FIRST INDUSTRIAL REALTY TRUST, INC. 
By
First Industrial's third quarter funds from operations (FFO) per
share/unit was
"Our portfolio operations, our primary income source, delivered solid
results during the quarter with improved occupancy, near record tenant
retention and solid same store NOI growth," said
Strong Portfolio Performance for On Balance Sheet Properties
* 3.2% growth in same property net operating income (NOI) on a cash
basis. Excluding lease termination fees, same property cash basis
NOI increased 4.3%.
* Occupancy rose to 93.7% from 93.5% at the end of second quarter
2008.
* 3.2% increase in rental rates and leasing costs improved to $1.53
per square foot.
* Retained tenants in 87% of square footage up for renewal.
Solid Financial Position (Balance Sheet Information)
* No debt maturing in 2008
* Less than $135 million of debt maturing through the end of 2010
* Fixed-charge coverage of 2.4 times and interest coverage of 2.9
times year-to-date
* 96% of real estate assets are unencumbered by mortgages
* 7.5 year weighted average maturity for permanent debt
* 100% of permanent debt is fixed rate
"Our balance sheet capital position remains solid, with less than
Cost Reduction Actions and Related Charge
The Company has reduced its overhead to align expenses with the lower
level of transactions anticipated in the real estate market and the more
challenging general economic environment. Overall general and administrative
expenses have been reduced by an estimated
The Company will report a one-time pre-tax charge estimated between
"As we look ahead into 2009, we expect the transaction markets in the U.S. to continue to be challenging and real estate fundamentals will continue to be impacted by the general state of the economy," said Mr. Havala. "We are reducing staffing levels and other expenses to position ourselves for the current economic realities, while maintaining our strong service levels for our customers and our institutional partners."
Dividend
The Board of Directors declared a dividend of
Given the recent changes in the capital markets and economic environment, the Company is linking its regular dividend to more predictable income streams, such as property rental operations, and may pay special dividends, as appropriate, when capital recycling is consummated.
Investment Performance
Balance Sheet Investment/ 3rd Quarter (in Nine Months (in
Disposition Activity 2008 millions) 2008 millions)
Property Acquisitions $117.7 $282.1
Square Feet 0.9 million 3.1 million
Stabilized Weighted Average
Capitalization Rate 8.4% 8.2%
Developments Placed in Service $5.1 $57.1
Square Feet 0.1 million 1.2 million
Stabilized Weighted Average
Capitalization Rate 9.2% 9.0%
Land Acquisitions $19.4 $34.6
Total Investments $142.2 $373.8
Property Sales $63.9 $546.2
Square Feet 1.1 million 8.8 million
Weighted Average
Capitalization Rate 7.3% 7.6%
Land Sales $0.0 $14.7
Total Dispositions $63.9 $560.9
Joint Venture Investment/Disposition
Activity
Investments
2005 Development/
Redevelopment JV -
Acquisitions $49.2 $158.7
2005 Development/
Redevelopment JV - Placed
in Service $23.6 $67.3
2006 Strategic Land and
Development JV $0.6 $56.3
2007 Canada JV $0.0 $38.1
Total Joint Venture
Investments $73.4 $320.4
Dispositions
2005 Development/
Redevelopment JV $49.3 $234.3
2005 Core JV $36.1 $55.9
2007 Canada JV $7.4 $7.4
Total Joint Venture
Dispositions $92.8 $297.6
"We will be highly selective with our deployment of capital in the current
environment, emphasizing income-oriented properties in strong markets and
built-to-suit development for our balance sheet, and value-added opportunities
at significant discounts in our joint ventures," said
"We recently announced our first investment transaction in
Land and Development
Developable land now totals 5,563 acres, including 4,911 acres in joint ventures and 652 acres on balance sheet. Total land positions can now accommodate approximately 91 million square feet of additional development.
Developments in process have an estimated investment of
New FFO Definition Adopted (Supplemental Reporting Measure)
Beginning
NAREIT recommends that REITs define FFO as net income, excluding gains (or losses) from the sale of previously depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. See the Company's prior disclosures regarding its historical definition of FFO.
Outlook for 2008 and 2009
Mr. Tyler stated, "We expect the general uncertainty in the economy to delay or change some customers' supply chain decisions. As a result, we expect a more difficult leasing environment as we head into 2009, and we have sharpened our focus on occupancy and tenant retention."
Mr. Tyler added, "First Industrial is updating its guidance range for 2008
FFO per share/unit to
"On balance sheet investment volume assumptions for 2008, which include
both developments placed in service and acquisitions, have been reduced to a
range of
"Book gains from property sales and fees are now estimated to be from
"Our estimate for First Industrial's FFO from joint ventures in 2008 is
now between $36 million and $42 million. Joint venture investment volume
assumptions for 2008, which include both developments placed in service and
acquisitions, range from $300 million to $400 million. Joint venture sales
volume in 2008 is now assumed to be approximately $300 million to $400
million."
Low End of High End of Low High
Guidance Guidance End of End of
for for Guidance Guidance
4Q 2008 4Q 2008 for 2008 for 2008
(Per share (Per share (Per share (Per share
/unit) /unit) /unit) /unit)
Net Income (Loss)
Available to Common
Stockholders $(0.50) $(0.30) $1.68 $1.88
Add: Real Estate
Depreciation/
Amortization 0.87 0.87 3.52 3.52
Less: Accumulated
Depreciation/
Amortization on
Real Estate Sold (0.14) (0.14) (2.03) (2.03)
FFO (Current Definition) $0.23 $0.43 $3.17 $3.37
Less: Economic Gains
Excluded Under NAREIT
FFO Definition (0.12) (0.22) (1.67) (1.77)
FFO (NAREIT Definition) $0.11 $0.21 $1.50 $1.60
2009 Guidance Under NAREIT Definition
Low End of High End of
Guidance for 2009 Guidance for 2009
(Per share/unit) (Per share/unit)
Net Income (Loss) Available to
Common Stockholders $(1.08) $(0.88)
Add: Real Estate Depreciation/
Amortization 3.40 3.40
Less: Gains on Sales of
Depreciated Real Estate (0.92) (0.92)
FFO (NAREIT Definition) $1.40 $1.60
Mr. Tyler concluded, "A number of factors could impact our ability to
deliver results in line with our assumptions, such as interest rates, the
economies of
First Industrial Realty Trust, Inc. (NYSE: FR) provides industrial real
estate solutions for every stage of a customer's supply chain, no matter how
large or complex. Across more than 30 markets in
This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934. We intend 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" 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 affect
on our operations and future prospects include, but are not limited to,
changes in: national, international (including trade volume growth), regional
and local economic conditions generally and real estate markets specifically,
legislation/regulation (including changes to laws governing the taxation of
real estate investment trusts), our ability to qualify and maintain our status
as a real estate investment trust, availability and attractiveness of
financing (including both public and private capital) to us and to our
potential counterparties, interest rate levels, our ability to maintain our
current credit agency ratings, competition, 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, potential environmental liabilities, slippage in development or
lease-up schedules, tenant credit risks, higher-than-expected costs, changes
in general accounting principles, policies and guidelines applicable to real
estate investment trusts, risks related to doing business internationally
(including foreign currency exchange risks and risks related to integrating
international properties and operations) 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
A schedule of selected financial information is attached.
First Industrial Realty Trust, Inc. will host a quarterly conference call
at
The Company's third quarter supplemental information can be viewed on First Industrial's website, http://www.firstindustrial.com, under the "Investor Relations" tab.
FIRST INDUSTRIAL REALTY TRUST, INC.
Selected Financial Data
(In thousands, except for per share/unit)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30, September 30, September 30,
2008 2007 2008 2007
Statement of Operations
and Other Data:
Total
Revenues (a) $136,602 $90,537 $375,171 $275,076
Property Expenses (30,587) (27,584) (94,469) (81,203)
Construction
Expenses(a) (41,895) (5,188) (96,628) (20,278)
General &
Administrative
Expense (18,066) (21,307) (64,191) (66,478)
Depreciation of
Corporate F,F&E (539) (439) (1,513) (1,401)
Depreciation and
Amortization of
Real Estate (38,611) (34,580) (118,134) (99,063)
Total Expenses (129,698) (89,098) (374,935) (268,423)
Interest Income 1,054 930 2,816 1,415
Interest Expense (26,644) (30,196) (83,116) (89,764)
Amortization of
Deferred Financing
Costs (717) (828) (2,162) (2,472)
Gain (Loss) from
Early Retirement of
Debt 1,260 (139) 2,749 (393)
Loss from
Continuing
Operations Before
Equity in Net
Income of
Joint Ventures,
Income Tax
Benefit and
Minority
Interest
Allocable to
Continuing
Operations (18,143) (28,794) (79,477) (84,561)
Equity in Net Income
of Joint Ventures
(b) 725 6,376 7,295 23,633
Income Tax Benefit 2,064 2,521 7,240 4,451
Minority Interest
Allocable to
Continuing
Operations 2,559 3,105 9,977 9,455
Loss from
Continuing
Operations (12,795) (16,792) (54,965) (47,022)
Income from
Discontinued
Operations
(Including Gain on
Sale of Real Estate
of $22,548 and
$59,637 for
the Three
Months Ended
September 30,
2008 and
2007, respectively
and $166,393
and $174,436
for the Nine
Months Ended
September 30,
2008 and 2007,
respectively) (c) 24,739 68,369 181,260 205,650
Provision for Income
Taxes Allocable to
Discontinued
Operations
(Including a
(Benefit)
Provision
Allocable to
Gain on Sale of
Real Estate of
$(26) and $9,894
for the Three Months
Ended September
30, 2008 and
2007, respectively
and $2,748
and $31,015 for
the Nine Months
Ended September
30, 2008 and 2007,
respectively) (c) (65) (10,155) (3,343) (33,081)
Minority Interest
Allocable to
Discontinued
Operations (c) (3,062) (7,317) (22,293) (21,726)
Income Before Gain
on Sale of Real
Estate 8,817 34,105 100,659 103,821
Gain on Sale of Real
Estate - 103 12,008 4,507
Provision for Income
Taxes Allocable to
Gain on Sale of Real
Estate - (40) (2,909) (1,145)
Minority Interest
Allocable to Gain on
Sale of Real Estate - (8) (1,140) (423)
Net Income 8,817 34,160 108,618 106,760
Preferred
Dividends (4,857) (4,857) (14,571) (16,463)
Redemption of
Preferred Stock - - - (2,017)
Net Income
Available to
Common
Stockholders $3,960 $29,303 $94,047 $88,280
RECONCILIATION OF NET INCOME
AVAILABLE TO COMMON STOCKHOLDERS
TO FFO (d) AND FAD (d)
Net Income
Available to
Common
Stockholders $3,960 $29,303 $94,047 $88,280
Add: Depreciation
and Amortization of
Real Estate 38,611 34,580 118,134 99,063
Add: Income
Allocated to
Minority Interest 503 4,220 13,456 12,694
Add: Depreciation
and Amortization of
Real Estate
Included in
Discontinued
Operations 1,217 7,557 7,841 25,189
Add: Depreciation
and Amortization of
Real Estate - Joint
Ventures (b) 1,965 2,142 5,688 7,104
Less: Accumulated
Depreciation/
Amortization on
Real Estate
Sold (12,804) (19,194) (92,302) (53,905)
Less: Accumulated
Depreciation/
Amortization on
Real Estate
Sold - Joint
Ventures (b) (632) (1,413) (1,499) (4,571)
Funds From
Operations
("FFO") (d) $32,820 $57,195 $145,365 $173,854
Less: Economic
Gains on
Sale of
Depreciated
Real Estate (f) (10,071) (35,723) (77,064) (101,877)
Funds From
Operations
(NAREIT
Definiton): $22,749 $21,472 $68,301 $71,967
Funds From
Operations
("FFO") (d) $32,820 $57,195 $145,365 $173,854
Add: (Gain) Loss
from Early
Retirement of
Debt (1,260) 139 (2,749) 393
Add: Restricted
Stock Amortization 4,592 3,403 12,776 10,657
Add: Amortization of
Deferred Financing
Costs 717 828 2,162 2,472
Add: Depreciation of
Corporate F,F&E 539 439 1,513 1,401
Add: Redemption of
Preferred Stock - - - 2,017
Less: Non-
Incremental
Capital
Expenditures (7,367) (9,349) (22,546) (21,722)
Less: Straight-Line
Rent (756) (2,470) (4,689) (7,975)
Funds Available
for Distribution
("FAD") (d) $29,285 $50,185 $131,832 $161,097
FIRST INDUSTRIAL REALTY TRUST, INC.
Selected Financial Data
(In thousands, except for per share/unit)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30, September 30, September 30,
2008 2007 2008 2007
RECONCILIATION OF
NET INCOME
AVAILABLE
TO COMMON
STOCKHOLDERS
TO EBITDA (d)
AND NOI (d)
Net Income
Available
to Common
Stockholders $3,960 $29,303 $94,047 $88,280
Add: Interest
Expense 26,644 30,196 83,116 89,764
Add:
Depreciation
and Amortization
of Real Estate 38,611 34,580 118,134 99,063
Add:
Preferred
Dividends 4,857 4,857 14,571 16,463
Add:
(Benefit)
Provision for
Income Taxes (1,999) 7,674 (988) 29,775
Add:
Redemption of
Preferred
Stock - - - 2,017
Add: Income
Allocated to
Minority
Interest 503 4,220 13,456 12,694
Add:
Amortization
of Deferred
Financing
Costs 717 828 2,162 2,472
Add:
Depreciation
of Corporate
F,F&E 539 439 1,513 1,401
Add:
Depreciation
and
Amortization
of Real
Estate
Included in
Discontinued
Operations 1,217 7,557 7,841 25,189
Add: (Gain)
Loss from
Early
Retirement of
Debt (1,260) 139 (2,749) 393
Add:
Depreciation
and
Amortization
of Real
Estate -
Joint
Ventures (b) 1,965 2,142 5,688 7,104
Less:
Accumulated
Depreciation/
Amortization
on Real
Estate Sold (12,804) (19,194) (92,302) (53,905)
Less:
Accumulated
Depreciation/
Amortization
on Real
Estate
Sold -
Joint
Ventures (b) (632) (1,413) (1,499) (4,571)
EBITDA (d) $62,318 $101,328 $242,990 $316,139
Add: General
and Administrative
Expense 18,066 21,307 64,191 66,478
Less: Net
Economic
Gains, Net of
Income Tax
Provision (d) (9,744) (34,842) (87,565) (105,857)
Less: Benefit
(Provision)
for Income
Taxes 1,999 (7,674) 988 (29,775)
Less: Equity
in FFO of
Joint
Ventures, Net
of Income Tax
Provision (d) (10,084) (12,454) (28,701) (40,733)
Net Operating
Income
("NOI") (d) $62,555 $67,665 $191,903 $206,252
RECONCILIATION OF GAIN ON
SALE OF REAL ESTATE TO NET
ECONOMIC GAINS (d)
Gain on Sale
of Real
Estate - 103 12,008 4,507
Gain on Sale
of Real
Estate
included in
Discontinued
Operations 22,548 59,637 166,393 174,436
Less: Benefit
(Provision)
for Income
Taxes 1,999 (7,674) 988 (29,775)
Less:
Accumulated
Depreciation/
Amortization
on Real
Estate Sold (12,804) (19,194) (92,302) (53,905)
Add:
Assignment
Fees - - 2,327 3,275
Add: (Benefit)
Provision for
Income Tax
Provision
Allocable to
FFO from
Joint
Ventures (1,999) 1,970 (1,849) 7,319
Net
Economic
Gains (d) $9,744 $34,842 $87,565 $105,857
Weighted Avg.
Number of
Shares/Units
Outstanding -
Basic/Diluted (e) 49,431 50,735 49,418 50,894
Weighted Avg.
Number of Shares
Outstanding -
Basic/Diluted (e) 43,151 44,240 43,088 44,373
Per Share/Unit
Data:
FFO:
- Basic/Diluted (e) $0.66 $1.13 $2.94 $3.42
FFO (NAREIT
Definition):
- Basic/Diluted (e) $0.46 $0.42 $1.38 $1.41
Loss from
Continuing
Operations Less
Preferred
Dividends and
Redemption
of Preferred
Stock Per
Weighted
Average
Common Share
Outstanding:
- Basic/Diluted
(e) $(0.41) $(0.49) $(1.43) $(1.41)
Net Income
Available to
Common
Stockholders Per
Weighted Average
Common Share
Outstanding:
- Basic/Diluted
(e) $0.09 $0.66 $2.18 $1.99
Dividends/
Distributions $0.72 $0.71 $2.16 $2.13
FFO Payout Ratio 108.4% 63.0% 73.4% 62.4%
FAD Payout Ratio 121.5% 71.8% 81.0% 67.3%
Balance Sheet Data
(end of period):
Real Estate
Before
Accumulated
Depreciation $3,307,713 $3,335,231
Real Estate
and Other
Held For
Sale, Net 70,220 55,325
Total Assets 3,314,386 3,255,281
Debt 1,990,562 1,932,863
Total
Liabilities 2,231,725 2,157,770
Stockholders'
Equity
and
Minority
Interest $1,082,661 $1,097,511
a) Construction Revenues, included within Total Revenues, and
Construction Expenses include revenues and expenses associated with
the Company acting in the capacity of general contractor for certain
third party development projects. Additionally, for the nine months
ended September 30, 2008, construction revenues and expenses include
amounts relating to the sale of industrial units that the Company
developed to sell and for the nine months ended September 30, 2007,
construction revenues and expenses include amounts relating to the
construction of a building for a third party, accounted for on a
percentage of completion basis.
b) Represents the Company's share of net income, depreciation and
amortization on real estate and accumulated depreciation and
amortization on real estate sold from the Company's joint ventures
in which it owns minority equity interests.
c) In August 2001, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standard No. 144 "Accounting for
the Impairment or Disposal of Long-Lived Assets" ("FAS 144"). FAS
144 requires that the operations and gain (loss) on sale of
qualifying properties sold and properties that are classified as
held for sale be presented in discontinued operations. FAS 144 also
requires that prior periods be restated.
d) Investors in and analysts following the real estate industry utilize
FFO, NOI, EBITDA and FAD, variously defined, as supplemental
performance measures. While the Company believes net income
available to common stockholders, 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 Company currently calculates FFO to be equal to net income
available to common stockholders, plus depreciation and amortization
on real estate, minus accumulated depreciation and amortization on
real estate sold. Accordingly, as currently calculated by the
Company, FFO includes net economic gains (losses) resulting from all
Company property sales as well as assignment fees. Assignment fees
are earned when the Company assigns its interest in a purchase
contract to a third party for consideration. Investors should note,
however, that, beginning with the first quarter of 2009, the Company
intends to report FFO in accordance with the definition of FFO
published by NAREIT.
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 Net Economic Gains, minus general and
administrative expenses. EBITDA includes EBITDA from discontinued
operations.
FAD is defined as EBITDA, minus GAAP interest expense, minus
preferred stock dividends, minus straight-line rental income, minus
provision for income taxes or plus benefit for income taxes, 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 available to common stockholders
(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 or to the
definition of FFO published by NAREIT.
The Company also reports Net Economic Gains, which, effectively,
measure the value created in the Company's capital recycling
activities. Net Economic Gains are calculated by subtracting from
gain on sale of real estate (calculated in accordance with GAAP,
including gains on sale of real estate classified as discontinued
operations) the recapture of accumulated depreciation and
amortization on real estate sold (excluding the recapture of
accumulated amortization related to above/below market leases and
lease inducements as this amortization is included in revenues and
FFO) and the provision for income taxes (excluding taxes associated
with joint ventures). Net Economic Gains also includes assignment
fees.
In addition, the Company considers cash-basis same store NOI ("SS
NOI") to be a useful supplemental measure of its operating
performance. Beginning with the fourth quarter of 2006, the Company
adopted the following definition of its same store pool of
properties: Same store properties, for the period beginning January
1, 2008, include all properties owned prior to January 1, 2007 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, 2007 (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 and the amortization of
above/below market rent. For the quarters ended September 30, 2008
and 2007, NOI was $62,555 and $67,665, respectively; NOI of
properties not in the Same Store Pool was $12,862 and $18,564,
respectively; the impact of straight-line rent and the amortization
of above/below market rent was $1,233 and $2,162, respectively. The
Company excludes straight-line rents and above/below market rent
amortization 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 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.
e) Pursuant to Statement of Financial Accounting Standard No. 128,
"Earnings Per Share", 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 stock would be antidilutive to the loss from continuing
operations per share.
f) Includes economic gains of the Company and its share of economic
gains from its joint ventures based on its ownership interest.
SOURCE First Industrial Realty Trust, Inc.
