First Industrial Realty Trust Announces New Employment Agreement with
President and CEO Bruce W. Duncan
CHICAGO, Dec. 19, 2012
CHICAGO, Dec. 19, 2012 /PRNewswire/ -- First Industrial Realty Trust, Inc.
(NYSE: FR), a leading owner and operator of industrial real estate and
provider of supply chain solutions, today announced a new employment agreement
with Bruce W. Duncan, president and chief executive officer. The term of the
agreement is two years, plus three one-year renewal options.
"On behalf of the board of directors, we are pleased to sign a new employment
agreement with Bruce," said W. Ed Tyler, chairman of First Industrial's board
of directors. "Under his direction, the Company has significantly
strengthened its operations and balance sheet, and we look forward to his
"I am excited to continue to work with my teammates as we serve our customers,
drive cash flow from our properties, and enhance our portfolio to deliver
value to our shareholders," said Mr. Duncan.
The Company today filed with the Securities and Exchange Commission a Form 8-K
describing the terms of the employment agreement. A copy of the employment
agreement is included as an exhibit to the Form 8-K.
About First Industrial Realty Trust, Inc.
First Industrial Realty Trust, Inc. (NYSE: FR) is a leading owner and operator
of industrial real estate and provider of supply chain solutions to
multinational corporations and regional customers. Across major markets in
North America, our local market experts manage, lease, buy, (re)develop, and
sell bulk and regional distribution centers, light industrial, and other
industrial facility types. We have a track record of industry leading
customer service, and in total, we own, manage and have under development
approximately 68.1 million square feet of industrial space as of September 30,
2012. For more information, please visit us at www.firstindustrial.com. We
post or otherwise make available on this website from time to time information
that may be of interest to investors.
This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934. We intend for 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" 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
under the heading "Risk Factors" and elsewhere in the Company's annual report
on Form 10-K for the year ended December 31, 2011 and in the Company's
subsequent reports filed with the Securities and Exchange Commission. We
caution you not to place undue reliance on forward-looking statements, which
reflect our outlook only and speak only as of the date of this press release
or the dates indicated in the statements. We assume no obligation to update or
supplement forward-looking statements. For further information on these and
other factors that could impact the Company and the statements contained
herein, reference should be made to the Company's filings with the Securities
and Exchange Commission.
SOURCE First Industrial Realty Trust, Inc.
Contact: Art Harmon, Senior Director, Investor Relations and Corporate
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