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First Industrial Realty Trust Reports Fourth Quarter and Full Year 2012 Results

   First Industrial Realty Trust Reports Fourth Quarter and Full Year 2012
                                   Results

- Occupancy Improved to 89.9%, Up 140 Basis Points from 3Q12, 200 Basis Points
from 4Q11

- Same Store NOI on a Cash Basis Up 7.0% in 4Q12, Excluding Termination Fees

- Signed Lease Agreement for First Chino Logistics Center Development in
Southern California

- Initiated 2013 FFO Guidance of $1.02 to $1.12 Per Share Before Loss from
Retirement of Debt

- Re-Initiates Common Stock Dividend of $0.085 per Share/Unit for 1Q13

PR Newswire

CHICAGO, Feb. 20, 2013

CHICAGO, Feb. 20, 2013 /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 results for the fourth
quarter and full year 2012. Diluted net loss available to common stockholders
per share (EPS) was $(0.09) in the fourth quarter, compared to $(0.05) a year
ago. Full year 2012 diluted net loss available to common stockholders was
$(0.24) per share, compared to $(0.34) per share in 2011.

(Logo: http://photos.prnewswire.com/prnh/20040106/FRLOGO)

First Industrial's fourth quarter FFO was $0.18 per share/unit on a diluted
basis, compared to $0.23 per share/unit for the year ago quarter. Full year
2012 FFO was $0.88 per share/unit on a diluted basis versus $0.89 per
share/unit in 2011.

FFO per share results for the fourth quarter of 2012 include a $0.03 loss on
retirement of debt and a $0.02 loss related to the partial redemption of the
7.25% Series J Cumulative Redeemable Preferred Stock. Results for the quarter
reflected increased general and administrative expenses due to accelerated
vesting of incentive compensation and lease termination fees of $2.9 million.

FFO results for the full year 2012 include a $0.10 loss on retirement of debt,
a $0.02 loss related to the partial redemption of the 7.25% Series J
Cumulative Redeemable Preferred Stock, the one-time charge of $0.06 per share
related to the Company's preliminary agreement with the IRS related to the
audit of the Company's 2009 taxable REIT subsidiary liquidation, and $0.04 per
share of NAREIT-compliant gains.

"In 2012, our team continued on its mission to drive value from leasing,
strengthen our balance sheet and refine our portfolio through active asset
management and new investment," said Bruce W. Duncan, First Industrial's
president and CEO. "As a result of our execution and our positive outlook for
our portfolio supported by improving industry fundamentals, the Board decided
to re-initiate a common dividend for the first quarter of 2013."

Portfolio Performance for On Balance Sheet Properties

  oIn-service occupancy was 89.9% at the end of the quarter, up 140 basis
    points from 88.5% at the end of the third quarter 2012, and up 200 basis
    points from 87.9% at the end of the fourth quarter of 2011.
  oRetained tenants in 77.2% of square footage up for renewal.
  oExcluding lease termination fees, same store cash basis net operating
    income (NOI) increased 7.0%. Including lease termination fees, same store
    cash basis NOI increased 12.4%.
  oRental rates decreased 6.8% on a cash basis; leasing costs were $2.67 per
    square foot.

Common Stock Dividend Re-initiated

The board of directors re-initiated the Company's common stock dividend by
declaring a dividend of $0.085 per share/unit for the quarter ending March 31,
2013 payable on April 15, 2013 to stockholders of record on March 29, 2013.

"We are pleased to return to being a dividend-paying REIT," added Mr. Duncan.
"The Board established the dividend at a level from which we hope to grow as
we further lease-up our portfolio, while enabling us to retain capital for our
business needs and new investment."

Preferred Dividends

The board of directors declared a dividend of $0.45313 per depositary share on
its 7.25% Series J Cumulative Redeemable Preferred Stock (NYSE: FR-PrJ) for
the quarter ending March 31, 2013 payable on April 1, 2013 to stockholders of
record on March 15, 2013.

Additionally, the board of directors declared a dividend of $0.45313 per
depositary share on its 7.25% Series K Cumulative Redeemable Preferred Stock
(NYSE: FR-PrK) for the quarter endingMarch 31, 2013 payable on April 1, 2013
to stockholders of record on March 15, 2013.

Capital Markets Activities and Financial Position

In the fourth quarter, the Company:

  oRedeemed $50 million (2 million depositary shares) of its 7.25% Series J
    Cumulative Redeemable Preferred Stock.
  oRepurchased $13.7 million of its 7.60% Notes due 2028 and $1.0 million of
    its 7.75% Senior Notes due 2032.
  oPaid off $14.1 million of mortgage debt with a weighted average interest
    rate of 7.58%.

In the first quarter of 2013 to date, the Company:

  oRepurchased $4.0 million of its 7.60% Notes due 2028.

"We continued to reduce our capital costs by redeploying excess sales proceeds
for the partial redemption of our 7.25% Series J preferred stock," said Scott
Musil, chief financial officer. "To further reduce borrowing costs, we plan
to prepay $72 million of mortgages at a weighted average interest rate of 7.0%
in 2013."

Divestment Activities

In the fourth quarter, the Company:

  oCompleted the sale of three properties totaling approximately 151,000
    square feet for a total of $5.2 million.

For the full year 2012, the Company

  oCompleted the sale of 28 properties and one land parcel totaling
    approximately 4.2 million square feet for a total of $85.6 million.

In the first quarter of 2013 to date, the Company sold one property comprised
of 41,000 square feet for $1.7 million.

Development Leasing

During the first quarter of 2013, the Company signed a long-term lease for its
300,300 square-foot First Chino Logistics Center development in process in the
Inland Empire in Southern California. The tenant is expected to take
occupancy of the building approximately midway through the second quarter of
2013.

"On the heels of leasing our 692,000 square-foot First Inland Logistics Center
in the Inland Empire last year, we were successful in leasing our First Chino
Logistics Center development more than one year ahead of schedule," said
Johannson Yap, chief investment officer.

Outlook for 2013

Mr. Duncan stated, "Industry fundamentals continue to improve in step with the
economy, while new supply of industrial space is limited relative to
historical levels. Our team is focused on capturing the growth opportunity
within our existing portfolio, lease-up of our developments, as well as new
investment."

                                            Low End of       High End of
                                            Guidance for      Guidance for
                                            2013              2013
                                            (Per share/unit)  (Per share/unit)
Net Loss Available to Common Stockholders   (0.13)            (0.03)
Add: Real Estate Depreciation/Amortization  1.13              1.13
FFO (NAREIT Definition)                     $1.00             $1.10
Add: Loss from Retirement of Debt Related
to Planned Early Mortgage
 Payoffs and 1Q13 Senior Note         0.02              0.02
Repurchase
FFO Before Loss from Retirement of Debt     $1.02             $1.12

The following assumptions were used:

  oAverage in-service occupancy of 90.5% to 92.0%.
  oSame-store NOI of positive 1% to 3% for the full year.
  oJV FFO of approximately $0.5 million.
  oGeneral and administrative expense of approximately $21.5 million to $22.5
    million.
  oGuidance includes the impact of our plan to prepay, prior to maturity,
    approximately $72 million of mortgage debt with a weighted average
    interest rate of approximately 7.0%. Guidance also reflects the
    aforementioned repurchase in 1Q13 of $4.0 million of the Company's 7.60%
    Notes due 2028.
  oGuidance includes the incremental costs to complete the Company's three
    developments in process. The Company plans to capitalize $0.02 per share
    of interest related to these developments.
  oGuidance reflects the impact of the lease-up of the First Chino Logistics
    Center in 2Q13 as discussed above.
  oGuidance does not include the impact of:

       oany other future debt repurchases prior to maturity or future debt
         issuances,
       oany future property sales or investments,
       oany lease-up of the First Bandini Logistics Center or First Logistics
         Center @ I-83 developments in process,
       oany future impairment gains or losses,
       oany NAREIT-compliant gains, or
       oissuance of additional equity, which the Company may elect to do,
         depending on market conditions.

A number of factors could impact our ability to deliver results in line with
our assumptions, such as interest rates, the economies of North America, the
supply and demand of industrial real estate, the availability and terms of
financing to potential acquirers of real estate, the timing and yields for
divestment and investment, and numerous other variables. There can be no
assurance that First Industrial can achieve such results.

FFO Definition

First Industrial reports FFO in accordance with the NAREIT definition to
provide a comparative measure to other REITs. NAREIT recommends that REITs
define FFO as net income, excluding gains (or losses) from the sale of
previously depreciated property, plus depreciation and amortization, excluding
impairments from previously depreciated assets, and after adjustments for
unconsolidated partnerships and joint ventures.

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 67.5 million square feet of industrial space as of December 31,
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.

Forward-Looking Information

This press release and the presentation to which it refers may contain 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 '34 Act reports.
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.

A schedule of selected financial information is attached.

First Industrial Realty Trust, Inc. (NYSE: FR) will host its quarterly
conference call on Thursday, February 21, 2013 at 12:00 p.m. EST (11:00 a.m.
CST). The conference call may be accessed by dialing (888) 823-7459, passcode
"First Industrial". The conference call will also be webcast live on the
Investor Relations page of the Company's website at www.firstindustrial.com.
The replay will also be available on the website.

The Company's fourth quarter and full year supplemental information can be
viewed on First Industrial's website, www.firstindustrial.com, under the
"Investor Relations" tab.



FIRST INDUSTRIAL REALTY TRUST, INC.
Selected Financial Data
(Unaudited)
(In thousands except per share/unit data)
                                    Three Months Ended    Year Ended
                                    December   December   December   December
                                    31,        31,        31,        31,
                                    2012       2011       2012       2011
Statement of Operations and Other
Data:
 Total Revenues                 $      $      $       $   
                                    84,327     79,220     327,273    315,876
 Property Expenses               (27,815)   (26,947)   (105,126)  (106,639)
 General & Administrative      (8,689)    (5,585)    (25,103)   (20,638)
 Restructuring Costs            -          -          -          (1,553)
 Impairment of Real Estate      -          451        164        7,634
 Depreciation of Corporate       (241)      (328)      (1,077)    (1,426)
FF&E
 Depreciation and Other          (29,043)   (31,854)   (119,820)  (117,850)
Amortization of Real Estate
 Total Expenses                 (65,788)   (64,263)   (250,962)  (240,472)
 Interest Income                613        888        2,874      3,922
 Interest Expense               (19,514)   (23,196)   (83,506)   (100,127)
 Amortization of Deferred        (867)      (726)      (3,460)    (3,963)
Financing Costs
 Mark-to-Market Gain (Loss) on
Interest Rate Protection            6          (158)      (328)      (1,718)
Agreements
 Loss from Retirement of Debt   (3,038)    (855)      (9,684)    (5,459)
 Foreign Currency Exchange       -          -          -          (332)
Loss
 Loss from Continuing
Operations Before Equity in Income
of Joint

  Ventures,Gain on Change
in Control of Interests and Income
Tax                                 (4,261)    (9,090)    (17,793)   (32,273)

 Provision
 Equity in Income of Joint       1,403      73         1,559      980
Ventures (a)
 Gain on Change in Control of    -          -          776        689
Interests
 Income Tax Provision           (264)      (424)      (5,522)    (450)
 Loss from Continuing         (3,122)    (9,441)    (20,980)   (31,054)
Operations
 Discontinued Operations:
 Income Attributable to       58         1,380      2,019      1,773
Discontinued Operations
 Gain on Sale of Real         660        7,068      12,665     20,419
Estate
 Benefit (Provision) for
Income Taxes Allocable to
Discontinued                        -          817        -          (1,246)

 Operations
 Income from Discontinued        718        9,265      14,684     20,946
Operations
 Loss Before Gain on Sale of   (2,404)    (176)      (6,296)    (10,108)
Real Estate
 Gain on Sale of Real Estate    -          -          3,777      1,370
 Provision for Income Taxes
Allocable to Gain on Sale of Real   -          -          -          (452)
Estate
 Net Loss                     (2,404)    (176)      (2,519)    (9,190)
 Net Loss Attributable to the    433        255        1,201      1,745
Noncontrolling Interest
 Net (Loss) Income
Attributable to First Industrial    (1,971)    79         (1,318)    (7,445)
Realty Trust, Inc.
 Preferred Dividends            (4,662)    (4,763)    (18,947)   (19,565)
 Redemption of Preferred Stock  (1,804)    -          (1,804)    -
 Net Loss Available to First
Industrial Realty Trust, Inc.'s
Common                              $      $      $       $   
                                    (8,437)   (4,684)   (22,069)  (27,010)
 Stockholders
 RECONCILIATION OF NET LOSS
AVAILABLE TOFIRST

 INDUSTRIAL REALTY TRUST,
INC.'S COMMONSTOCKHOLDERS TO

 FFO (b) AND FAD (b)
 Net Loss Available to First
Industrial Realty Trust,
Inc.'sCommon                       $      $      $       $   
                                    (8,437)   (4,684)   (22,069)  (27,010)
Stockholders
 Depreciation and Other          29,043     31,854     119,820    117,850
Amortization of Real Estate
 Depreciation and Other
Amortization of Real Estate
Included in                         160        727        1,612      4,473

 Discontinued Operations
 Impairment of Depreciated Real  -          155        (164)      (514)
Estate
 Impairment of Depreciated Real
Estate Included in Discontinued     -          93         1,410      4,973

Operations
 Noncontrolling Interest        (433)      (255)      (1,201)    (1,745)
 Equity in Dep/Other
Amortization of Joint Ventures      (275)      102        (20)       551
(a)
 Gain on Change in Control of    -          -          (776)      (689)
Interests
 Non-NAREIT Compliant Gain (b)  (660)      (7,068)    (12,665)   (20,419)
 Non-NAREIT Compliant Gain from  (845)      -          (902)      (616)
Joint Ventures (a) (b)
 Funds From Operations        $      $      $      $    
(NAREIT) ("FFO") (b)               18,553     20,924     85,045     76,854
 Loss from Retirement of Debt   3,038      855        9,684      5,459
 Restricted Stock/Unit           4,852      991        8,559      3,759
Amortization
 Amortization of Deferred        867        726        3,460      3,963
Financing Costs
 Depreciation of Corporate       241        328        1,077      1,426
FF&E
 Impairment of Undepreciated     -          (606)      -          (7,120)
Real Estate
 Redemption of Preferred         1,804      -          1,804      -
Stock
 Mark-to-Market (Gain) Loss on
Interest Rate Protection            (6)        158        328        1,718
Agreements
 Non-Incremental Capital         (15,429)   (18,306)   (49,279)   (56,038)
Expenditures
 Straight-Line Rental Income     (1,121)    (1,987)    (3,504)    (7,733)
Adjustment
 Funds Available for          $      $      $      $    
Distribution ("FAD") (b)          12,799      3,083    57,174     22,288



FIRST INDUSTRIAL REALTY TRUST, INC.
Selected Financial Data
(Unaudited)
(In thousands except per share/unit data)
                           Three Months Ended         Year Ended
                           December 31,  December     December     December
                                         31,          31,          31,
                           2012          2011         2012         2011
 RECONCILIATION OF
NET LOSS AVAILABLE
TOFIRST

 INDUSTRIAL
REALTY TRUST, INC.'S
COMMONSTOCKHOLDERS TO

 EBITDA (b) AND
NOI (b)
 Net Loss Available
to First Industrial
Realty Trust, Inc.'s
Common                     $         $        $         $   
                           (8,437)      (4,684)     (22,069)    (27,010)
 Stockholders
 Interest Expense      19,514        23,196       83,506       100,127
 Interest Expense
Included in Discontinued   -             -            -            63
Operations
 Restructuring Costs   -             -            -            1,553
 Depreciation and
Other Amortization of      29,043        31,854       119,820      117,850
Real Estate
 Depreciation and
Other Amortization of
Real Estate Included in    160           727          1,612        4,473

 Discontinued
Operations
 Impairment of          -             155          (164)        (514)
Depreciated Real Estate
 Impairment of
Depreciated Real Estate
Included in Discontinued   -             93           1,410        4,973

 Operations
 Impairment of
Undepreciated Real         -             (606)        -            (7,120)
Estate
 Preferred Dividends   4,662         4,763        18,947       19,565
 Redemption of          1,804         -            1,804        -
Preferred Stock
 Income Tax Provision   264           (393)        5,522        2,148
(Benefit)
 Noncontrolling         (433)         (255)        (1,201)      (1,745)
Interest
 Loss from Retirement   3,038         855          9,684        5,459
of Debt
 Amortization of        867           726          3,460        3,963
Deferred Financing Costs
 Depreciation of        241           328          1,077        1,426
Corporate FF&E
 Equity in Dep/Other
Amortization of Joint      (275)         102          (20)         551
Ventures (a)
 Gain on Change in      -             -            (776)        (689)
Control of Interests
 Non-NAREIT Compliant   (660)         (7,068)      (12,665)     (20,419)
Gain (b)
 Non-NAREIT Compliant
Gain from Joint Ventures   (845)         -            (902)        (616)
(a) (b)
 EBITDA (b)         $         $        $         $   
                           48,943        49,793       209,045      204,038
 General and            8,689         5,585        25,103       20,638
Administrative
 Foreign Currency       -             -            -            332
Exchange Loss
 Mark-to-Market (Gain)
Loss on Interest Rate      (6)           158          328          1,718
Protection Agreements
 NAREIT Compliant       -             -            (3,777)      (1,370)
Economic Gain (b)
 FFO of Joint Ventures  (360)         (445)        (1,153)      (1,885)
(b)
 Net Operating       $         $        $         $   
Income ("NOI") (b)        57,266        55,091       229,546      223,471
 RECONCILIATION OF
GAIN ON SALE OF REAL
ESTATETO

 NAREIT COMPLIANT
ECONOMIC GAIN (b)
 Gain on Sale of Real   $        $       $       $     
Estate                      -         -     3,777        1,370
 Gain on Sale of Real
Estate included in         660           7,068        12,665       20,419
Discontinued Operations
 Non-NAREIT Compliant   (660)         (7,068)      (12,665)     (20,419)
Gain (b)
 NAREIT Compliant    $        $       $       $     
Economic Gain (b)            -         -     3,777        1,370
Weighted Avg. Number of
Shares/Units Outstanding   102,599       91,200       96,509       85,913
- Basic/Diluted (c)
Weighted Avg. Number of
Shares Outstanding -       97,738        85,941       91,468       80,616
Basic/Diluted (c)
Per Share/Unit Data:
FFO (NAREIT) Allocable    $         $        $        $    
to Common Stockholders     18,553        20,924       85,045       76,854
and Unitholders
- Basic/Diluted (c)    $        $       $       $     
                            0.18         0.23        0.88        0.89
Loss from Continuing
Operations, including      $         $        $         $   
Gain on Sale of Real       (3,122)      (9,441)     (17,203)    (30,136)
Estate, Net of Income Tax
Provision
Add: Noncontrolling
Interest Allocable to
Continuing Operations and  466           794          1,962        3,027
Gain on Sale of Real
Estate
Less: Preferred           (4,662)       (4,763)      (18,947)     (19,565)
Dividends
Less: Redemption of       (1,804)       -            (1,804)      -
Preferred Stock
Loss from Continuing
Operations Available to    $         $         $         $   
First Industrial Realty    (9,122)      (13,410)    (35,992)    (46,674)
Trust, Inc.'s Common
Stockholders
- Basic/Diluted (c)    $        $       $       $     
                           (0.09)       (0.16)      (0.39)      (0.58)
Net Loss Available to
First Industrial Realty    $         $        $         $   
Trust, Inc.'s Common       (8,437)      (4,684)     (22,069)    (27,010)
Stockholders
- Basic/Diluted (c)    $        $       $       $     
                           (0.09)       (0.05)      (0.24)      (0.34)
Balance Sheet Data (end
of period):
 Gross Real Estate    $           $  
Investment                 3,121,448     2,992,096
 Real Estate and
Other Assets Held For      6,765         91,659
Sale, Net
 Total Assets         2,608,842     2,666,657
 Debt                 1,335,766     1,479,483
 Total Liabilities    1,463,189     1,594,062
 Total Equity         $           $  
                           1,145,653     1,072,595



a) Represents the Company's pro rata share of net income (loss), depreciation
and amortization on real estate and Non-NAREIT compliant gain (loss), if
applicable.
b) Investors in, and analysts following, the real estate industry utilize
funds from operations ("FFO"), net operating income ("NOI"), EBITDA and funds
available for distribution ("FAD"), variously defined below, as supplemental
performance measures. While the Company believes net income (loss) available
to First Industrial Realty Trust, Inc.'s common stockholders and participating
securities, as defined by GAAP, is the most appropriate measure, it considers
FFO, NOI, EBITDA and FAD, given their wide use by, and relevance to investors
and analysts, appropriate supplemental performance measures. FFO, reflecting
the assumption that real estate asset values rise or fall with market
conditions, principally adjusts for the effects of GAAP depreciation and
amortization of real estate assets. NOI provides a measure of rental
operations, and does not factor in depreciation and amortization and
non-property specific expenses such as general and administrative expenses.
EBITDA provides a tool to further evaluate the ability to incur and service
debt and to fund dividends and other cash needs. FAD provides a tool to
further evaluate the ability to fund dividends. In addition, FFO, NOI, EBITDA
and FAD are commonly used in various ratios, pricing multiples/yields and
returns and valuation calculations used to measure financial position,
performance and value.
The National Association of Real Estate Investment Trusts ("NAREIT") has a
published definition of FFO and from January 1, 2009 until September 30, 2011,
the Company calculated FFO to be equal to net income (loss) available to First
Industrial Realty Trust, Inc.'s common stockholders and participating
securities, plus depreciation and amortization on real estate less non-NAREIT
compliant gain (loss) in accordance with NAREIT's definition of FFO. In the
fourth quarter of 2011, NAREIT modified its definition of FFO to exclude
impairment write downs of depreciable real estate from FFO. Beginning in the
fourth quarter of 2011, the Company adopted NAREIT's updated FFO definition.
NAREIT Compliant Economic Gain (Loss) results from the sale of properties not
previously depreciated. Non-NAREIT Compliant Gain (Loss) results from the
sale of depreciable properties.
NOI is defined as revenues of the Company, minus property expenses such as
real estate taxes, repairs and maintenance, property management, utilities,
insurance and other expenses. NOI includes NOI from discontinued operations.
EBITDA is defined as NOI plus the equity in FFO of the Company's joint
ventures, which are accounted for under the equity method of accounting, plus
or minus NAREIT compliant economic gain (loss), plus foreign exchange loss,
plus or minus mark-to-market gain or loss on interest rate protection
agreements, minus general and administrative expenses. EBITDA includes EBITDA
from discontinued operations.
FAD is defined as EBITDA minus GAAP interest expense, minus restructuring
costs, minus preferred stock dividends, minus straight-line rental income,
minus provision for income taxes or plus benefit for income taxes, minus or
plus mark-to-market gain or loss on interest rate protection agreements, plus
restricted stock amortization, minus non-incremental capital expenditures.
Non-incremental capital expenditures are building improvements and leasing
costs required to maintain current revenues.
FFO, NOI, EBITDA and FAD do not represent cash generated from operating
activities in accordance with GAAP and are not necessarily indicative of cash
available to fund cash needs, including the repayment of principal on debt and
payment of dividends and distributions. FFO, NOI, EBITDA and FAD should not
be considered as substitutes for net income (loss) available to common
stockholders and participating securities (calculated in accordance with GAAP)
as a measure of results of operations or cash flows (calculated in accordance
with GAAP) as a measure of liquidity. FFO, NOI, EBITDA and FAD as currently
calculated by the Company may not be comparable to similarly titled, but
variously calculated, measures of other REITs.
In addition, the Company considers cash-basis same store NOI ("SS NOI") to be
a useful supplemental measure of its operating performance. Same store
properties, for the period beginning January 1, 2012, include all properties
owned prior to January 1, 2011 and held as an operating property through the
end of the current reporting period, and developments and redevelopments that
were placed in service or were substantially completed for 12 months prior to
January 1, 2011 (the "Same Store Pool"). The Company defines SS NOI as NOI,
less NOI of properties not in the Same Store Pool, less the impact of
straight-line rent, the amortization of lease inducements and the amortization
of above/below market rent. For the quarters ended December 31, 2012 and
December 31, 2011, NOI was $57,266 and $55,091, respectively; NOI of
properties not in the Same Store Pool was $(1,019) and $1,677, respectively;
the impact of straight-line rent, the amortization of lease inducements and
the amortization of above/below market rent was $496 and $2,009,
respectively. The Company excludes straight-line rent, amortization of lease
inducements and above/below market rent in calculating SS NOI because the
Company believes it provides a better measure of actual cash basis rental
growth for a year-over-year comparison. In addition, the Company believes
that SS NOI helps the investing public compare the operating performance of a
company's real estate as compared to other companies. While SS NOI is a
relevant and widely used measure of operating performance of real estate
investment trusts, it does not represent cash flow from operations or net
income (loss) as defined by GAAP and should not be considered as an
alternative to those measures in evaluating our liquidity or operating
performance. SS NOI also does not reflect general and administrative
expenses, interest expenses, depreciation and amortization costs, capital
expenditures and leasing costs, or trends in development and construction
activities that could materially impact our results from operations. Further,
the Company's computation of SS NOI may not be comparable to that of other
real estate companies, as they may use different methodologies for calculating
SS NOI.
c) In accordance with GAAP, the diluted weighted average number of
shares/units outstanding and the diluted weighted average number of shares
outstanding are the same as the basic weighted average number of shares/units
outstanding and the basic weighted average number of shares outstanding,
respectively, for periods in which continuing operations is a loss, as the
dilutive effect of stock options and restricted units would be antidilutive to
the loss from continuing operations per share. The Company has conformed with
the GAAP computation of diluted common shares in computing per share amounts
for items included on the Statement of Operations, including FFO and FAD.
GAAP requires unvested equity based compensation awards that have
nonforfeitable rights to dividends or dividend equivalents (whether paid or
unpaid) to be included in the two class method of the computation of EPS. For
the three and twelve months ended December 31, 2012 and December 31, 2011,
there was no impact on basic and diluted EPS as participating security holders
are not obligated to share in net loss available to common stockholders. The
Company conforms the calculation of FFO and FAD with the calculation of EPS.



SOURCE First Industrial Realty Trust, Inc.

Contact: Art Harmon, Senior Director, Investor Relations and Corporate
Communications, 312-344-4320