First Industrial Realty Trust Reports Third Quarter 2013 Results

       First Industrial Realty Trust Reports Third Quarter 2013 Results

- Occupancy of 91.2%, Up 270 Basis Points from 3Q12

- Same Store NOI Grew 2.1%

- Closed on Expanded $625 Million Unsecured Credit Facility

- Commenced Two Developments Totaling 600,000 Square Feet in Southern
California

- Invested $28.3 Million in a 627,000 Square-Foot 100% Leased Distribution
Center in the Chicago Market in the Fourth Quarter

- Retired All $50 Million of 7.25% Series K Cumulative Redeemable Preferred
Stock

- Paid Off $14.8 Million of Debt; Retired $32.0 Million of Mortgages in 4Q13

- Hosting Investor Day Tuesday, November 12th in Southern California

PR Newswire

CHICAGO, Oct. 24, 2013

CHICAGO, Oct. 24, 2013 /PRNewswire/ -- First Industrial Realty Trust, Inc.
(NYSE: FR), a leading owner, operator and developer of industrial real estate,
today announced results for third quarter 2013. Diluted net income available
to common stockholders per share (EPS) was $0.05 in the third quarter,
compared to $0.04 a year ago. 

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

First Industrial's third quarter FFO was $0.26 per share/unit on a diluted
basis, compared to $0.30 per share/unit a year ago. Third quarter 2013
results included a total of $0.02 per share/unit loss related to the
retirement of the 7.25% Series K Cumulative Redeemable Preferred Stock and
loss on early retirement of debt.

"The industrial market continues to exhibit positive net absorption of space,
and new construction remains limited relative to historical levels," said
Bruce W. Duncan, First Industrial's president and CEO. "Tenants and prospects
are actively seeking space for growth and efficiency gains, and we are
positioned to serve their needs and increase our portfolio occupancy and cash
flow."

Portfolio Performance – Third Quarter 2013

  oIn-service occupancy was 91.2% at the end of the quarter, compared to
    91.2% at the end of the second quarter of 2013, and 88.5% at the end of
    the third quarter of 2012.
  oRetained tenants in 70.8% of square footage up for renewal.
  oSame property cash basis net operating income (NOI) increased 2.1%.
    Including lease termination fees, same property NOI increased 2.5%.
  oRental rates decreased 4.0% on a cash basis and increased 1.0% on a GAAP
    basis; leasing costs were $2.40 per square foot.

Capital Market Activities and Financial Position

In the third quarter, the Company:

  oClosed on a new $625 million unsecured credit facility, maturing on
    September 29, 2017 with a one-year extension option and an initial
    interest rate of LIBOR plus 145 basis points.
  oRedeemed all $50 million of the 7.25% Series K Cumulative Redeemable
    Preferred Stock.
  oPrepaid $14.0 million of mortgage loans at a weighted average interest
    rate of 7.5%.
  oRepurchased $0.4 million of the 7.6% 2028 Notes and $0.4 million of the
    5.95% 2017 Notes at an average yield to maturity of 5.3%.

In the fourth quarter to date, the Company:

  oRetired $32.0 million of mortgages at a weighted average interest rate of
    6.5%.

"We enhanced our financial flexibility through our expanded line of credit,
and made further progress in paying down higher cost debt and preferred
obligations," said Scott Musil, chief financial officer. "Our strengthened
balance sheet has capacity to support new investment, and we have further
opportunities to reduce our capital costs to contribute to our overall cash
flow growth."

Investment and Disposition Activities

In the third quarter, the Company:

  oStarted development of the 555,670 square-foot First 36 Logistics Center @
    Moreno Valley in the Inland Empire in Southern California with an
    estimated total investment of $31.6 million. Also commenced development
    of First Figueroa Logistics Center, a 43,485 square-foot facility in the
    South Bay submarket of Los Angeles with an estimated total investment of
    $8.8 million.
  oCompleted the sale of six industrial properties totaling 0.4 million
    square feet and two land parcels for a total of $16.2 million.

In the fourth quarter to date, the Company:

  oAdded a 626,784 square-foot 100% leased distribution center in Chicago in
    the Southeast Wisconsin submarket for $28.3 million.
  oCompleted the sale of one land parcel for $1.6 million.

Outlook for 2013

Mr. Duncan stated, "Industrial fundamentals and continuing growth in the
overall U.S. economy support further net absorption of space. We can deliver
improved cash flow by increasing our occupancy as we win new business and
serve our customers' expansion needs."

                                           Low End of        High End of
                                           Guidance for 2013  Guidance for
                                                              2013
                                           (Per share/unit)   (Per share/unit)
Net Income Available to Common             0.03               0.09
Stockholders
Add: Real Estate                         1.03               1.03
Depreciation/Amortization
 Impairment of Depreciated       0.02               0.02
Real Estate YTD through 3Q13
Less: Non-NAREIT Compliant Gain YTD      (0.14)             (0.14)
through 3Q13
FFO (NAREIT Definition)                    $0.94              $1.00
Add: Loss from Retirement of Debt
Completed YTD
 through October 24, 2013           0.06               0.06
 Loss from Redemption of Series J    0.05               0.05
and Series K Preferred Shares
FFO Before Loss from Retirement of Debt
and Redemption of Series J and Series K    $1.05              $1.11
Preferred Shares

The following assumptions were used:

  oAverage quarter-end in-service occupancy of 90.5% to 91.5%, a narrowing of
    the range reducing the midpoint by 0.25%.
  oSame-store NOI of positive 1.5% 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 reflects the impact of the redemptions of both the Series J and
    Series K Cumulative Redeemable Preferred Stock.
  oGuidance reflects the impact of the unsecured notes and secured debt
    retired year to date through October 24, 2013.
  oGuidance includes the incremental costs related to the Company's four
    developments in process. In total, the Company expects to capitalize $0.03
    per share of interest related to these projects in 2013.
  oGuidance includes the impact of the 100% leased Chicago acquisition
    completed in the fourth quarter.
  oGuidance does not include the impact of:

       oany other future debt repurchases prior to maturity or future debt
         issuances,
       oany other future property sales or investments,
       oany potential lease-up of the completed First Bandini Logistics
         Center, First Logistics Center @ I-83 development in process, or the
         vacant Chicago acquisition completed in the second quarter of 2013,
       oany future impairment gains or losses,
       oany future 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.

Investor Day – November 12, 2013 – Southern California

First Industrial reminds the investment community that it will host "Investor
Day" in Los Angeles on Tuesday, November 12, 2013. The event will begin at
10:00 a.m. Pacific Time with a 2-hour presentation and question and answer
session, to be followed by a property tour featuring the Company's recent
developments and some of its existing portfolio in Southern California. For
additional information regarding the event, contact Art Harmon at
aharmon@firstindustrial.com or (312) 344-4320.

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, operator,
and developer of industrial real estate with a track record of providing
industry-leading customer service to multinational corporations and regional
customers. Across major markets in the United States, our local market
experts manage, lease, buy, (re)develop, and sell bulk and regional
distribution centers, light industrial, and other industrial facility types.
In total, we own, manage and have under development approximately 66.8 million
square feet of industrial space as of September 30, 2013. For more
information, please visit us at www.firstindustrial.com.

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," "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; 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, 2012 and in the Company's
subsequent Exchange 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 will host its quarterly conference call on Friday, October
25, 2013 at 11:00 a.m. EDT (10:00 a.m. CDT). 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 third quarter supplemental information can be viewedat
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    Nine Months Ended
                                   September  September  September  September
                                   30,        30,        30,        30,
                                   2013       2012       2013       2012
Statement of Operations and Other
Data:
Total Revenues                     $ 83,410   $ 78,610   $ 250,466  $ 239,015
Property Expenses                  (26,769)   (24,423)   (81,941)   (75,724)
General & Administrative           (5,137)    (4,843)    (17,001)   (16,414)
Impairment of Real Estate          (1,047)    -          (2,476)    257
Depreciation of Corporate FF&E     (137)      (258)      (509)      (836)
Depreciation and Other             (28,467)   (28,294)   (84,282)   (88,302)
Amortization of Real Estate
Total Expenses                     (61,557)   (57,818)   (186,209)  (181,019)
Interest Income                    591        656        1,754      2,261
Interest Expense                   (17,997)   (20,127)   (55,391)   (63,992)
Amortization of Deferred           (781)      (868)      (2,468)    (2,593)
Financing Costs
Mark-to-Market (Loss) Gain on
Interest Rate Protection           -          (29)       52         (334)
Agreements
Loss from Retirement of Debt       (662)      (424)      (6,248)    (6,646)
 Income (Loss) from Continuing
Operations Before Equity in
Income of Joint Ventures,
Gain on Change in Control of
Interests and Income Tax           3,004      -          1,956      (13,308)
(Provision) Benefit
Equity in Income of Joint          72         28         119        156
Ventures (a)
Gain on Change in Control of       -          -          -          776
Interests
Income Tax (Provision) Benefit     (63)       5          (4)        (5,258)
 Income (Loss) from Continuing    3,013      33         2,071      (17,634)
Operations
Discontinued Operations:
Income Attributable to             216        966        728        1,737
Discontinued Operations
Gain on Sale of Real Estate        5,243      4,420      15,650     12,005
Income from Discontinued           5,459      5,386      16,378     13,742
Operations
 Income (Loss) Before Gain on     8,472      5,419      18,449     (3,892)
Sale of Real Estate
Gain on Sale of Real Estate        291        3,777      553        3,777
Net Income (Loss)                  8,763      9,196      19,002     (115)
Net (Income) Loss Attributable to  (219)      (277)      (244)      768
the Noncontrolling Interest
 Net Income Attributable to
First Industrial Realty Trust,     8,544      8,919      18,758     653
Inc.
Preferred Dividends                (1,392)    (4,725)    (7,506)    (14,285)
Redemption of Preferred Stock      (2,121)    -          (5,667)    -
 Net Income (Loss) Available to
First Industrial Realty Trust,
Inc.'s
 Common Stockholders and          $ 5,031    $ 4,194    $ 5,585    $ (13,632)
Participating Securities
RECONCILIATION OF NET INCOME
(LOSS) AVAILABLE TO
FIRST INDUSTRIAL REALTY TRUST,
INC.'S COMMON
STOCKHOLDERS AND PARTICIPATING
SECURITIES TO FFO (b) AND AFFO
(b)
Net Income (Loss) Available to
First Industrial Realty Trust,
Inc.'s
 Common Stockholders and          $ 5,031    $ 4,194    $ 5,585    $ (13,632)
Participating Securities
Depreciation and Other             28,467     28,294     84,282     88,302
Amortization of Real Estate
Depreciation and Other
Amortization of Real Estate        59         1,010      816        3,927
Included in Discontinued
Operations
Impairment of Depreciated Real     1,047      -          2,476      (257)
Estate
Impairment of Depreciated Real
Estate Included in Discontinued    -          -          176        1,503
Operations
Noncontrolling Interest            219        277        244        (768)
Equity in Dep/Other Amortization   114        83         224        255
of Joint Ventures (a)
Gain on Change in Control of       -          -          -          (776)
Interests
Non-NAREIT Compliant Gain (b)      (5,243)    (4,420)    (15,650)   (12,005)
Non-NAREIT Compliant Gain from     (111)      -          (111)      (57)
Joint Ventures (a) (b)
 Funds From Operations (NAREIT)   $ 29,583   $ 29,438   $ 78,042   $ 66,492
("FFO") (b)
Loss from Retirement of Debt       662        424        6,248      6,646
Restricted Stock/Unit              1,769      1,309      4,436      3,707
Amortization
Amortization of Debt Discounts /   998        930        2,928      2,729
(Premiums) and Hedge Costs
Amortization of Deferred           781        868        2,468      2,593
Financing Costs
Depreciation of Corporate FF&E     137        258        509        836
Redemption of Preferred Stock      2,121      -          5,667      -
Mark-to-Market Loss (Gain) on
Interest Rate Protection           -          29         (52)       334
Agreements
NAREIT Compliant Economic Gain     (291)      (3,777)    (553)      (3,777)
(b)
Non-Incremental Capital            (13,163)   (10,322)   (36,725)   (33,850)
Expenditures
Capitalized Interest and Overhead  (1,122)    (825)      (3,233)    (1,300)
Straight-Line Rent and
Amortization of Above (Below)      (1,054)    (974)      (3,759)    (3,075)
Market Leases
 Adjusted Funds From Operations   $ 20,421   $ 17,358   $ 55,976   $ 41,335
("AFFO") (b)

FIRST INDUSTRIAL REALTY TRUST, INC.
Selected Financial Data
(Unaudited)
(In thousands except per share/unit data)
                              Three Months Ended        Nine Months Ended
                              September    September    September   September
                              30,          30,          30,         30,
                              2013         2012         2013        2012
RECONCILIATION OF NET INCOME
(LOSS) AVAILABLE TO
FIRST INDUSTRIAL REALTY
TRUST, INC.'S COMMON
STOCKHOLDERS AND
PARTICIPATING SECURITIES TO
EBITDA (b) AND NOI (b)
Net Income (Loss) Available
to First Industrial Realty
Trust, Inc.'s
Common Stockholders and       $ 5,031      $ 4,194      $ 5,585     $ (13,632)
Participating Securities
 Interest Expense           17,997       20,127       55,391      63,992
 Depreciation and Other     28,467       28,294       84,282      88,302
Amortization of Real Estate
 Depreciation and Other
Amortization of Real Estate   59           1,010        816         3,927
Included in Discontinued
Operations
 Impairment of Depreciated  1,047        -            2,476       (257)
Real Estate
 Impairment of Depreciated
Real Estate Included in       -            -            176         1,503
Discontinued Operations
 Preferred Dividends        1,392        4,725        7,506       14,285
 Redemption of Preferred    2,121        -            5,667       -
Stock
 Income Tax Provision       63           (5)          4           5,258
(Benefit)
 Noncontrolling Interest    219          277          244         (768)
 Loss from Retirement of    662          424          6,248       6,646
Debt
 Amortization of Deferred   781          868          2,468       2,593
Financing Costs
 Depreciation of Corporate  137          258          509         836
FF&E
 Equity in Dep/Other
Amortization of Joint         114          83           224         255
Ventures (a)
 Gain on Change in Control  -            -            -           (776)
of Interests
 NAREIT Compliant Economic  (291)        (3,777)      (553)       (3,777)
Gain (b)
 Non-NAREIT Compliant Gain  (5,243)      (4,420)      (15,650)    (12,005)
(b)
 Non-NAREIT Compliant Gain  (111)        -            (111)       (57)
from Joint Ventures (a) (b)
 EBITDA (b)              $ 52,445     $ 52,058     $ 155,282   $ 156,325
 General and                5,137        4,843        17,001      16,414
Administrative
 Mark-to-Market Loss
(Gain) on Interest Rate       -            29           (52)        334
Protection Agreements
 FFO of Joint Ventures (b)  (134)        (406)        (412)       (793)
 Net Operating Income    $ 57,448     $ 56,524     $ 171,819   $ 172,280
("NOI") (b)
 RECONCILIATION OF GAIN
ON SALE OF REAL ESTATE TO
NAREIT COMPLIANT ECONOMIC
GAIN (b)
 Gain on Sale of Real       $ 291        $ 3,777      $ 553       $ 3,777
Estate
Gain on Sale of Real
Estate included in            5,243        4,420        15,650      12,005
Discontinued Operations
 Non-NAREIT Compliant Gain  (5,243)      (4,420)      (15,650)    (12,005)
(b)
 NAREIT Compliant        $ 291        $ 3,777      $ 553       $ 3,777
Economic Gain (b)
Weighted Avg. Number of
Shares/Units Outstanding -    114,089      98,432       110,823     94,464
Basic/Diluted (c)
Weighted Avg. Number of
Shares Outstanding -          109,474      93,488       106,154     89,363
Basic/Diluted (c)
Per Share/Unit Data:
 FFO (NAREIT)               $ 29,583     $ 29,438     $ 78,042    $ 66,492
 Less: Allocation to        (127)        -            (323)       -
Participating Securities
 FFO (NAREIT) Allocable to
Common Stockholders and       $ 29,456     $ 29,438     $ 77,719    $ 66,492
Unitholders
 Basic/Diluted Per          $ 0.26       $ 0.30       $ 0.70      $ 0.70
Share/Unit (c)
 Income (Loss) from
Continuing Operations,        $ 3,304      $ 3,810      $ 2,624     $ (13,857)
including Gain on Sale of
Real Estate
 Add: Noncontrolling
Interest Allocable to         1            (9)          444         1,505
Continuing Operations and
Gain on Sale of Real Estate
 Less: Preferred Dividends  (1,392)      (4,725)      (7,506)     (14,285)
 Less: Redemption of        (2,121)      -            (5,667)     -
Preferred Stock
 Loss from Continuing
Operations Available to
First Industrial Realty       $ (208)      $ (924)      $ (10,105)  $ (26,637)
Trust, Inc.'s Common
Stockholders
 Basic/Diluted Per Share    $ (0.00)     $ (0.01)     $ (0.10)    $ (0.30)
(c)
 Net Income (Loss)          $ 5,031      $ 4,194      $ 5,585     $ (13,632)
Available
 Less: Allocation to        (42)         (33)         (120)       -
Participating Securities
 Net Income (Loss)
Available to First            $ 4,989      $ 4,161      $ 5,465     $ (13,632)
Industrial Realty Trust,
Inc.'s Common Stockholders
 Basic/Diluted Per Share    $ 0.05       $ 0.04       $ 0.05      $ (0.15)
(c)
 Common                     $ 0.085      N/A          $ 0.255     N/A
Dividends/Distributions
Balance Sheet Data (end of
period):
 Gross Real Estate          $ 3,157,804  $ 3,108,602
Investment
 Real Estate and Other      2,291        6,492
Assets Held For Sale, Net
 Total Assets               2,611,115    2,611,483
 Debt                       1,329,526    1,296,853
 Total Liabilities          1,453,657    1,411,613
 Total Equity               $ 1,157,458  $ 1,199,870

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
adjusted funds from operations ("AFFO"), 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 AFFO, 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. AFFO provides a tool to
further evaluate the ability to fund dividends. In addition, FFO, NOI, EBITDA
and AFFO are commonly used in various ratios, pricing multiples/yields and
returns and valuation calculations used to measure financial position,
performance and value.



As used herein, the Company calculates FFO to be equal to net income (loss)
available to First Industrial Realty Trust, Inc.'s common stockholders and
participating securities, plus depreciation and other amortization of real
estate, plus or minus impairment of depreciated real estate, minus or plus
non-NAREIT compliant gain (loss). Non-NAREIT compliant gain (loss) results
from the sale of previously depreciated properties and NAREIT compliant
economic gain (loss) results from the sale of properties not previously
depreciated.



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 mark-to-market gain or loss on interest rate protection agreements,
minus general and administrative expenses. EBITDA includes EBITDA from
discontinued operations.



AFFO is defined as EBITDA minus GAAP interest expense,minus capitalized
interest and overhead, plus amortization of debt discounts / (premiums) and
hedge costs, minus preferred stock dividends, minus straight-line rental
income and amortization of above (below) market leases, 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 AFFO 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 AFFO 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 AFFO 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, 2013, include all properties
owned prior to January 1, 2012 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, 2012 (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 September 30, 2013 and
September 30, 2012, NOI was $57,448 and $56,524, respectively; NOI of
properties not in the Same Store Pool was $663 and $1,045, respectively; the
impact of straight-line rent, the amortization of lease inducements and the
amortization of above/below market rent was $459 and $549, 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 awards that have forfeitable rights to dividends or
dividend equivalents restricted units and LTIP Unit Awards would be
antidilutive to the loss from continuing operations per share. The Company has
conformed with the GAAP computation of diluted common shares in calculating
per share amounts for items included on the Statement of Operations, including
FFO and AFFO.



GAAP requires unvested equity based compensation awards that have
nonforfeitable rights to dividends or dividend equivalents (restricted stock)
("participating securities") to be included in the two class method of the
computation of EPS. Under 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) or common dividends declared. Since participating
security holders are not obligated to share in losses and no dividends were
declared during the nine months ended September 30, 2012, there was no
allocation of income to participating security holders. The Company conforms
the calculation of FFO and AFFO with the calculation of EPS during periods in
which common dividends are declared.

SOURCE First Industrial Realty Trust, Inc.

Website: http://www.firstindustrial.com
Contact: Art Harmon, Senior Director, Investor Relations and Corporate
Communications, 312-344-4320