First Industrial Realty Trust Reports Fourth Quarter And Full Year 2013 Results

   First Industrial Realty Trust Reports Fourth Quarter And Full Year 2013
                                   Results

- Occupancy of 92.9%, Up 170 Basis Points from 3Q13, 300 Basis Points from
4Q12

- Same Store NOI Grew 3.5%, Retained 87.2% of Tenants in 4Q13

- Increased First Quarter 2014 Dividend 20.6% to $0.1025 Per Share

- Invested $26.3 Million in a 627,000 SF 100% Leased Distribution Center in
the Chicago Market in 4Q13; Acquired a $13.4 Million, 252,000 SF Bulk
Warehouse in Minneapolis in 1Q14

- Completed $75.8 Million of Asset Sales in 4Q13, $144.6 Million for 2013

- Closed New $200 Million 7-Year Unsecured Term Loan in 1Q14, Swaps Used to
Convert to Initial Effective Fixed Rate of 4.04%

- Retiring All $50 Million of Series F Cumulative Redeemable Preferred Stock
and All $25 Million of Series G Cumulative Redeemable Preferred Stock in 1Q14

- Received Investment Grade Rating for Unsecured Notes from S&P in 1Q14

PR Newswire

CHICAGO, Feb. 25, 2014

CHICAGO, Feb. 25, 2014 /PRNewswire/ -- First Industrial Realty Trust, Inc.
(NYSE: FR), a leading owner, operator and developer of industrial real estate,
today announced results for the fourth quarter and full year 2013. Diluted
net income available to common stockholders per share (EPS) was $0.18 in the
fourth quarter, compared to $(0.09) a year ago. Full year 2013 diluted net
income available to common stockholders was $0.24 per share, compared to
$(0.24) per share in 2012.

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

First Industrial's fourth quarter FFO was $0.27 per share/unit on a diluted
basis, compared to $0.18 per share/unit a year ago. Fourth quarter 2013
results included approximately a $0.01 per share/unit net impact related to
acquisition costs, loss from retirement of debt, and NAREIT-compliant gains.

Full year 2013 FFO was $0.98 per share/unit on a diluted basis versus $0.88
per share/unit in 2012. FFO results for the full year 2013 include a $0.06
loss on retirement of debt, a $0.05 loss related to the redemption of both the
Company's 7.25% Series J and Series K Cumulative Redeemable Preferred Stock,
and $0.01 per share of NAREIT-compliant gains.

"The First Industrial team delivered strong gains in occupancy in the fourth
quarter, as we work to capture the cash flow opportunities within our
portfolio," said Bruce W. Duncan, First Industrial's president and CEO. "The
industrial market continues to enjoy positive net absorption and improving
market rents as businesses demand additional space to support their growth
initiatives, while new supply remains below long-term historical levels."

Portfolio Performance – Fourth Quarter 2013

  oIn-service occupancy was 92.9% at the end of the fourth quarter, compared
    to 91.2% at the end of the third quarter of 2013, and 89.9% at the end of
    the fourth quarter of 2012. The impact of sales accounted for 36 basis
    points of the 170 basis point increase from the end of the third quarter
    2013.
  oTenants were retained in 87.2% of square footage up for renewal.
  oSame property cash basis net operating income (NOI) increased 3.5%.
    Including lease termination fees, same property NOI decreased 1.1%
    reflecting a large termination fee in the year ago quarter.
  oRental rates decreased 4.7% on a cash basis and increased 2.8% on a GAAP
    basis; leasing costs were $2.43 per square foot.

Common Stock Dividend Increased

The board of directors declared a common dividend of $0.1025 per share/unit
for the quarter ending March 31, 2014 payable on April 21, 2014 to
stockholders of record on March 31, 2014. The new dividend rate represents a
20.6% increase from the prior rate of $0.085 per share.

"We are pleased to increase the dividend reflecting our planned growth in cash
flow, while maintaining a conservative payout ratio to enable us to retain
capital for new investments or other business needs," added Mr. Duncan. 

Investment and Disposition Activities

In the fourth quarter, the Company:

  oAcquired a 627,000 square-foot 100% leased distribution center in the
    Southeast Wisconsin submarket of Chicago for $26.3 million.
  oSold 48 properties comprising 1.4 million square feet and two land parcels
    for a total of $75.8 million.

For the full year 2013, the Company:

  oCompleted three developments totaling 1.5 million square feet with an
    estimated total investment of $107.3 million.
  oAcquired two bulk distribution properties totaling 1.1 million square feet
    and three development sites for a total of $72.8 million.
  oCompleted the sale of 67 properties totaling approximately 3.0 million
    square feet and six land parcels for a total of $144.6 million.

In the first quarter of 2014 to date, the Company:

  oAcquired a 100% leased 252,000 square-foot bulk warehouse in Minneapolis
    for $13.4 million.
  oSold one 28,000 square-foot facility in Detroit for $1.3 million.

"We enhanced our portfolio through select investments in 2013, and we finished
the year with a strong fourth quarter of nearly $76 million of targeted asset
sales," said Johannson Yap, chief investment officer. "Active portfolio
management is a core element of our strategy, as we use our platform to pursue
investments that can deliver long-term cash flow growth while realizing value
from our disciplined sales process."

Capital Market Activities and Financial Position

In the fourth quarter, the Company:

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

In the first quarter to date, the Company:

  oClosed on a $200 million 7-year unsecured term loan with interest only
    payments and an initial interest rate of LIBOR plus 175 basis points. The
    Company used swaps to convert the LIBOR rate to an initial effective fixed
    interest rate of 4.04%.
  oAnnounced the redemption of all $50 million of its outstanding Series F
    Flexible Cumulative Redeemable Preferred Stock and all $25 million of its
    outstanding Series G Flexible Cumulative Redeemable Preferred Stock.
  oReceived an investment grade rating of BBB- on its unsecured notes from
    Standard & Poor's.

"We have been focused on enhancing our capital position and lowering capital
costs through the retirement of higher cost debt and preferred stock," said
Scott Musil, chief financial officer. "With our new $200 million unsecured
term loan, we have locked in some additional low-cost long-term capital. We
were pleased to return to investment grade on our unsecured notes with
Standard & Poor's, which is reflective of our strengthened balance sheet,
financial flexibility, and cash flow profile."

Outlook for 2014

Mr. Duncan stated, "We expect to grow FFO and overall cash flow in 2014 as we
increase year-over-year occupancy in our portfolio by capturing demand driven
by economic growth and realize rental rate escalations within our existing
leases."

                                           Low End of        High End of
                                           Guidance for 2014  Guidance for
                                                              2014
                                           (Per share/unit)   (Per share/unit)
Net Income Available to Common             0.10               0.20
Stockholders
Add: Real Estate                         1.02               1.02
Depreciation/Amortization
FFO (NAREIT Definition)                    $1.12              $1.22
Add: Loss from Retirement of Debt
Related to Planned Early
MortgagePayoffs and Loss from
Redemption of Preferred Stock Less a       (0.01)             (0.01)
One-Time Restoration Fee
FFO Before Loss from Retirement of Debt
and Preferred Stock and One-Time           $1.11              $1.21
Restoration Fee

The following assumptions were used:

  oAverage quarter-end in-service occupancy of 92.5% to 93.5%.
  oGuidance includes a one-time restoration fee of approximately $0.02 per
    share.
  oSame-store NOI on a cash basis of positive 3% to 5% for the full year,
    excluding the aforementioned one-time restoration fee.
  oJV FFO of approximately $0.4 million, which includes the impact of two
    properties sold in 1Q14.
  oGeneral and administrative expense of approximately $23 million to $24
    million.
  oGuidance reflects the impact of the redemptions of both the Series F and
    Series G Cumulative Redeemable Preferred Stock.
  oGuidance reflects the payoff of approximately $44 million of secured debt
    with a weighted average interest rate of 6.8%.
  oGuidance includes the incremental costs related to the Company's three
    developments in process and planned development starts in Dallas and
    Houston in 2014. In total, the Company expects to capitalize $0.01 per
    share of interest related to these projects in 2014.
  oGuidance includes the impact of the 100% leased Minneapolis acquisition
    completed in the first 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 future impairment gains or losses,
       oany future NAREIT-compliant gains or losses, 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, 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 66.3 million
square feet of industrial space as of December 31, 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 "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 Wednesday,
February 26, 2014 at 11:00 a.m. EST (10:00 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 supplemental information can be viewed at
www.firstindustrial.comunder the "Investor Relations" tab.







FIRST INDUSTRIAL REALTY TRUST, INC.
Selected Financial Data
(Unaudited)
(In thousands except per share/unit data)
                                 Three Months Ended    Twelve Months Ended
                                 December   December   December   December 31,
                                 31,        31,        31,
                                 2013       2012       2013       2012
Statement of Operations and
Other Data:
 Total Revenues               $      $      $       $   
                                 84,136     81,220     328,226    314,325
 Property Expenses            (28,096)   (26,542)   (107,390)  (99,907)
 General & Administrative   (6,151)    (8,689)    (23,152)   (25,103)
 Impairment of Real Estate   -          -          (1,047)    192
 Depreciation of Corporate    (109)      (241)      (618)      (1,077)
FF&E
 Depreciation and Other       (28,535)   (27,655)   (110,413)  (113,598)
Amortization of Real Estate
 Total Expenses               (62,891)   (63,127)   (242,620)  (239,493)
 Interest Income             600        613        2,354      2,874
 Interest Expense            (18,167)   (19,514)   (73,558)   (83,506)
 Amortization of Deferred     (757)      (867)      (3,225)    (3,460)
Financing Costs
 Mark-to-Market Gain (Loss)
on Interest Rate Protection      -          6          52         (328)
Agreements
 Loss from Retirement of      (389)      (3,038)    (6,637)    (9,684)
Debt
 Income (Loss) from
Continuing Operations Before
Equity in Income of Joint        2,532      (4,707)    4,592      (19,272)
Ventures, Gain on Change in
Control of Interests and Income
Tax Benefit (Provision)
 Equity in Income of Joint    17         1,403      136        1,559
Ventures (a)
 Gain on Change in Control    -          -          -          776
of Interests
 Income Tax Benefit           217        (264)      213        (5,522)
(Provision)
 Income (Loss) from        2,766      (3,568)    4,941      (22,459)
Continuing Operations
 Discontinued Operations:
 Income Attributable to    629        504        1,253      3,498
Discontinued Operations
 Gain on Sale of Real      18,694     660        34,344     12,665
Estate
 Income from Discontinued     19,323     1,164      35,597     16,163
Operations
 Income (Loss) Before Gain  22,089     (2,404)    40,538     (6,296)
on Sale of Real Estate
 Gain on Sale of Real         547        -          1,100      3,777
Estate
 Provision for Income Taxes
Allocable to Gain on Sale of     (210)      -          (210)      -
Real Estate
 Net Income (Loss)         22,426     (2,404)    41,428     (2,519)
 Net (Income) Loss
Attributable to the              (877)      433        (1,121)    1,201
Noncontrolling Interest
 Net Income (Loss)
Attributable to First            21,549     (1,971)    40,307     (1,318)
Industrial Realty Trust, Inc.
 Preferred Dividends         (1,227)    (4,662)    (8,733)    (18,947)
 Redemption of Preferred      -          (1,804)    (5,667)    (1,804)
Stock
 Net Income (Loss)
Available to First Industrial
Realty Trust, Inc.'s
 Common           $      $      $      $   
Stockholders and Participating   20,322     (8,437)   25,907     (22,069)
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 Participating   20,322     (8,437)   25,907     (22,069)
Securities
 Depreciation and Other       28,535     27,655     110,413    113,598
Amortization of Real Estate
 Depreciation and Other
Amortization of Real Estate      427        1,548      3,647      7,834
Included in Discontinued
Operations
 Impairment of Depreciated    -          -          1,047      (192)
Real Estate
 Impairment of Depreciated
Real Estate Included in          -          -          1,605      1,438
Discontinued Operations
 Noncontrolling Interest     877        (433)      1,121      (1,201)
 Equity in Depreciation and
Other Amortization of Joint      49         (275)      273        (20)
Ventures (a)
 Gain on Change in Control    -          -          -          (776)
of Interests
 Non-NAREIT Compliant Gain    (18,694)   (660)      (34,344)   (12,665)
(b)
 Non-NAREIT Compliant Gain    -          (845)      (111)      (902)
from Joint Ventures (a) (b)
 Funds From Operations     $      $      $       $    
(NAREIT) ("FFO") (b)            31,516     18,553     109,558    85,045
 Loss from Retirement of      389        3,038      6,637      9,684
Debt
 Restricted Stock/Unit        1,766      4,852      6,202      8,559
Amortization
 Amortization of Debt
Discounts / (Premiums) and       1,013      940        3,941      3,669
Hedge Costs
 Amortization of Deferred     757        867        3,225      3,460
Financing Costs
 Depreciation of Corporate    109        241        618        1,077
FF&E
 Redemption of Preferred      -          1,804      5,667      1,804
Stock
 Mark-to-Market (Gain) Loss
on Interest Rate Protection      -          (6)        (52)       328
Agreements
 NAREIT Compliant Economic    (547)      -          (1,100)    (3,777)
Gain (b)
 Non-Incremental Capital      (15,376)   (17,318)   (52,101)   (51,168)
Expenditures
 Capitalized Interest and     (570)      (904)      (3,803)    (2,204)
Overhead
 Straight-Line Rent and
Amortization of Above (Below)    (1,164)    (978)      (4,444)    (3,071)
Market Leases andLease
Inducements
 Adjusted Funds From       $      $      $      $    
Operations ("AFFO") (b)         17,893     11,089     74,348     53,406







FIRST INDUSTRIAL REALTY TRUST, INC.
Selected Financial Data
(Unaudited)
(In thousands except per share/unit data)
                                Three Months Ended        Twelve Months Ended
                                December     December     December   December
                                31,          31,          31,        31,
                                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 Participating  20,322       (8,437)     25,907     (22,069)
Securities
 Interest Expense           18,167       19,514       73,558     83,506
 Depreciation and Other      28,535       27,655       110,413    113,598
Amortization of Real Estate
 Depreciation and Other
Amortization of Real Estate     427          1,548        3,647      7,834
Included in Discontinued
Operations
 Impairment of Depreciated   -            -            1,047      (192)
Real Estate
 Impairment of Depreciated
Real Estate Included in         -            -            1,605      1,438
Discontinued Operations
 Preferred Dividends        1,227        4,662        8,733      18,947
 Redemption of Preferred     -            1,804        5,667      1,804
Stock
 Income Tax (Benefit)        (7)          264          (3)        5,522
Provision
 Noncontrolling Interest    877          (433)        1,121      (1,201)
 Loss from Retirement of     389          3,038        6,637      9,684
Debt
 Amortization of Deferred    757          867          3,225      3,460
Financing Costs
 Depreciation of Corporate   109          241          618        1,077
FF&E
 Equity in Depreciation and
Other Amortization of Joint     49           (275)        273        (20)
Ventures (a)
 Gain on Change in Control   -            -            -          (776)
of Interests
 NAREIT Compliant Economic   (547)        -            (1,100)    (3,777)
Gain (b)
 Non-NAREIT Compliant Gain   (18,694)     (660)        (34,344)   (12,665)
(b)
 Non-NAREIT Compliant Gain   -            (845)        (111)      (902)
from Joint Ventures (a) (b)
 EBITDA (b)              $        $        $       $   
                                51,611       48,943       206,893    205,268
 General and                 5,820        8,689        22,821     25,063
Administrative
 Acquisition Costs          331          -            331        40
 Mark-to-Market (Gain) Loss
on Interest Rate Protection     -            (6)          (52)       328
Agreements
 FFO of Joint Ventures (b)  (117)        (360)        (529)      (1,153)
 Net Operating Income     $        $        $       $   
("NOI") (b)                    57,645       57,266       229,464    229,546
 RECONCILIATION OF GAIN
ON SALE OF REAL ESTATE
 TO NAREIT COMPLIANT
ECONOMIC GAIN (b)
 Gain on Sale of Real        $       $       $      $    
Estate                         547          -      1,100     3,777
 Gain on Sale of Real
Estate included in              18,694       660          34,344     12,665
Discontinued Operations
 Non-NAREIT Compliant Gain   (18,694)     (660)        (34,344)   (12,665)
(b)
 NAREIT Compliant         $       $       $      $    
Economic Gain (b)               547          -      1,100     3,777
Weighted Avg. Number of
Shares/Units Outstanding -      114,089      102,599      111,646    96,509
Basic (c)
Weighted Avg. Number of Shares  109,490      97,738       106,995    91,468
Outstanding - Basic (c)
Weighted Avg. Number of
Shares/Units Outstanding -      114,574      102,599      111,646    96,509
Diluted (c)
Weighted Avg. Number of Shares  109,975      97,738       106,995    91,468
Outstanding - Diluted (c)
Per Share/Unit Data:
FFO (NAREIT)                 $        $        $       $    
                                31,516       18,553       109,558    85,045
Less: Allocation to            (135)        -            (457)      -
Participating Securities
FFO (NAREIT) Allocable to      $        $        $       $    
Common Stockholders and         31,381       18,553       109,101    85,045
Unitholders
Basic Per Share/Unit (c)      $       $       $      $    
                                 0.28        0.18         0.98     0.88
Diluted Per Share/Unit (c)    $       $       $      $    
                                 0.27        0.18         0.98     0.88
Income (Loss) from Continuing  $       $        $      $   
Operations, including Gain on   3,103        (3,568)      5,831    (18,682)
Sale of Real Estate, Net
Add: Noncontrolling Interest
Allocable to Continuing         (80)         487          356        2,038
Operations and Gain on Sale of
Real Estate
Less: Preferred Dividends     (1,227)      (4,662)      (8,733)    (18,947)
Less: Redemption of Preferred  -            (1,804)      (5,667)    (1,804)
Stock
Less: Allocation to            (8)          -            -          -
Participating Securities
Income (Loss) from Continuing
Operations Available to First   $       $        $      $   
Industrial Realty Trust,        1,788        (9,547)     (8,213)   (37,395)
Inc.'s Common Stockholders
Basic/Diluted Per Share (c)   $       $       $      $    
                                 0.01       (0.10)        (0.08)    (0.41)
Net Income (Loss) Available  $        $        $      $   
                                20,322       (8,437)     25,907     (22,069)
Less: Allocation to            (90)         -            (162)      -
Participating Securities
Net Income (Loss) Available
to First Industrial Realty      $        $        $      $   
Trust, Inc.'s Common            20,232       (8,437)     25,745     (22,069)
Stockholders
Basic/Diluted Per Share (c)   $       $       $      $    
                                 0.18       (0.09)         0.24    (0.24)
Common                         $       N/A        $      N/A
Dividends/Distributions        0.085                      0.340
Balance Sheet Data (end of
period):
 Gross Real Estate         $          $  
Investment                      3,119,547    3,121,448
 Real Estate and Other     -            6,765
Assets Held For Sale, Net
 Total Assets              2,597,510    2,608,842
 Debt                      1,296,806    1,335,766
 Total Liabilities         1,426,291    1,463,189
 Total Equity              $          $  
                                1,171,219    1,145,653



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 and acquisition costs. 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 andlease inducements,
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 December 31, 2013 and
December 31, 2012, NOI was $57,645 and $57,266, respectively; NOI of
properties not in the Same Store Pool was $991 and $481, respectively; the
impact of straight-line rent, the amortization of lease inducements and the
amortization of above/below market rent was $731 and $244, 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 and redemption of preferred stock) or common dividends
declared. Since participating security holders are not obligated to share in
losses and no common dividends were declared during the three and twelve
months ended December 31, 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
 
Press spacebar to pause and continue. Press esc to stop.