Way 1240 Brookville Way 1345 Brookville Way 1350 Brookville Way 1341 Sadlier Circle South 1322-1438 Sadlier Circle East 1327-1441 Sadlier Circle West 1304 Sadlier Circle West 1402-1430 Sadlier Circle West 1504 Sadlier Circle South 1365-1367 Sadlier Way Circle East 1352-1354 Sadlier Circle West 1335 Sadlier Circle East 1425 Sadlier Circle West 6951 East 30th St 6701 East 30th St 6737 East 30th St 6555 East 30th St 8402-8440 E 33rd St 8520-8630 E 33rd St 8710-8768 E 33rd St 3316-3346 N. Pagosa Court 7901 West 21st St. 1225 Brookville Way 6751 E 30th St 9200 East 146th Street 6575 East 30th Street 6585 East 30th Street 9210 E. 146th Street 5705-97 Park Plaza Ct. 9319-9341 Castlegate Drive 1133 Northwest L Street 14425 Bergen Blvd Miami 4700 NW 15th Ave. 4710 NW 15th Ave. 4720 NW 15th Ave. 4740 NW 15th Ave. 4750 NW 15th Ave. 4800 NW 15th Ave. Medley Industrial Center 12601 &12605 NW 115th Avenue Milwaukee N25 W23255 Paul Road 6523 N Sydney Place 5355 South Westridge Drive 320-334 W. Vogel Avenue 4950 South 6th Avenue 17005 W. Ryerson Road W140 N9059 Lilly Road 200 W. Vogel Avenue-Bldg B 4921 S. 2nd Street 1500 Peebles Drive 16600 West Glendale Ave 2905 S. 160th Street 2855 S. 160th Street 2485 Commerce Drive 14518 Whittaker Way N58W15380 Shawn Circle Minneapolis/St. Paul 6201 West 111th Street 7251-7267 Washington Avenue 7301-7325 Washington Avenue 7101 Winnetka Avenue South 9901 West 74th Street 1030 Lone Oak Road 1060 Lone Oak Road 5400 Nathan Lane 6655 Wedgwood Road 10120 W 76th Street 12155 Nicollet Ave. 4100 Peavey Road 5205 Highway 169 7100-7198 Shady Oak Road 7500-7546 Washington Avenue 7550-7586 Washington Avenue 5240-5300 Valley Industrial Blvd 500-530 Kasota Avenue SE 2530-2570 Kasota Avenue 5775 12th Avenue 1157 Valley Park Drive 9600 West 76th Street 9700 West 76th Street 2013 (c) Costs Acquisition or and Valuation Accumulated Depreciation Year Acquired/ Depreciable Lives Location (City/State) 7600 69th Avenue 5017 Boone Avenue North 2300 West Highway 13 1087 Park Place 5391 12th Avenue SE 4701 Valley Industrial Blvd S 316 Lake Hazeltine Drive 6455 City West Parkway 1225 Highway 169 North 7035 Winnetka Avene North 139 Eva Street 21900 Dodd Boulevard Nashville 1621 Heil Quaker Boulevard 3099 Barry Drive 1931 Air Lane Drive 4640 Cummings Park 1740 River Hills Drive 211 Ellery Court 130 Maddox Road Northern New Jersey 14 World’s Fair Drive 12 World’s Fair Drive 22 World’s Fair Drive 26 World’s Fair Drive 24 World’s Fair Drive 20 World’s Fair Drive Lot 13 45 Route 46 43 Route 46 39 Route 46 26 Chapin Road 30 Chapin Road 20 Hook Mountain Road 30 Hook Mountain Road 55 Route 46 16 Chapin Rod 20 Chapin Road 2500 Main Street 2400 Main Street 309-313 Pierce Street Philadelphia 230-240 Welsh Pool Road 264 Welsh Pool Road 254 Welsh Pool Road 243-251 Welsh Pool Road 151-161 Philips Road 216 Philips Road 14 McFadden Road 2801 Red Lion Road 3240 S. 78th Street 200 Cascade Drive, Bldg. 1 200 Cascade Drive, Bldg. 2 6300 Bristol Pike 2455 Boulevard of Generals Phoenix 1045 South Edward Drive 50 South 56th Street 4701 W. Jefferson 7102 W. Roosevelt 4137 West Adams Street 245 W. Lodge 1590 E Riverview Dr. 14131 N. Rio Vista Blvd 8716 W. Ludlow Drive 3815 W. Washington St. 9180 W. Buckeye Road Salt Lake City 350 Ironwood Drive 1270 West 2320 South 1275 West 2240 South 1288 West 2240 South 2235 South 1300 West 1293 West 2200 South 1279 West 2200 South 1272 West 2240 South 1149 West 2240 South 1142 West 2320 South 1152 West 2240 South 2323 South 900 W 1815-1957 South 4650 West 2100 Alexander Street 2064 Alexander Street Seattle 1901 Raymond Ave SW 19014 64th Avenue South 18640 68th Avenue South 3480 Marginal Way Southern California 1944 Vista Bella Way 2000 Vista Bella Way 2835 East Ana Street 16275 Technology Drive 665 N. Baldwin Park Blvd. 27801 Avenue Scott 2610 & 2660 Columbia St 433 Alaska Avenue 4020 S. Compton Ave (c) Costs Acquisition or and Valuation Accumulated Depreciation Year Acquired/ Depreciable Lives Location (City/State) 6305 El Camino Real 2325 Camino Vida Roble 2335 Camino Vida Roble 2345 Camino Vida Roble 2355 Camino Vida Roble 2365 Camino Vida Roble 2375 Camino Vida Roble 6451 El Camino Real 8572 Spectrum Lane 13100 Gregg Street 21730-21748 Marilla St. 8015 Paramount 3365 E. Slauson 3015 East Ana 19067 Reyes Ave 24870 Nandina Avenue 1250 Rancho Conejo Blvd. 1260 Rancho Conejo Blvd. 1270 Rancho Conejo Blvd. 1280 Rancho Conejo Blvd. 1290 Rancho Conejo Blvd 100 West Sinclair Street 14050 Day Street 12925 Marlay Avenue 18201-18291 Santa Fe 1011 Rancho Conejo 2300 Corporate Center Drive 20700 Denker Avenue 18408 Laurel Park Road 19021 S. Reyes Ave. Southern New Jersey 2060 Springdale Road 111 Whittendale Drive 7851 Airport Highway 103 Central Avenue 7890 Airport Hwy/7015 Central 600 Creek Road 1070 Thomas Busch Memorial Hwy St. Louis 8921-8971 Frost Avenue 9043-9083 Frost Avenue 10431 Midwest Industrial Blvd 10751 Midwest Industrial Boulevard 6951 N Hanley 1067-1083 Warson-Bldg A 1093-1107 Warson-Bldg B 1113-1129 Warson-Bldg C 1131-1151 Warson-Bldg D 6821-6857 Hazelwood Avenue 13701 Rider Trail North 1908-2000 Innerbelt 9060 Latty Avenue 21-25 Gateway Commerce Center 6647 Romiss Court Tampa 5313 Johns Road 5525 Johns Road 5709 Johns Road 5711 Johns Road 5453 W Waters Avenue 5455 W Waters Avenue 5553 W Waters Avenue 5501 W Waters Avenue 5503 W Waters Avenue 5555 W Waters Avenue 5557 W Waters Avenue 5463 W Waters Avenue 5461 W Waters Avenue 5481 W Waters Avenue 4515-4519 George Road 6089 Johns Road 6091 Johns Road 6103 Johns Road 6201 Johns Road 6203 Johns Road 6205 Johns Road 6101 Johns Road 4908 Tampa West Blvd 7201-7281 Bryan Dairy Road 11701 Belcher Road South 4900-4914 Creekside Drive 12345 Starkey Road Toronto 114 Packham Rd Other 5050 Kendrick Court 2250 Delaware Ave. 9601A Dessau Road 9601C Dessau Road 9601B Dessau Road 6266 Hurt Road 6301 Hazeltine National Drive 12626 Silicon Drive 3100 Pinson Valley Parkway 10330 I Street 3730 Wheeler Avenue 3200 Pond Station (c) Costs Acquisition or and Valuation Accumulated Depreciation Year Acquired/ Depreciable Lives Location (City/ 581 Welltown Road/Tyson Blvd 7501 NW 106th Terrace 600 Greene Drive Developments / Land Parcels Developments / Land Parcels Total 2013 Land Buildings and Improvements Less: Accumulated Depreciation Subtotal Construction in Progress Net Investment in Real Estate Deferred Rent Receivable, Net and Other Assets, Net Total at December 31, 2012 Land Improvements Tenant Improvements Balance, Beginning of Year Acquisition of Real Estate Assets Construction Costs and Improvements Disposition of Real Estate Assets Impairment of Real Estate Write-off of Fully Depreciated Assets Balance, End of Year Balance, Beginning of Year Depreciation for Year Disposition of Assets Write-off of Fully Depreciated Assets Balance, End of Year 27, 2014 Signature Title Date Chairman of the Board of Directors John E. Rau L. Peter Sharpe Year Ended December 31, 2013 2012 2011 Condensed Combined Statements of Operations: Total Revenues $ 3,433 $ 3,371 $ 3,411 Expenses: Property Expenses and Other 1,070 1,096 1,226 Depreciation and Other Amortization 931 764 836 Interest Expense 1,532 1,633 1,643 Total Expenses 3,533 3,493 3,705 Discontinued Operations: Loss Attributable to Discontinued Operations (1,300 ) (1,607 ) (1,587 ) Gain on Sale of Real Estate 513 4,974 3,137 (Loss) Income from Discontinued Operations (787 ) 3,367 1,550 Net (Loss) Income $ (887 ) $ 3,245 $ 1,256 Equity in Income of Joint Ventures $ 136 $ 1,559 $ 980 Outstanding Balance at Interest
Rate at
December 31,
2012 Effective
Interest
Rate at
Issuance Maturity
Date December 31,
2012 December 31,
2011 $ 763,616 $ 690,256 4.03% – 8.26% 4.03% – 8.26%
January 2014 –
September 2022
(161 ) (305 ) $ 763,455 $ 689,951 $ 159,510 $ 159,455 5.750% 5.91% 01/15/16 55,385 59,600 7.500% 7.52% 12/01/17 6,066 6,065 7.150% 7.11% 05/15/27 55,261 124,894 7.600% 8.13% 07/15/28 — 61,817 N/A N/A 04/15/12 11,500 34,683 7.750% 7.87% 04/15/32 79,683 86,997 6.420% 6.54% 06/01/14 106,745 106,716 5.950% 6.37% 05/15/17 $ 474,150 $ 640,227 2,570 4,625 $ 476,720 $ 644,852 $ 98,000 $ 149,000 1.912% 1.912% 12/12/14 Outstanding Balance at Mortgage Loans Payable, Net $ 677,890 $ 763,616 4.03% – 8.26% 4.03% – 8.26% Unamortized Premiums (115 ) (161 ) Mortgage Loans Payable, Gross $ 677,775 $ 763,455 Senior Unsecured Notes, Net 2016 Notes $ 159,566 $ 159,510 5.750% 5.91% 1/15/2016 2017 Notes 54,960 55,385 7.500% 7.52% 12/1/2017 2027 Notes 6,066 6,066 7.150% 7.11% 5/15/2027 2028 Notes 31,883 55,261 7.600% 8.13% 7/15/2028 2032 Notes 10,514 11,500 7.750% 7.87% 4/15/2032 2014 Notes 81,149 79,683 6.420% 6.54% 6/1/2014 2017 II Notes 101,778 106,745 5.950% 6.37% 5/15/2017 Subtotal $ 445,916 $ 474,150 Unamortized Discounts 980 2,570 Senior Unsecured Notes, Gross $ 446,896 $ 476,720 Unsecured Credit Facility* $ 173,000 $ 98,000 1.666% 1.666% 9/29/2017 and Other Loans Payable, Netyearsyear ended December 31, 2012, and 2011, we originated or assumed the following mortgage loans: Loan
Principal Interest
Rate Origination
Date Maturity
Date Amortization
Period Number of
Industrial
Properties
Collateralizing
Mortgage GLA
(In millions) Property
Carrying
Value at
December 31,
2012 $ 100,599 4.03 % August 29, 2012 September 2022 30-year 31 3.8 $ 103,671 Loan
Principal Interest
Rate Origination/Assumption
Date Maturity
Date Amortization
Period Number of
Industrial
Properties
Collateralizing
Mortgage GLA
(In millions) Property
Carrying
Value at
December 31,
2011 $ 178,300 4.45 % May 2, 2011 June 2018 30-year �� 32 5.9 $ 206,291 24,417 5.579 % May 26, 2011 February 2016 30-year 1 0.7 28,991 77,600 4.85 % September 23, 2011 October 2021 30-year 24 2.3 84,403 $ 280,317 $ 319,685 I-VI $ 100,599 4.03 % August 2012 September 2022 30-year 31 3.8 $ 103,671 XIV and Mortgage Financings XVI through XXVI,VI, principal prepayments arewere prohibited for 12 months after loan origination, after which prepayment premiums are calculated at the greater of yield maintenance or 1% of the outstanding balance. For Mortgage Financing XV, principal prepayments are prohibited until three months prior to maturity, but defeasance is allowed subject to certain conditions.20122013 and 2011,2012, we paid off and retired prior to maturity mortgage loans payable in the amount of $14,112$72,261 and $62,662,$14,112, respectively. In connection with these repurchasespay offs prior to maturity, we recognized $361$1,578 and $2,128$361 as loss from retirement of debt for the years ended December 31, 2013 and 2012, and 2011, respectively.On September 20, 2011, we transferred title to a property totaling approximately 0.4 million square feet of GLA and an escrow balance in the amount of $1,845 to a lender in satisfaction of a $5,040 non-recourse mortgage loan. We recognized a $147 loss related to the transaction, which is included in loss from retirement of debt for the year ended December 31, 2011.2012,2013, mortgage loans payable are collateralized, by, and in some instances cross-collateralized, by industrial properties with a net carrying value of $949,557.$826,754. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans payable as of December 31, 2012.20122013 and 2011,2012, we repurchased and retired the following senior unsecured notes prior to maturity: Principal Amount Repurchased Purchase Price For the
Year Ended
December 31,
2012 For the
Year Ended
December 31,
2011 For the
Year Ended
December 31,
2012 For the
Year Ended
December 31,
2011 $ 9,000 $ 1,144 $ 9,439 $ 1,143 — 500 — 475 4,223 27,619 4,632 27,506 — 10,969 — 10,182 — 7,500 — 7,500 69,680 65,025 72,541 63,861 23,400 — 24,001 — $ 106,303 $ 112,757 $ 110,613 $ 110,667 Principal Amount Repurchased Purchase Price 2014 Notes $ — $ 9,000 $ — $ 9,439 2017 Notes 430 4,223 482 4,632 2017 II Notes 5,000 — 5,300 — 2028 Notes 23,394 69,680 26,547 72,541 2032 Notes 1,000 23,400 1,163 24,001 Total $ 29,824 $ 106,303 $ 33,492 $ 110,613 $9,323$5,003 and $2,012$9,323 as loss from retirement of debt for the years ended December 31, 20122013 and 2011, respectively,2012, which is the difference between the purchaserepurchase price of $110,613 and $110,667, respectively, and the principal amount retired, of $106,303 and $112,757, respectively, net of the pro rata write-off of the unamortized debt issue discount, the unamortized deferred financing costs, the unamortized settlement amount of the interest rate protection agreements and the professional services fees related to the repurchases of $28, $191, $1,116 and $0 and $598, $728, $3,247 and $440, respectively, and $135, $717, $3,250 and $0, respectively.On September 15, 2011, we paid off and retired our 4.625% Notes due 2011, at maturity, in the amount of $128,900.2012.2013. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our noteholders in a manner that could impose and cause us to incur material costs.We have maintained an unsecured credit facility since 1997. During December 2011,entered into aamended and restated our existing $450,000 unsecured revolving credit agreement (the “Unsecured"Old Credit Facility”Facility") which replaced our previous unsecured credit facility., increasing the borrowing capacity thereunder to $625,000 (as amended and restated, the "Unsecured Credit Facility"). We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $500,000,$825,000, subject to certain restrictions. We wrote off $1,172 of unamortized deferred financing costs reflected in LossThe amendment extended the maturity date from Retirement of Debt for theDecember 12, 2014 to September 29, 2017 with an option to extend an additional one year ended December 31, 2011 relatedat our election, subject to our previous unsecured credit facility.certain restrictions. At December 31, 2012,2013, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 170150 basis points or at a basepoints. The interest rate plus 170 basis points, at our election. The margin on our LIBOR or base rate borrowings could increasethe Unsecured Credit Facility varies based on our leverage ratio. The Unsecured Credit Facility matures on December 12, 2014, unless extendedIn the event we achieve an additionalinvestment grade rating from one yearof certain rating agencies, the rate may be decreased at our election, subject to certain conditions. Atbased on the investment grade rating. In connection with the amendment of the Old Credit Facility, we wrote off $56 of unamortized deferred financing costs, which is included in loss from retirement of debt for the year ended December 31, 2012, borrowings under the Unsecured Credit Facility bore interest at a weighted average interest rate of 1.912%.2012.2013. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders in a manner that could impose and cause us to incur material costs. Amount $ 14,339 234,097 63,636 295,309 174,153 556,641 $ 1,338,175 Amount 2014 $ 113,321 2015 37,762 2016 272,618 2017 341,723 2018 168,341 Thereafter 363,906 Total $ 1,297,671 20122013 and 2011,2012, the fair value of our indebtedness was as follows: December 31, 2012 December 31, 2011 Carrying
Amount Fair
Value Carrying
Amount Fair
Value $ 763,616 $ 814,915 $ 690,256 $ 743,419 474,150 516,943 640,227 630,622 98,000 98,192 149,000 149,000 $ 1,335,766 $ 1,430,050 $ 1,479,483 $ 1,523,041 December 31, 2013 December 31, 2012 Mortgage Loans Payable, Net $ 677,890 $ 684,914 $ 763,616 $ 814,915 Senior Unsecured Debt, Net 445,916 482,781 474,150 516,943 Unsecured Credit Facility 173,000 173,000 98,000 98,192 Total $ 1,296,806 $ 1,340,695 $ 1,335,766 $ 1,430,050 and other loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar leverage levels and similar remaining maturities. The current market rates we utilized were internally estimated; therefore, we have concluded that our determination of fair value for our mortgage and other loans payable was primarily based upon Level 3 inputs.estimated. The fair value of the senior unsecured notesdebt was determined by using rates, as advised by our bankers in certain cases, that are based upon recent trades within the same series of the senior unsecured notes,debt, recent trades for senior unsecured notesdebt with comparable maturities, recent trades for fixed rate unsecured debt from companies with profiles similar to ours, as well as overall economic conditions. We have determined that our estimation of the fair value of fixed rate unsecured debt was primarily based upon Level 3 inputs. The fair value of the Unsecured Credit Facility was determined by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. The current market rate utilized for our Unsecured Credit Facility was internally estimated; therefore, weWe have concluded that our determination of fair value for our mortgage loans payable, senior unsecured debt and Unsecured Credit Facility was primarily based upon Level 3 inputs.“Series"Series F Preferred Stock”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 quarterly in arrears. The coupon rate of our Series F Preferred Stock resets every quarter at 2.375% plus the greater of (i) the 30 year Treasury constant maturity treasury (“CMT”("CMT") Rate, (ii) the 10 year Treasury CMT Rate or (iii) 3-month LIBOR. For the fourth quarter of 2012,2013, the coupon rate was 5.285%6.065%. 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 our Common Stock and pari passu with our Series G Preferred Stock (hereinafter defined), Series J Preferred Stock (hereinafter defined) and Series K Preferred Stock (hereinafter defined). The Series F Preferred Stock is redeemable for cash at our option, in whole or in part, at a redemption price equivalent toof $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. In October 2008, we entered into an interest rate swap agreement to mitigate our exposure to floating interest rates related to the forecasted reset rate of the coupon rate of our Series F Preferred Stock, which matured on October 1, 2013 (see Note 14)15).“Series"Series G Preferred Stock”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"Series G Initial Fixed Rate Period”Period"), commencing on September 30, 2004, at a rate of 7.236% per annum of the liquidation preference (the “Series"Series G Initial Distribution Rate”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 our 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, (ii) the 10 year Treasury CMT Rate, and (iii) the 30 year Treasury CMT Rate, resetreseting 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 our Common Stock and pari passu with our Series F Preferred Stock, Series J Preferred Stock (hereinafter defined) and Series K Preferred Stock (hereinafter defined).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 our option, in whole or in part, at a redemption price equivalent toof $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.“Series"Series J Preferred Stock”Stock"), at an initial offering price of $25.00 per Depositary Share. The Series J Preferred Stock is redeemable for cash at our option, in whole or in part, at our option, at a cash redemption price ofequivalent to $25.00 per depositary share. Dividends onDepositary Share, or $150,000 in the Series J Preferred Stock, represented by the Depositary Shares, are cumulative from the date of initial issuanceaggregate, plus dividends accrued and are payable quarterly in arrears. However, during any period that both (i) the depositary shares are not listed on the NYSE or AMEX, or quoted on NASDAQ, and (ii) we are not subjectunpaid to the reporting requirements of the Exchange Act, but the preferred shares are outstanding,redemption date. On December 21, 2012, we will increase the dividend on the preferred shares to a rate of 8.25% of the liquidation preference per year. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series J Preferred Stock ranks senior to payments on our Common Stock and pari passu with our Series F Preferred Stock, Series G Preferred Stock and Series K Preferred Stock (hereinafter defined). We redeemed 2,000,000 Depositary Shares of the Series J Preferred Stock on December 21, 2012, at a redemption price of $25.00 per Depositary Share, and paid a proratedpro-rated fourth quarter dividend of $0.407812 per Depositary Share, totaling $816. Due to the partial redemption of the Series J Preferred Stock, one-thirdOne-third of the initial offering costs associated with the issuance of the Series J Preferred Stock, as well as costs associated with the partial redemption, totalingtotaled $1,804 and are reflected as a deduction from net loss to arrive at net loss available to First Industrial Realty Trust, Inc.’s common stockholders in determining earnings per share for the year ended December 31, 2012.“Series"Series K Preferred Stock”Stock"), at an initial offering price of $25.00 per Depositary Share. The Series K Preferred Stock is redeemable for cash at our option, in whole or in part, at our option,a redemption price equivalent to $25.00 per Depositary Share, or $50,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On July 18, 2013, we fully redeemed the Series K Preferred Stock at a cash redemption price of $25.00 per depositary share. Dividends onDepositary Share, and paid a pro-rated third quarter dividend of $0.090625 per Depositary Share, totaling $181. The initial offering costs associated with the issuance of the Series K Preferred Stock, represented byas well as costs associated with the Depositary Shares, are cumulative from the date of initial issuanceredemption, totaled $2,121 and are payable quarterlyreflected as a deduction from net income in arrears. With respect todetermining earnings per share for the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series K Preferred Stock ranks senior to payments on our Common Stock and pari passu with our Series F Preferred Stock, Series G Preferred Stock and Series J Preferred Stock.20122013 and 2011: Year Ended 2012 Year Ended 2011 Shares
Outstanding Liquidation
Preference Shares
Outstanding Liquidation
Preference 500 $ 50,000 500 $ 50,000 250 $ 25,000 250 $ 25,000 400 $ 100,000 600 $ 150,000 200 $ 50,000 200 $ 50,000 Year Ended 2013 Year Ended 2012 Series F Preferred Stock 500 $ 50,000 500 $ 50,000 Series G Preferred Stock 250 $ 25,000 250 $ 25,000 Series J Preferred Stock N/A N/A 400 $ 100,000 Series K Preferred Stock N/A N/A 200 $ 50,000 2010, 535,026, 125,784 and 27,586 limited partnership interests in the Operating Partnership (“Units”("Units"), respectively, were converted into an equivalent number of shares of common stock, resulting in a reclassification of $996, $4,763 $1,109 and $316,$1,109, respectively, of Noncontrolling Interestnoncontrolling interest to First Industrial Realty Trust Inc.’s Stockholders’ Equity.announced underwritten public offerings ofissued 8,400,000, 9,400,000 and 17,300,000 shares of the Company’s common stock to the public. Proceedsin an underwritten public offering. Net proceeds to us for the years ended December 31, 2013, 2012 and 2011, net of total expenses of $127 and $2,370, were approximately$132,050, $116,715 and $201,150, respectively.On May 4, 2010, we entered into distribution agreements with sales agents to sell up to 10,000,000 shares of the Company’s common stock from time to time in “at-the-market” offerings (the “2010 ATM”). During the year ended December 31, 2010, we issued 5,469,767 shares of the Company’s common stock under the 2010 ATM for approximately $44,117, net of $900 paid to the sales agent. On December 31, 2010, we concluded the 2010 ATM as a result of the expiration of the distribution agreements with our sales agents.ATM"at-the-market" offerings (the “2011 ATM”"2011 ATM"). During the year ended December 31, 2011, we issued 115,856 shares of the Company’s common stock under the 2011 ATM resulting in net proceeds to us of approximately $1,391, net of $28 paid to the sales agent.$1,391. On February 29, 2012, we terminated the 2011 ATM in preparation for the commencement of the 2012 ATM (defined hereafter).ATM"at-the-market" offerings (the “2012 ATM”"2012 ATM"). During the yearyears ended December 31, 2013 and 2012, we issued 2,315,704 and 1,532,598 shares, respectively, of the Company’s common stock under the 2012 ATM resulting in net proceeds to us of approximately $18,063, net of $369 paid to the sales agent.wereare to be made primarily in transactions that wereare deemed to be “at-the-market”"at-the-market" offerings, including sales made directly on the New York Stock Exchange or sales made through a market maker other than on an exchange or by privately negotiated transactions.On August 8, 2008, the Company’s Dividend Reinvestment and Direct Stock Purchase Plan (“DRIP”) became effective. Under the terms of the DRIP, stockholders who participate may reinvest all or part of their dividends in additional common stock of the Company at a discount from the market price, at our discretion, when the shares are issued and sold directly by us from authorized but unissued shares of the Company’s common stock. Stockholders and non-stockholders may also purchase additional shares at a discounted price, at our discretion, when the shares are issued and sold directly by us from authorized but unissued shares of the Company’s common stock, by making optional cash payments, subject to certain dollar thresholds. During the years ended December 31, 2012 and 2011, we did not issue any shares of the Company’s common stock under the direct stock purchase component of the DRIP. During the year ended December 31, 2010, we issued 875,402 shares of the Company’s common stock under the direct stock purchase component of the DRIP for approximately $5,970. The DRIP terminated effective June 9, 2012.During the year ended December 31, 2010, 23,567 shares of common stock were awarded to certain directors. The common stock shares had a fair value of approximately $128 upon issuance.13)14), for the three years ended December 31, 2012:2013: 200968,841,296 61,845,21417,646,586 6,518,736292,339 573,198( 123,43898,603) 125,784 27,586201086,807,402 68,841,29611,085,905 17,646,586565,137 292,339( 98,603225,557) 535,026 125,784201198,767,913 86,807,40210,853,693 11,085,905284,461 565,137( 225,55730,245) 105,028 535,0262012109,980,850 98,767,9132012,2013, the new coupon rate was 5.285%6.065%. See Note 1415 for additional derivative information related to the Series F Preferred Stock coupon rate reset.declared foraccrued during the past three years: Year Ended 2012 Year Ended 2011 Year Ended 2010 Dividend/
Distribution
per Share/
Unit Total
Dividend/
Distribution Dividend/
Distribution
per Share/
Unit Total
Dividend/
Distribution Dividend/
Distribution
per Share/
Unit Total
Dividend/
Distribution $ 0.0000 $ — $ 0.0000 $ — $ 0.0000 $ — $ 5,455.8891 $ 2,728 $ 6,510.9028 $ 3,256 $ 6,736.1540 $ 3,368 $ 7,236.0000 $ 1,809 $ 7,236.0000 $ 1,809 $ 7,236.0000 $ 1,809 $ 18,125.2000 $ 10,785 $ 18,125.2000 $ 10,875 $ 18,125.2000 $ 10,875 $ 18,125.2000 $ 3,625 $ 18,125.2000 $ 3,625 $ 18,125.2000 $ 3,625 2013 2012 2011 Common Stock/Operating Partnership Units $ 38,862 $ — $ — Series F Preferred Stock $ 2,896 $ 2,728 $ 3,256 Series G Preferred Stock $ 1,809 $ 1,809 $ 1,809 Series J Preferred Stock $ 2,034 $ 10,785 $ 10,875 Series K Preferred Stock $ 1,994 $ 3,625 $ 3,625 * The distribution per sharesecond quarter 2013 and fourth quarter 2012 dividend related to redeemed preferred stockSeries J Preferred Stock was pro-rated as discussed in the “Preferred Stock”"Preferred Stock" section. The third quarter 2013 dividend related to redeemed Series K Preferred Stock was pro-rated as discussed in the "Preferred Stock" section. Interest Rate Protection Agreements Foreign Currency Translation Adjustment Comprehensive Income (Loss) Attributable to Noncontrolling Interest Total Balance as of December 31, 2012 $ (7,008 ) $ 138 $ 313 $ (6,557 ) Other Comprehensive Loss Before Reclassifications — (60 ) (175 ) (235 ) Amounts Reclassified from Accumulated Other Comprehensive Loss 3,527 — — 3,527 Net Current Period Other Comprehensive Income (Loss) 3,527 (60 ) (175 ) 3,292 Balance as of December 31, 2013 $ (3,481 ) $ 78 $ 138 $ (3,265 ) Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Consolidated Statements of Operations Interest Rate Protection Agreements Amortization of Interest Rate Protection Agreements $ 2,411 Interest Expense Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements 1,116 Loss from Retirement of Debt $ 3,527 Total Year Ended
December 31,
2012 Year Ended
December 31,
2011 Year Ended
December 31,
2010 $ 83,504 $ 100,375 $ 105,276 $ 1,997 $ 437 $ — $ (295 ) $ 1,876 $ 3,663 $ 452 $ 4,763 $ 452 $ (4,763 ) $ (1,109 ) $ (316 ) 5 1 1 4,758 1,108 315 $ — $ — $ — $ — $ (3,200 ) $ — — (1,987 ) — — 5,040 — $ — $ (147 ) $ — $ 12,026 $ 24,417 $ — $ — $ 7,029 $ 168 $ (46,801 ) $ (58,357 ) $ (59,485 ) 9. Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity $ 70,726 $ 83,504 $ 100,375 Interest Expense Capitalized in Connection with Development Activity $ 3,611 $ 1,997 $ 437 Income Taxes Paid (Refunded) $ 5,433 $ (295 ) $ 1,876 Supplemental Schedule of Non-Cash Investing and Financing Activities: Distribution Payable on Common Stock/Operating Partnership Units $ 9,837 $ — $ — Distribution Payable on Preferred Stock $ 452 $ 452 $ 4,763 Exchange of Operating Partnership Units for Common Stock: Noncontrolling Interest $ (996 ) $ (4,763 ) $ (1,109 ) Common Stock 1 5 1 Additional Paid-in-Capital 995 4,758 1,108 Total $ — $ — $ — Property Transfer to Lender in Satisfaction of Non-Recourse Mortgage Loan: Net Investment in Real Estate $ — $ — $ (3,200 ) Prepaid Expenses and Other Assets, Net — — (1,987 ) Mortgage Loan Payable, Net — — 5,040 Loss from Retirement of Debt $ — $ — $ (147 ) Assumption of Indebtedness and Other Liabilities in Real Estate Acquisitions $ 483 $ 12,026 $ 24,417 Notes Receivable Issued in Conjunction with Certain Property Sales $ 12,520 $ — $ 7,029 Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate $ 15,249 $ 12,524 $ 6,517 Write-off of Fully Depreciated Assets $ (62,281 ) $ (46,801 ) $ (58,357 ) Year Ended
December 31,
2012 Year Ended
December 31,
2011 Year Ended
December 31,
2010 $ (20,980 ) $ (31,054 ) $ (171,345 ) 3,777 918 517 1,962 3,027 14,841 (15,241 ) (27,109 ) (155,987 ) (18,947 ) (19,565 ) (19,677 ) (1,804 ) — — $ (35,992 ) $ (46,674 ) $ (175,664 ) $ 14,684 $ 20,946 $ (50,791 ) (761 ) (1,282 ) 3,957 $ 13,923 $ 19,664 $ (46,834 ) $ (22,069 ) $ (27,010 ) $ (222,498 ) 91,468,440 80,616,000 62,952,565 $ (0.39 ) $ (0.58 ) $ (2.79 ) $ 0.15 $ 0.24 $ (0.74 ) $ (0.24 ) $ (0.34 ) $ (3.53 ) Numerator: Income (Loss) from Continuing Operations $ 4,941 $ (22,459 ) $ (33,631 ) Gain on Sale of Real Estate, Net of Income Tax Provision 890 3,777 918 Noncontrolling Interest Allocable to Continuing Operations 356 2,038 3,185 Income (Loss) from Continuing Operations Attributable to First Industrial Realty Trust, Inc. 6,187 (16,644 ) (29,528 ) Preferred Dividends (8,733 ) (18,947 ) (19,565 ) Redemption of Preferred Stock (5,667 ) (1,804 ) — Loss from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ (8,213 ) $ (37,395 ) $ (49,093 ) Income from Discontinued Operations, Net of Income Tax Provision $ 35,597 $ 16,163 $ 23,523 Noncontrolling Interest Allocable to Discontinued Operations (1,477 ) (837 ) (1,440 ) (162 ) — — Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc. $ 33,958 $ 15,326 $ 22,083 $ 25,907 $ (22,069 ) $ (27,010 ) Net Income Allocable to Participating Securities (162 ) — — 25,745 (22,069 ) (27,010 ) Denominator: Weighted Average Shares—Basic and Diluted 106,995 91,468 80,616 Basic and Diluted EPS: $ (0.08 ) $ (0.41 ) $ (0.61 ) Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders $ 0.32 $ 0.17 $ 0.27 Net Income (Loss) Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 0.24 $ (0.24 ) $ (0.34 ) 673,381 and 662,092673,381 of unvested restricted stock awards outstanding at December 31, 2013, 2012 2011 and 20102011, respectively, which participate in non-forfeitable dividends of the Company. ParticipatingUnder the two class method, participating security holders are allocated income, in proportion to total weighted average shares outstanding, based upon the greater of net income (after reduction for preferred dividends and redemption of preferred stock) or common dividends declared. Since participating security holders are not obligated to share in losses therefore, noneand no common dividends were declared during the years ended December 31, 2012 and 2011, there was no allocation of the net loss attributable to First Industrial Realty Trust, Inc. was allocatedincome to participating securitiessecurity holders for the years ended December 31, 2012 2011 and 2010.2011 and 20102011, as the effect of stock options and restricted unit awards (thatLTIP Unit Awards (as defined in Note 14) which do not participate in non-forfeitable dividends of the Company)Company was excluded as its inclusion would have been antidilutive to the loss from continuing operations available to First Industrial Realty Trust, Inc.’s common stockholders. The following awards were anti-dilutive and could be dilutive in future periods: Number of
Awards
Outstanding At
December 31,
2012 Number of
Awards
Outstanding At
December 31,
2011 Number of
Awards
Outstanding At
December 31,
2010 483,500 731,900 1,012,800 — 25,201 98,701 10. Non-Participating Securities: Restricted Unit Awards 73,400 483,500 731,900 Options — — 25,201 LTIP Unit Awards 718,960 — — benefit for the years ended December 31, 2013, 2012 2011 and 20102011 are comprised of the following: 2012 2011 2010 $ (5,210 ) $ (622 ) $ (893 ) (253 ) (502 ) (2,372 ) (10 ) (41 ) (95 ) — (284 ) 163 (49 ) (2 ) 40 — (697 ) (148 ) $ (5,522 ) $ (2,148 ) $ (3,305 ) 2013 2012 2011 Current: Federal $ 231 $ (5,210 ) $ (622 ) State (264 ) (253 ) (502 ) Foreign — (10 ) (41 ) Deferred: Federal — — (284 ) State 36 (49 ) (2 ) Foreign — — (697 ) $ 3 $ (5,522 ) $ (2,148 ) 20122013 and 2011: 2012 2011 $ 11 $ 15 13 45 5 43 5,519 5,683 854 828 (5,244 ) (5,078 ) 588 483 $ 1,746 $ 2,019 (91 ) (85 ) (1,666 ) (1,946 ) (158 ) (108 ) $ (1,915 ) $ (2,139 ) $ (169 ) $ (120 ) 2013 2012 Impairment of Real Estate $ 5,185 $ 5,519 Foreign Net Operating Loss Carryforward 1,312 854 Valuation Allowance (5,357 ) (5,244 ) Other 696 617 Total Deferred Tax Assets, Net of Allowance $ 1,836 $ 1,746 Straight-line Rent (76 ) (91 ) Fixed Assets (1,771 ) (1,666 ) Other (122 ) (158 ) Total Deferred Tax Liabilities $ (1,969 ) $ (1,915 ) Total Net Deferred Tax Liabilities $ (133 ) $ (169 ) As of December 31, 2012 and 2011, we had net deferred tax liabilities of $169 and $120, after valuation allowances of $5,244 and $5,078, respectively. As of December 31, 2011 and 2010, we had net deferred tax (liabilities) assets of $(120) and $863, after valuation allowances of $5,078 and $9,301, respectively. The decrease in the valuation allowance of $4,223 from December 31, 2010 to December 31, 2011 is primarily related to a decrease in net deferred tax assets and liabilities due to the sales of property.provisionbenefit (provision) pertaining to income (loss) from continuing operations and gain on sale of real estate differs from the amounts computed by applying the applicable federal statutory rate as follows: 2012 2011 2010 $ 557 $ (2,162 ) $ 5,141 (244 ) (521 ) (2,320 ) 32 (54 ) (58 ) (5,523 ) — — (166 ) 1,853 (6,108 ) (10 ) (96 ) (211 ) (168 ) 78 251 $ (5,522 ) $ (902 ) $ (3,305 ) 2013 2012 2011 Tax Benefit (Provision) at Federal Rate Related to Continuing Operations $ 286 $ 557 $ (2,162 ) State Tax Provision, Net of Federal Benefit (Provision) (236 ) (244 ) (521 ) Non-deductible Permanent Items, Net 21 32 (54 ) IRS Audit Adjustment and Accrued Interest 58 (5,523 ) — Change in Valuation Allowance (388 ) (166 ) 1,853 Foreign Taxes, Net — (10 ) (96 ) Other 262 (168 ) 78 Net Income Tax Benefit (Provision) $ 3 $ (5,522 ) $ (902 ) “more-likely-than-not”"more-likely-than-not" that the tax position will be sustained on examination by taxing authorities. As of December 31, 2012,2013, we do not have any unrecognized tax benefits.20092010 through 2012. One of our taxable REIT subsidiaries which liquidated in September 2009 is currently under examination by the Internal Revenue Service (“IRS”) for 2008 and for the tax year ended September 1, 2009.Settlement“Refund”"Refund") in connection with this tax liquidation. As previously reported, theThe IRS examination team, which is required by statute to review all refund claims in excess of $2,000 on behalf of the Joint Committee on Taxation, indicated to us that it disagreed with certain of the property valuations we obtained from an independent valuation expert in support of our fair value of the liquidated taxable REIT subsidiary and our claim for the Refund. We haveDuring the year ended December 31, 2012, we reached an agreement with the regional office of the IRS on a proposed adjustment to the Refund. The total agreed-upon adjustment to taxable income is approximatelywas $13,700, which equates to approximately $4,806 of taxes owed. We mustwere also required to pay accrued interest which wasof approximately $542 as of December 31, 2012.$500. During the year ended December 31, 2012, the Company recorded a charge of $5,348 related tofor the agreed-upon adjustment and the related estimated accrued interest which iswas reflected as a component of income tax expense. TheDuring the year ended December 31, 2013, the settlement amount is subject to final review and approvalwas approved by the Joint Committee on Taxation. There can be no assuranceTaxation and we paid the agreed upon taxes and related accrued interest.the settlement amount will be approved at the level we currently anticipate, nor can we provide an estimate ofdetermined the timing of the final approval.In addition, we are currently in discussions with the regional office of the IRS to determine the timing of the impact of the proposed tax settlement on the tax characterization of the distributions to the limited partners of the Operating Partnership and the stockholders of the Company which is likelyCompany. Pursuant to result in additional capital gain income being allocable to the limited partnersthese closing agreements, $Operating Partnership and the stockholders of the Company.Michigan Tax IssueAs of December 31, 2008, we had paid approximately $1,400 (representing tax and interest for the years 1997-2000) to the State of Michigan regarding business loss carryforwards the appropriateness of which was the subject of litigation initiated by us. On December 11, 2007, the Michigan Court of Claims rendered a decision against us regarding the business loss carryforwards. Also, the court ruled against us on an alternative position involving Michigan’s Capital Acquisition Deduction. We filed an appeal to the Michigan Appeals Court in January 2008; however, as a result of the lower court’s decision, an additional approximately $800 (representing tax and interest for the year 2001) had been accrued through June 30, 2009 for both tax and financial statement purposes. On August 18, 2009, the Michigan Appeals Court issued a decision in our favor on the business loss carryforward issue. The Michigan Department of Treasury appealed the decision to the Michigan Supreme Court on September 29, 2009; however, we believed there was a very low probability that the Michigan Supreme Court would accept the case. Therefore, in September 2009 we reversed our accrual of $800 (related to the 2001 tax year) and set up a receivable of $1,400 for the amount paid in 2006 (related to the 1997-2000 tax years), resulting in an aggregate reversal of prior tax expense of approximately $2,200. On April 23, 2010, the Michigan Supreme Court reversed the decision of the Michigan Appeals Court and reinstated the decision of the Michigan Court of Claims. Based on the most recent ruling of the Michigan Supreme Court, we reversed the receivable of $1,400 and paid approximately $800, for a total of approximately $2,200 of tax expensepreferred stock distributions for the year ended December 31, 2010, which is included in continuing operations.2011 and 2010.Common Stock 2013 Ordinary Income $ 0.3088 100.00 % Long-term Capital Gains — 0.00 % Unrecaptured Section 1250 Gain — 0.00 % Return of Capital — 0.00 % Qualified Dividends — 0.00 % $ 0.3088 100.00 % 2011 and 2010,2011, the preferred distributions per depositary share were classified as follows: 2012 As a
Percentage
of
Distributions 2011 As a
Percentage
of
Distributions 2010 As a
Percentage
of
Distributions $ — 0.00 % $ 0.3130 23.02 % $ 1.4652 80.84 % — 0.00 % — 0.00 % — 0.00 % — 0.00 % — 0.00 % 0.2423 13.37 % 2.2657 100.00 % 1.0402 76.52 % — 0.00 % — 0.00 % 0.0062 0.46 % 0.1050 5.79 % $ 2.2657 100.00 % $ 1.3594 100.00 % $ 1.8125 100.00 % 2012 As a
Percentage
of
Distributions $ — 0.00 % — 0.00 % — 0.00 % 2.2203 100.00 % — 0.00 % $ 2.2203 100.00 % Series J Preferred Stock 2013 (1) 2012 2011 Ordinary Income $ 0.5085 100.00 % $ — 0.00 % $ 0.3130 23.02 % Long-term Capital Gains — 0.00 % 0.8025 35.42 % — 0.00 % Unrecaptured Section 1250 Gain — 0.00 % — 0.00 % — 0.00 % Return of Capital — 0.00 % 1.4632 64.58 % 1.0402 76.52 % Qualified Dividends — 0.00 % — 0.00 % 0.0062 0.46 % $ 0.5085 100.00 % $ 2.2657 100.00 % $ 1.3594 100.00 % *(1) The remaining 4,000,000 Depositary Shares of the Series J Preferred Stock were redeemed on April 11, 2013. The 2013 redemption had no impact on the 2012 or 2011 allocations included in the table above. Series J Preferred Stock – Depositary Shares Redeemed (2) 2012 Ordinary Income $ — 0.00 % Long-term Capital Gains 0.7864 35.42 % Unrecaptured Section 1250 Gain — 0.00 % Return of Capital 1.4339 64.58 % Qualified Dividends — 0.00 % $ 2.2203 100.00 % (2) Schedule relates to the 2,000,000 Depositary Shares of the Series J Preferred Stock that were redeemed on December 21, 2012. The 2012 redemption had no impact on the tables for 2011 or 2010.allocation. 2012 As a
Percentage
of
Distributions 2011 As a
Percentage
of
Distributions 2010 As a
Percentage
of
Distributions $ — 0.00 % $ 0.3130 23.02 % $ 1.4652 80.84 % — 0.00 % — 0.00 % — 0.00 % — 0.00 % — 0.00 % 0.2423 13.37 % 2.2657 100.00 % 1.0402 76.52 % — 0.00 % — 0.00 % 0.0062 0.46 % 0.1050 5.79 % $ 2.2657 100.00 % $ 1.3594 100.00 % $ 1.8125 100.00 % As discussed in the “IRS Tax Settlement” section, we are currently in discussions with the regional officeSeries K Preferred Stock 2013 (3) 2012 2011 Ordinary Income $ 0.9969 100.00 % $ — 0.00 % $ 0.3130 23.02 % Long-term Capital Gains — 0.00 % 0.8025 35.42 % — 0.00 % Unrecaptured Section 1250 Gain — 0.00 % — 0.00 % — 0.00 % Return of Capital — 0.00 % 1.4632 64.58 % 1.0402 76.52 % Qualified Dividends — 0.00 % — 0.00 % 0.0062 0.46 % $ 0.9969 100.00 % $ 2.2657 100.00 % $ 1.3594 100.00 % (3) Schedule relates to the 2,000,000 Depositary Shares of the Series K Preferred Stock that were redeemed on July 18, 2013. The 2013 redemption had no impact on the 2012 or 2011 allocations included in the table above. havehad subsequently modified that plan during 2011 and 2010 with the goal of further reducing thesethose costs. The following summarizes ourDuring the year ended December 31, 2011, we recognized $1,553 in restructuring costs, for each of which $1,200 related to the years endedtermination of certain office leases and $353 related to other expenses. At December 31: 2011 2010 $ — $ 525 1,200 647 353 686 $ 1,553 $ 1,858 2012 2011 2010 $ 1,464 $ 1,959 $ 1,574 *Includes $0 and $156, respectively, of non-cash costs which represents the accelerated recognition of restricted stock expense for certain employees for the years ended December 31, 2011 and 2010.12.31, 2013 and 2012, $1,130 and $1,464, respectively, relating to unpaid restructuring expense was included in accounts payable, accrued expenses and other liabilities.20122013 are approximately as follows: $ 239,906 200,280 163,521 126,950 99,841 346,529 $ 1,177,027 13.2014 $ 242,261 2015 210,117 2016 167,903 2017 134,636 2018 102,717 Thereafter 298,738 Total $ 1,156,372 “Stock"Stock Incentive Plans”Plans") which are administered by the Compensation Committee of the Board of Directors. There are 11,500,000 shares authorized for issuance under the Stock Incentive Plans. Only officers, certain employees, our Independent Directors and our affiliates generally are eligible to participate in the Stock Incentive Plans.2012,2013, awards covering 1,376,144373,243 shares of common stock were available to be granted under the Stock Incentive Plans.Stock option transactions for the year ended December 31, 2012 are summarized as follows: Options Weighted
Average
Exercise
Price Aggregate
Intrinsic
Value 25,201 $ 31.57 $ — (25,201 ) $ 31.57 — 2011 and 2010,2011, matching contributions of $300, $284 $197 and $194,$197, respectively, were recorded.2011 and 2010,2011, we awarded 284,461, 565,137 292,339 and 573,198292,339 shares, respectively, of restricted stock awards to certain employees, which had a fair value of approximately$4,719, $7,065 $3,248 and $3,336, respectively,$3,248 on the date of approval byTheThese restricted stock awards generally vest over a period of three to four years. Compensation expense will be charged to earnings over the vesting period for the shares expected to vest.Expected dividend yield 2.22 % Expected volatility - range used 24.28% - 34.66% Expected volatility - weighted average 30.61 % Risk-free interest rate 0.03% - 0.71% Expected term 1 - 2.5 years 2011 and 2010,2011, we recognized $6,202, $8,559 and $3,759 and $6,040 in restricted stock amortization related to restricted stock and unit awards and LTIP Unit Awards, of which $43, $32 $0 and $0, respectively, was capitalized in connection with development activities. At December 31, 2012,2013, we had $3,282$7,319 in unrecognized compensation related to unvested restricted stock and unit awards.LTIP Unit Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 0.900.83 years.20122013 are summarized as follows: Awards Weighted
Average
Grant Date
Fair Value 1,405,281 $ 7.00 565,137 $ 12.50 (17,433 ) $ 10.92 (1,180,858 ) $ 9.57 772,127 $ 7.02 14. Awards Outstanding at December 31, 2012 (Restricted Stock and Unit) 772,127 $ 7.02 Issued (Restricted Stock and Unit and LTIP Unit Award) 1,003,421 $ 10.10 Forfeited (Restricted Stock and Unit) (201,719 ) $ 4.58 Vested (Restricted Stock and Unit) (292,608 ) $ 7.41 Outstanding at December 31, 2013 (Restricted Stock and Unit and LTIP Unit Award) 1,281,221 $ 9.72 (i)i) the 30 year Treasury CMT Rate, (ii)ii) the 10 year Treasury CMT Rate or (iii)iii) 3-month LIBOR. For the fourth quarter of 2012,2013, the new coupon rate was 5.285%6.065%. In October 2008, we entered into an interest rate swap agreement with a notional value of $50,000 to mitigate our exposure to floating interest rates related to the forecasted reset rate of the coupon rate of our Series F Preferred Stock (the “Series"Series F Agreement”Agreement"). This Series F Agreement fixes the 30-year U.S.30 year Treasury CMT rate at 5.2175%. Accounting guidance for derivatives does not permit hedge accounting treatment related to equity instruments and therefore the mark-to-market gains or losses related to this agreement are recorded in the statement of operations. For the years ended December 31, 2013 and 2012, gains of $52 and 2011, losses of $328, and $1,718, respectively, are recognized as Mark-to-Market Lossmark-to-market gain (loss) on Interest Rate Protection Agreements.interest rate protection agreements. Quarterly payments are treated as a component of the mark-to-market gains or losses and totaled $1,169$774 and $574$1,169 for the years ended December 31, 2013 and 2012, and 2011, respectively.Other Comprehensive Income (“OCI”other comprehensive income ("OCI") and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we willexpect to amortize approximately $2,421$1,358 into net income (loss) by increasing interest expense for interest rate protection agreements we settled in previous periods.derivativesSeries F Agreement and theirits fair values,value, which areis included in Accounts Payable, Accrued Expensesaccounts payable, accrued expenses and Other Liabilities, Netother liabilities on the accompanying consolidated balance sheets: Notional
Amount Strike Trade
Date Maturity
Date Fair Value
As of
December 31,
2012 Fair Value
As of
December 31,
2011 $ 50,000 5.2175 % October 2008 October 1, 2013 $ (826 ) $ (1,667 ) Hedge Product Strike Derivatives Not Designated as Hedging Instruments: Series F Agreement* $ 50,000 5.2175 % October 1, 2008 October 1, 2013 N/A $ (826 ) * Fair value excludes quarterly settlement payment due on Series F Agreement. As of December 31, 2012, and 2011, the outstanding payable was $305 and $280, respectively.$305.statementstatements of operations and the statementstatements of OCI for the years ended December 31, 20122013 and 2011: Year Ended Location on Statement December 31,
2012 December 31,
2011 Interest Expense $ (2,271 ) $ (2,166 ) Our agreements with our derivative counterparties contain provisions where if we default on any of our indebtedness, then we could also be declared in default on our derivative obligations subject to certain thresholds. Year Ended Interest Rate Products Location on Statement December 31, 2013 December 31, 2012 Amortization Reclassified from OCI into Income (Loss) Interest Expense $ (2,411 ) $ (2,271 ) liabilitiesliability related to the Series F Agreement that areis accounted for at fair value on a recurring basis as of December 31, 2012 and 2011: Fair Value Measurements at Reporting
Date Using: Fair Value Quoted Prices in
Active Markets
for
Identical Assets
(Level 1) Significant
Other
Observable
Inputs
(Level 2) Unobservable
Inputs
(Level 3) $ (826 ) — — $ (826 ) $ (1,667 ) — — $ (1,667 ) Fair Value Measurements at Reporting Date Using: Description Fair Value Liabilities: Series F Agreement at December 31, 2012 $ (826 ) — — $ (826 ) Quantitative Information about Level 3 Fair Value Measurements: Fair Value at
December 31, 2012 Valuation Technique Unobservable Inputs Range $ (826 ) Discounted Cash Long Dated
Treasuries (A) 2.82% - 2.91% Own Credit
Risk (B) 0.98% - 1.59% (A)Represents the forward 30 year Treasury CMT Rate.(B)Represents credit default swap spread curve used in the valuation analysis. Quantitative Information about Level 3 Fair Value Measurements: Description Fair Value Valuation Technique Unobservable Inputs Range Series F Agreement at December 31, 2012 $ (826 ) Discounted Cash Flow Long Dated Treasuries (A) 2.82% - 2.91% Own Credit Risk (B) 0.98% - 1.59% iswas determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the instrument. This analysis reflectsreflected the contractual terms of the agreementsagreement including the period to maturity. In adjusting the fair value of the interest rate protection agreementsSeries F Agreement for the effect of nonperformance risk, we havehad considered the impact of netting and any applicable credit enhancements.enhancement. To comply with the provisions of fair value measurement,incorporatedcalculated a credit valuation adjustment (“CVA”) to appropriately reflect both our own nonperformance risk and the respectiveour counterparty’s nonperformance risk in the fair value measurements. However, assessing significance of inputs is a matter of judgment that should consider a variety of factors. One factor we consider is the CVA and its materiality to the overall valuation of the derivatives on the balance sheet and to their related changes in fair value. We considerconsidered the Series F Agreement to be classified as Level 3 in the fair value hierarchy due to a significant number of unobservable inputs. The Series F Agreement swapsswapped a fixed rate of 5.2175% for floating rate payments based on 30-year Treasury.30 year Treasury CMT rate. No market observable prices exist for long-datedlong dated Treasuries. Therefore, we have classified the Series F Agreement in its entirety as a Level 3.liabilitiesliability classified as Level 3 at December 31, 20122013 and 2011: Fair Value
Measurements
Using Significant
Unobservable Inputs
(Level 3) Derivatives $ (523 ) (1,144 ) $ (1,667 ) 841 $ (826 ) 15.2012: Ending Liability Balance at December 31, 2011 $ (1,667 ) Mark-to-Market of the Series F Agreement 841 Ending Liability Balance at December 31, 2012 $ (826 ) Mark-to-Market of the Series F Agreement 826 Ending Liability Balance at December 31, 2013 $ — Seven2012,2013, we had an outstanding letter of credit and performance bonds in the aggregate amount of $9,546.2012,2013, we have committed to the development of three industrial buildings totaling approximately 1.50.8 million square feet of GLA.GLA that are under construction. The estimated total construction costs as of December 31, 2012,2013, are approximately $107,723$49,200 (unaudited). Of this amount, approximately $45,793$23,900 (unaudited) remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated completion cost stated above.2011 and 2010,2011, we recognized $1,440, $1,565 $1,955 and $3,047,$1,955, respectively, in operating and ground lease expense.20122013 are as follows: $ 2,090 1,790 1,673 1,702 1,732 26,938 $ 35,925 2014 $ 1,824 2015 1,660 2016 1,673 2017 1,702 2018 1,100 Thereafter 25,117 Total* $ 33,076 * Minimum rental payments have not been reduced by minimum sublease rentals of $8,339$6,832 due in the future under non-cancelable subleases.16.20132014 to February 28, 2013, we sold one industrial property and one land parcel for approximately $2,565. Additionally,27, 2014, we acquired one land parcelindustrial property for a purchase price of $6,250,approximately $13,400, excluding costs incurred in conjunction with the acquisition.Fromacquisition and we sold one industrial property for approximately $1,335. Additionally, in January 1, 2013 to February 28, 2013,2014 the 2003 Net Lease Joint Venture sold two industrial properties (see Note 5).repurchased and retired $4,000 of our seniorentered into a $200,000 unsecured notes maturing in 2028 for a payment of $4,565.The Board of Directors approved a first quarter 2013 common dividend of $0.085 per share/unit for shareholders of record on March 29, 2013loan with a payable dateseven-year term. The loan features interest-only payments and initially bears an interest rate of April 15, 2013.LIBOR plus 175 basis points. The effective record daterate is subject to adjustment based on our leverage ratio or credit ratings. We also entered into interest rate swap agreements, with an aggregate notional value of $200,000, to convert the term loan's LIBOR rate to a fixed rate of approximately 4.04% per annum, based on the loan's current spread.be March 28, 2013 as March 29, 2013 is a New York Stock Exchange holiday. The Boardredeem all 50,000 Depositary Shares of Directors also approved a first quarter 2013 preferred dividend of $0.45313 per depositary share related to both the Series J and the Series K Preferred Stock for preferred stockholders of record on March 15, 2013, a first quarter 2013 preferred dividend of $13.3125 per depositary share related to theour Series F Preferred Stock for preferred stockholdersStock. The redemption price will be $1,000.00 per Depositary Share, or $50,000, plus all accumulated and unpaid distributions to and including the date of record onredemption, March 29, 2013 and a first quarter 2013 preferred dividend6, 2014. We also announced that we will redeem all 25,000 Depositary Shares of $36.18 per depositary share related to theour Series G Preferred Stock for preferred stockholdersStock. The redemption price will be $1,000.00 per Depositary Share, or $25,000 plus all accumulated and unpaid distributions to and including the date of record onredemption, March 29, 2013. All first quarter 2013 preferred dividends are payable on April 1, 2013.17.31, 2014.20122013 and all fiscal quarters in 20112012 have been revised in accordance with guidance on accounting for discontinued operations. Net (Loss) Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities and basic and diluted EPS from Net (Loss) Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders have not been affected. Year Ended December 31, 2012 First
Quarter Second
Quarter Third
Quarter Fourth
Quarter $ 80,862 $ 82,305 $ 79,779 $ 84,327 91 37 28 1,403 536 972 184 466 (4,362 ) (11,929 ) 125 (2,656 ) 5,953 2,535 5,478 718 (329 ) (134 ) (265 ) (33 ) — — 3,777 — — — (196 ) — 1,262 (9,528 ) 8,919 (1,971 ) (4,762 ) (4,798 ) (4,725 ) (4,662 ) — — — (1,804 ) $ (3,500 ) $ (14,326 ) $ 4,194 $ (8,437 ) — — (33 ) — $ (3,500 ) $ (14,326 ) $ 4,161 $ (8,437 ) $ (0.11 ) $ (0.19 ) $ (0.01 ) $ (0.09 ) $ 0.06 $ 0.03 $ 0.06 $ 0.01 $ (0.04 ) $ (0.16 ) $ 0.04 $ (0.09 ) 86,575 87,981 93,488 97,738 Year Ended December 31, 2011 First
Quarter Second
Quarter Third
Quarter Fourth
Quarter $ 79,603 $ 78,801 $ 78,252 $ 79,220 36 99 772 73 849 477 963 794 (6,208 ) (2,490 ) (10,626 ) (8,647 ) 2,674 2,873 6,134 9,265 (196 ) (187 ) (360 ) (539 ) — — 918 — — — (56 ) — (3,730 ) 196 (3,990 ) 79 (4,927 ) (4,947 ) (4,928 ) (4,763 ) $ (8,657 ) $ (4,751 ) $ (8,918 ) $ (4,684 ) $ (0.16 ) $ (0.09 ) $ (0.17 ) $ (0.16 ) $ 0.04 $ 0.03 $ 0.07 $ 0.10 $ (0.12 ) $ (0.06 ) $ (0.10 ) $ (0.05 ) 70,639 79,727 85,930 85,941 Year Ended December 31, 2013 Total Revenues $ 80,698 $ 82,098 $ 81,294 $ 84,136 Equity in Income of Joint Ventures 20 27 72 17 Noncontrolling Interest Allocable to Continuing Operations 128 293 39 (67 ) Income (Loss) from Continuing Operations, Net of Noncontrolling Interest 1,027 (984 ) 2,592 2,699 (Loss) Income from Discontinued Operations (2,284 ) 12,639 5,919 19,323 Noncontrolling Interest Allocable to Discontinued Operations 104 (538 ) (246 ) (797 ) Gain on Sale of Real Estate, Net of Income Tax 262 — 291 337 Noncontrolling Interest Allocable to Gain on Sale of Real Estate (12 ) — (12 ) (13 ) Net (Loss) Income Attributable to First Industrial Realty Trust, Inc. (903 ) 11,117 8,544 21,549 Preferred Dividends (3,837 ) (2,277 ) (1,392 ) (1,227 ) Redemption of Preferred Stock — (3,546 ) (2,121 ) — Net (Loss) Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities (4,740 ) 5,294 5,031 20,322 Income from Continuing Operations Allocable to Participating Securities (36 ) — — (8 ) Income from Discontinued Operations Allocable to Participating Securities — (42 ) (42 ) (82 ) Net (Loss) Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ (4,776 ) $ 5,252 $ 4,989 $ 20,232 Basic and Diluted Earnings Per Share: (Loss) Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ (0.03 ) $ (0.06 ) $ 0.00 $ 0.01 (Loss) Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders $ (0.02 ) $ 0.11 $ 0.05 $ 0.17 Net (Loss) Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ (0.05 ) $ 0.05 $ 0.05 $ 0.18 Weighted Average Shares – Basic 100,774 108,117 109,474 109,490 LTIP Unit Awards — — — 485 Weighted Average Units —Diluted 100,774 108,117 109,474 109,975 Year Ended December 31, 2012 Total Revenues $ 77,523 $ 78,946 $ 76,636 $ 81,220 Equity in Income of Joint Ventures 91 37 28 1,403 Noncontrolling Interest Allocable to Continuing Operations 538 1,005 204 487 Loss from Continuing Operations, Net of Noncontrolling Interest (4,396 ) (12,502 ) (246 ) (3,081 ) Income from Discontinued Operations 5,989 3,141 5,869 1,164 Noncontrolling Interest Allocable to Discontinued Operations (331 ) (167 ) (285 ) (54 ) Gain on Sale of Real Estate — — 3,777 — Noncontrolling Interest Allocable to Gain on Sale of Real Estate — — (196 ) — Net Income (Loss) Attributable to First Industrial Realty Trust, Inc. 1,262 (9,528 ) 8,919 (1,971 ) Preferred Dividends (4,762 ) (4,798 ) (4,725 ) (4,662 ) Redemption of Preferred Stock — — — (1,804 ) Net (Loss) Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities (3,500 ) (14,326 ) 4,194 (8,437 ) Income from Discontinued Operations Allocable to Participating Securities — — (33 ) — Net (Loss) Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ (3,500 ) $ (14,326 ) $ 4,161 $ (8,437 ) Basic and Diluted Earnings Per Share: Loss from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ (0.11 ) $ (0.19 ) $ (0.02 ) $ (0.10 ) Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders $ 0.07 $ 0.03 $ 0.06 $ 0.01 Net (Loss) Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ (0.04 ) $ (0.16 ) $ 0.04 $ (0.09 ) Weighted Average Shares – Basic and Diluted 86,575 87,981 93,488 97,738 Ofof December 31, 2012
Capitalized
Subsequent to
Completion
Provision (b)
Initial Cost Gross Amount Carried
At Close of Period 12/31/12
12/31/2012
Constructed
(Years) Building Address (a)
Encumbrances Land Building and
Improvements Land Building and
Improvements Total (In thousands) Duluth, GA $ — $ 264 $ 1,522 $ 21 $ 214 $ 1,593 $ 1,807 $ 756 1994 (l ) Duluth, GA — 506 2,904 (706 ) 284 2,420 2,704 1,264 1994 (l ) McDonough, GA — 788 4,544 (1,196 ) 365 3,771 4,136 2,179 1994 (l ) Conyers, GA — 635 3,662 810 635 4,472 5,107 1,962 1994 (l ) Conyers, GA — 288 1,675 801 228 2,536 2,764 949 1994 (l ) Covington, GA — 125 739 164 125 903 1,028 395 1994 (l ) Atlanta, GA — 726 4,130 866 726 4,996 5,722 2,110 1994 (l ) Atlanta, GA — 750 4,460 1,919 828 6,301 7,129 2,778 1994 (l ) Atlanta, GA — 1,012 5,918 1,654 1,157 7,427 8,584 3,189 1994 (l ) (d ) Atlanta, GA 2,326 527 2,984 1,142 546 4,107 4,653 1,442 1996 (l ) Kennesaw, GA 2,960 780 4,420 722 804 5,118 5,922 1,942 1997 (l ) Conyers, GA 2,088 566 3,134 433 574 3,559 4,133 1,129 1999 (l ) Conyers, GA — 452 2,504 143 459 2,640 3,099 865 1999 (l ) Norcross, GA 1,236 336 1,907 229 339 2,133 2,472 567 2001 (l ) Norcross, GA 1,153 307 1,742 257 309 1,997 2,306 568 2001 (l ) Norcross, GA 1,154 281 1,592 266 283 1,856 2,139 508 2001 (l ) Norcross, GA 1,665 420 2,381 285 423 2,663 3,086 760 2001 (l ) Norcross, GA 1,328 332 1,879 249 334 2,126 2,460 535 2001 (l ) Norcross, GA — 370 2,099 (949 ) 146 1,374 1,520 631 2001 (l ) Norcross, GA — 740 4,192 (708 ) 352 3,872 4,224 1,506 2001 (l ) Ellenwood, GA — 1,600 12,464 2,135 1,604 14,595 16,199 3,970 2003 (l ) McDonough, GA 4,517 1,550 — 7,485 1,550 7,485 9,035 1,572 2004 (l ) Cartersville GA 1,755 794 2,252 6 798 2,254 3,052 641 2005 (l ) Villa Rica GA — 401 3,754 (698 ) 406 3,051 3,457 632 2005 (l ) Atlanta, GA 1,539 485 1,979 (23 ) 490 1,951 2,441 1,338 2005 (l ) Atlanta, GA 4,841 735 3,627 390 740 4,012 4,752 1,855 2005 (l ) Norcross, GA — 510 1,250 91 513 1,338 1,851 325 2005 (l ) Norcross, GA — 711 2,310 297 715 2,603 3,318 687 2005 (l ) Stone Mountain,
GA 2,752 604 3,888 501 610 4,383 4,993 1,692 2005 (l ) Stone Mountain,
GA — 397 1,791 (10 ) 402 1,776 2,178 530 2005 (l ) Athens, GA — 1,410 5,344 (1,742 ) 989 4,023 5,012 2,831 2005 (l ) Buford, GA 1,522 712 2,118 18 716 2,132 2,848 678 2006 (l ) Buford, GA 2,475 881 3,550 460 885 4,006 4,891 1,326 2006 (l ) McDonough, GA — 756 3,695 (1,199 ) 467 2,785 3,252 859 2007 (l ) Pendergrass, GA — 2,580 21,730 2,766 2,594 24,482 27,076 4,458 2007 (l ) Alpharetta, GA — 2,403 1,912 388 2,428 2,275 4,703 610 2008 (l ) Baltimore, MD — 884 4,891 1,551 899 6,427 7,326 1,966 1998 (l ) Lanham, MD — 700 1,920 529 700 2,449 3,149 837 2003 (l ) Lanham, MD — 500 955 388 500 1,343 1,843 436 2003 (l ) Lanham, MD — 1,100 3,070 390 1,100 3,460 4,560 1,019 2003 (l ) Lanham, MD — 1,200 2,174 604 1,200 2,778 3,978 773 2003 (l ) Dulles, VA 7,393 3,200 8,187 (850 ) 3,208 7,329 10,537 1,344 2004 (l ) Dulles, VA — 2,200 9,346 (820 ) 2,206 8,520 10,726 1,593 2004 (l ) Lanham, MD — 356 1,823 341 375 2,145 2,520 630 2005 (l ) Lanham, MD — 279 1,358 74 296 1,415 1,711 349 2005 (l ) Lanham, MD — 351 1,955 303 372 2,237 2,609 537 2005 (l ) Lanham, MD — 539 2,196 146 568 2,313 2,881 639 2005 (l ) Hunt Valley, MD — 1,017 3,132 148 1,038 3,259 4,297 1,100 2005 (l ) Hunt Valley, MD — 918 2,529 345 938 2,854 3,792 947 2005 (l ) Hunt Valley, MD — 901 1,455 (55 ) 919 1,382 2,301 412 2005 (l ) Hunt Valley, MD — 701 1,691 53 718 1,727 2,445 491 2005 (l ) Hunt Valley, MD 2,479 913 2,705 (113 ) 913 2,592 3,505 1,035 2005 (l ) Hunt Valley, MD — 1,111 3,819 683 1,136 4,477 5,613 1,224 2005 (l ) Sparks, MD — 1,648 2,151 (241 ) 1,690 1,868 3,558 562 2005 (l ) Baltimore, MD — 829 1,329 1,142 847 2,453 3,300 496 2005 (l ) Hunt Valley, MD — 924 2,876 2,655 942 5,513 6,455 1,118 2005 (l ) Baltimore, MD — 979 1,672 119 1,000 1,770 2,770 525 2005 (l ) Woodlawn, MD — 1,283 2,674 33 1,311 2,679 3,990 982 2005 (l ) Baltimore, MD — 1,032 2,150 331 1,054 2,459 3,513 733 2005 (l ) Baltimore, MD — 875 1,826 993 897 2,797 3,694 1,032 2005 (l ) Baltimore, MD — 2,640 270 14,660 2,823 14,747 17,570 2,563 2008 (l ) Cranberry
Township, PA 1,369 31 994 613 200 1,438 1,638 1,155 1994 (l ) Middletown, PA 1,216 262 857 1,696 287 2,528 2,815 1,784 1994 (l ) Middletown, PA — 196 997 935 206 1,922 2,128 1,302 1994 (l ) Middletown, PA 1,892 141 859 1,263 164 2,099 2,263 1,314 1994 (l ) Middletown, PA 1,690 113 743 1,165 209 1,812 2,021 1,310 1994 (l ) Mechanicsburg,
PA — 510 2,890 6,452 541 9,311 9,852 3,254 1997 (l ) Hagerstown, MD 12,680 1,390 13,104 3,893 1,863 16,524 18,387 3,889 2003 (l ) Hagerstown, MD 6,539 1,000 5,847 908 1,016 6,739 7,755 1,601 2004 (l ) Jessup, PA 2,976 542 — 3,017 532 3,027 3,559 598 2004 (l ) Shiremanstown,
PA — 1,181 4,447 2,611 1,328 6,911 8,239 2,252 2005 (l ) Shiremanstown,
PA 8,698 1,293 7,164 2,044 1,341 9,160 10,501 3,163 2005 (l ) Harrisburg, PA — 585 3,176 127 601 3,287 3,888 910 2005 (l ) Washington, PA — 201 1,819 (283 ) 178 1,559 1,737 586 2005 (l ) Harrisburg, PA 1,881 382 2,343 55 387 2,393 2,780 637 2006 (l ) Harrisburg, PA 1,366 436 1,587 52 443 1,632 2,075 495 2006 (l ) Carlisle, PA — 1,500 — 13,876 2,341 13,035 15,376 2,045 2008 (l ) Gouldsboro, PA — 7,022 — 58,266 7,019 58,269 65,288 6,636 2008 (l ) York, PA 18,476 4,718 — 23,567 4,715 23,570 28,285 3,099 2008 (l ) Manchester, PA — 4,085 14,464 6 4,085 14,470 18,555 533 2012 (l ) Northbrook, IL — 521 2,982 567 521 3,549 4,070 1,486 1994 (l ) Lemont, IL 4,148 967 5,554 1,691 968 7,244 8,212 2,929 1994 (l ) Bedford Park, IL — 224 1,309 552 224 1,861 2,085 791 1994 (l ) Mount Prospect,
IL — 611 3,505 1,697 525 5,288 5,813 2,745 1994 (l ) Addison, IL 3,826 688 3,943 1,226 696 5,161 5,857 2,325 1994 (l ) Aurora, IL — 430 2,472 409 430 2,881 3,311 1,336 1994 (l ) Northbrook, IL — 200 1,154 953 205 2,102 2,307 666 1994 (l ) Northbrook, IL — 429 2,518 125 429 2,643 3,072 1,217 1994 (l ) Carol Stream, IL 6,146 1,042 6,882 2,631 1,073 9,482 10,555 4,431 1994 (l ) Franklin Park, IL — 332 1,931 49 208 2,104 2,312 1,199 1995 (l ) Alsip, IL — 1,208 6,843 2,685 1,305 9,431 10,736 3,372 1997 (l ) Bensenville, IL — 979 5,546 3,812 1,048 9,289 10,337 2,877 1997 (l ) Broadview, IL — 220 1,248 240 231 1,477 1,708 540 1998 (l ) Building Address Land Land Total (In thousands) Atlanta 4250 River Green Parkway Duluth, GA $ — $ 264 $ 1,522 $ 32 $ 214 $ 1,604 $ 1,818 $ 813 1994 (j) 3450 Corporate Way Duluth, GA — 506 2,904 (705 ) 284 2,421 2,705 1,319 1994 (j) 1650 Highway 155 McDonough, GA — 788 4,544 (817 ) 365 4,150 4,515 2,368 1994 (j) 1665 Dogwood Conyers, GA — 635 3,662 946 635 4,608 5,243 2,064 1994 (j) 1715 Dogwood Conyers, GA — 288 1,675 801 228 2,536 2,764 1,006 1994 (j) 11235 Harland Drive Covington, GA — 125 739 164 125 903 1,028 422 1994 (j) 4051 Southmeadow Parkway Atlanta, GA — 726 4,130 889 726 5,019 5,745 2,238 1994 (j) 4071 Southmeadow Parkway Atlanta, GA — 750 4,460 1,688 828 6,070 6,898 2,733 1994 (j) 4081 Southmeadow Parkway Atlanta, GA — 1,012 5,918 1,457 1,157 7,230 8,387 3,214 1994 (j) 5570 Tulane Dr (d) Atlanta, GA 2,281 527 2,984 1,046 546 4,011 4,557 1,546 1996 (j) 955 Cobb Place Kennesaw, GA 3,008 780 4,420 809 804 5,205 6,009 1,929 1997 (j) 1005 Sigman Road Conyers, GA 2,163 566 3,134 433 574 3,559 4,133 1,224 1999 (j) 2050 East Park Drive Conyers, GA — 452 2,504 143 459 2,640 3,099 932 1999 (j) 1256 Oakbrook Drive Norcross, GA 1,290 336 1,907 334 339 2,238 2,577 673 2001 (j) 1265 Oakbrook Drive Norcross, GA 1,167 307 1,742 281 309 2,021 2,330 631 2001 (j) 1280 Oakbrook Drive Norcross, GA 1,161 281 1,592 286 283 1,876 2,159 563 2001 (j) 1300 Oakbrook Drive Norcross, GA 1,640 420 2,381 248 423 2,626 3,049 797 2001 (j) 1325 Oakbrook Drive Norcross, GA 1,362 332 1,879 322 334 2,199 2,533 681 2001 (j) 1351 Oakbrook Drive Norcross, GA — 370 2,099 (940 ) 146 1,383 1,529 687 2001 (j) 1346 Oakbrook Drive Norcross, GA — 740 4,192 (699 ) 352 3,881 4,233 1,719 2001 (j) 3060 South Park Blvd Ellenwood, GA — 1,600 12,464 2,386 1,604 14,846 16,450 4,514 2003 (j) Greenwood Industrial Park McDonough, GA 4,523 1,550 — 7,485 1,550 7,485 9,035 1,761 2004 (j) 46 Kent Drive Cartersville GA 1,757 794 2,252 6 798 2,254 3,052 725 2005 (j) 605 Stonehill Drive Atlanta, GA 1,534 485 1,979 (23 ) 490 1,951 2,441 1,521 2005 (j) 5095 Phillip Lee Drive Atlanta, GA 5,008 735 3,627 451 740 4,073 4,813 2,086 2005 (j) 6514 Warren Drive Norcross, GA — 510 1,250 114 513 1,361 1,874 390 2005 (j) 6544 Warren Drive Norcross, GA — 711 2,310 298 715 2,604 3,319 799 2005 (j) 5356 E. Ponce De Leon Stone Mountain, GA 2,571 604 3,888 288 610 4,170 4,780 1,724 2005 (j) 5390 E. Ponce De Leon Stone Mountain, GA — 397 1,791 42 402 1,828 2,230 622 2005 (j) 195 & 197 Collins Boulevard Athens, GA — 1,410 5,344 (1,742 ) 989 4,023 5,012 3,142 2005 (j) 1755 Enterprise Drive Buford, GA 1,317 712 2,118 (200 ) 716 1,914 2,630 533 2006 (j) 4555 Atwater Court Buford, GA 2,266 881 3,550 96 885 3,642 4,527 1,002 2006 (j) 80 Liberty Industrial Parkway McDonough, GA — 756 3,695 (1,428 ) 467 2,556 3,023 800 2007 (j) 596 Bonnie Valentine Pendergrass, GA — 2,580 21,730 2,870 2,594 24,586 27,180 5,013 2007 (j) 11415 Old Roswell Road Alpharetta, GA 3,148 2,403 1,912 628 2,428 2,515 4,943 784 2008 (j) Baltimore 9700 Martin Luther King Hwy Lanham, MD — 700 1,920 734 700 2,654 3,354 961 2003 (j) 9730 Martin Luther King Hwy Lanham, MD — 500 955 500 500 1,455 1,955 498 2003 (j) 4621 Boston Way Lanham, MD — 1,100 3,070 466 1,100 3,536 4,636 1,235 2003 (j) 4720 Boston Way Lanham, MD — 1,200 2,174 630 1,200 2,804 4,004 903 2003 (j) 22520 Randolph Drive Dulles, VA 7,301 3,200 8,187 (850 ) 3,208 7,329 10,537 1,508 2004 (j) 22630 Dulles Summit Court Dulles, VA — 2,200 9,346 (820 ) 2,206 8,520 10,726 1,793 2004 (j) 4201 Forbes Boulevard Lanham, MD — 356 1,823 156 375 1,960 2,335 518 2005 (j) 4370-4383 Lottsford Vista Road Lanham, MD — 279 1,358 107 296 1,448 1,744 399 2005 (j) 4400 Lottsford Vista Road Lanham, MD — 351 1,955 206 372 2,140 2,512 481 2005 (j) 4420 Lottsford Vista Road Lanham, MD — 539 2,196 (14 ) 568 2,153 2,721 522 2005 (j) 11204 McCormick Road Hunt Valley, MD — 1,017 3,132 (59 ) 1,038 3,052 4,090 1,043 2005 (j) 11110 Pepper Road Hunt Valley, MD — 918 2,529 337 938 2,846 3,784 1,070 2005 (j) 11100-11120 Gilroy Road Hunt Valley, MD — 901 1,455 (55 ) 919 1,382 2,301 490 2005 (j) 318 Clubhouse Lane Hunt Valley, MD — 701 1,691 53 718 1,727 2,445 592 2005 (j) 10709 Gilroy Road Hunt Valley, MD 2,436 913 2,705 (143 ) 913 2,562 3,475 1,030 2005 (j) 10707 Gilroy Road Hunt Valley, MD — 1,111 3,819 502 1,136 4,296 5,432 1,267 2005 (j) 38 Loveton Circle Sparks, MD — 1,648 2,151 (241 ) 1,690 1,868 3,558 642 2005 (j) 7120-7132 Ambassador Road Baltimore, MD — 829 1,329 1,155 847 2,466 3,313 648 2005 (j) 7142 Ambassador Road Hunt Valley, MD — 924 2,876 4,274 942 7,132 8,074 1,363 2005 (j) 7144-7162 Ambassador Road Baltimore, MD — 979 1,672 181 1,000 1,832 2,832 613 2005 (j) 7223-7249 Ambassador Road Woodlawn, MD — 1,283 2,674 392 1,311 3,038 4,349 1,175 2005 (j) 7200 Rutherford Road Baltimore, MD — 1,032 2,150 330 1,054 2,458 3,512 840 2005 (j) 2700 Lord Baltimore Road Baltimore, MD — 875 1,826 740 897 2,544 3,441 939 2005 (j) 1225 Bengies Road Baltimore, MD — 2,640 270 14,439 2,823 14,526 17,349 2,902 2008 (j) Central Pennsylvania 1214-B Freedom Road Cranberry Township, PA 1,402 31 994 613 200 1,438 1,638 1,211 1994 (j) 401 Russell Drive Middletown, PA 1,191 262 857 1,696 287 2,528 2,815 1,882 1994 (j) 2700 Commerce Drive Middletown, PA — 196 997 935 206 1,922 2,128 1,393 1994 (j) 2701 Commerce Drive Middletown, PA 1,937 141 859 1,263 164 2,099 2,263 1,384 1994 (j) 2780 Commerce Drive Middletown, PA 1,700 113 743 1,131 209 1,778 1,987 1,348 1994 (j) 350 Old Silver Spring Road Mechanicsburg, PA — 510 2,890 6,863 541 9,722 10,263 3,615 1997 (j) 16522 Hunters Green Parkway Hagerstown, MD 11,893 1,390 13,104 3,948 1,863 16,579 18,442 4,302 2003 (j) 18212 Shawley Drive Hagerstown, MD 6,461 1,000 5,847 702 1,016 6,533 7,549 1,491 2004 (j) 37 Valley View Drive Jessup, PA 3,046 542 — 3,017 532 3,027 3,559 675 2004 (j) 301 Railroad Avenue Shiremanstown, PA — 1,181 4,447 2,647 1,328 6,947 8,275 2,606 2005 (j) 431 Railroad Avenue Shiremanstown, PA 8,503 1,293 7,164 1,611 1,341 8,727 10,068 3,129 2005 (j) 6951 Allentown Blvd Harrisburg, PA — 585 3,176 306 601 3,466 4,067 1,045 2005 (j) 320 Reliance Road Washington, PA — 201 1,819 (283 ) 178 1,559 1,737 660 2005 (j) 1351 Eisenhower Blvd., Bldg. 1 Harrisburg, PA 1,931 382 2,343 55 387 2,393 2,780 752 2006 (j) 1351 Eisenhower Blvd., Bldg. 2 Harrisburg, PA 1,393 436 1,587 7 443 1,587 2,030 521 2006 (j) 1490 Dennison Circle Carlisle, PA — 1,500 — 14,234 2,341 13,393 15,734 2,527 2008 (j) 298 First Avenue Gouldsboro, PA — 7,022 — 58,462 7,019 58,465 65,484 8,269 2008 (j) 225 Cross Farm Lane York, PA 17,796 4,718 — 23,567 4,715 23,570 28,285 3,689 2008 (j) 105 Steamboat Blvd Manchester, PA — 4,085 14,464 1 4,070 14,480 18,550 1,116 2012 (j) 20 Leo Lane York County, PA — 6,884 — 23,731 6,886 23,729 30,615 99 2013 (j) Chicago 720-730 Landwehr Drive Northbrook, IL — 521 2,982 759 521 3,741 4,262 1,600 1994 (j) 1385 101st Street Lemont, IL 4,298 967 5,554 1,692 968 7,245 8,213 3,151 1994 (j) 6750 South Sayre Avenue Bedford Park, IL — 224 1,309 584 224 1,893 2,117 862 1994 (j) 585 Slawin Court Mount Prospect, IL — 611 3,505 1,697 525 5,288 5,813 3,093 1994 (j) 2300 Windsor Court Addison, IL 3,652 688 3,943 1,173 696 5,108 5,804 2,492 1994 (j) 305-311 Era Drive Northbrook, IL — 200 1,154 1,012 205 2,161 2,366 733 1994 (j) 365 North Avenue Carol Stream, IL 6,046 1,042 6,882 2,631 1,073 9,482 10,555 4,806 1994 (j) 11241 Melrose Street Franklin Park, IL — 332 1,931 44 208 2,099 2,307 1,240 1995 (j) 11939 South Central Avenue Alsip, IL — 1,208 6,843 2,685 1,305 9,431 10,736 3,672 1997 (j) 1010-50 Sesame Street Bensenville, IL — 979 5,546 3,998 1,048 9,475 10,523 3,211 1997 (j) 2120-24 Roberts Broadview, IL — 220 1,248 277 231 1,514 1,745 583 1998 (j) 800 Business Drive Mount Prospect, IL — 631 3,493 328 666 3,786 4,452 1,230 2000 (j) 580 Slawin Court Mount Prospect, IL 818 233 1,292 (37 ) 162 1,326 1,488 505 2000 (j) 1005 101st Street Lemont, IL 6,141 1,200 6,643 918 1,220 7,541 8,761 2,406 2001 (j) 175 Wall Street Glendale Heights, IL 1,478 427 2,363 163 433 2,520 2,953 799 2002 (j) 800-820 Thorndale Avenue Bensenville, IL — 751 4,159 1,464 761 5,613 6,374 1,971 2002 (j) 251 Airport Road North Aurora, IL 5,171 983 — 6,696 983 6,696 7,679 1,999 2002 (j) 1661 Feehanville Drive Mount Prospect, IL — 985 5,455 2,725 1,044 8,121 9,165 2,599 2004 (j) 400 Crossroads Pkwy Bolingbrook, IL — 1,178 9,453 1,130 1,181 10,580 11,761 3,078 2005 (j) 7609 W. Industrial Drive Forest Park, IL — 1,207 2,343 103 1,213 2,440 3,653 963 2005 (j) 7801 W. Industrial Drive Forest Park, IL — 1,215 3,020 468 1,220 3,483 4,703 1,230 2005 (j) 825 E. 26th Street LaGrange, IL — 1,547 2,078 2,665 1,617 4,673 6,290 2,224 2005 (j) 725 Kimberly Drive Carol Stream, IL — 793 1,395 154 801 1,541 2,342 505 2005 (j) 17001 S. Vincennes Thornton, IL — 497 504 37 513 525 1,038 332 2005 (j) 1111 Davis Road Elgin, IL 2,777 998 1,859 1,028 1,046 2,839 3,885 1,690 2006 (j) 2900 W. 166th Street Markham, IL — 1,132 4,293 723 1,134 5,014 6,148 2,093 2007 (j) 555 W. Algonquin Rd Arlington Heights, IL — 574 741 1,936 579 2,672 3,251 608 2007 (j) 7000 W. 60th Street Chicago, IL — 609 932 100 667 974 1,641 511 2007 (j) 9501 Nevada Franklin Park, IL — 2,721 5,630 (199 ) 2,737 5,415 8,152 1,182 2008 (j) 1501 Oakton Street Elk Grove Village, IL 7,283 3,369 6,121 (117 ) 3,482 5,891 9,373 1,291 2008 (j) 16500 W. 103rd Street Woodridge, IL 2,448 744 2,458 366 762 2,806 3,568 738 2008 (j) 8505 50th Street Kenosha, WI — 3,212 — 24,960 3,212 24,960 28,172 3,905 2008 (j) 4100 Rock Creek Blvd Joliet, IL — 4,476 16,061 77 4,476 16,138 20,614 380 2013 (j) 10100 58th Place Kenosha, WI — 4,201 17,604 1,363 4,201 18,967 23,168 247 2013 (j) Cincinnati 9900-9970 Princeton Cincinnati, OH 3,743 545 3,088 1,706 566 4,773 5,339 1,993 1996 (j) 2940 Highland Cincinnati, OH — 1,717 9,730 94 952 10,589 11,541 5,167 1996 (j) 4700-4750 Creek Road Blue Ash, OH — 1,080 6,118 1,351 1,109 7,440 8,549 3,066 1996 (j) 4436 Muhlhauser Road Hamilton, OH 3,715 630 — 5,276 630 5,276 5,906 1,490 2002 (j) 4438 Muhlhauser Road Hamilton, OH 4,575 779 — 6,517 779 6,517 7,296 1,886 2002 (j) 420 Wards Corner Road Loveland, OH — 600 1,083 574 606 1,651 2,257 515 2003 (j) 422 Wards Corner Road Loveland, OH — 600 1,811 (137 ) 592 1,682 2,274 511 2003 (j) 4663 Dues Drive Westchester, OH — 858 2,273 543 875 2,799 3,674 2,195 2005 (j) 9345 Princeton-Glendale Road Westchester, OH 1,555 818 1,648 380 840 2,006 2,846 953 2006 (j) 9525 Glades Drive Westchester, OH — 347 1,323 115 355 1,430 1,785 485 2007 (j) 9774-9792 Windisch Road Westchester, OH — 392 1,744 29 394 1,771 2,165 469 2007 (j) 9808-9830 Windisch Road Westchester, OH — 395 2,541 47 397 2,586 2,983 521 2007 (j) 9842-9862 Windisch Road Westchester, OH — 506 3,148 143 508 3,289 3,797 710 2007 (j) 9872-9898 Windisch Road Westchester, OH — 546 3,039 137 548 3,174 3,722 722 2007 (j) 9902-9922 Windisch Road Westchester, OH — 623 4,003 694 627 4,693 5,320 1,244 2007 (j) Cleveland 30311 Emerald Valley Parkway Glenwillow, OH 9,320 681 11,838 988 691 12,816 13,507 3,523 2006 (j) 30333 Emerald Valley Parkway Glenwillow, OH 4,693 466 5,447 186 475 5,624 6,099 1,812 2006 (j) 7800 Cochran Road Glenwillow, OH — 972 7,033 337 991 7,351 8,342 2,131 2006 (j) 7900 Cochran Road Glenwillow, OH 4,808 775 6,244 10 792 6,237 7,029 1,652 2006 (j) 7905 Cochran Road Glenwillow, OH — 920 6,174 341 921 6,514 7,435 1,913 2006 (j) 30600 Carter Street Solon, OH — 989 3,042 652 1,022 3,661 4,683 2,139 2006 (j) 8181 Darrow Road Twinsburg, OH 7,100 2,478 6,791 2,016 2,496 8,789 11,285 2,805 2008 (j) Dallas 2406-2416 Walnut Ridge Dallas, TX — 178 1,006 633 172 1,645 1,817 545 1997 (j) 2401-2419 Walnut Ridge Dallas, TX — 148 839 403 142 1,248 1,390 398 1997 (j) 900-906 Great Southwest Pkwy Arlington, TX — 237 1,342 638 270 1,947 2,217 756 1997 (j) 3000 West Commerce Dallas, TX — 456 2,584 1,032 469 3,603 4,072 1,363 1997 (j) 3030 Hansboro Dallas, TX — 266 1,510 (664 ) 87 1,025 1,112 628 1997 (j) 405-407 113th Arlington, TX — 181 1,026 588 185 1,610 1,795 624 1997 (j) 816 111th Street Arlington, TX 882 251 1,421 195 258 1,609 1,867 633 1997 (j) 7427 Dogwood Park Richland Hills, TX — 96 532 302 102 828 930 274 1998 (j) 7348-54 Tower Street Richland Hills, TX — 88 489 213 94 696 790 246 1998 (j) 7339-41 Tower Street Richland Hills, TX — 98 541 174 104 709 813 245 1998 (j) 7437-45 Tower Street Richland Hills, TX — 102 563 287 108 844 952 268 1998 (j) 7331-59 Airport Freeway Richland Hills, TX 1,669 354 1,958 340 372 2,280 2,652 829 1998 (j) 7338-60 Dogwood Park Richland Hills, TX — 106 587 244 112 825 937 265 1998 (j) 7450-70 Dogwood Park Richland Hills, TX — 106 584 99 112 677 789 250 1998 (j) 7423-49 Airport Freeway Richland Hills, TX 1,487 293 1,621 449 308 2,055 2,363 712 1998 (j) 7400 Whitehall Street Richland Hills, TX — 109 603 95 115 692 807 249 1998 (j) 1602-1654 Terre Colony Dallas, TX 1,831 458 2,596 822 468 3,408 3,876 1,043 2000 (j) 2351-2355 Merritt Drive Garland, TX — 101 574 157 92 740 832 257 2000 (j) 2220 Merritt Drive Garland, TX — 352 1,993 507 316 2,536 2,852 896 2000 (j) 2010 Merritt Drive Garland, TX — 350 1,981 55 318 2,068 2,386 608 2000 (j) 2363 Merritt Drive Garland, TX — 73 412 10 47 448 495 200 2000 (j) 2447 Merritt Drive Garland, TX — 70 395 (115 ) 23 327 350 190 2000 (j) 2465-2475 Merritt Drive Garland, TX — 91 514 39 71 573 644 206 2000 (j) 2485-2505 Merritt Drive Garland, TX — 431 2,440 762 426 3,207 3,633 1,055 2000 (j) 2110 Hutton Drive Carrolton, TX — 374 2,117 100 255 2,336 2,591 717 2001 (j) 2025 McKenzie Drive Carrolton, TX 1,439 437 2,478 130 442 2,603 3,045 831 2001 (j) 2019 McKenzie Drive Carrolton, TX 1,734 502 2,843 324 507 3,162 3,669 1,031 2001 (j) 2029-2035 McKenzie Drive Carrolton, TX 1,512 306 1,870 236 306 2,106 2,412 675 2001 (j) 2015 McKenzie Drive Carrolton, TX 2,527 510 2,891 352 516 3,237 3,753 1,015 2001 (j) 2009 McKenzie Drive Carrolton, TX 2,448 476 2,699 460 481 3,154 3,635 1,011 2001 (j) 900-1100 Avenue S Grand Prairie, TX 2,577 623 3,528 1,304 629 4,826 5,455 1,538 2002 (j) Plano Crossing (f) Plano, TX 9,504 1,961 11,112 1,039 1,981 12,131 14,112 3,464 2002 (j) 7413A-C Dogwood Park Richland Hills, TX — 110 623 255 111 877 988 265 2002 (j) 7450 Tower Street Richland Hills, TX — 36 204 103 36 307 343 101 2002 (j) 7436 Tower Street Richland Hills, TX — 57 324 196 58 519 577 150 2002 (j) 7426 Tower Street Richland Hills, TX — 76 429 249 76 678 754 230 2002 (j) 7427-7429 Tower Street Richland Hills, TX — 75 427 146 76 572 648 189 2002 (j) 2840-2842 Handley Ederville Rd Richland Hills, TX — 112 635 55 113 689 802 192 2002 (j) 7451-7477 Airport Freeway Richland Hills, TX 1,387 256 1,453 495 259 1,945 2,204 541 2002 (j) 7450 Whitehall Street Richland Hills, TX — 104 591 339 105 929 1,034 223 2002 (j) 3000 Wesley Way Richland Hills, TX 907 208 1,181 18 211 1,196 1,407 337 2002 (j) 7451 Dogwood Park Richland Hills, TX 671 133 753 184 134 936 1,070 224 2002 (j) 825-827 Avenue H (d) Arlington, TX 2,568 600 3,006 58 604 3,060 3,664 1,094 2004 (j) 1013-31 Avenue M Grand Prairie, TX — 300 1,504 243 302 1,745 2,047 527 2004 (j) 1172-84 113th Street (d) Grand Prairie, TX 1,992 700 3,509 5 704 3,510 4,214 1,091 2004 (j) 1200-16 Avenue H (d) Arlington, TX 1,733 600 2,846 222 604 3,064 3,668 847 2004 (j) 1322-66 W. North Carrier Parkway (e) Grand Prairie, TX 4,633 1,000 5,012 598 1,006 5,604 6,610 1,571 2004 (j) Ofof December 31, 2012
Capitalized
Subsequent to
Completion
Provision (b)
Initial Cost Gross Amount Carried
At Close of Period 12/31/12
12/31/2012
Constructed
(Years) Building Address (a)
Encumbrances Land Building and
Improvements Land Building and
Improvements Total (In thousands) Mount Prospect, IL — 631 3,493 328 666 3,786 4,452 1,132 2000 (l ) Mount Prospect, IL 827 233 1,292 (37 ) 162 1,326 1,488 459 2000 (l ) Lemont, IL 6,053 1,200 6,643 857 1,220 7,480 8,700 2,164 2001 (l ) Glendale Heights, IL 1,476 427 2,363 163 433 2,520 2,953 729 2002 (l ) Bensenville, IL — 751 4,159 2,174 761 6,323 7,084 2,397 2002 (l ) North Aurora, IL 5,242 983 — 6,770 983 6,770 7,753 1,853 2002 (l ) Mount Prospect, IL — 985 5,455 2,600 1,044 7,996 9,040 2,280 2004 (l ) Elk Grove Village,
IL — 1,500 4,842 (105 ) 1,514 4,723 6,237 1,326 2004 (l ) Bensenville, IL — 2,103 3,674 358 2,108 4,027 6,135 1,455 2005 (l ) Bensenville, IL — 1,597 2,767 67 1,601 2,830 4,431 968 2005 (l ) Bensenville, IL — 1,704 2,108 357 1,709 2,460 4,169 920 2005 (l ) Bolingbrook, IL 5,561 1,178 9,453 1,014 1,181 10,464 11,645 2,638 2005 (l ) Forest Park, IL — 1,207 2,343 81 1,213 2,418 3,631 846 2005 (l ) Forest Park, IL — 1,215 3,020 468 1,220 3,483 4,703 1,039 2005 (l ) LaGrange, IL — 1,547 2,078 2,649 1,617 4,657 6,274 1,911 2005 (l ) Carol Stream, IL — 793 1,395 207 801 1,594 2,395 478 2005 (l ) Thornton, IL — 497 504 37 513 525 1,038 290 2005 (l ) Elgin, IL 2,787 998 1,859 998 1,046 2,809 3,855 1,439 2006 (l ) Markham, IL — 1,132 4,293 723 1,134 5,014 6,148 1,775 2007 (l ) Arlington Heights,
IL — 574 741 1,936 579 2,672 3,251 512 2007 (l ) Chicago, IL — 609 932 237 667 1,111 1,778 708 2007 (l ) Franklin Park, IL 7,440 2,721 5,630 101 2,737 5,715 8,452 1,169 2008 (l ) Elk Grove Village,
IL 8,753 3,369 6,121 139 3,482 6,147 9,629 1,543 2008 (l ) Woodridge, IL 2,647 744 2,458 355 762 2,796 3,558 599 2008 (l ) Kenosha, WI 13,879 4,100 — 24,072 3,212 24,960 28,172 3,046 2008 (l ) Cincinnati, OH 3,621 545 3,088 1,571 566 4,638 5,204 1,842 1996 (l ) Cincinnati, OH — 1,717 9,730 14 1,146 10,315 11,461 4,768 1996 (l ) Blue Ash, OH — 1,080 6,118 1,272 1,109 7,361 8,470 2,877 1996 (l ) Hamilton, OH 3,728 630 — 5,077 630 5,077 5,707 1,275 2002 (l ) Hamilton, OH 4,722 779 — 6,407 779 6,407 7,186 1,752 2002 (l ) Loveland, OH — 600 1,083 539 606 1,616 2,222 452 2003 (l ) Loveland, OH — 600 1,811 (156 ) 592 1,663 2,255 442 2003 (l ) Westchester, OH — 858 2,273 825 875 3,081 3,956 2,284 2005 (l ) Westchester, OH 1,510 818 1,648 317 840 1,943 2,783 810 2006 (l ) Westchester, OH — 347 1,323 99 355 1,414 1,769 385 2007 (l ) Westchester, OH — 392 1,744 (9 ) 394 1,733 2,127 405 2007 (l ) Westchester, OH — 395 2,541 33 397 2,572 2,969 467 2007 (l ) Westchester, OH — 506 3,148 76 508 3,222 3,730 586 2007 (l ) Westchester, OH — 546 3,039 81 548 3,118 3,666 599 2007 (l ) Westchester, OH — 623 4,003 368 627 4,367 4,994 974 2007 (l ) Glenwillow, OH 9,467 681 11,838 993 691 12,821 13,512 3,029 2006 (l ) Glenwillow, OH 4,911 466 5,447 174 475 5,612 6,087 1,565 2006 (l ) Glenwillow, OH 6,886 972 7,033 327 991 7,341 8,332 1,820 2006 (l ) Glenwillow, OH 5,326 775 6,244 127 792 6,354 7,146 1,503 2006 (l ) Glenwillow, OH — 920 6,174 341 921 6,514 7,435 1,625 2006 (l ) Solon, OH — 989 3,042 391 1,022 3,400 4,422 1,830 2006 (l ) Twinsburg, OH 7,366 2,478 6,791 2,007 2,496 8,781 11,277 2,260 2008 (l ) Dallas, TX — 178 1,006 622 172 1,634 1,806 502 1997 (l ) Dallas, TX — 148 839 398 142 1,243 1,385 355 1997 (l ) Arlington, TX — 237 1,342 628 270 1,937 2,207 676 1997 (l ) Dallas, TX — 456 2,584 1,110 469 3,681 4,150 1,296 1997 (l ) Dallas, TX — 266 1,510 (619 ) 87 1,070 1,157 656 1997 (l ) Arlington, TX — 181 1,026 588 185 1,610 1,795 552 1997 (l ) Arlington, TX 892 251 1,421 195 258 1,609 1,867 566 1997 (l ) Richland Hills, TX — 96 532 302 102 828 930 249 1998 (l ) Richland Hills, TX — 88 489 213 94 696 790 223 1998 (l ) Richland Hills, TX — 98 541 179 104 714 818 235 1998 (l ) Richland Hills, TX — 102 563 258 108 815 923 236 1998 (l ) Richland Hills, TX 1,739 354 1,958 350 372 2,290 2,662 822 1998 (l ) Richland Hills, TX — 106 587 234 112 815 927 241 1998 (l ) Richland Hills, TX — 106 584 124 112 702 814 254 1998 (l ) Richland Hills, TX 1,559 293 1,621 472 308 2,078 2,386 673 1998 (l ) Richland Hills, TX — 109 603 95 115 692 807 231 1998 (l ) Dallas, TX 1,859 458 2,596 838 468 3,424 3,892 1,007 2000 (l ) Garland, TX — 101 574 91 92 674 766 223 2000 (l ) Garland, TX — 352 1,993 843 316 2,872 3,188 1,098 2000 (l ) Garland, TX — 350 1,981 124 318 2,137 2,455 625 2000 (l ) Garland, TX — 73 412 69 47 507 554 242 2000 (l ) Garland, TX — 70 395 (115 ) 23 327 350 159 2000 (l ) Garland, TX — 91 514 32 71 566 637 192 2000 (l ) Garland, TX — 431 2,440 889 426 3,334 3,760 1,037 2000 (l ) (e ) Carrolton, TX — 448 2,540 (339 ) 273 2,376 2,649 734 2001 (l ) Carrolton, TX — 374 2,117 38 255 2,274 2,529 599 2001 (l ) Carrolton, TX 1,516 437 2,478 259 442 2,732 3,174 887 2001 (l ) Carrolton, TX 1,863 502 2,843 557 507 3,395 3,902 1,142 2001 (l ) (d ) Carrolton, TX — 460 2,608 (1,367 ) 112 1,589 1,701 892 2001 (l ) (d ) Carrolton, TX — 497 2,815 310 360 3,261 3,621 1,361 2001 (l ) Carrolton, TX — 167 948 (471 ) 70 574 644 262 2001 (l ) Carrolton, TX — 617 3,498 (552 ) 381 3,182 3,563 1,120 2001 (l ) Carrolton, TX 1,585 306 1,870 236 306 2,106 2,412 609 2001 (l ) (d ) Carrolton, TX — 811 4,597 (862 ) 552 3,994 4,546 1,505 2001 (l ) Carrolton, TX — 373 2,116 276 366 2,399 2,765 679 2001 (l ) Carrolton, TX 2,588 510 2,891 428 516 3,313 3,829 992 2001 (l ) Carrolton, TX 2,416 476 2,699 399 481 3,093 3,574 887 2001 (l ) Carrolton, TX — 521 2,953 (1,885 ) 129 1,460 1,589 801 2001 (l ) Carrolton, TX — 246 1,393 (404 ) 132 1,103 1,235 407 2001 (l ) Grand Prairie, TX 2,654 623 3,528 1,406 629 4,928 5,557 1,474 2002 (l ) (f ) Plano, TX 9,367 1,961 11,112 781 1,981 11,873 13,854 3,168 2002 (l ) Richland Hills, TX — 110 623 250 111 872 983 227 2002 (l ) Richland Hills, TX — 36 204 103 36 307 343 90 2002 (l ) Richland Hills, TX — 57 324 196 58 519 577 124 2002 (l ) Richland Hills, TX — 76 429 249 76 678 754 189 2002 (l ) Richland Hills, TX — 75 427 134 76 560 636 162 2002 (l ) Richland Hills, TX — 112 635 54 113 688 801 175 2002 (l ) Building Address Land Land Total (In thousands) 2401-2407 Centennial Dr Arlington, TX 2,107 600 2,534 (93 ) 604 2,437 3,041 909 2004 (j) 3111 West Commerce Street Dallas, TX 3,731 1,000 3,364 517 1,011 3,870 4,881 1,201 2004 (j) 13800 Senlac Drive Farmers Ranch, TX 3,399 823 4,042 (16 ) 825 4,024 4,849 1,204 2005 (j) 801-831 S Great Southwest Pkwy (g) Grand Prairie, TX — 2,581 16,556 15 2,586 16,566 19,152 6,938 2005 (j) 801 Heinz Way Grand Prairie, TX 2,697 599 3,327 360 601 3,685 4,286 1,227 2005 (j) 901-937 Heinz Way Grand Prairie, TX 2,065 493 2,758 31 481 2,801 3,282 970 2005 (j) 3301 Century Circle Irving, TX 2,173 760 3,856 (16 ) 771 3,829 4,600 746 2007 (j) 3901 W Miller Road Garland, TX — 1,912 — 16,444 1,947 16,409 18,356 3,234 2008 (j) Denver 4785 Elati Denver, CO — 173 981 203 175 1,182 1,357 448 1997 (j) 4770 Fox Street Denver, CO — 132 750 216 134 964 1,098 378 1997 (j) 3851-3871 Revere Denver, CO 1,309 361 2,047 363 368 2,403 2,771 909 1997 (j) 4570 Ivy Street Denver, CO 1,120 219 1,239 279 220 1,517 1,737 587 1997 (j) 5855 Stapleton Drive North Denver, CO 1,398 288 1,630 249 290 1,877 2,167 742 1997 (j) 5885 Stapleton Drive North Denver, CO 1,741 376 2,129 195 380 2,320 2,700 919 1997 (j) 5977 North Broadway Denver, CO 1,438 268 1,518 500 271 2,015 2,286 719 1997 (j) 5952-5978 North Broadway Denver, CO 2,301 414 2,346 898 422 3,236 3,658 1,307 1997 (j) 4721 Ironton Street Denver, CO — 232 1,313 305 236 1,614 1,850 624 1997 (j) 7003 E 47th Ave Drive Denver, CO — 441 2,689 16 441 2,705 3,146 1,099 1997 (j) 9500 West 49th Street - A Wheatridge, CO — 283 1,625 112 287 1,733 2,020 762 1997 (j) 9500 West 49th Street - B Wheatridge, CO — 225 1,272 132 227 1,402 1,629 556 1997 (j) 9500 West 49th Street - C Wheatridge, CO — 600 3,409 123 601 3,531 4,132 1,460 1997 (j) 9500 West 49th Street - D Wheatridge, CO — 246 1,537 390 247 1,926 2,173 812 1997 (j) 451-591 East 124th Avenue Littleton, CO — 383 2,145 466 383 2,611 2,994 989 1997 (j) 15000 West 6th Avenue Golden, CO — 913 5,174 1,097 918 6,266 7,184 2,593 1997 (j) 14998 West 6th Avenue Bldg E Golden, CO — 565 3,199 341 570 3,535 4,105 1,370 1997 (j) 14998 West 6th Avenue Bldg F Englewood, CO — 269 1,525 96 273 1,617 1,890 650 1997 (j) 6547 South Racine Circle Englewood, CO 2,930 739 4,241 346 739 4,587 5,326 1,925 1997 (j) 11701 East 53rd Avenue Denver, CO — 416 2,355 399 422 2,748 3,170 1,041 1997 (j) 5401 Oswego Denver, CO — 273 1,547 254 278 1,796 2,074 722 1997 (j) 14818 West 6th Avenue Bldg A Golden, CO — 468 2,799 131 468 2,930 3,398 1,176 1997 (j) 14828 West 6th Avenue Bldg B Golden, CO — 503 2,942 386 503 3,328 3,831 1,334 1997 (j) 445 Bryant Street Denver, CO 6,904 1,829 10,219 2,564 1,829 12,783 14,612 4,935 1998 (j) 3811 Joliet Denver, CO — 735 4,166 543 752 4,692 5,444 1,802 1998 (j) 12055 E 49th Ave/4955 Peoria Denver, CO — 298 1,688 481 305 2,162 2,467 802 1998 (j) 4940-4950 Paris Denver, CO — 152 861 285 156 1,142 1,298 427 1998 (j) 4970 Paris Denver, CO — 95 537 101 97 636 733 239 1998 (j) 7367 South Revere Parkway Englewood, CO 3,273 926 5,124 877 934 5,993 6,927 2,444 1998 (j) 8200 East Park Meadows Drive (d) Lone Tree, CO — 1,297 7,348 1,281 1,304 8,622 9,926 2,817 2000 (j) 3250 Quentin Street (d) Aurora, CO — 1,220 6,911 937 1,230 7,838 9,068 2,612 2000 (j) Highpoint Bus Ctr B Littleton, CO — 739 — 3,500 781 3,458 4,239 1,020 2000 (j) 1130 W. 124th Ave. Westminster, CO — 441 — 3,382 441 3,382 3,823 1,154 2000 (j) 1070 W. 124th Ave. Westminster, CO — 374 — 2,902 374 2,902 3,276 924 2000 (j) 1020 W. 124th Ave. Westminster, CO — 374 — 2,825 374 2,825 3,199 859 2000 (j) 8810 W. 116th Circle Broomfield, CO — 312 — 1,462 370 1,404 1,774 407 2001 (j) 960 W. 124th Ave Westminster, CO — 441 — 3,432 442 3,431 3,873 1,070 2001 (j) 8820 W. 116th Circle Broomfield, CO — 338 1,918 317 372 2,201 2,573 597 2003 (j) 8835 W. 116th Circle Broomfield, CO — 1,151 6,523 1,628 1,304 7,998 9,302 2,205 2003 (j) 18150 E. 32nd Place Aurora, CO 1,913 563 3,188 298 572 3,477 4,049 1,052 2004 (j) 3400 Fraser Street Aurora, CO 2,111 616 3,593 (184 ) 620 3,405 4,025 900 2005 (j) 7005 E. 46th Avenue Drive Denver, CO 1,448 512 2,025 94 517 2,114 2,631 674 2005 (j) 4001 Salazar Way Frederick, CO — 1,271 6,508 (88 ) 1,276 6,415 7,691 1,818 2006 (j) 5909-5915 N. Broadway Denver, CO 913 495 1,268 80 500 1,343 1,843 514 2006 (j) Detroit 1731 Thorncroft Troy, MI — 331 1,904 189 331 2,093 2,424 993 1994 (j) 47461 Clipper Plymouth Township, MI — 122 723 54 122 777 899 387 1994 (j) 449 Executive Drive Troy, MI — 125 425 1,060 218 1,392 1,610 1,244 1994 (j) 501 Executive Drive Troy, MI — 71 236 610 129 788 917 634 1994 (j) 451 Robbins Drive Troy, MI — 96 448 877 192 1,229 1,421 1,093 1994 (j) 1416 Meijer Drive Troy, MI — 94 394 399 121 766 887 695 1994 (j) 1624 Meijer Drive Troy, MI — 236 1,406 967 373 2,236 2,609 1,967 1994 (j) 1972 Meijer Drive Troy, MI — 315 1,301 787 372 2,031 2,403 1,478 1994 (j) 1621 Northwood Drive Troy, MI — 85 351 1,014 215 1,235 1,450 1,171 1994 (j) 1707 Northwood Drive Troy, MI — 95 262 1,720 239 1,838 2,077 1,302 1994 (j) 1788 Northwood Drive Troy, MI — 50 196 483 103 626 729 564 1994 (j) 1826 Northwood Drive Troy, MI — 55 208 472 103 632 735 554 1994 (j) 1864 Northwood Drive Troy, MI — 57 190 489 107 629 736 572 1994 (j) 2451 Elliott Avenue Troy, MI — 78 319 742 164 975 1,139 781 1994 (j) 2730 Research Drive Rochester Hills, MI — 903 4,215 829 903 5,044 5,947 3,918 1994 (j) 2791 Research Drive Rochester Hills, MI — 557 2,731 1,000 560 3,728 4,288 2,360 1994 (j) 2871 Research Drive Rochester Hills, MI — 324 1,487 437 327 1,921 2,248 1,350 1994 (j) 3011 Research Drive Rochester Hills, MI — 457 2,104 475 457 2,579 3,036 1,994 1994 (j) 2870 Technology Drive Rochester Hills, MI — 275 1,262 342 279 1,600 1,879 1,220 1994 (j) 2900 Technology Drive Rochester Hills, MI — 214 977 564 219 1,536 1,755 970 1994 (j) 2930 Technology Drive Rochester Hills, MI — 131 594 435 138 1,022 1,160 663 1994 (j) 2950 Technology Drive Rochester Hills, MI — 178 819 305 185 1,117 1,302 754 1994 (j) 23014 Commerce Drive Farmington Hills, MI — 39 203 197 56 383 439 318 1994 (j) 23028 Commerce Drive Farmington Hills, MI — 98 507 285 125 765 890 676 1994 (j) 23035 Commerce Drive Farmington Hills, MI — 71 355 237 93 570 663 497 1994 (j) 23042 Commerce Drive Farmington Hills, MI — 67 277 273 89 528 617 477 1994 (j) 23065 Commerce Drive Farmington Hills, MI — 71 408 338 93 724 817 553 1994 (j) 23079 Commerce Drive Farmington Hills, MI — 68 301 290 79 580 659 491 1994 (j) 23093 Commerce Drive Farmington Hills, MI — 211 1,024 1,219 295 2,159 2,454 1,635 1994 (j) 23135 Commerce Drive Farmington Hills, MI — 146 701 392 158 1,081 1,239 849 1994 (j) 23163 Commerce Drive Farmington Hills, MI — 111 513 382 138 868 1,006 682 1994 (j) 23177 Commerce Drive Farmington Hills, MI — 175 1,007 608 254 1,536 1,790 1,239 1994 (j) 23206 Commerce Drive Farmington Hills, MI — 125 531 367 137 886 1,023 693 1994 (j) 23370 Commerce Drive Farmington Hills, MI — 59 233 175 66 401 467 374 1994 (j) 1451 East Lincoln Avenue Madison Heights, MI — 299 1,703 (182 ) 148 1,672 1,820 821 1995 (j) 4400 Purks Drive Auburn Hills, MI — 602 3,410 3,300 612 6,700 7,312 2,859 1995 (j) 32450 N Avis Drive Madison Heights, MI — 281 1,590 529 286 2,114 2,400 963 1996 (j) 12707 Eckles Road Plymouth Township, MI — 255 1,445 220 267 1,653 1,920 687 1996 (j) 9300-9328 Harrison Rd Romulus, MI — 147 834 407 159 1,229 1,388 493 1996 (j) 9330-9358 Harrison Rd Romulus, MI — 81 456 242 89 690 779 270 1996 (j) 28420-28448 Highland Rd Romulus, MI — 143 809 641 154 1,439 1,593 464 1996 (j) 28450-28478 Highland Rd Romulus, MI — 81 461 457 90 909 999 314 1996 (j) 28421-28449 Highland Rd Romulus, MI — 109 617 480 119 1,087 1,206 414 1996 (j) 28451-28479 Highland Rd Romulus, MI — 107 608 413 117 1,011 1,128 364 1996 (j) 28825-28909 Highland Rd Romulus, MI — 70 395 393 78 780 858 277 1996 (j) 28933-29017 Highland Rd Romulus, MI — 112 634 592 122 1,216 1,338 371 1996 (j) 28824-28908 Highland Rd Romulus, MI — 134 760 577 145 1,326 1,471 472 1996 (j) 28932-29016 Highland Rd Romulus, MI — 123 694 582 133 1,266 1,399 436 1996 (j) 9710-9734 Harrison Rd Romulus, MI — 125 706 432 135 1,128 1,263 425 1996 (j) 9740-9772 Harrison Rd Romulus, MI — 132 749 398 143 1,136 1,279 441 1996 (j) 9840-9868 Harrison Rd Romulus, MI — 144 815 296 155 1,100 1,255 429 1996 (j) 9800-9824 Harrison Rd Romulus, MI — 117 664 362 127 1,016 1,143 362 1996 (j) 29265-29285 Airport Dr Romulus, MI — 140 794 258 151 1,041 1,192 431 1996 (j) 29185-29225 Airport Dr Romulus, MI — 140 792 514 151 1,295 1,446 519 1996 (j) 29149-29165 Airport Dr Romulus, MI — 216 1,225 295 231 1,505 1,736 629 1996 (j) 29101-29115 Airport Dr Romulus, MI — 130 738 290 141 1,017 1,158 440 1996 (j) 29031-29045 Airport Dr Romulus, MI — 124 704 157 134 851 985 345 1996 (j) 29050-29062 Airport Dr Romulus, MI — 127 718 221 137 929 1,066 386 1996 (j) 29120-29134 Airport Dr Romulus, MI — 161 912 522 173 1,422 1,595 503 1996 (j) 29200-29214 Airport Dr Romulus, MI — 170 963 376 182 1,327 1,509 555 1996 (j) 9301-9339 Middlebelt Rd Romulus, MI — 124 703 481 130 1,178 1,308 504 1996 (j) 32975 Capitol Avenue Livonia, MI — 135 748 (183 ) 77 623 700 291 1998 (j) 32920 Capitol Avenue Livonia, MI — 76 422 (91 ) 27 380 407 197 1998 (j) 11923 Brookfield Avenue Livonia, MI — 120 665 (324 ) 32 429 461 281 1998 (j) 13405 Stark Road Livonia, MI — 46 254 (3 ) 30 267 297 127 1998 (j) 450 Robbins Drive Troy, MI — 166 920 231 178 1,139 1,317 433 1998 (j) 12886 Westmore Avenue Livonia, MI — 190 1,050 (351 ) 86 803 889 424 1998 (j) 33025 Industrial Road Livonia, MI — 80 442 (324 ) 6 192 198 168 1998 (j) 47711 Clipper Street Plymouth Township, MI — 539 2,983 299 575 3,246 3,821 1,255 1998 (j) 32975 Industrial Road Livonia, MI — 160 887 (192 ) 92 763 855 365 1998 (j) 32985 Industrial Road Livonia, MI — 137 761 (329 ) 46 523 569 303 1998 (j) 32995 Industrial Road Livonia, MI — 160 887 (409 ) 53 585 638 349 1998 (j) 12874 Westmore Avenue Livonia, MI — 137 761 (302 ) 58 538 596 289 1998 (j) 1775 Bellingham Troy, MI — 344 1,902 329 367 2,208 2,575 835 1998 (j) 1785 East Maple Troy, MI — 92 507 200 98 701 799 237 1998 (j) 1807 East Maple Troy, MI — 321 1,775 (437 ) 191 1,468 1,659 692 1998 (j) 980 Chicago Troy, MI — 206 1,141 272 220 1,399 1,619 498 1998 (j) 1840 Enterprise Drive Rochester Hills, MI — 573 3,170 (2,261 ) 49 1,433 1,482 1,176 1998 (j) 1885 Enterprise Drive Rochester Hills, MI — 209 1,158 200 223 1,344 1,567 498 1998 (j) 1935-55 Enterprise Drive Rochester Hills, MI — 1,285 7,144 1,352 1,371 8,410 9,781 3,318 1998 (j) 5500 Enterprise Court Warren, MI — 675 3,737 671 721 4,362 5,083 1,636 1998 (j) 750 Chicago Road Troy, MI — 323 1,790 373 345 2,141 2,486 824 1998 (j) 800 Chicago Road Troy, MI — 283 1,567 370 302 1,918 2,220 713 1998 (j) 850 Chicago Road Troy, MI — 183 1,016 218 196 1,221 1,417 462 1998 (j) 1100 East Mandoline Road Madison Heights, MI — 888 4,915 (1,234 ) 332 4,237 4,569 2,211 1998 (j) 1080, 1120, 1180 John Papalas Drive (e) Lincoln Park, MI — 366 3,241 356 297 3,666 3,963 1,756 1998 (j) 4872 S. Lapeer Road Lake Orion Twsp, MI — 1,342 5,441 1,208 1,412 6,579 7,991 2,350 1999 (j) 22701 Trolley Industrial Taylor, MI — 795 — 7,166 849 7,112 7,961 2,252 1999 (j) 1400 Allen Drive Troy, MI — 209 1,154 213 212 1,364 1,576 419 2000 (j) 1408 Allen Drive Troy, MI — 151 834 110 153 942 1,095 289 2000 (j) 32505 Industrial Drive Madison Heights, MI — 345 1,910 340 351 2,244 2,595 847 2000 (j) 1799-1855 Northfield Drive (d) Rochester Hills, MI — 481 2,665 367 490 3,023 3,513 976 2000 (j) 28435 Automation Blvd Wixom, MI — 621 — 3,662 628 3,655 4,283 827 2004 (j) 32200 N Avis Drive Madison Heights, MI — 503 3,367 (1,376 ) 195 2,299 2,494 857 2005 (j) 100 Kay Industrial Drive Rion Township, MI — 677 2,018 78 685 2,088 2,773 741 2005 (j) 11800 Sears Drive Livonia, MI — 693 1,507 1,195 476 2,919 3,395 1,304 2005 (j) 1099 Chicago Road Troy, MI — 1,277 1,332 (1,291 ) 303 1,015 1,318 239 2005 (j) 42555 Merrill Road Sterling Heights, MI — 1,080 2,300 3,487 1,090 5,777 6,867 1,759 2006 (j) 200 Northpointe Drive Orion Township, MI — 723 2,063 36 734 2,088 2,822 775 2006 (j) Houston 2102-2314 Edwards Street Houston, TX — 348 1,973 1,708 382 3,647 4,029 1,241 1997 (j) 3351 Rauch St Houston, TX — 272 1,541 497 278 2,032 2,310 709 1997 (j) 3801-3851 Yale St Houston, TX 2,000 413 2,343 435 425 2,766 3,191 1,117 1997 (j) 3337-3347 Rauch Street Houston, TX — 227 1,287 454 233 1,735 1,968 617 1997 (j) 8505 N Loop East Houston, TX 1,679 439 2,489 626 449 3,105 3,554 1,183 1997 (j) 4749-4799 Eastpark Dr Houston, TX 2,481 594 3,368 1,290 611 4,641 5,252 1,741 1997 (j) 4851 Homestead Road Houston, TX 3,264 491 2,782 1,573 504 4,342 4,846 1,560 1997 (j) 3365-3385 Rauch Street Houston, TX 1,613 284 1,611 677 290 2,282 2,572 936 1997 (j) 5050 Campbell Road Houston, TX 1,928 461 2,610 1,009 470 3,610 4,080 1,200 1997 (j) 4300 Pine Timbers Houston, TX 2,804 489 2,769 741 499 3,500 3,999 1,369 1997 (j) 2500-2530 Fairway Park Drive Houston, TX 3,371 766 4,342 2,027 792 6,343 7,135 2,290 1997 (j) 6550 Longpointe Houston, TX 1,617 362 2,050 1,010 370 3,052 3,422 1,000 1997 (j) 1815 Turning Basin Dr Houston, TX 1,859 487 2,761 687 531 3,404 3,935 1,337 1997 (j) 1819 Turning Basin Dr Houston, TX — 231 1,308 543 251 1,831 2,082 697 1997 (j) 1805 Turning Basin Dr Houston, TX 2,203 564 3,197 902 616 4,047 4,663 1,599 1997 (j) 9835A Genard Road Houston, TX — 1,505 8,333 3,162 1,581 11,419 13,000 3,629 1999 (j) 9835B Genard Road Houston, TX — 245 1,357 827 256 2,173 2,429 788 1999 (j) 11505 State Highway 225 LaPorte City, TX 4,639 940 4,675 606 940 5,281 6,221 1,658 2005 (j) 1500 E. Main Street Houston, TX — 201 1,328 (26 ) 204 1,299 1,503 765 2005 (j) 700 Industrial Blvd Sugar Land, TX 3,162 608 3,679 259 617 3,929 4,546 1,019 2007 (j) 7230-7238 Wynnwood Houston, TX — 254 764 152 259 911 1,170 315 2007 (j) 7240-7248 Wynnwood Houston, TX — 271 726 27 276 748 1,024 289 2007 (j) Ofof December 31, 2012
Capitalized
Subsequent to
Completion
Provision (b)
Initial Cost Gross Amount Carried
At Close of Period 12/31/12
12/31/2012
Constructed
(Years) Building Address (a)
Encumbrances Land Building and
Improvements Land Building and
Improvements Total (In thousands) Richland Hills, TX 1,419 256 1,453 464 259 1,914 2,173 470 2002 (l ) Richland Hills, TX — 104 591 414 105 1,004 1,109 259 2002 (l ) Richland Hills, TX 903 208 1,181 18 211 1,196 1,407 307 2002 (l ) Richland Hills, TX 601 133 753 29 134 781 915 212 2002 (l ) (d ) Arlington, TX 2,604 600 3,006 67 604 3,069 3,673 1,003 2004 (l ) Grand Prairie, TX — 300 1,504 238 302 1,740 2,042 483 2004 (l ) (d ) Grand Prairie, TX 2,028 700 3,509 (51 ) 704 3,454 4,158 946 2004 (l ) (d ) Arlington, TX 1,804 600 2,846 220 604 3,062 3,666 768 2004 (l ) (e ) Grand Prairie, TX 4,403 1,000 5,012 106 1,006 5,112 6,118 1,411 2004 (l ) Arlington, TX 2,213 600 2,534 45 604 2,575 3,179 936 2004 (l ) Dallas, TX 3,653 1,000 3,364 282 1,011 3,635 4,646 1,010 2004 (l ) Farmers Ranch,
TX 3,534 823 4,042 (18 ) 825 4,022 4,847 1,019 2005 (l ) (g ) Grand Prairie, TX — 2,581 16,556 (218 ) 2,586 16,333 18,919 6,074 2005 (l ) Grand Prairie, TX 2,915 599 3,327 349 601 3,674 4,275 1,440 2005 (l ) Grand Prairie, TX 2,186 493 2,758 31 481 2,801 3,282 841 2005 (l ) Irving, TX 2,549 760 3,856 204 771 4,049 4,820 800 2007 (l ) Garland, TX — 1,912 — 15,201 1,947 15,166 17,113 2,458 2008 (l ) Denver, CO — 173 981 127 175 1,106 1,281 335 1997 (l ) Denver, CO — 132 750 209 134 957 1,091 340 1997 (l ) Denver, CO 1,285 361 2,047 283 368 2,323 2,691 838 1997 (l ) Denver, CO 1,075 219 1,239 216 220 1,454 1,674 527 1997 (l ) Denver, CO 1,369 288 1,630 214 290 1,842 2,132 650 1997 (l ) Denver, CO 1,806 376 2,129 307 380 2,432 2,812 949 1997 (l ) Denver, CO 1,418 268 1,518 384 271 1,899 2,170 652 1997 (l ) Denver, CO 2,401 414 2,346 916 422 3,254 3,676 1,207 1997 (l ) Denver, CO — 232 1,313 23 236 1,332 1,568 447 1997 (l ) Denver, CO — 441 2,689 (10 ) 441 2,679 3,120 1,023 1997 (l ) Wheatridge, CO — 283 1,625 71 287 1,692 1,979 671 1997 (l ) Wheatridge, CO — 225 1,272 115 227 1,385 1,612 510 1997 (l ) Wheatridge, CO — 600 3,409 114 601 3,522 4,123 1,359 1997 (l ) Wheatridge, CO — 246 1,537 378 247 1,914 2,161 794 1997 (l ) Littleton, CO — 383 2,145 161 383 2,306 2,689 798 1997 (l ) Golden, CO — 913 5,174 951 918 6,120 7,038 2,238 1997 (l ) Golden, CO — 565 3,199 341 570 3,535 4,105 1,373 1997 (l ) Englewood, CO — 269 1,525 104 273 1,625 1,898 611 1997 (l ) Denver, CO — 1,208 6,905 587 1,036 7,664 8,700 3,243 1997 (l ) Englewood, CO 2,944 739 4,241 313 739 4,554 5,293 1,786 1997 (l ) Denver, CO — 416 2,355 307 422 2,656 3,078 955 1997 (l ) Denver, CO — 273 1,547 354 278 1,896 2,174 745 1997 (l ) Golden, CO — 468 2,799 236 468 3,035 3,503 �� 1,187 1997 (l ) Golden, CO — 503 2,942 286 503 3,228 3,731 1,156 1997 (l ) Denver, CO 7,045 1,829 10,219 2,703 1,829 12,922 14,751 4,580 1998 (l ) Denver, CO — 735 4,166 448 752 4,597 5,349 1,683 1998 (l ) Denver, CO — 298 1,688 526 305 2,207 2,512 821 1998 (l ) Denver, CO — 152 861 285 156 1,142 1,298 384 1998 (l ) Denver, CO — 95 537 101 97 636 733 233 1998 (l ) Englewood, CO 3,345 926 5,124 953 934 6,069 7,003 2,414 1998 (l ) (d ) Lone Tree, CO — 1,297 7,348 1,045 1,304 8,386 9,690 2,419 2000 (l ) (d ) Aurora, CO — 1,220 6,911 721 1,230 7,622 8,852 2,398 2000 (l ) Littleton, CO — 739 — 3,406 781 3,364 4,145 1,079 2000 (l ) Westminster, CO — 441 — 3,379 441 3,379 3,820 1,017 2000 (l ) Westminster, CO — 374 — 2,894 374 2,894 3,268 853 2000 (l ) Westminster, CO — 374 — 2,827 374 2,827 3,201 815 2000 (l ) Broomfield, CO — 312 — 1,330 370 1,272 1,642 284 2001 (l ) Westminster, CO — 441 — 3,442 442 3,441 3,883 1,037 2001 (l ) Broomfield, CO — 338 1,918 350 372 2,234 2,606 561 2003 (l ) Broomfield, CO — 1,151 6,523 1,315 1,304 7,685 8,989 1,925 2003 (l ) Aurora, CO 1,941 563 3,188 314 572 3,493 4,065 964 2004 (l ) Aurora, CO 2,372 616 3,593 (203 ) 620 3,386 4,006 796 2005 (l ) Denver, CO 1,476 512 2,025 94 517 2,114 2,631 585 2005 (l ) Frederick, CO 4,119 1,271 6,508 (88 ) 1,276 6,415 7,691 1,591 2006 (l ) Denver, CO 941 495 1,268 85 500 1,348 1,848 448 2006 (l ) Golden, CO — 499 2,673 2,528 559 5,141 5,700 955 2006 (l ) Troy, MI — 331 1,904 189 331 2,093 2,424 937 1994 (l ) Plymouth
Township, MI — 122 723 66 122 789 911 374 1994 (l ) Troy, MI — 52 173 514 100 639 739 575 1994 (l ) Troy, MI — 125 425 1,057 218 1,389 1,607 1,219 1994 (l ) Troy, MI — 71 236 600 129 778 907 608 1994 (l ) Troy, MI — 96 448 864 192 1,216 1,408 1,083 1994 (l ) Troy, MI — 331 1,017 2,624 360 3,612 3,972 2,288 1994 (l ) Troy, MI — 94 394 399 121 766 887 689 1994 (l ) Troy, MI — 236 1,406 967 373 2,236 2,609 1,866 1994 (l ) Troy, MI — 315 1,301 735 372 1,979 2,351 1,579 1994 (l ) Troy, MI — 85 351 1,014 215 1,235 1,450 1,165 1994 (l ) Troy, MI — 95 262 1,327 239 1,445 1,684 1,241 1994 (l ) Troy, MI — 50 196 483 103 626 729 562 1994 (l ) Troy, MI — 55 208 472 103 632 735 552 1994 (l ) Troy, MI — 57 190 489 107 629 736 570 1994 (l ) Troy, MI — 78 319 739 164 972 1,136 906 1994 (l ) Rochester Hills,
MI — 903 4,215 1,402 903 5,617 6,520 4,292 1994 (l ) Rochester Hills,
MI — 557 2,731 752 560 3,480 4,040 2,214 1994 (l ) Rochester Hills,
MI — 324 1,487 574 327 2,058 2,385 1,452 1994 (l ) Rochester Hills,
MI — 457 2,104 712 457 2,816 3,273 2,086 1994 (l ) Rochester Hills,
MI — 275 1,262 342 279 1,600 1,879 1,169 1994 (l ) Rochester Hills,
MI — 214 977 564 219 1,536 1,755 913 1994 (l ) Rochester Hills,
MI — 131 594 435 138 1,022 1,160 630 1994 (l ) Rochester Hills,
MI — 178 819 381 185 1,193 1,378 873 1994 (l ) Farmington Hills,
MI — 39 203 216 56 402 458 322 1994 (l ) Farmington Hills,
MI — 98 507 285 125 765 890 644 1994 (l ) Farmington Hills,
MI — 71 355 235 93 568 661 485 1994 (l ) Farmintgon Hills,
MI — 67 277 273 89 528 617 462 1994 (l ) Farmington Hills,
MI — 71 408 289 93 675 768 514 1994 (l ) Farmington Hills,
MI — 68 301 290 79 580 659 461 1994 (l ) Farmington Hills,
MI — 211 1,024 1,219 295 2,159 2,454 1,526 1994 (l ) Farmington Hills,
MI — 146 701 392 158 1,081 1,239 800 1994 (l ) Building Address Land Land Total (In thousands) 7250-7260 Wynnwood Houston, TX — 200 481 115 203 593 796 191 2007 (j) 6400 Long Point Houston, TX — 188 898 (87 ) 188 811 999 248 2007 (j) 12705 S. Kirkwood, Ste 100-150 Stafford, TX — 154 626 80 155 705 860 215 2007 (j) 12705 S. Kirkwood, Ste 200-220 Stafford, TX — 404 1,698 282 393 1,991 2,384 643 2007 (j) 8850 Jameel Houston, TX — 171 826 41 171 867 1,038 289 2007 (j) 8800 Jameel Houston, TX — 163 798 (105 ) 124 732 856 249 2007 (j) 8700 Jameel Houston, TX — 170 1,020 (265 ) 120 805 925 201 2007 (j) 8600 Jameel Houston, TX — 163 818 58 163 876 1,039 280 2007 (j) 7967 Blankenship Houston, TX — 307 1,166 335 307 1,501 1,808 278 2010 (j) 8800 City Park Loop East Houston, TX 23,585 3,717 19,237 — 3,717 19,237 22,954 2,570 2011 (j) Indianapolis 2900 N Shadeland Avenue Indianapolis, IN — 2,057 13,565 3,267 2,057 16,832 18,889 6,969 1996 (j) 1445 Brookville Way Indianapolis, IN — 459 2,603 1,007 476 3,593 4,069 1,476 1996 (j) 1440 Brookville Way Indianapolis, IN 3,521 665 3,770 588 685 4,338 5,023 1,914 1996 (j) 1240 Brookville Way Indianapolis, IN — 247 1,402 369 258 1,760 2,018 792 1996 (j) 1345 Brookville Way Indianapolis, IN — 586 3,321 794 601 4,100 4,701 1,756 1996 (j) 1350 Brookville Way Indianapolis, IN — 205 1,161 310 212 1,464 1,676 681 1996 (j) 1341 Sadlier Circle South Indianapolis, IN — 131 743 198 136 936 1,072 386 1996 (j) 1322-1438 Sadlier Circle East Indianapolis, IN — 145 822 301 152 1,116 1,268 479 1996 (j) 1327-1441 Sadlier Circle West Indianapolis, IN — 218 1,234 558 225 1,785 2,010 674 1996 (j) 1304 Sadlier Circle West Indianapolis, IN — 71 405 189 75 590 665 261 1996 (j) 1402-1430 Sadlier Circle West Indianapolis, IN — 165 934 371 171 1,299 1,470 535 1996 (j) 1504 Sadlier Circle South Indianapolis, IN — 219 1,238 (112 ) 115 1,230 1,345 701 1996 (j) 1365-1367 Sadlier Way Circle East Indianapolis, IN — 121 688 136 91 854 945 351 1996 (j) 1352-1354 Sadlier Circle West Indianapolis, IN — 178 1,008 187 166 1,207 1,373 508 1996 (j) 1335 Sadlier Circle East Indianapolis, IN — 81 460 197 85 653 738 260 1996 (j) 1425 Sadlier Circle West Indianapolis, IN — 21 117 37 23 152 175 67 1996 (j) 6951 East 30th St Indianapolis, IN — 256 1,449 213 265 1,653 1,918 707 1996 (j) 6701 East 30th St Indianapolis, IN — 78 443 98 82 537 619 229 1996 (j) 6737 East 30th St Indianapolis, IN 1,738 385 2,181 195 398 2,363 2,761 1,046 1996 (j) 6555 East 30th St Indianapolis, IN — 484 4,760 1,971 484 6,731 7,215 2,630 1996 (j) 8402-8440 E 33rd St Indianapolis, IN — 222 1,260 603 230 1,855 2,085 812 1996 (j) 8520-8630 E 33rd St Indianapolis, IN — 326 1,848 270 281 2,163 2,444 926 1996 (j) 8710-8768 E 33rd St Indianapolis, IN — 175 993 397 180 1,385 1,565 538 1996 (j) 3316-3346 N. Pagosa Court Indianapolis, IN — 325 1,842 458 332 2,293 2,625 921 1996 (j) 7901 West 21st St. Indianapolis, IN 5,128 1,048 6,027 240 1,048 6,267 7,315 2,531 1997 (j) 1225 Brookville Way Indianapolis, IN — 60 — 416 68 408 476 166 1997 (j) 6751 E 30th St Indianapolis, IN 2,391 728 2,837 235 741 3,059 3,800 1,213 1997 (j) 6575 East 30th Street Indianapolis, IN 1,880 118 — 2,079 128 2,069 2,197 839 1998 (j) 6585 East 30th Street Indianapolis, IN 2,875 196 — 3,163 196 3,163 3,359 1,193 1998 (j) 5705-97 Park Plaza Ct. Indianapolis, IN 2,517 600 2,194 797 609 2,982 3,591 935 2003 (j) 9319-9341 Castlegate Drive Indianapolis, IN — 530 1,235 690 544 1,911 2,455 578 2003 (j) 1133 Northwest L Street Richmond, IN — 201 1,358 (195 ) 208 1,156 1,364 561 2006 (j) 14425 Bergen Blvd Noblesville, IN — 647 — 3,455 743 3,359 4,102 512 2007 (j) Miami 4700 NW 15th Avenue Ft. Lauderdale, FL — 908 1,883 256 912 2,135 3,047 662 2007 (j) 4710 NW 15th Avenue Ft. Lauderdale, FL — 830 2,722 260 834 2,978 3,812 733 2007 (j) 4720 NW 15th Avenue Ft. Lauderdale, FL — 937 2,455 456 942 2,906 3,848 755 2007 (j) 4740 NW 15th Avenue Ft. Lauderdale, FL — 1,107 3,111 320 1,112 3,426 4,538 820 2007 (j) 4750 NW 15th Avenue Ft. Lauderdale, FL — 947 3,079 785 951 3,860 4,811 1,075 2007 (j) 4800 NW 15th Avenue Ft. Lauderdale, FL — 1,092 3,308 238 1,097 3,541 4,638 898 2007 (j) 6891 NW 74th Street Medley, FL — 857 3,428 3,986 864 7,407 8,271 1,346 2007 (j) 12601 &12605 NW 115th Avenue Medley, FL — 2,521 — 651 828 2,344 3,172 247 2008 (j) Milwaukee N25 W23255 Paul Road Pewaukee, WI 2,705 569 3,270 1,832 450 5,221 5,671 1,613 1994 (j) 5355 South Westridge Drive New Berlin, WI 5,334 1,630 7,058 (108 ) 1,646 6,934 8,580 1,481 2004 (j) 320-334 W. Vogel Avenue Milwaukee, WI 2,731 506 3,199 (189 ) 508 3,008 3,516 1,312 2005 (j) 4950 South 6th Avenue Milwaukee, WI 1,491 299 1,565 263 301 1,826 2,127 880 2005 (j) 17005 W. Ryerson Road New Berlin, WI 2,971 403 3,647 245 405 3,890 4,295 1,346 2005 (j) W140 N9059 Lilly Road Menomonee Falls, WI — 343 1,153 99 366 1,229 1,595 361 2005 (j) 200 W. Vogel Avenue-Bldg B Milwaukee, WI 1,689 301 2,150 (42 ) 302 2,107 2,409 916 2005 (j) 4921 S. 2nd Street Milwaukee, WI — 101 713 (214 ) 58 542 600 272 2005 (j) 1500 Peebles Drive Richland Center, WI — 1,577 1,018 (278 ) 1,528 789 2,317 640 2005 (j) 16600 West Glendale Ave New Berlin, WI 2,360 704 1,923 877 715 2,789 3,504 1,286 2006 (j) 2905 S. 160th Street New Berlin, WI — 261 672 346 265 1,014 1,279 395 2007 (j) 2855 S. 160th Street New Berlin, WI — 221 628 120 225 744 969 244 2007 (j) 2485 Commerce Drive New Berlin, WI 1,514 483 1,516 249 491 1,757 2,248 748 2007 (j) 14518 Whittaker Way Menomonee Falls, WI — 437 1,082 396 445 1,470 1,915 456 2007 (j) N58W15380 Shawn Circle Menomonee Falls, WI — 1,188 — 16,949 1,204 16,933 18,137 2,473 2008 (j) Minneapolis/St. Paul 6201 West 111th Street Bloomington, MN 3,627 1,358 8,622 13,463 1,519 21,924 23,443 10,288 1994 (j) 7251-7267 Washington Avenue Edina, MN — 129 382 733 182 1,062 1,244 787 1994 (j) 7301-7325 Washington Avenue Edina, MN — 174 391 (1 ) 193 371 564 104 1994 (j) 7101 Winnetka Avenue South Brooklyn Park, MN 5,765 2,195 6,084 3,923 2,228 9,974 12,202 6,834 1994 (j) 9901 West 74th Street Eden Prairie, MN 3,306 621 3,289 3,089 639 6,360 6,999 5,278 1994 (j) 1030 Lone Oak Road Eagan, MN 2,560 456 2,703 642 456 3,345 3,801 1,489 1994 (j) 1060 Lone Oak Road Eagan, MN 3,290 624 3,700 560 624 4,260 4,884 1,985 1994 (j) 5400 Nathan Lane Plymouth, MN 2,850 749 4,461 822 757 5,275 6,032 2,481 1994 (j) 6655 Wedgwood Road Maple Grove, MN 6,316 1,466 8,342 3,436 1,466 11,778 13,244 5,104 1994 (j) 10120 W 76th Street Eden Prairie, MN — 315 1,804 1,876 315 3,680 3,995 1,748 1995 (j) 12155 Nicollet Ave. Burnsville, MN — 286 — 1,827 288 1,825 2,113 796 1995 (j) 4100 Peavey Road Chaska, MN — 277 2,261 806 277 3,067 3,344 1,268 1996 (j) 5205 Highway 169 Plymouth, MN — 446 2,525 767 578 3,160 3,738 1,409 1996 (j) 7100-7198 Shady Oak Road Eden Prairie, MN 4,828 715 4,054 2,400 736 6,433 7,169 2,524 1996 (j) 7500-7546 Washington Avenue Eden Prairie, MN — 229 1,300 847 235 2,141 2,376 842 1996 (j) 7550-7586 Washington Avenue Eden Prairie, MN — 153 867 281 157 1,144 1,301 484 1996 (j) 5240-5300 Valley Industrial Blvd Shakopee, MN 2,270 362 2,049 827 371 2,867 3,238 1,115 1996 (j) 500-530 Kasota Avenue SE Minneapolis, MN — 415 2,354 1,042 434 3,377 3,811 1,334 1998 (j) 2530-2570 Kasota Avenue St. Paul, MN — 407 2,308 836 441 3,110 3,551 1,186 1998 (j) 5775 12th Avenue Shakopee, MN 4,108 590 — 5,270 590 5,270 5,860 1,871 1998 (j) 1157 Valley Park Drive Shakopee, MN — 760 — 6,592 888 6,464 7,352 2,352 1999 (j) 9600 West 76th Street Eden Prairie, MN 2,317 1,000 2,450 378 1,034 2,794 3,828 848 2004 (j) 9700 West 76th Street Eden Prairie, MN 3,243 1,000 2,709 871 1,038 3,542 4,580 1,072 2004 (j) 7600 69th Avenue Greenfield, MN — 1,500 8,328 1,387 1,510 9,705 11,215 3,234 2004 (j) 5017 Boone Avenue North New Hope, MN — 1,000 1,599 (100 ) 1,009 1,490 2,499 721 2005 (j) 2300 West Highway 13 Burnsville, MN — 2,517 6,069 (1,692 ) 1,296 5,598 6,894 3,092 2005 (j) 1087 Park Place Shakopee, MN 4,196 1,195 4,891 (666 ) 1,198 4,222 5,420 961 2005 (j) 5391 12th Avenue SE Shakopee, MN 4,510 1,392 8,149 (501 ) 1,395 7,645 9,040 1,700 2005 (j) 4701 Valley Industrial Blvd S Shakopee, MN 5,660 1,296 7,157 (379 ) 1,299 6,775 8,074 2,166 2005 (j) 6455 City West Parkway Eden Prairie, MN — 659 3,189 949 665 4,132 4,797 701 2006 (j) 7035 Winnetka Avenue North Brooklyn Park, MN 4,260 1,275 — 6,469 1,343 6,401 7,744 1,081 2007 (j) 139 Eva Street St. Paul, MN — 2,132 3,105 90 2,175 3,152 5,327 806 2008 (j) 21900 Dodd Boulevard Lakeville, MN 9,203 2,289 7,952 — 2,289 7,952 10,241 1,349 2010 (j) Nashville 1621 Heil Quaker Boulevard Nashville, TN 1,955 413 2,383 940 430 3,306 3,736 1,484 1995 (j) 3099 Barry Drive Portland, TN — 418 2,368 (680 ) 248 1,858 2,106 988 1996 (j) 1931 Air Lane Drive Nashville, TN 2,398 489 2,785 286 493 3,067 3,560 1,230 1997 (j) 4640 Cummings Park Nashville, TN 2,113 360 2,040 613 365 2,648 3,013 884 1999 (j) 1740 River Hills Drive Nashville, TN 2,898 848 4,383 558 888 4,901 5,789 1,681 2005 (j) 211 Ellery Court Nashville, TN 2,832 606 3,192 258 616 3,440 4,056 902 2007 (j) 130 Maddox Road Gallatin, TN 16,406 1,778 — 24,298 1,778 24,298 26,076 3,465 2008 (j) Northern New Jersey 14 World's Fair Drive Franklin, NJ — 483 2,735 704 503 3,419 3,922 1,371 1997 (j) 12 World's Fair Drive Franklin, NJ — 572 3,240 1,014 593 4,233 4,826 1,713 1997 (j) 22 World's Fair Drive Franklin, NJ — 364 2,064 379 375 2,432 2,807 954 1997 (j) 26 World's Fair Drive Franklin, NJ — 361 2,048 508 377 2,540 2,917 979 1997 (j) 24 World's Fair Drive Franklin, NJ — 347 1,968 471 362 2,424 2,786 948 1997 (j) 20 World's Fair Drive Lot 13 Sumerset, NJ — 9 — 2,555 691 1,873 2,564 603 1999 (j) 45 Route 46 Pine Brook, NJ — 969 5,491 906 978 6,388 7,366 2,048 2000 (j) 43 Route 46 Pine Brook, NJ — 474 2,686 553 479 3,234 3,713 1,108 2000 (j) 39 Route 46 Pine Brook, NJ — 260 1,471 196 262 1,665 1,927 536 2000 (j) 26 Chapin Road Pine Brook, NJ 4,654 956 5,415 796 965 6,202 7,167 2,100 2000 (j) 30 Chapin Road Pine Brook, NJ 4,494 960 5,440 521 969 5,952 6,921 1,961 2000 (j) 20 Hook Mountain Road Pine Brook, NJ — 1,507 8,542 2,815 1,534 11,330 12,864 4,276 2000 (j) 30 Hook Mountain Road Pine Brook, NJ — 389 2,206 540 396 2,739 3,135 883 2000 (j) 16 Chapin Rod Pine Brook, NJ 3,538 885 5,015 569 901 5,568 6,469 1,819 2000 (j) 20 Chapin Road Pine Brook, NJ 4,437 1,134 6,426 550 1,154 6,956 8,110 2,218 2000 (j) 2500 Main Street Sayreville, NJ 3,534 944 — 4,535 944 4,535 5,479 1,244 2002 (j) 2400 Main Street Sayreville, NJ — 996 — 5,527 996 5,527 6,523 1,323 2003 (j) 309-313 Pierce Street Somerset, NJ 3,478 1,300 4,628 1,020 1,309 5,639 6,948 1,743 2004 (j) Philadelphia 230-240 Welsh Pool Road Exton, PA — 154 851 355 170 1,190 1,360 407 1998 (j) 264 Welsh Pool Road Exton, PA — 147 811 147 162 943 1,105 355 1998 (j) 254 Welsh Pool Road Exton, PA — 75 418 205 91 607 698 238 1998 (j) 243-251 Welsh Pool Road Exton, PA — 144 796 364 159 1,145 1,304 402 1998 (j) 151-161 Philips Road Exton, PA — 191 1,059 285 229 1,306 1,535 503 1998 (j) 216 Philips Road Exton, PA — 199 1,100 499 220 1,578 1,798 618 1998 (j) 14 McFadden Road Palmer, PA 1,440 600 1,349 (274 ) 625 1,050 1,675 231 2004 (j) 2801 Red Lion Road Philadelphia, PA — 950 5,916 (62 ) 964 5,840 6,804 1,977 2005 (j) 3240 S. 78th Street Philadelphia, PA — 515 1,245 (513 ) 423 824 1,247 222 2005 (j) 200 Cascade Drive, Bldg. 1 Allen Town, PA 17,193 2,133 17,562 38 2,769 16,964 19,733 4,264 2007 (j) 200 Cascade Drive, Bldg. 2 Allen Town, PA 2,407 310 2,268 174 316 2,436 2,752 592 2007 (j) 6300 Bristol Pike Levittown, PA — 1,074 2,642 (424 ) 964 2,328 3,292 1,254 2008 (j) 2455 Boulevard of Generals Norristown, PA 3,548 1,200 4,800 1,088 1,226 5,862 7,088 1,849 2008 (j) Phoenix 1045 South Edward Drive Tempe, AZ — 390 2,160 155 396 2,309 2,705 805 1999 (j) 50 South 56th Street Chandler, AZ — 1,206 3,218 1,362 1,252 4,534 5,786 1,003 2004 (j) 4701 W. Jefferson Phoenix, AZ 2,526 926 2,195 443 929 2,635 3,564 1,272 2005 (j) 7102 W. Roosevelt Phoenix, AZ — 1,613 6,451 389 1,620 6,833 8,453 1,971 2006 (j) 4137 West Adams Street Phoenix, AZ — 990 2,661 467 1,038 3,080 4,118 883 2006 (j) 245 W. Lodge Tempe, AZ — 898 3,066 (1,890 ) 362 1,712 2,074 650 2007 (j) 1590 E Riverview Dr. Phoenix, AZ 4,809 1,293 5,950 401 1,292 6,352 7,644 1,171 2008 (j) 14131 N. Rio Vista Blvd Peoria, AZ — 2,563 9,388 1,160 2,563 10,548 13,111 2,294 2008 (j) 8716 W. Ludlow Drive Peoria, AZ — 2,709 10,970 935 2,709 11,905 14,614 2,347 2008 (j) 3815 W. Washington St. Phoenix, AZ 3,725 1,675 4,514 149 1,719 4,619 6,338 814 2008 (j) 9180 W. Buckeye Road Tolleson, AZ 6,872 1,904 6,805 2,251 1,923 9,037 10,960 1,357 2008 (j) Salt Lake City 1270 West 2320 South West Valley, UT — 138 784 144 143 923 1,066 334 1998 (j) 1275 West 2240 South West Valley, UT — 395 2,241 275 408 2,503 2,911 962 1998 (j) 1288 West 2240 South West Valley, UT — 119 672 128 123 796 919 293 1998 (j) 2235 South 1300 West West Valley, UT — 198 1,120 346 204 1,460 1,664 541 1998 (j) 1293 West 2200 South West Valley, UT — 158 896 248 163 1,139 1,302 412 1998 (j) 1279 West 2200 South West Valley, UT — 198 1,120 360 204 1,474 1,678 636 1998 (j) 1272 West 2240 South West Valley, UT — 336 1,905 415 347 2,309 2,656 891 1998 (j) 1149 West 2240 South West Valley, UT — 217 1,232 248 225 1,472 1,697 550 1998 (j) 1142 West 2320 South West Valley, UT — 217 1,232 168 225 1,392 1,617 518 1998 (j) 1152 West 2240 South West Valley, UT — 1,652 — 2,577 669 3,560 4,229 1,352 2000 (j) 2323 South 900 W Salt Lake City, UT — 886 2,995 429 898 3,412 4,310 1,698 2006 (j) 1815-1957 South 4650 West Salt Lake City, UT 7,372 1,707 10,873 451 1,713 11,318 13,031 2,650 2006 (j) 2100 Alexander Street West Valley, UT 1,287 376 1,670 293 376 1,963 2,339 421 2007 (j) 2064 Alexander Street West Valley, UT 2,076 864 2,771 138 869 2,904 3,773 819 2007 (j) Seattle 1901 Raymond Ave SW Renton, WA 1,362 4,458 2,659 722 4,594 3,245 7,839 827 2008 (j) 19014 64th Avenue South Kent, WA 3,164 1,990 3,979 352 2,042 4,279 6,321 914 2008 (j) 18640 68th Avenue South Kent, WA 544 1,218 1,950 374 1,258 2,284 3,542 630 2008 (j) 3480 Marginal Way Seattle, WA — 9,139 5,881 1,228 9,340 6,908 16,248 918 2008 (j) Southern California 1944 Vista Bella Way Rancho Domingue, CA 3,824 1,746 3,148 562 1,822 3,634 5,456 1,248 2005 (j) 2000 Vista Bella Way Rancho Domingue, CA 1,390 817 1,673 287 853 1,924 2,777 653 2005 (j) 2835 East Ana Street Rancho Domingue, CA 3,049 1,682 2,750 96 1,772 2,756 4,528 804 2005 (j) 16275 Technology Drive San Diego, CA — 2,848 8,641 244 2,859 8,874 11,733 2,002 2005 (j) 665 N. Baldwin Park Blvd. City of Industry, CA 4,470 2,124 5,219 1,587 2,143 6,787 8,930 2,145 2006 (j) 27801 Avenue Scott Santa Clarita, CA 7,499 2,890 7,020 788 2,902 7,796 10,698 2,084 2006 (j) 2610 & 2660 Columbia St Torrance, CA 4,796 3,008 5,826 748 3,031 6,551 9,582 1,517 2006 (j) 433 Alaska Avenue Torrance, CA — 681 168 19 684 184 868 95 2006 (j) 4020 S. Compton Ave Los Angeles, CA — 3,800 7,330 71 3,825 7,376 11,201 1,629 2006 (j) Ofof December 31, 2012
Capitalized
Subsequent to
Completion
Provision (b)
Initial Cost Gross Amount Carried
At Close of Period 12/31/12
12/31/2012
Constructed
(Years) Building Address (a)
Encumbrances Land Building and
Improvements Land Building and
Improvements Total (In thousands) Farmington Hills, MI — 111 513 382 138 868 1,006 641 1994 (l ) Farmington Hills, MI — 175 1,007 608 254 1,536 1,790 1,177 1994 (l ) Farmington Hills, MI — 125 531 367 137 886 1,023 661 1994 (l ) Farmington Hills, MI — 59 233 175 66 401 467 373 1994 (l ) Madison Heights, MI — 299 1,703 (496 ) 148 1,358 1,506 780 1995 (l ) Auburn Hills, MI — 602 3,410 3,300 612 6,700 7,312 2,677 1995 (l ) Madison Heights, MI — 281 1,590 529 286 2,114 2,400 870 1996 (l ) Plymouth Township,
MI — 255 1,445 243 267 1,676 1,943 663 1996 (l ) Romulus, MI — 147 834 352 159 1,174 1,333 430 1996 (l ) Romulus, MI — 81 456 267 89 715 804 275 1996 (l ) Romulus, MI — 143 809 296 154 1,094 1,248 409 1996 (l ) Romulus, MI — 81 461 603 90 1,055 1,145 420 1996 (l ) Romulus, MI — 109 617 499 119 1,106 1,225 414 1996 (l ) Romulus, MI — 107 608 431 117 1,029 1,146 361 1996 (l ) Romulus, MI — 70 395 376 78 763 841 277 1996 (l ) Romulus, MI — 112 634 356 122 980 1,102 325 1996 (l ) Romulus, MI — 134 760 542 145 1,291 1,436 421 1996 (l ) Romulus, MI — 123 694 554 133 1,238 1,371 385 1996 (l ) Romulus, MI — 125 706 417 135 1,113 1,248 376 1996 (l ) Romulus, MI — 132 749 336 143 1,074 1,217 390 1996 (l ) Romulus, MI — 144 815 282 155 1,086 1,241 390 1996 (l ) Romulus, MI — 117 664 348 127 1,002 1,129 324 1996 (l ) Romulus, MI — 140 794 255 151 1,038 1,189 397 1996 (l ) Romulus, MI — 140 792 507 151 1,288 1,439 459 1996 (l ) Romulus, MI — 216 1,225 294 231 1,504 1,735 584 1996 (l ) Romulus, MI — 130 738 275 141 1,002 1,143 406 1996 (l ) Romulus, MI — 124 704 118 134 812 946 323 1996 (l ) Romulus, MI — 127 718 221 137 929 1,066 356 1996 (l ) Romulus, MI — 161 912 297 173 1,197 1,370 454 1996 (l ) Romulus, MI — 170 963 376 182 1,327 1,509 502 1996 (l ) Romulus, MI — 124 703 478 130 1,175 1,305 433 1996 (l ) Livonia, MI — 135 748 (170 ) 77 636 713 291 1998 (l ) Livonia, MI — 76 422 (91 ) 27 380 407 179 1998 (l ) Livonia, MI — 120 665 (324 ) 32 429 461 266 1998 (l ) Livonia, MI — 46 254 (3 ) 30 267 297 115 1998 (l ) Troy, MI — 249 1,380 (438 ) 134 1,057 1,191 522 1998 (l ) Troy, MI — 268 1,483 263 286 1,728 2,014 612 1998 (l ) Troy, MI — 166 920 229 178 1,137 1,315 399 1998 (l ) Troy, MI — 271 1,498 167 289 1,647 1,936 599 1998 (l ) Livonia, MI — 190 1,050 (351 ) 86 803 889 406 1998 (l ) Livonia, MI — 80 442 (324 ) 6 192 198 165 1998 (l ) Plymouth Township,
MI — 539 2,983 279 575 3,226 3,801 1,173 1998 (l ) Livonia, MI — 160 887 (192 ) 92 763 855 347 1998 (l ) Livonia, MI — 137 761 (329 ) 46 523 569 289 1998 (l ) Livonia, MI — 160 887 (381 ) 53 613 666 363 1998 (l ) Livonia, MI — 137 761 (275 ) 58 565 623 299 1998 (l ) Troy, MI — 344 1,902 365 367 2,244 2,611 817 1998 (l ) Troy, MI — 92 507 140 98 641 739 218 1998 (l ) Troy, MI — 321 1,775 (420 ) 191 1,485 1,676 688 1998 (l ) Troy, MI — 206 1,141 238 220 1,365 1,585 485 1998 (l ) Rochester Hills, MI — 573 3,170 (2,261 ) 49 1,433 1,482 1,135 1998 (l ) Rochester Hills, MI — 209 1,158 200 223 1,344 1,567 463 1998 (l ) Rochester Hills, MI — 1,285 7,144 1,339 1,371 8,397 9,768 2,976 1998 (l ) Warren, MI — 675 3,737 660 721 4,351 5,072 1,521 1998 (l ) Troy, MI — 323 1,790 510 345 2,278 2,623 894 1998 (l ) Troy, MI — 283 1,567 363 302 1,911 2,213 687 1998 (l ) Troy, MI — 183 1,016 218 196 1,221 1,417 431 1998 (l ) Madison Heights, MI — 888 4,915 (1,406 ) 332 4,065 4,397 1,940 1998 (l ) (e ) Lincoln Park, MI — 366 3,241 384 297 3,694 3,991 1,656 1998 (l ) Lake Orion Twsp,
MI — 1,342 5,441 1,307 1,412 6,678 8,090 2,189 1999 (l ) Taylor, MI — 795 — 7,252 849 7,198 8,047 2,286 1999 (l ) Troy, MI — 209 1,154 149 212 1,300 1,512 385 2000 (l ) Troy, MI — 151 834 133 153 965 1,118 338 2000 (l ) Troy, MI — 345 1,907 255 350 2,157 2,507 657 2000 (l ) Madison Heights, MI — 345 1,910 335 351 2,239 2,590 755 2000 (l ) (d ) Rochester Hills, MI — 481 2,665 345 490 3,001 3,491 924 2000 (l ) Wixom, MI — 621 — 3,662 628 3,655 4,283 736 2004 (l ) Madison Heights, MI — 503 3,367 (1,315 ) 195 2,360 2,555 836 2005 (l ) Rion Township, MI — 677 2,018 277 685 2,287 2,972 792 2005 (l ) Livonia, MI — 282 1,128 (499 ) 168 743 911 159 2005 (l ) Livonia, MI — 693 1,507 1,195 476 2,919 3,395 1,176 2005 (l ) Troy, MI — 1,277 1,332 (1,769 ) 303 537 840 201 2005 (l ) Sterling Heights, MI — 1,080 2,300 3,487 1,090 5,777 6,867 1,526 2006 (l ) Orion Township, MI — 723 2,063 36 734 2,088 2,822 668 2006 (l ) Houston, TX — 348 1,973 1,697 382 3,636 4,018 1,100 1997 (l ) Houston, TX — 272 1,541 539 278 2,074 2,352 698 1997 (l ) Houston, TX 2,095 413 2,343 433 425 2,764 3,189 1,040 1997 (l ) Houston, TX — 227 1,287 454 233 1,735 1,968 566 1997 (l ) Houston, TX 1,705 439 2,489 642 449 3,121 3,570 1,097 1997 (l ) Houston, TX 2,496 594 3,368 1,264 611 4,615 5,226 1,574 1997 (l ) Houston, TX 3,284 491 2,782 1,583 504 4,352 4,856 1,409 1997 (l ) Houston, TX 1,703 284 1,611 695 290 2,300 2,590 868 1997 (l ) Houston, TX 1,725 461 2,610 540 470 3,141 3,611 1,086 1997 (l ) Houston, TX 2,783 489 2,769 741 499 3,500 3,999 1,252 1997 (l ) Houston, TX 3,405 766 4,342 2,022 792 6,338 7,130 2,074 1997 (l ) Houston, TX 1,380 362 2,050 478 370 2,520 2,890 937 1997 (l ) Houston, TX 1,879 487 2,761 687 531 3,404 3,935 1,244 1997 (l ) Houston, TX — 231 1,308 545 251 1,833 2,084 662 1997 (l ) Houston, TX 2,218 564 3,197 883 616 4,028 4,644 1,481 1997 (l ) Houston, TX — 1,505 8,333 3,334 1,581 11,591 13,172 3,562 1999 (l ) Houston, TX — 245 1,357 827 256 2,173 2,429 707 1999 (l ) LaPorte City, TX 4,631 940 4,675 606 940 5,281 6,221 1,470 2005 (l ) Houston, TX — 201 1,328 (26 ) 204 1,299 1,503 671 2005 (l ) Sugar Land, TX 3,311 608 3,679 317 617 3,987 4,604 908 2007 (l ) Houston, TX — 254 764 152 259 911 1,170 257 2007 (l ) Houston, TX — 271 726 18 276 739 1,015 253 2007 (l ) Building Address Land Land Total (In thousands) 6305 El Camino Real Carlsbad, CA — 1,590 6,360 7,730 1,590 14,090 15,680 2,965 2006 (j) 2325 Camino Vida Roble Carlsbad, CA 2,049 1,441 1,239 706 1,446 1,940 3,386 483 2006 (j) 2335 Camino Vida Roble Carlsbad, CA 1,115 817 762 263 821 1,021 1,842 355 2006 (j) 2345 Camino Vida Roble Carlsbad, CA 720 562 456 88 565 541 1,106 238 2006 (j) 2355 Camino Vida Roble Carlsbad, CA 596 481 365 139 483 502 985 182 2006 (j) 2365 Camino Vida Roble Carlsbad, CA 1,204 1,098 630 261 1,102 887 1,989 280 2006 (j) 2375 Camino Vida Roble Carlsbad, CA 1,412 1,210 874 185 1,214 1,055 2,269 385 2006 (j) 6451 El Camino Real Carlsbad, CA — 2,885 1,931 728 2,895 2,649 5,544 852 2006 (j) 8572 Spectrum Lane San Diego, CA 2,237 806 3,225 439 807 3,663 4,470 753 2007 (j) 13100 Gregg Street Poway, CA — 1,040 4,160 341 1,073 4,468 5,541 1,153 2007 (j) 21730-21748 Marilla St. Chatsworth, CA 2,988 2,585 3,210 99 2,608 3,286 5,894 833 2007 (j) 8015 Paramount Pico Rivera, CA — 3,616 3,902 61 3,657 3,922 7,579 1,215 2007 (j) 3365 E. Slauson Vernon, CA — 2,367 3,243 40 2,396 3,254 5,650 1,062 2007 (j) 3015 East Ana Rancho Domingue, CA — 19,678 9,321 6,271 20,144 15,126 35,270 2,954 2007 (j) 19067 Reyes Ave Rancho Domingue, CA — 9,281 3,920 40 9,381 3,860 13,241 1,389 2007 (j) 24870 Nandina Avenue Moreno Valley, CA — 13,543 — 20,904 6,482 27,965 34,447 848 2012 (j) 1250 Rancho Conejo Blvd. Thousand Oaks, CA — 1,435 779 42 1,441 815 2,256 280 2007 (j) 1260 Rancho Conejo Blvd. Thousand Oaks, CA — 1,353 722 (844 ) 675 556 1,231 219 2007 (j) 1270 Rancho Conejo Blvd. Thousand Oaks, CA — 1,224 716 21 1,229 732 1,961 258 2007 (j) 1280 Rancho Conejo Blvd. Thousand Oaks, CA 2,971 2,043 3,408 (233 ) 2,051 3,167 5,218 586 2007 (j) 1290 Rancho Conejo Blvd Thousand Oaks, CA 2,559 1,754 2,949 (204 ) 1,761 2,738 4,499 512 2007 (j) 100 West Sinclair Street Riverside, CA — 4,894 3,481 (4,546 ) 1,819 2,010 3,829 1,165 2007 (j) 14050 Day Street Moreno Valley, CA 3,376 2,538 2,538 290 2,565 2,801 5,366 668 2008 (j) 12925 Marlay Avenue Fontana, CA 9,265 6,072 7,891 762 6,090 8,635 14,725 2,669 2008 (j) 18201-18291 Santa Fe Rancho Domingue, CA 10,015 6,720 — 9,197 6,897 9,020 15,917 1,409 2008 (j) 1011 Rancho Conejo Thousand Oaks, CA 5,629 7,717 2,518 (187 ) 7,752 2,296 10,048 852 2008 (j) 2300 Corporate Center Drive Thousand Oaks, CA — 6,506 4,885 (5,433 ) 3,236 2,722 5,958 803 2008 (j) 20700 Denker Avenue Rancho Domingue, CA 5,399 5,767 2,538 1,470 5,964 3,811 9,775 1,388 2008 (j) 18408 Laurel Park Road Rancho Domingue, CA — 2,850 2,850 722 2,874 3,548 6,422 736 2008 (j) 19021 S. Reyes Ave. Rancho Domingue, CA — 8,183 7,501 761 8,545 7,900 16,445 1,390 2008 (j) 6185 Kimball Ave Chino, CA — 6,385 — 12,335 6,382 12,338 18,720 297 2013 (j) 5555 Bandini Blvd Bell, CA — 32,536 — 20,668 32,540 20,664 53,204 128 2013 (j) Southern New Jersey 2060 Springdale Road Cherry Hill, NJ — 258 1,436 795 258 2,231 2,489 916 1998 (j) 111 Whittendale Drive Morrestown, NJ 1,933 522 2,916 425 522 3,341 3,863 1,095 2000 (j) 7851 Airport Highway Pennsauken, NJ — 160 508 381 162 887 1,049 313 2003 (j) 103 Central Avenue Mt. Laurel, NJ — 610 1,847 1,239 619 3,077 3,696 935 2003 (j) 7890 Airport Hwy/7015 Central Pennsauken, NJ 1,182 300 989 543 425 1,407 1,832 814 2006 (j) 600 Creek Road Delanco, NJ — 2,125 6,504 (4,089 ) 1,557 2,983 4,540 596 2007 (j) St. Louis 8921-8971 Frost Avenue Hazelwood, MO — 431 2,479 835 431 3,314 3,745 1,398 1994 (j) 9043-9083 Frost Avenue Hazelwood, MO — 319 1,838 2,318 319 4,156 4,475 1,397 1994 (j) 10431 Midwest Industrial Blvd Olivette, MO 1,284 237 1,360 444 237 1,804 2,041 789 1994 (j) 10751 Midwest Industrial Boulevard Olivette, MO — 193 1,119 294 194 1,412 1,606 542 1994 (j) 6951 N Hanley (d) Hazelwood, MO — 405 2,295 2,465 419 4,746 5,165 1,656 1996 (j) 1067-1083 Warson-Bldg A St. Louis, MO 1,685 246 1,359 798 251 2,152 2,403 510 2002 (j) 1093-1107 Warson-Bldg B St. Louis, MO 2,877 380 2,103 1,622 388 3,717 4,105 929 2002 (j) 1113-1129 Warson-Bldg C St. Louis, MO 2,404 303 1,680 1,446 310 3,119 3,429 993 2002 (j) 1131-1151 Warson-Bldg D St. Louis, MO 2,188 353 1,952 817 360 2,762 3,122 919 2002 (j) 6821-6857 Hazelwood Avenue Berkeley, MO — 985 6,205 556 985 6,761 7,746 1,946 2003 (j) 13701 Rider Trail North Earth City, MO — 800 2,099 710 804 2,805 3,609 883 2003 (j) 1908-2000 Innerbelt (d) Overland, MO 7,343 1,590 9,026 1,018 1,591 10,043 11,634 3,515 2004 (j) 9060 Latty Avenue Berkeley, MO — 687 1,947 (241 ) 694 1,699 2,393 1,354 2006 (j) 21-25 Gateway Commerce Center Edwardsville, IL — 1,874 31,958 (470 ) 1,902 31,460 33,362 6,418 2006 (j) 6647 Romiss Court St. Louis, MO — 230 681 (8 ) 241 662 903 210 2008 (j) Tampa 5313 Johns Road Tampa, FL — 204 1,159 541 257 1,647 1,904 546 1997 (j) 5525 Johns Road Tampa, FL — 192 1,086 263 200 1,341 1,541 499 1997 (j) 5709 Johns Road Tampa, FL — 192 1,086 170 200 1,248 1,448 501 1997 (j) 5711 Johns Road Tampa, FL — 243 1,376 159 255 1,523 1,778 599 1997 (j) 5453 W Waters Avenue Tampa, FL — 71 402 147 82 538 620 217 1997 (j) 5455 W Waters Avenue Tampa, FL — 307 1,742 724 326 2,447 2,773 931 1997 (j) 5553 W Waters Avenue Tampa, FL — 307 1,742 353 326 2,076 2,402 822 1997 (j) 5501 W Waters Avenue Tampa, FL — 215 871 300 242 1,144 1,386 455 1997 (j) 5503 W Waters Avenue Tampa, FL — 98 402 313 110 703 813 321 1997 (j) 5555 W Waters Avenue Tampa, FL — 213 1,206 277 221 1,475 1,696 627 1997 (j) 5557 W Waters Avenue Tampa, FL — 59 335 52 62 384 446 150 1997 (j) 5463 W Waters Avenue Tampa, FL — 497 2,751 673 560 3,361 3,921 1,260 1998 (j) 5461 W Waters Avenue Tampa, FL — 261 — 1,305 265 1,301 1,566 495 1998 (j) 5481 W Waters Avenue Tampa, FL — 558 — 2,498 561 2,495 3,056 977 1999 (j) 4515-4519 George Road Tampa, FL 2,532 633 3,587 838 640 4,418 5,058 1,404 2001 (j) 6089 Johns Road Tampa, FL 932 180 987 114 186 1,095 1,281 380 2004 (j) 6091 Johns Road Tampa, FL 649 140 730 48 144 774 918 269 2004 (j) 6103 Johns Road Tampa, FL 978 220 1,160 2 226 1,156 1,382 339 2004 (j) 6201 Johns Road Tampa, FL 932 200 1,107 10 205 1,112 1,317 396 2004 (j) 6203 Johns Road Tampa, FL 1,331 300 1,460 122 311 1,571 1,882 705 2004 (j) 6205 Johns Road Tampa, FL 1,260 270 1,363 149 278 1,504 1,782 387 2004 (j) 6101 Johns Road Tampa, FL 739 210 833 1 216 828 1,044 276 2004 (j) 4908 Tampa West Blvd Tampa, FL — 2,622 8,643 (820 ) 2,635 7,810 10,445 2,421 2005 (j) 7201-7281 Bryan Dairy Road (d) Largo, FL — 1,895 5,408 (1,524 ) 1,365 4,414 5,779 1,006 2006 (j) 11701 Belcher Road South Largo, FL — 1,657 2,768 (1,656 ) 852 1,917 2,769 637 2006 (j) 4900-4914 Creekside Drive (h) Clearwater, FL — 3,702 7,338 (3,252 ) 2,245 5,543 7,788 1,867 2006 (j) 12345 Starkey Road Largo, FL — 898 2,078 (643 ) 599 1,734 2,333 606 2006 (j) Other 5050 Kendrick Court Grand Rapids, MI — 1,721 11,433 (2,272 ) 988 9,894 10,882 7,052 1994 (j) 2250 Delaware Ave. Des Moines, IA — 277 1,609 (58 ) 173 1,655 1,828 771 1998 (j) 9601A Dessau Road Austin, TX 1,225 255 — 1,884 366 1,773 2,139 637 1999 (j) 9601C Dessau Road Austin, TX 1,355 248 — 2,119 355 2,012 2,367 1,029 1999 (j) 9601B Dessau Road Austin, TX 1,209 248 — 1,863 355 1,756 2,111 595 2000 (j) 6266 Hurt Road Horn Lake, MS — 427 — 3,782 387 3,822 4,209 806 2004 (j) 6301 Hazeltine National Drive Orlando, FL 3,809 909 4,613 203 920 4,805 5,725 1,693 2005 (j) 12626 Silicon Drive San Antonio, TX 2,580 768 3,448 (216 ) 779 3,221 4,000 1,024 2005 (j) 3100 Pinson Valley Parkway Birmingham, AL — 303 742 (285 ) 225 535 760 186 2005 (j) 3730 Wheeler Avenue Fort Smith, AR — 720 2,800 (589 ) 583 2,348 2,931 736 2006 (j) 3200 Pond Station Jefferson County, KY — 2,074 — 9,896 2,120 9,850 11,970 1,734 2007 (j) 581 Welltown Road/Tyson Blvd Winchester, VA — 2,320 — 10,885 2,401 10,804 13,205 1,767 2007 (j) Ofof December 31, 2012
Capitalized
Subsequent to
Completion
Provision (b)
Initial Cost Gross Amount Carried
At Close of Period 12/31/12
12/31/2012
Constructed
(Years) Building Address (a)
Encumbrances Land Building and
Improvements Land Building and
Improvements Total (In thousands) Houston, TX — 200 481 147 203 625 828 192 2007 (l ) Houston, TX — 188 898 (7 ) 188 891 1,079 317 2007 (l ) Stafford, TX — 154 626 80 155 705 860 172 2007 (l ) Stafford, TX — 404 1,698 256 393 1,965 2,358 593 2007 (l ) Houston, TX — 171 826 69 171 895 1,066 266 2007 (l ) Houston, TX — 163 798 (124 ) 124 713 837 207 2007 (l ) Houston, TX — 170 1,020 (162 ) 120 908 1,028 297 2007 (l ) Houston, TX — 163 818 43 163 861 1,024 228 2007 (l ) Houston, TX — 307 1,166 220 307 1,386 1,693 284 2010 (l ) Houston, TX 23,925 3,717 19,237 1 3,717 19,237 22,954 1,608 2011 (l ) Indianapolis, IN — 2,057 13,565 3,453 2,057 17,018 19,075 7,013 1996 (l ) Indianapolis, IN — 459 2,603 999 476 3,585 4,061 1,369 1996 (l ) Indianapolis, IN 3,710 665 3,770 897 685 4,647 5,332 2,095 1996 (l ) Indianapolis, IN — 247 1,402 328 258 1,719 1,977 733 1996 (l ) Indianapolis, IN — 586 3,321 696 601 4,002 4,603 1,671 1996 (l ) Indianapolis, IN — 205 1,161 341 212 1,495 1,707 671 1996 (l ) Indianapolis, IN — 131 743 179 136 917 1,053 365 1996 (l ) Indianapolis, IN — 145 822 320 152 1,135 1,287 446 1996 (l ) Indianapolis, IN — 218 1,234 498 225 1,725 1,950 616 1996 (l ) Indianapolis, IN — 71 405 189 75 590 665 237 1996 (l ) Indianapolis, IN — 165 934 367 171 1,295 1,466 497 1996 (l ) Indianapolis, IN — 219 1,238 (125 ) 115 1,217 1,332 656 1996 (l ) Indianapolis, IN — 121 688 37 91 755 846 329 1996 (l ) Indianapolis, IN — 178 1,008 187 166 1,207 1,373 477 1996 (l ) Indianapolis, IN — 81 460 204 85 660 745 241 1996 (l ) Indianapolis, IN — 21 117 37 23 152 175 63 1996 (l ) Indianapolis, IN — 256 1,449 206 265 1,646 1,911 676 1996 (l ) Indianapolis, IN — 78 443 98 82 537 619 211 1996 (l ) Indianapolis, IN 1,804 385 2,181 195 398 2,363 2,761 981 1996 (l ) Indianapolis, IN — 484 4,760 2,072 484 6,832 7,316 2,529 1996 (l ) Indianapolis, IN — 222 1,260 587 230 1,839 2,069 768 1996 (l ) Indianapolis, IN — 326 1,848 279 281 2,172 2,453 890 1996 (l ) Indianapolis, IN — 175 993 480 180 1,468 1,648 589 1996 (l ) Indianapolis, IN — 325 1,842 429 332 2,264 2,596 888 1996 (l ) Indianapolis, IN 5,118 1,048 6,027 279 1,048 6,306 7,354 2,451 1997 (l ) Indianapolis, IN — 60 — 416 68 408 476 154 1997 (l ) Indianapolis, IN 2,549 728 2,837 337 741 3,161 3,902 1,217 1997 (l ) Noblesville, IN — 181 1,221 1,059 181 2,280 2,461 811 1998 (l ) Indianapolis, IN 1,845 118 — 2,088 128 2,078 2,206 781 1998 (l ) Indianapolis, IN 2,757 196 — 3,101 196 3,101 3,297 1,066 1998 (l ) Noblesville, IN — 66 684 167 52 865 917 335 1998 (l ) Indianapolis, IN 2,587 600 2,194 778 609 2,963 3,572 862 2003 (l ) Indianapolis, IN — 530 1,235 777 544 1,998 2,542 595 2003 (l ) Richmond, IN 462 201 1,358 (48 ) 208 1,303 1,511 584 2006 (l ) Noblesville, IN — 647 — 3,861 743 3,765 4,508 868 2007 (l ) Ft. Lauderdale,
FL — 908 1,883 395 912 2,274 3,186 655 2007 (l ) Ft. Lauderdale,
FL — 830 2,722 386 834 3,104 3,938 739 2007 (l ) Ft. Lauderdale,
FL — 937 2,455 453 942 2,903 3,845 628 2007 (l ) Ft. Lauderdale,
FL — 1,107 3,111 361 1,112 3,467 4,579 742 2007 (l ) Ft. Lauderdale,
FL — 947 3,079 762 951 3,837 4,788 887 2007 (l ) Ft. Lauderdale,
FL — 1,092 3,308 186 1,097 3,489 4,586 751 2007 (l ) Medley, FL — 857 3,428 3,335 864 6,756 7,620 1,027 2007 (l ) Medley, FL — 2,521 — 638 828 2,331 3,159 184 2008 (l ) Pewaukee, WI 1,926 569 3,270 (187 ) 450 3,202 3,652 1,437 1994 (l ) Glendale, WI — 172 976 (63 ) 80 1,005 1,085 487 1995 (l ) New Berlin, WI 5,581 1,630 7,058 (108 ) 1,646 6,934 8,580 1,319 2004 (l ) Milwaukee, WI 2,780 506 3,199 (135 ) 508 3,062 3,570 1,218 2005 (l ) Milwaukee, WI 1,518 299 1,565 250 301 1,813 2,114 735 2005 (l ) New Berlin, WI 3,025 403 3,647 243 405 3,888 4,293 1,143 2005 (l ) Menomonee
Falls, WI — 343 1,153 232 366 1,362 1,728 491 2005 (l ) Milwaukee, WI 1,907 301 2,150 — 302 2,149 2,451 871 2005 (l ) Milwaukee, WI — 101 713 (219 ) 58 537 595 242 2005 (l ) Richland Center,
WI — 1,577 1,018 (278 ) 1,528 789 2,317 622 2005 (l ) New Berlin, WI 2,419 704 1,923 877 715 2,789 3,504 1,078 2006 (l ) New Berlin, WI — 261 672 347 265 1,015 1,280 432 2007 (l ) New Berlin, WI — 221 628 207 225 831 1,056 277 2007 (l ) New Berlin, WI 1,538 483 1,516 275 491 1,783 2,274 646 2007 (l ) Menomonee
Falls, WI — 437 1,082 425 445 1,499 1,944 434 2007 (l ) Menomonee
Falls, WI — 1,188 — 16,949 1,204 16,933 18,137 1,931 2008 (l ) Bloomington,
MN 3,935 1,358 8,622 13,445 1,519 21,906 23,425 9,510 1994 (l ) Edina, MN — 129 382 703 182 1,032 1,214 761 1994 (l ) Edina, MN — 174 391 3 193 375 568 96 1994 (l ) Brooklyn Park,
MN 5,833 2,195 6,084 3,935 2,228 9,986 12,214 6,576 1994 (l ) Eden Prairie, MN 3,278 621 3,289 2,954 639 6,225 6,864 4,994 1994 (l ) Eagan, MN 2,540 456 2,703 598 456 3,301 3,757 1,432 1994 (l ) Eagan, MN 3,289 624 3,700 539 624 4,239 4,863 1,870 1994 (l ) Plymouth, MN 2,866 749 4,461 791 757 5,244 6,001 2,294 1994 (l ) Maple Grove,
MN 6,967 1,466 8,342 3,408 1,466 11,750 13,216 4,771 1994 (l ) Eden Prairie, MN — 315 1,804 1,761 315 3,565 3,880 1,495 1995 (l ) Burnsville, MN — 286 — 1,741 288 1,739 2,027 749 1995 (l ) Chaska, MN — 277 2,261 704 277 2,965 3,242 1,174 1996 (l ) Plymouth, MN — 446 2,525 848 578 3,241 3,819 1,367 1996 (l ) Eden Prairie, MN 4,848 715 4,054 2,401 736 6,434 7,170 2,299 1996 (l ) Eden Prairie, MN — 229 1,300 883 235 2,177 2,412 789 1996 (l ) Eden Prairie, MN — 153 867 295 157 1,158 1,315 453 1996 (l ) Shakopee, MN 2,250 362 2,049 822 371 2,862 3,233 1,037 1996 (l ) Minneapolis,
MN — 415 2,354 998 434 3,333 3,767 1,222 1998 (l ) St. Paul, MN — 407 2,308 825 441 3,099 3,540 1,082 1998 (l ) Shakopee, MN 4,187 590 — 5,427 590 5,427 6,017 1,782 1998 (l ) Shakopee, MN — 760 — 6,592 888 6,464 7,352 2,246 1999 (l ) Eden Prairie, MN 2,260 1,000 2,450 155 1,034 2,571 3,605 733 2004 (l ) Eden Prairie, MN 3,168 1,000 2,709 558 1,038 3,229 4,267 974 2004 (l ) Building Address Land Land Total (In thousands) 7501 NW 106th Terrace Kansas City, MO 11,200 4,152 — 13,649 4,228 13,573 17,801 1,767 2008 (j) 600 Greene Drive Greenville, KY — 294 8,570 (727 ) 296 7,841 8,137 3,509 2008 (j) Developments / Land Parcels Developments / Land Parcels (i) — 147,085 430 2,897 (k) 137,641 12,771 150,412 1,714 Total $ 677,890 $ 730,667 $ 1,652,430 $ 710,947 $ 703,478 $ 2,390,566 $ 3,094,044 $ 748,044 As Of December 31, 2012
Capitalized
Subsequent to
Completion
Provision (b)
Initial Cost Gross Amount Carried
At Close of Period 12/31/12
12/31/2012
Constructed
(Years) Building Address (a)
Encumbrances Land Building and
Improvements Land Building and
Improvements Total (In thousands) Greenfield, MN — 1,500 8,328 1,388 1,510 9,706 11,216 2,898 2004 (l ) New Hope,
MN 2,023 1,000 1,599 (15 ) 1,009 1,575 2,584 665 2005 (l ) Burnsville, MN — 2,517 6,069 (2,577 ) 1,296 4,713 6,009 2,755 2005 (l ) Shakopee, MN 4,241 1,195 4,891 (666 ) 1,198 4,222 5,420 846 2005 (l ) Shakopee, MN 4,690 1,392 8,149 (339 ) 1,395 7,807 9,202 1,669 2005 (l ) Shakopee, MN 5,738 1,296 7,157 (261 ) 1,299 6,893 8,192 1,984 2005 (l ) Chaska, MN — 714 944 (111 ) 729 818 1,547 271 2006 (l ) Eden Prairie,
MN — 659 3,189 (411 ) 665 2,772 3,437 697 2006 (l ) Plymouth, MN — 1,190 1,979 34 1,207 1,996 3,203 649 2006 (l ) Brooklyn Park,
MN 4,308 1,275 — 6,469 1,343 6,401 7,744 901 2007 (l ) St. Paul, MN — 2,132 3,105 90 2,175 3,152 5,327 655 2008 (l ) Lakeville, MN 9,554 2,289 7,952 (1 ) 2,289 7,952 10,241 982 2010 (l ) Nashville, TN 2,343 413 2,383 1,845 430 4,211 4,641 2,242 1995 (l ) Portland, TN — 418 2,368 (687 ) 248 1,851 2,099 945 1996 (l ) Nashville, TN 2,386 489 2,785 254 493 3,035 3,528 1,126 1997 (l ) Nashville, TN 2,139 360 2,040 674 365 2,709 3,074 869 1999 (l ) Nashville, TN 2,983 848 4,383 624 888 4,967 5,855 1,687 2005 (l ) Nashville, TN 3,044 606 3,192 433 616 3,615 4,231 1,018 2007 (l ) Gallatin, TN 17,012 1,778 — 24,267 1,778 24,267 26,045 2,745 2008 (l ) Franklin, NJ — 483 2,735 672 503 3,387 3,890 1,262 1997 (l ) Franklin, NJ — 572 3,240 1,002 593 4,221 4,814 1,530 1997 (l ) Franklin, NJ — 364 2,064 652 375 2,705 3,080 1,168 1997 (l ) Franklin, NJ — 361 2,048 561 377 2,593 2,970 953 1997 (l ) Franklin, NJ — 347 1,968 316 362 2,269 2,631 873 1997 (l ) Sumerset, NJ — 9 — 2,555 691 1,873 2,564 548 1999 (l ) Pine Brook, NJ — 969 5,491 906 978 6,388 7,366 1,870 2000 (l ) Pine Brook, NJ — 474 2,686 563 479 3,244 3,723 996 2000 (l ) Pine Brook, NJ — 260 1,471 156 262 1,625 1,887 490 2000 (l ) Pine Brook, NJ 4,807 956 5,415 787 965 6,193 7,158 1,936 2000 (l ) Pine Brook, NJ 4,562 960 5,440 393 969 5,824 6,793 1,696 2000 (l ) Pine Brook, NJ — 1,507 8,542 2,950 1,534 11,465 12,999 3,971 2000 (l ) Pine Brook, NJ — 389 2,206 514 396 2,713 3,109 783 2000 (l ) Pine Brook, NJ — 396 2,244 (367 ) 314 1,959 2,273 673 2000 (l ) Pine Brook, NJ 3,629 885 5,015 559 901 5,558 6,459 1,645 2000 (l ) Pine Brook, NJ 4,538 1,134 6,426 517 1,154 6,923 8,077 2,055 2000 (l ) Sayreville, NJ 3,492 944 — 4,493 944 4,493 5,437 1,130 2002 (l ) Sayreville, NJ — 996 — 5,534 996 5,534 6,530 1,156 2003 (l ) Somerset, NJ 3,492 1,300 4,628 1,020 1,309 5,639 6,948 1,518 2004 (l ) Exton, PA — 154 851 367 170 1,202 1,372 388 1998 (l ) Exton, PA — 147 811 306 162 1,102 1,264 475 1998 (l ) Exton, PA — 75 418 214 91 617 708 230 1998 (l ) Exton, PA — 144 796 445 159 1,226 1,385 462 1998 (l ) Exton, PA — 191 1,059 288 229 1,309 1,538 472 1998 (l ) Exton, PA — 199 1,100 499 220 1,578 1,798 546 1998 (l ) Palmer, PA 1,633 600 1,349 56 625 1,380 2,005 655 2004 (l ) Philadelphia,
PA — 950 5,916 721 964 6,623 7,587 2,414 2005 (l ) Philadelphia,
PA — 515 1,245 (256 ) 423 1,081 1,504 430 2005 (l ) Allen Town,
PA 18,378 2,133 17,562 923 2,769 17,849 20,618 4,834 2007 (l ) Allen Town,
PA 2,418 310 2,268 174 316 2,436 2,752 493 2007 (l ) Levittown, PA — 1,074 2,642 (414 ) 964 2,338 3,302 1,112 2008 (l ) Norristown, PA 3,543 1,200 4,800 1,088 1,226 5,862 7,088 1,530 2008 (l ) Tempe, AZ — 390 2,160 164 396 2,318 2,714 787 1999 (l ) Chandler, AZ — 1,206 3,218 1,246 1,252 4,418 5,670 787 2004 (l ) Phoenix, AZ 2,647 926 2,195 443 929 2,635 3,564 1,125 2005 (l ) Phoenix, AZ — 1,613 6,451 891 1,620 7,335 8,955 2,223 2006 (l ) Phoenix, AZ — 990 2,661 466 1,038 3,079 4,117 727 2006 (l ) Tempe, AZ — 898 3,066 (1,890 ) 362 1,712 2,074 551 2007 (l ) Phoenix, AZ — 1,293 5,950 401 1,292 6,352 7,644 947 2008 (l ) Peoria, AZ — 2,563 9,388 1,718 2,563 11,106 13,669 2,352 2008 (l ) Peoria, AZ — 2,709 10,970 1,237 2,709 12,207 14,916 2,087 2008 (l ) Phoenix, AZ 3,853 1,675 4,514 149 1,719 4,619 6,338 668 2008 (l ) Tolleson, AZ 7,154 1,904 6,805 2,140 1,923 8,926 10,849 1,400 2008 (l ) (i ) Salt Lake City,
UT — 2,688 15,643 3,967 2,688 19,610 22,298 7,107 1997 (l ) West Valley,
UT — 138 784 183 143 962 1,105 398 1998 (l ) West Valley,
UT — 395 2,241 338 408 2,566 2,974 960 1998 (l ) West Valley,
UT — 119 672 104 123 772 895 270 1998 (l ) West Valley,
UT — 198 1,120 339 204 1,453 1,657 478 1998 (l ) West Valley,
UT — 158 896 158 163 1,049 1,212 366 1998 (l ) West Valley,
UT — 198 1,120 349 204 1,463 1,667 558 1998 (l ) West Valley,
UT — 336 1,905 399 347 2,293 2,640 814 1998 (l ) West Valley,
UT — 217 1,232 158 225 1,382 1,607 501 1998 (l ) West Valley,
UT — 217 1,232 101 225 1,325 1,550 482 1998 (l ) West Valley,
UT — 1,652 — 2,577 669 3,560 4,229 1,231 2000 (l ) Salt Lake City,
UT — 886 2,995 348 898 3,331 4,229 1,514 2006 (l ) Salt Lake City,
UT 7,290 1,707 10,873 306 1,713 11,173 12,886 2,331 2006 (l ) West Valley,
UT 1,248 376 1,670 156 376 1,826 2,202 331 2007 (l ) West Valley,
UT 2,156 864 2,771 191 869 2,957 3,826 746 2007 (l ) Renton, WA 1,606 4,458 2,659 705 4,594 3,228 7,822 647 2008 (l ) Kent, WA 3,242 1,990 3,979 472 2,042 4,400 6,442 919 2008 (l ) Kent, WA 642 1,218 1,950 379 1,258 2,289 3,547 516 2008 (l ) Seattle, WA — 9,139 5,881 1,224 9,340 6,903 16,243 651 2008 (l ) Rancho
Domingue, CA 3,792 1,746 3,148 555 1,822 3,627 5,449 1,074 2005 (l ) Rancho
Domingue, CA 1,388 817 1,673 287 853 1,924 2,777 570 2005 (l ) Rancho
Domingue, CA 2,946 1,682 2,750 (227 ) 1,772 2,433 4,205 700 2005 (l ) San Diego, CA — 2,848 8,641 (139 ) 2,859 8,491 11,350 1,885 2005 (l ) City of
Industry, CA 4,522 2,124 5,219 1,587 2,143 6,787 8,930 1,813 2006 (l ) Santa Clarita,
CA 7,444 2,890 7,020 788 2,902 7,796 10,698 1,796 2006 (l ) Torrance, CA 4,828 3,008 5,826 804 3,031 6,607 9,638 1,344 2006 (l ) Torrance, CA — 681 168 19 684 184 868 80 2006 (l ) Los Angeles,
CA — 3,800 7,330 71 3,825 7,376 11,201 1,412 2006 (l ) SCHEDULE III:REAL ESTATE AND ACCUMULATED DEPRECIATIONAs Of December 31, 2012
Capitalized
Subsequent to
Completion
Provision (b)
Initial Cost Gross Amount Carried
At Close of Period 12/31/12
12/31/2012
Constructed
(Years) Building Address (a)
Encumbrances Land Building and
Improvements Land Building and
Improvements Total (In thousands) Carlsbad, CA — 1,590 6,360 7,563 1,590 13,923 15,513 2,516 2006 (l ) Carlsbad, CA 2,063 1,441 1,239 629 1,446 1,863 3,309 400 2006 (l ) Carlsbad, CA 1,115 817 762 173 821 931 1,752 282 2006 (l ) Carlsbad, CA 770 562 456 88 565 541 1,106 198 2006 (l ) Carlsbad, CA 615 481 365 139 483 502 985 145 2006 (l ) Carlsbad, CA 1,172 1,098 630 121 1,102 747 1,849 223 2006 (l ) Carlsbad, CA 1,511 1,210 874 185 1,214 1,055 2,269 316 2006 (l ) Carlsbad, CA — 2,885 1,931 642 2,895 2,563 5,458 703 2006 (l ) San Diego,
CA 2,234 806 3,225 439 807 3,663 4,470 718 2007 (l ) Poway, CA — 1,040 4,160 474 1,073 4,601 5,674 1,165 2007 (l ) Chatsworth,
CA 3,014 2,585 3,210 42 2,608 3,229 5,837 688 2007 (l ) Pico Rivera,
CA — 3,616 3,902 61 3,657 3,922 7,579 1,035 2007 (l ) Vernon, CA — 2,367 3,243 40 2,396 3,254 5,650 905 2007 (l ) Rancho
Domingue,
CA — 19,678 9,321 7,501 20,144 16,356 36,500 4,035 2007 (l ) Rancho
Domingue,
CA — 9,281 3,920 202 9,381 4,022 13,403 1,309 2007 (l ) Moreno
Valley, CA — 13,543 — 19,589 6,482 26,650 33,132 114 2012 (l ) Thousand
Oaks, CA — 1,435 779 39 1,441 812 2,253 230 2007 (l ) Thousand
Oaks, CA — 1,353 722 (804 ) 675 596 1,271 221 2007 (l ) Thousand
Oaks, CA — 1,224 716 21 1,229 732 1,961 211 2007 (l ) Thousand
Oaks, CA 3,033 2,043 3,408 (240 ) 2,051 3,160 5,211 492 2007 (l ) Thousand
Oaks, CA 2,615 1,754 2,949 (204 ) 1,761 2,738 4,499 430 2007 (l ) Riverside,
CA — 4,894 3,481 (4,556 ) 1,819 2,000 3,819 1,008 2007 (l ) Moreno
Valley, CA 3,505 2,538 2,538 291 2,565 2,801 5,366 556 2008 (l ) Fontana, CA 9,688 6,072 7,891 762 6,090 8,635 14,725 2,198 2008 (l ) Rancho
Domingue,
CA 10,393 6,720 — 9,191 6,897 9,014 15,911 1,152 2008 (l ) Thousand
Oaks, CA 5,705 7,717 2,518 (186 ) 7,752 2,296 10,048 704 2008 (l ) Thousand
Oaks, CA — 6,506 4,885 (5,485 ) 3,236 2,670 5,906 660 2008 (l ) Rancho
Domingue,
CA 5,509 5,767 2,538 1,459 5,964 3,801 9,765 1,122 2008 (l ) Rancho
Domingue,
CA — 2,850 2,850 721 2,874 3,547 6,421 592 2008 (l ) Rancho
Domingue,
CA — 8,183 7,501 756 8,545 7,895 16,440 1,105 2008 (l ) Cherry Hill,
NJ — 258 1,436 805 258 2,241 2,499 847 1998 (l ) Morrestown,
NJ 1,916 522 2,916 395 522 3,311 3,833 977 2000 (l ) Pennsauken,
NJ — 160 508 381 162 887 1,049 275 2003 (l ) Mt. Laurel,
NJ — 610 1,847 1,131 619 2,969 3,588 812 2003 (l ) Pennsauken,
NJ 1,312 300 989 511 425 1,375 1,800 736 2006 (l ) Delanco, NJ — 2,125 6,504 (1,955 ) 1,557 5,117 6,674 2,382 2007 (l ) Pennsauken,
NJ 2,681 1,054 2,278 84 1,084 2,332 3,416 608 2007 (l ) Hazelwood,
MO — 431 2,479 772 431 3,251 3,682 1,283 1994 (l ) Hazelwood,
MO — 319 1,838 2,306 319 4,144 4,463 1,288 1994 (l ) Olivette, MO 1,343 237 1,360 460 237 1,820 2,057 757 1994 (l ) Olivette, MO — 193 1,119 262 194 1,380 1,574 537 1994 (l ) (d ) Hazelwood,
MO — 405 2,295 2,353 419 4,634 5,053 1,530 1996 (l ) St. Louis,
MO 1,681 246 1,359 812 251 2,166 2,417 520 2002 (l ) St. Louis,
MO 2,835 380 2,103 1,592 388 3,687 4,075 830 2002 (l ) St. Louis,
MO 2,360 303 1,680 1,409 310 3,082 3,392 860 2002 (l ) St. Louis,
MO 2,181 353 1,952 829 360 2,774 3,134 870 2002 (l ) Berkeley,
MO 4,753 985 6,205 614 985 6,819 7,804 1,875 2003 (l ) Earth City,
MO — 800 2,099 641 804 2,736 3,540 755 2003 (l ) (d ) Overland,
MO 7,736 1,590 9,026 1,001 1,591 10,026 11,617 3,200 2004 (l ) Berkeley,
MO — 687 1,947 (293 ) 694 1,647 2,341 1,176 2006 (l ) Edwardsville,
IL 22,368 1,874 31,958 206 1,928 32,110 34,038 5,756 2006 (l ) St. Louis,
MO — 230 681 72 241 742 983 242 2008 (l ) Tampa, FL — 204 1,159 227 257 1,333 1,590 485 1997 (l ) Tampa, FL — 192 1,086 424 200 1,502 1,702 707 1997 (l ) Tampa, FL — 192 1,086 158 200 1,236 1,436 463 1997 (l ) Tampa, FL — 243 1,376 140 255 1,504 1,759 560 1997 (l ) Tampa, FL — 71 402 150 82 541 623 196 1997 (l ) Tampa, FL — 307 1,742 738 326 2,461 2,787 857 1997 (l ) Tampa, FL — 307 1,742 472 326 2,195 2,521 853 1997 (l ) Tampa, FL — 215 871 312 242 1,156 1,398 435 1997 (l ) Tampa, FL — 98 402 289 110 679 789 271 1997 (l ) Tampa, FL — 213 1,206 237 221 1,435 1,656 584 1997 (l ) Tampa, FL — 59 335 44 62 376 438 139 1997 (l ) Tampa, FL — 497 2,751 641 560 3,329 3,889 1,239 1998 (l ) Tampa, FL — 261 — 1,444 265 1,440 1,705 629 1998 (l ) Tampa, FL — 558 — 2,498 561 2,495 3,056 877 1999 (l ) Tampa, FL 2,489 633 3,587 760 640 4,340 4,980 1,281 2001 (l ) Tampa, FL 913 180 987 129 186 1,110 1,296 350 2004 (l ) Tampa, FL 669 140 730 88 144 814 958 277 2004 (l ) Tampa, FL 1,095 220 1,160 128 226 1,282 1,508 418 2004 (l ) Tampa, FL 1,016 200 1,107 164 205 1,266 1,471 475 2004 (l ) Tampa, FL 1,274 300 1,460 101 311 1,550 1,861 642 2004 (l ) Tampa, FL 1,215 270 1,363 146 278 1,501 1,779 352 2004 (l ) Tampa, FL 781 210 833 92 216 919 1,135 337 2004 (l ) Tampa, FL — 2,622 8,643 (820 ) 2,635 7,810 10,445 2,121 2005 (l ) (d ) Largo, FL — 1,895 5,408 (1,492 ) 1,365 4,446 5,811 908 2006 (l ) Largo, FL — 1,657 2,768 (1,595 ) 852 1,978 2,830 616 2006 (l ) (h ) Clearwater,
FL — 3,702 7,338 (3,461 ) 2,221 5,358 7,579 1,588 2006 (l ) Largo, FL — 898 2,078 (462 ) 599 1,915 2,514 700 2006 (l ) Stratford, ON — 1,000 3,526 854 1,016 4,364 5,380 2,150 2007 (l ) Grand
Rapids, MI — 1,721 11,433 (2,352 ) 988 9,814 10,802 6,843 1994 (l ) Des Moines,
IA — 277 1,609 (57 ) 173 1,656 1,829 721 1998 (l ) Austin, TX 1,232 255 — 1,862 366 1,751 2,117 559 1999 (l ) Austin, TX 1,416 248 — 2,184 355 2,077 2,432 1,056 1999 (l ) Austin, TX 1,204 248 — 1,820 355 1,713 2,068 522 2000 (l ) Horn Lake,
MS — 427 — 4,092 387 4,132 4,519 885 2004 (l ) Orlando, FL 3,887 909 4,613 276 920 4,878 5,798 1,559 2005 (l ) San Antonio,
TX 2,931 768 3,448 (216 ) 779 3,221 4,000 880 2005 (l ) Birmingham,
AL — 303 742 (215 ) 225 605 830 235 2005 (l ) Omaha, NE — 1,808 8,340 (1,457 ) 1,619 7,072 8,691 2,361 2006 (l ) Fort Smith,
AR — 720 2,800 (561 ) 589 2,370 2,959 645 2006 (l ) Jefferson
County, KY — 2,074 — 9,890 2,120 9,844 11,964 1,417 2007 (l ) SCHEDULE III:REAL ESTATE AND ACCUMULATED DEPRECIATIONAs Of December 31, 2012
Capitalized
Subsequent to
Completion
Provision (b)
Initial Cost Gross Amount Carried
At Close of Period 12/31/12
12/31/2012
Constructed
(Years) Building Address
State) (a)
Encumbrances Land Building and
Improvements Land Building and
Improvements Total (In thousands) Winchester,
VA 7,902 2,320 — 10,855 2,401 10,774 13,175 1,497 2007 (l ) Kansas
City, MO 11,611 4,152 — 13,624 4,228 13,548 17,776 1,426 2008 (l ) Greenville,
KY — 294 8,570 3 296 8,571 8,867 3,655 2008 (l ) — (j ) — 165,660 534 5,633 (m) 158,824 13,003 171,827 1,562 $ 763,616 $ 721,610 $ 1,725,364 $ 657,900 $ 694,116 (k) $ 2,410,758 (k) $ 3,104,874 $ 735,593 (k) FIRST INDUSTRIAL REALTY TRUST, INC.SCHEDULE III:REAL ESTATE AND ACCUMULATED DEPRECIATION2012(a) See description of encumbrances in Note 6 toof the Notes to Consolidated Financial Statements.(b) Initial cost for each respective property is tangible purchase price allocated in accordance with FASB’s guidance on business combinations. (c) Improvements are net of the write-off of fully depreciated assets and impairment of real estate. (d) Comprised of two properties. (e) Comprised of three properties. (f) Comprised of four properties. (g) Comprised of five properties. (h) Comprised of eight properties. (i)Comprised of 27 properties.(j)(i)These properties represent developable land and developments that have not been placed in service and land parcels for which we receive ground lease income.(k) Amounts
Included
in Real Estate
Held for Sale Amounts Within
Net Investment
in Real Estate Gross Amount
Carried At
Close of Period
December 31, 2012 $ 2,390 $ 691,726 $ 694,116 7,104 2,403,654 2,410,758 (2,958 ) (732,635 ) (735,593 ) 6,536 2,362,745 2,369,281 — 26,068 26,068 $ 6,536 $ 2,388,813 $ 2,395,349 229 $ 6,765 (l)Depreciation is computed based upon the following estimated lives:Buildings and Improvements 7 to 50 years 3 to 20 years LifeShorter of leaseLease Term or Useful Life(m)Includes foreign currency translation adjustments.2012,2013, the aggregate cost of land and buildings and equipment for federal income tax purpose was approximately $3.1 billion (excluding construction in progress).20122013 are as follows: 2012 2011 2010 (In thousands) $ 3,115,050 $ 3,140,649 $ 3,351,626 65,770 22,953 17,595 74,116 72,822 49,881 (94,093 )�� (91,312 ) (50,929 ) (1,246 ) 2,661 (194,552 ) (28,655 ) (32,723 ) (32,972 ) $ 3,130,942 $ 3,115,050 $ 3,140,649 2013 2012 2011 (In thousands) Balance, Beginning of Year $ 3,130,942 $ 3,115,050 $ 3,140,649 Acquisition of Real Estate Assets 69,481 65,770 22,953 Construction Costs and Improvements 100,207 74,116 72,822 Disposition of Real Estate Assets (142,369 ) (94,093 ) (91,312 ) Impairment of Real Estate (2,652 ) (1,246 ) 2,661 Write-off of Fully Depreciated Assets (36,062 ) (28,655 ) (32,723 ) Balance, End of Year $ 3,119,547 $ 3,130,942 $ 3,115,050 20122013 are as follows: 2012 2011 2010 (In thousands) $ 695,931 $ 663,310 $ 597,461 100,074 95,931 104,175 (31,757 ) (30,587 ) (5,354 ) (28,655 ) (32,723 ) (32,972 ) $ 735,593 $ 695,931 $ 663,310 2013 2012 2011 (In thousands) Balance, Beginning of Year $ 735,593 $ 695,931 $ 663,310 Depreciation for Year 94,271 100,074 95,931 Disposition of Assets (45,758 ) (31,757 ) (30,587 ) Write-off of Fully Depreciated Assets (36,062 ) (28,655 ) (32,723 ) Balance, End of Year $ 748,044 $ 735,593 $ 695,931 Description Interest rate Final Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages * Principal Amount of Loans Subject to Delinquent Principal or Interest Borrower A 4.75 % 3/31/2014 Interest monthly and principal at maturity N/A $ 9,800 $ 9,800 N/A Borrower B 4.75 % 12/26/2014 Interest monthly and principal at maturity N/A 2,720 2,720 N/A Borrower C 6.75 % 6/30/2015 Interest and principal monthly N/A 10,325 9,821 N/A Borrower D 7.50 % 12/22/2016 Interest and principal monthly N/A 8,030 7,165 N/A Borrower E 6.35 % 6/30/2017 Interest and principal monthly N/A 24,207 23,099 N/A $ 55,082 $ 52,605 * Carrying amount includes all applicable accrued interest and accretion of discount to date, net of amounts reserved for loan losses. Year Ended December 31, 2013 Year Ended December 31, 2012 Year Ended December 31, 2011 Balance at Beginning of Period $ 40,771 $ 47,420 $ 50,687 Additions During Period: New Mortgage Loans 12,520 — 7,029 Accretion of Discount 64 64 64 Deductions During Period: Provision for Loan Loss Reserve (150 ) — — Collections of Principal (598 ) (6,707 ) (10,304 ) Interest (2 ) (6 ) (56 ) Balance at Close of Period $ 52,605 $ 40,771 $ 47,420 FIRST INDUSTRIAL REALTY TRUST, INC. By: By: /S/ BRUCE W. DUNCAN28, 201327, 2014By: By: /S/ SCOTT A. MUSIL28, 2013 W. Edwin Tyler February 28, 201327, 2014/S/ BRUCEW. DUNCANBruce W. Duncan President, Chief Executive Officer
and Director February 28, 201327, 2014/S/ MATTHEW DOMINSKIMatthew Dominski Director February 28, 201327, 2014Matthew Dominski Director February 27, 2014 H. Patrick Hackett, Jr. Director February 28, 201327, 2014/S/ JOHN E. RAU Director February 28, 201327, 2014/S/ L. PETER SHARPE Director February 28, 2013S-11